10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 26, 2017

Commission file number 1-5837

THE NEW YORK TIMES COMPANY

(Exact name of registrant as specified in its charter)

NEW YORK	13-1102020
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

620 EIGHTH AVENUE, NEW YORK, NEW YORK

(Address of principal executive offices)

10018

(Zip Code)

Registrant’s telephone number, including area code 212-556-1234

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x      No   o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes   x     No  o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer  x	Accelerated filer  o	Non-accelerated filer  o
Smaller reporting company  o	Emerging growth company  o

If an emerging growth company, indicate by the check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   o     No  x

Number of shares of each class of the registrant’s common stock outstanding as of April 28, 2017 (exclusive of treasury shares):

Class A Common Stock	160,737,693	shares
Class B Common Stock	812,757	shares

THE NEW YORK TIMES COMPANY

INDEX

	ITEM NO.
PART I		Financial Information	1
Item	1	Financial Statements	1
		Condensed Consolidated Balance Sheets as March 26, 2017 (unaudited) and December 25, 2016	1
		Condensed Consolidated Statements of Operations (unaudited) for the quarters ended March 26, 2017 and March 27, 2016	3
		Condensed Consolidated Statements of Comprehensive Income (unaudited) for the quarters ended March 26, 2017 and March 27, 2016	4
		Condensed Consolidated Statements of Cash Flows (unaudited) for the quarters ended March 26, 2017 and March 27, 2016	5
		Notes to the Condensed Consolidated Financial Statements	6
Item	2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16
Item	3	Quantitative and Qualitative Disclosures about Market Risk	24
Item	4	Controls and Procedures	24
PART II		Other Information	26
Item	1	Legal Proceedings	26
Item	1A	Risk Factors	26
Item	2	Unregistered Sales of Equity Securities and Use of Proceeds	26
Item	6	Exhibits	26

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

THE NEW YORK TIMES COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)

	March 26, 2017		December 25, 2016
	(Unaudited)
Assets
Current assets
Cash and cash equivalents	$	150,964	$	100,692
Short-term marketable securities	392,249		449,535
Accounts receivable (net of allowances of $15,910 in 2017 and $16,815 in 2016)	176,913		197,355
Prepaid expenses	16,797		15,948
Other current assets	31,008		32,648
Total current assets	767,931		796,178
Other assets
Long-term marketable securities	209,331		187,299
Investments in joint ventures	16,492		15,614
Property, plant and equipment (less accumulated depreciation and amortization of $917,617 in 2017 and $903,736 in 2016)	588,505		596,743
Goodwill	136,391		134,517
Deferred income taxes	298,376		301,342
Miscellaneous assets	153,200		153,702
Total assets	$	2,170,226	$	2,185,395

 See Notes to Condensed Consolidated Financial Statements.

1

THE NEW YORK TIMES COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS-(Continued)

(In thousands, except share and per share data)

	March 26, 2017			December 25, 2016
	(Unaudited)
Liabilities and stockholders’ equity
Current liabilities
Accounts payable	$	101,924		$	104,463
Accrued payroll and other related liabilities	61,645			96,463
Unexpired subscriptions	82,545			66,686
Accrued expenses and other	141,731			131,125
Total current liabilities	387,845			398,737
Other liabilities
Long-term debt and capital lease obligations	247,785			246,978
Pension benefits obligation	545,957			558,790
Postretirement benefits obligation	57,244			57,999
Other	74,432			78,647
Total other liabilities	925,418			942,414
Stockholders’ equity
Common stock of $.10 par value:
Class A – authorized: 300,000,000 shares; issued: 2017 – 169,580,736; 2016 – 169,206,879 (including treasury shares: 2017 – 8,870,801; 2016 – 8,870,801)	16,958			16,921
Class B – convertible – authorized and issued shares: 2017 – 812,757; 2016 – 816,632 (including treasury shares: 2017 – none; 2016 – none)	81			82
Additional paid-in capital	150,428			149,928
Retained earnings	1,338,595			1,331,911
Common stock held in treasury, at cost	(171,211		)	(171,211		)
Accumulated other comprehensive loss, net of income taxes:
Foreign currency translation adjustments	(442		)	(1,822		)
Funded status of benefit plans	(473,809		)	(477,994		)
Total accumulated other comprehensive loss, net of income taxes	(474,251		)	(479,816		)
Total New York Times Company stockholders’ equity	860,600			847,815
Noncontrolling interest	(3,637		)	(3,571		)
Total stockholders’ equity	856,963			844,244
Total liabilities and stockholders’ equity	$	2,170,226		$	2,185,395

 See Notes to Condensed Consolidated Financial Statements.

2

THE NEW YORK TIMES COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except per share data)

	For the Quarters Ended
	March 26, 2017		March 27, 2016
	(13 weeks)
Revenues
Circulation	$	242,375	$	217,994
Advertising	130,028		139,680
Other	26,401		21,841
Total revenues	398,804		379,515
Operating costs
Production costs:
Wages and benefits	90,778		92,471
Raw materials	16,930		17,875
Other	45,528		47,516
Total production costs	153,236		157,862
Selling, general and administrative costs	198,004		178,246
Depreciation and amortization	16,153		15,472
Total operating costs	367,393		351,580
Headquarters redesign and consolidation	2,402		—
Operating profit	29,009		27,935
Income/(loss) from joint ventures	173		(41,896		)
Interest expense, net	5,325		8,826
Income/(loss) from continuing operations before income taxes	23,857		(22,787		)
Income tax expense/(benefit)	10,742		(9,201		)
Net income/(loss)	13,115		(13,586		)
Net loss attributable to the noncontrolling interest	66		5,315
Net income/(loss) attributable to The New York Times Company common stockholders	$	13,181	$	(8,271	)
Average number of common shares outstanding:
Basic	161,402		161,003
Diluted	162,592		161,003
Basic earnings/(loss) per share attributable to The New York Times Company common stockholders	$	0.08	$	(0.05	)
Diluted earnings/(loss) per share attributable to The New York Times Company common stockholders	$	0.08	$	(0.05	)
Dividends declared per share	$	0.04	$	0.04

 See Notes to Condensed Consolidated Financial Statements.

3

THE NEW YORK TIMES COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(In thousands)

	For the Quarters Ended
	March 26, 2017		March 27, 2016
	(13 weeks)
Net income/(loss)	$	13,115	$	(13,586	)
Other comprehensive income, before tax:
Income on foreign currency translation adjustments	2,175		1,642
Pension and postretirement benefits obligation	6,921		6,552
Other comprehensive income, before tax	9,096		8,194
Income tax expense	3,531		3,103
Other comprehensive income, net of tax	5,565		5,091
Comprehensive income/(loss)	18,680		(8,495		)
Comprehensive loss attributable to the noncontrolling interest	66		5,315
Comprehensive income/(loss) attributable to The New York Times Company common stockholders	$	18,746	$	(3,180	)

 See Notes to Condensed Consolidated Financial Statements.

4

THE NEW YORK TIMES COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

	For the Quarters Ended
	March 26, 2017			March 27, 2016
	(13 weeks)
Cash flows from operating activities
Net income/(loss)	$	13,115		$	(13,586	)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	16,153			15,472
Stock-based compensation expense	3,958			2,931
Undistributed (income)/loss of joint ventures	(173		)	41,896
Long-term retirement benefit obligations	(6,458		)	(6,886		)
Uncertain tax positions	80			460
Other-net	1,708			2,882
Changes in operating assets and liabilities:
Accounts receivable-net	20,442			37,162
Other current assets	442			(1,808		)
Accounts payable, accrued payroll and other liabilities	(34,995		)	(94,399		)
Unexpired subscriptions	15,859			3,867
Net cash provided by/(used in) operating activities	30,131			(12,009		)
Cash flows from investing activities
Purchases of marketable securities	(80,108		)	(34,912		)
Maturities of marketable securities	117,465			143,965
Cash distribution from corporate-owned life insurance	—			38,000
Business acquisitions	—			(12,250		)
Change in restricted cash	(15		)	(470		)
Capital expenditures	(8,032		)	(10,542		)
Other-net	510			(1,026		)
Net cash provided by investing activities	29,820			122,765
Cash flows from financing activities
Long-term obligations:
Repayment of debt and capital lease obligations	(138		)	(138		)
Dividends paid	(6,473		)	(6,461		)
Capital shares:
Stock issuances	445			—
Repurchases	—			(15,684		)
Share-based compensation tax withholding	(3,726		)	(8,675		)
Net cash used in financing activities	(9,892		)	(30,958		)
Net increase in cash and cash equivalents	50,059			79,798
Effect of exchange rate changes on cash	213			119
Cash and cash equivalents at the beginning of the period	100,692			105,776
Cash and cash equivalents at the end of the period	$	150,964		$	185,693

 See Notes to Condensed Consolidated Financial Statements.

5

THE NEW YORK TIMES COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 1. BASIS OF PRESENTATION

In the opinion of management of The New York Times Company (the “Company”), the Condensed Consolidated Financial Statements present fairly the financial position of the Company as of March 26, 2017 and December 25, 2016, and the results of operations and cash flows of the Company for the periods ended March 26, 2017 and March 27, 2016. The Company and its consolidated subsidiaries are referred to collectively as “we,” “us” or “our.” All adjustments necessary for a fair presentation have been included and are of a normal and recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation. The financial statements were prepared in accordance with the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain notes or other financial information that are normally required by accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted from these interim financial statements. These financial statements, therefore, should be read in conjunction with the Consolidated Financial Statements and related Notes included in our Annual Report on Form 10-K for the year ended December 25, 2016. Due to the seasonal nature of our business, operating results for the interim periods are not necessarily indicative of a full year’s operations. The fiscal periods included herein comprise 13 weeks for the first quarter.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in our Condensed Consolidated Financial Statements. Actual results could differ from these estimates.

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Except as described herein, as of March 26, 2017, our significant accounting policies, which are detailed in our Annual Report on Form 10-K for the year ended December 25, 2016, have not changed materially.

Recently Adopted Accounting Pronouncements

In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-09, “Compensation-Stock Compensation,” which provides guidance on accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This guidance became effective for the Company for fiscal years beginning after December 25, 2016.

Upon adoption of ASU 2016-09, we recognized excess tax shortfalls in income tax expense rather than additional paid-in capital of $1.5 million for the first quarter of 2017. Excess tax shortfalls and/or windfalls for share-based payments are now included in net cash from operating activities rather than net cash from financing activities. The changes have been applied prospectively in accordance with the ASU and prior periods have not been adjusted. Additionally, the presentation of employee taxes paid to taxing authorities for share-based transactions are now included in net cash from financing activities rather than net cash from operating activities. This change was applied retrospectively and as a result, we reclassified $8.7 million for the first quarter of 2016 in our Condensed Statement of Cash Flows from operating activities to financing activities. No other material changes resulted from the adoption of this standard.

Recently Issued Accounting Pronouncements

In March 2017, the FASB issued ASU 2017-07, “Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.” The new guidance requires the service cost component to be presented separately from the other components of net benefit costs. Service cost will be presented with other employee compensation cost within operations. The other components of net benefit cost, such as interest cost, amortization of prior service cost and gains or losses are required to be presented outside of operations. The new guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The guidance should be applied retrospectively for the presentation of the service cost component in the income statement and allows a practical expedient for the estimation basis for applying the retrospective presentation requirements. We are currently in the process of evaluating the impact of this guidance on our consolidated financial statements.

In February 2016, the FASB issued ASU 2016-02, “Leases,” which provides guidance on accounting for leases and disclosure of key information about leasing arrangements. The guidance requires lessees to recognize the following for all operating and finance leases at the commencement date: (1) a lease liability, which is the obligation to make lease payments arising from a lease, measured on a discounted basis and (2) a right-of-use asset representing the lessee’s right to use, or control the use of, the underlying asset for the lease term. A lessee is permitted to make an accounting policy election not to recognize lease assets and lease liabilities for short-term leases with a term of 12 months or less. The guidance does not fundamentally change lessor accounting; however, some changes have been made to align that guidance with the lessee guidance and other

6

THE NEW YORK TIMES COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

areas within GAAP. This guidance becomes effective for the Company for fiscal years beginning after December 30, 2018. Early application is permitted. This guidance will be applied on a modified retrospective basis for leases existing at, or entered into after, the earliest period presented in the financial statements. We are currently in the process of evaluating the impact of the new leasing guidance and expect that most of our operating lease commitments will be subject to the new standard. The adoption of the standard will require us to add right-of-use assets and lease liabilities onto our balance sheet. Based upon our initial evaluation, we do not expect the adoption of the standard to have a material effect on our results of operations and liquidity.

In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers,” which prescribes a single comprehensive model for entities to use in the accounting for revenue arising from contracts with customers. The new guidance will supersede virtually all existing revenue guidance under GAAP and International Financial Reporting Standards and is effective for fiscal years beginning after December 31, 2017. There are two transition options available to entities: the full retrospective approach or the modified retrospective approach. Under the full retrospective approach, the Company would restate prior periods in compliance with Accounting Standards Codification 250, “Accounting Changes and Error Corrections.” Alternatively, the Company may elect the modified retrospective approach, which allows for the new revenue standard to be applied to existing contracts as of the effective date with a cumulative catch-up adjustment recorded to retained earnings. We currently anticipate adopting the new standard using the modified retrospective method beginning January 1, 2018.

Subsequently, in March 2016, the FASB issued ASU 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net),” which clarifies the implementation guidance on principal versus agent considerations in ASU 2014-09. In April 2016, the FASB also issued ASU 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing,” to reduce the cost and complexity of applying the guidance on identifying promised goods or services when identifying a performance obligation and improve the operability and understandability of the licensing implementation guidance. In May 2016, the FASB issued ASU 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow Scope Improvements and Practical Expedients,” to reduce the cost and complexity of applying the guidance to address certain issues on assessing collectability, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications at transition. The amendments in ASU 2014-09, 2016-10, and 2016-12 do not change the core principle of ASU 2014-09.

Based upon our initial evaluation, we do not expect the adoption of the standard to have a material effect on our financial condition or results of operations. While we continue to evaluate the impact of the new revenue guidance, we currently believe that the most significant changes will be primarily related to how we account for certain licensing arrangements in the other revenue category. However, preliminary assessments may be subject to change.

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 are not expected to have a material effect on our financial condition or results of operations.

NOTE 3. MARKETABLE SECURITIES

Our marketable debt securities consisted of the following:

(In thousands)	March 26, 2017		December 25, 2016
Short-term marketable securities
U.S Treasury securities	$	123,547	$	150,623
Corporate debt securities	154,255		150,599
U.S. governmental agency securities	56,079		64,135
Commercial paper	58,368		84,178
Total short-term marketable securities	$	392,249	$	449,535
Long-term marketable securities
U.S. governmental agency securities	$	115,690	$	110,732
Corporate debt securities	52,799		61,775
U.S Treasury securities	40,842		14,792
Total long-term marketable securities	$	209,331	$	187,299

7

THE NEW YORK TIMES COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

As of March 26, 2017, our short-term and long-term marketable securities had remaining maturities of less than 1 month to 12 months and 13 months to 36 months, respectively. See Note 8 for additional information regarding the fair value of our marketable securities.

NOTE 4. GOODWILL AND INTANGIBLES

During the first and third quarters of 2016, the Company acquired two digital marketing agencies, HelloSociety, LLC and Fake Love, LLC for an aggregate of $15.4 million in all-cash transactions.

During the fourth quarter of 2016, the Company acquired Submarine Leisure Club, Inc., which owns the product review and recommendation websites The Wirecutter and The Sweethome, in an all-cash transaction. We paid $25.0 million, including a payment made for a non-compete agreement. In connection with the transaction, we also entered into a consulting agreement and retention agreements that will likely require payments over the three years following the acquisition.

The Company allocated the purchase prices based on the final valuation of assets acquired and liabilities assumed, resulting in allocations to goodwill, intangibles, property, plant and equipment and other miscellaneous assets.

The aggregate carrying amount of intangible assets of $9.6 million related to these acquisitions has been included in “Miscellaneous Assets” in our Condensed Consolidated Balance Sheets. The estimated useful lives for these assets range from 3 to 7 years and are amortized on a straight-line basis.

The changes in the carrying amount of goodwill as of March 26, 2017, and since December 25, 2016, were as follows:

(In thousands)	Total Company
Balance as of December 25, 2016	$	134,517
Measurement period adjustment (1)	(198		)
Foreign currency translation	2,072
Balance as of March 26, 2017	$	136,391

(1)Includes measurement period adjustment in connection with Submarine Leisure Club, Inc. acquisition.

The foreign currency translation line item reflects changes in goodwill resulting from fluctuating exchange rates related to the consolidation of certain international subsidiaries.

