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 April 1, 2018

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 27, 2018 (exclusive of treasury shares):

Class A Common Stock	164,067,510	shares
Class B Common Stock	803,763	shares

THE NEW YORK TIMES COMPANY

INDEX

	ITEM NO.
PART I		Financial Information	1
Item	1	Financial Statements	1
		Condensed Consolidated Balance Sheets as April 1, 2018 (unaudited) and December 31, 2017	1
		Condensed Consolidated Statements of Operations (unaudited) for the quarters ended April 1, 2018 and March 26, 2017	3
		Condensed Consolidated Statements of Comprehensive Income (unaudited) for the quarters ended April 1, 2018 and March 26, 2017	4
		Condensed Consolidated Statements of Cash Flows (unaudited) for the quarters ended April 1, 2018 and March 26, 2017	5
		Notes to the Condensed Consolidated Financial Statements	6
Item	2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22
Item	3	Quantitative and Qualitative Disclosures about Market Risk	33
Item	4	Controls and Procedures	34
PART II		Other Information	35
Item	1	Legal Proceedings	35
Item	1A	Risk Factors	35
Item	2	Unregistered Sales of Equity Securities and Use of Proceeds	35
Item	6	Exhibits	36

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)

	April 1, 2018		December 31, 2017
	(Unaudited)
Assets
Current assets
Cash and cash equivalents	$	213,814	$	182,911
Short-term marketable securities	299,834		308,589
Accounts receivable (net of allowances of $13,960 in 2018 and $14,542 in 2017)	151,416		184,885
Prepaid expenses	23,387		22,851
Other current assets	51,564		50,463
Total current assets	740,015		749,699
Other assets
Long-term marketable securities	235,641		241,411
Investments in joint ventures	1,751		1,736
Property, plant and equipment (less accumulated depreciation and amortization of $956,170 in 2018 and $945,401 in 2017)	645,519		640,939
Goodwill	145,612		143,549
Deferred income taxes	149,335		153,046
Miscellaneous assets	179,221		169,400
Total assets	$	2,097,094	$	2,099,780

 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)

	April 1, 2018			December 31, 2017
	(Unaudited)
Liabilities and stockholders’ equity
Current liabilities
Accounts payable	$	114,220		$	125,479
Accrued payroll and other related liabilities	67,391			104,614
Unexpired subscriptions revenue	85,361			75,054
Accrued expenses and other	103,457			110,510
Total current liabilities	370,429			415,657
Other liabilities
Long-term debt and capital lease obligations	251,092			250,209
Pension benefits obligation	392,937			405,422
Postretirement benefits obligation	47,979			48,816
Other	76,580			82,313
Total other liabilities	768,588			786,760
Stockholders’ equity
Common stock of $.10 par value:
Class A – authorized: 300,000,000 shares; issued: 2018 – 172,917,433; 2017 – 170,276,449 (including treasury shares: 2018 – 8,870,801; 2017 – 8,870,801)	17,292			17,028
Class B – convertible – authorized and issued shares: 2018 – 803,763; 2017 – 803,763 (including treasury shares: 2018 – none; 2017 – none)	80			80
Additional paid-in capital	199,029			164,275
Retained earnings	1,422,123			1,310,136
Common stock held in treasury, at cost	(171,211		)	(171,211		)
Accumulated other comprehensive loss, net of income taxes:
Foreign currency translation adjustments	9,575			6,328
Funded status of benefit plans	(516,017		)	(427,819		)
Net unrealized loss on available-for-sale securities	(2,880		)	(1,538		)
Total accumulated other comprehensive loss, net of income taxes	(509,322		)	(423,029		)
Total New York Times Company stockholders’ equity	957,991			897,279
Noncontrolling interest	86			84
Total stockholders’ equity	958,077			897,363
Total liabilities and stockholders’ equity	$	2,097,094		$	2,099,780

 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
	April 1, 2018			March 26, 2017
	(13 weeks)
Revenues
Subscription	$	260,593		$	242,375
Advertising	125,647			130,028
Other	27,708			26,401
Total revenues	413,948			398,804
Operating costs
Production costs:
Wages and benefits	91,993			91,014
Raw materials	16,692			16,930
Other production costs	45,656			45,353
Total production costs	154,341			153,297
Selling, general and administrative costs	208,623			199,137
Depreciation and amortization	15,041			16,153
Total operating costs	378,005			368,587
Headquarters redesign and consolidation	1,888			2,402
Operating profit	34,055			27,815
Other components of net periodic benefit costs/(income)	2,028			(1,194		)
Gain from joint ventures	15			173
Interest expense and other, net	4,877			5,325
Income from continuing operations before income taxes	27,165			23,857
Income tax expense	5,251			10,742
Net income	21,914			13,115
Net (income)/loss attributable to the noncontrolling interest	(2		)	66
Net income attributable to The New York Times Company common stockholders	$	21,912		$	13,181
Average number of common shares outstanding:
Basic	164,094			161,402
Diluted	166,237			162,592
Basic earnings per share attributable to The New York Times Company common stockholders	$	0.13		$	0.08
Diluted earnings per share attributable to The New York Times Company common stockholders	$	0.13		$	0.08
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
	April 1, 2018			March 26, 2017
	(13 weeks)
Net income	$	21,914		$	13,115
Other comprehensive income, before tax:
Income on foreign currency translation adjustments	2,273			2,175
Pension and postretirement benefits obligation	9,760			6,921
Net unrealized loss on available-for-sale securities	(1,371		)	—
Other comprehensive income, before tax	10,662			9,096
Income tax expense	2,820			3,531
Other comprehensive income, net of tax	7,842			5,565
Comprehensive income	29,756			18,680
Comprehensive (income)/loss attributable to the noncontrolling interest	(2		)	66
Comprehensive income attributable to The New York Times Company common stockholders	$	29,754		$	18,746

