Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 14, 2024 | Jun. 30, 2023 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 1-5837 | ||
Entity Registrant Name | THE NEW YORK TIMES COMPANY | ||
Entity Incorporation, State or Country Code | NY | ||
Entity Tax Identification Number | 13-1102020 | ||
Entity Address, Address Line One | 620 Eighth Avenue, | ||
Entity Address, City or Town | New York, | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10018 | ||
City Area Code | 212 | ||
Local Phone Number | 556-1234 | ||
Title of 12(b) Security | Class A Common Stock of $.10 par value | ||
Trading Symbol | NYT | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 6.3 | ||
Documents Incorporated by Reference | Portions of the Proxy Statement relating to the registrant’s 2024 Annual Meeting of Stockholders, to be held on April 24, 2024, are incorporated by reference into Part III of this report. | ||
Entity Central Index Key | 0000071691 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common Class A | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 163,318,468 | ||
Common Class B | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 780,724 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Firm ID | 42 |
Auditor Name | Ernst & Young LLP |
Auditor Location | New York, New York |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 289,472 | $ 221,385 |
Short-term marketable securities | 162,094 | 125,972 |
Accounts receivable (net of allowances of $12,800 in 2023 and $12,260 in 2022) | 242,488 | 217,533 |
Prepaid expenses | 59,712 | 54,859 |
Other current assets | 27,887 | 35,926 |
Total current assets | 781,653 | 655,675 |
Long-term marketable securities | 257,633 | 138,917 |
Property, plant and equipment: | ||
Equipment | 447,324 | 441,940 |
Buildings, building equipment and improvements | 729,559 | 730,119 |
Software | 80,710 | 74,196 |
Land | 106,648 | 106,275 |
Assets in progress | 20,333 | 24,192 |
Total, at cost | 1,384,574 | 1,376,722 |
Less: accumulated depreciation and amortization | (870,329) | (823,024) |
Property, plant and equipment, net | 514,245 | 553,698 |
Goodwill | 416,098 | 414,046 |
Intangible assets, net | 285,490 | 317,314 |
Deferred income taxes | 114,505 | 96,363 |
Right of use assets | 35,374 | 57,600 |
Pension assets | 83,016 | 69,521 |
Miscellaneous assets | 226,581 | 230,618 |
Total assets | 2,714,595 | 2,533,752 |
Current liabilities | ||
Accounts payable | 116,942 | 114,646 |
Accrued payroll and other related liabilities | 174,316 | 164,564 |
Unexpired subscriptions revenue | 172,772 | 155,945 |
Accrued expenses and other | 147,529 | 136,055 |
Total current liabilities | 611,559 | 571,210 |
Other liabilities | ||
Pension benefits obligation | 219,451 | 225,300 |
Postretirement benefits obligation | 19,402 | 26,455 |
Other | 100,964 | 110,815 |
Total other liabilities | 339,817 | 362,570 |
Common stock of $.10 par value: | ||
Additional paid-in capital | 301,287 | 255,515 |
Retained earnings | 2,117,839 | 1,958,859 |
Common stock held in treasury, at cost | (320,820) | (276,267) |
Accumulated other comprehensive loss, net of income taxes: | ||
Foreign currency translation adjustments | 910 | (510) |
Funded status of benefit plans | (353,286) | (348,947) |
Unrealized (loss) on available-for-sale securities | (486) | (8,390) |
Total accumulated other comprehensive loss, net of income taxes | (352,862) | (357,847) |
Total New York Times Company stockholders’ equity | 1,763,219 | 1,597,967 |
Noncontrolling interest | 0 | 2,005 |
Total stockholders’ equity | 1,763,219 | 1,599,972 |
Total liabilities and stockholders’ equity | 2,714,595 | 2,533,752 |
Class A Common Stock | ||
Common stock of $.10 par value: | ||
Common stock value | 17,697 | 17,629 |
Class B Common Stock | ||
Common stock of $.10 par value: | ||
Common stock value | $ 78 | $ 78 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts receivable, allowances | $ 12,800 | $ 12,260 |
Common stock, par value (in USD per share) | $ 0.10 | $ 0.10 |
Class A Common Stock | ||
Authorized shares (in shares) | 300,000,000 | 300,000,000 |
Issued shares (in shares) | 176,951,162 | 176,288,596 |
Treasury shares (in shares) | 13,189,925 | 12,004,865 |
Class B Common Stock | ||
Authorized shares (in shares) | 780,724 | 780,724 |
Issued shares (in shares) | 780,724 | 780,724 |
Treasury shares (in shares) | 0 | 0 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 26, 2021 | ||
Revenues | ||||
Total revenues | $ 2,426,152,000 | $ 2,308,321,000 | $ 2,074,877,000 | |
Operating costs | ||||
Cost of revenue (excluding depreciation and amortization) | 1,249,061,000 | 1,208,933,000 | 1,039,568,000 | |
Sales and marketing | 260,227,000 | 267,553,000 | 294,947,000 | |
Product development | 228,804,000 | 204,185,000 | 160,871,000 | |
General and administrative | 311,039,000 | 289,259,000 | 250,124,000 | |
Depreciation and amortization | 86,115,000 | 82,654,000 | 57,502,000 | |
Acquisition-related costs | 0 | 34,712,000 | 0 | |
Impairment charges | 15,239,000 | 4,069,000 | 0 | |
Multiemployer pension plan liability adjustment | (605,000) | 14,989,000 | 0 | |
Lease termination charge | 0 | 0 | 3,831,000 | |
Total operating costs | [1] | 2,149,880,000 | 2,106,354,000 | 1,806,843,000 |
Operating profit | 276,272,000 | 201,967,000 | 268,034,000 | |
Other components of net periodic benefit (income)/costs | (2,737,000) | 6,659,000 | 10,478,000 | |
Gain from joint ventures | 2,477,000 | 0 | 0 | |
Interest income and other, net | 21,102,000 | 40,691,000 | 32,945,000 | |
Income before income taxes | 302,588,000 | 235,999,000 | 290,501,000 | |
Income tax expense | 69,836,000 | 62,094,000 | 70,530,000 | |
Net income | 232,752,000 | 173,905,000 | 219,971,000 | |
Net income attributable to the noncontrolling interest | (365,000) | 0 | 0 | |
Net income attributable to The New York Times Company common stockholders | $ 232,387,000 | $ 173,905,000 | $ 219,971,000 | |
Average number of common shares outstanding: | ||||
Basic (in shares) | 164,721 | 166,871 | 167,929 | |
Diluted (in shares) | 165,663 | 167,141 | 168,533 | |
Basic earnings per share attributable to The New York Times Company common stockholders (in USD per share) | $ 1.41 | $ 1.04 | $ 1.31 | |
Diluted earnings per share attributable to The New York Times Company common stockholders (in USD per share) | 1.40 | 1.04 | 1.31 | |
Dividends declared per share (in USD per share) | $ 0.44 | $ 0.36 | $ 0.28 | |
Subscription | ||||
Revenues | ||||
Total revenues | $ 1,656,153,000 | $ 1,552,362,000 | $ 1,362,115,000 | |
Advertising | ||||
Revenues | ||||
Total revenues | 505,206,000 | 523,288,000 | 497,536,000 | |
Other | ||||
Revenues | ||||
Total revenues | $ 264,793,000 | $ 232,671,000 | $ 215,226,000 | |
[1]Years ended December 31, 2022, and December 26, 2021 were recast to conform to the current presentation of total operating costs. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 26, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 232,752 | $ 173,905 | $ 219,971 |
Other comprehensive income/(loss), before tax: | |||
Foreign currency translation adjustments income/(loss) | 1,885 | (5,759) | (6,328) |
Pension and postretirement benefits obligation (loss)/gain | (5,908) | 49,966 | 49,250 |
Net unrealized gain/(loss) on available-for-sale securities | 10,754 | (9,675) | (6,025) |
Other comprehensive income, before tax | 6,731 | 34,532 | 36,897 |
Income tax expense | 1,746 | 9,177 | 9,918 |
Net current-period other comprehensive (loss)/income, net of tax | 4,985 | 25,355 | 26,979 |
Comprehensive income | 237,737 | 199,260 | 246,950 |
Comprehensive income attributable to the noncontrolling interest | (365) | 0 | 0 |
Comprehensive income attributable to The New York Times Company common stockholders | $ 237,372 | $ 199,260 | $ 246,950 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Total New York Times Company Stockholders’ Equity | Capital Stock Class A and Class B Common | Additional Paid-in Capital | Retained Earnings | Common Stock Held in Treasury, at Cost | Accumulated Other Comprehensive Loss, Net of Income Taxes | Non- controlling Interest |
Beginning balance at Dec. 27, 2020 | $ 1,328,111 | $ 1,325,517 | $ 17,609 | $ 216,714 | $ 1,672,586 | $ (171,211) | $ (410,181) | $ 2,594 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 219,971 | 219,971 | 219,971 | |||||
Dividends | (47,214) | (47,214) | (47,214) | |||||
Other comprehensive income | 26,979 | 26,979 | 26,979 | |||||
Issuance of shares: | ||||||||
Stock options - Class A shares | 2,454 | 2,454 | 33 | 2,421 | ||||
Restricted stock units vested - Class A shares | (5,269) | (5,269) | 19 | (5,288) | ||||
Performance-based awards - Class A shares | (5,933) | (5,933) | 14 | (5,947) | ||||
Stock-based compensation | 22,215 | 22,215 | 22,215 | |||||
Distributions | (589) | (589) | ||||||
Ending balance at Dec. 26, 2021 | 1,540,725 | 1,538,720 | 17,675 | 230,115 | 1,845,343 | (171,211) | (383,202) | 2,005 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 173,905 | 173,905 | 173,905 | |||||
Dividends | (60,389) | (60,389) | (60,389) | |||||
Other comprehensive income | 25,355 | 25,355 | 25,355 | |||||
Issuance of shares: | ||||||||
Stock options - Class A shares | 3 | 3 | 3 | |||||
Restricted stock units vested - Class A shares | (4,320) | (4,320) | 16 | (4,336) | ||||
Performance-based awards - Class A shares | (5,557) | (5,557) | 16 | (5,573) | ||||
Stock Repurchases Class A shares | (105,056) | (105,056) | (105,056) | |||||
Stock-based compensation | 35,306 | 35,306 | 35,306 | |||||
Ending balance at Dec. 31, 2022 | 1,599,972 | 1,597,967 | 17,707 | 255,515 | 1,958,859 | (276,267) | (357,847) | 2,005 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 232,752 | 232,387 | 232,387 | 365 | ||||
Dividends | (73,407) | (73,407) | (73,407) | |||||
Other comprehensive income | 4,985 | 4,985 | 4,985 | |||||
Issuance of shares: | ||||||||
Restricted stock units vested - Class A shares | (11,803) | (11,803) | 46 | (11,849) | ||||
Performance-based awards - Class A shares | (3,098) | (3,098) | 10 | (3,108) | ||||
Employee stock purchase plan – Class A shares | 3,950 | 3,950 | 12 | 3,938 | ||||
Stock Repurchases Class A shares | (44,553) | (44,553) | (44,553) | |||||
Stock-based compensation | 54,776 | 54,776 | 54,776 | |||||
Purchase of noncontrolling interest | (355) | 2,015 | 2,015 | (2,370) | ||||
Ending balance at Dec. 31, 2023 | $ 1,763,219 | $ 1,763,219 | $ 17,775 | $ 301,287 | $ 2,117,839 | $ (320,820) | $ (352,862) | $ 0 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 26, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||
Stock options (in shares) | 0 | 400 | 324,460 |
Restricted stock unit vested (in shares) | 439,421 | 151,877 | 196,416 |
Performance-based awards (in shares) | 106,419 | 163,518 | 142,253 |
Employee stock purchase plan – Class A shares (in shares) | 116,726 | ||
Share repurchases (in shares) | 1,185,060 | 3,134,064 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 26, 2021 | |
Cash flows from operating activities | |||
Net income | $ 232,752 | $ 173,905 | $ 219,971 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 86,115 | 82,654 | 57,502 |
Lease termination charge | 0 | 0 | 3,831 |
Amortization of right of use asset | 9,232 | 9,923 | 9,488 |
Stock-based compensation expense | 54,776 | 35,306 | 22,215 |
Multiemployer pension plan liability adjustment | (605) | 14,989 | 0 |
Impairment charges | 15,239 | 4,069 | 0 |
Gain on the sale of land | 0 | (34,227) | 0 |
Gain from joint ventures | (2,477) | 0 | 0 |
Gain on non-marketable equity investment | 0 | 0 | (27,156) |
Change in long-term retirement benefit obligations | (29,528) | (29,049) | (19,222) |
Fair market value adjustment on life insurance products | (1,648) | 1,081 | 118 |
Other – net | 3,932 | 2,739 | 2,902 |
Changes in operating assets and liabilities: | |||
Accounts receivable – net | (24,955) | 20,889 | (49,216) |
Other current assets | (2,154) | (23,220) | (5,289) |
Accounts payable, accrued payroll and other liabilities | (7,321) | (111,216) | 39,696 |
Unexpired subscriptions | 16,827 | 8,588 | 13,950 |
Other noncurrent assets and liabilities | 10,433 | (5,744) | 308 |
Net cash provided by operating activities | 360,618 | 150,687 | 269,098 |
Cash flows from investing activities | |||
Purchases of marketable securities | (286,448) | (6,648) | (763,425) |
Maturities/disposals of marketable securities | 142,161 | 484,984 | 593,465 |
Business acquisitions | 0 | (515,586) | 0 |
Proceeds/(purchases) from investments | 2,512 | (1,832) | 20,074 |
Capital expenditures | (22,669) | (36,961) | (34,637) |
Other - net | 4,754 | 2,482 | 3,716 |
Net cash used in investing activities | (159,690) | (73,561) | (180,807) |
Long-Term Debt and Lease Obligation [Abstract] | |||
Dividends paid | (69,464) | (56,790) | (45,337) |
Payment of contingent consideration | (3,448) | (2,586) | (862) |
Purchase of noncontrolling interest | (356) | 0 | 0 |
Capital shares: | |||
Stock issuances | 0 | 3 | 2,454 |
Repurchases | (44,553) | (105,056) | 0 |
Share-based compensation tax withholding | (14,889) | (9,877) | (11,202) |
Net cash used in financing activities | (132,710) | (174,306) | (54,947) |
Net increase/(decrease) in cash, cash equivalents and restricted cash | 68,218 | (97,180) | 33,344 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (219) | (1,953) | (1,002) |
Cash, cash equivalents and restricted cash at the beginning of the year | 235,173 | 334,306 | 301,964 |
Cash, cash equivalents and restricted cash at the end of the year | 303,172 | 235,173 | 334,306 |
Cash payments | |||
Interest, net of capitalized interest | 708 | 1,583 | 546 |
Income tax payments – net | $ 71,814 | $ 110,161 | $ 66,443 |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Nature of Operations The New York Times Company is a global media organization that includes newspaper, digital and print products and related businesses. Unless the context otherwise requires, The New York Times Company and its consolidated subsidiaries are referred to collectively as the “Company,” “we,” “our” and “us.” Our major sources of revenue are subscriptions and advertising. Principles of Consolidation The accompanying Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and include the accounts of the Company and its wholly and majority-owned subsidiaries after elimination of all significant intercompany transactions. The portion of the net income or loss and equity of a subsidiary attributable to the owners of a subsidiary other than the Company (a noncontrolling interest) is included as a component of consolidated stockholders‘ equity in our Consolidated Balance Sheets, within net income or loss in our Consolidated Statements of Operations, within comprehensive income or loss in our Consolidated Statements of Comprehensive Income/(Loss) and as a component of consolidated stockholders’ equity in our Consolidated Statements of Changes in Stockholders’ Equity. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in our Consolidated Financial Statements. Actual results could differ from these estimates. Fiscal Year Fiscal year 2022 was composed of 52 weeks and five additional days and ended as of December 31, 2022, while fiscal years 2023 and 2021 each comprised 52 weeks, and ended as of December 31, 2023, and December 26, 2021, respectively. In December 2021, the Board of Directors approved a change in the Company’s fiscal year from a 52/53 week fiscal year ending the last Sunday of December to a calendar year. Accordingly, the Company’s 2022 fiscal year, which commenced December 27, 2021, was extended from December 25, 2022, to December 31, 2022, and subsequent fiscal years begin on January 1 and end on December 31 of each year. The change was made on a prospective basis and prior periods were not adjusted. This change was not considered a change in a fiscal year under the rules of the Securities and Exchange Commission as the new fiscal year commenced within seven days of the prior fiscal year-end and the new fiscal year commenced with the end of the prior fiscal year. As a result, a transition report is not required. The Athletic On February 1, 2022, we acquired The Athletic Media Company (“The Athletic”), a global digital subscription-based sports media business. The results of The Athletic have been included in our Consolidated Financial Statements beginning February 1, 2022. The Athletic is a separate reportable segment of the Company. Segments Beginning in the first quarter of 2022, the Company has two reportable segments: The New York Times Group (“NYTG”) and The Athletic. Management, including the Company’s President and Chief Executive Officer (who is the Company’s Chief Operating Decision Maker), uses adjusted operating profit (loss) by segment (as defined below) in assessing performance and allocating resources. The Company includes in its presentation revenues and adjusted operating costs (as defined below) to arrive at adjusted operating profit (loss) by segment. Reclassifications Beginning with the third quarter of 2023, we have updated our presentation of total operating costs to include operating items that are outside the ordinary course of our operations (“special items”). These items have been previously presented separate from operating costs and included in operating profit. We recast operating costs for the prior periods in order to present comparable financial results. There was no change to consolidated operating profit, net income or cash flows as a result of this change. Certain other amounts in prior periods have been reclassified to conform with the current period presentation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Cash and Cash Equivalents We consider all highly liquid debt instruments with original maturities of three months or less to be cash equivalents. Marketable Securities We have investments in marketable debt securities. We determine the appropriate classification of our investments at the date of purchase and reevaluate the classifications at the balance sheet date. Marketable debt securities with maturities of 12 months or less are classified as short-term. Marketable debt securities with maturities greater than 12 months are classified as long-term, unless we identified specific securities we intend to sell within the next 12 months. The Company’s marketable securities are accounted for as available for sale (“AFS”). AFS securities are reported at fair value. We assess AFS securities on a quarterly basis or more often if a potential loss-triggering event occurs. For AFS securities in an unrealized loss position, we first assess whether we intend to sell, or if it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For AFS securities that do not meet the aforementioned criteria, we evaluate whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, we consider the extent to which fair value is less than amortized cost, creditworthiness of the security, and adverse conditions specifically related to the security. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. Concentration of Risk Financial instruments, which potentially subject us to concentration of risk, are cash and cash equivalents and marketable securities. Cash is placed with major financial institutions. As of December 31, 2023, we had cash balances at financial institutions in excess of federal insurance limits. We periodically evaluate the credit standing of these financial institutions as part of our ongoing investment strategy. Our marketable securities portfolio consists of investment-grade securities diversified among security types, issuers and industries. Our cash equivalents and marketable securities are primarily managed by third-party investment managers who are required to adhere to investment policies designed to mitigate risk and approved by our Board of Directors. Accounts Receivable Credit is extended to our advertisers and our subscribers based upon an evaluation of the customer’s financial condition, and collateral is not required from such customers. Allowances for estimated credit losses, rebates, returns, rate adjustments and discounts are generally established based on historical experience and include consideration of relevant significant current events, reasonable and supportable forecasts and their implications for expected credit losses. Investments We elected the fair value measurement alternative for our investment interests below 20% and account for these investments at cost less impairments, adjusted by observable price changes in orderly transactions for the identical or similar investments of the same issuer given our equity instruments are without readily determinable fair values. We evaluate whether there has been an impairment of our investments annually or in an interim period if circumstances indicate that a possible impairment may exist. Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation is computed by the straight-line method over the shorter of estimated asset service lives or lease terms as follows: buildings, building equipment and improvements—10 to 40 years; equipment— three two We evaluate whether there has been an impairment of long-lived assets, primarily property, plant and equipment, if certain circumstances indicate that a possible impairment may exist. These assets are tested for impairment at the asset group level associated with the lowest level of cash flows. An impairment exists if the carrying value of the asset (i) is not recoverable (the carrying value of the asset is greater than the sum of undiscounted cash flows) and (ii) is greater than its fair value. See Note 17 for more information regarding material impairments of property, plant and equipment in 2023. Leases Lessee activities We enter into operating leases for office space and equipment. We determine if an arrangement is a lease at inception. Certain office space leases provide for rent adjustments relating to changes in real estate taxes and other operating costs. Options to extend the term of operating leases are not recognized as part of the right-of-use asset until we are reasonably certain that the option will be exercised. We may terminate our leases with the notice required under the lease and upon the payment of a termination fee, if required. Our leases do not include substantial variable payments based on index or rate. We have elected the practical expedient not to separate the lease and non-lease components in the contract for our office space and equipment leases. Our leases do not provide a readily determinable implicit discount rate. Therefore, we estimate our incremental borrowing rate to discount the lease payments based on the information available at lease commencement. We recognize a single lease cost on a straight-line basis over the term of the lease and we classify all cash payments within operating activities in the statement of cash flows. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. We evaluate right-of-use assets for impairment consistent with our property, plant and equipment policy. See Note 17 for more information regarding material impairments of right-of-use assets in 2023. Lessor activities Our leases to third parties predominantly relate to office space in our leasehold condominium interest in our headquarters building located at 620 Eighth Avenue, New York, N.Y. (the “Company Headquarters”). We determine if an arrangement is a lease at inception. Office space leases are operating leases and generally include options to extend the term of the lease. Our leases do not include variable payments based on index or rate. We do not separate the lease and non-lease components in a contract. The non-lease components predominantly include charges for utilities usage and other operating expenses estimated based on the proportionate share of the rental space of each lease. We have elected the practical expedient not to separate the lease and non-lease components in the contract for for office space we lease to third parties. For our office space operating leases, we recognize rental revenue on a straight-line basis over the term of the lease and we classify all cash payments within operating activities in the statement of cash flows. Residual value risk is not a primary risk resulting from our office space operating leases because of the long-lived nature of the underlying real estate assets, which generally hold their value or appreciate in the long term. We evaluate assets leased to third parties for impairment consistent with our property, plant and equipment policy. There were no impairments of assets leased to third parties in 2023. Goodwill and Intangibles Goodwill is the excess of cost over the fair value of tangible and intangible net assets acquired. Goodwill is not amortized but tested for impairment annually or in an interim period if certain circumstances indicate a possible impairment may exist. Our annual impairment testing date is the first day of our fiscal fourth quarter. We test goodwill for impairment at a reporting unit level. We first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. The qualitative assessment includes, but is not limited to, the results of our most recent quantitative impairment test, consideration of industry, market and macroeconomic conditions, cost factors, cash flows, changes in key management personnel and our share price. The result of this assessment determines whether it is necessary to perform the goodwill impairment test (formerly “Step 1”). If we determine that it is more likely than not that the fair value of a reporting unit is less than its carrying value, we compare the fair value of a reporting unit with its carrying amount, including goodwill. Fair value is calculated by a combination of a discounted cash flow model and a market approach model. In calculating fair value for a reporting unit, we generally weigh the results of the discounted cash flow model more heavily than the market approach because the discounted cash flow model is specific to our business and long-term projections. If the fair value of a reporting unit exceeds its carrying amount, goodwill of that reporting unit is not considered impaired. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss would be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. We test indefinite-lived intangible assets for impairment at the asset level. Our annual impairment testing date is the first day of our fiscal fourth quarter. We first perform a qualitative assessment to determine whether it is more likely than not that the fair value of the asset is less than its carrying value. If we determine that it is more likely than not that the intangible asset is impaired, we perform a quantitative assessment by comparing the fair value of the asset with its carrying amount. If the fair value, which is based on future cash flows, exceeds the carrying value, the asset is not considered impaired. If the carrying amount exceeds the fair value, an impairment loss would be recognized in an amount equal to the excess of the carrying amount of the asset over the fair value of the asset. Intangible assets that are amortized are tested for impairment at the asset level associated with the lowest level of cash flows whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. An impairment exists if the carrying value of the asset (1) is not recoverable (the carrying value of the asset is greater than the sum of undiscounted cash flows) and (2) is greater than its fair value. The discounted cash flow analysis requires us to make various judgments, estimates and assumptions, many of which are interdependent, about future revenues, operating margins, growth rates, capital expenditures, working capital, discount rates and royalty rates. The starting point for the assumptions used in our discounted cash flow analysis is the annual long-range financial forecast. The annual planning process that we undertake to prepare the long-range financial forecast takes into consideration a multitude of factors, including historical growth rates and operating performance, related industry trends, macroeconomic conditions and marketplace data, among others. Assumptions are also made for perpetual growth rates for periods beyond the long-range financial forecast period. Our estimates of fair value are sensitive to changes in all of these variables, certain of which relate to broader macroeconomic conditions outside our control. The market approach analysis includes applying a multiple, based on comparable market transactions, to certain operating metrics of a reporting unit. The significant estimates and assumptions used by management in assessing the recoverability of goodwill acquired and intangibles are estimated future cash flows, discount rates, growth rates and other factors. Any changes in these estimates or assumptions could result in an impairment charge. The estimates, based on reasonable and supportable assumptions and projections, require management’s subjective judgment. Depending on the assumptions and estimates used, the estimated results of the impairment tests can vary within a range of outcomes. In addition to annual testing, management uses certain indicators to evaluate whether the carrying value of a reporting unit or intangibles may not be recoverable and an interim impairment test may be required. These indicators include (1) current-period operating results or cash flow declines combined with a history of operating results or cash flow declines or a projection/forecast that demonstrates continuing declines in the cash flow or the inability to improve our operations to forecasted levels; (2) a significant adverse change in the business climate, whether structural or technological; (3) significant impairments; and (4) a decline in our stock price and market capitalization. Self-Insurance We self-insure for workers’ compensation costs, automobile and general liability claims, up to certain deductible limits, as well as for certain employee medical and disability benefits. Employee medical costs above a certain threshold are insured by a third party. The recorded liabilities for self-insured risks are primarily calculated using actuarial methods. The liabilities include amounts for actual claims, claim growth and claims incurred but not yet reported. The recorded liabilities for self-insured risks were approximately $28 million and $25 million as of December 31, 2023, and December 31, 2022, respectively. Pension and Other Postretirement Benefits Our single-employer pension and other postretirement benefit costs are accounted for using actuarial valuations. We recognize the funded status of these plans—measured as the difference between plan assets, if funded, and the benefit obligation—on the balance sheet and recognize changes in the funded status that arise during the period but are not recognized as components of net periodic pension cost, within other comprehensive income/(loss), net of income taxes. The service cost component of net periodic pension cost is recognized in Total operating costs while the other components are recognized within Other components of net periodic benefit costs in our Consolidated Statements of Operations below Operating profit . The assets related to our funded pension plans are measured at fair value. We make significant subjective judgments about a number of actuarial assumptions, which include discount rates, long-term return on plan assets and mortality rates. Depending on the assumptions and estimates used, the impact from our pension and other postretirement benefits could vary within a range of outcomes and could have a material effect on our Consolidated Financial Statements. We also recognize the present value of pension liabilities associated with the withdrawal from multiemployer pension plans. We record liabilities for obligations related to complete, partial and estimated withdrawals from multiemployer pension plans. The actual liability for estimated withdrawals is not known until each plan completes a final assessment of the withdrawal liability and issues a demand to us. Therefore, we adjust the estimate of our multiemployer pension plan liability as more information becomes available that allows us to refine our estimates. See Notes 9 and 10 for additional information regarding pension and other postretirement benefits. Revenue Recognition Revenue is recognized when a performance obligation is satisfied by transferring a promised good or service to a customer. A good or service is considered transferred when the customer obtains control, which is when the customer has the ability to direct the use of and/or obtain substantially all of the benefits of an asset. Proceeds from subscription revenues are deferred at the time of sale and are recognized on a pro rata basis over the terms of the subscriptions. Payment is typically due upfront and the revenue is recognized ratably over the subscription period. The deferred proceeds are recorded within Unexpired subscriptions revenue in the Consolidated Balance Sheet. Revenue from single-copy sales of our print products is recognized based on date of publication, net of provisions for related returns. Payment for single-copy sales is typically due upon complete satisfaction of our performance obligations. The Company does not have significant financing components or significant payment terms as we only offer industry standard payment terms to our customers. When our subscriptions are sold through third parties, we are a principal in the transaction and, therefore, revenues and related costs to third parties for these sales are reported on a gross basis. We are considered a principal if we control a promised good or service before transferring that good or service to the customer. The Company considers several factors to determine if it controls the good or service and therefore is the principal. These factors include (1) if we have primary responsibility for fulfilling the promise; and (2) if we have discretion in establishing price for the specified good or service. Advertising revenues are recognized when advertisements are published in newspapers or placed on digital platforms when impressions are delivered or when the ad is displayed over the contractual fixed period of time with respect to certain digital advertising or, each time a user clicks on certain advertisements, net of provisions for estimated rebates and rate adjustments. Creative services fees, including those associated with our branded content studio, are recognized as revenue based on the nature of the services provided. We recognize a rebate obligation as a reduction of revenues, based on the amount of estimated rebates that will be earned, related to the underlying revenue transactions during the period. Measurement of the rebate obligation is estimated based on the historical experience of the number of customers that ultimately earn and use the rebate. We recognize an obligation for rate adjustments as a reduction of revenues, based on the amount of estimated post-billing adjustments that will be claimed. Measurement of the rate adjustment reserve is estimated based on historical experience of credits actually issued. Payment for advertising is due upon complete satisfaction of our performance obligations. The Company has a formal credit checking policy, procedures and controls in place that evaluate collectability prior to ad publication. Our advertising contracts do not include a significant financing component. Other revenues are recognized when the delivery occurs, services are rendered or purchases are made. Performance Obligations Our contracts with customers may include multiple performance obligations. For such arrangements, we allocate revenue to each performance obligation based on its relative standalone selling price. In the case of our digital archive licensing contracts, the transaction price is allocated among the performance obligations, which consist of (i) the archival content and (ii) the updated content, based on the Company’s estimate of the standalone selling price of each of the performance obligations, as they are currently not sold separately. In the case of our advertising contracts, we may have performance obligations for future services that have not been recognized in our financial statements. The performance obligations are satisfied over time with revenue recognized over the contract term as the advertising services are provided to the customer. Contract Assets We record revenue from customers when performance obligations are satisfied. For our digital archive licensing revenue, we record revenue related to the portion of performance obligation (i) satisfied at the commencement of the contract when the customer obtains control of the archival content and (ii) when the updated content is transferred. We receive payments from customers based upon contractual billing schedules. As the transfer of control represents a right to the contract consideration, we record a contract asset in Other current assets for short-term contract assets and Miscellaneous assets for long-term contract assets on the Consolidated Balance Sheet for any amounts not yet invoiced to the customer. The contract asset is reclassified to Accounts receivable when the customer is invoiced based on the contractual billing schedule. Significant Judgments Our contracts with customers sometimes include promises to transfer multiple products and services to a customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. We use an observable price to determine the standalone selling price for separate performance obligations if available or, when not available, an estimate that maximizes the use of observable inputs and faithfully depicts the selling price of the promised goods or services if we sold those goods or services separately to a similar customer in similar circumstances. Practical Expedients and Exemptions We expense the cost to obtain or fulfill a contract as incurred because the amortization period of the asset that the entity otherwise would have recognized is one year or less. We also apply the practical expedient for the significant financing component when the difference between the payment and the transfer of the products and services is a year or less. Income Taxes Income taxes are recognized for the following: (1) the amount of taxes payable for the current year and (2) deferred tax assets and liabilities for the future tax consequences of events that have been recognized differently in the financial statements than for tax purposes. Deferred tax assets and liabilities are established using statutory tax rates and are adjusted for tax rate changes in the period of enactment. We assess whether our deferred tax assets should be reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized. Our process includes collecting positive (i.e., sources of taxable income) and negative (i.e., recent historical losses) evidence and assessing, based on the evidence, whether it is more likely than not that the deferred tax assets will not be realized. We release tax effects from accumulated other comprehensive income/(loss) for pension and other postretirement benefits on a plan-by-plan approach. We recognize in our financial statements the impact of a tax position if that tax position is more likely than not of being sustained on audit, based on the technical merits of the tax position. This involves the identification of potential uncertain tax positions, the evaluation of tax law and an assessment of whether a liability for uncertain tax positions is necessary. Different conclusions reached in this assessment can have a material impact on our Consolidated Financial Statements. We operate within multiple taxing jurisdictions and are subject to audit in these jurisdictions. These audits can involve complex issues, which could require an extended period to resolve. Until formal resolutions are reached between us and the taxing authorities, determining the timing and amount of possible audit settlements relating to uncertain tax positions is not practicable. Stock-Based Compensation We establish fair value based on market data for our stock-based awards to determine our cost and recognize the related expense over the appropriate vesting period. We recognize stock-based compensation expense for outstanding stock-settled long-term performance awards, restricted stock units and our Company’s Employee Stock Purchase Plan (“ESPP”), net of estimated forfeitures. See Note 14 for additional information related to stock-based compensation expense. Earnings/(Loss) Per Shar e As the Company has participating securities, we compute earnings per share based upon the lower of the two-class method or the treasury stock method. The two-class method is an earnings allocation method for computing earnings/(loss) per share when a company’s capital structure includes either two or more classes of common stock or common stock and participating securities. This method determines earnings/(loss) per share based on dividends declared on common stock and participating securities (i.e., distributed earnings), as well as participation rights of participating securities in any undistributed earnings. Basic earnings/(loss) per share is calculated by dividing net earnings/(loss) available to common stockholders by the weighted-average number of shares of common stock outstanding. Diluted earnings/(loss) per share is calculated similarly, except that it includes the dilutive effect of the assumed exercise of securities and the effect of shares issuable under our Company’s stock-based incentive plans if such effect is dilutive. Foreign Currency Translation The assets and liabilities of foreign companies are translated at period-end exchange rates. Results of operations are translated at average rates of exchange in effect during the year. The resulting translation adjustment is included as a separate component in the Stockholders’ Equity section of our Consolidated Balance Sheets, in the caption Accumulated other comprehensive loss, net of income taxes . Recently Issued Accounting Pronouncements The Financial Accounting Standards Board issued authoritative guidance on the following topics: Accounting Standard Update(s) Topic Effective Period Summary 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures Fiscal years, beginning after December 15, 2025. Early adoption is permitted. Requires entities to provide disaggregated income tax disclosures on the rate reconciliation and income taxes paid. We are currently in the process of evaluating the impact of this guidance on the Company’s disclosures. 