NOTE 5. INVESTMENTS

Equity Method Investments

As of March 26, 2017, our investments in joint ventures of $16.5 million consisted of equity ownership interests in the following entities:

Company	Approximate % Ownership
Donohue Malbaie Inc.	49	%
Madison Paper Industries	40	%
Women in the World Media, LLC	30	%

We have investments in Donohue Malbaie Inc. (“Malbaie”), a Canadian newsprint company, Madison Paper Industries (“Madison”), a partnership that previously operated a supercalendered paper mill in Maine, and Women in the World Media, LLC, a live-event conference business.

The Company and UPM-Kymmene Corporation (“UPM”), a Finnish paper manufacturing company, are partners through subsidiary companies in Madison. The Company’s 40% ownership of Madison is through an 80%-owned consolidated subsidiary which owns 50% of Madison. UPM owns 60% of Madison, including a 10% interest through a 20% noncontrolling interest in the consolidated subsidiary of the Company. In March 2016, UPM announced the closure of the paper mill, which occurred in May 2016. During the first quarter of 2016, we recognized $41.4 million loss from joint ventures related to the announced closure of the paper mill. Our proportionate share of the loss is reduced by the 20% noncontrolling interest. As a result of the mill closure, we wrote our investment down to zero and recorded a liability of $28.8 million, reflecting our share of the losses incurred to date by Madison. These amounts are presented in “Accrued expenses and other” in our Condensed Consolidated Balance Sheets.

8

THE NEW YORK TIMES COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

The Company’s joint venture in Madison is currently being liquidated. In the fourth quarter of 2016, Madison sold certain assets at the mill site and we recognized a gain of $3.9 million related to the sale. In April 2017, Madison entered into an agreement to sell the remaining assets at the mill site (consisting of hydro power assets). We expect the sale of the hydro power assets to be completed later this year and we believe the proceeds from the sale will be more than sufficient to cover Madison’s obligations and therefore allow us to reverse our liability at that time.

We received no distributions from our equity method investments during the the first quarters of 2017 and 2016.

We purchase newsprint from Malbaie, and previously purchased supercalendered paper from Madison, at competitive prices. Such purchases totaled approximately $3 million in the first quarters of 2017 and 2016.

The following table presents summarized income statement information for Madison, which follows a calendar year:

	For the Quarters Ended
(In thousands)	March 31, 2017			March 31, 2016
Revenues	$	—		$	25,179
Costs and expenses:
Cost of sales	(1,054		)	(48,935		)
General and administrative	(26		)	(63,101		)
	(1,080		)	(112,036		)
Operating loss	(1,080		)	(86,857		)
Other (expense)/income	(2		)	1
Net loss	$	(1,082	)	$	(86,856	)

Cost Method Investments

The aggregate carrying amounts of cost method investments included in “Miscellaneous assets’’ in our Condensed Consolidated Balance Sheets were $13.7 million and $13.6 million for March 26, 2017 and December 25, 2016, respectively.

NOTE 6. DEBT OBLIGATIONS

Our current indebtedness consisted of the repurchase option related to a sale-leaseback of a portion of our New York headquarters. Our total debt and capital lease obligations consisted of the following:

(In thousands)	March 26, 2017		December 25, 2016
Option to repurchase ownership interest in headquarters building in 2019:
Principal amount	250,000		250,000
Less unamortized discount based on imputed interest rate of 13.0%	9,001		9,801
Total option to repurchase ownership interest in headquarters building in 2019	240,999		240,199
Capital lease obligations	6,786		6,779
Total debt and capital lease obligations	247,785		246,978
Total long-term debt and capital lease obligations	$	247,785	$	246,978

See Note 8 for additional information regarding the fair value of our long-term debt.

9

THE NEW YORK TIMES COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

“Interest expense, net,” as shown in the accompanying Condensed Consolidated Statements of Operations was as follows:

	For the Quarters Ended
(In thousands)	March 26, 2017			March 27, 2016
Interest expense	$	6,864		$	9,922
Amortization of debt costs and discount on debt	800			1,253
Capitalized interest	(220		)	(116		)
Interest income	(2,119		)	(2,233		)
Total interest expense, net	$	5,325		$	8,826

NOTE 7. OTHER

Advertising Expenses

Advertising expenses incurred to promote our consumer and marketing services were $33.6 million and $21.1 million in the first quarters of 2017 and 2016, respectively.

Capitalized Computer Software Costs

Amortization of capitalized computer software costs included in “Depreciation and amortization” in our Condensed Consolidated Statements of Operations was $3.1 million and $3.0 million in the first quarters of 2017 and 2016, respectively.

Headquarters Redesign and Consolidation

In December 2016, we announced plans to redesign our headquarters building, consolidate our space within a smaller number of floors and lease the remaining floors to third parties. During the first quarter of 2017, we incurred $2.4 million of total costs related to these measures.

Severance Costs

We recognized severance costs of $1.6 million and $3.6 million in the first quarters of 2017 and 2016, respectively. These costs are recorded in “Selling, general and administrative costs” in our Condensed Consolidated Statements of Operations.

We had a severance liability of $14.4 million and $23.2 million included in “Accrued expenses and other” in our Condensed Consolidated Balance Sheets as of March 26, 2017, and December 25, 2016, respectively.

NOTE 8. 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.

10

THE NEW YORK TIMES COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Assets/Liabilities Measured and Recorded at Fair Value on a Recurring Basis

The following table summarizes our financial liabilities measured at fair value on a recurring basis as of March 26, 2017 and December 25, 2016:

(In thousands)	March 26, 2017								December 25, 2016
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Deferred compensation	$	26,699	$	26,699	$	—	$	—	$	31,006	$	31,006	$	—	$	—

The deferred compensation liability, included in “Other liabilities—Other” in our Condensed Consolidated Balance Sheets, consists of deferrals under The New York Times Company Deferred Executive Compensation Plan (the “DEC”), which enables 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.

Financial Instruments Disclosed, But Not Reported, at Fair Value

Our marketable securities, which include U.S. Treasury securities, corporate debt securities, U.S. government agency securities, municipal securities, certificates of deposit and commercial paper, are recorded at amortized cost (see Note 3). As of March 26, 2017 and December 25, 2016, the amortized cost approximated fair value because of the short-term maturity and highly liquid nature of these investments. We classified these investments as Level 2 since the fair value estimates are based on market observable inputs for investments with similar terms and maturities.

The carrying value of our long-term debt was approximately $241 million as of March 26, 2017 and approximately $240 million as of December 25, 2016. The fair value of our long-term debt was approximately $293 million and $298 million as of March 26, 2017 and December 25, 2016, respectively. We estimate the fair value of our debt utilizing market quotations for debt that have quoted prices in active markets. Since our debt does not trade on a daily basis in an active market, the fair value estimates are based on market observable inputs based on borrowing rates currently available for debt with similar terms and average maturities (Level 2).

NOTE 9. PENSION AND OTHER POSTRETIREMENT BENEFITS

Pension

Single-Employer Plans

We sponsor several single-employer defined benefit pension plans, the majority of which have been frozen. We also participate in two joint Company and Guild-sponsored defined benefit pension plans covering employees who are members of The NewsGuild of New York, including The Newspaper Guild of New York - The New York Times Pension Fund, which was frozen in 2012 and replaced by a successor plan, The Guild-Times Adjustable Pension Plan.

The components of net periodic pension cost were as follows:

	For the Quarters Ended
	March 26, 2017								March 27, 2016
(In thousands)	Qualified Plans			Non- Qualified Plans		All Plans			Qualified Plans			Non- Qualified Plans		All Plans
Service cost	$	2,423		$	—	$	2,423		$	2,247		$	—	$	2,247
Interest cost	15,594			1,956		17,550			16,574			2,034		18,608
Expected return on plan assets	(26,136		)	—		(26,136		)	(27,790		)	—		(27,790		)
Amortization of actuarial loss	7,353			1,088		8,441			7,069			1,053		8,122
Amortization of prior service credit	(486		)	—		(486		)	(486		)	—		(486		)
Net periodic pension (income)/cost	$	(1,252	)	$	3,044	$	1,792		$	(2,386	)	$	3,087	$	701

During the first quarters of 2017 and 2016, we made pension contributions of $2.0 million and $2.1 million, respectively, to certain qualified pension plans. We expect contributions to total approximately $8 million to satisfy funding requirements in 2017.

11

THE NEW YORK TIMES COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Other Postretirement Benefits

The components of net periodic postretirement benefit income were as follows:

	For the Quarters Ended
(In thousands)	March 26, 2017			March 27, 2016
Service cost	$	92		$	104
Interest cost	470			495
Amortization of actuarial loss	905			1,026
Amortization of prior service credit	(1,939		)	(2,110		)
Net periodic postretirement benefit income	$	(472	)	$	(485	)

NOTE 10. INCOME TAXES

The Company had income tax expense of $10.7 million in the first quarter of 2017 compared to an income tax benefit of $9.2 million in the first quarter of 2016. The increase in income tax expense was primarily due to higher income from continuing operations in the first quarter of 2017. Income tax expense also increased as a result of the Company’s recent adoption of ASU 2016-09 in the first quarter of 2017. See Note 2 for information regarding ASU 2016-09.

NOTE 11. EARNINGS/(LOSS) PER SHARE

We compute earnings/(loss) per share using a two-class method, 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/(loss) 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 and restricted stock units could have the most significant impact on diluted shares.

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.

The number of stock options excluded from the computation of diluted earnings per share because they were anti-dilutive was approximately 2 million in the first quarter of 2017 and approximately 6 million in the first quarter of 2016.

The number of restricted stock units and long-term incentive compensation stock-settled awards excluded from the computation of diluted earnings per share because they were anti-dilutive was approximately 1 million in the first quarter of 2017 and approximately 2 million for the first quarter of 2016.

NOTE 12. SUPPLEMENTAL STOCKHOLDERS’ EQUITY INFORMATION

Stockholders’ equity is summarized as follows:

(In thousands)	Total New York Times Company Stockholders’ Equity			Noncontrolling Interest			Total Stockholders’ Equity
Balance as of December 25, 2016	$	847,815		$	(3,571	)	$	844,244
Net income/(loss)	13,181			(66		)	13,115
Other comprehensive income, net of tax	5,565			—			5,565
Effect of issuance of shares	(3,281		)	—			(3,281		)
Dividends declared	(6,495		)	—			(6,495		)
Stock-based compensation	3,815			—			3,815
Balance as of March 26, 2017	$	860,600		$	(3,637	)	$	856,963

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THE NEW YORK TIMES COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(In thousands)	Total New York Times Company Stockholders’ Equity			Noncontrolling Interest			Total Stockholders’ Equity
Balance as of December 27, 2015	$	826,751		$	1,704		$	828,455
Net loss	(8,271		)	(5,315		)	(13,586		)
Other comprehensive income, net of tax	5,091			—			5,091
Effect of issuance of shares	(8,675		)	—			(8,675		)
Share repurchases	(15,056		)	—			(15,056		)
Dividends declared	(6,443		)	—			(6,443		)
Stock-based compensation	3,294			—			3,294
Balance as of March 27, 2016	$	796,691		$	(3,611	)	$	793,080

On January 14, 2015, the Board of Directors approved an authorization of $101.1 million to repurchase shares of the Company’s Class A Common Stock. As of March 26, 2017, the Company had repurchased 6,690,905 Class A shares under this authorization for a cost of $84.9 million (excluding commissions) and $16.2 million remained. Our Board of Directors has authorized us to purchase shares under this authorization from time to time, subject to market conditions and other factors. There is no expiration date with respect to this authorization.

The following table summarizes the changes in AOCI by component as of March 26, 2017:

(In thousands)	Foreign Currency Translation Adjustments			Funded Status of Benefit Plans			Total Accumulated Other Comprehensive Loss
Balance as of December 25, 2016	$	(1,822	)	$	(477,994	)	$	(479,816	)
Other comprehensive income before reclassifications, before tax(1)	2,175			—			2,175
Amounts reclassified from accumulated other comprehensive loss, before tax(1)	—			6,921			6,921
Income tax expense(1)	795			2,736			3,531
Net current-period other comprehensive income, net of tax	1,380			4,185			5,565
Balance as of March 26, 2017	$	(442	)	$	(473,809	)	$	(474,251	)

(1) All amounts are shown net of noncontrolling interest.

The following table summarizes the reclassifications from AOCI for the first quarter of 2017:

(In thousands)
Detail about accumulated other comprehensive loss components	Amounts reclassified from accumulated other comprehensive loss			Affect line item in the statement where net income is presented
Funded status of benefit plans:
Amortization of prior service credit(1)	$	(2,425	)	Selling, general & administrative costs
Amortization of actuarial loss(1)	9,346			Selling, general & administrative costs
Total reclassification, before tax(2)	6,921
Income tax expense	2,736			Income tax (benefit)/expense
Total reclassification, net of tax	$	4,185

(1) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost for pension and other retirement benefits. See Note 9 for additional information.

(2) There were no reclassifications relating to noncontrolling interest for the quarter ended March 26, 2017.

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THE NEW YORK TIMES COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 13. SEGMENT INFORMATION

We have one reportable segment that includes The New York Times, NYTimes.com and related businesses. Therefore, all required segment information can be found in the Condensed Consolidated Financial Statements.

Our operating segment generated revenues principally from circulation and advertising. Other revenues consist primarily of revenues from news services/syndication, digital archives, building rental income, our NYT Live business, e-commerce and affiliate referrals.

NOTE 14. CONTINGENT LIABILITIES

Restricted Cash

We were required to maintain $24.9 million of restricted cash as of March 26, 2017 and December 25, 2016, the majority of which is set aside to collateralize workers’ compensation obligations.

Newspaper and Mail Deliverers–Publishers’ Pension Fund

In September 2013, the Newspaper and Mail Deliverers-Publishers’ Pension Fund (the “NMDU Fund”) assessed a partial withdrawal liability against the Company in the amount of approximately $26 million for the plan years ending May 31, 2012 and 2013 (the “Initial Assessment”), an amount that was increased to approximately $34 million in December 2014, when the NMDU Fund issued a revised partial withdrawal liability assessment for the plan year ending May 31, 2013 (the “Revised Assessment”). The NMDU Fund claimed that when City & Suburban Delivery Systems, Inc., a retail and newsstand distribution subsidiary of the Company and the largest contributor to the NMDU Fund, ceased operations in 2009, it triggered a decline of more than 70% in contribution base units in each of these two plan years.

The Company disagreed with both the NMDU Fund’s determination that a partial withdrawal occurred and the methodology by which it calculated the withdrawal liability, and the parties engaged in arbitration proceedings to resolve the matter. On June 14, 2016, the arbitrator issued an interim award and opinion that supported the NMDU Fund’s determination that a partial withdrawal had occurred, including concluding that the methodology used to calculate the Initial Assessment was correct. However, the arbitrator also concluded that the NMDU Fund’s calculation of the Revised Assessment was incorrect. The Company expects to appeal the arbitrator’s decision following the issuance of the final opinion and award.

Due to requirements of the Employee Retirement Income Security Act of 1974 that sponsors make payments demanded by plans during arbitration and any resultant appeals, the Company had been making payments to the NMDU fund since September 2013 relating to the Initial Assessment and February 2015 relating to the Revised Assessment based on the NMDU Fund’s demand. As a result, as of March 26, 2017, we have paid $12.6 million relating to the Initial Assessment since the receipt of the initial demand letter. We also paid $5.0 million related to the Revised Assessment, which was refunded in July 2016 based on the arbitrator’s ruling. The Company recognized $0.1 million and $1.8 million of expense for the first quarters of 2017 and 2016, respectively.

As a result of the interim opinion and award relating to the Initial Assessment, the Company had a liability of $8.9 million as of March 26, 2017. Management believes it is reasonably possible that the total loss in this matter could exceed the liability established by a range of zero to approximately $10 million.

NEMG T&G, Inc.

The Company has been involved in class action litigation brought on behalf of individuals who, from 2006 to 2011, delivered newspapers at NEMG T&G, Inc., a subsidiary of the Company (“T&G”). T&G was a part of the New England Media Group, which the Company sold in 2013. The plaintiffs asserted several claims against T&G, including a challenge to their classification as independent contractors, and sought unspecified damages. In December 2016, the Company reached a settlement with respect to the claims. This settlement remains subject to court approval. As a result of the settlement, the Company recorded a charge of $3.7 million in the fourth quarter of 2016 within discontinued operations.

Other

We are involved in various legal actions incidental to our business that are now pending against us. These actions are generally for amounts greatly in excess of the payments, if any, that may be required to be made. Although the Company cannot predict the outcome of these matters, it is possible that an unfavorable outcome in one or more matters could be material to the Company’s consolidated results of operations or cash flows for an individual reporting period. However, based on currently available information, management does not believe that the ultimate resolution of these matters, individually or in the aggregate, is likely to have a material effect on the Company’s financial position.

