Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2017

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

The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2017 and December 25, 2016:



(In thousands)	December 31, 2017								December 25, 2016 ⁽³⁾
(In thousands)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Short-term AFS securities⁽¹⁾
U.S Treasury securities	$	70,951	$	—	$	70,951	$	—	$	—	$	—	$	—	$	—
Corporate debt securities	150,107		—		150,107		—		—		—		—		—
U.S. governmental agency securities	45,640		—		45,640		—		—		—		—		—
Certificates of deposit	9,300		—		9,300		—		—		—		—		—
Commercial paper	32,591		—		32,591		—		—		—		—		—
Total short-term AFS securities	$	308,589	$	—	$	308,589	$	—	$	—	$	—	$	—	$	—
Long-term AFS securities⁽¹⁾
U.S. governmental agency securities	$	96,779	$	—	$	96,779	$	—	$	—	$	—	$	—	$	—
Corporate debt securities	92,004		—		92,004		—		—		—		—		—
U.S Treasury securities	52,628		—		52,628		—		—		—		—		—
Total long-term AFS securities	$	241,411	$	—	$	241,411	$	—	$	—	$	—	$	—	$	—
Liabilities:
Deferred compensation⁽²⁾	$	29,526	$	29,526	$	—	$	—	$	31,006	$	31,006	$	—	$	—

⁽¹⁾ 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 fair value (see Note 3). We classified these investments as Level 2 since the fair value is based on market observable inputs for investments with similar terms and maturities.

⁽²⁾ The deferred compensation liability, included in “Other liabilities—Other” in our Consolidated Balance Sheets, consists of deferrals under The New York Times Company Deferred Executive Compensation Plan (the “DEC”), 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. Refer to Note 11 for detail.

⁽³⁾ As noted in Note 2, in the third quarter of 2017, we reclassified our marketable securities from HTM to AFS. Prior to being classified as AFS, the securities were recorded at amortized cost and not adjusted to fair value in accordance with the HTM accounting treatment.