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures Fiscal years, beginning after December 15, 2023. Early adoption is permitted. Requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items to reconcile to segment profit or loss, and the title and position of the entity’s CODM. The amendments in this update also expand the interim segment disclosure requirements. We are currently in the process of evaluating the impact of this guidance on the Company’s disclosures. The Company considers the applicability and impact of all recently issued accounting pronouncements. Recent accounting pronouncements not specifically identified in our disclosures are either not applicable to the Company or not expected to have a material effect on our financial condition or results of operations. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue We generate revenues principally from subscriptions and advertising. Subscription revenues consist of revenues from subscriptions to our digital and print products (which include our news product, as well as The Athletic and our Cooking, Games and Wirecutter products), and single-copy and bulk sales of our print products. Subscription revenues are based on both the number of digital-only subscriptions and copies of the printed newspaper sold, and the rates charged to the respective customers. Advertising revenue is generated principally from advertisers (such as technology, financial and luxury goods companies) promoting products, services or brands on digital platforms in the form of display ads, audio and video, and in print in the form of column-inch ads. Advertising revenue is generated primarily from offerings sold directly to marketers by our advertising sales teams. A smaller proportion of our total advertising revenues is generated through open-market programmatic auctions run by third-party ad exchanges. Advertising revenue is primarily determined by the volume (e.g., impressions), rate and mix of advertisements. Digital advertising includes our core digital advertising business and other digital advertising. Our core digital advertising business includes direct-sold website, mobile application, podcast, email and video advertisements (including direct-sold programmatic advertising). Direct-sold display advertising, a component of core digital advertising, includes offerings on websites and mobile applications sold directly to marketers by our advertising sales teams. Other digital advertising includes open-market programmatic advertising and creative services fees. Print advertising includes revenue from column-inch ads and classified advertising as well as preprinted advertising, also known as freestanding inserts. NYTG has revenue from all categories discussed above. The Athletic has revenue from direct-sold display advertising (including direct-sold programmatic advertising), podcast, email and video advertisements and open-market programmatic advertising. There is no print advertising revenue generated from The Athletic. Other revenues primarily consist of revenues from Wirecutter affiliate referrals, licensing, commercial printing, the leasing of floors in our Company Headquarters, television and film, retail commerce, our live events business and our student subscription sponsorship program. Subscription, advertising and other revenues were as follows: Years Ended (In thousands) December 31, 2023 As % December 31, 2022 As % December 26, 2021 As % Subscription $ 1,656,153 68.3 % $ 1,552,362 67.3 % $ 1,362,115 65.6 % Advertising 505,206 20.8 % 523,288 22.7 % 497,536 24.0 % Other (1) 264,793 10.9 % 232,671 10.0 % 215,226 10.4 % Total $ 2,426,152 100.0 % $ 2,308,321 100.0 % $ 2,074,877 100.0 % (1) Other revenue includes building rental revenue , which is not under the scope of Topic 606. Building rental revenue was approximately $27 million, $29 million and $27 million for the years ended December 31, 2023 , December 31, 2022, and December 26, 2021, respectively. The following table summarizes digital and print subscription revenues, which are components of subscription revenues above, for the years ended December 31, 2023, December 31, 2022, and December 26, 2021: Years Ended (In thousands) December 31, 2023 As % December 31, 2022 As % December 26, 2021 As % Digital-only subscription revenues (1) $ 1,099,439 66.4 % $ 978,574 63.0 % $ 773,882 56.8 % Print subscription revenues (2) 556,714 33.6 % 573,788 37.0 % 588,233 43.2 % Total subscription revenues $ 1,656,153 100.0 % $ 1,552,362 100.0 % $ 1,362,115 100.0 % (1) Includes revenue from bundled and standalone subscriptions to our news product, as well as The Athletic and our Cooking, Games and Wirecutter products. (2) Includes domestic home-delivery subscriptions, which include access to our digital products. Also includes single-copy, NYT International and Other subscription revenues. The following table summarizes digital and print advertising revenues for the years ended December 31, 2023, December 31, 2022, and December 26, 2021: Years Ended (In thousands) December 31, 2023 As % December 31, 2022 As % December 26, 2021 As % Advertising revenues Digital $ 317,744 62.9 % $ 318,440 60.9 % $ 308,616 62.0 % Print 187,462 37.1 % 204,848 39.1 % 188,920 38.0 % Total advertising $ 505,206 100.0 % $ 523,288 100.0 % $ 497,536 100.0 % Performance Obligations We have remaining performance obligations related to digital archive and other licensing and certain advertising contracts. As of December 31, 2023, the aggregate amount of the transaction price allocated to the remaining performance obligations for contracts with a duration greater than one year was approximately $193 million. The Company will recognize this revenue as performance obligations are satisfied. We expect that approximately $95 million, $67 million, and $31 million will be recognized in 2024, 2025 and thereafter through 2028, respectively. Unexpired Subscriptions Payments for subscriptions are typically due upfront and the revenue is recognized ratably over the subscription period. The proceeds are recorded within Unexpired subscriptions revenue in the Consolidated Balance Sheet. Total unexpired subscriptions as of December 31, 2022 were $155.9 million, of which approximately $152.3 million was recognized as revenues during the year ended December 31, 2023. Contract Assets As of December 31, 2023, and December 31, 2022, the Company had $3.5 million and $3.8 million, respectively, in contract assets recorded in the Consolidated Balance Sheets related to digital archive licensing revenue. The contract asset is reclassified to Accounts receivable |
Marketable Securities
Marketable Securities | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | Marketable Securities The Company accounts for its marketable securities as AFS. The Company recorded $0.7 million and $11.4 million of net unrealized losses, respectively, in Accumulated Other Comprehensive Income (“AOCI”) as of December 31, 2023, and December 31, 2022, respectively. The following tables present the amortized cost, gross unrealized gains and losses, and fair market value of our AFS securities as of December 31, 2023, and December 31, 2022: December 31, 2023 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Short-term AFS securities Corporate debt securities $ 109,891 $ 6 $ (1,828) $ 108,069 U.S. Treasury securities 48,721 55 (667) 48,109 U.S. governmental agency securities 6,000 — (84) 5,916 Total short-term AFS securities $ 164,612 $ 61 $ (2,579) $ 162,094 Long-term AFS securities U.S. Treasury securities $ 148,878 $ 1,023 $ (42) $ 149,859 Corporate debt securities 103,061 886 (5) 103,942 U.S. governmental agency securities 3,857 — (25) 3,832 Total long-term AFS securities $ 255,796 $ 1,909 $ (72) $ 257,633 December 31, 2022 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Short-term AFS securities Corporate debt securities $ 52,315 $ — $ (1,286) $ 51,029 U.S. Treasury securities 45,096 — (963) 44,133 U.S. governmental agency securities 22,806 — (722) 22,084 Municipal securities 8,903 — (177) 8,726 Total short-term AFS securities $ 129,120 $ — $ (3,148) $ 125,972 Long-term AFS securities U.S. Treasury securities $ 25,990 $ — $ (1,576) $ 24,414 Corporate debt securities 115,207 — (6,377) 108,830 U.S. governmental agency securities 5,999 — (326) 5,673 Total long-term AFS securities $ 147,196 $ — $ (8,279) $ 138,917 The following tables present the AFS securities as of December 31, 2023, and December 31, 2022, that were in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by investment category and the length of time that individual securities have been in a continuous loss position: December 31, 2023 Less than 12 Months 12 Months or Greater Total (In thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Short-term AFS securities Corporate debt securities $ 5,819 $ (5) $ 99,504 $ (1,823) $ 105,323 $ (1,828) U.S. Treasury securities 995 (1) 24,978 (666) 25,973 (667) U.S. governmental agency securities — — 5,916 (84) 5,916 (84) Total short-term AFS securities $ 6,814 $ (6) $ 130,398 $ (2,573) $ 137,212 $ (2,579) Long-term AFS securities U.S. Treasury securities $ 14,792 $ (36) $ 290 $ (6) $ 15,082 $ (42) Corporate debt securities 2,451 — 245 (5) 2,696 (5) U.S. governmental agency securities 3,832 (25) — — 3,832 (25) Total long-term AFS securities $ 21,075 $ (61) $ 535 $ (11) $ 21,610 $ (72) December 31, 2022 Less than 12 Months 12 Months or Greater Total (In thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Short-term AFS securities Corporate debt securities $ 3,799 $ (11) $ 47,230 $ (1,275) $ 51,029 $ (1,286) U.S. Treasury securities — — 44,133 (963) 44,133 (963) U.S. governmental agency securities — — 22,084 (722) 22,084 (722) Municipal securities — — 8,726 (177) 8,726 (177) Total short-term AFS securities $ 3,799 $ (11) $ 122,173 $ (3,137) $ 125,972 $ (3,148) Long-term AFS securities Corporate debt securities $ 2,004 $ (57) $ 106,826 $ (6,320) $ 108,830 $ (6,377) U.S. Treasury securities 282 (9) 24,132 (1,567) 24,414 (1,576) U.S. governmental agency securities — — 5,673 (326) 5,673 (326) Total long-term AFS securities $ 2,286 $ (66) $ 136,631 $ (8,213) $ 138,917 $ (8,279) We assess AFS securities on a quarterly basis or more often if a potential loss-triggering event occurs. See Note 2 for factors we consider when assessing AFS securities for recognition of losses or allowance for credit losses. As of December 31, 2023, and December 31, 2022, we did not intend to sell and it was not likely that we would be required to sell these investments before recovery of their amortized cost basis, which may be at maturity. Unrealized losses related to these investments are primarily due to interest rate fluctuations as opposed to changes in credit quality. Therefore, as of December 31, 2023, and December 31, 2022, we have no realized losses or allowance for credit losses related to AFS securities. As of December 31, 2023, our short-term and long-term marketable securities had remaining maturities of less than one month to 12 months, and 13 months to 26 months, respectively. See Note 8 for additional information regarding the fair value hierarchy of our marketable securities. |
Business Combination
Business Combination | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Combination | Business Combination The Athletic Acquisition The Company accounts for business combinations using the acquisition method of accounting. The purchase price is allocated to the assets acquired and liabilities assumed using the fair values determined by management as of the acquisition date. The excess of the purchase price over the estimated fair value of the net assets acquired is recorded as goodwill. The results of businesses acquired in a business combination are included in the Company’s consolidated financial statements from the date of acquisition. On February 1, 2022, the Company acquired The Athletic in an all-cash transaction. The consideration paid of approximately $550.0 million was funded from cash on hand and included $523.5 million, which we determined to be the purchase price for assets acquired and liabilities assumed, and $26.7 million paid in connection with the acceleration of The Athletic stock options. The stock options acceleration is included in Acquisition-related costs in our Consolidated Statements of Operations for the year ended December 31, 2022. The Company finalized the valuation of assets acquired and liabilities assumed for the acquisition of The Athletic within the required measurement period of one year. The following table summarizes the allocation of the purchase price (at fair value) to the assets acquired and liabilities assumed of The Athletic as of February 1, 2022 (the date of acquisition): (In thousands) Purchase Price Allocation Estimated Useful Life (in years) Total current assets $ 18,495 Property, plant and equipment 281 3- 5 Right of use asset (1) 2,612 Trademark (2) 160,000 20 Existing subscriber base (2) 135,000 12 Developed technology (2) 35,000 5 Content archive (2) 2,000 2 Goodwill (5) 251,360 Indefinite Total current liabilities (3)(5) (41,399) Other liabilities — Other (3,491) Deferred tax liability, net (4)(5) (36,392) Total purchase price $ 523,466 (1) Included in Miscellaneous assets in our Consolidated Balance Sheets. (2) Included in Intangible assets, net in our Consolidated Balance Sheets. (3) Includes Unexpired subscriptions revenue of $28.1 million. (4) Included in Deferred income taxes in our Consolidated Balance Sheets. (5) Includes measurement period adjustment related to deferred tax asset and working capital adjustments. Goodwill is primarily attributable to future subscribers expected to be acquired both organically and through synergies from adding The Athletic to the Company’s products as well as the acquired assembled workforce. Goodwill is not expected to be deductible for tax purposes. The fair value of trademarks is estimated using a relief from royalty valuation method, the fair value of subscriber relationships is estimated using a multi-period excess earnings valuation method, and the fair value of developed technology and content archive is estimated using a replacement cost method. The following unaudited pro forma summary presents consolidated information of the Company, including The Athletic, as if the business combination had occurred on December 28, 2020, the first day of fiscal year ended December 26, 2021, which is the earliest period presented herein: Years Ended (In thousands) December 31, 2022 December 26, 2021 Revenue $ 2,315,468 $ 2,142,202 Net income 197,225 128,330 Adjustments made to the pro forma summary include (1) transaction costs and other one-time non-recurring costs that reduced expenses by $47.8 million for the year ended December 31, 2022, and increased expenses by $47.8 million for the year ended December 26, 2021; (2) recognition of additional amortization related to the intangible assets acquired; (3) alignment of accounting policies; and (4) recognition of the estimated income tax impact of the pro forma adjustments. The pro forma summary does not reflect cost savings or operating synergies expected to result from the acquisition. These pro forma results are illustrative only and not indicative of the actual results of operations that would have been achieved nor are they indicative of future results of operations. Goodwill and Intangibles The changes in the carrying amount of goodwill as of December 31, 2023, and since December 26, 2021, were as follows: (In thousands) The New York Times Group The Athletic Total Company Balance as of December 26, 2021 $ 166,360 $ — $ 166,360 Foreign currency translation (3,674) — (3,674) Acquisition of The Athletic Media Company — 249,792 249,792 Measurement period adjustments (1) — 1,568 1,568 Balance as of December 31, 2022 162,686 251,360 414,046 Foreign currency translation 2,052 — 2,052 Balance as of December 31, 2023 $ 164,738 $ 251,360 $ 416,098 (1) Includes measurement period adjustment related to deferred tax asset and working capital adjustments in connection with The Athletic Media Company acquisition. The foreign currency translation line item in AOCI reflects changes in goodwill resulting from fluctuating exchange rates related to the consolidation of certain international subsidiaries. For the 2023 annual impairment testing, based on our qualitative assessment, we concluded that goodwill is not impaired. For the 2022 annual impairment testing, based on our qualitative assessment, we concluded that goodwill is not impaired. During the quarter ended September 30, 2023, we reduced our long-term advertising and subscription revenue expectations for our Serial podcasts. As a result, we performed an interim quantitative impairment test for the Serial indefinite-lived intangible asset. We compared the fair value of the Serial trademark, calculated using a discounted cash flow analysis, to its carrying value and recorded an impairment charge of approximately $2.5 million. This charge is included in Impairment charges in our Consolidated Statement of Operations within the New York Times Group operating segment. As of December 31, 2023, and December 31, 2022, the carrying value of the indefinite-lived intangible asset included in Intangible assets, net in our Consolidated Balance Sheets was $2.5 million and $5.0 million, respectively. See Note 2 for factors the Company considers when assessing indefinite-lived intangible assets for impairment. The 2023 annual impairment test did not identify any further impairments. In our 2022 annual impairment testing, we performed a quantitative assessment of our indefinite-lived intangible asset relating to our Serial podcast. We reassessed the fair value of the asset and, due to a decrease in advertiser demand, slower production of shows for our Serial podcast as well as the macroeconomic environment, recorded an impairment charge of $4.1 million during the year ended December 31, 2022. This charge is included in Impairment charges in our Consolidated Statements of Operations within the New York Times Group operating segment. As of December 31, 2023, and December 31, 2022, the gross book value and accumulated amortization of the intangible assets with definite lives were as follows: December 31, 2023 (In thousands) Gross book value Accumulated amortization Net book value Weighted-Average Useful Life (Years) Trademark $ 162,618 $ (17,767) $ 144,851 18.3 Existing subscriber base 136,500 (23,062) 113,438 10.2 Developed technology 38,401 (15,381) 23,020 3.2 Content archive 5,751 (4,047) 1,704 2.5 Total $ 343,270 $ (60,257) $ 283,013 13.7 December 31, 2022 (In thousands) Gross book value Accumulated amortization Net book value Weighted-Average Useful Life (Years) Trademark $ 162,618 $ (8,661) $ 153,957 19.2 Existing subscriber base 136,500 (11,812) 124,688 11.2 Developed technology 38,401 (8,043) 30,358 4.2 Content archive 5,751 (2,420) 3,331 2.8 Total $ 343,270 $ (30,936) $ 312,334 14.4 Amortization expense for intangible assets included in Depreciation and amortization in our Consolidated Statements of Operations for the years ended December 31, 2023, and December 31, 2022, were $29.3 million and $27.1 million, respectively. In 2023 and 2022, we did not identify any impairments related to intangible assets with definite lives. The estimated aggregate amortization expense for each of the following fiscal years ending December 31 is presented below: (In thousands) 2024 $ 27,479 2025 27,213 2026 26,960 2027 20,171 2028 19,335 Thereafter 161,855 Total amortization expense $ 283,013 As of December 31, 2023, the aggregate carrying amount of intangible assets of $285.5 million, which includes an indefinite-lived intangible of $2.5 million, is recorded in Intangible Assets, net |
Investments
Investments | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments Investments in Joint Ventures As of December 31, 2023, and December 31, 2022, the value of our investments in joint ventures was zero. Our proportionate shares of the operating results of our investments are recorded in Gain from joint ventures in our Consolidated Statements of Operations. Madison The Company and UPM-Kymmene Corporation (“UPM”), a Finnish paper manufacturing company, were partners through subsidiary companies in Madison. The Company’s 40% ownership of Madison was through an 80%-owned consolidated subsidiary that owned 50% of Madison. UPM owned 60% of Madison, including a 10% interest through a 20% noncontrolling interest in the consolidated subsidiary of the Company. In 2016, the paper mill closed and the Company’s joint venture in Madison was fully liquidated in December 2023. In the fourth quarter of 2023, we had a gain from joint ventures of $2.5 million. The gain was due to our proportionate share of a distribution received from the final liquidation of Madison. In conjunction with this distribution, the Company purchased UPM’s 20% noncontrolling interest in the Company’s consolidated subsidiary and the Madison joint venture was dissolved. In 2022 and 2021, we had no gain/(loss) or distributions from joint ventures. Non-Marketable Equity Securities Our non-marketable equity securities are investments in privately held companies/funds without readily determinable market values. Gains and losses on non-marketable securities sold or impaired are recognized in Interest income and other, net . As of December 31, 2023, and December 31, 2022, non-marketable equity securities included in Miscellaneous assets in our Consolidated Balance Sheets had a carrying value of $29.7 million and $29.8 million, respectively. The carrying value includes $15.3 million of unrealized gains as of December 31, 2023. In 2021, we recorded a gain of $27.2 million related to non-marketable equity investment transactions. This gain consists of (i) $15.2 million realized gains due to the partial sale of the investment and (ii) $12.0 million unrealized gains due to the mark to market of the remaining investment. These realized and unrealized gains are included in Interest income and other, net in our Consolidated Statements of Operations. |
Other
Other | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Other | Other Capitalized Computer Software Costs Amortization of capitalized computer software costs included in Depreciation and amortization in our Consolidated Statements of Operations was $7.8 million, $7.9 million and $9.1 million for the fiscal years ended December 31, 2023, December 31, 2022, and December 26, 2021, respectively. The unamortized computer software costs were $13.4 million and $11.2 million as of December 31, 2023, and December 31, 2022, respectively. Marketing Expenses Marketing expense, the cost to promote our brand and our products, was $138.3 million, $151.1 million and $199.7 million for the fiscal years ended December 31, 2023, December 31, 2022, and December 26, 2021, respectively. Media expense, the primary component of marketing expense, which represents the cost to promote our subscription business was $117.7 million, $134.1 million and $187.3 million for the fiscal years ended December 31, 2023, December 31, 2022, and December 26, 2021, respectively. We expense these costs as incurred. Interest income and other, net Interest income and other, net , as shown in the accompanying Consolidated Statements of Operations, was as follows: (In thousands) December 31, December 31, December 26, Interest income and other expense, net (1) $ 22,116 $ 7,264 $ 6,569 Gain on the sale of land (1) — 34,227 — Gain on non-marketable equity investment (2) — — 27,156 Interest expense (1,014) (800) (780) Total interest income and other, net $ 21,102 $ 40,691 $ 32,945 (1) On December 9, 2020, we entered into an agreement to lease and subsequently sell approximately four acres of land at our printing and distribution facility in College Point, N.Y., subject to certain conditions. The lease commenced on April 11, 2022. At the time of the lease expiration in February 2025, we will sell the parcel to the lessee for approximately $36 million. The transaction is accounted for as a sales-type lease and, as a result, we recognized a gain of approximately $34 million (net of commissions) at the time of lease commencement. In 2023, we recorded $1.8 million in interest income related to this lease. (2) Represents gains related to a non-marketable equity investment transaction. Restricted Cash A reconciliation of cash, cash equivalents and restricted cash as of December 31, 2023, and December 31, 2022, from the Consolidated Balance Sheets to the Consolidated Statements of Cash Flows is as follows: (In thousands) December 31, 2023 December 31, 2022 Reconciliation of cash, cash equivalents and restricted cash Cash and cash equivalents $ 289,472 $ 221,385 Restricted cash included within miscellaneous assets 13,700 13,788 Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows $ 303,172 $ 235,173 Substantially all of the amount included in restricted cash is set aside to collateralize workers’ compensation obligations. Revolving Credit Facility In September 2019, the Company entered into a $250.0 million five-year unsecured revolving credit facility (the “2019 Credit Facility”). On July 27, 2022, the Company entered into an amendment and restatement of the 2019 Credit Facility that, among other changes, increased the committed amount to $350.0 million and extended the maturity date to July 27, 2027 (as amended and restated, the “Credit Facility”). Certain of the Company’s domestic subsidiaries have guaranteed the Company’s obligations under the Credit Facility. Borrowings under the Credit Facility bear interest at specified rates based on our utilization and consolidated leverage ratio. The Credit Facility contains various customary affirmative and negative covenants. In addition, the Company is obligated to pay a quarterly unused commitment fee of 0.20%. As of December 31, 2023, there were no outstanding borrowings under the Credit Facility and the Company was in compliance with the financial covenants contained in the Credit Facility. Severance Costs We recognized severance costs of $7.6 million, $4.7 million and $0.9 million for the fiscal years ended December 31, 2023, December 31, 2022, and December 26, 2021, respectively. Severance costs recognized were largely related to workforce reductions primarily affecting our general and administrative function. These costs are recorded in G eneral and administrative costs in our Consolidated Statements of Operations. We had a severance liability of $4.4 million included in Accrued expenses and other in our Consolidated Balance Sheets as of both December 31, 2023, and December 31, 2022, respectively. We anticipate the payments related to the 2023 liability will be made within the next twelve months. Property, Plant and Equipment Retirement During the years ended December 31, 2023, and December 31, 2022, as part of its annual assets review, the Company retired assets that were no longer in use with a cost of approximately $10.0 million and $11.1 million, respectively. The retirements in 2023 and 2022 were composed mostly of equipment and software. As a result of the retirements, the Company recorded de minimis write-offs, which are reflected in General and administrative costs in our Consolidated Statements of Operations. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value is the price that would be received upon the sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date. The transaction would be in the principal or most advantageous market for the asset or liability, based on assumptions that a market participant would use in pricing the asset or liability. The fair value hierarchy consists of three levels: Level 1–quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date; Level 2–inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and Level 3–unobservable inputs for the asset or liability. Assets/Liabilities Measured and Recorded at Fair Value on a Recurring Basis As of December 31, 2023, and December 31, 2022, we had assets related to our qualified pension plans measured at fair value. The required disclosures regarding such assets are presented in Note 9. The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2023, and December 31, 2022: (In thousands) December 31, 2023 December 31, 2022 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Short-term AFS securities (1) Corporate debt securities $ 108,069 $ — $ 108,069 $ — 51,029 — 51,029 — U.S. Treasury securities 48,109 — 48,109 — 44,133 — 44,133 — U.S. governmental agency securities 5,916 — 5,916 — 22,084 — 22,084 — Municipal securities — — — — 8,726 — 8,726 — Total short-term AFS securities $ 162,094 $ — $ 162,094 $ — $ 125,972 $ — $ 125,972 $ — Long-term AFS securities (1) U.S. Treasury securities $ 149,859 $ — $ 149,859 $ — $ 24,414 $ — $ 24,414 $ — Corporate debt securities $ 103,942 $ — $ 103,942 $ — $ 108,830 $ — $ 108,830 $ — U.S. governmental agency securities 3,832 — 3,832 — 5,673 — 5,673 — Total long-term AFS securities $ 257,633 $ — $ 257,633 $ — $ 138,917 $ — $ 138,917 $ — Liabilities: Deferred compensation (2)(3) $ 13,752 $ 13,752 $ — $ — $ 14,635 $ 14,635 $ — $ — Contingent consideration $ 4,991 $ — $ — $ 4,991 $ 5,324 $ — $ — $ 5,324 (1) We classified these investments as Level 2 since the fair value is based on market observable inputs for investments with similar terms and maturities. (2) The deferred compensation liability, included in Other liabilities—Other in our Consolidated Balance Sheets, consists of deferrals under The New York Times Company Deferred Executive Compensation Plan (the “DEC”), a frozen plan that enabled certain eligible executives to elect to defer a portion of their compensation on a pre-tax basis. The deferred amounts are invested at the executives’ option in various mutual funds. The fair value of deferred compensation is based on the mutual fund investments elected by the executives and on quoted prices in active markets for identical assets. Participation in the DEC was frozen effective December 31, 2015. (3) The Company invests the deferred compensation balance in life insurance products. Our investments in life insurance products are included in Miscellaneous assets in our Consolidated Balance Sheets, and were $52.3 million as of December 31, 2023, and $48.4 million as of December 31, 2022. The fair value of these assets is measured using the net asset value (“NAV”) per share (or its equivalent) and has not been classified in the fair value hierarchy. Level 3 Liabilities The contingent consideration liability is related to the 2020 acquisition of substantially all the assets and certain liabilities of Serial and represents contingent payments based on the achievement of certain operational targets, as defined in the acquisition agreement, over the five years following the acquisition. The Company estimated the fair value using a probability-weighted discounted cash flow model. The estimate of the fair value of contingent consideration requires subjective assumptions to be made regarding probabilities assigned to operational targets and the discount rate. As the fair value is based on significant unobservable inputs, this is a Level 3 liability. The following table presents the changes in the balance of the contingent consideration during the year ended December 31, 2023, and December 31, 2022: (In thousands) December 31, 2023 December 31, 2022 Balance at the beginning of the period $ 5,324 $ 7,450 Payments (3,448) (2,586) Fair value adjustments (1) 3,115 460 Contingent consideration at the end of the period $ 4,991 $ 5,324 (1) Fair value adjustments are included in General and administrative expenses in our Consolidated Statements of Operations. The remaining contingent consideration balances as of December 31, 2023, and December 31, 2022, of $5.0 million and $5.3 million, respectively, are included in Accrued expenses and other , for the current portion of the liability, and Other liabilities — Other , for the long-term portion of the liability, in our Consolidated Balance Sheets. Assets Measured and Recorded at Fair Value on a Non-Recurring Basis Certain non-financial assets, such as goodwill, intangible assets, property, plant and equipment and certain investments are recognized at fair value on a non-recurring basis. These assets are measured at fair value if an impairment charge is recognized. We classified all of these measurements as Level 3, as we used unobservable inputs within the valuation methodologies that were significant to the fair value measurements, and the valuations required management’s judgment due to the absence of quoted market prices. |
Pension Benefits
Pension Benefits | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Pension Benefits | Pension Benefits Single-Employer Plans We maintain The New York Times Companies Pension Plan (the “Pension Plan”), a frozen single-employer defined benefit pension plan. The Company also jointly sponsors a defined benefit plan with The NewsGuild of New York known as the Guild-Times Adjustable Pension Plan (the “APP”) that continues to accrue active benefits. We also have a foreign-based pension plan for certain employees (the “foreign plan”). The information for the foreign plan is combined with the information for U.S. non-qualified plans. The benefit obligation of the foreign plan is immaterial to our total benefit obligation. Net Periodic Pension Cost The components of net periodic pension cost were as follows: December 31, 2023 December 31, 2022 December 26, 2021 (In thousands) Qualified Non- All Qualified Non- All Qualified Non- All Service cost $ 5,669 $ 73 $ 5,742 $ 11,526 $ 105 $ 11,631 $ 9,105 $ 95 $ 9,200 Interest cost 56,793 9,218 66,011 35,350 5,142 40,492 30,517 4,352 34,869 Expected return on plan assets (76,489) — (76,489) (55,229) — (55,229) (50,711) — (50,711) Amortization and other costs 2,654 3,538 6,192 13,065 6,572 19,637 20,225 7,275 27,500 Amortization of prior service (credit)/cost (1,945) 50 (1,895) (1,945) 48 (1,897) (1,945) 55 (1,890) Effect of settlement/curtailment — — — — — — — (163) (163) Net periodic pension (credit)/cost $ (13,318) $ 12,879 $ (439) $ 2,767 $ 11,867 $ 14,634 $ 7,191 $ 11,614 $ 18,805 Other changes in plan assets and benefit obligations recognized in other comprehensive income were as follows: (In thousands) December 31, December 31, December 26, Net actuarial loss/(gain) $ 19,100 $ (22,500) $ (25,585) Amortization of loss (6,192) (19,637) (27,500) Amortization of prior service credit 1,895 1,897 1,890 Total recognized in other comprehensive income 14,803 (40,240) (51,195) Net periodic pension (credit)/cost (439) 14,634 18,805 Total recognized in net periodic pension benefit cost and other comprehensive income $ 14,364 $ (25,606) $ (32,390) Actuarial gains and losses are amortized using a corridor approach. The gain or loss corridor is equal to 10% of the greater of the projected benefit obligation and the market-related value of assets. Gains and losses in excess of the corridor are generally amortized over the future working lifetime for the ongoing plans and average life expectancy for the frozen plans. We also contribute to defined contribution benefit plans. The amount of cost recognized for defined contribution benefit plans was approximately $39 million for 2023, $29 million for 2022 and $33 million for 2021, respectively. Benefit Obligation and Plan Assets The changes in the benefit obligation and plan assets and other amounts recognized in other comprehensive loss were as follows: December 31, 2023 December 31, 2022 (In thousands) Qualified Non- All Plans Qualified Non- All Plans Change in benefit obligation Benefit obligation at beginning of year $ 1,076,412 $ 179,608 $ 1,256,020 $ 1,475,764 $ 239,190 $ 1,714,954 Service cost 5,669 73 5,742 11,526 105 11,631 Interest cost 56,793 9,218 66,011 35,350 5,142 40,492 Actuarial loss/(gain) 39,116 8,089 47,205 (374,109) (46,835) (420,944) Benefits paid (109,501) (16,463) (125,964) (72,119) (17,917) (90,036) Effects of change in currency conversion — 31 31 — (77) (77) Benefit obligation at end of year 1,068,489 180,556 1,249,045 1,076,412 179,608 1,256,020 Change in plan assets Fair value of plan assets at beginning of year 1,145,933 — 1,145,933 1,550,078 — 1,550,078 Actual return on plan assets 104,595 — 104,595 (343,215) — (343,215) Employer contributions 10,478 16,463 26,941 11,189 17,917 29,106 Benefits paid (109,501) (16,463) (125,964) (72,119) (17,917) (90,036) Fair value of plan assets at end of year 1,151,505 — 1,151,505 1,145,933 — 1,145,933 Net amount recognized $ 83,016 $ (180,556) $ (97,540) $ 69,521 $ (179,608) $ (110,087) Amount recognized in the Consolidated Balance Sheets Pension assets $ 83,016 $ — $ 83,016 $ 69,521 $ — $ 69,521 Current liabilities — (16,672) (16,672) — (16,361) (16,361) Noncurrent liabilities — (163,884) (163,884) — (163,247) (163,247) Net amount recognized $ 83,016 $ (180,556) $ (97,540) $ 69,521 $ (179,608) $ (110,087) Amount recognized in accumulated other comprehensive loss Actuarial loss $ 446,500 $ 73,804 $ 520,304 $ 438,145 $ 69,252 $ 507,397 Prior service credit (9,062) 489 (8,573) (11,007) 539 (10,468) Total $ 437,438 $ 74,293 $ 511,731 $ 427,138 $ 69,791 $ 496,929 Benefit obligations decreased from $1.3 billion at December 31, 2022, to $1.2 billion at December 31, 2023, primarily due to benefit payments of $126.0 million. Benefit payments includes a lump-sum offer, completed in the fourth quarter of 2023, extended to certain former employees who participated in The New York Times Pension Plan. This completed lump-sum offer did not result in a settlement charge. Benefit obligations decreased from $1.7 billion at December 26, 2021, to $1.3 billion at December 31, 2022, primarily due to actuarial gains of $420.9 million, driven by an increase in the discount rate, and benefit payments of $90.0 million. The accumulated benefit obligation for all pension plans was $1.2 billion and $1.3 billion as of December 31, 2023, and December 31, 2022, respectively. Information for pension plans with an accumulated benefit obligation and projected benefit obligation in excess of plan assets was as follows: (In thousands) December 31, December 31, Projected benefit obligation $ 180,556 $ 179,608 Accumulated benefit obligation $ 180,269 $ 179,370 Fair value of plan assets $ — $ — Assumptions Weighted-average assumptions used in the actuarial computations to determine benefit obligations for qualified pension plans were as follows: December 31, December 31, Discount rate 5.25 % 5.66 % Rate of increase in compensation levels 3.00 % 3.00 % The rate of increase in compensation levels is applicable only for the APP that has not been frozen. Weighted-average assumptions used in the actuarial computations to determine net periodic pension cost for qualified plans were as follows: December 31, December 31, December 26, Discount rate for determining projected benefit obligation 5.66 % 2.94 % 2.64 % Discount rate in effect for determining service cost 5.59 % 3.14 % 3.87 % Discount rate in effect for determining interest cost 5.46 % 2.45 % 2.02 % Rate of increase in compensation levels 3.00 % 3.00 % 3.00 % Expected long-term rate of return on assets 5.61 % 3.75 % 3.74 % Weighted-average assumptions used in the actuarial computations to determine benefit obligations for non-qualified plans were as follows: December 31, December 31, Discount rate 5.21 % 5.64 % Rate of increase in compensation levels 3.00 % 3.00 % The rate of increase in compensation levels is applicable only for the foreign plan that has not been frozen. Weighted-average assumptions used in the actuarial computations