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THE NEW YORK TIMES COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 15. SUBSEQUENT EVENT

In April 2017, Madison entered into an agreement to sell the remaining assets at its mill site (consisting of hydro power assets). We expect this sale to be completed later this year. See Note 5 for more information on the Company’s investment in Madison.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

EXECUTIVE OVERVIEW

We are a global media organization that includes newspapers, print and digital products and investments. We have one reportable segment with businesses that include our newspapers, websites, mobile applications and related businesses.

We generate revenues principally from circulation and advertising. Other revenues primarily consist of revenues from news services/syndication, digital archives, building rental income, our NYT Live business, e-commerce and affiliate referrals. Our main operating costs are employee-related costs.

In the accompanying analysis of financial information, we present certain information derived from consolidated financial information but not presented in our financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). We are presenting in this report supplemental non-GAAP financial performance measures that exclude depreciation, amortization, severance, non-operating retirement costs and certain identified special items, as applicable. These non-GAAP financial measures should not be considered in isolation from or as a substitute for the related GAAP measures, and should be read in conjunction with financial information presented on a GAAP basis. For further information and reconciliations of these non-GAAP measures to the most directly comparable GAAP measures, see “—Results of Operations—Non-GAAP Financial Measures.”

Financial Highlights

For the first quarter of 2017, diluted earnings per share from continuing operations were $0.08, compared with a diluted loss per share of $0.05 for the first quarter of 2016. Diluted earnings per share from continuing operations excluding severance, non-operating retirement costs and special items discussed below (or “adjusted diluted earnings per share,” a non-GAAP measure) were $0.11 and $0.10 for the first quarters of 2017 and 2016, respectively.

The Company had an operating profit of $29.0 million in the first quarter of 2017, compared with $27.9 million for the first quarter of 2016. The increase was driven by growth in overall revenues that more than offset increased costs. Operating profit before depreciation, amortization, severance, non-operating retirement costs and special items discussed below (or “adjusted operating profit,” a non-GAAP measure) was $52.7 million and $51.5 million for the first quarters of 2017 and 2016, respectively.

Total revenues increased 5.1% to $398.8 million in the first quarter of 2017 from $379.5 million in the first quarter of 2016, primarily driven by increases in digital and print circulation revenue, as well as digital advertising revenue, partially offset by a decrease in print advertising revenue.

Circulation revenues increased 11.2% in the first quarter of 2017 compared with the first quarter of 2016, primarily due to digital subscription initiatives and the 2017 increase in home-delivery prices at The New York Times newspaper, which more than offset a decline in print copies sold. Circulation revenues from our digital-only subscriptions (which includes news product and Crossword product subscriptions) increased 40.0% in the first quarter of 2017 compared with the first quarter of 2016.

Paid digital-only subscriptions totaled approximately 2,201,000 at the end of the first quarter of 2017, a 62.2% increase compared to the end of the first quarter of 2016. We continued to see significant growth in the number of paid digital-only subscriptions to our news products following the 2016 presidential election. We expect continued year-over-year growth in the second quarter of 2017; however, we expect this rate of growth to be slower than in the prior two quarters.

Advertising revenues remained under pressure during the first quarter of 2017. Total advertising revenues decreased 6.9% in the first quarter of 2017 compared with the first quarter of 2016, reflecting a 17.9% decrease in print advertising revenues, partially offset by an 18.9% increase in digital advertising revenues. The decrease in print advertising revenues resulted from a decline in display advertising. The increase in digital advertising revenues primarily reflected increases in revenue from our mobile platform, our programmatic channels and branded content, partially offset by a decrease in traditional website display advertising.

Compared with the first quarter of 2016, other revenues increased 20.9% in the first quarter of 2017, largely due to affiliate referral revenue associated with the product review and recommendation websites, The Wirecutter and The Sweethome, which the Company acquired in October 2016.

Operating costs increased in the first quarter of 2017 to $367.4 million from $351.6 million in the first quarter of 2016, largely due to higher marketing costs and costs from acquired companies, which were partially offset by lower print production and distribution costs as well as lower severance, international operations, technology and non-operating retirement costs. First quarter 2017 operating costs also included $2.4 million of costs related to the redesign of our headquarters building. Operating costs before depreciation, amortization, severance and non-operating retirement costs (or “adjusted operating costs,” a non-GAAP measure) increased in the first quarter of 2017 to $346.1 million from $328.0 million in the first quarter of 2016.

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Non-operating retirement costs decreased to $3.5 million during the first quarter of 2017 from $4.5 million in the first quarter of 2016 due to lower multiemployer pension plan withdrawal obligations.

RESULTS OF OPERATIONS

The following table presents our consolidated financial results:

	For the Quarters Ended
(In thousands)	March 26, 2017		March 27, 2016			% Change
Revenues
Circulation	$	242,375	$	217,994		11.2	%
Advertising	130,028		139,680			(6.9	)%
Other	26,401		21,841			20.9	%
Total revenues	398,804		379,515			5.1	%
Operating costs
Production costs:
Wages and benefits	90,778		92,471			(1.8	)%
Raw materials	16,930		17,875			(5.3	)%
Other	45,528		47,516			(4.2	)%
Total production costs	153,236		157,862			(2.9	)%
Selling, general and administrative costs	198,004		178,246			11.1	%
Depreciation and amortization	16,153		15,472			4.4	%
Total operating costs	367,393		351,580			4.5	%
Headquarters redesign and consolidation	2,402		—			*
Operating profit	29,009		27,935			3.8	%
Income/(loss) from joint ventures	173		(41,896		)	*
Interest expense, net	5,325		8,826			(39.7	)%
Income/(loss) from continuing operations before income taxes	23,857		(22,787		)	*
Income tax expense	10,742		(9,201		)	*
Income/(loss) from continuing operations	13,115		(13,586		)	*
Net loss attributable to the noncontrolling interest	66		5,315			*
Net income/(loss) attributable to The New York Times Company common stockholders	$	13,181	$	(8,271	)	*

* Represents a change equal to or in excess of 100% or not meaningful.

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Revenues

Circulation Revenues

Circulation revenues consist of revenues from our print and digital products, including our digital-only subscription packages, e-readers and replica editions. These revenues are based on the number of copies of the printed newspaper sold (through home-delivery subscriptions and single-copy and bulk sales) and digital-only subscriptions and the rates charged to the respective customers.

Circulation revenues increased 11.2% in the first quarter of 2017 compared with the same prior-year period, primarily due to digital subscription initiatives and a print home-delivery price increase for The New York Times newspaper, partially offset by a reduction in the number of print copies sold. Revenues from our digital-only news subscriptions (including e-readers and replica editions) were $72.9 million in the first quarter of 2017, an increase of 39.9% from the first quarter of 2016.

The following table summarizes first-quarter 2017 and 2016 digital-only subscription revenues:

	For the Quarters Ended
(In thousands)	March 26, 2017		March 27, 2016		% Change
Digital-only subscription revenues:
Digital-only news product subscription revenues	$	72,861	$	52,075	39.9	%
Digital Crossword product subscription revenues	2,956		2,098		40.9	%
Total digital-only subscription revenues	$	75,817	$	54,173	40.0	%

The following table summarizes first-quarter 2017 and 2016 digital-only subscriptions:                    

	For the Quarters Ended
(In thousands)	March 26, 2017	March 27, 2016	% Change
Digital-only subscriptions:
Digital-only news product subscriptions	1,916	1,161	65.0	%
Digital Crossword product subscriptions	285	196	45.4	%
Total digital-only subscriptions	2,201	1,357	62.2	%

Advertising Revenues

Advertising revenues are derived from the sale of our advertising products and services on our print, web and mobile platforms. These revenues are primarily determined by the volume, rate and mix of advertisements. Display advertising revenue is principally from advertisers promoting products, services or brands in print in the form of column-inch ads, and on our web and mobile platforms in the form of banners, video, rich media and other interactive ads. Display advertising also includes branded content on The Times’s platforms. Classified advertising revenue includes line-ads sold in the major categories of real estate, help wanted, automotive and other. Other advertising revenue primarily includes creative services fees associated with, among other things, our branded content studio; revenue from preprinted advertising, also known as free-standing inserts; and revenue generated from branded bags in which our newspapers are delivered.

Advertising revenues (print and digital) by category were as follows:

	For the Quarters Ended
	March 26, 2017						March 27, 2016						% Change
(In thousands)	Print		Digital		Total		Print		Digital		Total		Print		Digital		Total
Display	$	71,627	$	42,976	$	114,603	$	88,637	$	37,384	$	126,021	(19.2	)%	15.0	%	(9.1	)%
Classified and Other	8,730		6,695		15,425		9,262		4,397		13,659		(5.7	)%	52.3	%	12.9	%
Total advertising	$	80,357	$	49,671	$	130,028	$	97,899	$	41,781	$	139,680	(17.9	)%	18.9	%	(6.9	)%

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Below is a percentage breakdown of advertising revenues (print and digital) for the first quarters of 2017 and 2016:

	Display		Classified and Other		Total
2017	88	%	12	%	100	%
2016	90	%	10	%	100	%

Print advertising revenues, which represented 61.8% of total advertising revenues for the first quarter of 2017, declined 17.9% to $80.4 million in the first quarter of 2017 compared with $97.9 million in the same prior-year period. The decrease in print advertising revenues resulted from steep declines in display advertising, primarily in the luxury goods, technology and telecommunications, financial and travel categories.

Digital advertising revenues, which represented 38.2% of total advertising revenues for the first quarter of 2017, increased 18.9% to $49.7 million compared with $41.8 million in the same prior-year period. The increase in digital advertising revenues primarily reflected increases in revenue from our programmatic channels, our mobile platform and branded content, which were partially offset by declines in traditional website display advertising.

Classified and Other advertising revenues increased 12.9% in the first quarter of 2017, compared with the same prior-year period, due to an increase in digital creative services fees, offset by a decrease in the real estate and other categories of classified advertising.

Other Revenues

Other revenues primarily consist of revenues from news services/syndication, digital archives, building rental income, our NYT Live business, e-commerce and affiliate referrals.

Other revenues increased 20.9% in the first quarter of 2017, compared with the same prior-year period, largely due to affiliate referral revenue associated with our acquisition of the product review and recommendation websites, The Wirecutter and The Sweethome.

Operating Costs

Operating costs were as follows:

	For the Quarters Ended
(In thousands)	March 26, 2017		March 27, 2016		% Change
Production costs:
Wages and benefits	$	90,778	$	92,471	(1.8	)%
Raw materials	16,930		17,875		(5.3	)%
Other	45,528		47,516		(4.2	)%
Total production costs	153,236		157,862		(2.9	)%
Selling, general and administrative costs	198,004		178,246		11.1	%
Depreciation and amortization	16,153		15,472		4.4	%
Total operating costs	$	367,393	$	351,580	4.5	%

Production Costs

Production costs include items such as labor costs, raw materials, and machinery and equipment expenses related to news-gathering and production activity, as well as costs related to producing branded content.

Production costs decreased in the first quarter of 2017 compared with the first quarter of 2016, driven by a decrease in other expenses ($2.0 million) and wages and benefits ($1.7 million), partially offset by an increase in outside services costs ($1.5 million). Other expenses decreased primarily as a result of outside printing expenses. Raw materials expense decreased in the first quarter of 2017 compared with the first quarter of 2016 due to lower newsprint and magazine consumption, partially offset by higher newsprint pricing.

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Selling, General and Administrative Costs

Selling, general and administrative costs include costs associated with the selling, marketing and distribution of products as well as administrative expenses.

Selling, general and administrative costs increased in the first quarter of 2017 compared with the first quarter of 2016, primarily due to an increase in promotion and marketing costs ($12.8 million) and compensation costs ($6.6 million).

Depreciation and Amortization

Depreciation and amortization costs increased in the first quarter of 2017 compared with the same prior-year period, primarily due to the Company’s acquisitions of digital marketing agencies, Hello Society and Fake Love, and product review and recommendation websites, The Wirecutter and The Sweethome.

Other Items

See Note 7 of the Notes to the Condensed Consolidated Financial Statements for additional information regarding other items, including costs related to the redesign of our headquarters building.

NON-OPERATING ITEMS

Joint Ventures

See Note 5 of the Notes to the Condensed Consolidated Financial Statements for information regarding our joint venture investments.

Interest Expense, Net

See Note 6 of the Notes to the Condensed Consolidated Financial Statements for information regarding interest expense.

Income Taxes

See Note 10 of the Notes to the Condensed Consolidated Financial Statements for information regarding income taxes.

Non-GAAP Financial Measures

We have included in this report certain supplemental financial information derived from consolidated financial information but not presented in our financial statements prepared in accordance with GAAP. Specifically, we have referred to the following non-GAAP financial measures in this report:

• diluted earnings per share from continuing operations excluding severance, non-operating retirement costs and the impact of special items (or adjusted diluted earnings per share from continuing operations);

• operating profit before depreciation, amortization, severance, non-operating retirement costs and special items (or adjusted operating profit); and

• operating costs before depreciation, amortization, severance and non-operating retirement costs (or adjusted operating costs).

The special items in 2017 consisted of:

• A $2.4 million pre-tax expense ($1.4 million after tax or $.01 per share) related to the planned redesign and consolidation of space in our headquarters building.

The special items in 2016 consisted of:

• A $41.4 million pre-tax loss ($20.1 million after tax and net of noncontrolling interest, or $.13 per share) from joint ventures related to the announced closure of the paper mill operated by Madison Paper Industries, in which the Company has an investment through a subsidiary.

We have included these non-GAAP financial measures because management reviews them on a regular basis and uses them to evaluate and manage the performance of our operations. We believe that, for the reasons outlined below, these non-GAAP financial measures provide useful information to investors as a supplement to reported diluted earnings/(loss) per share from continuing operations, operating profit/(loss) and operating costs. However, these measures should be evaluated only in conjunction with the comparable GAAP financial measures and should not be viewed as alternative or superior measures of GAAP results.

Adjusted diluted earnings per share provides useful information in evaluating our period-to-period performance because it eliminates items that we do not consider to be indicative of earnings from ongoing operating activities. Adjusted operating profit is useful in evaluating the ongoing performance of our businesses as it excludes the significant non-cash impact of

20

depreciation and amortization as well as items not indicative of ongoing operating activities. Total operating costs include depreciation, amortization, severance and non-operating retirement costs. Adjusted operating costs, which exclude these items, provide investors with helpful supplemental information on our underlying operating costs that is used by management in its financial and operational decision-making.

Management considers special items, which may include impairment charges, pension settlement charges and other items that arise from time to time, to be outside the ordinary course of our operations. Management believes that excluding these items provides a better understanding of the underlying trends in the Company’s operating performance and allows more accurate comparisons of the Company’s operating results to historical performance. In addition, management excludes severance costs, which may fluctuate significantly from quarter to quarter, because it believes these costs do not necessarily reflect expected future operating costs and do not contribute to a meaningful comparison of the Company’s operating results to historical performance.

Non-operating retirement costs include:

• interest cost, expected return on plan assets and amortization of actuarial gain and loss components of pension expense;

• interest cost and amortization of actuarial gain and loss components of retiree medical expense; and

• all expenses associated with multiemployer pension plan withdrawal obligations, not otherwise included as special items.

These non-operating retirement costs are primarily tied to financial market performance and changes in market interest rates and investment performance. Non-operating retirement costs do not include service costs and amortization of prior service costs for pension and retiree medical benefits, which we believe reflect the ongoing operating costs of providing pension and retiree medical benefits to our employees. We consider non-operating retirement costs to be outside the performance of our ongoing core business operations and believe that presenting operating results excluding non-operating retirement costs, in addition to our GAAP operating results, provides increased transparency and a better understanding of the underlying trends in our operating business performance.

Reconciliations of non-GAAP financial measures from, respectively, diluted earnings per share from continuing operations, operating profit and operating costs, the most directly comparable GAAP items, are set out in the tables below.

Reconciliation of diluted earnings per share from continuing operations excluding severance, non-operating retirement costs and special items (or adjusted diluted earnings per share from continuing operations)
	For the Quarters Ended
	March 26, 2017			March 27, 2016			% Change
Diluted earnings/(loss) per share from continuing operations	$	0.08		$	(0.05	)	*
Add:
Severance	0.01			0.02			(50.0	)%
Non-operating retirement costs	0.02			0.03			(33.3	)%
Special items:
Headquarters redesign and consolidation	0.01			—			*
Loss from joint ventures, net of noncontrolling interest	—			0.21			*
Income tax expense of adjustments	(0.01		)	(0.11		)	(90.9	)%
Adjusted diluted earnings per share from continuing operations (1)	$	0.11		$	0.10		10.0	%

(1) Amounts may not add due to rounding.

* Represents a change equal to or in excess of 100% or not meaningful

21

Reconciliation of operating profit before depreciation & amortization, severance, non-operating retirement costs and special items (or adjusted operating profit)
	For the Quarters Ended
(In thousands)	March 26, 2017		March 27, 2016		% Change
Operating profit	$	29,009	$	27,935	3.8	%
Add:
Depreciation & amortization	16,153		15,472		4.4	%
Severance	1,600		3,600		(55.6	)%
Non-operating retirement costs	3,503		4,536		(22.8	)%
Special items:
Headquarters redesign and consolidation	2,402		—		*
Adjusted operating profit	$	52,667	$	51,543	2.2	%

* Represents a change equal to or in excess of 100% or not meaningful

Reconciliation of operating costs before depreciation & amortization, severance and non-operating retirement costs (or adjusted operating costs)
	For the Quarters Ended
(In thousands)	March 26, 2017		March 27, 2016		% Change
Operating costs	$	367,393	$	351,580	4.5	%
Less:
Depreciation & amortization	16,153		15,472		4.4	%
Severance	1,600		3,600		(55.6	)%
Non-operating retirement costs	3,503		4,536		(22.8	)%
Adjusted operating costs	$	346,137	$	327,972	5.5	%

22

LIQUIDITY AND CAPITAL RESOURCES

We believe our cash balance and cash provided by operations, in combination with other sources of cash, will be sufficient to meet our financing needs over the next twelve months. As of March 26, 2017, we had cash, cash equivalents and short- and long-term marketable securities of $752.5 million and total debt and capital lease obligations of $247.8 million. Accordingly, our cash, cash equivalents and marketable securities exceeded total debt and capital lease obligations by $504.7 million. Our cash and investment balances have increased since the end of 2016, primarily due to higher overall revenue, offset by variable compensation payments of approximately $41 million.

On January 14, 2015, the Board of Directors approved an authorization of $101.1 million to repurchase shares of the Company’s Class A Common Stock. As of March 26, 2017, the Company had repurchased 6,690,905 Class A shares under this authorization for a cost of $84.9 million (excluding commissions) and $16.2 million remained. Our Board of Directors has authorized us to purchase shares under this authorization from time to time, subject to market conditions and other factors. There is no expiration date with respect to this authorization.

We have paid quarterly dividends of $0.04 per share on the Class A and Class B Common Stock since late 2013. We currently expect to continue to pay comparable cash dividends in the future, although changes in our dividend program will be considered by our Board of Directors in light of our earnings, capital requirements, financial condition and other factors considered relevant. In addition, the Board of Directors will consider restrictions in any existing indebtedness.

The Company and UPM-Kymmene Corporation (“UPM”), a Finnish paper manufacturing company, are partners through subsidiary companies in Madison Paper Industries, which previously operated a supercalendered paper mill in Maine (“Madison”). The Company’s 40% ownership of Madison is through an 80%-owned consolidated subsidiary that owns 50% of Madison. UPM owns 60% of Madison, including a 10% interest through a 20% noncontrolling interest in the consolidated subsidiary of the Company. In March 2016, UPM announced the closure of the paper mill, which occurred in May 2016. The Company’s joint venture in Madison is currently being liquidated. In the fourth quarter of 2016, Madison sold certain assets at the mill site and we recognized a gain of $3.9 million related to the sale. In April 2017, Madison entered into an agreement to sell the remaining assets at the mill site (consisting of hydro power assets). We expect the sale of the hydro power assets to be completed later this year and we believe the proceeds from the sale will be more than sufficient to cover Madison’s obligations and therefore allow us to reverse our liability at that time. See Note 5 of the Notes to the Condensed Consolidated Financial Statements for more information on the Company’s investment in Madison.

Capital Resources

Sources and Uses of Cash

Cash flows provided by/(used in) by category were as follows:

	For the Quarters Ended
(In thousands)	March 26, 2017			March 27, 2016			% Change
Operating activities	$	30,131		$	(12,009	)	(350.9	)%
Investing activities	$	29,820		$	122,765		(75.7	)%
Financing activities	$	(9,892	)	$	(30,958	)	(68.0	)%

Operating Activities

Cash from operating activities is generated by cash receipts from circulation, advertising sales and other revenue transactions. Operating cash outflows include payments for employee compensation, pension and other benefits, raw materials, interest and income taxes.

Net cash provided by operating activities increased in the first quarter of 2017 compared with the same prior-year period due to lower income tax payments and an overall increase in revenues.

Investing Activities

Cash from investing activities generally includes proceeds from marketable securities that have matured and the sale of assets, investments or a business. Cash used in investing activities generally includes purchases of marketable securities, payments for capital projects, restricted cash, acquisitions of new businesses and investments.

Net cash provided by investing activities in the first quarter of 2017 was primarily related to maturities of marketable securities, partially offset by purchases of marketable securities and capital expenditures.

23

Financing Activities

Cash from financing activities generally includes borrowings under third-party financing arrangements, the issuance of long-term debt and funds from stock option exercises. Cash used in financing activities generally includes the repayment of amounts outstanding under third-party financing arrangements, the payment of dividends and the payment of long-term debt and capital lease obligations.

Net cash used in financing activities in the first quarter of 2017 was primarily related to dividend payments of $6.5 million and share-based compensation tax withholding of $3.7 million.

Restricted Cash

We were required to maintain $24.9 million of restricted cash as of March 26, 2017 and December 25, 2016, the majority of which is set aside to collateralize workers’ compensation obligations.

Third-Party Financing

As of March 26, 2017, our current indebtedness consisted of the repurchase option related to a sale-leaseback of a portion of our New York headquarters. See Note 6 for information regarding our total debt and capital lease obligations. See Note 8 for information regarding the fair value of our long-term debt.

CRITICAL ACCOUNTING POLICIES

Our critical accounting policies are detailed in our Annual Report on Form 10-K for the year ended December 25, 2016. As of March 26, 2017, our critical accounting policies have not changed from December 25, 2016.

CONTRACTUAL OBLIGATIONS & OFF-BALANCE SHEET ARRANGEMENTS

Our contractual obligations and off-balance sheet arrangements are detailed in our Annual Report on Form 10-K for the year ended December 25, 2016. As of March 26, 2017, our contractual obligations and off-balance sheet arrangements have not changed materially from December 25, 2016.

FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q, including the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” contains forward-looking statements that relate to future events or our future financial performance. We may also make written and oral forward-looking statements in our Securities and Exchange Commission (“SEC”) filings and otherwise. We have tried, where possible, to identify such statements by using words such as “believe,” “expect,” “intend,” “estimate,” “anticipate,” “will,” “could,” “project,” “plan” and similar expressions in connection with any discussion of future operating or financial performance. Any forward-looking statements are and will be based upon our then-current expectations, estimates and assumptions regarding future events and are applicable only as of the dates of such statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

By their nature, forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated in any such statements. You should bear this in mind as you consider forward-looking statements. Factors that we think could, individually or in the aggregate, cause our actual results to differ materially from expected and historical results include those described in our Annual Report on Form 10-K for the year ended December 25, 2016, as well as other risks and factors identified from time to time in our SEC filings.    

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Our Annual Report on Form 10-K for the year ended December 25, 2016, details our disclosures about market risk. As of March 26, 2017, there were no material changes in our market risks from December 25, 2016.

Item 4. Controls and Procedures

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES

Our management, with the participation of our principal executive officer and our principal financial officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934) as of March 26, 2017. Based upon such evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective to ensure that the information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

24

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

There were no changes in our internal control over financial reporting during the quarter ended March 26, 2017, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

25

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

We are involved in various legal actions incidental to our business that are now pending against us. These actions are generally for amounts greatly in excess of the payments, if any, that may be required to be made. See Note 14 of the Notes to the Consolidated Financial Statements for a description of certain matters, which is incorporated herein by reference. Although the Company cannot predict the outcome of these matters, it is possible that an unfavorable outcome in one or more matters could be material to the Company’s consolidated results of operations or cash flows for an individual reporting period. However, based on currently available information, management does not believe that the ultimate resolution of these matters, individually or in the aggregate, is likely to have a material effect on the Company’s financial position.

Item 1A. Risk Factors

There have been no material changes to our risk factors as set forth in “Item 1A—Risk Factors” in our Annual Report on Form 10-K for the year ended December 25, 2016.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

(c) Issuer Purchases of Equity Securities⁽¹⁾ 

Period	Total number of shares of Class A Common Stock purchased (a)	Average price paid per share of Class A Common Stock (b)	Total number of shares of Class A Common Stock purchased as part of publicly announced plans or programs (c)	Maximum number (or approximate dollar value) of shares of Class A Common Stock that may yet be purchased under the plans or programs (d)
December 26, 2016 - January 29, 2017	—	—	—	$	16,236,612
January 30, 2017 - February 26, 2017	—	—	—	$	16,236,612
February 27, 2017 - March 26, 2017	—	—	—	$	16,236,612
Total for the first quarter of 2017	—	—	—	$	16,236,612

(1) On January 14, 2015, the Board of Directors approved an authorization of $101.1 million to repurchase shares of the Company’s Class A Common Stock. The Company did not repurchase any shares during the first quarter of 2017. As of March 26, 2017, repurchases under this authorization totaled $84.9 million (excluding commissions), and $16.2 million remained under this authorization. All purchases were made pursuant to our publicly announced share repurchase program. Our Board of Directors has authorized us to purchase shares from time to time, subject to market conditions and other factors. There is no expiration date with respect to this authorization.

Item 6. Exhibits

An exhibit index has been filed as part of this Quarterly Report on Form 10-Q and is incorporated herein by reference.

26

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		THE NEW YORK TIMES COMPANY
		(Registrant)
Date:	May 3, 2017	/s/ JAMES M. FOLLO
		James M. Follo Executive Vice President and Chief Financial Officer (Principal Financial Officer)

27

Exhibit Index to Quarterly Report on Form 10-Q

For the Quarter Ended March 26, 2017

Exhibit No.
10.1	Amendment No. 3 to The New York Times Companies Supplemental Retirement and Investment Plan, amended March 10, 2017, and effective January 1, 2017.
10.2	Form of Non-Employee Director Restricted Stock Unit Award Agreement under the Company’s 2010 Incentive Compensation Plan.
12	Ratio of Earnings to Fixed Charges.
31.1	Rule 13a-14(a)/15d-14(a) Certification.
31.2	Rule 13a-14(a)/15d-14(a) Certification.
32.1	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	XBRL Instance Document.
101.SCH	XBRL Taxonomy Extension Schema Document.
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB	XBRL Taxonomy Extension Label Linkbase Document.
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document.

28

EX-10.1

EXHIBIT 10.1

THE NEW YORK TIMES COMPANIES

SUPPLEMENTAL RETIREMENT AND INVESTMENT PLAN

AMENDMENT NO. 3

THIS INSTRUMENT made as of the 10th day of March, 2017, by the ERISA Management Committee (the “Committee”) of The New York Times Company (the “Company”).

WITNESSETH

WHEREAS, the Company maintains The New York Times Companies Supplemental Retirement and Investment Plan, as restated in its entirety effective January 1, 2015 (the “Plan”) for the benefit of certain eligible employees; and

WHEREAS, pursuant to Section 12.01 of the Plan, the Committee has the authority to amend the Plan; and

WHEREAS, the Committee desires to amend the Plan to clarify the Plan’s administrative procedures regarding the automatic change of a before-tax contribution election or Roth contribution election to an after-tax election;

NOW, THEREFORE, the Plan is hereby amended effective as of January 1, 2017 as follows:

1.The second paragraph of Subsection 3.01(b) of Article III of the Plan is hereby amended by deleting the phrase “unless the Participant chooses no auto-conversion” each time it appears in the paragraph and adding the following sentence to the end of the second paragraph:

“The Participant may discontinue such After-Tax Contributions at any time in accordance with procedures established by the Plan Administrator.”

Subsection 3.01(b) of Article III of the Plan, as revised, shall read as follows:

“(b) After-Tax Contributions. If the Before-Tax Contributions made on the Participant’s behalf under Section 3.01(a) of the Plan are in an amount less than 75% of the Participant’s Earnings, the Participant may elect to make After-Tax Contributions to the Plan in an amount not less than 1% and not more than 75% of his or her Earnings, in multiples of 1%. However, the combined amount of After-Tax Contributions and Before-Tax Contributions on behalf of that Participant shall not exceed 75% of the Participant’s Earnings. After-Tax Contributions shall be made through payroll deductions in a manner to be determined by the Plan Administrator.

If a Participant has elected to make Before-Tax Contributions and contributes the maximum Before-Tax Contribution amount permitted under Section 402(g) for the calendar year, the Participant’s Before-Tax Contribution election shall automatically be converted to an election to continue contributing at the same rate on an After-Tax Contribution basis. Notwithstanding the foregoing, if a Participant is eligible to make Catch-Up Contributions as described in subsection (d), and contributes the maximum Before-Tax Contribution amount permitted under Section 402(g) for the calendar year, the Participant’s Before-Tax election shall automatically continue until the Participant has contributed the maximum Catch-up Contribution amount under Section 414(v) of the Code for the calendar year, at which time the Participant’s Before-Tax Election shall be converted to an election to continue contributing at the same rate on an After-Tax Contribution basis. The

Participant may discontinue such After-Tax Contributions at any time in accordance with procedures established by the Plan Administrator.”

2.The second paragraph of Subsection 3.01(c) of Article III of the Plan is hereby amended by deleting the phrase “unless the Participant chooses no auto-conversion” each time it appears in the paragraph and adding the following sentence to the end of the second paragraph:

“The Participant may discontinue such After-Tax Contributions at any time in accordance with procedures established by the Plan Administrator.”

Subsection 3.01(c) of Article III of the Plan, as revised, shall read as follows:

“(c) Roth Contributions. If the Before-Tax Contributions and After-Tax Contributions made on the Participant’s behalf under Sections 3.01(a) and (b) of the Plan are in an amount less than 75% of the Participant’s Earnings, the Participant may elect to make Roth Contributions to the Plan in an amount not less than 1% and not more than 75% of his or her Earnings, in multiples of 1%. However, the combined amount of Roth Contributions, After-Tax Contributions and Before-Tax Contributions on behalf of that Participant shall not exceed 75% of the Participant’s Earnings. Roth Contributions shall be made through payroll deductions in a manner to be determined by the Plan Administrator.

If a Participant has elected to make Roth Contributions and contributes the maximum Roth Contribution amount permitted under Section 402(g) for the calendar year, the Participant’s Roth Contribution election shall automatically be converted to an election to continue contributing at the same rate on an After-Tax Contribution basis. Notwithstanding the foregoing, if a Participant is eligible to make Catch-Up Contributions as described in subsection (d), and contributes the maximum Roth Contribution amount permitted under Section 402(g) for the calendar year, the Participant’s Roth election shall automatically continue until the Participant has contributed the maximum Catch-up Contribution amount under Section 414(v) of the Code for the calendar year, at which time the Participant’s Roth Contribution election shall be converted to an election to continue contributing at the same rate on an After-Tax Contribution basis. The Participant may discontinue such After-Tax Contributions at any time in accordance with procedures established by the Plan Administrator.”

IN WITNESS WHEREOF, the ERISA Management Committee of The New York Times Company has caused this amendment to be executed by a duly appointed member as of the date first set forth above.

ERISA MANAGEMENT COMMITTEE
By:	/s/ R. Anthony Benten

EX-10.2

EXHIBIT 10.2

THE NEW YORK TIMES COMPANY

2010 INCENTIVE COMPENSATION PLAN

NON-EMPLOYEE DIRECTOR

RESTRICTED STOCK UNIT AWARD AGREEMENT

This Restricted Stock Unit Award Agreement (the “Agreement”) is made and entered into as of [GRANT DATE] (the “Grant Date”) between The New York Times Company, a corporation organized under the laws of the State of New York (the “Company”) and [PARTICIPANT NAME] (the “Participant”), a Non-Employee Director, pursuant to The New York Times Company 2010 Incentive Compensation Plan, as it may at any time hereafter be supplemented, modified, amended or restated (the “Plan”). Capitalized terms used in this document that are not otherwise defined have the meaning set forth in the Plan.

1.General. Subject to the terms and conditions set forth in this Agreement and in the Plan, the Company hereby grants to the Participant [NUMBER] restricted stock units (the “RSUs”). Each RSU represents the right to receive one Share on the terms and conditions set forth in this Agreement and in the Plan.

2.Vesting. The RSUs will vest immediately prior to, and on the date of, the Company’s first Annual Stockholders Meeting following the Grant Date (or, if sooner, the date that is 18 calendar months after the Grant Date) (in either case, the “Scheduled Vesting Date”), provided that the Participant is, on the Scheduled Vesting Date, and has been from the date of grant of the RSUs, a member of the Board. For the avoidance of doubt, any incumbent member of the Board not standing for re-election at the Company’s first Annual Stockholders Meeting following the Grant Date shall nonetheless be considered a member of the Board as of the date thereof. Notwithstanding the foregoing, the RSUs will become fully vested upon the cessation of the Participant’s membership on the Board on account of the Participant’s death or total disability. Except as otherwise provided in this Section 2, if the Participant’s membership on the Board ceases for any reason prior to the Scheduled Vesting Date, all unvested RSUs held by the Participant will be immediately forfeited, and the Participant will not have any right to delivery of the underlying Shares. For purposes of the RSUs, total disability means that the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months.