to determine net periodic pension cost for non-qualified plans were as follows: December 31, December 31, December 26, Discount rate for determining projected benefit obligation 5.64 % 2.81 % 2.39 % Discount rate in effect for determining interest cost 5.39 % 2.24 % 1.74 % Rate of increase in compensation levels 3.00 % 2.50 % 2.50 % We determined our discount rate using a Ryan ALM, Inc. Curve (the “Ryan Curve”). The Ryan Curve provides the bonds included in the curve and allows adjustments for certain outliers (i.e., bonds on “watch”). We believe the Ryan Curve allows us to calculate an appropriate discount rate. To determine our discount rate, we project a cash flow based on annual accrued benefits. The projected plan cash flow is discounted to the measurement date, which is the last day of our fiscal year, using the annual spot rates provided in the Ryan Curve. In determining the expected long-term rate of return on assets, we evaluated input from our investment consultants, actuaries and investment management firms, including our review of asset class return expectations, as well as long-term historical asset class returns. Projected returns by such consultants and economists are based on broad equity and bond indices. Our objective is to select an average rate of earnings expected on existing plan assets and expected contributions to the plan during the year, less expense expected to be incurred by the plan during the year. The market-related value of plan assets is multiplied by the expected long-term rate of return on assets to compute the expected return on plan assets, a component of net periodic pension cost. The market-related value of plan assets is a calculated value that recognizes changes in fair value over three years. Plan Assets The Pension Plan The assets underlying the Pension Plan are managed by professional investment managers. These investment managers are selected and monitored by the pension investment committee, composed of certain senior executives, who are appointed by the Finance Committee of the Board of Directors of the Company. The Finance Committee is responsible for adopting our investment policy, which includes rules regarding the selection and retention of qualified advisors and investment managers. The pension investment committee is responsible for implementing and monitoring compliance with our investment policy, selecting and monitoring investment managers and communicating the investment guidelines and performance objectives to the investment managers. Our contributions are made on a basis determined by the actuaries in accordance with the funding requirements and limitations of the Employee Retirement Income Security Act (“ERISA”) and the Internal Revenue Code. There were no minimum funding requirements during the years ended December 31, 2023, or December 31, 2022. Investment Policy and Strategy The primary long-term investment objective is to allocate assets in a manner that produces a total rate of return that meets or exceeds the growth of our pension liabilities. An additional investment objective is to utilize the asset mix to hedge liabilities and minimize volatility in the funded status of the Pension Plan. Asset Allocation Guidelines In accordance with our asset allocation strategy, investments are categorized into liability-hedging assets whose value is highly correlated to that of the Pension Plan’s obligations (“Liability-Hedging Assets”) or other investments, such as equities and high-yield fixed income securities (“Growth Fixed Income”), whose return over time is expected to exceed the rate of growth in the Pension Plan’s obligations (“Return-Seeking Assets”). The proportional allocation of assets between Liability-Hedging Assets and Return-Seeking Assets is dependent on the funded status of the Pension Plan. Under our policy, for example, a funded status at 102.5% requires an allocation of total assets of 85.5% to 90.5% to Liability-Hedging Assets and 9.5% to 14.5% to Return-Seeking Assets. As the Pension Plan’s funded status increases, the allocation to Liability-Hedging Assets will increase and the allocation to Return-Seeking Assets will decrease. The following asset allocation guidelines apply to the Return-Seeking Assets as of December 31, 2023: Asset Category Percentage Range Actual Public Equity 70% - 90% 72 % Growth Fixed Income 0% - 15% 0 % Alternatives 0% - 15% 15 % Cash (1) 0% - 10% 13 % (1) Cash balances exceeded targets as of December 31, 2023 due to immediate cash needs. The asset allocations by asset category for both Liability-Hedging and Return-Seeking Assets, as of December 31, 2023, were as follows: Asset Category Percentage Range Actual Liability-Hedging 85.5% - 90.5% 87 % Public Equity 6.7% - 13.1% 9 % Growth Fixed Income 0% - 2% 0 % Alternatives 0% - 2% 2 % Cash (1) 0% - 1% 2 % (1) Cash balances exceeded targets as of December 31, 2023 due to immediate cash needs. The specified target allocation of assets and ranges set forth above are maintained and reviewed on a periodic basis by the pension investment committee. The pension investment committee may direct the transfer of assets between investment managers in order to rebalance the portfolio in accordance with approved asset allocation ranges to accomplish the investment objectives for the Pension Plan’s assets. The APP The assets underlying the joint Company and The NewsGuild of New York sponsored plan are managed by professional investment managers. These investment managers are selected and monitored by the APP’s Board of Trustees (the “APP Trustees”). The APP Trustees are responsible for adopting an investment policy, implementing and monitoring compliance with that policy, selecting and monitoring investment managers, and communicating the investment guidelines and performance objectives to the investment managers. Our contributions are made on a basis determined by the actuaries in accordance with the funding requirements and limitations of ERISA and the Internal Revenue Code as well as the collective bargaining agreement with NewsGuild of New York (The New York Times). Investment Policy and Strategy The investment objective is to allocate investment assets in a manner that satisfies the funding objectives of the APP and to maximize the probability of maintaining a 100% funded status. Asset Allocation Guidelines In accordance with the asset allocation guidelines, investments are segmented into hedging assets whose value is highly correlated to that of the APP’s obligations (“Hedging Assets”) or other investments, such as equities and high-yield fixed income securities, whose return over time is expected to exceed the rate of growth in the APP’s obligations (“Return-Seeking Assets”). The asset allocations by asset category as of December 31, 2023, were as follows: Asset Category Percentage Range Actual Hedging Assets 75% - 90% 79 % Return-Seeking Assets 10% - 25% 19 % Cash and Equivalents 0% - 5% 2 % The specified target allocation of assets and ranges set forth above are maintained and reviewed on a periodic basis by the APP Trustees. The APP Trustees may direct the transfer of assets between investment managers in order to rebalance the portfolio in accordance with approved asset allocation ranges to accomplish the investment objectives for the APP’s assets. Fair Value of Plan Assets The fair value of the assets underlying the Pension Plan and the joint-sponsored APP by asset category are as follows: December 31, 2023 (In thousands) Quoted Prices Significant Significant Investment Measured at Net Asset Value (2) Asset Category (Level 1) (Level 2) (Level 3) Total Equity Securities: U.S. Equities $ 395 $ — $ — $ — $ 395 International Equities 15,776 — — — 15,776 Registered Investment Companies 174,024 — — — 174,024 Common/Collective Funds (1) — — — 285,387 285,387 Fixed Income Securities: Corporate Bonds — 537,032 — — 537,032 U.S. Treasury and Other Government Securities — 48,993 — — 48,993 Municipal and Provincial Bonds — 27,702 — — 27,702 Other — 14,711 — — 14,711 Cash and Cash Equivalents — — — 27,516 27,516 Private Equity — — — 4,305 4,305 Hedge Fund — — — 15,664 15,664 Assets at Fair Value $ 190,195 $ 628,438 $ — $ 332,872 $ 1,151,505 (1) The underlying assets of the common/collective funds primarily consist of equity and fixed income securities. The fair value in the above table represents our ownership share of the NAV of the underlying funds. (2) Certain investments that are measured at fair value using the NAV per share (or its equivalent) have not been classified in the fair value hierarchy. December 31, 2022 (In thousands) Quoted Prices Significant Significant Investment Measured at Net Asset Value (2) Asset Category (Level 1) (Level 2) (Level 3) Total Equity Securities: U.S. Equities $ 10,548 $ — $ — $ — $ 10,548 International Equities 23,448 — — — 23,448 Registered Investment Companies (3) 171,310 — — — 171,310 Common/Collective Funds (1) — — — 288,489 288,489 Fixed Income Securities: Corporate Bonds — 531,033 — — 531,033 U.S. Treasury and Other Government Securities — 46,279 — — 46,279 Municipal and Provincial Bonds — 27,851 — — 27,851 Other — 12,781 — — 12,781 Cash and Cash Equivalents — — — 15,064 15,064 Private Equity — — — 4,766 4,766 Hedge Fund — — — 14,364 14,364 Assets at Fair Value $ 205,306 $ 617,944 $ — $ 322,683 $ 1,145,933 (1) The underlying assets of the common/collective funds primarily consist of equity and fixed income securities. The fair value in the above table represents our ownership share of the NAV of the underlying funds. (2) Certain investments that are measured at fair value using the NAV per share (or its equivalent) have not been classified in the fair value hierarchy. Level 1 and Level 2 Investments Where quoted prices are available in an active market for identical assets, such as equity securities traded on an exchange, transactions for the asset occur with such frequency that the pricing information is available on an ongoing/daily basis. We classify these types of investments as Level 1 where the fair value represents the closing/last trade price for these particular securities. For our investments where pricing data may not be readily available, fair values are estimated by using quoted prices for similar assets, in both active and not active markets, and observable inputs, other than quoted prices, such as interest rates and credit risk. We classify these types of investments as Level 2 because we are able to reasonably estimate the fair value through inputs that are observable, either directly or indirectly. There are no restrictions on our ability to sell any of our Level 1 and Level 2 investments. Cash Flows In 2023, we made contributions to the APP in the amount of $10.5 million. We expect contributions made to satisfy minimum funding requirements to total approximately $13 million in 2024. The following benefit payments, which reflect future service for plans that have not been frozen, are expected to be paid: Plans (In thousands) Qualified Non- Total 2024 $ 75,066 $ 17,062 $ 92,128 2025 76,551 16,468 93,019 2026 77,850 16,232 94,082 2027 78,841 16,063 94,904 2028 79,553 15,915 95,468 2029-2033 (1) 399,518 71,887 471,405 (1) While benefit payments under these plans are expected to continue beyond 2033, we have presented in this table only those benefit payments estimated over the next 10 years. Multiemployer Plans We contribute to a number of multiemployer defined benefit pension plans under the terms of various collective bargaining agreements that cover our union-represented employees. Certain events, such as amendments to various collective bargaining agreements and the sale of the New England Media Group, resulted in withdrawals from multiemployer pension plans. These actions, along with a reduction in covered employees, have resulted in us estimating withdrawal liabilities to the respective plans for our proportionate share of any unfunded vested benefits. Our multiemployer pension plan withdrawal liability was approximately $68 million and $74 million as of December 31, 2023, and December 31, 2022, respectively. This liability represents the present value of the obligations related to complete and partial withdrawals that have already occurred as well as an estimate of future partial withdrawals that we considered probable and reasonably estimable. For those plans that have yet to provide us with a demand letter, the actual liability will not be fully known until such plans complete a final assessment of the withdrawal liability and issue a demand to us. Therefore, the estimate of our multiemployer pension plan liability will be adjusted as more information becomes available that allows us to refine our estimates. In 2023, the Company recorded a $2.3 million gain related to a multiemployer pension plan liability adjustment, which was partially offset by a $1.7 million charge in connection with the Company’s withdrawal from a plan. These were recorded in Multiemployer pension plan liability adjustment in our Consolidated Statement of Operations for the year ended December 31, 2023. In 2022, the Company recorded a $22.1 million charge in connection with the Company’s withdrawal from a plan, which was partially offset by a $7.1 million gain related to a multiemployer pension liability adjustment. These were recorded in Multiemployer pension plan liability adjustment in our Consolidated Statements of Operations for the year ended December 31, 2022. The risks of participating in multiemployer plans are different from single-employer plans in the following aspects: • Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. • If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. • If we elect to withdraw from these plans or if we trigger a partial withdrawal due to declines in contribution base units or a partial cessation of our obligation to contribute, we may be assessed a withdrawal liability based on a calculated share of the underfunded status of the plan. • If a multiemployer plan from which we have withdrawn subsequently experiences a mass withdrawal, we may be required to make additional contributions under applicable law. Our participation in significant plans for the fiscal period ended December 31, 2023, is outlined in the table below. The “EIN/Pension Plan Number” column provides the Employer Identification Number (“EIN”) and the three-digit plan number. The zone status is based on the latest information that we received from the plan and is certified by the plan’s actuary. A plan is generally classified in critical status if a funding deficiency is projected within four years or five years, depending on other criteria. A plan in critical status is classified in critical and declining status if it is projected to become insolvent in the next 15 or 20 years, depending on other criteria. A plan is classified in endangered status if its funded percentage is less than 80% or a funding deficiency is projected within seven years. If the plan satisfies both of these triggers, it is classified in seriously endangered status. A plan not classified in any other status is classified in the green zone. The “FIP/RP Status Pending/Implemented” column indicates plans for which a funding improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented. The “Surcharge Imposed” column includes plans in a red zone status that are required to pay a surcharge in excess of regular contributions. The last column lists the expiration date(s) of the collective bargaining agreement(s) to which the plans are subject. The Company withdrew from the Pressmen’s Publishers’ Pension Fund and the Paper Handlers’ - Publishers’ Pension Fund during fiscal year 2023. EIN/Pension Plan Number Pension Protection Act Zone Status FIP/RP Status Pending/Implemented (In thousands) Contributions of the Company Surcharge Imposed Collective Bargaining Agreement Expiration Date Pension Fund 2023 2022 2023 (4) 2022 2021 CWA/ITU Negotiated Pension Plan 13-6212879-001 Critical and Declining as of 1/01/23 Critical and Declining as of 1/01/22 Implemented $ 263 $ 328 $ 364 No (1) Newspaper and Mail Deliverers’-Publishers’ Pension Fund (2) 13-6122251-001 Green as of 6/01/23 Green as of 6/01/22 N/A 703 804 912 No 3/30/2026 GCIU-Employer Retirement Benefit Plan 91-6024903-001 Critical and Declining as of 1/01/23 Critical and Declining as of 1/01/22 Implemented 54 56 48 No 3/30/2026 Pressmen’s Publishers’ Pension Fund 13-6121627-001 N/A (3) Green as of 4/01/22 N/A 41 1,447 1,337 No 3/30/2027 Paper Handlers’-Publishers’ Pension Fund 13-6104795-001 Critical and Declining as of 4/01/23 Critical and Declining as of 4/01/22 Implemented 95 96 103 Yes 3/30/2026 Contributions for individually significant plans $ 1,156 $ 2,731 $ 2,764 Contributions for a plan not individually significant $ 29 $ 36 $ 33 Total Contributions $ 1,185 $ 2,767 $ 2,797 (1) There are two collective bargaining agreements requiring contributions to this plan: Mailers, which expired November 30, 2023, and Typographers, which expires March 30, 2025. (2) Elections under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010: Extended Amortization of Net Investment Losses (IRC Section 431(b)(8)(A)) and the Expanded Smoothing Period (IRC Section 431(b)(8)(B)). (3) The plan terminated by mass withdrawal prior to the start of the 2023 plan year. (4) The Company withdrew from the Pressmen’s Publishers’ Pension Fund and the Paper Handlers’ - Publishers’ Pension Fund during calendar year 2023. The rehabilitation plan for the GCIU-Employer Retirement Benefit Plan includes minimum annual contributions no less than the total annual contribution made by us from September 1, 2008, through August 31, 2009. The Company was listed in the plans’ respective Forms 5500 as providing more than 5% of the total contributions for the following plans and plan years: Pension Fund Year Contributions to Plan Exceeded More Than 5% of Total Contributions (as of Plan’s Year-End) CWA/ITU Negotiated Pension Plan 12/31/2021 Newspaper and Mail Deliverers’-Publishers’ Pension Fund 5/31/2022 & 5/31/2021 (1) Pressmen’s Publisher’s Pension Fund 3/31/2023 & 3/31/2022 Paper Handlers’-Publishers’ Pension Fund 3/31/2023 & 3/31/2022 (1) Form 5500 for the plan year ended 5/31/2023 was not available as of the date we filed our financial statements. We provide health benefits to certain primarily grandfathered retired employee groups (and their eligible dependents) who meet the definition of an eligible participant and certain age and service requirements, as outlined in the plan document. There is a de minimis liability for retiree health benefits for active employees. While we offer pre-age 65 retiree medical coverage to employees who meet certain retiree medical eligibility requirements, we do not provide post-age 65 retiree medical benefits for employees who retired on or after March 1, 2009. We accrue the costs of postretirement benefits during the employees’ active years of service and our policy is to pay our portion of insurance premiums and claims from general corporate assets. Net Periodic Other Postretirement Benefit Cost The components of net periodic postretirement benefit cost were as follows: (In thousands) December 31, December 31, December 26, Service cost $ 33 $ 46 $ 53 Interest cost 1,500 731 565 Amortization and other costs 1,945 3,293 3,407 Amortization of prior service credit — (368) (3,098) Net periodic postretirement benefit cost $ 3,478 $ 3,702 $ 927 The changes in the benefit obligations recognized in other comprehensive loss were as follows: (In thousands) December 31, December 31, December 26, Net actuarial (gain)/loss $ (6,916) $ (6,801) $ 2,254 Amortization of loss (1,945) (3,293) (3,407) Amortization of prior service credit — 368 3,098 Total recognized in other comprehensive (income)/loss (8,861) (9,726) 1,945 Net periodic postretirement benefit cost 3,478 3,702 927 Total recognized in net periodic postretirement benefit cost and other comprehensive (income)/loss $ (5,383) $ (6,024) $ 2,872 Actuarial gains and losses are amortized using a corridor approach. The gain or loss corridor is equal to 10% of the accumulated postretirement benefit obligation. Gains and losses in excess of the corridor are generally amortized over the average remaining service period to expected retirement of active participants. In connection with collective bargaining agreements, we contribute to several multiemployer welfare plans. These plans provide medical benefits to active and retired employees covered under the respective collective bargaining agreement. Contributions are made in accordance with the formula in the relevant agreement. Postretirement costs related to these plans are not reflected above and were approximately $20 million in 2023, $19 million in 2022 and $17 million in 2021. The changes in the benefit obligation and plan assets and other amounts recognized in other comprehensive loss were as follows: (In thousands) December 31, December 31, Change in benefit obligation Benefit obligation at beginning of year $ 30,696 $ 40,607 Service cost 33 46 Interest cost 1,500 731 Plan participants’ contributions 2,060 2,271 Actuarial (gain) (6,916) (6,801) Benefits paid (4,461) (6,158) Benefit obligation at the end of year 22,912 30,696 Change in plan assets Employer contributions 2,401 3,887 Plan participants’ contributions 2,060 2,271 Benefits paid (4,461) (6,158) Fair value of plan assets at end of year — — Net amount recognized $ (22,912) $ (30,696) Amount recognized in the Consolidated Balance Sheets Current liabilities $ (3,510) $ (4,241) Noncurrent liabilities (19,402) (26,455) Net amount recognized $ (22,912) $ (30,696) Amount recognized in accumulated other comprehensive loss Actuarial loss $ 6,676 $ 15,537 Prior service credit — — Total $ 6,676 $ 15,537 Benefit obligations decreased from $30.7 million at December 31, 2022, to $22.9 million at December 31, 2023, primarily due to the actuarial gain of $6.9 million, driven by a decrease in assumed costs and benefit payments, net of participation contributions of $2.4 million. Benefit obligations decreased from $40.6 million at December 26, 2021, to $30.7 million at December 31, 2022, primarily due to the actuarial gain of $6.8 million, driven by an increase in the discount rate and benefit payments, net of participation contributions of $3.9 million. Information for postretirement plans with accumulated benefit obligations in excess of plan assets was as follows: (In thousands) December 31, December 31, Accumulated benefit obligation $ 22,912 $ 30,696 Fair value of plan assets $ — $ — Weighted-average assumptions used in the actuarial computations to determine the postretirement benefit obligations were as follows: December 31, December 31, Discount rate 5.16 % 5.55 % Estimated increase in compensation level 3.50 % 3.50 % Weighted-average assumptions used in the actuarial computations to determine net periodic postretirement cost were as follows: December 31, December 31, December 26, Discount rate for determining projected benefit obligation 5.55 % 2.55 % 2.01 % Discount rate in effect for determining service cost 5.55 % 2.58 % 2.09 % Discount rate in effect for determining interest cost 5.26 % 1.91 % 1.38 % Estimated increase in compensation level 3.50 % 3.50 % 3.50 % The assumed health-care cost trend rates were as follows: December 31, December 31, Health-care cost trend rate 6.71 % 6.75 % Rate to which the cost trend rate is assumed to decline (ultimate trend rate) 4.75 % 4.92 % Year that the rate reaches the ultimate trend rate 2030 2030 Because our health-care plans are capped for most participants, the assumed health-care cost trend rates do not have a significant effect on the amounts reported for the health-care plans. The following benefit payments (net of plan participant contributions) under our Company’s postretirement plans, which reflect expected future services, are expected to be paid: (In thousands) Amount 2024 $ 3,632 2025 3,198 2026 2,923 2027 2,669 2028 2,435 2029-2033 (1) 8,820 (1) While benefit payments under these plans are expected to continue beyond 2033, we have presented in this table only those benefit payments estimated over the next 10 years. We accrue the cost of certain benefits provided to former or inactive employees after employment, but before retirement. The cost is recognized only when it is probable and can be estimated. Benefits include life insurance, disability benefits and health-care continuation coverage. The accrued obligation for these benefits was $7.8 million as of December 31, 2023, and $7.9 million as of December 31, 2022. |
Other Postretirement Benefits
Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Other Postretirement Benefits | Pension Benefits Single-Employer Plans We maintain The New York Times Companies Pension Plan (the “Pension Plan”), a frozen single-employer defined benefit pension plan. The Company also jointly sponsors a defined benefit plan with The NewsGuild of New York known as the Guild-Times Adjustable Pension Plan (the “APP”) that continues to accrue active benefits. We also have a foreign-based pension plan for certain employees (the “foreign plan”). The information for the foreign plan is combined with the information for U.S. non-qualified plans. The benefit obligation of the foreign plan is immaterial to our total benefit obligation. Net Periodic Pension Cost The components of net periodic pension cost were as follows: December 31, 2023 December 31, 2022 December 26, 2021 (In thousands) Qualified Non- All Qualified Non- All Qualified Non- All Service cost $ 5,669 $ 73 $ 5,742 $ 11,526 $ 105 $ 11,631 $ 9,105 $ 95 $ 9,200 Interest cost 56,793 9,218 66,011 35,350 5,142 40,492 30,517 4,352 34,869 Expected return on plan assets (76,489) — (76,489) (55,229) — (55,229) (50,711) — (50,711) Amortization and other costs 2,654 3,538 6,192 13,065 6,572 19,637 20,225 7,275 27,500 Amortization of prior service (credit)/cost (1,945) 50 (1,895) (1,945) 48 (1,897) (1,945) 55 (1,890) Effect of settlement/curtailment — — — — — — — (163) (163) Net periodic pension (credit)/cost $ (13,318) $ 12,879 $ (439) $ 2,767 $ 11,867 $ 14,634 $ 7,191 $ 11,614 $ 18,805 Other changes in plan assets and benefit obligations recognized in other comprehensive income were as follows: (In thousands) December 31, December 31, December 26, Net actuarial loss/(gain) $ 19,100 $ (22,500) $ (25,585) Amortization of loss (6,192) (19,637) (27,500) Amortization of prior service credit 1,895 1,897 1,890 Total recognized in other comprehensive income 14,803 (40,240) (51,195) Net periodic pension (credit)/cost (439) 14,634 18,805 Total recognized in net periodic pension benefit cost and other comprehensive income $ 14,364 $ (25,606) $ (32,390) Actuarial gains and losses are amortized using a corridor approach. The gain or loss corridor is equal to 10% of the greater of the projected benefit obligation and the market-related value of assets. Gains and losses in excess of the corridor are generally amortized over the future working lifetime for the ongoing plans and average life expectancy for the frozen plans. We also contribute to defined contribution benefit plans. The amount of cost recognized for defined contribution benefit plans was approximately $39 million for 2023, $29 million for 2022 and $33 million for 2021, respectively. Benefit Obligation and Plan Assets The changes in the benefit obligation and plan assets and other amounts recognized in other comprehensive loss were as follows: December 31, 2023 December 31, 2022 (In thousands) Qualified Non- All Plans Qualified Non- All Plans Change in benefit obligation Benefit obligation at beginning of year $ 1,076,412 $ 179,608 $ 1,256,020 $ 1,475,764 $ 239,190 $ 1,714,954 Service cost 5,669 73 5,742 11,526 105 11,631 Interest cost 56,793 9,218 66,011 35,350 5,142 40,492 Actuarial loss/(gain) 39,116 8,089 47,205 (374,109) (46,835) (420,944) Benefits paid (109,501) (16,463) (125,964) (72,119) (17,917) (90,036) Effects of change in currency conversion — 31 31 — (77) (77) Benefit obligation at end of year 1,068,489 180,556 1,249,045 1,076,412 179,608 1,256,020 Change in plan assets Fair value of plan assets at beginning of year 1,145,933 — 1,145,933 1,550,078 — 1,550,078 Actual return on plan assets 104,595 — 104,595 (343,215) — (343,215) Employer contributions 10,478 16,463 26,941 11,189 17,917 29,106 Benefits paid (109,501) (16,463) (125,964) (72,119) (17,917) (90,036) Fair value of plan assets at end of year 1,151,505 — 1,151,505 1,145,933 — 1,145,933 Net amount recognized $ 83,016 $ (180,556) $ (97,540) $ 69,521 $ (179,608) $ (110,087) Amount recognized in the Consolidated Balance Sheets Pension assets $ 83,016 $ — $ 83,016 $ 69,521 $ — $ 69,521 Current liabilities — (16,672) (16,672) — (16,361) (16,361) Noncurrent liabilities — (163,884) (163,884) — (163,247) (163,247) Net amount recognized $ 83,016 $ (180,556) $ (97,540) $ 69,521 $ (179,608) $ (110,087) Amount recognized in accumulated other comprehensive loss Actuarial loss $ 446,500 $ 73,804 $ 520,304 $ 438,145 $ 69,252 $ 507,397 Prior service credit (9,062) 489 (8,573) (11,007) 539 (10,468) Total $ 437,438 $ 74,293 $ 511,731 $ 427,138 $ 69,791 $ 496,929 Benefit obligations decreased from $1.3 billion at December 31, 2022, to $1.2 billion at December 31, 2023, primarily due to benefit payments of $126.0 million. Benefit payments includes a lump-sum offer, completed in the fourth quarter of 2023, extended to certain former employees who participated in The New York Times Pension Plan. This completed lump-sum offer did not result in a settlement charge. Benefit obligations decreased from $1.7 billion at December 26, 2021, to $1.3 billion at December 31, 2022, primarily due to actuarial gains of $420.9 million, driven by an increase in the discount rate, and benefit payments of $90.0 million. The accumulated benefit obligation for all pension plans was $1.2 billion and $1.3 billion as of December 31, 2023, and December 31, 2022, respectively. Information for pension plans with an accumulated benefit obligation and projected benefit obligation in excess of plan assets was as follows: (In thousands) December 31, December 31, Projected benefit obligation $ 180,556 $ 179,608 Accumulated benefit obligation $ 180,269 $ 179,370 Fair value of plan assets $ — $ — Assumptions Weighted-average assumptions used in the actuarial computations to determine benefit obligations for qualified pension plans were as follows: December 31, December 31, Discount rate 5.25 % 5.66 % Rate of increase in compensation levels 3.00 % 3.00 % The rate of increase in compensation levels is applicable only for the APP that has not been frozen. Weighted-average assumptions used in the actuarial computations to determine net periodic pension cost for qualified plans were as follows: December 31, December 31, December 26, Discount rate for determining projected benefit obligation 5.66 % 2.94 % 2.64 % Discount rate in effect for determining service cost 5.59 % 3.14 % 3.87 % Discount rate in effect for determining interest cost 5.46 % 2.45 % 2.02 % Rate of increase in compensation levels 3.00 % 3.00 % 3.00 % Expected long-term rate of return on assets 5.61 % 3.75 % 3.74 % Weighted-average assumptions used in the actuarial computations to determine benefit obligations for non-qualified plans were as follows: December 31, December 31, Discount rate 5.21 % 5.64 % Rate of increase in compensation levels 3.00 % 3.00 % The rate of increase in compensation levels is applicable only for the foreign plan that has not been frozen. Weighted-average assumptions used in the actuarial computations to determine net periodic pension cost for non-qualified plans were as follows: December 31, December 31, December 26, Discount rate for determining projected benefit obligation 5.64 % 2.81 % 2.39 % Discount rate in effect for determining interest cost 5.39 % 2.24 % 1.74 % Rate of increase in compensation levels 3.00 % 2.50 % 2.50 % We determined our discount rate using a Ryan ALM, Inc. Curve (the “Ryan Curve”). The Ryan Curve provides the bonds included in the curve and allows adjustments for certain outliers (i.e., bonds on “watch”). We believe the Ryan Curve allows us to calculate an appropriate discount rate. To determine our discount rate, we project a cash flow based on annual accrued benefits. The projected plan cash flow is discounted to the measurement date, which is the last day of our fiscal year, using the annual spot rates provided in the Ryan Curve. In determining the expected long-term rate of return on assets, we evaluated input from our investment consultants, actuaries and investment management firms, including our review of asset class return expectations, as well as long-term historical asset class returns. Projected returns by such consultants and economists are based on broad equity and bond indices. Our objective is to select an average rate of earnings expected on existing plan assets and expected contributions to the plan during the year, less expense expected to be incurred by the plan during the year. The market-related value of plan assets is multiplied by the expected long-term rate of return on assets to compute the expected return on plan assets, a component of net periodic pension cost. The market-related value of plan assets is a calculated value that recognizes changes in fair value over three years. Plan Assets The Pension Plan The assets underlying the Pension Plan are managed by professional investment managers. These investment managers are selected and monitored by the pension investment committee, composed of certain senior executives, who are appointed by the Finance Committee of the Board of Directors of the Company. The Finance Committee is responsible for adopting our investment policy, which includes rules regarding the selection and retention of qualified advisors and investment managers. The pension investment committee is responsible for implementing and monitoring compliance with our investment policy, selecting and monitoring investment managers and communicating the investment guidelines and performance objectives to the investment managers. Our contributions are made on a basis determined by the actuaries in accordance with the funding requirements and limitations of the Employee Retirement Income Security Act (“ERISA”) and the Internal Revenue Code. There were no minimum funding requirements during the years ended December 31, 2023, or December 31, 2022. Investment Policy and Strategy The primary long-term investment objective is to allocate assets in a manner that produces a total rate of return that meets or exceeds the growth of our pension liabilities. An additional investment objective is to utilize the asset mix to hedge liabilities and minimize volatility in the funded status of the Pension Plan. Asset Allocation Guidelines In accordance with our asset allocation strategy, investments are categorized into liability-hedging assets whose value is highly correlated to that of the Pension Plan’s obligations (“Liability-Hedging Assets”) or other investments, such as equities and high-yield fixed income securities (“Growth Fixed Income”), whose return over time is expected to exceed the rate of growth in the Pension Plan’s obligations (“Return-Seeking Assets”). The proportional allocation of assets between Liability-Hedging Assets and Return-Seeking Assets is dependent on the funded status of the Pension Plan. Under our policy, for example, a funded status at 102.5% requires an allocation of total assets of 85.5% to 90.5% to Liability-Hedging Assets and 9.5% to 14.5% to Return-Seeking Assets. As the Pension Plan’s funded status increases, the allocation to Liability-Hedging Assets will increase and the allocation to Return-Seeking Assets will decrease. The following asset allocation guidelines apply to the Return-Seeking Assets as of December 31, 2023: Asset Category Percentage Range Actual Public Equity 70% - 90% 72 % Growth Fixed Income 0% - 15% 0 % Alternatives 0% - 15% 15 % Cash (1) 0% - 10% 13 % (1) Cash balances exceeded targets as of December 31, 2023 due to immediate cash needs. The asset allocations by asset category for both Liability-Hedging and Return-Seeking Assets, as of December 31, 2023, were as follows: Asset Category Percentage Range Actual Liability-Hedging 85.5% - 90.5% 87 % Public Equity 6.7% - 13.1% 9 % Growth Fixed Income 0% - 2% 0 % Alternatives 0% - 2% 2 % Cash (1) 0% - 1% 2 % (1) Cash balances exceeded targets as of December 31, 2023 due to immediate cash needs. The specified target allocation of assets and ranges set forth above are maintained and reviewed on a periodic basis by the pension investment committee. The pension investment committee may direct the transfer of assets between investment managers in order to rebalance the portfolio in accordance with approved asset allocation ranges to accomplish the investment objectives for the Pension Plan’s assets. The APP The assets underlying the joint Company and The NewsGuild of New York sponsored plan are managed by professional investment managers. These investment managers are selected and monitored by the APP’s Board of Trustees (the “APP Trustees”). The APP Trustees are responsible for adopting an investment policy, implementing and monitoring compliance with that policy, selecting and monitoring investment managers, and communicating the investment guidelines and performance objectives to the investment managers. Our contributions are made on a basis determined by the actuaries in accordance with the funding requirements and limitations of ERISA and the Internal Revenue Code as well as the collective bargaining agreement with NewsGuild of New York (The New York Times). Investment Policy and Strategy The investment objective is to allocate investment assets in a manner that satisfies the funding objectives of the APP and to maximize the probability of maintaining a 100% funded status. Asset Allocation Guidelines In accordance with the asset allocation guidelines, investments are segmented into hedging assets whose value is highly correlated to that of the APP’s obligations (“Hedging Assets”) or other investments, such as equities and high-yield fixed income securities, whose return over time is expected to exceed the rate of growth in the APP’s obligations (“Return-Seeking Assets”). The asset allocations by asset category as of December 31, 2023, were as follows: Asset Category Percentage Range Actual Hedging Assets 75% - 90% 79 % Return-Seeking Assets 10% - 25% 19 % Cash and Equivalents 0% - 5% 2 % The specified target allocation of assets and ranges set forth above are maintained and reviewed on a periodic basis by the APP Trustees. The APP Trustees may direct the transfer of assets between investment managers in order to rebalance the portfolio in accordance with approved asset allocation ranges to accomplish the investment objectives for the APP’s assets. Fair Value of Plan Assets The fair value of the assets underlying the Pension Plan and the joint-sponsored APP by asset category are as follows: December 31, 2023 (In thousands) Quoted Prices Significant Significant Investment Measured at Net Asset Value (2) Asset Category (Level 1) (Level 2) (Level 3) Total Equity Securities: U.S. Equities $ 395 $ — $ — $ — $ 395 International Equities 15,776 — — — 15,776 Registered Investment Companies 174,024 — — — 174,024 Common/Collective Funds (1) — — — 285,387 285,387 Fixed Income Securities: Corporate Bonds — 537,032 — — 537,032 U.S. Treasury and Other Government Securities — 48,993 — — 48,993 Municipal and Provincial Bonds — 27,702 — — 27,702 Other — 14,711 — — 14,711 Cash and Cash Equivalents — — — 27,516 27,516 Private Equity — — — 4,305 4,305 Hedge Fund — — — 15,664 15,664 Assets at Fair Value $ 190,195 $ 628,438 $ — $ 332,872 $ 1,151,505 (1) The underlying assets of the common/collective funds primarily consist of equity and fixed income securities. The fair value in the above table represents our ownership share of the NAV of the underlying funds. (2) Certain investments that are measured at fair value using the NAV per share (or its equivalent) have not been classified in the fair value hierarchy. December 31, 2022 (In thousands) Quoted Prices Significant Significant Investment Measured at Net Asset Value (2) Asset Category (Level 1) (Level 2) (Level 3) Total Equity Securities: U.S. Equities $ 10,548 $ — $ — $ — $ 10,548 International Equities 23,448 — — — 23,448 Registered Investment Companies (3) 171,310 — — — 171,310 Common/Collective Funds (1) — — — 288,489 288,489 Fixed Income Securities: Corporate Bonds — 531,033 — — 531,033 U.S. Treasury and Other Government Securities — 46,279 — — 46,279 Municipal and Provincial Bonds — 27,851 — — 27,851 Other — 12,781 — — 12,781 Cash and Cash Equivalents — — — 15,064 15,064 Private Equity — — — 4,766 4,766 Hedge Fund — — — 14,364 14,364 Assets at Fair Value $ 205,306 $ 617,944 $ — $ 322,683 $ 1,145,933 (1) The underlying assets of the common/collective funds primarily consist of equity and fixed income securities. The fair value in the above table represents our ownership share of the NAV of the underlying funds. (2) Certain