3.Change in Control. To the extent not previously vested, the RSUs will become fully vested upon a Change in Control that occurs prior to the Participant’s cessation of membership on the Board.

4.Delivery of Shares. To the extent that the RSUs become vested, the Shares subject to the RSUs will be delivered within 90 days following the cessation of the Participant’s membership on the Board to a brokerage account in the name of the Participant maintained with the administrative services provider of the RSUs (such provider from time to time, the “Administrative Services Provider”).

5.Rights as a Stockholder; Dividend Equivalents. The Participant will not have the rights of a stockholder of the Company with respect to Shares subject to the RSUs until such Shares are actually delivered to the Participant. However, the Company will credit to the Participant, as of the payment date of any cash dividend, an amount per RSU held by the Participant on the applicable record date equal to the amount of the cash dividend declared and paid in respect of one Share. Such credited amount will be credited in the form of additional restricted stock units, the number of which will be calculated based on the Fair Market Value of a Share as of the payment date of the applicable cash dividend (rounded down to the nearest whole number), and which restricted stock units will be subject to the terms and conditions of this Agreement (including with respect to vesting).

6.Section 409A. The RSUs are intended to comply with Code Section 409A. Accordingly, all provisions of this document shall be construed, interpreted and administered in a manner that is consistent with the requirements of Code Section 409A and Section 8.12 of the Plan, and any payments constituting nonqualified deferred compensation subject to Code Section 409A shall only be made in a manner and upon an event permitted by Code Section 409A; provided that in no event will the Company be obligated to reimburse the Participant or the Participant’s Beneficiaries for any additional tax (or related penalties and interest) incurred by reason of application of Code Section 409A. For the avoidance of doubt, payments shall only be made on the Participant’s “separation from service” as defined under Code Section 409A.

7.Taxes. The Company may satisfy any tax withholding obligations, if applicable, by reducing the number of Shares to be delivered in an amount sufficient to satisfy any such applicable withholding obligations.

8.Company Policies. The RSUs, the underlying Shares and any cash proceeds realized from the sale of such underlying Shares are subject to any share trading policies and other policies that may be implemented by the Company from time to time.

9.Beneficiary Designation. The Participant may at any time designate one or more Beneficiaries to receive the Shares payable with respect to the RSUs in the event of the Participant’s death. The Participant may make an initial Beneficiary designation or change an existing Beneficiary designation via the Plan Website (as defined below).

10.No Transferability. The RSUs are not transferable by the Participant except to a Beneficiary in the event of the Participant’s death. Any other attempted assignment or transfer shall be null and void and shall extinguish, in the Company’s sole discretion, the Company’s obligation with respect to the RSUs and under this Agreement. The Company may assign the RSUs and this Agreement in accordance with the Plan.

11.No Right to Continued Service. Neither the grant of RSUs, nor any other action taken hereunder shall be construed as giving the Participant the right to be retained in the service of the Company (for the vesting period or any other period of time), nor shall it interfere in any way with the right of the Company to terminate the Participant’s service at any time.

12.Plan Provisions. The RSUs are being granted pursuant to the Plan, the terms of which are incorporated herein by reference, and will in all respects be interpreted in accordance the Plan. The grant and settlement of the RSUs are subject to interpretations, regulations and determinations concerning the Plan established from time to time by the Board in accordance with the provisions of the Plan. The Board shall have the authority to interpret and construe this Agreement, and the decisions of the Board shall be conclusive upon any question arising under this Agreement. In the event there is any express conflict between this Agreement and the terms of the Plan, the terms of the Plan shall govern.

13.Amendment of this Agreement. The terms and conditions contained in this Agreement may be amended by the Board, to the extent permitted by the Plan.

14.Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of New York.

15.Plan Documents and Electronic Delivery. A copy of the Plan and the documents that constitute the “Prospectus” for the Plan under the Securities Act of 1933 are available on the website maintained by the Administrative Services Provider (such website, the “Plan Website”). The Participant has been provided a link to the Plan Website. The Company may, in its sole discretion, deliver any additional documents related to the RSUs granted to the Participant under the Plan by electronic means and/or by making such documents accessible to the Participant via an online platform and require the Participant to participate in the Plan through an online or electronic system established and maintained by the Company or a third party designated by the Company, including the Administrative Services Provider.

16.Entire Agreement. This Agreement (including the Plan) contains the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements, written or oral, with respect thereto.

17.Currencies and Dates. Unless otherwise stated, all dollars specified in this Agreement shall be in U.S. dollars and all dates specified in this Agreement shall be U.S. dates.

IN WITNESS WHEREOF, the Company has executed this Agreement effective as of the Grant Date.

THE NEW YORK TIMES COMPANY

The Participant’s receipt of the RSUs awarded under this Agreement constitutes the Participant’s acknowledgment that the Participant (a) accepts the RSUs described in this Agreement, (b) agrees to be bound by the terms of the Plan, including this Agreement, and (c) agrees that all the decisions and determinations of the Board or the Committee shall be final and binding on the Participant and any other person having or claiming a right under this Award.

The Participant will be asked by the Company to acknowledge this Award through the Plan Website.

EX-12

EXHIBIT 12

The New York Times Company Ratio of Earnings to Fixed Charges (Unaudited)

	For the Three Months Ended		For the Years Ended
(In thousands, except ratio)	March 26, 2017		December 25, 2016		December 27, 2015		December 28, 2014		December 29, 2013
Earnings from continuing operations before fixed charges
Earnings from continuing operations before income taxes, noncontrolling interest and income/(loss) from joint ventures	$	23,684	$	66,799	$	97,535	$	38,218	$	98,014
Distributed earning from less than fifty-percent owned affiliates	—		—		—		3,914		1,400
Adjusted pre-tax earnings from continuing operations	23,684		66,799		97,535		42,132		99,414
Fixed charges less capitalized interest	8,086		47,663		50,719		62,869		63,032
Earnings from continuing operations before fixed charges	$	31,770	$	114,462	$	148,254	$	105,001	$	162,446
Fixed charges
Interest expense, net of capitalized interest(1)	$	7,444	$	43,825	$	46,391	$	58,914	$	59,588
Capitalized interest	220		559		338		152		—
Portion of rentals representative of interest factor	642		3,838		4,328		3,955		3,444
Total fixed charges	$	8,306	$	48,222	$	51,057	$	63,021	$	63,032
Ratio of earnings to fixed charges	3.82		2.37		2.90		1.67		2.58

Note: The Ratio of Earnings to Fixed Charges should be read in conjunction with the Consolidated Financial Statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations in this Annual Report on Form 10-K for the fiscal year ended December 25, 2016.

(1) The Company’s policy is to classify interest expense recognized on uncertain tax positions as income tax expense. The Company has excluded interest expense recognized on uncertain tax positions from the Ratio of Earnings to Fixed Charges.

EX-31.1

EXHIBIT 31.1

Rule 13a-14(a)/15d-14(a) Certification
I, Mark Thompson, certify that:
1.	I have reviewed this Quarterly Report on Form 10-Q of The New York Times Company;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 3, 2017

/s/ MARK THOMPSON

Mark Thompson

Chief Executive Officer

EX-31.2

EXHIBIT 31.2

Rule 13a-14(a)/15d-14(a) Certification
I, James M. Follo, certify that:
1.	I have reviewed this Quarterly Report on Form 10-Q of The New York Times Company;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 3, 2017

/s/ JAMES M. FOLLO

James M. Follo

Chief Financial Officer

EX-32.1

EXHIBIT 32.1

Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report on Form 10-Q of The New York Times Company (the “Company”) for the quarter ended March 26, 2017, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Mark Thompson, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, based on my knowledge:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

May 3, 2017

/s/ MARK THOMPSON

Mark Thompson

Chief Executive Officer

EX-32.2

EXHIBIT 32.2

Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report on Form 10-Q of The New York Times Company (the “Company”) for the quarter ended March 26, 2017, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, James M. Follo, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, based on my knowledge:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

May 3, 2017

/s/ JAMES M. FOLLO

James M. Follo

Chief Financial Officer

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Document Entity Information - shares	3 Months Ended
	Mar. 26, 2017	Apr. 28, 2017
Entity Information [Line Items]
Entity Registrant Name	NEW YORK TIMES CO
Entity Central Index Key	0000071691
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 26, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q1
Trading Symbol	NYT
Amendment Flag	false
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		160,737,693
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		812,757

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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 26, 2017	Dec. 25, 2016
Current assets
Cash and cash equivalents	$ 150,964	$ 100,692
Short-term marketable securities	392,249	449,535
Accounts receivable (net of allowances of $15,910 in 2017 and $16,815 in 2016)	176,913	197,355
Prepaid expenses	16,797	15,948
Other current assets	31,008	32,648
Total current assets	767,931	796,178
Long-term marketable securities	209,331	187,299
Investments in joint ventures	16,492	15,614
Property, plant and equipment (less accumulated depreciation and amortization of $917,617 in 2017 and $903,736 in 2016)	588,505	596,743
Goodwill	136,391	134,517
Deferred income taxes	298,376	301,342
Miscellaneous assets	153,200	153,702
Total assets	2,170,226	2,185,395
Current liabilities
Accounts payable	101,924	104,463
Accrued payroll and other related liabilities	61,645	96,463
Unexpired subscriptions	82,545	66,686
Accrued expenses and other	141,731	131,125
Total current liabilities	387,845	398,737
Other liabilities
Long-term debt and capital lease obligations	247,785	246,978
Pension benefits obligation	545,957	558,790
Postretirement benefits obligation	57,244	57,999
Other	74,432	78,647
Total other liabilities	925,418	942,414
Common stock of $.10 par value:
Additional paid-in capital	150,428	149,928
Retained earnings	1,338,595	1,331,911
Common stock held in treasury, at cost	(171,211)	(171,211)
Accumulated other comprehensive loss, net of income taxes:
Foreign currency translation adjustments	(442)	(1,822)
Funded status of benefit plans	(473,809)	(477,994)
Total accumulated other comprehensive loss, net of income taxes	(474,251)	(479,816)
Total New York Times Company stockholders’ equity	860,600	847,815
Noncontrolling interest	(3,637)	(3,571)
Total stockholders’ equity	856,963	844,244
Total liabilities and stockholders’ equity	2,170,226	2,185,395
Class A Common Stock
Common stock of $.10 par value:
Common stock value	16,958	16,921
Class B Common Stock
Common stock of $.10 par value:
Common stock value	$ 81	$ 82

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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 26, 2017	Dec. 25, 2016
Accounts receivable, allowances	$ 15,910	$ 16,815
Accumulated depreciation and amortization	$ 917,617	$ 903,736
Common stock, par value (USD per share)	$ 0.1	$ 0.1
Class A Common Stock
Authorized shares (in shares)	300,000,000	300,000,000
Issued shares (in shares)	169,580,736	169,206,879
Treasury shares (in shares)	8,870,801	8,870,801
Class B Common Stock
Authorized shares (in shares)	812,757	816,632
Issued shares (in shares)	812,757	816,632
Treasury shares (in shares)	0	0

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 26, 2017	Mar. 27, 2016
Revenues
Circulation	$ 242,375	$ 217,994
Advertising	130,028	139,680
Other	26,401	21,841
Total revenues	398,804	379,515
Production costs:
Wages and benefits	90,778	92,471
Raw materials	16,930	17,875
Other	45,528	47,516
Total production costs	153,236	157,862
Selling, general and administrative costs	198,004	178,246
Depreciation and amortization	16,153	15,472
Total operating costs	367,393	351,580
Headquarters redesign and consolidation	2,402	0
Operating profit	29,009	27,935
Income/(loss) from joint ventures	173	(41,896)
Interest expense, net	5,325	8,826
Income/(loss) from continuing operations before income taxes	23,857	(22,787)
Income tax expense/(benefit)	10,742	(9,201)
Net income/(loss)	13,115	(13,586)
Net loss attributable to the noncontrolling interest	66	5,315
Net income/(loss) attributable to The New York Times Company common stockholders	$ 13,181	$ (8,271)
Average number of common shares outstanding:
Basic (in shares)	161,402	161,003
Diluted (in shares)	162,592	161,003
Basic earnings/(loss) per share attributable to The New York Times Company common stockholders (in USD per share)	$ 0.08	$ (0.05)
Diluted earnings/(loss) per share attributable to The New York Times Company common stockholders (in USD per share)	0.08	(0.05)
Dividends declared per share (USD per share)	$ 0.04	$ 0.04

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2017	Mar. 27, 2016
Statement of Comprehensive Income [Abstract]
Net income/(loss)	$ 13,115	$ (13,586)
Other comprehensive income, before tax:
Income on foreign currency translation adjustments	2,175	1,642
Pension and postretirement benefits obligation	6,921	6,552
Other comprehensive income, before tax	9,096	8,194
Income tax expense	3,531	3,103
Other comprehensive income, net of tax	5,565	5,091
Comprehensive income/(loss)	18,680	(8,495)
Comprehensive loss attributable to the noncontrolling interest	66	5,315
Comprehensive income/(loss) attributable to The New York Times Company common stockholders	$ 18,746	$ (3,180)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2017	Mar. 27, 2016
Cash flows from operating activities
Net income/(loss)	$ 13,115	$ (13,586)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	16,153	15,472
Stock-based compensation expense	3,958	2,931
Undistributed (income)/loss of joint ventures	(173)	41,896
Long-term retirement benefit obligations	(6,458)	(6,886)
Uncertain tax positions	80	460
Other-net	1,708	2,882
Changes in operating assets and liabilities:
Accounts receivable-net	20,442	37,162
Other current assets	442	(1,808)
Accounts payable, accrued payroll and other liabilities	(34,995)	(94,399)
Unexpired subscriptions	15,859	3,867
Net cash provided by/(used in) operating activities	30,131	(12,009)
Cash flows from investing activities
Purchases of marketable securities	(80,108)	(34,912)
Maturities of marketable securities	117,465	143,965
Cash distribution from corporate-owned life insurance	0	38,000
Business acquisitions	0	(12,250)
Change in restricted cash	(15)	(470)
Capital expenditures	(8,032)	(10,542)
Other-net	510	(1,026)
Net cash provided by investing activities	29,820	122,765
Cash flows from financing activities
Repayment of debt and capital lease obligations	(138)	(138)
Dividends paid	(6,473)	(6,461)
Stock issuances	445	0
Repurchases	0	(15,684)
Share-based compensation tax withholding	(3,726)	(8,675)
Net cash used in financing activities	(9,892)	(30,958)
Net increase in cash and cash equivalents	50,059	79,798
Effect of exchange rate changes on cash	213	119
Cash and cash equivalents at the beginning of the period	100,692	105,776
Cash and cash equivalents at the end of the period	$ 150,964	$ 185,693

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Basis of Presentation

3 Months Ended

Mar. 26, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

BASIS OF PRESENTATION

In the opinion of management of The New York Times Company (the “Company”), the Condensed Consolidated Financial Statements present fairly the financial position of the Company as of March 26, 2017 and December 25, 2016, and the results of operations and cash flows of the Company for the periods ended March 26, 2017 and March 27, 2016. The Company and its consolidated subsidiaries are referred to collectively as “we,” “us” or “our.” All adjustments necessary for a fair presentation have been included and are of a normal and recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation. The financial statements were prepared in accordance with the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain notes or other financial information that are normally required by accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted from these interim financial statements. These financial statements, therefore, should be read in conjunction with the Consolidated Financial Statements and related Notes included in our Annual Report on Form 10-K for the year ended December 25, 2016. Due to the seasonal nature of our business, operating results for the interim periods are not necessarily indicative of a full year’s operations. The fiscal periods included herein comprise 13 weeks for the first quarter.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in our Condensed Consolidated Financial Statements. Actual results could differ from these estimates.

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Summary of Significant Accounting Policies

3 Months Ended

Mar. 26, 2017

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Except as described herein, as of March 26, 2017, our significant accounting policies, which are detailed in our Annual Report on Form 10-K for the year ended December 25, 2016, have not changed materially.

Recently Adopted Accounting Pronouncements

In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-09, “Compensation-Stock Compensation,” which provides guidance on accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This guidance became effective for the Company for fiscal years beginning after December 25, 2016.

Upon adoption of ASU 2016-09, we recognized excess tax shortfalls in income tax expense rather than additional paid-in capital of $1.5 million for the first quarter of 2017. Excess tax shortfalls and/or windfalls for share-based payments are now included in net cash from operating activities rather than net cash from financing activities. The changes have been applied prospectively in accordance with the ASU and prior periods have not been adjusted. Additionally, the presentation of employee taxes paid to taxing authorities for share-based transactions are now included in net cash from financing activities rather than net cash from operating activities. This change was applied retrospectively and as a result, we reclassified $8.7 million for the first quarter of 2016 in our Condensed Statement of Cash Flows from operating activities to financing activities. No other material changes resulted from the adoption of this standard.

Recently Issued Accounting Pronouncements

In March 2017, the FASB issued ASU 2017-07, “Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.” The new guidance requires the service cost component to be presented separately from the other components of net benefit costs. Service cost will be presented with other employee compensation cost within operations. The other components of net benefit cost, such as interest cost, amortization of prior service cost and gains or losses are required to be presented outside of operations. The new guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The guidance should be applied retrospectively for the presentation of the service cost component in the income statement and allows a practical expedient for the estimation basis for applying the retrospective presentation requirements. We are currently in the process of evaluating the impact of this guidance on our consolidated financial statements.

In February 2016, the FASB issued ASU 2016-02, “Leases,” which provides guidance on accounting for leases and disclosure of key information about leasing arrangements. The guidance requires lessees to recognize the following for all operating and finance leases at the commencement date: (1) a lease liability, which is the obligation to make lease payments arising from a lease, measured on a discounted basis and (2) a right-of-use asset representing the lessee’s right to use, or control the use of, the underlying asset for the lease term. A lessee is permitted to make an accounting policy election not to recognize lease assets and lease liabilities for short-term leases with a term of 12 months or less. The guidance does not fundamentally change lessor accounting; however, some changes have been made to align that guidance with the lessee guidance and other areas within GAAP. This guidance becomes effective for the Company for fiscal years beginning after December 30, 2018. Early application is permitted. This guidance will be applied on a modified retrospective basis for leases existing at, or entered into after, the earliest period presented in the financial statements. We are currently in the process of evaluating the impact of the new leasing guidance and expect that most of our operating lease commitments will be subject to the new standard. The adoption of the standard will require us to add right-of-use assets and lease liabilities onto our balance sheet. Based upon our initial evaluation, we do not expect the adoption of the standard to have a material effect on our results of operations and liquidity.

In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers,” which prescribes a single comprehensive model for entities to use in the accounting for revenue arising from contracts with customers. The new guidance will supersede virtually all existing revenue guidance under GAAP and International Financial Reporting Standards and is effective for fiscal years beginning after December 31, 2017. There are two transition options available to entities: the full retrospective approach or the modified retrospective approach. Under the full retrospective approach, the Company would restate prior periods in compliance with Accounting Standards Codification 250, “Accounting Changes and Error Corrections.” Alternatively, the Company may elect the modified retrospective approach, which allows for the new revenue standard to be applied to existing contracts as of the effective date with a cumulative catch-up adjustment recorded to retained earnings. We currently anticipate adopting the new standard using the modified retrospective method beginning January 1, 2018.

Subsequently, in March 2016, the FASB issued ASU 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net),” which clarifies the implementation guidance on principal versus agent considerations in ASU 2014-09. In April 2016, the FASB also issued ASU 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing,” to reduce the cost and complexity of applying the guidance on identifying promised goods or services when identifying a performance obligation and improve the operability and understandability of the licensing implementation guidance. In May 2016, the FASB issued ASU 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow Scope Improvements and Practical Expedients,” to reduce the cost and complexity of applying the guidance to address certain issues on assessing collectability, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications at transition. The amendments in ASU 2014-09, 2016-10, and 2016-12 do not change the core principle of ASU 2014-09.

Based upon our initial evaluation, we do not expect the adoption of the standard to have a material effect on our financial condition or results of operations. While we continue to evaluate the impact of the new revenue guidance, we currently believe that the most significant changes will be primarily related to how we account for certain licensing arrangements in the other revenue category. However, preliminary assessments may be subject to change.

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 are not expected to have a material effect on our financial condition or results of operations.

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Marketable Securities

3 Months Ended

Mar. 26, 2017

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

MARKETABLE SECURITIES

Our marketable debt securities consisted of the following:

(In thousands)	March 26, 2017		December 25, 2016
Short-term marketable securities
U.S Treasury securities	$	123,547	$	150,623
Corporate debt securities	154,255		150,599
U.S. governmental agency securities	56,079		64,135
Commercial paper	58,368		84,178
Total short-term marketable securities	$	392,249	$	449,535
Long-term marketable securities
U.S. governmental agency securities	$	115,690	$	110,732
Corporate debt securities	52,799		61,775
U.S Treasury securities	40,842		14,792
Total long-term marketable securities	$	209,331	$	187,299

As of March 26, 2017, our short-term and long-term marketable securities had remaining maturities of less than 1 month to 12 months and 13 months to 36 months, respectively. See Note 8 for additional information regarding the fair value of our marketable securities.

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Goodwill and Intangibles

3 Months Ended

Mar. 26, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

GOODWILL AND INTANGIBLES

During the first and third quarters of 2016, the Company acquired two digital marketing agencies, HelloSociety, LLC and Fake Love, LLC for an aggregate of $15.4 million in all-cash transactions.

During the fourth quarter of 2016, the Company acquired Submarine Leisure Club, Inc., which owns the product review and recommendation websites The Wirecutter and The Sweethome, in an all-cash transaction. We paid $25.0 million, including a payment made for a non-compete agreement. In connection with the transaction, we also entered into a consulting agreement and retention agreements that will likely require payments over the three years following the acquisition.

The Company allocated the purchase prices based on the final valuation of assets acquired and liabilities assumed, resulting in allocations to goodwill, intangibles, property, plant and equipment and other miscellaneous assets.

The aggregate carrying amount of intangible assets of $9.6 million related to these acquisitions has been included in “Miscellaneous Assets” in our Condensed Consolidated Balance Sheets. The estimated useful lives for these assets range from 3 to 7 years and are amortized on a straight-line basis.

The changes in the carrying amount of goodwill as of March 26, 2017, and since December 25, 2016, were as follows:

(In thousands)	Total Company
Balance as of December 25, 2016	$	134,517
Measurement period adjustment (1)	(198		)
Foreign currency translation	2,072
Balance as of March 26, 2017	$	136,391

(1)Includes measurement period adjustment in connection with Submarine Leisure Club, Inc. acquisition.

The foreign currency translation line item reflects changes in goodwill resulting from fluctuating exchange rates related to the consolidation of certain international subsidiaries.

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Investments

3 Months Ended

Mar. 26, 2017

Investments, Debt and Equity Securities [Abstract]

Investments

INVESTMENTS

Equity Method Investments

As of March 26, 2017, our investments in joint ventures of $16.5 million consisted of equity ownership interests in the following entities:

Company	Approximate % Ownership
Donohue Malbaie Inc.	49	%
Madison Paper Industries	40	%
Women in the World Media, LLC	30	%

We have investments in Donohue Malbaie Inc. (“Malbaie”), a Canadian newsprint company, Madison Paper Industries (“Madison”), a partnership that previously operated a supercalendered paper mill in Maine, and Women in the World Media, LLC, a live-event conference business.

The Company and UPM-Kymmene Corporation (“UPM”), a Finnish paper manufacturing company, are partners through subsidiary companies in Madison. The Company’s 40% ownership of Madison is through an 80%-owned consolidated subsidiary which owns 50% of Madison. UPM owns 60% of Madison, including a 10% interest through a 20% noncontrolling interest in the consolidated subsidiary of the Company. In March 2016, UPM announced the closure of the paper mill, which occurred in May 2016. During the first quarter of 2016, we recognized $41.4 million loss from joint ventures related to the announced closure of the paper mill. Our proportionate share of the loss is reduced by the 20% noncontrolling interest. As a result of the mill closure, we wrote our investment down to zero and recorded a liability of $28.8 million, reflecting our share of the losses incurred to date by Madison. These amounts are presented in “Accrued expenses and other” in our Condensed Consolidated Balance Sheets.

The Company’s joint venture in Madison is currently being liquidated. In the fourth quarter of 2016, Madison sold certain assets at the mill site and we recognized a gain of $3.9 million related to the sale. In April 2017, Madison entered into an agreement to sell the remaining assets at the mill site (consisting of hydro power assets). We expect the sale of the hydro power assets to be completed later this year and we believe the proceeds from the sale will be more than sufficient to cover Madison’s obligations and therefore allow us to reverse our liability at that time.

We received no distributions from our equity method investments during the the first quarters of 2017 and 2016.

We purchase newsprint from Malbaie, and previously purchased supercalendered paper from Madison, at competitive prices. Such purchases totaled approximately $3 million in the first quarters of 2017 and 2016.

The following table presents summarized income statement information for Madison, which follows a calendar year:

	For the Quarters Ended
(In thousands)	March 31, 2017			March 31, 2016
Revenues	$	—		$	25,179
Costs and expenses:
Cost of sales	(1,054		)	(48,935		)
General and administrative	(26		)	(63,101		)
	(1,080		)	(112,036		)
Operating loss	(1,080		)	(86,857		)
Other (expense)/income	(2		)	1
Net loss	$	(1,082	)	$	(86,856	)

Cost Method Investments

The aggregate carrying amounts of cost method investments included in “Miscellaneous assets’’ in our Condensed Consolidated Balance Sheets were $13.7 million and $13.6 million for March 26, 2017 and December 25, 2016, respectively.

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Debt Obligations

3 Months Ended

Mar. 26, 2017

Debt Disclosure [Abstract]

Debt Obligations

EBT OBLIGATIONS

Our current indebtedness consisted of the repurchase option related to a sale-leaseback of a portion of our New York headquarters. Our total debt and capital lease obligations consisted of the following:

(In thousands)	March 26, 2017		December 25, 2016
Option to repurchase ownership interest in headquarters building in 2019:
Principal amount	250,000		250,000
Less unamortized discount based on imputed interest rate of 13.0%	9,001		9,801
Total option to repurchase ownership interest in headquarters building in 2019	240,999		240,199
Capital lease obligations	6,786		6,779
Total debt and capital lease obligations	247,785		246,978
Total long-term debt and capital lease obligations	$	247,785	$	246,978

See Note 8 for additional information regarding the fair value of our long-term debt.

“Interest expense, net,” as shown in the accompanying Condensed Consolidated Statements of Operations was as follows:

	For the Quarters Ended
(In thousands)	March 26, 2017			March 27, 2016
Interest expense	$	6,864		$	9,922
Amortization of debt costs and discount on debt	800			1,253
Capitalized interest	(220		)	(116		)
Interest income	(2,119		)	(2,233		)
Total interest expense, net	$	5,325		$	8,826

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Other

3 Months Ended

Mar. 26, 2017

Other Income and Expenses [Abstract]

Other

OTHER

Advertising Expenses

Advertising expenses incurred to promote our consumer and marketing services were $33.6 million and $21.1 million in the first quarters of 2017 and 2016, respectively.

Capitalized Computer Software Costs

Amortization of capitalized computer software costs included in “Depreciation and amortization” in our Condensed Consolidated Statements of Operations was $3.1 million and $3.0 million in the first quarters of 2017 and 2016, respectively.

Headquarters Redesign and Consolidation

In December 2016, we announced plans to redesign our headquarters building, consolidate our space within a smaller number of floors and lease the remaining floors to third parties. During the first quarter of 2017, we incurred $2.4 million of total costs related to these measures.

Severance Costs

We recognized severance costs of $1.6 million and $3.6 million in the first quarters of 2017 and 2016, respectively. These costs are recorded in “Selling, general and administrative costs” in our Condensed Consolidated Statements of Operations.

We had a severance liability of $14.4 million and $23.2 million included in “Accrued expenses and other” in our Condensed Consolidated Balance Sheets as of March 26, 2017, and December 25, 2016, respectively.

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Fair Value Measurements

3 Months Ended

Mar. 26, 2017

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

The following table summarizes our financial liabilities measured at fair value on a recurring basis as of March 26, 2017 and December 25, 2016:

(In thousands)	March 26, 2017								December 25, 2016
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Deferred compensation	$	26,699	$	26,699	$	—	$	—	$	31,006	$	31,006	$	—	$	—

The deferred compensation liability, included in “Other liabilities—Other” in our Condensed Consolidated Balance Sheets, consists of deferrals under The New York Times Company Deferred Executive Compensation Plan (the “DEC”), which enables 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.

Financial Instruments Disclosed, But Not Reported, at Fair Value

Our marketable securities, which include U.S. Treasury securities, corporate debt securities, U.S. government agency securities, municipal securities, certificates of deposit and commercial paper, are recorded at amortized cost (see Note 3). As of March 26, 2017 and December 25, 2016, the amortized cost approximated fair value because of the short-term maturity and highly liquid nature of these investments. We classified these investments as Level 2 since the fair value estimates are based on market observable inputs for investments with similar terms and maturities.

The carrying value of our long-term debt was approximately $241 million as of March 26, 2017 and approximately $240 million as of December 25, 2016. The fair value of our long-term debt was approximately $293 million and $298 million as of March 26, 2017 and December 25, 2016, respectively. We estimate the fair value of our debt utilizing market quotations for debt that have quoted prices in active markets. Since our debt does not trade on a daily basis in an active market, the fair value estimates are based on market observable inputs based on borrowing rates currently available for debt with similar terms and average maturities (Level 2).

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Pension and Other Postretirement Benefits

3 Months Ended

Mar. 26, 2017

Compensation and Retirement Disclosure [Abstract]

Pension and Other Postretirement Benefits

PENSION AND OTHER POSTRETIREMENT BENEFITS

Pension

Single-Employer Plans

We sponsor several single-employer defined benefit pension plans, the majority of which have been frozen. We also participate in two joint Company and Guild-sponsored defined benefit pension plans covering employees who are members of The NewsGuild of New York, including The Newspaper Guild of New York - The New York Times Pension Fund, which was frozen in 2012 and replaced by a successor plan, The Guild-Times Adjustable Pension Plan.

The components of net periodic pension cost were as follows:

	For the Quarters Ended
	March 26, 2017								March 27, 2016
(In thousands)	Qualified Plans			Non- Qualified Plans		All Plans			Qualified Plans			Non- Qualified Plans		All Plans
Service cost	$	2,423		$	—	$	2,423		$	2,247		$	—	$	2,247
Interest cost	15,594			1,956		17,550			16,574			2,034		18,608
Expected return on plan assets	(26,136		)	—		(26,136		)	(27,790		)	—		(27,790		)
Amortization of actuarial loss	7,353			1,088		8,441			7,069			1,053		8,122
Amortization of prior service credit	(486		)	—		(486		)	(486		)	—		(486		)
Net periodic pension (income)/cost	$	(1,252	)	$	3,044	$	1,792		$	(2,386	)	$	3,087	$	701

During the first quarters of 2017 and 2016, we made pension contributions of $2.0 million and $2.1 million, respectively, to certain qualified pension plans. We expect contributions to total approximately $8 million to satisfy funding requirements in 2017.

Other Postretirement Benefits

The components of net periodic postretirement benefit income were as follows:

	For the Quarters Ended
(In thousands)	March 26, 2017			March 27, 2016
Service cost	$	92		$	104
Interest cost	470			495
Amortization of actuarial loss	905			1,026
Amortization of prior service credit	(1,939		)	(2,110		)
Net periodic postretirement benefit income	$	(472	)	$	(485	)

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Income Taxes

3 Months Ended

Mar. 26, 2017

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

The Company had income tax expense of $10.7 million in the first quarter of 2017 compared to an income tax benefit of $9.2 million in the first quarter of 2016. The increase in income tax expense was primarily due to higher income from continuing operations in the first quarter of 2017. Income tax expense also increased as a result of the Company’s recent adoption of ASU 2016-09 in the first quarter of 2017. See Note 2 for information regarding ASU 2016-09.

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Earnings/(Loss) Per Share

3 Months Ended

Mar. 26, 2017

Earnings Per Share [Abstract]

Earnings/(Loss) Per Share

EARNINGS/(LOSS) PER SHARE

We compute earnings/(loss) per share using a two-class method, 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/(loss) 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 and restricted stock units could have the most significant impact on diluted shares.

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.

The number of stock options excluded from the computation of diluted earnings per share because they were anti-dilutive was approximately 2 million in the first quarter of 2017 and approximately 6 million in the first quarter of 2016.

The number of restricted stock units and long-term incentive compensation stock-settled awards excluded from the computation of diluted earnings per share because they were anti-dilutive was approximately 1 million in the first quarter of 2017 and approximately 2 million for the first quarter of 2016.