investments that are measured at fair value using the NAV per share (or its equivalent) have not been classified in the fair value hierarchy. Level 1 and Level 2 Investments Where quoted prices are available in an active market for identical assets, such as equity securities traded on an exchange, transactions for the asset occur with such frequency that the pricing information is available on an ongoing/daily basis. We classify these types of investments as Level 1 where the fair value represents the closing/last trade price for these particular securities. For our investments where pricing data may not be readily available, fair values are estimated by using quoted prices for similar assets, in both active and not active markets, and observable inputs, other than quoted prices, such as interest rates and credit risk. We classify these types of investments as Level 2 because we are able to reasonably estimate the fair value through inputs that are observable, either directly or indirectly. There are no restrictions on our ability to sell any of our Level 1 and Level 2 investments. Cash Flows In 2023, we made contributions to the APP in the amount of $10.5 million. We expect contributions made to satisfy minimum funding requirements to total approximately $13 million in 2024. The following benefit payments, which reflect future service for plans that have not been frozen, are expected to be paid: Plans (In thousands) Qualified Non- Total 2024 $ 75,066 $ 17,062 $ 92,128 2025 76,551 16,468 93,019 2026 77,850 16,232 94,082 2027 78,841 16,063 94,904 2028 79,553 15,915 95,468 2029-2033 (1) 399,518 71,887 471,405 (1) While benefit payments under these plans are expected to continue beyond 2033, we have presented in this table only those benefit payments estimated over the next 10 years. Multiemployer Plans We contribute to a number of multiemployer defined benefit pension plans under the terms of various collective bargaining agreements that cover our union-represented employees. Certain events, such as amendments to various collective bargaining agreements and the sale of the New England Media Group, resulted in withdrawals from multiemployer pension plans. These actions, along with a reduction in covered employees, have resulted in us estimating withdrawal liabilities to the respective plans for our proportionate share of any unfunded vested benefits. Our multiemployer pension plan withdrawal liability was approximately $68 million and $74 million as of December 31, 2023, and December 31, 2022, respectively. This liability represents the present value of the obligations related to complete and partial withdrawals that have already occurred as well as an estimate of future partial withdrawals that we considered probable and reasonably estimable. For those plans that have yet to provide us with a demand letter, the actual liability will not be fully known until such plans complete a final assessment of the withdrawal liability and issue a demand to us. Therefore, the estimate of our multiemployer pension plan liability will be adjusted as more information becomes available that allows us to refine our estimates. In 2023, the Company recorded a $2.3 million gain related to a multiemployer pension plan liability adjustment, which was partially offset by a $1.7 million charge in connection with the Company’s withdrawal from a plan. These were recorded in Multiemployer pension plan liability adjustment in our Consolidated Statement of Operations for the year ended December 31, 2023. In 2022, the Company recorded a $22.1 million charge in connection with the Company’s withdrawal from a plan, which was partially offset by a $7.1 million gain related to a multiemployer pension liability adjustment. These were recorded in Multiemployer pension plan liability adjustment in our Consolidated Statements of Operations for the year ended December 31, 2022. The risks of participating in multiemployer plans are different from single-employer plans in the following aspects: • Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. • If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. • If we elect to withdraw from these plans or if we trigger a partial withdrawal due to declines in contribution base units or a partial cessation of our obligation to contribute, we may be assessed a withdrawal liability based on a calculated share of the underfunded status of the plan. • If a multiemployer plan from which we have withdrawn subsequently experiences a mass withdrawal, we may be required to make additional contributions under applicable law. Our participation in significant plans for the fiscal period ended December 31, 2023, is outlined in the table below. The “EIN/Pension Plan Number” column provides the Employer Identification Number (“EIN”) and the three-digit plan number. The zone status is based on the latest information that we received from the plan and is certified by the plan’s actuary. A plan is generally classified in critical status if a funding deficiency is projected within four years or five years, depending on other criteria. A plan in critical status is classified in critical and declining status if it is projected to become insolvent in the next 15 or 20 years, depending on other criteria. A plan is classified in endangered status if its funded percentage is less than 80% or a funding deficiency is projected within seven years. If the plan satisfies both of these triggers, it is classified in seriously endangered status. A plan not classified in any other status is classified in the green zone. The “FIP/RP Status Pending/Implemented” column indicates plans for which a funding improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented. The “Surcharge Imposed” column includes plans in a red zone status that are required to pay a surcharge in excess of regular contributions. The last column lists the expiration date(s) of the collective bargaining agreement(s) to which the plans are subject. The Company withdrew from the Pressmen’s Publishers’ Pension Fund and the Paper Handlers’ - Publishers’ Pension Fund during fiscal year 2023. EIN/Pension Plan Number Pension Protection Act Zone Status FIP/RP Status Pending/Implemented (In thousands) Contributions of the Company Surcharge Imposed Collective Bargaining Agreement Expiration Date Pension Fund 2023 2022 2023 (4) 2022 2021 CWA/ITU Negotiated Pension Plan 13-6212879-001 Critical and Declining as of 1/01/23 Critical and Declining as of 1/01/22 Implemented $ 263 $ 328 $ 364 No (1) Newspaper and Mail Deliverers’-Publishers’ Pension Fund (2) 13-6122251-001 Green as of 6/01/23 Green as of 6/01/22 N/A 703 804 912 No 3/30/2026 GCIU-Employer Retirement Benefit Plan 91-6024903-001 Critical and Declining as of 1/01/23 Critical and Declining as of 1/01/22 Implemented 54 56 48 No 3/30/2026 Pressmen’s Publishers’ Pension Fund 13-6121627-001 N/A (3) Green as of 4/01/22 N/A 41 1,447 1,337 No 3/30/2027 Paper Handlers’-Publishers’ Pension Fund 13-6104795-001 Critical and Declining as of 4/01/23 Critical and Declining as of 4/01/22 Implemented 95 96 103 Yes 3/30/2026 Contributions for individually significant plans $ 1,156 $ 2,731 $ 2,764 Contributions for a plan not individually significant $ 29 $ 36 $ 33 Total Contributions $ 1,185 $ 2,767 $ 2,797 (1) There are two collective bargaining agreements requiring contributions to this plan: Mailers, which expired November 30, 2023, and Typographers, which expires March 30, 2025. (2) Elections under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010: Extended Amortization of Net Investment Losses (IRC Section 431(b)(8)(A)) and the Expanded Smoothing Period (IRC Section 431(b)(8)(B)). (3) The plan terminated by mass withdrawal prior to the start of the 2023 plan year. (4) The Company withdrew from the Pressmen’s Publishers’ Pension Fund and the Paper Handlers’ - Publishers’ Pension Fund during calendar year 2023. The rehabilitation plan for the GCIU-Employer Retirement Benefit Plan includes minimum annual contributions no less than the total annual contribution made by us from September 1, 2008, through August 31, 2009. The Company was listed in the plans’ respective Forms 5500 as providing more than 5% of the total contributions for the following plans and plan years: Pension Fund Year Contributions to Plan Exceeded More Than 5% of Total Contributions (as of Plan’s Year-End) CWA/ITU Negotiated Pension Plan 12/31/2021 Newspaper and Mail Deliverers’-Publishers’ Pension Fund 5/31/2022 & 5/31/2021 (1) Pressmen’s Publisher’s Pension Fund 3/31/2023 & 3/31/2022 Paper Handlers’-Publishers’ Pension Fund 3/31/2023 & 3/31/2022 (1) Form 5500 for the plan year ended 5/31/2023 was not available as of the date we filed our financial statements. We provide health benefits to certain primarily grandfathered retired employee groups (and their eligible dependents) who meet the definition of an eligible participant and certain age and service requirements, as outlined in the plan document. There is a de minimis liability for retiree health benefits for active employees. While we offer pre-age 65 retiree medical coverage to employees who meet certain retiree medical eligibility requirements, we do not provide post-age 65 retiree medical benefits for employees who retired on or after March 1, 2009. We accrue the costs of postretirement benefits during the employees’ active years of service and our policy is to pay our portion of insurance premiums and claims from general corporate assets. Net Periodic Other Postretirement Benefit Cost The components of net periodic postretirement benefit cost were as follows: (In thousands) December 31, December 31, December 26, Service cost $ 33 $ 46 $ 53 Interest cost 1,500 731 565 Amortization and other costs 1,945 3,293 3,407 Amortization of prior service credit — (368) (3,098) Net periodic postretirement benefit cost $ 3,478 $ 3,702 $ 927 The changes in the benefit obligations recognized in other comprehensive loss were as follows: (In thousands) December 31, December 31, December 26, Net actuarial (gain)/loss $ (6,916) $ (6,801) $ 2,254 Amortization of loss (1,945) (3,293) (3,407) Amortization of prior service credit — 368 3,098 Total recognized in other comprehensive (income)/loss (8,861) (9,726) 1,945 Net periodic postretirement benefit cost 3,478 3,702 927 Total recognized in net periodic postretirement benefit cost and other comprehensive (income)/loss $ (5,383) $ (6,024) $ 2,872 Actuarial gains and losses are amortized using a corridor approach. The gain or loss corridor is equal to 10% of the accumulated postretirement benefit obligation. Gains and losses in excess of the corridor are generally amortized over the average remaining service period to expected retirement of active participants. In connection with collective bargaining agreements, we contribute to several multiemployer welfare plans. These plans provide medical benefits to active and retired employees covered under the respective collective bargaining agreement. Contributions are made in accordance with the formula in the relevant agreement. Postretirement costs related to these plans are not reflected above and were approximately $20 million in 2023, $19 million in 2022 and $17 million in 2021. The changes in the benefit obligation and plan assets and other amounts recognized in other comprehensive loss were as follows: (In thousands) December 31, December 31, Change in benefit obligation Benefit obligation at beginning of year $ 30,696 $ 40,607 Service cost 33 46 Interest cost 1,500 731 Plan participants’ contributions 2,060 2,271 Actuarial (gain) (6,916) (6,801) Benefits paid (4,461) (6,158) Benefit obligation at the end of year 22,912 30,696 Change in plan assets Employer contributions 2,401 3,887 Plan participants’ contributions 2,060 2,271 Benefits paid (4,461) (6,158) Fair value of plan assets at end of year — — Net amount recognized $ (22,912) $ (30,696) Amount recognized in the Consolidated Balance Sheets Current liabilities $ (3,510) $ (4,241) Noncurrent liabilities (19,402) (26,455) Net amount recognized $ (22,912) $ (30,696) Amount recognized in accumulated other comprehensive loss Actuarial loss $ 6,676 $ 15,537 Prior service credit — — Total $ 6,676 $ 15,537 Benefit obligations decreased from $30.7 million at December 31, 2022, to $22.9 million at December 31, 2023, primarily due to the actuarial gain of $6.9 million, driven by a decrease in assumed costs and benefit payments, net of participation contributions of $2.4 million. Benefit obligations decreased from $40.6 million at December 26, 2021, to $30.7 million at December 31, 2022, primarily due to the actuarial gain of $6.8 million, driven by an increase in the discount rate and benefit payments, net of participation contributions of $3.9 million. Information for postretirement plans with accumulated benefit obligations in excess of plan assets was as follows: (In thousands) December 31, December 31, Accumulated benefit obligation $ 22,912 $ 30,696 Fair value of plan assets $ — $ — Weighted-average assumptions used in the actuarial computations to determine the postretirement benefit obligations were as follows: December 31, December 31, Discount rate 5.16 % 5.55 % Estimated increase in compensation level 3.50 % 3.50 % Weighted-average assumptions used in the actuarial computations to determine net periodic postretirement cost were as follows: December 31, December 31, December 26, Discount rate for determining projected benefit obligation 5.55 % 2.55 % 2.01 % Discount rate in effect for determining service cost 5.55 % 2.58 % 2.09 % Discount rate in effect for determining interest cost 5.26 % 1.91 % 1.38 % Estimated increase in compensation level 3.50 % 3.50 % 3.50 % The assumed health-care cost trend rates were as follows: December 31, December 31, Health-care cost trend rate 6.71 % 6.75 % Rate to which the cost trend rate is assumed to decline (ultimate trend rate) 4.75 % 4.92 % Year that the rate reaches the ultimate trend rate 2030 2030 Because our health-care plans are capped for most participants, the assumed health-care cost trend rates do not have a significant effect on the amounts reported for the health-care plans. The following benefit payments (net of plan participant contributions) under our Company’s postretirement plans, which reflect expected future services, are expected to be paid: (In thousands) Amount 2024 $ 3,632 2025 3,198 2026 2,923 2027 2,669 2028 2,435 2029-2033 (1) 8,820 (1) While benefit payments under these plans are expected to continue beyond 2033, we have presented in this table only those benefit payments estimated over the next 10 years. We accrue the cost of certain benefits provided to former or inactive employees after employment, but before retirement. The cost is recognized only when it is probable and can be estimated. Benefits include life insurance, disability benefits and health-care continuation coverage. The accrued obligation for these benefits was $7.8 million as of December 31, 2023, and $7.9 million as of December 31, 2022. |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | Other Liabilities The components of the Other Liabilities — Other balance in our Consolidated Balance Sheets were as follows: (In thousands) December 31, December 31, Deferred compensation $ 13,752 $ 14,635 Noncurrent operating lease liabilities 42,905 59,124 Contingent consideration 3,195 2,799 Other liabilities 41,112 34,257 Total $ 100,964 $ 110,815 See Note 8 for detail related to deferred compensation. See Note 17 for detail related to noncurrent operating lease liabilities. See Note 8 for detail related to contingent consideration. Other liabilities in the preceding table primarily included our post-employment liabilities, our contingent tax liability for uncertain tax positions, and self-insurance liabilities as of December 31, 2023, and December 31, 2022. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Reconciliations between the effective tax rate on income from continuing operations before income taxes and the federal statutory rate are presented below. December 31, 2023 December 31, 2022 December 26, 2021 (In thousands) Amount % of Amount % of Amount % of Tax at federal statutory rate $ 63,544 21.0 $ 49,560 21.0 $ 61,005 21.0 State and local taxes, net 18,445 6.1 16,855 7.1 16,378 5.6 Increase/(decrease) in uncertain tax positions 1,763 0.6 (220) (0.1) 2,782 1.0 (Gain)/loss on company-owned life insurance (735) (0.2) 857 0.4 (712) (0.2) Nondeductible expense 1,492 0.5 780 0.3 593 0.2 Nondeductible executive compensation 2,175 0.7 3,985 1.7 4,140 1.4 Stock-based awards expense/(benefit) 478 0.2 (1,119) (0.5) (5,461) (1.9) Deduction for foreign-derived intangible income (3,985) (1.3) (3,166) (1.3) (2,972) (1.0) Research and experimentation credit (12,683) (4.2) (6,699) (2.8) (5,571) (1.9) Other, net (658) (0.2) 1,261 0.5 348 0.1 Income tax expense $ 69,836 23.2 $ 62,094 26.3 $ 70,530 24.3 The components of income tax expense as shown in our Consolidated Statements of Operations were as follows: (In thousands) December 31, December 31, December 26, Current tax expense/(benefit) Federal $ 56,139 $ 75,495 $ 55,110 Foreign 2,590 1,897 1,042 State and local 30,901 30,855 20,736 Total current tax expense 89,630 108,247 76,888 Deferred tax expense/(benefit) Federal (12,715) (36,344) (5,651) State and local (7,079) (9,809) (707) Total deferred tax expense (19,794) (46,153) (6,358) Income tax expense $ 69,836 $ 62,094 $ 70,530 The components of the net deferred tax assets and liabilities recognized in our Consolidated Balance Sheets were as follows: (In thousands) December 31, December 31, Deferred tax assets Retirement, postemployment and deferred compensation plans $ 60,398 $ 67,797 Accruals for other employee benefits, compensation, insurance and other 36,968 31,335 Net operating losses (1) 42,944 52,522 Operating lease liabilities 14,144 18,403 Capitalized research and development costs (2) 68,113 55,370 Other 36,387 32,974 Gross deferred tax assets $ 258,954 $ 258,401 Valuation allowance (3,240) (4,258) Net deferred tax assets $ 255,714 $ 254,143 Deferred tax liabilities Property, plant and equipment $ 37,950 $ 44,698 Intangible assets 79,718 88,115 Operating lease right-of-use assets 9,626 15,453 Other 13,915 9,514 Gross deferred tax liabilities $ 141,209 $ 157,780 Net deferred tax asset $ 114,505 $ 96,363 (1) Includes federal tax operating loss carryforwards acquired in connection with The Athletic Media Company acquisition. (2) As a result of the Tax Cuts and Jobs Act, see Liquidity and Capital Resources section in the Management’s Discussion and Analysis of Financial Condition and Results of Operations for more information. Federal tax operating loss carryforwards acquired in connection with The Athletic Media Company acquisition totaled $38 million as of December 31, 2023. Such losses have remaining lives of up to 14 years. State tax operating loss carryforwards totaled $6.8 million as of December 31, 2023, and $6.9 million as of December 31, 2022. Such loss carryforwards expire in accordance with provisions of applicable tax laws and have remaining lives of up to 18 years. We assess whether a valuation allowance should be established against deferred tax assets based on the consideration of both positive and negative evidence using a “more likely than not” standard. In making such judgments, significant weight is given to evidence that can be objectively verified. We evaluated our deferred tax assets for recoverability using a consistent approach that considers our three-year historical cumulative income/(loss), including an assessment of the degree to which any such losses were due to items that are unusual in nature (i.e., impairments of nondeductible goodwill and intangible assets). We had a valuation allowance totaling $3.2 million as of December 31, 2023, and a valuation allowance totaling $4.3 million as of December 31, 2022, for deferred tax assets primarily associated with net operating losses of U.S. subsidiaries, as we determined these assets were not realizable on a more-likely-than-not basis. We had an income tax payable of $23.2 million as of December 31, 2023, compared with an income tax payable of $7.0 million as of December 31, 2022. Income tax benefits related to the exercise or vesting of equity awards reduced current taxes payable by $10 million, $6.1 million and $11.5 million in 2023, 2022 and 2021, respectively. As of December 31, 2023, and December 31, 2022, Accumulated other comprehensive loss, net of income taxes in our Consolidated Balance Sheets and for the years then ended in our Consolidated Statements of Changes in Stockholders’ Equity was net of deferred tax assets of approximately $137 million and $139 million, respectively. A reconciliation of unrecognized tax benefits is as follows: (In thousands) December 31, December 31, December 26, Balance at beginning of year $ 5,528 $ 5,891 $ 6,737 Gross additions to tax positions taken during the current year 2,466 1,504 1,389 Gross additions to tax positions taken during the prior year 877 73 2,458 Gross reductions to tax positions taken during the prior year (8) — (150) Reductions from settlements with taxing authorities (1,185) (1,116) (3,534) Reductions from lapse of applicable statutes of limitations (604) (824) (1,009) Balance at end of year $ 7,074 $ 5,528 $ 5,891 The total amount of unrecognized tax benefits that would, if recognized, affect the effective income tax rate was approximately $6 million and $5 million as of December 31, 2023, and December 31, 2022, respectively. In 2023 and 2022, we recorded a $1.9 million and a $2.2 million income tax benefit, respectively, due to a reduction in the Company’s reserve for uncertain tax positions. We also recognize accrued interest expense and penalties related to the unrecognized tax benefits within income tax expense or benefit. The total amount of accrued interest and penalties was $1.9 million and $1.5 million as of December 31, 2023, and December 31, 2022, respectively. The total amount of accrued interest and penalties was $0.3 million in 2023, a net benefit of $0.1 million in 2022 and a net benefit of less than $0.1 million in 2021. With few exceptions, we are no longer subject to U.S. federal, state and local or non-U.S. income tax examinations by tax authorities for years prior to 2013. Management believes that our accrual for tax liabilities is adequate for all open audit years. This assessment relies on estimates and assumptions and may involve a series of complex judgments about future events. It is reasonably possible that certain income tax examinations may be concluded, or statutes of limitation may lapse, during the next twelve months, which could result in a decrease in unrecognized tax benefits of $3.5 million that would, if recognized, reduce the effective tax rate. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share We compute earnings per share based upon the lower of the two-class method or the treasury stock method. The two-class method is an earnings allocation method used when a company’s capital structure includes either two or more classes of common stock or common stock and participating securities. This method determines earnings/(loss) per share based on dividends declared on common stock and participating securities (i.e., distributed earnings), as well as participation rights of participating securities in any undistributed earnings. Earnings per share is computed using both basic shares and diluted shares. The difference between basic and diluted shares is that diluted shares include the dilutive effect of the assumed exercise of outstanding securities. Our stock options, stock-settled long-term performance awards, restricted stock units and ESPP could impact the diluted shares. The difference between basic and diluted shares was approximately 0.9 million, 0.3 million and 0.6 million as of December 31, 2023, December 31, 2022, and December 26, 2021, respectively. In 2023, 2022 and 2021, dilution resulted primarily from the dilutive effect of our Stock-Based Awards. Securities that could potentially be dilutive are excluded from the computation of diluted earnings per share when a loss from continuing operations exists or when the exercise price exceeds the market value of our Class A Common Stock because their inclusion would result in an anti-dilutive effect on per share amounts. There were approximately 1.1 million restricted stock units excluded from the computation of diluted earnings per share in 2022 because they were anti-dilutive. There were no anti-dilutive stock options, stock-settled long-term performance awards and restricted stock units excluded from the computation of diluted earnings per share for the years ended 2023 and 2021. |
Stock-Based Awards
Stock-Based Awards | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Awards | Stock-Based Awards As of December 31, 2023, the Company was authorized to grant stock-based compensation under its 2020 Incentive Compensation Plan (the “2020 Incentive Plan”), which became effective April 22, 2020. The 2020 Incentive Plan replaced the 2010 Incentive Compensation Plan (the “2010 Incentive Plan”). The Company’s long-term incentive compensation program provides executives the opportunity to earn cash and shares of Class A Common Stock at the end of three-year performance cycles based in part on the achievement of financial goals tied to financial metrics and in part on stock price performance relative to companies in the Standard & Poor’s 500 Stock Index. For performance cycles beginning prior to 2022, the majority of the target award, and for performance cycles beginning in 2022, all of the target award, is to be settled in shares of the Company’s Class A Common Stock. In addition, the Company grants time-vested restricted stock units annually to a number of employees. These are settled in shares of Class A Common Stock. Each non-employee director of the Company receives an annual grant of restricted stock units under the 2020 Incentive Plan. Restricted stock units are awarded on the date of the annual meeting of stockholders and vest on the date of the subsequent year’s annual meeting, with the shares to be delivered upon a director’s cessation of membership on the Board of Directors. Each non-employee director is credited with additional restricted stock units with a value equal to the amount of all dividends paid on the Company’s Class A Common Stock. The Company’s directors are considered employees for purposes of stock-based compensation. We refer to our outstanding stock-settled long-term performance awards, restricted stock units and Class A Common Stock issued under our Company’s ESPP as “Stock-Based Awards.” We recognize stock-based compensation expense for outstanding stock-settled long-term performance awards, restricted stock units and Class A Common Stock issued under our Company’s ESPP. Stock-based compensation expense is recognized over the period from the date of grant to the date when the award is no longer contingent on the employee providing additional service. Awards under the 2010 Incentive Plan and 2020 Incentive Plan vest over a stated vesting period. Total stock-based compensation expense included in the Consolidated Statement of Operations is as follows: (In thousands) December 31, December 31, December 26, Cost of revenue $ 12,804 $ 8,031 $ 5,218 Marketing 1,604 1,243 1,283 Product development 20,188 10,875 3,655 General and administrative 20,180 15,157 12,059 Total stock-based compensation expense $ 54,776 $ 35,306 $ 22,215 Stock Options The 2010 Incentive Plan provided, and the 2020 Incentive Plan provides, for grants of both incentive and non-qualified stock options at an exercise price equal to the fair market value (as defined in each plan, respectively) of our Class A Common Stock on the date of grant. No grants of stock options have been made since 2012. Stock options were generally granted with a three-year vesting period and a 10-year term and vest in equal annual installments. There were no stock options outstanding as of December 31, 2023. There were no stock options exercised in 2023. The total intrinsic value for stock options exercised was de minimis in 2022 and $13.6 million in 2021. Restricted Stock Units The 2010 Incentive Plan provided, and 2020 Incentive Plan provides, for grants of other stock-based awards, including restricted stock units. Outstanding stock-settled restricted stock units have been granted with a stated vesting period up to five years. Each restricted stock unit represents our obligation to deliver to the holder one share of Class A Common Stock upon vesting. The fair value of stock-settled restricted stock units is the average market price on the grant date. Changes in our Company’s stock-settled restricted stock units in 2023 were as follows: December 31, 2023 (Shares in thousands) Restricted Weighted-Average Outstanding at beginning of period 2,003 $ 40 Granted 1,514 40 Vested (730) 42 Forfeited (185) 41 Outstanding at end of period 2,602 $ 40 Exercisable at end of period 186 $ 28 Unvested stock-settled restricted stock units at beginning of period 1,812 $ 41 Unvested stock-settled restricted stock units at end of period 2,430 $ 40 Unvested stock-settled restricted stock units expected to vest at end of period 2,157 $ 41 The intrinsic value of stock-settled restricted stock units vested was $28.0 million in 2023, $10.4 million in 2022 and $15.1 million in 2021. The intrinsic value of stock-settled restricted stock units outstanding was $128.2 million in 2023. ESPP In 2023, the Company adopted the 2023 ESPP, which provides eligible participating employees with the opportunity to purchase Class A Common Stock at a discounted price through payroll deductions of up to 5% of their base salary. Employees may withdraw from the offering no later than 15 days prior to the purchase date and obtain a refund of any accrued contributions withheld through payroll deductions. The purchase price of the Class A Common Stock under the ESPP for each offering is equal to 85% of the lower of the closing selling price per share of Class A Common Stock on the first day of the purchase period or on the last day of the purchase period. The fair value of the offering is estimated on the grant date using a Black-Scholes valuation model. In 2023, there was one six-month ESPP offering with a purchase price set at a 15% discount of the closing selling price per share of Class A Common Stock on July 3, 2023, or December 29, 2023, whichever was lower. For the 2023 offering, the purchase price was $33.84. Approximately 117,000 shares were issued under the 2023 ESPP offering. Long-Term Incentive Compensation The 2010 Incentive Plan provided, and 2020 Incentive Plan provides, for grants of cash and stock-settled long-term incentive compensation awards to key executives payable at the end of three-year cycles based on the achievement of financial goals tied to financial metrics, on stock price performance relative to companies in the Standard & Poor’s 500 Stock Index and on fulfilling the service condition. Cash-settled awards are classified as a liability in our Consolidated Balance Sheets . Stock-settled awards are payable in Class A Common Stock and are classified within equity. These awards include service, market and performance conditions. Prior to 2022, cash-settled awards were granted with three-year performance cycles and are based on the achievement of a specified financial performance measure. There were payments of approximately $5 million in 2023, $4 million in 2022 and $1 million in 2021. The long-term incentive compensation awards consist of restricted stock units (starting with the 2022 program) and performance-based awards. The performance-based awards are based on (i) relative Total Shareholder Return (“TSR”) (calculated as stock appreciation plus deemed reinvested dividends), a market condition and (ii) financial metrics (such as adjusted operating profit and digital subscription revenue), the performance condition. The fair value of the portion of the performance awards based on TSR is determined at the date of grant using a Monte Carlo simulation model and expensed over the service period on a straight-line basis, irrespective of the probability of the market condition being achieved. The cumulative expense is not reversed if the market condition is not met. The fair value of the portion of the performance awards based on financial metrics is determined by the average market price on the grant date, expensed on a straight-line basis over the service period and adjusted at each reporting date based on the probable outcome of the performance conditions. A cumulative adjustment is recorded in periods in which there is a change in the Company’s estimate of the number of shares expected to vest. The fair value of the restricted stock units is determined by the average market price on the grant date and expensed on a straight-line basis over the vesting period of the award. Unrecognized Compensation Expense As of December 31, 2023, unrecognized compensation expense related to the unvested portion of our Stock-Based Awards was approximately $78 million and is expected to be recognized over a weighted-average period of 1.45 years. Reserved Shares Any shares issued for the exercise of stock options, vesting of stock-settled restricted stock units and stock-settled performance awards have generally been from unissued reserved shares. Shares of Class A Common Stock reserved for issuance were as follows: (Shares in thousands) December 31, December 31, Stock options, stock–settled restricted stock units and stock-settled performance awards Stock options and stock-settled restricted stock units 2,602 2,003 Stock-settled performance awards (1) 1,403 1,065 Outstanding 4,005 3,068 Available 11,688 13,171 Employee Stock Purchase Plan Available 7,883 — Total Outstanding 4,005 3,068 Total Available (2) 19,571 13,171 (1) The number of shares actually earned at the end of the multi-year performance period will vary, based on actual performance, from 0% to 200% of the target number of performance awards granted. The maximum number of shares that could be issued is included in the table above. (2) As of December 31, 2023, the 2020 Incentive Plan had approximately 12 million shares of Class A Common Stock available for issuance upon the grant, exercise or other settlement of stock-based awards. This amount includes shares subject to awards under the 2010 Incentive Plan that were canceled, forfeited or otherwise terminated, or withheld to satisfy the tax withholding requirements, in accordance with the terms of the 2020 Incentive Plan. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Shares of our Company’s Class A and Class B Common Stock are entitled to equal participation in the event of liquidation and in dividend declarations. The Class B Common Stock is convertible at the holders’ option on a share-for-share basis into Class A Common Stock. Upon conversion, the previously outstanding shares of Class B Common Stock that were converted are automatically and immediately retired, resulting in a reduction of authorized Class B Common Stock. As provided for in our Company’s Certificate of Incorporation, the Class A Common Stock has limited voting rights, including the right to elect 30% of the Board of Directors, and the Class A and Class B Common Stock have the right to vote together on the reservation of our Company shares for stock options and other stock-based plans, on the ratification of the selection of a registered public accounting firm and, in certain circumstances, on acquisitions of the stock or assets of other companies. Otherwise, except as provided by the laws of the State of New York, all voting power is vested solely and exclusively in the holders of the Class B Common Stock. As of both December 31, 2023, and December 31, 2022, there were 780,724 shares, of Class B Common Stock issued and outstanding that may be converted into shares of Class A Common Stock. The Adolph Ochs family trust holds approximately 95% of the Class B Common Stock and, as a result, has the ability to elect 70% of the Board of Directors and to direct the outcome of any matter that does not require a vote of the Class A Common Stock. In February 2022, the Board of Directors approved a $150.0 million Class A share repurchase program that replaced the previous program, which was approved in 2015. In February 2023, in addition to the remaining 2022 authorization, the Board of Directors approved a $250.0 million Class A share repurchase program. The authorizations provide that shares of Class A Common Stock may be purchased from time to time as market conditions warrant, through open-market purchases, privately negotiated transactions or other means, including Rule 10b5-1 trading plans. We expect to repurchase shares to offset the impact of dilution from our equity compensation program and to return capital to our stockholders. There is no expiration date with respect to these authorizations. As of December 31, 2023, repurchases under these authorizations totaled approximately $149.5 million (excluding commissions) and approximately $250.5 million remained. We may issue preferred stock in one or more series. The Board of Directors is authorized to set the distinguishing characteristics of each series of preferred stock prior to issuance, including the granting of limited or full voting rights; however, the consideration received must be at least $100 per share. No shares of preferred stock were issued or outstanding as of December 31, 2023. The following table summarizes the changes in AOCI by component as of December 31, 2023: (In thousands) Foreign Currency Translation Adjustments Funded Status of Benefit Plans Net Unrealized Gain on Available-for-Sale Securities Total Accumulated Other Comprehensive Loss Balance as of December 31, 2022 $ (510) $ (348,947) $ (8,390) $ (357,847) Other comprehensive income/(loss) before reclassifications, before tax 1,885 (12,184) 10,754 455 Amounts reclassified from accumulated other comprehensive loss, before tax — 6,276 — 6,276 Income tax expense/(benefit) 465 (1,569) 2,850 1,746 Net current-period other comprehensive (loss)/income, net of tax 1,420 (4,339) 7,904 4,985 Balance as of December 31, 2023 $ 910 $ (353,286) $ (486) $ (352,862) The following table summarizes the reclassifications from AOCI for the period ended December 31, 2023: (In thousands) Detail about accumulated other comprehensive loss components Amounts reclassified from accumulated other comprehensive loss Affected line item in the statement where net income is presented Funded status of benefit plans: Amortization of prior service credit (1) $ (1,895) Other components of net periodic benefit costs Amortization of actuarial loss (1) 8,171 Other components of net periodic benefit costs Total reclassification, before tax 6,276 Income tax expense 1,660 Income tax expense Total reclassification, net of tax $ 4,616 (1) These AOCI components are included in the computation of net periodic benefit cost for pension and other retirement benefits. See Notes 9 and 10 for additional information. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company identifies a business as an operating segment if: (i) it engages in business activities from which it may earn revenues and incur expenses; (ii) its operating results are regularly reviewed by the Company’s President and Chief Executive Officer (who is the Company’s Chief Operating Decision Maker) to make decisions about resources to be allocated to the segment and assess its performance; and (iii) it has available discrete financial information. Since the acquisition of The Athletic in the first quarter of 2022, the Company has had two reportable segments: NYTG and The Athletic. These segments are evaluated regularly by the Company’s Chief Operating Decision Maker in assessing performance and allocating resources. Management uses adjusted operating profit (loss) by segment in assessing performance and allocating resources. Adjusted operating profit is defined as operating profit before depreciation and amortization, severance, multiemployer pension plan withdrawal costs and special items. Adjusted operating profit for NYTG and The Athletic is presented below, along with a reconciliation to consolidated income before taxes. Asset information by segment is not a measure of performance used by the Company’s Chief Operating Decision Maker. Accordingly, we have not disclosed asset information by segment. Subscription revenues from and expenses associated with our digital subscription package (or “bundle”) are allocated to NYTG and The Athletic. The Athletic was first introduced into our bundle in June 2022. Therefore, The Athletic’s results for 2022 include bundle revenues and expenses for only six months of the year, whereas 2023 includes bundle revenues and expenses for the entire year. Prior to April 1, 2023, we allocated bundle revenues first to our digital news product based on its standalone list price and then the remaining bundle revenues were allocated to the other products in the bundle, including The Athletic, based on their relative standalone list prices. Starting April 1, 2023, we allocate 10% of bundle revenues to The Athletic based on management’s view of The Athletic’s relative value to the bundle, which is derived based on analysis of various metrics, and allocate the remaining bundle revenues to NYTG. Prior to April 1, 2023, we allocated to NYTG and The Athletic direct variable expenses associated with the bundle, which include credit card fees, third party fees and sales taxes, based on a historical actual percentage of these costs to bundle revenues. Starting April 1, 2023, we allocate 10% of product development, marketing and subscriber servicing expenses (including the direct variable expenses referenced above) associated with the bundle to The Athletic, and the remaining costs are allocated to NYTG, in each case, in line with the revenues allocations. For comparison purposes, the Company has recast segment results for the quarters following the second quarter of 2022 to reflect the updated allocation methodology. The second quarter of 2022 was not recast as the change was de minimis for that quarter in light of the timing of the introduction of The Athletic to the bundle. The results of The Athletic have been included in our Consolidated Financial Statements beginning February 1, 2022, the date of the acquisition. Results for the twelve months of 2022 included The Athletic for approximately eleven months, while results for the twelve months of 2023 included The Athletic for the full twelve months. The following tables present segment information: Years Ended % Change (In thousands) December 31, December 31, 2023 vs. 2022 (52 weeks) (52 weeks and five days) (1) Revenues NYTG $ 2,295,537 $ 2,223,676 3.2 % The Athletic 131,271 84,645 55.1 % Intersegment Eliminations (2) (656) — * Total revenues $ 2,426,152 $ 2,308,321 5.1 % Adjusted operating profit NYTG $ 421,281 $ 389,049 8.3 % The Athletic (31,430) (41,118) (23.6) % Total adjusted operating profit $ 389,851 $ 347,931 12.0 % Less: Other components of net periodic benefit costs (2,737) 6,659 * Depreciation and amortization 86,115 82,654 4.2 % Severance 7,582 4,669 62.4 % Multiemployer pension plan withdrawal costs 5,248 4,871 7.7 % Acquisition-related costs — 34,712 * Impairment charges 15,239 4,069 * Multiemployer pension plan liability adjustment (605) 14,989 * Add: Gain from joint ventures 2,477 — * Interest income and other, net 21,102 40,691 (48.1) % Income before income taxes $ 302,588 $ 235,999 28.2 % (1) The results of The Athletic have been included in our Consolidated Financial Statements beginning February 1, 2022. (2) Intersegment eliminations (“I/E”) related to content licensing. * Represents a change equal to or in excess of 100% or not meaningful. Revenues detail by segment Years Ended % Change (In thousands) December 31, 2023 December 31, 2022 2023 vs. 2022 (52 weeks) (52 weeks and five days) (1) NYTG Subscription $ 1,555,705 $ 1,480,295 5.1 % Advertising 477,261 511,321 (6.7) % Other 262,571 232,060 13.1 % Total $ 2,295,537 $ 2,223,676 3.2 % The Athletic Subscription $ 100,448 $ 72,067 39.4 % Advertising 27,945 11,967 * Other 2,878 611 * Total $ 131,271 $ 84,645 55.1 % I/E (2) $ (656) $ — * The New York Times Company Subscription $ 1,656,153 $ 1,552,362 6.7 % Advertising 505,206 523,288 (3.5) % Other 264,793 232,671 13.8 % Total $ 2,426,152 $ 2,308,321 5.1 % (1) The results of The Athletic have been included in our Consolidated Financial Statements beginning February 1, 2022. (2) I/E related to content licensing recorded in Other revenues. * Represents a change equal to or in excess of 100% or not meaningful. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | Leases Lessee activities Operating leases We have operating leases for office space and equipment. For all leases, a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, are recognized in the Consolidated Balance Sheet as of December 31, 2023, as described below. The table below presents the lease-related assets and liabilities recorded on the balance sheet: (In thousands) Classification in the Consolidated Balance Sheet December 31, 2023 December 31, 2022 Operating lease right-of-use assets Right of use assets $ 35,374 $ 57,600 Current operating lease liabilities Accrued expenses and other $ 10,081 $ 9,911 Noncurrent operating lease liabilities Other 42,905 59,124 Total operating lease liabilities $ 52,986 $ 69,035 The total lease cost for operating leases included in operating costs in our Consolidated Statement of Operations was as follows: For the Twelve Months Ended (In thousands) December 31, 2023 December 31, 2022 December 26, 2021 Operating lease cost $ 12,026 $ 13,553 $ 11,926 Short term and variable lease cost 1,645 1,714 1,575 Total lease cost $ 13,671 $ 15,267 $ 13,501 The table below presents additional information regarding operating leases: (In thousands, except for lease term and discount rate) December 31, 2023 December 31, 2022 Cash paid for amounts included in the measurement of operating lease liabilities $ 13,476 $ 12,881 Right-of-use assets obtained in exchange for operating lease liabilities $ 2,850 $ 5,970 Weighted-average remaining lease term 6.4 years 8.5 years Weighted-average discount rate 5.04 % 4.45 % Maturities of lease liabilities on an annual basis for the Company’s operating leases as of December 31, 2023, were as follows: (In thousands) Amount 2024 $ 12,279 2025 9,573 2026 8,221 2027 7,359 2028 7,200 Later years 18,012 Total lease payments $ 62,644 Less: Interest (9,658) Present value of lease liabilities $ 52,986 In June 2023, we ceased using certain leased office space in Long Island City, New York. As a result, we recorded non-cash impairment charges of $7.6 million and $5.1 million to the right-of-use assets and fixed assets, respectively. The impairment amount was determined by comparing the fair value of the impacted asset group to its carrying value as of the measurement date, as required by ASC 360, Property, Plant and Equipment. The fair value of the asset group was based on estimated sublease income for the affected property, taking into consideration the time we expect it will take to obtain a sublease tenant and the expected applicable discount rates. The impairment is presented in Impairment charges in our Consolidated Statements of Operations within the New York Times Group operating segment. Lessor activities Our leases to third parties predominantly relate to office space in the Company Headquarters. As of December 31, 2023, and December 31, 2022, the cost and accumulated depreciation related to the Company Headquarters included in Property, plant and equipment in our Consolidated Balance Sheet was approximately $518 million and $277 million, and $522 million and $258 million, respectively. Office space leased to third parties represents approximately 36% of gross square feet of the Company Headquarters. On December 9, 2020, we entered into an agreement to lease and subsequently sell approximately four acres of land at our printing and distribution facility in College Point, N.Y., subject to certain conditions. The lease commenced on April 11, 2022. At the time of the lease expiration in February 2025, we will sell the parcel to the lessee for approximately $36 million. The transaction is accounted for as a sales-type lease and as a result, we recognized a gain of approximately $34 million (net of commissions) at the time of lease commencement, and recorded a lease receivable of approximately $36 million in Miscellaneous assets in our Consolidated Balance Sheet as of December 31, 2022. The payments associated with the lease are recorded in Interest income and other, net in our Consolidated Statements of Operations. We generate building rental revenue from the floors in the Company Headquarters that we lease to third parties. The building rental revenue was as follows: For the Twelve Months Ended (In thousands) December 31, 2023 December 31, 2022 December 26, 2021 Building rental revenue $ 27,163 $ 28,516 $ 22,851 Maturities of lease payments to be received on an annual basis for the Company’s office space operating leases as of December 31, 2023, were as follows: (In thousands) Amount 2024 $ 29,053 2025 29,344 2026 29,344 2027 29,337 2028 14,708 Later years 57,735 Total building rental revenue from operating leases $ 189,521 |
Leases | Leases Lessee activities Operating leases We have operating leases for office space and equipment. For all leases, a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, are recognized in the Consolidated Balance Sheet as of December 31, 2023, as described below. The table below presents the lease-related assets and liabilities recorded on the balance sheet: (In thousands) Classification in the Consolidated Balance Sheet December 31, 2023 December 31, 2022 Operating lease right-of-use assets Right of use assets $ 35,374 $ 57,600 Current operating lease liabilities Accrued expenses and other $ 10,081 $ 9,911 Noncurrent operating lease liabilities Other 42,905 59,124 Total operating lease liabilities $ 52,986 $ 69,035 The total lease cost for operating leases included in operating costs in our Consolidated Statement of Operations was as follows: For the Twelve Months Ended (In thousands) December 31, 2023 December 31, 2022 December 26, 2021 Operating lease cost $ 12,026 $ 13,553 $ 11,926 Short term and variable lease cost 1,645 1,714 1,575 Total lease cost $ 13,671 $ 15,267 $ 13,501 The table below presents additional information regarding operating leases: (In thousands, except for lease term and discount rate) December 31, 2023 December 31, 2022 Cash paid for amounts included in the measurement of operating lease liabilities $ 13,476 $ 12,881 Right-of-use assets obtained in exchange for operating lease liabilities $ 2,850 $ 5,970 Weighted-average remaining lease term 6.4 years 8.5 years Weighted-average discount rate 5.04 % 4.45 % Maturities of lease liabilities on an annual basis for the Company’s operating leases as of December 31, 2023, were as follows: (In thousands) Amount 2024 $ 12,279 2025 9,573 2026 8,221 2027 7,359 2028 7,200 Later years 18,012 Total lease payments $ 62,644 Less: Interest (9,658) Present value of lease liabilities $ 52,986 In June 2023, we ceased using certain leased office space in Long Island City, New York. As a result, we recorded non-cash impairment charges of $7.6 million and $5.1 million to the right-of-use assets and fixed assets, respectively. The impairment amount was determined by comparing the fair value of the impacted asset group to its carrying value as of the measurement date, as required by ASC 360, Property, Plant and Equipment. The fair value of the asset group was based on estimated sublease income for the affected property, taking into consideration the time we expect it will take to obtain a sublease tenant and the expected applicable discount rates. The impairment is presented in Impairment charges in our Consolidated Statements of Operations within the New York Times Group operating segment. Lessor activities Our leases to third parties predominantly relate to office space in the Company Headquarters. As of December 31, 2023, and December 31, 2022, the cost and accumulated depreciation related to the Company Headquarters included in Property, plant and equipment in our Consolidated Balance Sheet was approximately $518 million and $277 million, and $522 million and $258 million, respectively. Office space leased to third parties represents approximately 36% of gross square feet of the Company Headquarters. On December 9, 2020, we entered into an agreement to lease and subsequently sell approximately four acres of land at our printing and distribution facility in College Point, N.Y., subject to certain conditions. The lease commenced on April 11, 2022. At the time of the lease expiration in February 2025, we will sell the parcel to the lessee for approximately $36 million. The transaction is accounted for as a sales-type lease and as a result, we recognized a gain of approximately $34 million (net of commissions) at the time of lease commencement, and recorded a lease receivable of approximately $36 million in Miscellaneous assets in our Consolidated Balance Sheet as of December 31, 2022. The payments associated with the lease are recorded in Interest income and other, net in our Consolidated Statements of Operations. We generate building rental revenue from the floors in the Company Headquarters that we lease to third parties. The building rental revenue was as follows: For the Twelve Months Ended (In thousands) December 31, 2023 December 31, 2022 December 26, 2021 Building rental revenue $ 27,163 $ 28,516 $ 22,851 Maturities of lease payments to be received on an annual basis for the Company’s office space operating leases as of December 31, 2023, were as follows: (In thousands) Amount 2024 $ 29,053 2025 29,344 2026 29,344 2027 29,337 2028 14,708 Later years 57,735 Total building rental revenue from operating leases $ 189,521 |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Commitments and Contingent Liabilities Restricted Cash We were required to maintain $13.7 million and $13.8 million of restricted cash as of December 31, 2023, and December 31, 2022, respectively, the majority of which is set aside to collateralize workers’ compensation obligations. Legal Proceedings We are involved in various legal actions incidental to our business that are now pending against us. These actions generally assert damages claims that are greatly in excess of the amount, if any, that we would be liable to pay if we lost or settled the cases. We record a liability for legal claims when a loss is probable and the amount can be reasonably estimated. Although the Company cannot predict the outcome of these matters, no amount of loss in excess of recorded amounts as of December 31, 2023, is believed to be reasonably possible. On December 27, 2023, we filed a lawsuit against Microsoft Corporation (“Microsoft”), Open AI Inc. and various of its corporate affiliates (collectively, “OpenAI”) in the United States District Court for the Southern District of New York, alleging copyright infringement, unfair competition, trademark dilution and violations of the Digital Millennium Copyright Act, related to their unlawful and unauthorized copying and use of our journalism and other content. We are seeking monetary relief, injunctive relief preventing Microsoft and OpenAI from continuing their unlawful, unfair and infringing conduct and other relief. We intend to vigorously pursue all of our legal remedies in this litigation, but there is no guarantee that we will be successful in our efforts. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Quarterly Dividend In February 2024, our Board of Directors approved a quarterly dividend of $0.13 per share on our Class A and Class B Common Stock, an increase of $0.02 per share from the previous quarter. The dividend is payable on April 18, 2024, to stockholders of record as of the close of business on April 2, 2024. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS For the years ended December 31, 2023, December 31, 2022, and December 26, 2021: (In thousands) Balance at Additions charged to operating costs and other (1) Deductions (2) Balance at Accounts receivable allowances: Year ended December 31, 2023 $ 12,260 $ 4,809 $ 4,269 $ 12,800 Year ended December 31, 2022 $ 12,374 $ 11,973 $ 12,087 $ 12,260 Year ended December 26, 2021 $ 13,797 $ 13,930 $ 15,353 $ 12,374 Valuation allowance for deferred tax assets: Year ended December 31, 2023 $ 4,258 $ — $ 1,018 $ 3,240 Year ended December 31, 2022 $ 261 $ 4,000 $ 3 $ 4,258 Year ended December 26, 2021 $ 293 $ — $ 32 $ 261 (1) Includes valuation allowance acquired as a result of acquisition of The Athletic. (2) Includes write-offs, net of recoveries. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The accompanying Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and include the accounts of the Company and its wholly and majority-owned subsidiaries after elimination of all significant intercompany transactions. The portion of the net income or loss and equity of a subsidiary attributable to the owners of a subsidiary other than the Company (a noncontrolling interest) is included as a component of consolidated stockholders‘ equity in our Consolidated Balance Sheets, within net income or loss in our Consolidated Statements of Operations, within comprehensive income or loss in our Consolidated Statements of Comprehensive Income/(Loss) and as a component of consolidated stockholders’ equity in our Consolidated Statements of Changes in Stockholders’ Equity. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in our Consolidated Financial Statements. Actual results could differ from these estimates. |
Fiscal Year | Fiscal Year Fiscal year 2022 was composed of 52 weeks and five additional days and ended as of December 31, 2022, while fiscal years 2023 and 2021 each comprised 52 weeks, and ended as of December 31, 2023, and December 26, 2021, respectively. In December 2021, the Board of Directors approved a change in the Company’s fiscal year from a 52/53 week fiscal year ending the last Sunday of December to a calendar year. Accordingly, the Company’s 2022 fiscal year, which commenced December 27, 2021, was extended from December 25, 2022, to December 31, 2022, and subsequent fiscal years begin on January 1 and end on December 31 of each year. The change was made on a prospective basis and prior periods were not adjusted. This change was not considered a change in a fiscal year under the rules of the Securities and Exchange Commission as the new fiscal year commenced within seven days of the prior fiscal year-end and the new fiscal year commenced with the end of the prior fiscal year. As a result, a transition report is not required. |
Reclassifications | Reclassifications Beginning with the third quarter of 2023, we have updated our presentation of total operating costs to include operating items that are outside the ordinary course of our operations (“special items”). These items have been previously presented separate from operating costs and included in operating profit. We recast operating costs for the prior periods in order to present comparable financial results. There was no change to consolidated operating profit, net income or cash flows as a result of this change. Certain other amounts in prior periods have been reclassified to conform with the current period presentation. |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Marketable Securities | Marketable Securities We have investments in marketable debt securities. We determine the appropriate classification of our investments at the date of purchase and reevaluate the classifications at the balance sheet date. Marketable debt securities with maturities of 12 months or less are classified as short-term. Marketable debt securities with maturities greater than 12 months are classified as long-term, unless we identified specific securities we intend to sell within the next 12 months. The Company’s marketable securities are accounted for as available for sale (“AFS”). AFS securities are reported at fair value. We assess AFS securities on a quarterly basis or more often if a potential loss-triggering event occurs. For AFS securities in an unrealized loss position, we first assess whether we intend to sell, or if it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For AFS securities that do not meet the aforementioned criteria, we evaluate whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, we consider the extent to which fair value is less than amortized cost, creditworthiness of the security, and adverse conditions specifically related to the security. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. |
Concentration of Risk | Concentration of Risk Financial instruments, which potentially subject us to concentration of risk, are cash and cash equivalents and marketable securities. Cash is placed with major financial institutions. As of December 31, 2023, we had cash balances at financial institutions in excess of federal insurance limits. We periodically evaluate the credit standing of these financial institutions as part of our ongoing investment strategy. Our marketable securities portfolio consists of investment-grade securities diversified among security types, issuers and industries. Our cash equivalents and marketable securities are primarily managed by third-party investment managers who are required to adhere to investment policies designed to mitigate risk and approved by our Board of Directors. |
Accounts Receivable | Accounts Receivable Credit is extended to our advertisers and our subscribers based upon an evaluation of the customer’s financial condition, and collateral is not required from such customers. Allowances for estimated credit losses, rebates, returns, rate adjustments and discounts are generally established based on historical experience and include consideration of relevant significant current events, reasonable and supportable forecasts and their implications for expected credit losses. |
Investments | Investments We elected the fair value measurement alternative for our investment interests below 20% and account for these investments at cost less impairments, adjusted by observable price changes in orderly transactions for the identical or similar investments of the same issuer given our equity instruments are without readily determinable fair values. We evaluate whether there has been an impairment of our investments annually or in an interim period if circumstances indicate that a possible impairment may exist. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation is computed by the straight-line method over the shorter of estimated asset service lives or lease terms as follows: buildings, building equipment and improvements—10 to 40 years; equipment— three two |
Lessee activities | Lessee activities We enter into operating leases for office space and equipment. We determine if an arrangement is a lease at inception. Certain office space leases provide for rent adjustments relating to changes in real estate taxes and other operating costs. Options to extend the term of operating leases are not recognized as part of the right-of-use asset until we are reasonably certain that the option will be exercised. We may terminate our leases with the notice required under the lease and upon the payment of a termination fee, if required. Our leases do not include substantial variable payments based on index or rate. We have elected the practical expedient not to separate the lease and non-lease components in the contract for our office space and equipment leases. Our leases do not provide a readily determinable implicit discount rate. Therefore, we estimate our incremental borrowing rate to discount the lease payments based on the information available at lease commencement. We recognize a single lease cost on a straight-line basis over the term of the lease and we classify all cash payments within operating activities in the statement of cash flows. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. |
Lessor activities | Lessor activities Our leases to third parties predominantly relate to office space in our leasehold condominium interest in our headquarters building located at 620 Eighth Avenue, New York, N.Y. (the “Company Headquarters”). We determine if an arrangement is a lease at inception. Office space leases are operating leases and generally include options to extend the term of the lease. Our leases do not include variable payments based on index or rate. We do not separate the lease and non-lease components in a contract. The non-lease components predominantly include charges for utilities usage and other operating expenses estimated based on the proportionate share of the rental space of each lease. We have elected the practical expedient not to separate the lease and non-lease components in the contract for for office space we lease to third parties. For our office space operating leases, we recognize rental revenue on a straight-line basis over the term of the lease and we classify all cash payments within operating activities in the statement of cash flows. Residual value risk is not a primary risk resulting from our office space operating leases because of the long-lived nature of the underlying real estate assets, which generally hold their value or appreciate in the long term. |
Goodwill and Intangibles | Goodwill and Intangibles Goodwill is the excess of cost over the fair value of tangible and intangible net assets acquired. Goodwill is not amortized but tested for impairment annually or in an interim period if certain circumstances indicate a possible impairment may exist. Our annual impairment testing date is the first day of our fiscal fourth quarter. We test goodwill for impairment at a reporting unit level. We first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. The qualitative assessment includes, but is not limited to, the results of our most recent quantitative impairment test, consideration of industry, market and macroeconomic conditions, cost factors, cash flows, changes in key management personnel and our share price. The result of this assessment determines whether it is necessary to perform the goodwill impairment test (formerly “Step 1”). If we determine that it is more likely than not that the fair value of a reporting unit is less than its carrying value, we compare the fair value of a reporting unit with its carrying amount, including goodwill. Fair value is calculated by a combination of a discounted cash flow model and a market approach model. In calculating fair value for a reporting unit, we generally weigh the results of the discounted cash flow model more heavily than the market approach because the discounted cash flow model is specific to our business and long-term projections. If the fair value of a reporting unit exceeds its carrying amount, goodwill of that reporting unit is not considered impaired. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss would be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. We test indefinite-lived intangible assets for impairment at the asset level. Our annual impairment testing date is the first day of our fiscal fourth quarter. We first perform a qualitative assessment to determine whether it is more likely than not that the fair value of the asset is less than its carrying value. If we determine that it is more likely than not that the intangible asset is impaired, we perform a quantitative assessment by comparing the fair value of the asset with its carrying amount. If the fair value, which is based on future cash flows, exceeds the carrying value, the asset is not considered impaired. If the carrying amount exceeds the fair value, an impairment loss would be recognized in an amount equal to the excess of the carrying amount of the asset over the fair value of the asset. Intangible assets that are amortized are tested for impairment at the asset level associated with the lowest level of cash flows whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. An impairment exists if the carrying value of the asset (1) is not recoverable (the carrying value of the asset is greater than the sum of undiscounted cash flows) and (2) is greater than its fair value. The discounted cash flow analysis requires us to make various judgments, estimates and assumptions, many of which are interdependent, about future revenues, operating margins, growth rates, capital expenditures, working capital, discount rates and royalty rates. The starting point for the assumptions used in our discounted cash flow analysis is the annual long-range financial forecast. The annual planning process that we undertake to prepare the long-range financial forecast takes into consideration a multitude of factors, including historical growth rates and operating performance, related industry trends, macroeconomic conditions and marketplace data, among others. Assumptions are also made for perpetual growth rates for periods beyond the long-range financial forecast period. Our estimates of fair value are sensitive to changes in all of these variables, certain of which relate to broader macroeconomic conditions outside our control. The market approach analysis includes applying a multiple, based on comparable market transactions, to certain operating metrics of a reporting unit. The significant estimates and assumptions used by management in assessing the recoverability of goodwill acquired and intangibles are estimated future cash flows, discount rates, growth rates and other factors. Any changes in these estimates or assumptions could result in an impairment charge. The estimates, based on reasonable and supportable assumptions and projections, require management’s subjective judgment. Depending on the assumptions and estimates used, the estimated results of the impairment tests can vary within a range of outcomes. In addition to annual testing, management uses certain indicators to evaluate whether the carrying value of a reporting unit or intangibles may not be recoverable and an interim impairment test may be required. These indicators include (1) current-period operating results or cash flow declines combined with a history of operating results or cash flow declines or a projection/forecast that demonstrates continuing declines in the cash flow or the inability to improve our operations to forecasted levels; (2) a significant adverse change in the business climate, whether structural or technological; (3) significant impairments; and (4) a decline in our stock price and market capitalization. |
Self-Insurance | Self-Insurance |
Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits Our single-employer pension and other postretirement benefit costs are accounted for using actuarial valuations. We recognize the funded status of these plans—measured as the difference between plan assets, if funded, and the benefit obligation—on the balance sheet and recognize changes in the funded status that arise during the period but are not recognized as components of net periodic pension cost, within other comprehensive income/(loss), net of income taxes. The service cost component of net periodic pension cost is recognized in Total operating costs while the other components are recognized within Other components of net periodic benefit costs in our Consolidated Statements of Operations below Operating profit . The assets related to our funded pension plans are measured at fair value. We make significant subjective judgments about a number of actuarial assumptions, which include discount rates, long-term return on plan assets and mortality rates. Depending on the assumptions and estimates used, the impact from our pension and other postretirement benefits could vary within a range of outcomes and could have a material effect on our Consolidated Financial Statements. We also recognize the present value of pension liabilities associated with the withdrawal from multiemployer pension plans. We record liabilities for obligations related to complete, partial and estimated withdrawals from multiemployer pension plans. The actual liability for estimated withdrawals is not known until each plan completes a final assessment of the withdrawal liability and issues a demand to us. Therefore, we adjust the estimate of our multiemployer pension plan liability as more information becomes available that allows us to refine our estimates. |
Revenue Recognition | Revenue Recognition Revenue is recognized when a performance obligation is satisfied by transferring a promised good or service to a customer. A good or service is considered transferred when the customer obtains control, which is when the customer has the ability to direct the use of and/or obtain substantially all of the benefits of an asset. Proceeds from subscription revenues are deferred at the time of sale and are recognized on a pro rata basis over the terms of the subscriptions. Payment is typically due upfront and the revenue is recognized ratably over the subscription period. The deferred proceeds are recorded within Unexpired subscriptions revenue in the Consolidated Balance Sheet. Revenue from single-copy sales of our print products is recognized based on date of publication, net of provisions for related returns. Payment for single-copy sales is typically due upon complete satisfaction of our performance obligations. The Company does not have significant financing components or significant payment terms as we only offer industry standard payment terms to our customers. When our subscriptions are sold through third parties, we are a principal in the transaction and, therefore, revenues and related costs to third parties for these sales are reported on a gross basis. We are considered a principal if we control a promised good or service before transferring that good or service to the customer. The Company considers several factors to determine if it controls the good or service and therefore is the principal. These factors include (1) if we have primary responsibility for fulfilling the promise; and (2) if we have discretion in establishing price for the specified good or service. Advertising revenues are recognized when advertisements are published in newspapers or placed on digital platforms when impressions are delivered or when the ad is displayed over the contractual fixed period of time with respect to certain digital advertising or, each time a user clicks on certain advertisements, net of provisions for estimated rebates and rate adjustments. Creative services fees, including those associated with our branded content studio, are recognized as revenue based on the nature of the services provided. We recognize a rebate obligation as a reduction of revenues, based on the amount of estimated rebates that will be earned, related to the underlying revenue transactions during the period. Measurement of the rebate obligation is estimated based on the historical experience of the number of customers that ultimately earn and use the rebate. We recognize an obligation for rate adjustments as a reduction of revenues, based on the amount of estimated post-billing adjustments that will be claimed. Measurement of the rate adjustment reserve is estimated based on historical experience of credits actually issued. Payment for advertising is due upon complete satisfaction of our performance obligations. The Company has a formal credit checking policy, procedures and controls in place that evaluate collectability prior to ad publication. Our advertising contracts do not include a significant financing component. Other revenues are recognized when the delivery occurs, services are rendered or purchases are made. Performance Obligations Our contracts with customers may include multiple performance obligations. For such arrangements, we allocate revenue to each performance obligation based on its relative standalone selling price. In the case of our digital archive licensing contracts, the transaction price is allocated among the performance obligations, which consist of (i) the archival content and (ii) the updated content, based on the Company’s estimate of the standalone selling price of each of the performance obligations, as they are currently not sold separately. In the case of our advertising contracts, we may have performance obligations for future services that have not been recognized in our financial statements. The performance obligations are satisfied over time with revenue recognized over the contract term as the advertising services are provided to the customer. Contract Assets We record revenue from customers when performance obligations are satisfied. For our digital archive licensing revenue, we record revenue related to the portion of performance obligation (i) satisfied at the commencement of the contract when the customer obtains control of the archival content and (ii) when the updated content is transferred. We receive payments from customers based upon contractual billing schedules. As the transfer of control represents a right to the contract consideration, we record a contract asset in Other current assets for short-term contract assets and Miscellaneous assets for long-term contract assets on the Consolidated Balance Sheet for any amounts not yet invoiced to the customer. The contract asset is reclassified to Accounts receivable when the customer is invoiced based on the contractual billing schedule. Significant Judgments Our contracts with customers sometimes include promises to transfer multiple products and services to a customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. We use an observable price to determine the standalone selling price for separate performance obligations if available or, when not available, an estimate that maximizes the use of observable inputs and faithfully depicts the selling price of the promised goods or services if we sold those goods or services separately to a similar customer in similar circumstances. Practical Expedients and Exemptions We expense the cost to obtain or fulfill a contract as incurred because the amortization period of the asset that the entity otherwise would have recognized is one year or less. We also apply the practical expedient for the significant financing component when the difference between the payment and the transfer of the products and services is a year or less. |
Income Taxes | Income Taxes Income taxes are recognized for the following: (1) the amount of taxes payable for the current year and (2) deferred tax assets and liabilities for the future tax consequences of events that have been recognized differently in the financial statements than for tax purposes. Deferred tax assets and liabilities are established using statutory tax rates and are adjusted for tax rate changes in the period of enactment. We assess whether our deferred tax assets should be reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized. Our process includes collecting positive (i.e., sources of taxable income) and negative (i.e., recent historical losses) evidence and assessing, based on the evidence, whether it is more likely than not that the deferred tax assets will not be realized. We release tax effects from accumulated other comprehensive income/(loss) for pension and other postretirement benefits on a plan-by-plan approach. We recognize in our financial statements the impact of a tax position if that tax position is more likely than not of being sustained on audit, based on the technical merits of the tax position. This involves the identification of potential uncertain tax positions, the evaluation of tax law and an assessment of whether a liability for uncertain tax positions is necessary. Different conclusions reached in this assessment can have a material impact on our Consolidated Financial Statements. |
Stock-Based Compensation | Stock-Based Compensation |
Earnings/(Loss) Per Share | Earnings/(Loss) Per Shar e As the Company has participating securities, we compute earnings per share based upon the lower of the two-class method or the treasury stock method. The two-class method is an earnings allocation method for computing earnings/(loss) per share when a company’s capital structure includes either two or more classes of common stock or common stock and participating securities. This method determines earnings/(loss) per share based on dividends declared on common stock and participating securities (i.e., distributed earnings), as well as participation rights of participating securities in any undistributed earnings. Basic earnings/(loss) per share is calculated by dividing net earnings/(loss) available to common stockholders by the weighted-average number of shares of common stock outstanding. Diluted earnings/(loss) per share is calculated similarly, except that it includes the dilutive effect of the assumed exercise of securities and the effect of shares issuable under our Company’s stock-based incentive plans if such effect is dilutive. |
Foreign Currency Translation | Foreign Currency Translation The assets and liabilities of foreign companies are translated at period-end exchange rates. Results of operations are translated at average rates of exchange in effect during the year. The resulting translation adjustment is included as a separate component in the Stockholders’ Equity section of our Consolidated Balance Sheets, in the caption Accumulated other comprehensive loss, net of income taxes . |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements The Financial Accounting Standards Board issued authoritative guidance on the following topics: Accounting Standard Update(s) Topic Effective Period Summary 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures Fiscal years, beginning after December 15, 2025. Early adoption is permitted. Requires entities to provide disaggregated income tax disclosures on the rate reconciliation and income taxes paid. We are currently in the process of evaluating the impact of this guidance on the Company’s disclosures. 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures Fiscal years, beginning after December 15, 2023. Early adoption is permitted. Requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items to reconcile to segment profit or loss, and the title and position of the entity’s CODM. The amendments in this update also expand the interim segment disclosure requirements. We are currently in the process of evaluating the impact of this guidance on the Company’s disclosures. The Company considers the applicability and impact of all recently issued accounting pronouncements. Recent accounting pronouncements not specifically identified in our disclosures are either not applicable to the Company or not expected to have a material effect on our financial condition or results of operations. |