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Supplemental Stockholders' Equity Information

3 Months Ended

Mar. 26, 2017

Equity [Abstract]

Supplemental Stockholders' Equity Information

SUPPLEMENTAL STOCKHOLDERS’ EQUITY INFORMATION

Stockholders’ equity is summarized as follows:

(In thousands)	Total New York Times Company Stockholders’ Equity			Noncontrolling Interest			Total Stockholders’ Equity
Balance as of December 25, 2016	$	847,815		$	(3,571	)	$	844,244
Net income/(loss)	13,181			(66		)	13,115
Other comprehensive income, net of tax	5,565			—			5,565
Effect of issuance of shares	(3,281		)	—			(3,281		)
Dividends declared	(6,495		)	—			(6,495		)
Stock-based compensation	3,815			—			3,815
Balance as of March 26, 2017	$	860,600		$	(3,637	)	$	856,963

(In thousands)	Total New York Times Company Stockholders’ Equity			Noncontrolling Interest			Total Stockholders’ Equity
Balance as of December 27, 2015	$	826,751		$	1,704		$	828,455
Net loss	(8,271		)	(5,315		)	(13,586		)
Other comprehensive income, net of tax	5,091			—			5,091
Effect of issuance of shares	(8,675		)	—			(8,675		)
Share repurchases	(15,056		)	—			(15,056		)
Dividends declared	(6,443		)	—			(6,443		)
Stock-based compensation	3,294			—			3,294
Balance as of March 27, 2016	$	796,691		$	(3,611	)	$	793,080

On January 14, 2015, the Board of Directors approved an authorization of $101.1 million to repurchase shares of the Company’s Class A Common Stock. As of March 26, 2017, the Company had repurchased 6,690,905 Class A shares under this authorization for a cost of $84.9 million (excluding commissions) and $16.2 million remained. Our Board of Directors has authorized us to purchase shares under this authorization from time to time, subject to market conditions and other factors. There is no expiration date with respect to this authorization.

The following table summarizes the changes in AOCI by component as of March 26, 2017:

(In thousands)	Foreign Currency Translation Adjustments			Funded Status of Benefit Plans			Total Accumulated Other Comprehensive Loss
Balance as of December 25, 2016	$	(1,822	)	$	(477,994	)	$	(479,816	)
Other comprehensive income before reclassifications, before tax(1)	2,175			—			2,175
Amounts reclassified from accumulated other comprehensive loss, before tax(1)	—			6,921			6,921
Income tax expense(1)	795			2,736			3,531
Net current-period other comprehensive income, net of tax	1,380			4,185			5,565
Balance as of March 26, 2017	$	(442	)	$	(473,809	)	$	(474,251	)

(1) All amounts are shown net of noncontrolling interest.

The following table summarizes the reclassifications from AOCI for the first quarter of 2017:

(In thousands)
Detail about accumulated other comprehensive loss components	Amounts reclassified from accumulated other comprehensive loss			Affect line item in the statement where net income is presented
Funded status of benefit plans:
Amortization of prior service credit(1)	$	(2,425	)	Selling, general & administrative costs
Amortization of actuarial loss(1)	9,346			Selling, general & administrative costs
Total reclassification, before tax(2)	6,921
Income tax expense	2,736			Income tax (benefit)/expense
Total reclassification, net of tax	$	4,185

(1) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost for pension and other retirement benefits. See Note 9 for additional information.

(2) There were no reclassifications relating to noncontrolling interest for the quarter ended March 26, 2017.

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Segment Information

3 Months Ended

Mar. 26, 2017

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

We have one reportable segment that includes The New York Times, NYTimes.com and related businesses. Therefore, all required segment information can be found in the Condensed Consolidated Financial Statements.

Our operating segment generated revenues principally from circulation and advertising. Other revenues consist primarily of revenues from news services/syndication, digital archives, building rental income, our NYT Live business, e-commerce and affiliate referrals.

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Contingent Liabilities

3 Months Ended

Mar. 26, 2017

Commitments and Contingencies Disclosure [Abstract]

Contingent Liabilities

CONTINGENT LIABILITIES

Restricted Cash

We were required to maintain $24.9 million of restricted cash as of March 26, 2017 and December 25, 2016, the majority of which is set aside to collateralize workers’ compensation obligations.

Newspaper and Mail Deliverers–Publishers’ Pension Fund

In September 2013, the Newspaper and Mail Deliverers-Publishers’ Pension Fund (the “NMDU Fund”) assessed a partial withdrawal liability against the Company in the amount of approximately $26 million for the plan years ending May 31, 2012 and 2013 (the “Initial Assessment”), an amount that was increased to approximately $34 million in December 2014, when the NMDU Fund issued a revised partial withdrawal liability assessment for the plan year ending May 31, 2013 (the “Revised Assessment”). The NMDU Fund claimed that when City & Suburban Delivery Systems, Inc., a retail and newsstand distribution subsidiary of the Company and the largest contributor to the NMDU Fund, ceased operations in 2009, it triggered a decline of more than 70% in contribution base units in each of these two plan years.

The Company disagreed with both the NMDU Fund’s determination that a partial withdrawal occurred and the methodology by which it calculated the withdrawal liability, and the parties engaged in arbitration proceedings to resolve the matter. On June 14, 2016, the arbitrator issued an interim award and opinion that supported the NMDU Fund’s determination that a partial withdrawal had occurred, including concluding that the methodology used to calculate the Initial Assessment was correct. However, the arbitrator also concluded that the NMDU Fund’s calculation of the Revised Assessment was incorrect. The Company expects to appeal the arbitrator’s decision following the issuance of the final opinion and award.

Due to requirements of the Employee Retirement Income Security Act of 1974 that sponsors make payments demanded by plans during arbitration and any resultant appeals, the Company had been making payments to the NMDU fund since September 2013 relating to the Initial Assessment and February 2015 relating to the Revised Assessment based on the NMDU Fund’s demand. As a result, as of March 26, 2017, we have paid $12.6 million relating to the Initial Assessment since the receipt of the initial demand letter. We also paid $5.0 million related to the Revised Assessment, which was refunded in July 2016 based on the arbitrator’s ruling. The Company recognized $0.1 million and $1.8 million of expense for the first quarters of 2017 and 2016, respectively.

As a result of the interim opinion and award relating to the Initial Assessment, the Company had a liability of $8.9 million as of March 26, 2017. Management believes it is reasonably possible that the total loss in this matter could exceed the liability established by a range of zero to approximately $10 million.

NEMG T&G, Inc.

The Company has been involved in class action litigation brought on behalf of individuals who, from 2006 to 2011, delivered newspapers at NEMG T&G, Inc., a subsidiary of the Company (“T&G”). T&G was a part of the New England Media Group, which the Company sold in 2013. The plaintiffs asserted several claims against T&G, including a challenge to their classification as independent contractors, and sought unspecified damages. In December 2016, the Company reached a settlement with respect to the claims. This settlement remains subject to court approval. As a result of the settlement, the Company recorded a charge of $3.7 million in the fourth quarter of 2016 within discontinued operations.

Other

We are involved in various legal actions incidental to our business that are now pending against us. These actions are generally for amounts greatly in excess of the payments, if any, that may be required to be made. Although the Company cannot predict the outcome of these matters, it is possible that an unfavorable outcome in one or more matters could be material to the Company’s consolidated results of operations or cash flows for an individual reporting period. However, based on currently available information, management does not believe that the ultimate resolution of these matters, individually or in the aggregate, is likely to have a material effect on the Company’s financial position.

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Subsequent Events

3 Months Ended

Mar. 26, 2017

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENT

In April 2017, Madison entered into an agreement to sell the remaining assets at its mill site (consisting of hydro power assets). We expect this sale to be completed later this year. See Note 5 for more information on the Company’s investment in Madison.

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Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 26, 2017

Accounting Policies [Abstract]

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-09, “Compensation-Stock Compensation,” which provides guidance on accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This guidance became effective for the Company for fiscal years beginning after December 25, 2016.

Upon adoption of ASU 2016-09, we recognized excess tax shortfalls in income tax expense rather than additional paid-in capital of $1.5 million for the first quarter of 2017. Excess tax shortfalls and/or windfalls for share-based payments are now included in net cash from operating activities rather than net cash from financing activities. The changes have been applied prospectively in accordance with the ASU and prior periods have not been adjusted. Additionally, the presentation of employee taxes paid to taxing authorities for share-based transactions are now included in net cash from financing activities rather than net cash from operating activities. This change was applied retrospectively and as a result, we reclassified $8.7 million for the first quarter of 2016 in our Condensed Statement of Cash Flows from operating activities to financing activities. No other material changes resulted from the adoption of this standard.

Recently Issued Accounting Pronouncements

In March 2017, the FASB issued ASU 2017-07, “Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.” The new guidance requires the service cost component to be presented separately from the other components of net benefit costs. Service cost will be presented with other employee compensation cost within operations. The other components of net benefit cost, such as interest cost, amortization of prior service cost and gains or losses are required to be presented outside of operations. The new guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The guidance should be applied retrospectively for the presentation of the service cost component in the income statement and allows a practical expedient for the estimation basis for applying the retrospective presentation requirements. We are currently in the process of evaluating the impact of this guidance on our consolidated financial statements.

In February 2016, the FASB issued ASU 2016-02, “Leases,” which provides guidance on accounting for leases and disclosure of key information about leasing arrangements. The guidance requires lessees to recognize the following for all operating and finance leases at the commencement date: (1) a lease liability, which is the obligation to make lease payments arising from a lease, measured on a discounted basis and (2) a right-of-use asset representing the lessee’s right to use, or control the use of, the underlying asset for the lease term. A lessee is permitted to make an accounting policy election not to recognize lease assets and lease liabilities for short-term leases with a term of 12 months or less. The guidance does not fundamentally change lessor accounting; however, some changes have been made to align that guidance with the lessee guidance and other areas within GAAP. This guidance becomes effective for the Company for fiscal years beginning after December 30, 2018. Early application is permitted. This guidance will be applied on a modified retrospective basis for leases existing at, or entered into after, the earliest period presented in the financial statements. We are currently in the process of evaluating the impact of the new leasing guidance and expect that most of our operating lease commitments will be subject to the new standard. The adoption of the standard will require us to add right-of-use assets and lease liabilities onto our balance sheet. Based upon our initial evaluation, we do not expect the adoption of the standard to have a material effect on our results of operations and liquidity.

In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers,” which prescribes a single comprehensive model for entities to use in the accounting for revenue arising from contracts with customers. The new guidance will supersede virtually all existing revenue guidance under GAAP and International Financial Reporting Standards and is effective for fiscal years beginning after December 31, 2017. There are two transition options available to entities: the full retrospective approach or the modified retrospective approach. Under the full retrospective approach, the Company would restate prior periods in compliance with Accounting Standards Codification 250, “Accounting Changes and Error Corrections.” Alternatively, the Company may elect the modified retrospective approach, which allows for the new revenue standard to be applied to existing contracts as of the effective date with a cumulative catch-up adjustment recorded to retained earnings. We currently anticipate adopting the new standard using the modified retrospective method beginning January 1, 2018.

Subsequently, in March 2016, the FASB issued ASU 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net),” which clarifies the implementation guidance on principal versus agent considerations in ASU 2014-09. In April 2016, the FASB also issued ASU 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing,” to reduce the cost and complexity of applying the guidance on identifying promised goods or services when identifying a performance obligation and improve the operability and understandability of the licensing implementation guidance. In May 2016, the FASB issued ASU 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow Scope Improvements and Practical Expedients,” to reduce the cost and complexity of applying the guidance to address certain issues on assessing collectability, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications at transition. The amendments in ASU 2014-09, 2016-10, and 2016-12 do not change the core principle of ASU 2014-09.

Based upon our initial evaluation, we do not expect the adoption of the standard to have a material effect on our financial condition or results of operations. While we continue to evaluate the impact of the new revenue guidance, we currently believe that the most significant changes will be primarily related to how we account for certain licensing arrangements in the other revenue category. However, preliminary assessments may be subject to change.

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 are not expected to have a material effect on our financial condition or results of operations.

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Marketable Securities (Tables)

3 Months Ended

Mar. 26, 2017

Investments, Debt and Equity Securities [Abstract]

Marketable Debt and Equity Securities

Our marketable debt securities consisted of the following:

(In thousands)	March 26, 2017		December 25, 2016
Short-term marketable securities
U.S Treasury securities	$	123,547	$	150,623
Corporate debt securities	154,255		150,599
U.S. governmental agency securities	56,079		64,135
Commercial paper	58,368		84,178
Total short-term marketable securities	$	392,249	$	449,535
Long-term marketable securities
U.S. governmental agency securities	$	115,690	$	110,732
Corporate debt securities	52,799		61,775
U.S Treasury securities	40,842		14,792
Total long-term marketable securities	$	209,331	$	187,299

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Goodwill and Intangibles (Tables)

3 Months Ended

Mar. 26, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill balances

The changes in the carrying amount of goodwill as of March 26, 2017, and since December 25, 2016, were as follows:

(In thousands)	Total Company
Balance as of December 25, 2016	$	134,517
Measurement period adjustment (1)	(198		)
Foreign currency translation	2,072
Balance as of March 26, 2017	$	136,391

(1)Includes measurement period adjustment in connection with Submarine Leisure Club, Inc. acquisition.

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Investments (Tables)

3 Months Ended

Mar. 26, 2017

Schedule of Equity Method Investments [Line Items]

Schedule and summarized unaudited condensed combined income statements of equity method investments

As of March 26, 2017, our investments in joint ventures of $16.5 million consisted of equity ownership interests in the following entities:

Company	Approximate % Ownership
Donohue Malbaie Inc.	49	%
Madison Paper Industries	40	%
Women in the World Media, LLC	30	%

Madison Paper Industries

Schedule of Equity Method Investments [Line Items]

Schedule and summarized unaudited condensed combined income statements of equity method investments

The following table presents summarized income statement information for Madison, which follows a calendar year:

	For the Quarters Ended
(In thousands)	March 31, 2017			March 31, 2016
Revenues	$	—		$	25,179
Costs and expenses:
Cost of sales	(1,054		)	(48,935		)
General and administrative	(26		)	(63,101		)
	(1,080		)	(112,036		)
Operating loss	(1,080		)	(86,857		)
Other (expense)/income	(2		)	1
Net loss	$	(1,082	)	$	(86,856	)

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Debt Obligations (Tables)

3 Months Ended

Mar. 26, 2017

Debt Disclosure [Abstract]

Schedule of carrying value of outstanding debt

Our total debt and capital lease obligations consisted of the following:

(In thousands)	March 26, 2017		December 25, 2016
Option to repurchase ownership interest in headquarters building in 2019:
Principal amount	250,000		250,000
Less unamortized discount based on imputed interest rate of 13.0%	9,001		9,801
Total option to repurchase ownership interest in headquarters building in 2019	240,999		240,199
Capital lease obligations	6,786		6,779
Total debt and capital lease obligations	247,785		246,978
Total long-term debt and capital lease obligations	$	247,785	$	246,978

Schedule of components of interest expense, net

	For the Quarters Ended
(In thousands)	March 26, 2017			March 27, 2016
Interest expense	$	6,864		$	9,922
Amortization of debt costs and discount on debt	800			1,253
Capitalized interest	(220		)	(116		)
Interest income	(2,119		)	(2,233		)
Total interest expense, net	$	5,325		$	8,826

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Fair Value Measurements (Tables)

3 Months Ended

Mar. 26, 2017

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table summarizes our financial liabilities measured at fair value on a recurring basis as of March 26, 2017 and December 25, 2016:

(In thousands)	March 26, 2017								December 25, 2016
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Deferred compensation	$	26,699	$	26,699	$	—	$	—	$	31,006	$	31,006	$	—	$	—

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Pension and Other Postretirement Benefits (Tables)

3 Months Ended

Mar. 26, 2017

Pension Plans, Defined Benefit

Pension Benefits

Schedule of Components of Net Periodic Pension Cost and Postretirement Benefit Income

The components of net periodic pension cost were as follows:

	For the Quarters Ended
	March 26, 2017								March 27, 2016
(In thousands)	Qualified Plans			Non- Qualified Plans		All Plans			Qualified Plans			Non- Qualified Plans		All Plans
Service cost	$	2,423		$	—	$	2,423		$	2,247		$	—	$	2,247
Interest cost	15,594			1,956		17,550			16,574			2,034		18,608
Expected return on plan assets	(26,136		)	—		(26,136		)	(27,790		)	—		(27,790		)
Amortization of actuarial loss	7,353			1,088		8,441			7,069			1,053		8,122
Amortization of prior service credit	(486		)	—		(486		)	(486		)	—		(486		)
Net periodic pension (income)/cost	$	(1,252	)	$	3,044	$	1,792		$	(2,386	)	$	3,087	$	701

Other Postretirement Benefit Plan

Pension Benefits

Schedule of Components of Net Periodic Pension Cost and Postretirement Benefit Income

The components of net periodic postretirement benefit income were as follows:

	For the Quarters Ended
(In thousands)	March 26, 2017			March 27, 2016
Service cost	$	92		$	104
Interest cost	470			495
Amortization of actuarial loss	905			1,026
Amortization of prior service credit	(1,939		)	(2,110		)
Net periodic postretirement benefit income	$	(472	)	$	(485	)

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Supplemental Stockholders' Equity Information (Tables)

3 Months Ended

Mar. 26, 2017

Equity [Abstract]

Schedule of changes in stockholders' equity

Stockholders’ equity is summarized as follows:

(In thousands)	Total New York Times Company Stockholders’ Equity			Noncontrolling Interest			Total Stockholders’ Equity
Balance as of December 25, 2016	$	847,815		$	(3,571	)	$	844,244
Net income/(loss)	13,181			(66		)	13,115
Other comprehensive income, net of tax	5,565			—			5,565
Effect of issuance of shares	(3,281		)	—			(3,281		)
Dividends declared	(6,495		)	—			(6,495		)
Stock-based compensation	3,815			—			3,815
Balance as of March 26, 2017	$	860,600		$	(3,637	)	$	856,963

(In thousands)	Total New York Times Company Stockholders’ Equity			Noncontrolling Interest			Total Stockholders’ Equity
Balance as of December 27, 2015	$	826,751		$	1,704		$	828,455
Net loss	(8,271		)	(5,315		)	(13,586		)
Other comprehensive income, net of tax	5,091			—			5,091
Effect of issuance of shares	(8,675		)	—			(8,675		)
Share repurchases	(15,056		)	—			(15,056		)
Dividends declared	(6,443		)	—			(6,443		)
Stock-based compensation	3,294			—			3,294
Balance as of March 27, 2016	$	796,691		$	(3,611	)	$	793,080

Schedule of Accumulated Other Comprehensive Loss

The following table summarizes the changes in AOCI by component as of March 26, 2017:

(In thousands)	Foreign Currency Translation Adjustments			Funded Status of Benefit Plans			Total Accumulated Other Comprehensive Loss
Balance as of December 25, 2016	$	(1,822	)	$	(477,994	)	$	(479,816	)
Other comprehensive income before reclassifications, before tax(1)	2,175			—			2,175
Amounts reclassified from accumulated other comprehensive loss, before tax(1)	—			6,921			6,921
Income tax expense(1)	795			2,736			3,531
Net current-period other comprehensive income, net of tax	1,380			4,185			5,565
Balance as of March 26, 2017	$	(442	)	$	(473,809	)	$	(474,251	)

(1) All amounts are shown net of noncontrolling interest.

Reclassification out of Accumulated Other Comprehensive Income

The following table summarizes the reclassifications from AOCI for the first quarter of 2017:

(In thousands)
Detail about accumulated other comprehensive loss components	Amounts reclassified from accumulated other comprehensive loss			Affect line item in the statement where net income is presented
Funded status of benefit plans:
Amortization of prior service credit(1)	$	(2,425	)	Selling, general & administrative costs
Amortization of actuarial loss(1)	9,346			Selling, general & administrative costs
Total reclassification, before tax(2)	6,921
Income tax expense	2,736			Income tax (benefit)/expense
Total reclassification, net of tax	$	4,185

(1) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost for pension and other retirement benefits. See Note 9 for additional information.

(2) There were no reclassifications relating to noncontrolling interest for the quarter ended March 26, 2017.

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Basis of Presentation (Details)	3 Months Ended
	Mar. 26, 2017	Mar. 27, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Fiscal Period Duration	91 days	91 days

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Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2017	Mar. 27, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net cash used in financing activities	$ (9,892)	$ (30,958)
Net cash provided/(used) by operating activities	30,131	$ (12,009)
Accounting Standards Update 2016-09 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Excess tax shortfalls for share-based payments	(1,500)
Net cash used in financing activities	8,700
Net cash provided/(used) by operating activities	$ (8,700)

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Marketable Securities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2017	Dec. 25, 2016
Debt Securities
Schedule of Held-to-maturity Securities [Line Items]
Short-term marketable securities	$ 392,249	$ 449,535
Long-term marketable securities	209,331	187,299
Debt Securities | US Treasury Securities
Schedule of Held-to-maturity Securities [Line Items]
Short-term marketable securities	123,547	150,623
Long-term marketable securities	40,842	14,792
Debt Securities | Corporate Debt Securities
Schedule of Held-to-maturity Securities [Line Items]
Short-term marketable securities	154,255	150,599
Long-term marketable securities	52,799	61,775
Debt Securities | U.S. governmental agency securities
Schedule of Held-to-maturity Securities [Line Items]
Short-term marketable securities	56,079	64,135
Long-term marketable securities	115,690	110,732
Debt Securities | Commercial Paper
Schedule of Held-to-maturity Securities [Line Items]
Short-term marketable securities	$ 58,368	$ 84,178
Short-term Marketable Securities | Minimum
Schedule of Held-to-maturity Securities [Line Items]
Term of investments	1 month
Short-term Marketable Securities | Maximum
Schedule of Held-to-maturity Securities [Line Items]
Term of investments	12 months
Long-term Marketable Securities | Minimum
Schedule of Held-to-maturity Securities [Line Items]
Term of investments	13 months
Long-term Marketable Securities | Maximum
Schedule of Held-to-maturity Securities [Line Items]
Term of investments	36 months

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Goodwill and Intangibles - Additional Information (Details) $ in Thousands	3 Months Ended			9 Months Ended	12 Months Ended
	Mar. 26, 2017 USD ($)	Dec. 25, 2016 USD ($)	Mar. 27, 2016 USD ($)	Sep. 25, 2016 USD ($) acquisition	Dec. 25, 2016 USD ($)
Business Acquisition [Line Items]
Acquisition purchase price	$ 0		$ 12,250
HelloSociety, LLC and Fake Love, LLC [Member]
Business Acquisition [Line Items]
Number of businesses acquired | acquisition				2
Acquisition purchase price				$ 15,400
Submarine Leisure Club, Inc.
Business Acquisition [Line Items]
Acquisition purchase price		$ 25,000
Consulting and retention agreements, term		3 years
Miscellaneous Assets [Member]
Business Acquisition [Line Items]
Intangible assets, carrying values		$ 9,600			$ 9,600
Minimum
Business Acquisition [Line Items]
Estimated useful life of intangible assets acquired					3 years
Maximum
Business Acquisition [Line Items]
Estimated useful life of intangible assets acquired					7 years

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Goodwill and Intangibles (Details) $ in Thousands	3 Months Ended
	Mar. 26, 2017 USD ($)
Goodwill [Roll Forward]
Balance as of December 25, 2016	$ 134,517
Measurement period adjustment (1)	(198)
Foreign currency translation	2,072
Balance as of March 26, 2017	$ 136,391

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Investments - Equity Method Investments (Details) - USD ($)	3 Months Ended
	Mar. 26, 2017	Dec. 25, 2016	Mar. 27, 2016
Schedule of Equity Method Investments [Line Items]
Investments in joint ventures	$ 16,492,000	$ 15,614,000
Loss from joint ventures	(173,000)		$ 41,896,000
Distributions received	0		0
Newsprint and supercalendered paper purchased from the Paper Mills	$ 3,000,000		3,000,000
Donohue Malbaie Inc.
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	49.00%
Madison Paper Industries
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	40.00%
Noncontrolling interest, ownership percentage by parent	10.00%
Investment in Madison			0
Gain on sale of non-hydro power assets		$ 3,900,000
Women in the World Media, LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	30.00%
Madison Paper Industries Owned Consolidated Subsidiary
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	80.00%
Noncontrolling interest, ownership percentage by parent	20.00%
Ownership of Madison Paper Industries by Consolidated Subsidiary
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50.00%
Accrued Expenses and Other
Schedule of Equity Method Investments [Line Items]
Obligation to fund losses of equity method investment			28,800,000
UPM-Kymmene | Madison Paper Industries
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	60.00%
Paper Mill Closure | Madison Paper Industries
Schedule of Equity Method Investments [Line Items]
Loss from joint ventures			$ (41,400,000)

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Investments - Madison (Details) - Madison Paper Industries - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Schedule of Equity Method Investments [Line Items]
Revenues		$ 25,179
Costs and expenses:
Cost of sales		(48,935)
General and administrative		(63,101)
Operating Expenses		(112,036)
Operating loss		(86,857)
Other (expense)/income		1
Net loss		$ (86,856)
Subsequent Event
Schedule of Equity Method Investments [Line Items]
Revenues	$ 0
Costs and expenses:
Cost of sales	(1,054)
General and administrative	(26)
Operating Expenses	(1,080)
Operating loss	(1,080)
Other (expense)/income	(2)
Net loss	$ (1,082)

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Investments - Cost Method Investments (Details) - USD ($) $ in Millions	Mar. 26, 2017	Dec. 25, 2016
Investments, Debt and Equity Securities [Abstract]
Cost method investments	$ 13.7	$ 13.6

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Debt Obligations - Debt & Capital Leases (Details) - USD ($) $ in Thousands	Mar. 26, 2017	Dec. 25, 2016
Debt Instrument [Line Items]
Total option to repurchase ownership interest in headquarters building in 2019	$ 240,999	$ 240,199
Capital lease obligations	6,786	6,779
Total debt and capital lease obligations	247,785	246,978
Total long-term debt and capital lease obligations	247,785	246,978
Option To Repurchase Headquarters Building 2019
Debt Instrument [Line Items]
Principal amount	250,000	250,000
Less unamortized discount based on imputed interest rate	$ 9,001	$ 9,801
Interest rate on debt	13.00%

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Debt Obligations - Interest Expense, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2017	Mar. 27, 2016
Debt Disclosure [Abstract]
Interest expense	$ 6,864	$ 9,922
Amortization of debt costs and discount on debt	800	1,253
Capitalized interest	(220)	(116)
Interest income	(2,119)	(2,233)
Total interest expense, net	$ 5,325	$ 8,826

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Other (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 26, 2017	Mar. 27, 2016	Dec. 25, 2016
Other Expense [Line Items]
Advertising expense	$ 33.6	$ 21.1
Costs incurred related to redesign of headquarters building	2.4
Severance liability	14.4		$ 23.2
Selling, General and Administrative Expenses
Other Expense [Line Items]
Severance costs	1.6	3.6
Capitalized Computer Software Costs
Other Expense [Line Items]
Capitalized computer software amortization	$ 3.1	$ 3.0

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Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 26, 2017	Dec. 25, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value of long-term debt	$ 240,999	$ 240,199
Long-term debt, fair value	293,000	298,000
Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation	26,699	31,006
Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation	0	0
Level 3 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation	0	0
Fair Value | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation	$ 26,699	$ 31,006

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Pension Benefits - Net Periodic Pension Cost (Details) $ in Thousands	3 Months Ended
	Mar. 26, 2017 USD ($) plan	Mar. 27, 2016 USD ($)
Pension Benefits
Number of joint Company and Guild-sponsored defined benefit plans | plan	2
Qualified Plans
Pension Benefits
Service cost	$ 2,423	$ 2,247
Interest cost	15,594	16,574
Expected return on plan assets	(26,136)	(27,790)
Amortization of actuarial loss	7,353	7,069
Amortization of prior service credit	(486)	(486)
Net periodic postretirement benefit income	(1,252)	(2,386)
Pension contributions	2,000	2,100
Non-Qualified Plans
Pension Benefits
Service cost	0	0
Interest cost	1,956	2,034
Expected return on plan assets	0	0
Amortization of actuarial loss	1,088	1,053
Amortization of prior service credit	0	0
Net periodic postretirement benefit income	3,044	3,087
Pension Plans, Defined Benefit
Pension Benefits
Service cost	2,423	2,247
Interest cost	17,550	18,608
Expected return on plan assets	(26,136)	(27,790)
Amortization of actuarial loss	8,441	8,122
Amortization of prior service credit	(486)	(486)
Net periodic postretirement benefit income	1,792	$ 701
Expected contributions in 2017	$ 8,000

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Other Postretirement Benefits (Details) - Other Postretirement Benefit Plan - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2017	Mar. 27, 2016
Pension Benefits
Service cost	$ 92	$ 104
Interest cost	470	495
Amortization of actuarial loss	905	1,026
Amortization of prior service credit	(1,939)	(2,110)
Net periodic postretirement benefit income	$ (472)	$ (485)

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Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2017	Mar. 27, 2016
Income Tax Disclosure [Abstract]
Income tax expense/(benefit)	$ 10,742	$ (9,201)

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Earnings/(Loss) Per Share (Details) - shares shares in Millions	3 Months Ended
	Mar. 26, 2017	Mar. 27, 2016
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	2	6
Restricted Stock Units and 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)	1	2

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Supplemental Stockholders' Equity Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2017	Mar. 27, 2016
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period	$ 844,244	$ 828,455
Net income/(loss)	13,115	(13,586)
Other comprehensive income, net of tax	5,565	5,091
Effect of issuance of shares	(3,281)	(8,675)
Share repurchases		(15,056)
Dividends declared	(6,495)	(6,443)
Stock-based compensation	3,815	3,294
Balance, end of period	856,963	793,080
Total New York Times Company Stockholders' Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period	847,815	826,751
Net income/(loss)	13,181	(8,271)
Other comprehensive income, net of tax	5,565	5,091
Effect of issuance of shares	(3,281)	(8,675)
Share repurchases		(15,056)
Dividends declared	(6,495)	(6,443)
Stock-based compensation	3,815	3,294
Balance, end of period	860,600	796,691
Noncontrolling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period	(3,571)	1,704
Net income/(loss)	(66)	(5,315)
Other comprehensive income, net of tax	0	0
Effect of issuance of shares	0	0
Share repurchases		0
Dividends declared	0	0
Stock-based compensation	0	0
Balance, end of period	$ (3,637)	$ (3,611)

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Supplemental Stockholders' Equity Information - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 26, 2017	Mar. 27, 2016	Jan. 14, 2015
Class of Stock [Line Items]
Share repurchases		$ 15,056,000
Stock repurchase program, remaining authorized repurchase amount	$ 16,200,000
Class A Common Stock
Class of Stock [Line Items]
Stock repurchase program, authorized amount			$ 101,100,000
Shares repurchased (in shares)	6,690,905
Share repurchases	$ 84,900,000

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Supplemental Stockholders' Equity Information Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2017	Mar. 27, 2016
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance as of December 25, 2016	$ (479,816)
Income tax expense	3,531	$ 3,103
Other comprehensive income, net of tax	5,565	5,091
Balance as of March 26, 2017	(474,251)
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance as of December 25, 2016	(1,822)
Other comprehensive income before reclassifications, before tax	2,175
Amounts reclassified from accumulated other comprehensive loss, before tax	0
Income tax expense	795
Other comprehensive income, net of tax	1,380
Balance as of March 26, 2017	(442)
Funded Status of Benefit Plans
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance as of December 25, 2016	(477,994)
Other comprehensive income before reclassifications, before tax	0
Amounts reclassified from accumulated other comprehensive loss, before tax	6,921
Income tax expense	2,736
Other comprehensive income, net of tax	4,185
Balance as of March 26, 2017	(473,809)
Total Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance as of December 25, 2016	(479,816)
Other comprehensive income before reclassifications, before tax	2,175
Amounts reclassified from accumulated other comprehensive loss, before tax	6,921
Income tax expense	3,531
Other comprehensive income, net of tax	5,565	$ 5,091
Balance as of March 26, 2017	$ (474,251)

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Supplemental Stockholders' Equity Information Reclassifications Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2017	Mar. 27, 2016
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income tax expense	$ 3,531	$ 3,103
Accumulated Defined Benefit Plans Adjustment
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income tax expense	2,736
Accumulated Defined Benefit Plans Adjustment | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassification, before tax	6,921
Income tax expense	2,736
Total reclassification, net of tax	4,185
Selling, General and Administrative Expenses | Accumulated Defined Benefit Plans Adjustment | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of prior service credit	(2,425)
Amortization of actuarial loss	$ 9,346

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Segment Information (Details)	3 Months Ended
	Mar. 26, 2017 Segment
Segment Reporting [Abstract]
Number of reportable segments	1

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Contingent Liabilities - Restricted Cash (Details) - USD ($) $ in Millions	Mar. 26, 2017	Dec. 25, 2016
Commitments and Contingencies Disclosure [Abstract]
Restricted cash	$ 24.9	$ 24.9

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Contingent Liabilities - Other (Details) - USD ($)	1 Months Ended			3 Months Ended
	Jul. 29, 2016	Dec. 31, 2014	Sep. 30, 2013	Mar. 26, 2017	Dec. 25, 2016	Mar. 27, 2016
Loss Contingencies [Line Items]
Amount paid related to Revised Assessment	$ 5,000,000
Threatened Litigation
Loss Contingencies [Line Items]
Demand for payment		$ 34,000,000	$ 26,000,000
Decline in contributions, percent (more than)			70.00%
Payments related to Initial Assessment				$ 12,600,000
Amount recognized as expense in the period				100,000		$ 1,800,000
Partial pension withdrawal arbitration liability				8,900,000
Minimum | Threatened Litigation
Loss Contingencies [Line Items]
Estimate of possible loss				0
Maximum | Threatened Litigation
Loss Contingencies [Line Items]
Estimate of possible loss				$ 10,000,000
New England Media Group [Member]
Loss Contingencies [Line Items]
Charge recorded within discontinued operations					$ 3,700,000