Fair Value Measurement | Fair Value Measurements Fair value is the price that would be received upon the sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date. The transaction would be in the principal or most advantageous market for the asset or liability, based on assumptions that a market participant would use in pricing the asset or liability. The fair value hierarchy consists of three levels: Level 1–quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date; Level 2–inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and Level 3–unobservable inputs for the asset or liability. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Recently Adopted and Issued Accounting Pronouncements | The Financial Accounting Standards Board issued authoritative guidance on the following topics: Accounting Standard Update(s) Topic Effective Period Summary 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures Fiscal years, beginning after December 15, 2025. Early adoption is permitted. Requires entities to provide disaggregated income tax disclosures on the rate reconciliation and income taxes paid. We are currently in the process of evaluating the impact of this guidance on the Company’s disclosures. 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures Fiscal years, beginning after December 15, 2023. Early adoption is permitted. Requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items to reconcile to segment profit or loss, and the title and position of the entity’s CODM. The amendments in this update also expand the interim segment disclosure requirements. We are currently in the process of evaluating the impact of this guidance on the Company’s disclosures. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | Subscription, advertising and other revenues were as follows: Years Ended (In thousands) December 31, 2023 As % December 31, 2022 As % December 26, 2021 As % Subscription $ 1,656,153 68.3 % $ 1,552,362 67.3 % $ 1,362,115 65.6 % Advertising 505,206 20.8 % 523,288 22.7 % 497,536 24.0 % Other (1) 264,793 10.9 % 232,671 10.0 % 215,226 10.4 % Total $ 2,426,152 100.0 % $ 2,308,321 100.0 % $ 2,074,877 100.0 % (1) Other revenue includes building rental revenue , which is not under the scope of Topic 606. Building rental revenue was approximately $27 million, $29 million and $27 million for the years ended December 31, 2023 , December 31, 2022, and December 26, 2021, respectively. The following table summarizes digital and print subscription revenues, which are components of subscription revenues above, for the years ended December 31, 2023, December 31, 2022, and December 26, 2021: Years Ended (In thousands) December 31, 2023 As % December 31, 2022 As % December 26, 2021 As % Digital-only subscription revenues (1) $ 1,099,439 66.4 % $ 978,574 63.0 % $ 773,882 56.8 % Print subscription revenues (2) 556,714 33.6 % 573,788 37.0 % 588,233 43.2 % Total subscription revenues $ 1,656,153 100.0 % $ 1,552,362 100.0 % $ 1,362,115 100.0 % (1) Includes revenue from bundled and standalone subscriptions to our news product, as well as The Athletic and our Cooking, Games and Wirecutter products. (2) Includes domestic home-delivery subscriptions, which include access to our digital products. Also includes single-copy, NYT International and Other subscription revenues. The following table summarizes digital and print advertising revenues for the years ended December 31, 2023, December 31, 2022, and December 26, 2021: Years Ended (In thousands) December 31, 2023 As % December 31, 2022 As % December 26, 2021 As % Advertising revenues Digital $ 317,744 62.9 % $ 318,440 60.9 % $ 308,616 62.0 % Print 187,462 37.1 % 204,848 39.1 % 188,920 38.0 % Total advertising $ 505,206 100.0 % $ 523,288 100.0 % $ 497,536 100.0 % |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost, Gross Unrealized Gains and Losses, and Fair Market Value of AFS Securities | The following tables present the amortized cost, gross unrealized gains and losses, and fair market value of our AFS securities as of December 31, 2023, and December 31, 2022: December 31, 2023 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Short-term AFS securities Corporate debt securities $ 109,891 $ 6 $ (1,828) $ 108,069 U.S. Treasury securities 48,721 55 (667) 48,109 U.S. governmental agency securities 6,000 — (84) 5,916 Total short-term AFS securities $ 164,612 $ 61 $ (2,579) $ 162,094 Long-term AFS securities U.S. Treasury securities $ 148,878 $ 1,023 $ (42) $ 149,859 Corporate debt securities 103,061 886 (5) 103,942 U.S. governmental agency securities 3,857 — (25) 3,832 Total long-term AFS securities $ 255,796 $ 1,909 $ (72) $ 257,633 December 31, 2022 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Short-term AFS securities Corporate debt securities $ 52,315 $ — $ (1,286) $ 51,029 U.S. Treasury securities 45,096 — (963) 44,133 U.S. governmental agency securities 22,806 — (722) 22,084 Municipal securities 8,903 — (177) 8,726 Total short-term AFS securities $ 129,120 $ — $ (3,148) $ 125,972 Long-term AFS securities U.S. Treasury securities $ 25,990 $ — $ (1,576) $ 24,414 Corporate debt securities 115,207 — (6,377) 108,830 U.S. governmental agency securities 5,999 — (326) 5,673 Total long-term AFS securities $ 147,196 $ — $ (8,279) $ 138,917 |
Schedule of AFS Securities in Unrealized Loss Position | The following tables present the AFS securities as of December 31, 2023, and December 31, 2022, that were in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by investment category and the length of time that individual securities have been in a continuous loss position: December 31, 2023 Less than 12 Months 12 Months or Greater Total (In thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Short-term AFS securities Corporate debt securities $ 5,819 $ (5) $ 99,504 $ (1,823) $ 105,323 $ (1,828) U.S. Treasury securities 995 (1) 24,978 (666) 25,973 (667) U.S. governmental agency securities — — 5,916 (84) 5,916 (84) Total short-term AFS securities $ 6,814 $ (6) $ 130,398 $ (2,573) $ 137,212 $ (2,579) Long-term AFS securities U.S. Treasury securities $ 14,792 $ (36) $ 290 $ (6) $ 15,082 $ (42) Corporate debt securities 2,451 — 245 (5) 2,696 (5) U.S. governmental agency securities 3,832 (25) — — 3,832 (25) Total long-term AFS securities $ 21,075 $ (61) $ 535 $ (11) $ 21,610 $ (72) December 31, 2022 Less than 12 Months 12 Months or Greater Total (In thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Short-term AFS securities Corporate debt securities $ 3,799 $ (11) $ 47,230 $ (1,275) $ 51,029 $ (1,286) U.S. Treasury securities — — 44,133 (963) 44,133 (963) U.S. governmental agency securities — — 22,084 (722) 22,084 (722) Municipal securities — — 8,726 (177) 8,726 (177) Total short-term AFS securities $ 3,799 $ (11) $ 122,173 $ (3,137) $ 125,972 $ (3,148) Long-term AFS securities Corporate debt securities $ 2,004 $ (57) $ 106,826 $ (6,320) $ 108,830 $ (6,377) U.S. Treasury securities 282 (9) 24,132 (1,567) 24,414 (1,576) U.S. governmental agency securities — — 5,673 (326) 5,673 (326) Total long-term AFS securities $ 2,286 $ (66) $ 136,631 $ (8,213) $ 138,917 $ (8,279) |
Business Combination (Tables)
Business Combination (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the allocation of the purchase price (at fair value) to the assets acquired and liabilities assumed of The Athletic as of February 1, 2022 (the date of acquisition): (In thousands) Purchase Price Allocation Estimated Useful Life (in years) Total current assets $ 18,495 Property, plant and equipment 281 3- 5 Right of use asset (1) 2,612 Trademark (2) 160,000 20 Existing subscriber base (2) 135,000 12 Developed technology (2) 35,000 5 Content archive (2) 2,000 2 Goodwill (5) 251,360 Indefinite Total current liabilities (3)(5) (41,399) Other liabilities — Other (3,491) Deferred tax liability, net (4)(5) (36,392) Total purchase price $ 523,466 (1) Included in Miscellaneous assets in our Consolidated Balance Sheets. (2) Included in Intangible assets, net in our Consolidated Balance Sheets. (3) Includes Unexpired subscriptions revenue of $28.1 million. (4) Included in Deferred income taxes in our Consolidated Balance Sheets. (5) Includes measurement period adjustment related to deferred tax asset and working capital adjustments. |
Schedule of Pro Forma | The following unaudited pro forma summary presents consolidated information of the Company, including The Athletic, as if the business combination had occurred on December 28, 2020, the first day of fiscal year ended December 26, 2021, which is the earliest period presented herein: Years Ended (In thousands) December 31, 2022 December 26, 2021 Revenue $ 2,315,468 $ 2,142,202 Net income 197,225 128,330 |
Schedule of Goodwill Balances | The changes in the carrying amount of goodwill as of December 31, 2023, and since December 26, 2021, were as follows: (In thousands) The New York Times Group The Athletic Total Company Balance as of December 26, 2021 $ 166,360 $ — $ 166,360 Foreign currency translation (3,674) — (3,674) Acquisition of The Athletic Media Company — 249,792 249,792 Measurement period adjustments (1) — 1,568 1,568 Balance as of December 31, 2022 162,686 251,360 414,046 Foreign currency translation 2,052 — 2,052 Balance as of December 31, 2023 $ 164,738 $ 251,360 $ 416,098 (1) Includes measurement period adjustment related to deferred tax asset and working capital adjustments in connection with The Athletic Media Company acquisition. |
Schedule of Finite-Lived Intangible Assets | As of December 31, 2023, and December 31, 2022, the gross book value and accumulated amortization of the intangible assets with definite lives were as follows: December 31, 2023 (In thousands) Gross book value Accumulated amortization Net book value Weighted-Average Useful Life (Years) Trademark $ 162,618 $ (17,767) $ 144,851 18.3 Existing subscriber base 136,500 (23,062) 113,438 10.2 Developed technology 38,401 (15,381) 23,020 3.2 Content archive 5,751 (4,047) 1,704 2.5 Total $ 343,270 $ (60,257) $ 283,013 13.7 December 31, 2022 (In thousands) Gross book value Accumulated amortization Net book value Weighted-Average Useful Life (Years) Trademark $ 162,618 $ (8,661) $ 153,957 19.2 Existing subscriber base 136,500 (11,812) 124,688 11.2 Developed technology 38,401 (8,043) 30,358 4.2 Content archive 5,751 (2,420) 3,331 2.8 Total $ 343,270 $ (30,936) $ 312,334 14.4 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The estimated aggregate amortization expense for each of the following fiscal years ending December 31 is presented below: (In thousands) 2024 $ 27,479 2025 27,213 2026 26,960 2027 20,171 2028 19,335 Thereafter 161,855 Total amortization expense $ 283,013 |
Other (Tables)
Other (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Schedule of Interest Income and Other, Net | Interest income and other, net , as shown in the accompanying Consolidated Statements of Operations, was as follows: (In thousands) December 31, December 31, December 26, Interest income and other expense, net (1) $ 22,116 $ 7,264 $ 6,569 Gain on the sale of land (1) — 34,227 — Gain on non-marketable equity investment (2) — — 27,156 Interest expense (1,014) (800) (780) Total interest income and other, net $ 21,102 $ 40,691 $ 32,945 (1) On December 9, 2020, we entered into an agreement to lease and subsequently sell approximately four acres of land at our printing and distribution facility in College Point, N.Y., subject to certain conditions. The lease commenced on April 11, 2022. At the time of the lease expiration in February 2025, we will sell the parcel to the lessee for approximately $36 million. The transaction is accounted for as a sales-type lease and, as a result, we recognized a gain of approximately $34 million (net of commissions) at the time of lease commencement. In 2023, we recorded $1.8 million in interest income related to this lease. (2) Represents gains related to a non-marketable equity investment transaction. |
Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash | A reconciliation of cash, cash equivalents and restricted cash as of December 31, 2023, and December 31, 2022, from the Consolidated Balance Sheets to the Consolidated Statements of Cash Flows is as follows: (In thousands) December 31, 2023 December 31, 2022 Reconciliation of cash, cash equivalents and restricted cash Cash and cash equivalents $ 289,472 $ 221,385 Restricted cash included within miscellaneous assets 13,700 13,788 Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows $ 303,172 $ 235,173 |
Schedule of Restrictions on Cash and Cash Equivalents | A reconciliation of cash, cash equivalents and restricted cash as of December 31, 2023, and December 31, 2022, from the Consolidated Balance Sheets to the Consolidated Statements of Cash Flows is as follows: (In thousands) December 31, 2023 December 31, 2022 Reconciliation of cash, cash equivalents and restricted cash Cash and cash equivalents $ 289,472 $ 221,385 Restricted cash included within miscellaneous assets 13,700 13,788 Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows $ 303,172 $ 235,173 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2023, and December 31, 2022: (In thousands) December 31, 2023 December 31, 2022 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Short-term AFS securities (1) Corporate debt securities $ 108,069 $ — $ 108,069 $ — 51,029 — 51,029 — U.S. Treasury securities 48,109 — 48,109 — 44,133 — 44,133 — U.S. governmental agency securities 5,916 — 5,916 — 22,084 — 22,084 — Municipal securities — — — — 8,726 — 8,726 — Total short-term AFS securities $ 162,094 $ — $ 162,094 $ — $ 125,972 $ — $ 125,972 $ — Long-term AFS securities (1) U.S. Treasury securities $ 149,859 $ — $ 149,859 $ — $ 24,414 $ — $ 24,414 $ — Corporate debt securities $ 103,942 $ — $ 103,942 $ — $ 108,830 $ — $ 108,830 $ — U.S. governmental agency securities 3,832 — 3,832 — 5,673 — 5,673 — Total long-term AFS securities $ 257,633 $ — $ 257,633 $ — $ 138,917 $ — $ 138,917 $ — Liabilities: Deferred compensation (2)(3) $ 13,752 $ 13,752 $ — $ — $ 14,635 $ 14,635 $ — $ — Contingent consideration $ 4,991 $ — $ — $ 4,991 $ 5,324 $ — $ — $ 5,324 (1) We classified these investments as Level 2 since the fair value is based on market observable inputs for investments with similar terms and maturities. (2) The deferred compensation liability, included in Other liabilities—Other in our Consolidated Balance Sheets, consists of deferrals under The New York Times Company Deferred Executive Compensation Plan (the “DEC”), a frozen plan that enabled certain eligible executives to elect to defer a portion of their compensation on a pre-tax basis. The deferred amounts are invested at the executives’ option in various mutual funds. The fair value of deferred compensation is based on the mutual fund investments elected by the executives and on quoted prices in active markets for identical assets. Participation in the DEC was frozen effective December 31, 2015. (3) The Company invests the deferred compensation balance in life insurance products. Our investments in life insurance products are included in Miscellaneous assets |
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents the changes in the balance of the contingent consideration during the year ended December 31, 2023, and December 31, 2022: (In thousands) December 31, 2023 December 31, 2022 Balance at the beginning of the period $ 5,324 $ 7,450 Payments (3,448) (2,586) Fair value adjustments (1) 3,115 460 Contingent consideration at the end of the period $ 4,991 $ 5,324 (1) Fair value adjustments are included in General and administrative expenses in our Consolidated Statements of Operations. |
Pension Benefits (Tables)
Pension Benefits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Pension Benefits | |
Schedule of Allocation of Plan Assets | The asset allocations by asset category as of December 31, 2023, were as follows: Asset Category Percentage Range Actual Hedging Assets 75% - 90% 79 % Return-Seeking Assets 10% - 25% 19 % Cash and Equivalents 0% - 5% 2 % |
Pension Plan | |
Pension Benefits | |
Schedule of Components of Net Periodic Benefit Cost | The components of net periodic pension cost were as follows: December 31, 2023 December 31, 2022 December 26, 2021 (In thousands) Qualified Non- All Qualified Non- All Qualified Non- All Service cost $ 5,669 $ 73 $ 5,742 $ 11,526 $ 105 $ 11,631 $ 9,105 $ 95 $ 9,200 Interest cost 56,793 9,218 66,011 35,350 5,142 40,492 30,517 4,352 34,869 Expected return on plan assets (76,489) — (76,489) (55,229) — (55,229) (50,711) — (50,711) Amortization and other costs 2,654 3,538 6,192 13,065 6,572 19,637 20,225 7,275 27,500 Amortization of prior service (credit)/cost (1,945) 50 (1,895) (1,945) 48 (1,897) (1,945) 55 (1,890) Effect of settlement/curtailment — — — — — — — (163) (163) Net periodic pension (credit)/cost $ (13,318) $ 12,879 $ (439) $ 2,767 $ 11,867 $ 14,634 $ 7,191 $ 11,614 $ 18,805 |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income | Other changes in plan assets and benefit obligations recognized in other comprehensive income were as follows: (In thousands) December 31, December 31, December 26, Net actuarial loss/(gain) $ 19,100 $ (22,500) $ (25,585) Amortization of loss (6,192) (19,637) (27,500) Amortization of prior service credit 1,895 1,897 1,890 Total recognized in other comprehensive income 14,803 (40,240) (51,195) Net periodic pension (credit)/cost (439) 14,634 18,805 Total recognized in net periodic pension benefit cost and other comprehensive income $ 14,364 $ (25,606) $ (32,390) |
Schedule of Changes in Projected Benefit Obligations and Plan Assets | The changes in the benefit obligation and plan assets and other amounts recognized in other comprehensive loss were as follows: December 31, 2023 December 31, 2022 (In thousands) Qualified Non- All Plans Qualified Non- All Plans Change in benefit obligation Benefit obligation at beginning of year $ 1,076,412 $ 179,608 $ 1,256,020 $ 1,475,764 $ 239,190 $ 1,714,954 Service cost 5,669 73 5,742 11,526 105 11,631 Interest cost 56,793 9,218 66,011 35,350 5,142 40,492 Actuarial loss/(gain) 39,116 8,089 47,205 (374,109) (46,835) (420,944) Benefits paid (109,501) (16,463) (125,964) (72,119) (17,917) (90,036) Effects of change in currency conversion — 31 31 — (77) (77) Benefit obligation at end of year 1,068,489 180,556 1,249,045 1,076,412 179,608 1,256,020 Change in plan assets Fair value of plan assets at beginning of year 1,145,933 — 1,145,933 1,550,078 — 1,550,078 Actual return on plan assets 104,595 — 104,595 (343,215) — (343,215) Employer contributions 10,478 16,463 26,941 11,189 17,917 29,106 Benefits paid (109,501) (16,463) (125,964) (72,119) (17,917) (90,036) Fair value of plan assets at end of year 1,151,505 — 1,151,505 1,145,933 — 1,145,933 Net amount recognized $ 83,016 $ (180,556) $ (97,540) $ 69,521 $ (179,608) $ (110,087) Amount recognized in the Consolidated Balance Sheets Pension assets $ 83,016 $ — $ 83,016 $ 69,521 $ — $ 69,521 Current liabilities — (16,672) (16,672) — (16,361) (16,361) Noncurrent liabilities — (163,884) (163,884) — (163,247) (163,247) Net amount recognized $ 83,016 $ (180,556) $ (97,540) $ 69,521 $ (179,608) $ (110,087) Amount recognized in accumulated other comprehensive loss Actuarial loss $ 446,500 $ 73,804 $ 520,304 $ 438,145 $ 69,252 $ 507,397 Prior service credit (9,062) 489 (8,573) (11,007) 539 (10,468) Total $ 437,438 $ 74,293 $ 511,731 $ 427,138 $ 69,791 $ 496,929 |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | Information for pension plans with an accumulated benefit obligation and projected benefit obligation in excess of plan assets was as follows: (In thousands) December 31, December 31, Projected benefit obligation $ 180,556 $ 179,608 Accumulated benefit obligation $ 180,269 $ 179,370 Fair value of plan assets $ — $ — |
Schedule of Assumptions Used | Weighted-average assumptions used in the actuarial computations to determine benefit obligations for qualified pension plans were as follows: December 31, December 31, Discount rate 5.25 % 5.66 % Rate of increase in compensation levels 3.00 % 3.00 % The rate of increase in compensation levels is applicable only for the APP that has not been frozen. Weighted-average assumptions used in the actuarial computations to determine net periodic pension cost for qualified plans were as follows: December 31, December 31, December 26, Discount rate for determining projected benefit obligation 5.66 % 2.94 % 2.64 % Discount rate in effect for determining service cost 5.59 % 3.14 % 3.87 % Discount rate in effect for determining interest cost 5.46 % 2.45 % 2.02 % Rate of increase in compensation levels 3.00 % 3.00 % 3.00 % Expected long-term rate of return on assets 5.61 % 3.75 % 3.74 % Weighted-average assumptions used in the actuarial computations to determine benefit obligations for non-qualified plans were as follows: December 31, December 31, Discount rate 5.21 % 5.64 % Rate of increase in compensation levels 3.00 % 3.00 % The rate of increase in compensation levels is applicable only for the foreign plan that has not been frozen. Weighted-average assumptions used in the actuarial computations to determine net periodic pension cost for non-qualified plans were as follows: December 31, December 31, December 26, Discount rate for determining projected benefit obligation 5.64 % 2.81 % 2.39 % Discount rate in effect for determining interest cost 5.39 % 2.24 % 1.74 % Rate of increase in compensation levels 3.00 % 2.50 % 2.50 % |
Schedule of Allocation of Plan Assets | The following asset allocation guidelines apply to the Return-Seeking Assets as of December 31, 2023: Asset Category Percentage Range Actual Public Equity 70% - 90% 72 % Growth Fixed Income 0% - 15% 0 % Alternatives 0% - 15% 15 % Cash (1) 0% - 10% 13 % (1) Cash balances exceeded targets as of December 31, 2023 due to immediate cash needs. The asset allocations by asset category for both Liability-Hedging and Return-Seeking Assets, as of December 31, 2023, were as follows: Asset Category Percentage Range Actual Liability-Hedging 85.5% - 90.5% 87 % Public Equity 6.7% - 13.1% 9 % Growth Fixed Income 0% - 2% 0 % Alternatives 0% - 2% 2 % Cash (1) 0% - 1% 2 % (1) Cash balances exceeded targets as of December 31, 2023 due to immediate cash needs. The fair value of the assets underlying the Pension Plan and the joint-sponsored APP by asset category are as follows: December 31, 2023 (In thousands) Quoted Prices Significant Significant Investment Measured at Net Asset Value (2) Asset Category (Level 1) (Level 2) (Level 3) Total Equity Securities: U.S. Equities $ 395 $ — $ — $ — $ 395 International Equities 15,776 — — — 15,776 Registered Investment Companies 174,024 — — — 174,024 Common/Collective Funds (1) — — — 285,387 285,387 Fixed Income Securities: Corporate Bonds — 537,032 — — 537,032 U.S. Treasury and Other Government Securities — 48,993 — — 48,993 Municipal and Provincial Bonds — 27,702 — — 27,702 Other — 14,711 — — 14,711 Cash and Cash Equivalents — — — 27,516 27,516 Private Equity — — — 4,305 4,305 Hedge Fund — — — 15,664 15,664 Assets at Fair Value $ 190,195 $ 628,438 $ — $ 332,872 $ 1,151,505 (1) The underlying assets of the common/collective funds primarily consist of equity and fixed income securities. The fair value in the above table represents our ownership share of the NAV of the underlying funds. (2) Certain investments that are measured at fair value using the NAV per share (or its equivalent) have not been classified in the fair value hierarchy. December 31, 2022 (In thousands) Quoted Prices Significant Significant Investment Measured at Net Asset Value (2) Asset Category (Level 1) (Level 2) (Level 3) Total Equity Securities: U.S. Equities $ 10,548 $ — $ — $ — $ 10,548 International Equities 23,448 — — — 23,448 Registered Investment Companies (3) 171,310 — — — 171,310 Common/Collective Funds (1) — — — 288,489 288,489 Fixed Income Securities: Corporate Bonds — 531,033 — — 531,033 U.S. Treasury and Other Government Securities — 46,279 — — 46,279 Municipal and Provincial Bonds — 27,851 — — 27,851 Other — 12,781 — — 12,781 Cash and Cash Equivalents — — — 15,064 15,064 Private Equity — — — 4,766 4,766 Hedge Fund — — — 14,364 14,364 Assets at Fair Value $ 205,306 $ 617,944 $ — $ 322,683 $ 1,145,933 (1) The underlying assets of the common/collective funds primarily consist of equity and fixed income securities. The fair value in the above table represents our ownership share of the NAV of the underlying funds. (2) Certain investments that are measured at fair value using the NAV per share (or its equivalent) have not been classified in the fair value hierarchy. |
Schedule of Expected Benefit Payments | The following benefit payments, which reflect future service for plans that have not been frozen, are expected to be paid: Plans (In thousands) Qualified Non- Total 2024 $ 75,066 $ 17,062 $ 92,128 2025 76,551 16,468 93,019 2026 77,850 16,232 94,082 2027 78,841 16,063 94,904 2028 79,553 15,915 95,468 2029-2033 (1) 399,518 71,887 471,405 (1) |
Schedule of Multi Employer Plans | Our participation in significant plans for the fiscal period ended December 31, 2023, is outlined in the table below. The “EIN/Pension Plan Number” column provides the Employer Identification Number (“EIN”) and the three-digit plan number. The zone status is based on the latest information that we received from the plan and is certified by the plan’s actuary. A plan is generally classified in critical status if a funding deficiency is projected within four years or five years, depending on other criteria. A plan in critical status is classified in critical and declining status if it is projected to become insolvent in the next 15 or 20 years, depending on other criteria. A plan is classified in endangered status if its funded percentage is less than 80% or a funding deficiency is projected within seven years. If the plan satisfies both of these triggers, it is classified in seriously endangered status. A plan not classified in any other status is classified in the green zone. The “FIP/RP Status Pending/Implemented” column indicates plans for which a funding improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented. The “Surcharge Imposed” column includes plans in a red zone status that are required to pay a surcharge in excess of regular contributions. The last column lists the expiration date(s) of the collective bargaining agreement(s) to which the plans are subject. The Company withdrew from the Pressmen’s Publishers’ Pension Fund and the Paper Handlers’ - Publishers’ Pension Fund during fiscal year 2023. EIN/Pension Plan Number Pension Protection Act Zone Status FIP/RP Status Pending/Implemented (In thousands) Contributions of the Company Surcharge Imposed Collective Bargaining Agreement Expiration Date Pension Fund 2023 2022 2023 (4) 2022 2021 CWA/ITU Negotiated Pension Plan 13-6212879-001 Critical and Declining as of 1/01/23 Critical and Declining as of 1/01/22 Implemented $ 263 $ 328 $ 364 No (1) Newspaper and Mail Deliverers’-Publishers’ Pension Fund (2) 13-6122251-001 Green as of 6/01/23 Green as of 6/01/22 N/A 703 804 912 No 3/30/2026 GCIU-Employer Retirement Benefit Plan 91-6024903-001 Critical and Declining as of 1/01/23 Critical and Declining as of 1/01/22 Implemented 54 56 48 No 3/30/2026 Pressmen’s Publishers’ Pension Fund 13-6121627-001 N/A (3) Green as of 4/01/22 N/A 41 1,447 1,337 No 3/30/2027 Paper Handlers’-Publishers’ Pension Fund 13-6104795-001 Critical and Declining as of 4/01/23 Critical and Declining as of 4/01/22 Implemented 95 96 103 Yes 3/30/2026 Contributions for individually significant plans $ 1,156 $ 2,731 $ 2,764 Contributions for a plan not individually significant $ 29 $ 36 $ 33 Total Contributions $ 1,185 $ 2,767 $ 2,797 (1) There are two collective bargaining agreements requiring contributions to this plan: Mailers, which expired November 30, 2023, and Typographers, which expires March 30, 2025. (2) Elections under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010: Extended Amortization of Net Investment Losses (IRC Section 431(b)(8)(A)) and the Expanded Smoothing Period (IRC Section 431(b)(8)(B)). (3) The plan terminated by mass withdrawal prior to the start of the 2023 plan year. (4) The Company withdrew from the Pressmen’s Publishers’ Pension Fund and the Paper Handlers’ - Publishers’ Pension Fund during calendar year 2023. The rehabilitation plan for the GCIU-Employer Retirement Benefit Plan includes minimum annual contributions no less than the total annual contribution made by us from September 1, 2008, through August 31, 2009. The Company was listed in the plans’ respective Forms 5500 as providing more than 5% of the total contributions for the following plans and plan years: Pension Fund Year Contributions to Plan Exceeded More Than 5% of Total Contributions (as of Plan’s Year-End) CWA/ITU Negotiated Pension Plan 12/31/2021 Newspaper and Mail Deliverers’-Publishers’ Pension Fund 5/31/2022 & 5/31/2021 (1) Pressmen’s Publisher’s Pension Fund 3/31/2023 & 3/31/2022 Paper Handlers’-Publishers’ Pension Fund 3/31/2023 & 3/31/2022 (1) Form 5500 for the plan year ended 5/31/2023 was not available as of the date we filed our financial statements. |
Other Postretirement Benefits (
Other Postretirement Benefits (Tables) - Other Postretirement Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Other Postretirement Benefits | |
Schedule of Components of Net Periodic Postretirement Benefit Cost | The components of net periodic postretirement benefit cost were as follows: (In thousands) December 31, December 31, December 26, Service cost $ 33 $ 46 $ 53 Interest cost 1,500 731 565 Amortization and other costs 1,945 3,293 3,407 Amortization of prior service credit — (368) (3,098) Net periodic postretirement benefit cost $ 3,478 $ 3,702 $ 927 |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | The changes in the benefit obligations recognized in other comprehensive loss were as follows: (In thousands) December 31, December 31, December 26, Net actuarial (gain)/loss $ (6,916) $ (6,801) $ 2,254 Amortization of loss (1,945) (3,293) (3,407) Amortization of prior service credit — 368 3,098 Total recognized in other comprehensive (income)/loss (8,861) (9,726) 1,945 Net periodic postretirement benefit cost 3,478 3,702 927 Total recognized in net periodic postretirement benefit cost and other comprehensive (income)/loss $ (5,383) $ (6,024) $ 2,872 |
Schedule of Changes in Projected Benefit Obligations and Plan Assets | The changes in the benefit obligation and plan assets and other amounts recognized in other comprehensive loss were as follows: (In thousands) December 31, December 31, Change in benefit obligation Benefit obligation at beginning of year $ 30,696 $ 40,607 Service cost 33 46 Interest cost 1,500 731 Plan participants’ contributions 2,060 2,271 Actuarial (gain) (6,916) (6,801) Benefits paid (4,461) (6,158) Benefit obligation at the end of year 22,912 30,696 Change in plan assets Employer contributions 2,401 3,887 Plan participants’ contributions 2,060 2,271 Benefits paid (4,461) (6,158) Fair value of plan assets at end of year — — Net amount recognized $ (22,912) $ (30,696) Amount recognized in the Consolidated Balance Sheets Current liabilities $ (3,510) $ (4,241) Noncurrent liabilities (19,402) (26,455) Net amount recognized $ (22,912) $ (30,696) Amount recognized in accumulated other comprehensive loss Actuarial loss $ 6,676 $ 15,537 Prior service credit — — Total $ 6,676 $ 15,537 |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | Information for postretirement plans with accumulated benefit obligations in excess of plan assets was as follows: (In thousands) December 31, December 31, Accumulated benefit obligation $ 22,912 $ 30,696 Fair value of plan assets $ — $ — |
Schedule of Assumptions Used | Weighted-average assumptions used in the actuarial computations to determine the postretirement benefit obligations were as follows: December 31, December 31, Discount rate 5.16 % 5.55 % Estimated increase in compensation level 3.50 % 3.50 % Weighted-average assumptions used in the actuarial computations to determine net periodic postretirement cost were as follows: December 31, December 31, December 26, Discount rate for determining projected benefit obligation 5.55 % 2.55 % 2.01 % Discount rate in effect for determining service cost 5.55 % 2.58 % 2.09 % Discount rate in effect for determining interest cost 5.26 % 1.91 % 1.38 % Estimated increase in compensation level 3.50 % 3.50 % 3.50 % |
Schedule of Health Care Cost Trend Rates | The assumed health-care cost trend rates were as follows: December 31, December 31, Health-care cost trend rate 6.71 % 6.75 % Rate to which the cost trend rate is assumed to decline (ultimate trend rate) 4.75 % 4.92 % Year that the rate reaches the ultimate trend rate 2030 2030 |
Schedule of Expected Benefit Payments | The following benefit payments (net of plan participant contributions) under our Company’s postretirement plans, which reflect expected future services, are expected to be paid: (In thousands) Amount 2024 $ 3,632 2025 3,198 2026 2,923 2027 2,669 2028 2,435 2029-2033 (1) 8,820 (1) |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Liabilities | The components of the Other Liabilities — Other balance in our Consolidated Balance Sheets were as follows: (In thousands) December 31, December 31, Deferred compensation $ 13,752 $ 14,635 Noncurrent operating lease liabilities 42,905 59,124 Contingent consideration 3,195 2,799 Other liabilities 41,112 34,257 Total $ 100,964 $ 110,815 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | Reconciliations between the effective tax rate on income from continuing operations before income taxes and the federal statutory rate are presented below. December 31, 2023 December 31, 2022 December 26, 2021 (In thousands) Amount % of Amount % of Amount % of Tax at federal statutory rate $ 63,544 21.0 $ 49,560 21.0 $ 61,005 21.0 State and local taxes, net 18,445 6.1 16,855 7.1 16,378 5.6 Increase/(decrease) in uncertain tax positions 1,763 0.6 (220) (0.1) 2,782 1.0 (Gain)/loss on company-owned life insurance (735) (0.2) 857 0.4 (712) (0.2) Nondeductible expense 1,492 0.5 780 0.3 593 0.2 Nondeductible executive compensation 2,175 0.7 3,985 1.7 4,140 1.4 Stock-based awards expense/(benefit) 478 0.2 (1,119) (0.5) (5,461) (1.9) Deduction for foreign-derived intangible income (3,985) (1.3) (3,166) (1.3) (2,972) (1.0) Research and experimentation credit (12,683) (4.2) (6,699) (2.8) (5,571) (1.9) Other, net (658) (0.2) 1,261 0.5 348 0.1 Income tax expense $ 69,836 23.2 $ 62,094 26.3 $ 70,530 24.3 |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense as shown in our Consolidated Statements of Operations were as follows: (In thousands) December 31, December 31, December 26, Current tax expense/(benefit) Federal $ 56,139 $ 75,495 $ 55,110 Foreign 2,590 1,897 1,042 State and local 30,901 30,855 20,736 Total current tax expense 89,630 108,247 76,888 Deferred tax expense/(benefit) Federal (12,715) (36,344) (5,651) State and local (7,079) (9,809) (707) Total deferred tax expense (19,794) (46,153) (6,358) Income tax expense $ 69,836 $ 62,094 $ 70,530 |
Schedule of Deferred Tax Assets and Liabilities | The components of the net deferred tax assets and liabilities recognized in our Consolidated Balance Sheets were as follows: (In thousands) December 31, December 31, Deferred tax assets Retirement, postemployment and deferred compensation plans $ 60,398 $ 67,797 Accruals for other employee benefits, compensation, insurance and other 36,968 31,335 Net operating losses (1) 42,944 52,522 Operating lease liabilities 14,144 18,403 Capitalized research and development costs (2) 68,113 55,370 Other 36,387 32,974 Gross deferred tax assets $ 258,954 $ 258,401 Valuation allowance (3,240) (4,258) Net deferred tax assets $ 255,714 $ 254,143 Deferred tax liabilities Property, plant and equipment $ 37,950 $ 44,698 Intangible assets 79,718 88,115 Operating lease right-of-use assets 9,626 15,453 Other 13,915 9,514 Gross deferred tax liabilities $ 141,209 $ 157,780 Net deferred tax asset $ 114,505 $ 96,363 (1) Includes federal tax operating loss carryforwards acquired in connection with The Athletic Media Company acquisition. (2) As a result of the Tax Cuts and Jobs Act, see Liquidity and Capital Resources section in the Management’s Discussion and Analysis of Financial Condition and Results of Operations for more information. |
Schedule of Income Tax Contingencies | A reconciliation of unrecognized tax benefits is as follows: (In thousands) December 31, December 31, December 26, Balance at beginning of year $ 5,528 $ 5,891 $ 6,737 Gross additions to tax positions taken during the current year 2,466 1,504 1,389 Gross additions to tax positions taken during the prior year 877 73 2,458 Gross reductions to tax positions taken during the prior year (8) — (150) Reductions from settlements with taxing authorities (1,185) (1,116) (3,534) Reductions from lapse of applicable statutes of limitations (604) (824) (1,009) Balance at end of year $ 7,074 $ 5,528 $ 5,891 |
Stock-Based Awards (Tables)
Stock-Based Awards (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock-based Compensation Expense | Total stock-based compensation expense included in the Consolidated Statement of Operations is as follows: (In thousands) December 31, December 31, December 26, Cost of revenue $ 12,804 $ 8,031 $ 5,218 Marketing 1,604 1,243 1,283 Product development 20,188 10,875 3,655 General and administrative 20,180 15,157 12,059 Total stock-based compensation expense $ 54,776 $ 35,306 $ 22,215 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | Changes in our Company’s stock-settled restricted stock units in 2023 were as follows: December 31, 2023 (Shares in thousands) Restricted Weighted-Average Outstanding at beginning of period 2,003 $ 40 Granted 1,514 40 Vested (730) 42 Forfeited (185) 41 Outstanding at end of period 2,602 $ 40 Exercisable at end of period 186 $ 28 Unvested stock-settled restricted stock units at beginning of period 1,812 $ 41 Unvested stock-settled restricted stock units at end of period 2,430 $ 40 Unvested stock-settled restricted stock units expected to vest at end of period 2,157 $ 41 |
Schedule of Common Stock Reserved For Issuance | Shares of Class A Common Stock reserved for issuance were as follows: (Shares in thousands) December 31, December 31, Stock options, stock–settled restricted stock units and stock-settled performance awards Stock options and stock-settled restricted stock units 2,602 2,003 Stock-settled performance awards (1) 1,403 1,065 Outstanding 4,005 3,068 Available 11,688 13,171 Employee Stock Purchase Plan Available 7,883 — Total Outstanding 4,005 3,068 Total Available (2) 19,571 13,171 (1) The number of shares actually earned at the end of the multi-year performance period will vary, based on actual performance, from 0% to 200% of the target number of performance awards granted. The maximum number of shares that could be issued is included in the table above. (2) As of December 31, 2023, the 2020 Incentive Plan had approximately 12 million shares of Class A Common Stock available for issuance upon the grant, exercise or other settlement of stock-based awards. This amount includes shares subject to awards under the 2010 Incentive Plan that were canceled, forfeited or otherwise terminated, or withheld to satisfy the tax withholding requirements, in accordance with the terms of the 2020 Incentive Plan. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the changes in AOCI by component as of December 31, 2023: (In thousands) Foreign Currency Translation Adjustments Funded Status of Benefit Plans Net Unrealized Gain on Available-for-Sale Securities Total Accumulated Other Comprehensive Loss Balance as of December 31, 2022 $ (510) $ (348,947) $ (8,390) $ (357,847) Other comprehensive income/(loss) before reclassifications, before tax 1,885 (12,184) 10,754 455 Amounts reclassified from accumulated other comprehensive loss, before tax — 6,276 — 6,276 Income tax expense/(benefit) 465 (1,569) 2,850 1,746 Net current-period other comprehensive (loss)/income, net of tax 1,420 (4,339) 7,904 4,985 Balance as of December 31, 2023 $ 910 $ (353,286) $ (486) $ (352,862) |
Schedule of Reclassification out of Accumulated Other Comprehensive Income | The following table summarizes the reclassifications from AOCI for the period ended December 31, 2023: (In thousands) Detail about accumulated other comprehensive loss components Amounts reclassified from accumulated other comprehensive loss Affected line item in the statement where net income is presented Funded status of benefit plans: Amortization of prior service credit (1) $ (1,895) Other components of net periodic benefit costs Amortization of actuarial loss (1) 8,171 Other components of net periodic benefit costs Total reclassification, before tax 6,276 Income tax expense 1,660 Income tax expense Total reclassification, net of tax $ 4,616 (1) These AOCI components are included in the computation of net periodic benefit cost for pension and other retirement benefits. See Notes 9 and 10 for additional information. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | The following tables present segment information: Years Ended % Change (In thousands) December 31, December 31, 2023 vs. 2022 (52 weeks) (52 weeks and five days) (1) Revenues NYTG $ 2,295,537 $ 2,223,676 3.2 % The Athletic 131,271 84,645 55.1 % Intersegment Eliminations (2) (656) — * Total revenues $ 2,426,152 $ 2,308,321 5.1 % Adjusted operating profit NYTG $ 421,281 $ 389,049 8.3 % The Athletic (31,430) (41,118) (23.6) % Total adjusted operating profit $ 389,851 $ 347,931 12.0 % Less: Other components of net periodic benefit costs (2,737) 6,659 * Depreciation and amortization 86,115 82,654 4.2 % Severance 7,582 4,669 62.4 % Multiemployer pension plan withdrawal costs 5,248 4,871 7.7 % Acquisition-related costs — 34,712 * Impairment charges 15,239 4,069 * Multiemployer pension plan liability adjustment (605) 14,989 * Add: Gain from joint ventures 2,477 — * Interest income and other, net 21,102 40,691 (48.1) % Income before income taxes $ 302,588 $ 235,999 28.2 % (1) The results of The Athletic have been included in our Consolidated Financial Statements beginning February 1, 2022. (2) Intersegment eliminations (“I/E”) related to content licensing. * Represents a change equal to or in excess of 100% or not meaningful. Revenues detail by segment Years Ended % Change (In thousands) December 31, 2023 December 31, 2022 2023 vs. 2022 (52 weeks) (52 weeks and five days) (1) NYTG Subscription $ 1,555,705 $ 1,480,295 5.1 % Advertising 477,261 511,321 (6.7) % Other 262,571 232,060 13.1 % Total $ 2,295,537 $ 2,223,676 3.2 % The Athletic Subscription $ 100,448 $ 72,067 39.4 % Advertising 27,945 11,967 * Other 2,878 611 * Total $ 131,271 $ 84,645 55.1 % I/E (2) $ (656) $ — * The New York Times Company Subscription $ 1,656,153 $ 1,552,362 6.7 % Advertising 505,206 523,288 (3.5) % Other 264,793 232,671 13.8 % Total $ 2,426,152 $ 2,308,321 5.1 % (1) The results of The Athletic have been included in our Consolidated Financial Statements beginning February 1, 2022. (2) I/E related to content licensing recorded in Other revenues. * Represents a change equal to or in excess of 100% or not meaningful. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Assets And Liabilities | The table below presents the lease-related assets and liabilities recorded on the balance sheet: (In thousands) Classification in the Consolidated Balance Sheet December 31, 2023 December 31, 2022 Operating lease right-of-use assets Right of use assets $ 35,374 $ 57,600 Current operating lease liabilities Accrued expenses and other $ 10,081 $ 9,911 Noncurrent operating lease liabilities Other 42,905 59,124 Total operating lease liabilities $ 52,986 $ 69,035 |
Schedule of Operating Lease Costs | The total lease cost for operating leases included in operating costs in our Consolidated Statement of Operations was as follows: For the Twelve Months Ended (In thousands) December 31, 2023 December 31, 2022 December 26, 2021 Operating lease cost $ 12,026 $ 13,553 $ 11,926 Short term and variable lease cost 1,645 1,714 1,575 Total lease cost $ 13,671 $ 15,267 $ 13,501 The table below presents additional information regarding operating leases: (In thousands, except for lease term and discount rate) December 31, 2023 December 31, 2022 Cash paid for amounts included in the measurement of operating lease liabilities $ 13,476 $ 12,881 Right-of-use assets obtained in exchange for operating lease liabilities $ 2,850 $ 5,970 Weighted-average remaining lease term 6.4 years 8.5 years Weighted-average discount rate 5.04 % 4.45 % |
Schedule of Operating Lease Liability Maturity | Maturities of lease liabilities on an annual basis for the Company’s operating leases as of December 31, 2023, were as follows: (In thousands) Amount 2024 $ 12,279 2025 9,573 2026 8,221 2027 7,359 2028 7,200 Later years 18,012 Total lease payments $ 62,644 Less: Interest (9,658) Present value of lease liabilities $ 52,986 |
Schedule of Operating Lease, Lease Income | We generate building rental revenue from the floors in the Company Headquarters that we lease to third parties. The building rental revenue was as follows: For the Twelve Months Ended (In thousands) December 31, 2023 December 31, 2022 December 26, 2021 Building rental revenue $ 27,163 $ 28,516 $ 22,851 |
Schedule of Cash Flows To Be Received | Maturities of lease payments to be received on an annual basis for the Company’s office space operating leases as of December 31, 2023, were as follows: (In thousands) Amount 2024 $ 29,053 2025 29,344 2026 29,344 2027 29,337 2028 14,708 Later years 57,735 Total building rental revenue from operating leases $ 189,521 |
Basis of Presentation (Details)
Basis of Presentation (Details) | 12 Months Ended |
Dec. 31, 2023 segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reportable segments | 2 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Impairment of leased assets | $ 0 | |
Self insurance reserve | $ 28,000,000 | $ 25,000,000 |
Minimum | Building and Building Improvements | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Property, plant and equipment, useful life | 10 years | |
Minimum | Equipment | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Property, plant and equipment, useful life | 3 years | |
Minimum | Computer Software, Intangible Asset | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Property, plant and equipment, useful life | 2 years | |
Maximum | Building and Building Improvements | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Property, plant and equipment, useful life | 40 years | |
Maximum | Equipment | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Property, plant and equipment, useful life | 30 years | |
Maximum | Computer Software, Intangible Asset | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Property, plant and equipment, useful life | 5 years |
Revenue - Subscription, Adverti
Revenue - Subscription, Advertising, and Other Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 26, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 2,426,152 | $ 2,308,321 | $ 2,074,877 |
Product and service benchmark | Product concentration risk | |||
Disaggregation of Revenue [Line Items] | |||
As % of total | 100% | 100% | 100% |
Subscription | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 1,656,153 | $ 1,552,362 | $ 1,362,115 |
Subscription | Product and service benchmark | Product concentration risk | |||
Disaggregation of Revenue [Line Items] | |||
As % of total | 68.30% | 67.30% | 65.60% |
Advertising | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 505,206 | $ 523,288 | $ 497,536 |
Advertising | Product and service benchmark | Product concentration risk | |||
Disaggregation of Revenue [Line Items] | |||
As % of total | 20.80% | 22.70% | 24% |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 264,793 | $ 232,671 | $ 215,226 |
Other | Product and service benchmark | Product concentration risk | |||
Disaggregation of Revenue [Line Items] | |||
As % of total | 10.90% | 10% | 10.40% |
Real Estate | |||
Disaggregation of Revenue [Line Items] | |||
Revenue not from contract with customer | $ 27,000 | $ 29,000 | $ 27,000 |
Revenue - Digital-only Subscrip
Revenue - Digital-only Subscription Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 26, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 2,426,152 | $ 2,308,321 | $ 2,074,877 |
Subscription | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 1,656,153 | $ 1,552,362 | $ 1,362,115 |
Subscription | Revenue from Contract with Customer, Subscription Revenue Benchmark | Product concentration risk | |||
Disaggregation of Revenue [Line Items] | |||
As % of total | 100% | 100% | 100% |
Subscription | Digital | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 1,099,439 | $ 978,574 | $ 773,882 |
Subscription | Digital | Revenue from Contract with Customer, Subscription Revenue Benchmark | Product concentration risk | |||
Disaggregation of Revenue [Line Items] | |||
As % of total | 66.40% | 63% | 56.80% |
Subscription | Print | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 556,714 | $ 573,788 | $ 588,233 |
Subscription | Print | Revenue from Contract with Customer, Subscription Revenue Benchmark | Product concentration risk | |||
Disaggregation of Revenue [Line Items] | |||
As % of total | 33.60% | 37% | 43.20% |
Revenue - Advertising Revenues
Revenue - Advertising Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 26, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Acquired revenue | $ 2,426,152 | $ 2,308,321 | $ 2,074,877 |
Revenue from Contract with Customer, Advertising Benchmark | Product concentration risk | |||
Disaggregation of Revenue [Line Items] | |||
As % of total | 100% | 100% | 100% |
Advertising | |||
Disaggregation of Revenue [Line Items] | |||
Acquired revenue | $ 505,206 | $ 523,288 | $ 497,536 |
Digital | Revenue from Contract with Customer, Advertising Benchmark | Product concentration risk | |||
Disaggregation of Revenue [Line Items] | |||
As % of total | 62.90% | 60.90% | 62% |
Digital | Advertising | |||
Disaggregation of Revenue [Line Items] | |||
Acquired revenue | $ 317,744 | $ 318,440 | $ 308,616 |
Print | Revenue from Contract with Customer, Advertising Benchmark | Product concentration risk | |||
Disaggregation of Revenue [Line Items] | |||
As % of total | 37.10% | 39.10% | 38% |
Print | Advertising | |||
Disaggregation of Revenue [Line Items] | |||
Acquired revenue | $ 187,462 | $ 204,848 | $ 188,920 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Remaining performance obligation | $ 193,000 | |
Unexpired subscriptions revenue | 172,772 | $ 155,945 |
Unexpired subscriptions | 152,300 | 155,900 |
Contract assets | 3,500 | $ 3,800 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Remaining performance obligation | $ 95,000 | |
Remaining performance obligation, period | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Remaining performance obligation | $ 67,000 | |
Remaining performance obligation, period | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Remaining performance obligation | $ 31,000 | |
Remaining performance obligation, period | 3 years |
Marketable Securities - Narrati
Marketable Securities - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Line of Credit Facility [Line Items] | ||
Net unrealized gain (loss) in other comprehensive income | $ 700,000 | $ 11,400,000 |
OTTI loss recognized | $ 0 | $ 0 |
Short-term Marketable Securities | Minimum | ||
Line of Credit Facility [Line Items] | ||
Remaining maturities on short-term and long-term marketable securities | 1 month | |
Short-term Marketable Securities | Maximum | ||
Line of Credit Facility [Line Items] | ||
Remaining maturities on short-term and long-term marketable securities | 12 months | |
Long-term Marketable Securities | Minimum | ||
Line of Credit Facility [Line Items] | ||
Remaining maturities on short-term and long-term marketable securities | 13 months | |
Long-term Marketable Securities | Maximum | ||
Line of Credit Facility [Line Items] | ||
Remaining maturities on short-term and long-term marketable securities | 26 months |
Marketable Securities - Availab
Marketable Securities - Available for Sale Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Short-term AFS securities | ||
Amortized cost, short-term AFS securities | $ 164,612 | $ 129,120 |
Gross unrealized gains, short-term AFS securities | 61 | 0 |
Gross unrealized losses, short-term AFS securities | (2,579) | (3,148) |
Fair value, short-term AFS securities | 162,094 | 125,972 |
Long-term AFS securities | ||
Amortized cost, long-term AFS securities | 255,796 | 147,196 |
Gross unrealized gains, long-term AFS securities | 1,909 | 0 |
Gross unrealized losses, long-term AFS securities | (72) | (8,279) |
Fair value, long-term AFS securities | 257,633 | 138,917 |
Corporate debt securities | ||
Short-term AFS securities | ||
Amortized cost, short-term AFS securities | 109,891 | 52,315 |
Gross unrealized gains, short-term AFS securities | 6 | 0 |
Gross unrealized losses, short-term AFS securities | (1,828) | (1,286) |
Fair value, short-term AFS securities | 108,069 | 51,029 |
Long-term AFS securities | ||
Amortized cost, long-term AFS securities | 103,061 | 115,207 |
Gross unrealized gains, long-term AFS securities | 886 | 0 |
Gross unrealized losses, long-term AFS securities | (5) | (6,377) |
Fair value, long-term AFS securities | 103,942 | 108,830 |
U.S. Treasury securities | ||
Short-term AFS securities | ||
Amortized cost, short-term AFS securities | 48,721 | 45,096 |
Gross unrealized gains, short-term AFS securities | 55 | 0 |
Gross unrealized losses, short-term AFS securities | (667) | (963) |
Fair value, short-term AFS securities | 48,109 | 44,133 |
Long-term AFS securities | ||
Amortized cost, long-term AFS securities | 148,878 | 25,990 |
Gross unrealized gains, long-term AFS securities | 1,023 | 0 |
Gross unrealized losses, long-term AFS securities | (42) | (1,576) |
Fair value, long-term AFS securities | 149,859 | 24,414 |
U.S. governmental agency securities | ||
Short-term AFS securities | ||
Amortized cost, short-term AFS securities | 6,000 | 22,806 |
Gross unrealized gains, short-term AFS securities | 0 | 0 |
Gross unrealized losses, short-term AFS securities | (84) | (722) |
Fair value, short-term AFS securities | 5,916 | 22,084 |
Long-term AFS securities | ||
Amortized cost, long-term AFS securities | 3,857 | 5,999 |
Gross unrealized gains, long-term AFS securities | 0 | 0 |
Gross unrealized losses, long-term AFS securities | (25) | (326) |
Fair value, long-term AFS securities | $ 3,832 | 5,673 |
Municipal securities | ||
Short-term AFS securities | ||
Amortized cost, short-term AFS securities | 8,903 | |
Gross unrealized gains, short-term AFS securities | 0 | |
Gross unrealized losses, short-term AFS securities | (177) | |
Fair value, short-term AFS securities | $ 8,726 |
Marketable Securities - Continu
Marketable Securities - Continuous Loss Position (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Corporate debt securities | ||
Short-term AFS securities | ||
Fair value, less than 12 months, short-term AFS securities | $ 5,819 | $ 3,799 |
Gross unrealized losses, less than 12 months, short-term AFS securities | (5) | (11) |
Fair value, 12 months or greater, short-term AFS securities | 99,504 | 47,230 |
Gross unrealized losses, 12 months or greater, short-term AFS securities | (1,823) | (1,275) |
Fair value, short-term AFS securities | 105,323 | 51,029 |
Gross unrealized losses, short-term AFS securities | (1,828) | (1,286) |
Long-term AFS securities | ||
Fair value, less than 12 months, long-term AFS securities | 2,451 | 2,004 |
Gross unrealized losses, less than 12 months, long-term AFS securities | 0 | (57) |
Fair value, 12 months or greater, long-term AFS securities | 245 | 106,826 |
Gross unrealized losses, 12 months or greater, long-term AFS securities | (5) | (6,320) |
Fair value, long-term AFS securities | 2,696 | 108,830 |
Gross unrealized losses, long-term AFS securities | (5) | (6,377) |
U.S. Treasury securities | ||
Short-term AFS securities | ||
Fair value, less than 12 months, short-term AFS securities | 995 | 0 |
Gross unrealized losses, less than 12 months, short-term AFS securities | (1) | 0 |
Fair value, 12 months or greater, short-term AFS securities | 24,978 | 44,133 |
Gross unrealized losses, 12 months or greater, short-term AFS securities | (666) | (963) |
Fair value, short-term AFS securities | 25,973 | 44,133 |
Gross unrealized losses, short-term AFS securities | (667) | (963) |
Long-term AFS securities | ||
Fair value, less than 12 months, long-term AFS securities | 14,792 | 282 |
Gross unrealized losses, less than 12 months, long-term AFS securities | (36) | (9) |
Fair value, 12 months or greater, long-term AFS securities | 290 | 24,132 |
Gross unrealized losses, 12 months or greater, long-term AFS securities | (6) | (1,567) |
Fair value, long-term AFS securities | 15,082 | 24,414 |
Gross unrealized losses, long-term AFS securities | (42) | (1,576) |
U.S. governmental agency securities | ||
Short-term AFS securities | ||
Fair value, less than 12 months, short-term AFS securities | 0 | 0 |
Gross unrealized losses, less than 12 months, short-term AFS securities | 0 | 0 |
Fair value, 12 months or greater, short-term AFS securities | 5,916 | 22,084 |
Gross unrealized losses, 12 months or greater, short-term AFS securities | (84) | (722) |
Fair value, short-term AFS securities | 5,916 | 22,084 |
Gross unrealized losses, short-term AFS securities | (84) | (722) |
Long-term AFS securities | ||
Fair value, less than 12 months, long-term AFS securities | 3,832 | 0 |
Gross unrealized losses, less than 12 months, long-term AFS securities | (25) | 0 |
Fair value, 12 months or greater, long-term AFS securities | 0 | 5,673 |
Gross unrealized losses, 12 months or greater, long-term AFS securities | 0 | (326) |
Fair value, long-term AFS securities | 3,832 | 5,673 |
Gross unrealized losses, long-term AFS securities | (25) | (326) |
Municipal securities | ||
Short-term AFS securities | ||
Fair value, less than 12 months, short-term AFS securities | 0 | |
Gross unrealized losses, less than 12 months, short-term AFS securities | 0 | |
Fair value, 12 months or greater, short-term AFS securities | 8,726 | |
Gross unrealized losses, 12 months or greater, short-term AFS securities | (177) | |
Fair value, short-term AFS securities | 8,726 | |
Gross unrealized losses, short-term AFS securities | (177) | |
Total short-term AFS securities | ||
Short-term AFS securities | ||
Fair value, less than 12 months, short-term AFS securities | 6,814 | 3,799 |
Gross unrealized losses, less than 12 months, short-term AFS securities | (6) | (11) |
Fair value, 12 months or greater, short-term AFS securities | 130,398 | 122,173 |
Gross unrealized losses, 12 months or greater, short-term AFS securities | (2,573) | (3,137) |
Fair value, short-term AFS securities | 137,212 | 125,972 |
Gross unrealized losses, short-term AFS securities | (2,579) | (3,148) |
Total long-term AFS securities | ||
Long-term AFS securities | ||
Fair value, less than 12 months, long-term AFS securities | 21,075 | 2,286 |
Gross unrealized losses, less than 12 months, long-term AFS securities | (61) | (66) |
Fair value, 12 months or greater, long-term AFS securities | 535 | 136,631 |
Gross unrealized losses, 12 months or greater, long-term AFS securities | (11) | (8,213) |
Fair value, long-term AFS securities | 21,610 | 138,917 |
Gross unrealized losses, long-term AFS securities | $ (72) | $ (8,279) |
Business Combination - Narrativ
Business Combination - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Feb. 01, 2022 | Sep. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 26, 2021 | |
Business Acquisition [Line Items] | |||||
Payments to acquire businesses, gross | $ 0 | $ 515,586,000 | $ 0 | ||
Reduced expenses | 47,800,000 | ||||
Increased expenses | $ 47,800,000 | ||||
Impairment on indefinite-lived asset | $ 2,500,000 | 4,100,000 | |||
Intangible assets (excluding goodwill) | 2,500,000 | 5,000,000 | |||
Amortization expense | 29,300,000 | 27,100,000 | |||
Impairment of intangible assets | 0 | 0 | |||
Intangible assets, net | $ 285,490,000 | $ 317,314,000 | |||
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration] | Impairment charges | ||||
The Athletic | |||||
Business Acquisition [Line Items] | |||||
Payments to acquire businesses, gross | $ 550,000,000 | ||||
Purchase price for assets acquired and liabilities assumed | 523,466,000 | ||||
Payment for acceleration of stock options | $ 26,700,000 |
Business Combination - Schedule
Business Combination - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Feb. 01, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 26, 2021 | |
Business Acquisition [Line Items] | ||||
Goodwill | $ 416,098 | $ 414,046 | $ 166,360 | |
Estimated useful life | 13 years 8 months 12 days | 14 years 4 months 24 days | ||
Unexpired subscriptions revenue | $ 28,100 | |||
The Athletic | ||||
Business Acquisition [Line Items] | ||||
Total current assets | 18,495 | |||
Property, plant and equipment | 281 | |||
Right of use asset | 2,612 | |||
Goodwill | 251,360 | |||
Total current liabilities | (41,399) | |||
Other liabilities — Other | (3,491) | |||
Deferred tax liability, net | (36,392) | |||
Total purchase price | $ 523,466 | |||
The Athletic | Minimum | ||||
Business Acquisition [Line Items] | ||||
Property, plant and equipment, useful life | 3 years | |||
The Athletic | Maximum | ||||
Business Acquisition [Line Items] | ||||
Property, plant and equipment, useful life | 5 years | |||
Trademark | ||||
Business Acquisition [Line Items] | ||||
Estimated useful life | 18 years 3 months 18 days | 19 years 2 months 12 days | ||
Trademark | The Athletic | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangibles | $ 160,000 | |||
Estimated useful life | 20 years | |||
Existing subscriber base | ||||
Business Acquisition [Line Items] | ||||
Estimated useful life | 10 years 2 months 12 days | 11 years 2 months 12 days | ||
Existing subscriber base | The Athletic | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangibles | $ 135,000 | |||
Estimated useful life | 12 years | |||
Developed technology | ||||
Business Acquisition [Line Items] | ||||
Estimated useful life | 3 years 2 months 12 days | 4 years 2 months 12 days | ||
Developed technology | The Athletic | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangibles | $ 35,000 | |||
Estimated useful life | 5 years | |||
Content archive | ||||
Business Acquisition [Line Items] | ||||
Estimated useful life | 2 years 6 months | 2 years 9 months 18 days | ||
Content archive | The Athletic | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangibles | $ 2,000 | |||
Estimated useful life | 2 years |
Business Combination - Pro Form
Business Combination - Pro Forma (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 26, 2021 | |
Business Combination and Asset Acquisition [Abstract] | ||
Revenue | $ 2,315,468 | $ 2,142,202 |
Net income | $ 197,225 | $ 128,330 |
Business Combination - Schedu_2
Business Combination - Schedule of Goodwill Balances (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | $ 414,046 | $ 166,360 |
Foreign currency translation | 2,052 | (3,674) |
Acquisition of The Athletic Media Company | 249,792 | |
Measurement period adjustments | 1,568 | |
Goodwill, ending balance | 416,098 | 414,046 |
NYTG | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 162,686 | 166,360 |
Foreign currency translation | 2,052 | (3,674) |
Acquisition of The Athletic Media Company | 0 | |
Measurement period adjustments | 0 | |
Goodwill, ending balance | 164,738 | 162,686 |
The Athletic | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 251,360 | 0 |
Foreign currency translation | 0 | 0 |
Acquisition of The Athletic Media Company | 249,792 | |
Measurement period adjustments | 1,568 | |
Goodwill, ending balance | $ 251,360 | $ 251,360 |
Business Combination - Schedu_3
Business Combination - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross book value | $ 343,270 | $ 343,270 |
Accumulated amortization | (60,257) | (30,936) |
Net book value | $ 283,013 | $ 312,334 |
Estimated useful life | 13 years 8 months 12 days | 14 years 4 months 24 days |
Trademark | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross book value | $ 162,618 | $ 162,618 |
Accumulated amortization | (17,767) | (8,661) |
Net book value | $ 144,851 | $ 153,957 |
Estimated useful life | 18 years 3 months 18 days | 19 years 2 months 12 days |
Existing subscriber base | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross book value | $ 136,500 | $ 136,500 |
Accumulated amortization | (23,062) | (11,812) |
Net book value | $ 113,438 | $ 124,688 |
Estimated useful life | 10 years 2 months 12 days | 11 years 2 months 12 days |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross book value | $ 38,401 | $ 38,401 |
Accumulated amortization | (15,381) | (8,043) |
Net book value | $ 23,020 | $ 30,358 |
Estimated useful life | 3 years 2 months 12 days | 4 years 2 months 12 days |
Content archive | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross book value | $ 5,751 | $ 5,751 |
Accumulated amortization | (4,047) | (2,420) |
Net book value | $ 1,704 | $ 3,331 |
Estimated useful life | 2 years 6 months | 2 years 9 months 18 days |
Business Combination - Schedu_4
Business Combination - Schedule of Future Amortization (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Business Combination and Asset Acquisition [Abstract] | ||
2024 | $ 27,479 | |
2025 | 27,213 | |
2026 | 26,960 | |
2027 | 20,171 | |
2028 | 19,335 | |
Thereafter | 161,855 | |
Unamortized intangible assets | $ 283,013 | $ 312,334 |
Investments (Details)
Investments (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 26, 2021 | |
Schedule of Equity Method Investments [Line Items] | ||||
Investments in joint ventures | $ 0 | $ 0 | $ 0 | |
Gain from joint ventures | 2,477,000 | 2,477,000 | 0 | $ 0 |
Non-marketable equity securities | 29,700,000 | 29,700,000 | 29,800,000 | |
Non-marketable equity securities, unrealized gains | $ 15,300,000 | 15,300,000 | ||
Interest income and other expense, net | $ 22,116,000 | $ 7,264,000 | 6,569,000 | |
Realized gain on partial sale of investments | 15,200,000 | |||
Unrealized gain due to mark to market of remaining investment | 12,000,000 | |||
Non-marketable Equity Securities | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Interest income and other expense, net | $ 27,200,000 | |||
Madison Paper Industries | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 40% | 40% | ||
Madison Paper Industries Owned Consolidated Subsidiary | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 80% | 80% | ||
Ownership of Madison Paper Industries by Consolidated Subsidiary | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 50% | 50% | ||
UPM-Kymmene | Madison Paper Industries | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 60% | 60% | ||
Madison Paper Industries | Madison Paper Industries | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, noncontrolling interest, ownership percentage | 10% | 10% | ||
Madison Paper Industries | Madison Paper Industries Owned Consolidated Subsidiary | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, noncontrolling interest, ownership percentage | 20% | 20% |
Other - Narrative (Details)
Other - Narrative (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Jul. 27, 2022 | Sep. 30, 2019 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 26, 2021 | |
Other Expense [Line Items] | |||||
Unamortized intangible assets | $ 283,013,000 | $ 312,334,000 | |||
Marketing expense | 138,300,000 | 151,100,000 | $ 199,700,000 | ||
Media expense | 117,700,000 | 134,100,000 | 187,300,000 | ||
Severance | 7,582,000 | 4,669,000 | |||
Severance liability | 4,400,000 | 4,400,000 | |||
Retired assets | 10,000,000 | 11,100,000 | |||
Employee Severance | Selling, General and Administrative Expenses | |||||
Other Expense [Line Items] | |||||
Severance | 7,600,000 | 4,700,000 | 900,000 | ||
Revolving Credit Facility | |||||
Other Expense [Line Items] | |||||
Unsecured revolving credit facility, maximum borrowing capacity | $ 350,000,000 | $ 250,000,000 | |||
Line of credit facility, expiration period | 5 years | ||||
Unsecured revolving credit facility, unused commitment fee | 0.20% | ||||
Long-term line of credit | 0 | ||||
Capitalized Computer Software Costs | |||||
Other Expense [Line Items] | |||||
Amortization of capitalized computer software | 7,800,000 | 7,900,000 | $ 9,100,000 | ||
Unamortized intangible assets | $ 13,400,000 | $ 11,200,000 |
Other - Interest Income and Oth
Other - Interest Income and Other, Net (Details) $ in Thousands | 12 Months Ended | ||||
Apr. 11, 2022 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 26, 2021 USD ($) | Dec. 09, 2020 a | |
Other Income and Expenses [Abstract] | |||||
Interest income and other expense, net | $ 22,116 | $ 7,264 | $ 6,569 | ||
Gain on the sale of land | 0 | 34,227 | 0 | ||
Gain on non-marketable equity investment | 0 | 0 | 27,156 | ||
Interest expense | (1,014) | (800) | (780) | ||
Total interest income/(expense) and other, net | 21,102 | $ 40,691 | $ 32,945 | ||
Area of land | a | 4 | ||||
Parcel to the lessor, amount | $ 36,000 | ||||
Gain on lease commencement | $ 34,000 | ||||
Interest income | $ 1,800 |
Other - Cash Reconciliations (D
Other - Cash Reconciliations (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 26, 2021 | Dec. 27, 2020 |
Other Income and Expenses [Abstract] | ||||
Cash and cash equivalents | $ 289,472 | $ 221,385 | ||
Restricted cash included within miscellaneous assets | 13,700 | 13,788 | ||
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows | $ 303,172 | $ 235,173 | $ 334,306 | $ 301,964 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | $ 162,094 | $ 125,972 |
Fair value, long-term AFS securities | 257,633 | 138,917 |
Deferred compensation plan assets | 52,300 | 48,400 |
Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation | 13,752 | 14,635 |
Contingent consideration | 4,991 | 5,324 |
Level 1 | Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation | 13,752 | 14,635 |
Contingent consideration | 0 | 0 |
Level 2 | Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation | 0 | 0 |
Contingent consideration | 0 | 0 |
Level 3 | Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation | 0 | 0 |
Contingent consideration | 4,991 | 5,324 |
Debt Securities | Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | 162,094 | 125,972 |
Fair value, long-term AFS securities | 257,633 | 138,917 |
Debt Securities | Level 1 | Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | 0 | 0 |
Fair value, long-term AFS securities | 0 | 0 |
Debt Securities | Level 2 | Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | 162,094 | 125,972 |
Fair value, long-term AFS securities | 257,633 | 138,917 |
Debt Securities | Level 3 | Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | 0 | 0 |
Fair value, long-term AFS securities | 0 | 0 |
Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | 108,069 | 51,029 |
Fair value, long-term AFS securities | 103,942 | 108,830 |
Corporate debt securities | Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | 108,069 | 51,029 |
Fair value, long-term AFS securities | 103,942 | 108,830 |
Corporate debt securities | Level 1 | Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | 0 | 0 |
Fair value, long-term AFS securities | 0 | 0 |
Corporate debt securities | Level 2 | Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | 108,069 | 51,029 |
Fair value, long-term AFS securities | 103,942 | 108,830 |
Corporate debt securities | Level 3 | Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | 0 | 0 |
Fair value, long-term AFS securities | 0 | 0 |
U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | 48,109 | 44,133 |
Fair value, long-term AFS securities | 149,859 | 24,414 |
U.S. Treasury securities | Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | 48,109 | 44,133 |
Fair value, long-term AFS securities | 149,859 | 24,414 |
U.S. Treasury securities | Level 1 | Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | 0 | 0 |
Fair value, long-term AFS securities | 0 | 0 |
U.S. Treasury securities | Level 2 | Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | 48,109 | 44,133 |
Fair value, long-term AFS securities | 149,859 | 24,414 |
U.S. Treasury securities | Level 3 | Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | 0 | 0 |
Fair value, long-term AFS securities | 0 | 0 |
U.S. governmental agency securities | Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | 5,916 | 22,084 |
Fair value, long-term AFS securities | 3,832 | 5,673 |
U.S. governmental agency securities | Level 1 | Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | 0 | 0 |
Fair value, long-term AFS securities | 0 | 0 |
U.S. governmental agency securities | Level 2 | Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | 5,916 | 22,084 |
Fair value, long-term AFS securities | 3,832 | 5,673 |
U.S. governmental agency securities | Level 3 | Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | 0 | 0 |
Fair value, long-term AFS securities | 0 | 0 |
Municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | 8,726 | |
Municipal securities | Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | 0 | 8,726 |
Municipal securities | Level 1 | Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | 0 | 0 |
Municipal securities | Level 2 | Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | 0 | 8,726 |
Municipal securities | Level 3 | Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | $ 0 | $ 0 |
Fair Value Measurements - Chang
Fair Value Measurements - Change in Balance of Contingent Consideration (Details) - Recurring - Contingent Consideration - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at the beginning of the period | $ 5,324 | $ 7,450 |
Payments | (3,448) | (2,586) |
Fair value adjustments | 3,115 | 460 |
Contingent consideration at the end of the period | $ 4,991 | $ 5,324 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration | $ 4,991 | $ 5,324 |
Pension Benefits - Net Periodic
Pension Benefits - Net Periodic Pension Cost (Details) - Pension Plan - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 26, 2021 | |
Pension Benefits | |||
Service cost | $ 5,742 | $ 11,631 | $ 9,200 |
Interest cost | 66,011 | 40,492 | 34,869 |
Expected return on plan assets | (76,489) | (55,229) | (50,711) |
Amortization and other costs | 6,192 | 19,637 | 27,500 |
Amortization of prior service (credit)/cost | (1,895) | (1,897) | (1,890) |
Effect of settlement/curtailment | 0 | 0 | (163) |
Net periodic pension (credit)/cost | (439) | 14,634 | 18,805 |
Qualified Plans | |||
Pension Benefits | |||
Service cost | 5,669 | 11,526 | 9,105 |
Interest cost | 56,793 | 35,350 | 30,517 |
Expected return on plan assets | (76,489) | (55,229) | (50,711) |
Amortization and other costs | 2,654 | 13,065 | 20,225 |
Amortization of prior service (credit)/cost | (1,945) | (1,945) | (1,945) |
Effect of settlement/curtailment | 0 | 0 | 0 |
Net periodic pension (credit)/cost | (13,318) | 2,767 | 7,191 |
Non- Qualified Plans | |||
Pension Benefits | |||
Service cost | 73 | 105 | 95 |
Interest cost | 9,218 | 5,142 | 4,352 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization and other costs | 3,538 | 6,572 | 7,275 |
Amortization of prior service (credit)/cost | 50 | 48 | 55 |
Effect of settlement/curtailment | 0 | 0 | (163) |
Net periodic pension (credit)/cost | $ 12,879 | $ 11,867 | $ 11,614 |
Pension Benefits - Changes in P
Pension Benefits - Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Details) - Pension Plan - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 26, 2021 | |
Pension Benefits | |||
Net actuarial loss/(gain) | $ 19,100 | $ (22,500) | $ (25,585) |
Amortization of loss | (6,192) | (19,637) | (27,500) |
Amortization of prior service credit | 1,895 | 1,897 | 1,890 |
Total recognized in other comprehensive income | 14,803 | (40,240) | (51,195) |
Net periodic pension (credit)/cost | (439) | 14,634 | 18,805 |
Total recognized in net periodic pension benefit cost and other comprehensive income | 14,364 | (25,606) | (32,390) |
Defined contribution plan, cost recognized | $ 39,000 | $ 29,000 | $ 33,000 |
Pension Benefits - Changes in B
Pension Benefits - Changes in Benefit Obligation and Plan Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 26, 2021 | |
Amount recognized in the Consolidated Balance Sheets | |||
Pension assets | $ 83,016 | $ 69,521 | |
Pension Plan | |||
Change in benefit obligation | |||
Benefit obligation at beginning of year | 1,256,020 | 1,714,954 | |
Service cost | 5,742 | 11,631 | $ 9,200 |
Interest cost | 66,011 | 40,492 | 34,869 |
Actuarial loss/(gain) | 47,205 | (420,944) | |
Benefits paid | (125,964) | (90,036) | |
Effects of change in currency conversion | 31 | (77) | |
Benefit obligation at end of year | 1,249,045 | 1,256,020 | 1,714,954 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 1,145,933 | 1,550,078 | |
Actual return on plan assets | 104,595 | (343,215) | |
Employer contributions | 26,941 | 29,106 | |
Benefits paid | (125,964) | (90,036) | |
Fair value of plan assets at end of year | 1,151,505 | 1,145,933 | 1,550,078 |
Net amount recognized | (97,540) | (110,087) | |
Amount recognized in the Consolidated Balance Sheets | |||
Pension assets | 83,016 | 69,521 | |
Current liabilities | (16,672) | (16,361) | |
Noncurrent liabilities | (163,884) | (163,247) | |
Net amount recognized | (97,540) | (110,087) | |
Amount recognized in accumulated other comprehensive loss | |||
Actuarial loss | 520,304 | 507,397 | |
Prior service credit | (8,573) | (10,468) | |
Total | 511,731 | 496,929 | |
Qualified Plans | Pension Plan | |||
Change in benefit obligation | |||
Benefit obligation at beginning of year | 1,076,412 | 1,475,764 | |
Service cost | 5,669 | 11,526 | 9,105 |
Interest cost | 56,793 | 35,350 | 30,517 |
Actuarial loss/(gain) | 39,116 | (374,109) | |
Benefits paid | (109,501) | (72,119) | |
Effects of change in currency conversion | 0 | 0 | |
Benefit obligation at end of year | 1,068,489 | 1,076,412 | 1,475,764 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 1,145,933 | 1,550,078 | |
Actual return on plan assets | 104,595 | (343,215) | |
Employer contributions | 10,478 | 11,189 | |
Benefits paid | (109,501) | (72,119) | |
Fair value of plan assets at end of year | 1,151,505 | 1,145,933 | 1,550,078 |
Net amount recognized | 83,016 | 69,521 | |
Amount recognized in the Consolidated Balance Sheets | |||
Pension assets | 83,016 | 69,521 | |
Current liabilities | 0 | 0 | |
Noncurrent liabilities | 0 | 0 | |
Net amount recognized | 83,016 | 69,521 | |
Amount recognized in accumulated other comprehensive loss | |||
Actuarial loss | 446,500 | 438,145 | |
Prior service credit | (9,062) | (11,007) | |
Total | 437,438 | 427,138 | |
Non- Qualified Plans | Pension Plan | |||
Change in benefit obligation | |||
Benefit obligation at beginning of year | 179,608 | 239,190 | |
Service cost | 73 | 105 | 95 |
Interest cost | 9,218 | 5,142 | 4,352 |
Actuarial loss/(gain) | 8,089 | (46,835) | |
Benefits paid | (16,463) | (17,917) | |
Effects of change in currency conversion | 31 | (77) | |
Benefit obligation at end of year | 180,556 | 179,608 | 239,190 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 16,463 | 17,917 | |
Benefits paid | (16,463) | (17,917) | |
Fair value of plan assets at end of year | 0 | 0 | $ 0 |
Net amount recognized | (180,556) | (179,608) | |
Amount recognized in the Consolidated Balance Sheets | |||
Pension assets | 0 | 0 | |
Current liabilities | (16,672) | (16,361) | |
Noncurrent liabilities | (163,884) | (163,247) | |
Net amount recognized | (180,556) | (179,608) | |
Amount recognized in accumulated other comprehensive loss | |||
Actuarial loss | 73,804 | 69,252 | |
Prior service credit | 489 | 539 | |
Total | $ 74,293 | $ 69,791 |
Pension Benefits - Change in Be
Pension Benefits - Change in Benefit Obligation and Plan Assets Additional Information (Details) - Pension Plan - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 26, 2021 | |
Pension Benefits | |||
Benefit obligation | $ 1,249,045 | $ 1,256,020 | $ 1,714,954 |
Actuarial gain | (47,205) | 420,944 | |
Benefits paid | 125,964 | 90,036 | |
Accumulated benefit obligation | $ 1,200,000 | $ 1,300,000 |
Pension Benefits - Schedule of
Pension Benefits - Schedule of Accumulated Benefit Obligations In Excess of Fair Value (Details) - Pension Plan - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Pension Benefits | ||
Projected benefit obligation | $ 180,556 | $ 179,608 |
Accumulated benefit obligation | 180,269 | 179,370 |
Fair value of plan assets | $ 0 | $ 0 |
Pension Benefits - Schedule o_2
Pension Benefits - Schedule of Assumptions Used (Details) - Pension Plan | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 26, 2021 | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Calculation term, market-related value | 3 years | ||
Qualified Plans | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 5.25% | 5.66% | |
Rate of increase in compensation levels | 3% | 3% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate for determining projected benefit obligation | 5.66% | 2.94% | 2.64% |
Discount rate in effect for determining service cost | 5.59% | 3.14% | 3.87% |
Discount rate in effect for determining interest cost | 5.46% | 2.45% | 2.02% |
Rate of increase in compensation levels | 3% | 3% | 3% |
Expected long-term rate of return on assets | 5.61% | 3.75% | 3.74% |
Non- Qualified Plans | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 5.21% | 5.64% | |
Rate of increase in compensation levels | 3% | 3% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate for determining projected benefit obligation | 5.64% | 2.81% | 2.39% |
Discount rate in effect for determining interest cost | 5.39% | 2.24% | 1.74% |
Rate of increase in compensation levels | 3% | 2.50% | 2.50% |
Pension Benefits - Schedule o_3
Pension Benefits - Schedule of Allocation of Plan Assets (Details) - Pension Plan | 12 Months Ended |
Dec. 31, 2023 | |
Pension Benefits | |
Percent of funded status policy maximum range | 102.50% |
Long Duration Assets | |
Pension Benefits | |
Target allocation percentage of assets, range minimum | 85.50% |
Target allocation percentage of assets, range maximum | 90.50% |
Public Equity | |
Pension Benefits | |
Asset allocation, actual percentage | 72% |
Growth Fixed Income | |
Pension Benefits | |
Asset allocation, actual percentage | 0% |
Alternatives | |
Pension Benefits | |
Asset allocation, actual percentage | 15% |
Cash | |
Pension Benefits | |
Asset allocation, actual percentage | 13% |
Liability-Hedging | |
Pension Benefits | |
Asset allocation, actual percentage | 87% |
Public Equity | |
Pension Benefits | |
Asset allocation, actual percentage | 9% |
Growth Fixed Income | |
Pension Benefits | |
Asset allocation, actual percentage | 0% |
Alternatives | |
Pension Benefits | |
Asset allocation, actual percentage | 2% |
Cash | |
Pension Benefits | |
Asset allocation, actual percentage | 2% |
Hedging Assets | |
Pension Benefits | |
Asset allocation, actual percentage | 79% |
Return-Seeking Assets | |
Pension Benefits | |
Target allocation percentage of assets, range minimum | 9.50% |
Target allocation percentage of assets, range maximum | 14.50% |
Asset allocation, actual percentage | 19% |
Cash and Cash Equivalents | |
Pension Benefits | |
Asset allocation, actual percentage | 2% |
Minimum | Public Equity | |
Pension Benefits | |
Asset allocation, target percentage range | 70% |
Minimum | Growth Fixed Income | |
Pension Benefits | |
Asset allocation, target percentage range | 0% |
Minimum | Alternatives | |
Pension Benefits | |
Asset allocation, target percentage range | 0% |
Minimum | Cash | |
Pension Benefits | |
Asset allocation, target percentage range | 0% |
Minimum | Liability-Hedging | |
Pension Benefits | |
Asset allocation, target percentage range | 85.50% |
Minimum | Public Equity | |
Pension Benefits | |
Asset allocation, target percentage range | 6.70% |
Minimum | Growth Fixed Income | |
Pension Benefits | |
Asset allocation, target percentage range | 0% |
Minimum | Alternatives | |
Pension Benefits | |
Asset allocation, target percentage range | 0% |
Minimum | Cash | |
Pension Benefits | |
Asset allocation, target percentage range | 0% |
Minimum | Hedging Assets | |
Pension Benefits | |
Asset allocation, target percentage range | 75% |
Minimum | Return-Seeking Assets | |
Pension Benefits | |
Asset allocation, target percentage range | 10% |
Minimum | Cash and Cash Equivalents | |
Pension Benefits | |
Asset allocation, target percentage range | 0% |
Maximum | Public Equity | |
Pension Benefits | |
Asset allocation, target percentage range | 90% |
Maximum | Growth Fixed Income | |
Pension Benefits | |
Asset allocation, target percentage range | 15% |
Maximum | Alternatives | |
Pension Benefits | |
Asset allocation, target percentage range | 15% |
Maximum | Cash | |
Pension Benefits | |
Asset allocation, target percentage range | 10% |
Maximum | Liability-Hedging | |
Pension Benefits | |
Asset allocation, target percentage range | 90.50% |
Maximum | Public Equity | |
Pension Benefits | |
Asset allocation, target percentage range | 13.10% |
Maximum | Growth Fixed Income | |
Pension Benefits | |
Asset allocation, target percentage range | 2% |
Maximum | Alternatives | |
Pension Benefits | |
Asset allocation, target percentage range | 2% |
Maximum | Cash | |
Pension Benefits | |
Asset allocation, target percentage range | 1% |
Maximum | Hedging Assets | |
Pension Benefits | |
Asset allocation, target percentage range | 90% |
Maximum | Return-Seeking Assets | |
Pension Benefits | |
Asset allocation, target percentage range | 25% |
Maximum | Cash and Cash Equivalents | |
Pension Benefits | |
Asset allocation, target percentage range | 5% |
Pension Benefits - Fair Value o
Pension Benefits - Fair Value of Plan Assets (Details) - Pension Plan - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 26, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | $ 1,151,505 | $ 1,145,933 | $ 1,550,078 |
Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 1,151,505 | ||
Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 190,195 | 205,306 | |
Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 628,438 | 617,944 | |
Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Recurring | Investment Measured at Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 332,872 | 322,683 | |
U.S. Equities | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 395 | 10,548 | |
U.S. Equities | Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 395 | 10,548 | |
U.S. Equities | Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
U.S. Equities | Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
U.S. Equities | Recurring | Investment Measured at Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
International Equities | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 15,776 | 23,448 | |
International Equities | Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 15,776 | 23,448 | |
International Equities | Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
International Equities | Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
International Equities | Recurring | Investment Measured at Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Registered Investment Companies | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 174,024 | 171,310 | |
Registered Investment Companies | Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 174,024 | 171,310 | |
Registered Investment Companies | Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Registered Investment Companies | Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Registered Investment Companies | Recurring | Investment Measured at Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Common/Collective Funds | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 285,387 | 288,489 | |
Common/Collective Funds | Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Common/Collective Funds | Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Common/Collective Funds | Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Common/Collective Funds | Recurring | Investment Measured at Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 285,387 | 288,489 | |
Corporate Bonds | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 537,032 | 531,033 | |
Corporate Bonds | Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Corporate Bonds | Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 537,032 | 531,033 | |
Corporate Bonds | Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Corporate Bonds | Recurring | Investment Measured at Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
U.S. Treasury and Other Government Securities | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 48,993 | 46,279 | |
U.S. Treasury and Other Government Securities | Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
U.S. Treasury and Other Government Securities | Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 48,993 | 46,279 | |
U.S. Treasury and Other Government Securities | Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
U.S. Treasury and Other Government Securities | Recurring | Investment Measured at Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Municipal securities | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 27,702 | 27,851 | |
Municipal securities | Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Municipal securities | Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 27,702 | 27,851 | |
Municipal securities | Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Municipal securities | Recurring | Investment Measured at Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Other | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 14,711 | 12,781 | |
Other | Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Other | Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 14,711 | 12,781 | |
Other | Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Other | Recurring | Investment Measured at Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Cash and Cash Equivalents | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 27,516 | 15,064 | |
Cash and Cash Equivalents | Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Cash and Cash Equivalents | Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Cash and Cash Equivalents | Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Cash and Cash Equivalents | Recurring | Investment Measured at Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 27,516 | 15,064 | |
Private Equity | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 4,305 | 4,766 | |
Private Equity | Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Private Equity | Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Private Equity | Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Private Equity | Recurring | Investment Measured at Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 4,305 | 4,766 | |
Hedge Fund | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 15,664 | 14,364 | |
Hedge Fund | Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Hedge Fund | Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Hedge Fund | Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Hedge Fund | Recurring | Investment Measured at Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | $ 15,664 | $ 14,364 |
Pension Benefits - Contribution
Pension Benefits - Contributions and Expected Benefit Payments (Details) - Pension Plan $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Pension Benefits | |
Future employer contributions in next fiscal year | $ 13,000 |
2024 | 92,128 |
2025 | 93,019 |
2026 | 94,082 |
2027 | 94,904 |
2028 | 95,468 |
2029-2033 | 471,405 |
Qualified Plans | |
Pension Benefits | |
Pension contributions | 10,500 |
2024 | 75,066 |
2025 | 76,551 |
2026 | 77,850 |
2027 | 78,841 |
2028 | 79,553 |
2029-2033 | 399,518 |
Non- Qualified Plans | |
Pension Benefits | |
2024 | 17,062 |
2025 | 16,468 |
2026 | 16,232 |
2027 | 16,063 |
2028 | 15,915 |
2029-2033 | $ 71,887 |
Pension Benefits - Schedule o_4
Pension Benefits - Schedule of Multiemployer Plans (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) collective_bargaining_agreement | Dec. 31, 2022 USD ($) | Dec. 26, 2021 USD ($) | |
Pension Benefits | |||
Total Contributions | $ 5,248 | $ 4,871 | |
Pension Plan | |||
Pension Benefits | |||
Multiemployer plan, withdrawal obligation | 68,000 | 74,000 | |
Multiemployer plans, withdrawal (gain) charges | (2,300) | 22,100 | |
Gain (loss) on liability adjustment | (1,700) | 7,100 | |
Contributions for individually significant plans | 1,156 | 2,731 | $ 2,764 |
Contributions for a plan not individually significant | 29 | 36 | 33 |
Total Contributions | 1,185 | 2,767 | 2,797 |
Pension Plan | CWA/ITU Negotiated Pension Plan | |||
Pension Benefits | |||
Contributions for individually significant plans | 263 | 328 | 364 |
Pension Plan | Newspaper and Mail Deliverers'-Publishers' Pension Fund | |||
Pension Benefits | |||
Contributions for individually significant plans | $ 703 | 804 | 912 |
Number of collective bargaining arrangements | collective_bargaining_agreement | 2 | ||
Pension Plan | GCIU-Employer Retirement Benefit Plan | |||
Pension Benefits | |||
Contributions for individually significant plans | $ 54 | 56 | 48 |
Pension Plan | Pressmen's Publishers' Pension Fund | |||
Pension Benefits | |||
Contributions for individually significant plans | 41 | 1,447 | 1,337 |
Pension Plan | Paper Handlers’-Publishers’ Pension Fund | |||
Pension Benefits | |||
Contributions for individually significant plans | $ 95 | $ 96 | $ 103 |
Other Postretirement Benefits -
Other Postretirement Benefits - Schedule of Components of Net Periodic Postretirement Benefit Income (Details) - Other Postretirement Benefit Plans - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 26, 2021 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost | $ 33 | $ 46 | $ 53 |
Interest cost | 1,500 | 731 | 565 |
Amortization and other costs | 1,945 | 3,293 | 3,407 |
Amortization of prior service credit | 0 | (368) | (3,098) |
Net periodic pension (credit)/cost | $ 3,478 | $ 3,702 | $ 927 |
Other Postretirement Benefits_2
Other Postretirement Benefits - Changes in the Benefit Obligations Recognized in Other Comprehensive Income (Details) - Other Postretirement Benefit Plans - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 26, 2021 | |
Other Postretirement Benefits | |||
Net actuarial (gain)/loss | $ (6,916) | $ (6,801) | $ 2,254 |
Amortization of loss | (1,945) | (3,293) | (3,407) |
Amortization of prior service credit | 0 | 368 | 3,098 |
Total recognized in other comprehensive income | (8,861) | (9,726) | 1,945 |
Net periodic postretirement benefit cost | 3,478 | 3,702 | 927 |
Total recognized in net periodic postretirement benefit cost and other comprehensive (income)/loss | $ (5,383) | $ (6,024) | $ 2,872 |
Other Postretirement Benefits_3
Other Postretirement Benefits - Narrative (Details) - Other Postretirement Benefit Plans - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 26, 2021 | |
Other Postretirement Benefits | |||
Additional postretirement costs | $ 20,000 | $ 19,000 | $ 17,000 |
Benefit obligation | 22,912 | 30,696 | $ 40,607 |
Actuarial gain | 6,916 | 6,801 | |
Employer contributions | 2,401 | 3,887 | |
Postemployment benefits liability | $ 7,800 | $ 7,900 |
Other Postretirement Benefits_4
Other Postretirement Benefits - Changes in the Benefit Obligation and Plan Assets and Other Amounts (Details) - Other Postretirement Benefit Plans - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 26, 2021 | |
Change in benefit obligation | |||
Benefit obligation at beginning of year | $ 30,696 | $ 40,607 | |
Service cost | 33 | 46 | $ 53 |
Interest cost | 1,500 | 731 | 565 |
Plan participants’ contributions | 2,060 | 2,271 | |
Actuarial (gain) | (6,916) | (6,801) | |
Benefits paid | (4,461) | (6,158) | |
Benefit obligation at end of year | 22,912 | 30,696 | $ 40,607 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 0 | ||
Employer contributions | 2,401 | 3,887 | |
Plan participants’ contributions | 2,060 | 2,271 | |
Benefits paid | (4,461) | (6,158) | |
Fair value of plan assets at end of year | 0 | 0 | |
Amount recognized in the Consolidated Balance Sheets | |||
Current liabilities | (3,510) | (4,241) | |
Noncurrent liabilities | (19,402) | (26,455) | |
Net amount recognized | (22,912) | (30,696) | |
Amount recognized in accumulated other comprehensive loss | |||
Actuarial loss | 6,676 | 15,537 | |
Prior service credit | 0 | 0 | |
Total | $ 6,676 | $ 15,537 |
Other Postretirement Benefits_5
Other Postretirement Benefits - Benefit Obligations in Excess of Plan Assets (Details) - Other Postretirement Benefit Plans - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Accumulated benefit obligation | $ 22,912 | $ 30,696 |
Fair value of plan assets | $ 0 | $ 0 |
Other Postretirement Benefits_6
Other Postretirement Benefits - Schedule of Assumptions Used (Details) - Other Postretirement Benefit Plans | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 26, 2021 | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 5.16% | 5.55% | |
Rate of increase in compensation levels | 3.50% | 3.50% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate for determining projected benefit obligation | 5.55% | 2.55% | 2.01% |
Discount rate in effect for determining service cost | 5.55% | 2.58% | 2.09% |
Discount rate in effect for determining interest cost | 5.26% | 1.91% | 1.38% |
Estimated increase in compensation level | 3.50% | 3.50% | 3.50% |
Other Postretirement Benefits_7
Other Postretirement Benefits - Schedule of Health Care Cost Trend Rates (Details) - Other Postretirement Benefit Plans | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Other Postretirement Benefits | ||
Health-care cost trend rate | 6.71% | 6.75% |
Rate to which the cost trend rate is assumed to decline (ultimate trend rate) | 4.75% | 4.92% |
Year that the rate reaches the ultimate trend rate | 2030 | 2030 |
Other Postretirement Benefits_8
Other Postretirement Benefits - Schedule of Expected Benefit Payments (Details) - Other Postretirement Benefit Plans $ in Thousands | Dec. 31, 2023 USD ($) |
Other Postretirement Benefits | |
2024 | $ 3,632 |
2025 | 3,198 |
2026 | 2,923 |
2027 | 2,669 |
2028 | 2,435 |
2029-2033 | $ 8,820 |
Other Liabilities (Details)
Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other Liabilities Disclosure [Abstract] | ||
Deferred compensation | $ 13,752 | $ 14,635 |
Noncurrent operating lease liabilities | 42,905 | 59,124 |
Contingent consideration | 3,195 | 2,799 |
Other liabilities | 41,112 | 34,257 |
Total | $ 100,964 | $ 110,815 |
Income Taxes - Rate Reconciliat
Income Taxes - Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 26, 2021 | |
Effective Income Tax Rate Reconciliation, Amount: | |||
Tax at federal statutory rate | $ 63,544 | $ 49,560 | $ 61,005 |
State and local taxes, net | 18,445 | 16,855 | 16,378 |
Increase/(decrease) in uncertain tax positions | 1,763 | (220) | 2,782 |
(Gain)/loss on company-owned life insurance | (735) | 857 | (712) |
Nondeductible expense | 1,492 | 780 | 593 |
Nondeductible executive compensation | 2,175 | 3,985 | 4,140 |
Stock-based awards expense/(benefit) | 478 | (1,119) | (5,461) |
Deduction for foreign-derived intangible income | (3,985) | (3,166) | (2,972) |
Research and experimentation credit | (12,683) | (6,699) | (5,571) |
Other, net | (658) | 1,261 | 348 |
Income tax expense | $ 69,836 | $ 62,094 | $ 70,530 |
Effective Income Tax Rate Reconciliation, Percent: | |||
Tax at federal statutory rate | 21% | 21% | 21% |
State and local taxes, net | 6.10% | 7.10% | 5.60% |
Increase/(decrease) in uncertain tax positions | 0.60% | (0.10%) | 1% |
(Gain)/loss on company-owned life insurance | (0.20%) | 0.40% | (0.20%) |
Nondeductible expense | 0.50% | 0.30% | 0.20% |
Nondeductible executive compensation | 0.70% | 1.70% | 1.40% |
Stock-based awards expense/(benefit) | 0.20% | (0.50%) | (1.90%) |
Deduction for foreign-derived intangible income | (1.30%) | (1.30%) | (1.00%) |
Research and experimentation credit | (4.20%) | (2.80%) | (1.90%) |
Other, net | (0.20%) | 0.50% | 0.10% |
Income tax expense | 23.20% | 26.30% | 24.30% |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 26, 2021 | |
Current tax expense/(benefit) | |||
Federal | $ 56,139 | $ 75,495 | $ 55,110 |
Foreign | 2,590 | 1,897 | 1,042 |
State and local | 30,901 | 30,855 | 20,736 |
Total current tax expense | 89,630 | 108,247 | 76,888 |
Deferred tax expense/(benefit) | |||
Federal | (12,715) | (36,344) | (5,651) |
State and local | (7,079) | (9,809) | (707) |
Total deferred tax expense | (19,794) | (46,153) | (6,358) |
Income tax expense | $ 69,836 | $ 62,094 | $ 70,530 |
Income Taxes - Net Deferred Tax
Income Taxes - Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets | ||
Retirement, postemployment and deferred compensation plans | $ 60,398 | $ 67,797 |
Accruals for other employee benefits, compensation, insurance and other | 36,968 | 31,335 |
Net operating losses | 42,944 | 52,522 |
Operating lease liabilities | 14,144 | 18,403 |
Capitalized research and development costs | 68,113 | 55,370 |
Other | 36,387 | 32,974 |
Gross deferred tax assets | 258,954 | 258,401 |
Valuation allowance | (3,240) | (4,258) |
Net deferred tax assets | 255,714 | 254,143 |
Deferred tax liabilities | ||
Property, plant and equipment | 37,950 | 44,698 |
Intangible assets | 79,718 | 88,115 |
Operating lease right-of-use assets | 9,626 | 15,453 |
Other | 13,915 | 9,514 |
Gross deferred tax liabilities | 141,209 | 157,780 |
Net deferred tax asset | $ 114,505 | $ 96,363 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 26, 2021 | |
Tax Credit Carryforward [Line Items] | |||
Operating loss carryforwards, remaining life | 18 years | ||
Operating loss carryforward, state and local | $ 6,800 | $ 6,900 | |
Valuation allowance, period for recoverability measurement | 3 years | ||
Valuation allowance | $ 3,240 | 4,258 | |
Accrued income taxes | 23,200 | 7,000 | |
Income tax benefits related to exercise or vesting of equity awards | 10,000 | 6,100 | $ 11,500 |
AOCI deferred tax assets | 137,000 | 139,000 | |
Total amount of unrecognized tax benefit | 6,000 | 5,000 | |
Income tax benefit due to reduction in reserve for uncertain tax positions | 1,900 | 2,200 | |
Total amount of accrued interest and penalties | 1,900 | 1,500 | |
Total amount of interest and penalties expense (benefit) | 300 | $ (100) | $ (100) |
Total amount of unrecognized tax benefit which may be recognized in the next twelve months that would impact the effective tax rate | 3,500 | ||
The Athletic | |||
Tax Credit Carryforward [Line Items] | |||
Operating loss carryforwards, federal | $ 38,000 | ||
Operating loss carryforwards, remaining life | 14 years |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 26, 2021 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of year | $ 5,528 | $ 5,891 | $ 6,737 |
Gross additions to tax positions taken during the current year | 2,466 | 1,504 | 1,389 |
Gross additions to tax positions taken during the prior year | 877 | 73 | 2,458 |
Gross reductions to tax positions taken during the prior year | (8) | 0 | (150) |
Reductions from settlements with taxing authorities | (1,185) | (1,116) | (3,534) |
Reductions from lapse of applicable statutes of limitations | (604) | (824) | (1,009) |
Balance at end of year | $ 7,074 | $ 5,528 | $ 5,891 |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 26, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 900,000 | 300,000 | 600,000 |
Restricted Stock Units (RSUs) | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 1,100,000 | ||
Long-Term Incentive Compensation Stock-Settled Awards | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 0 |
Stock-Based Awards - Narrative
Stock-Based Awards - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) period $ / shares shares | Dec. 31, 2022 USD ($) shares | Dec. 26, 2021 USD ($) shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Length of performance measurement period for long-term incentive compensation | 3 years | 3 years | |
Options outstanding (in shares) | shares | 0 | ||
Stock options exercised (in shares) | shares | 0 | 400 | 324,460 |
Total intrinsic value | $ | $ 0 | $ 13,600,000 | |
Payments under long term incentive plan based on total shareholder return during year | $ | $ 5,000,000 | 4,000,000 | 1,000,000 |
Unrecognized compensation expense related to the unvested portion of our stock-based awards | $ | $ 78,000,000 | ||
Weighted average years to be recognized over | 1 year 5 months 12 days | ||
Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted (in shares) | shares | 0 | ||
Stock Option | 2020 Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Term | 10 years | ||
Stock-settled Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock units vested, intrinsic value | $ | $ 28,000,000 | $ 10,400,000 | $ 15,100,000 |
Restricted stock units, intrinsic value | $ | $ 128,200,000 | ||
Stock-settled Restricted Stock Units | Five-year vesting | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 5 years | ||
Number of shares to be issued per share that vests | shares | 1 | ||
Employee Stock | Employee Stock Purchase Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum payroll deduction percentage | 5% | ||
Purchase price of common stock, percent | 85% | ||
Number of purchase periods | period | 1 | ||
Purchase period | 6 months | ||
ESPP offering with a purchase price | 15% | ||
Purchase price (in dollars per share) | $ / shares | $ 33.84 | ||
Stock issued on employee stock purchase plans (in shares) | shares | 117,000 |
Stock-Based Awards - Stock-base
Stock-Based Awards - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 26, 2021 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation expense | $ 54,776 | $ 35,306 | $ 22,215 |
Cost of revenue | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation expense | 12,804 | 8,031 | 5,218 |
Marketing | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation expense | 1,604 | 1,243 | 1,283 |
Product development | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation expense | 20,188 | 10,875 | 3,655 |
General and administrative | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation expense | $ 20,180 | $ 15,157 | $ 12,059 |
Stock-Based Awards - Stock-Sett
Stock-Based Awards - Stock-Settled Restricted Stock Units (Details) - Stock-settled Restricted Stock Units - $ / shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Restricted Stock Units | ||
Outstanding at beginning of period (in shares) | 2,003 | |
Granted (in shares) | 1,514 | |
Vested (in shares) | (730) | |
Forfeited (in shares) | (185) | |
Outstanding at end of period (in shares) | 2,602 | |
Exercisable at end of period (in shares) | 186 | |
Unvested stock-settled restricted stock units at beginning of period (in shares) | 1,812 | |
Unvested stock-settled restricted stock units at end of period (in shares) | 2,430 | |
Unvested stock settled restricted stock units expected to vest at end of period (in shares) | 2,157 | |
Weighted-Average Grant-Date Fair Value | ||
Outstanding at beginning of period (in USD per share) | $ 40 | $ 40 |
Granted (in USD per share) | 40 | |
Vested (in USD per share) | 42 | |
Forfeited (in USD per share) | 41 | |
Outstanding at end of period (in USD per share) | 40 | |
Exercisable at end of period (in USD per share) | 28 | |
Unvested stock-settled restricted stock units at end of period (in USD per share) | 40 | |
Unvested stock-settled restricted stock units at beginning of period (in USD per share) | 41 | |
Unvested stock-settled restricted stock units expected to vest at end of period (in USD per share) | $ 41 |
Stock-Based Awards - Class A Co
Stock-Based Awards - Class A Common Stock Reserved for Issuance (Details) - shares shares in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of target number of performance awards granted | 0% | |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of target number of performance awards granted | 200% | |
Class A Common Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, outstanding (in shares) | 4,005 | 3,068 |
Shares, available for issuance (in shares) | 19,571 | 13,171 |
Class A Common Stock | Incentive Plans | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, available for issuance (in shares) | 11,688 | 13,171 |
Class A Common Stock | 2020 Incentive Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, available for issuance (in shares) | 12,000 | |
Stock Options and Stock-Settled Restricted Stock Units | Class A Common Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, outstanding (in shares) | 2,602 | 2,003 |
Stock-Settled Performance Awards | Class A Common Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, outstanding (in shares) | 1,403 | 1,065 |
Employee Stock | Class A Common Stock | Employee Stock Purchase Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, available for issuance (in shares) | 7,883 | 0 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) - USD ($) | 12 Months Ended | 23 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Feb. 28, 2023 | Feb. 28, 2022 | |
Class of Stock [Line Items] | |||||
Class A common stock, right to elect percentage of the board of directors | 30% | 30% | |||
Class B common stock, right to elect percentage of the board of directors | 70% | 70% | |||
Authorized under repurchase program | $ 250,000,000 | $ 150,000,000 | |||
Stock repurchased during the period | $ 44,553,000 | $ 105,056,000 | $ 149,500,000 | ||
Amount remaining under share repurchase authorization | $ 250,500,000 | $ 250,500,000 | |||
Minimum consideration for each share of preferred stock (in USD per share) | $ 100 | $ 100 | |||
Preferred stock issued (in shares) | 0 | 0 | |||
Preferred stock outstanding (in shares) | 0 | 0 | |||
Class B Common Stock | |||||
Class of Stock [Line Items] | |||||
Issued shares (in shares) | 780,724 | 780,724 | 780,724 | ||
Shares outstanding (in shares) | 780,724 | 780,724 | 780,724 | ||
Adolph Ochs Family Trust | |||||
Class of Stock [Line Items] | |||||
Class B common stock ownership percentage | 95% | 95% |
Stockholders' Equity - Changes
Stockholders' Equity - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 26, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | $ 1,599,972 | $ 1,540,725 | $ 1,328,111 |
Other comprehensive income/(loss) before reclassifications, before tax | 455 | ||
Amounts reclassified from accumulated other comprehensive loss, before tax | 6,276 | ||
Income tax expense/(benefit) | 1,746 | 9,177 | 9,918 |
Net current-period other comprehensive (loss)/income, net of tax | 4,985 | 25,355 | 26,979 |
Ending balance | 1,763,219 | 1,599,972 | 1,540,725 |
Foreign Currency Translation Adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | (510) | ||
Other comprehensive income/(loss) before reclassifications, before tax | 1,885 | ||
Amounts reclassified from accumulated other comprehensive loss, before tax | 0 | ||
Income tax expense/(benefit) | 465 | ||
Net current-period other comprehensive (loss)/income, net of tax | 1,420 | ||
Ending balance | 910 | (510) | |
Funded Status of Benefit Plans | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | (348,947) | ||
Other comprehensive income/(loss) before reclassifications, before tax | (12,184) | ||
Amounts reclassified from accumulated other comprehensive loss, before tax | 6,276 | ||
Income tax expense/(benefit) | (1,569) | ||
Net current-period other comprehensive (loss)/income, net of tax | (4,339) | ||
Ending balance | (353,286) | (348,947) | |
Net Unrealized Gain on Available-for-Sale Securities | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | (8,390) | ||
Other comprehensive income/(loss) before reclassifications, before tax | 10,754 | ||
Amounts reclassified from accumulated other comprehensive loss, before tax | 0 | ||
Income tax expense/(benefit) | 2,850 | ||
Net current-period other comprehensive (loss)/income, net of tax | 7,904 | ||
Ending balance | (486) | (8,390) | |
AOCI Attributable to Parent | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | (357,847) | (383,202) | (410,181) |
Net current-period other comprehensive (loss)/income, net of tax | 4,985 | 25,355 | 26,979 |
Ending balance | $ (352,862) | $ (357,847) | $ (383,202) |
Stockholders' Equity - Reclassi
Stockholders' Equity - Reclassifications Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 26, 2021 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other components of net periodic benefit (income)/costs | $ (2,737) | $ 6,659 | $ 10,478 |
Total reclassification, before tax | (302,588) | (235,999) | (290,501) |
Income tax expense | (69,836) | (62,094) | (70,530) |
Total reclassification, net of tax | (232,752) | $ (173,905) | $ (219,971) |
Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Total reclassification, before tax | 6,276 | ||
Income tax expense | 1,660 | ||
Total reclassification, net of tax | 4,616 | ||
Reclassification out of Accumulated Other Comprehensive Income | Amortization of prior service credit | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other components of net periodic benefit (income)/costs | (1,895) | ||
Reclassification out of Accumulated Other Comprehensive Income | Amortization of actuarial loss | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other components of net periodic benefit (income)/costs | $ 8,171 |
Segment Information - Narrative
Segment Information - Narrative (Details) - segment | 12 Months Ended | |
Dec. 31, 2023 | Apr. 01, 2023 | |
Segment Reporting Information [Line Items] | ||
Number of reportable segments | 2 | |
The Athletic | Subscription | ||
Segment Reporting Information [Line Items] | ||
Percentage of revenue allocation | 10% | |
The Athletic | Product Development, Marketing and Subscriber Servicing Expenses | ||
Segment Reporting Information [Line Items] | ||
Percentage of revenue allocation | 10% |
Segment Information - Segment I
Segment Information - Segment Information (Details) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 26, 2021 USD ($) | |
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 2,426,152,000 | $ 2,308,321,000 | $ 2,074,877,000 | |
Revenues, percent change | 0.051 | |||
Total adjusted operating profit | $ 389,851,000 | 347,931,000 | ||
Adjusted operating profit, percent change | 0.120 | |||
Other components of net periodic benefit costs | $ (2,737,000) | 6,659,000 | 10,478,000 | |
Depreciation and amortization | $ 86,115,000 | 82,654,000 | 57,502,000 | |
Depreciation and amortization, percent change | 0.042 | |||
Severance | $ 7,582,000 | 4,669,000 | ||
Severance, percent change | 62.40% | |||
Multiemployer pension plan withdrawal costs | $ 5,248,000 | 4,871,000 | ||
Multiemployer pension plan withdrawal costs, percent change | 0.077 | |||
Acquisition-related costs | $ 0 | 34,712,000 | 0 | |
Impairment charges | 15,239,000 | 4,069,000 | 0 | |
Multiemployer pension plan liability adjustment | (605,000) | 14,989,000 | 0 | |
Gain from joint ventures | $ 2,477,000 | 2,477,000 | 0 | 0 |
Interest income and other, net | $ 21,102,000 | 40,691,000 | 32,945,000 | |
Interest income and other, net, percent change | (48.10%) | |||
Income before income taxes | $ 302,588,000 | 235,999,000 | $ 290,501,000 | |
Income before income taxes, percent change | 28.20% | |||
Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ (656,000) | 0 | ||
NYTG | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 2,295,537,000 | 2,223,676,000 | ||
Revenues, percent change | 0.032 | |||
Total adjusted operating profit | $ 421,281,000 | 389,049,000 | ||
Adjusted operating profit, percent change | 0.083 | |||
The Athletic | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 131,271,000 | 84,645,000 | ||
Revenues, percent change | 0.551 | |||
Total adjusted operating profit | $ (31,430,000) | $ (41,118,000) | ||
Adjusted operating profit, percent change | (0.236) |
Segment Information - Revenues
Segment Information - Revenues Detail by Segment (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 26, 2021 USD ($) | |
Segment Reporting Information [Line Items] | |||
Total revenues | $ 2,426,152 | $ 2,308,321 | $ 2,074,877 |
Revenues, percent change | 0.051 | ||
Intersegment Eliminations | |||
Segment Reporting Information [Line Items] | |||
Total revenues | $ (656) | 0 | |
Subscription | |||
Segment Reporting Information [Line Items] | |||
Total revenues | $ 1,656,153 | 1,552,362 | 1,362,115 |
Revenues, percent change | 0.067 | ||
Advertising | |||
Segment Reporting Information [Line Items] | |||
Total revenues | $ 505,206 | 523,288 | 497,536 |
Revenues, percent change | (0.035) | ||
Other | |||
Segment Reporting Information [Line Items] | |||
Total revenues | $ 264,793 | 232,671 | $ 215,226 |
Revenues, percent change | 0.138 | ||
NYTG | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total revenues | $ 2,295,537 | 2,223,676 | |
Revenues, percent change | 0.032 | ||
NYTG | Subscription | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total revenues | $ 1,555,705 | 1,480,295 | |
Revenues, percent change | 0.051 | ||
NYTG | Advertising | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total revenues | $ 477,261 | 511,321 | |
Revenues, percent change | (0.067) | ||
NYTG | Other | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total revenues | $ 262,571 | 232,060 | |
Revenues, percent change | 0.131 | ||
The Athletic | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total revenues | $ 131,271 | 84,645 | |
Revenues, percent change | 0.551 | ||
The Athletic | Subscription | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total revenues | $ 100,448 | 72,067 | |
Revenues, percent change | 0.394 | ||
The Athletic | Advertising | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total revenues | $ 27,945 | 11,967 | |
The Athletic | Other | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total revenues | $ 2,878 | $ 611 |
Leases - Assets And Liabilities
Leases - Assets And Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 35,374 | $ 57,600 |
Current operating lease liabilities | 10,081 | 9,911 |
Noncurrent operating lease liabilities | 42,905 | 59,124 |
Total operating lease liabilities | $ 52,986 | $ 69,035 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued expenses and other | Accrued expenses and other |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other | Other |
Leases - Operating Lease Costs
Leases - Operating Lease Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 26, 2021 | |
Operating Lease, Additional Information [Abstract] | |||
Cash paid for amounts included in the measurement of operating lease liabilities | $ 13,476 | $ 12,881 | |
Right-of-use assets obtained in exchange for operating lease liabilities | $ 2,850 | $ 5,970 | |
Weighted-average remaining lease term | 6 years 4 months 24 days | 8 years 6 months | |
Weighted-average discount rate | 5.04% | 4.45% | |
Selling, General and Administrative Expenses | |||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||
Operating lease cost | $ 12,026 | $ 13,553 | $ 11,926 |
Short term and variable lease cost | 1,645 | 1,714 | 1,575 |
Total lease cost | $ 13,671 | $ 15,267 | $ 13,501 |
Leases - Operating Lease Liabil
Leases - Operating Lease Liability Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
2024 | $ 12,279 | |
2025 | 9,573 | |
2026 | 8,221 | |
2027 | 7,359 | |
2028 | 7,200 | |
Later years | 18,012 | |
Total lease payments | 62,644 | |
Less: Interest | (9,658) | |
Present value of lease liabilities | $ 52,986 | $ 69,035 |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Apr. 11, 2022 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 09, 2020 a | |
Real Estate [Line Items] | |||||
Impairment charges | $ 7.6 | ||||
Impairment of fixed assets | $ 5.1 | ||||
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration] | Impairment charges | ||||
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization | Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization | |||
Office space leased to third parties | 36% | ||||
Area of land | a | 4 | ||||
Parcel to the lessor, amount | $ 36 | ||||
Gain on lease commencement | $ 34 | ||||
Lease receivable | $ 36 | ||||
Headquarters Redesign and Consolidation | |||||
Real Estate [Line Items] | |||||
Cost | $ 518 | 522 | |||
Accumulated depreciation and amortization | $ 277 | $ 258 |
Leases - Building Rental Revenu
Leases - Building Rental Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 26, 2021 | |
Leases [Abstract] | |||
Building rental revenue | $ 27,163 | $ 28,516 | $ 22,851 |
Leases - Maturities of Lease Pa
Leases - Maturities of Lease Payments (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Leases [Abstract] | |
2024 | $ 29,053 |
2025 | 29,344 |
2026 | 29,344 |
2027 | 29,337 |
2028 | 14,708 |
Later years | 57,735 |
Total building rental revenue from operating leases | $ 189,521 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Restricted cash | $ 13.7 | $ 13.8 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | 1 Months Ended | 12 Months Ended | ||
Feb. 20, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 26, 2021 | |
Subsequent Event [Line Items] | ||||
Dividends approved (in USD per share) | $ 0.44 | $ 0.36 | $ 0.28 | |
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Increase in dividend per share of common stock (in USD per share) | $ 0.02 | |||
Class A Common Stock | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Dividends approved (in USD per share) | 0.13 | |||
Class B Common Stock | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Dividends approved (in USD per share) | $ 0.13 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 26, 2021 | |
Accounts Receivable Allowances | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | $ 12,260 | $ 12,374 | $ 13,797 |
Additions charged to operating costs and other | 4,809 | 11,973 | 13,930 |
Deductions | 4,269 | 12,087 | 15,353 |
Balance at end of period | 12,800 | 12,260 | 12,374 |
Valuation allowance for deferred tax assets | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | 4,258 | 261 | 293 |
Additions charged to operating costs and other | 0 | 4,000 | 0 |
Deductions | 1,018 | 3 | 32 |
Balance at end of period | $ 3,240 | $ 4,258 | $ 261 |