 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
	April 1, 2018			March 26, 2017
	(13 weeks)
Cash flows from operating activities
Net income/(loss)	$	21,914		$	13,115
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	15,041			16,153
Stock-based compensation expense	4,263			3,958
Undistributed (gain)/loss of joint ventures	(15		)	(173		)
Long-term retirement benefit obligations	(3,406		)	(6,458		)
Other-net	2,580			1,788
Changes in operating assets and liabilities:
Accounts receivable-net	33,469			20,442
Other assets	888			442
Accounts payable, accrued payroll and other liabilities	(67,142		)	(34,995		)
Unexpired subscriptions	10,307			15,859
Net cash provided by operating activities	17,899			30,131
Cash flows from investing activities
Purchases of marketable securities	(110,346		)	(80,108		)
Maturities of marketable securities	122,936			117,465
Purchase of investments – net of proceeds	(484		)	—
Capital expenditures	(24,882		)	(8,032		)
Other-net	635			510
Net cash (used in)/provided by investing activities	(12,141		)	29,835
Cash flows from financing activities
Long-term obligations:
Repayment of debt and capital lease obligations	(138		)	(138		)
Dividends paid	(6,530		)	(6,473		)
Capital shares:
Proceeds from stock option exercises	40,439			445
Share-based compensation tax withholding	(8,747		)	(3,726		)
Net cash provided by/(used in) financing activities	25,024			(9,892		)
Net increase in cash, cash equivalents and restricted cash	30,782			50,074
Effect of exchange rate changes on cash	195			232
Cash, cash equivalents and restricted cash at the beginning of the period	200,936			125,550
Cash, cash equivalents and restricted cash at the end of the period	$	231,913		$	175,856

 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 April 1, 2018, and December 31, 2017, and the results of operations and cash flows of the Company for the periods ended April 1, 2018, and March 26, 2017. 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 31, 2017. 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 April 1, 2018, our significant accounting policies, which are detailed in our Annual Report on Form 10-K for the year ended December 31, 2017, have not changed materially.

Recently Adopted Accounting Pronouncements

In March 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-05, which amends ASC Topic 740 “Income Taxes” to conform with SEC Staff Accounting Bulletin 118, issued in December 2017 which allowed SEC registrants to record provisional amounts for the year ended December 31, 2017, due to the complexities involved in accounting for the enactment of the 2017 Tax Cuts and Jobs Act (the “Act”). The standard is effective upon issuance. During the three months ended April 1, 2018, we have not recorded any measurement period adjustments to the provisional estimate recorded at December 31, 2017, for the Act. The accounting for the impact of the Act is expected to be completed by the fourth quarter of this year.

In February 2018, the FASB issued Accounting Standards Update (“ASU”) 2018-02, “Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” The new guidance provides financial statement preparers with an option to reclassify stranded tax effects within accumulated other comprehensive income (“AOCI”) to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate related to the Tax Cuts and Jobs Act is recorded. The amendments are effective for all organizations for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The Company elected to adopt this guidance to reclassify the stranded tax effects from AOCI to retained earnings in the first quarter of 2018. Our current accounting policy related to releasing tax effects from AOCI for pension and other postretirement benefits is a plan by plan approach. Accordingly, the Company recorded a $94.1 million cumulative effect adjustment for stranded tax effects, such as pension and other postretirement benefits, to “Retained earnings” on January 1, 2018. See Note 13 for more information.

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 “Operating costs”. The other components of net periodic benefit costs, 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.

Since ASU 2017-07 only requires change to the Condensed Consolidated Statements of Operations classification of the components of net periodic benefit cost, there are no changes to income from continuing operations or net income. As a result of the adoption of the ASU during the first quarter of 2018, the service cost component of net periodic benefit costs continues to

6

THE NEW YORK TIMES COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

be recognized in total operating costs and the other components of net periodic benefit costs have been reclassified to “Other components of net periodic benefit costs/(income)” in the Condensed Consolidated Statements of Operations below “Operating profit” on a retrospective basis. The Company reclassified $0.1 million and $1.1 million of credits from “Production costs” and “Selling and general and administrative costs”, respectively, to “Other components of net periodic benefit costs/(income)” in the first quarter of 2017. See Note 10 for the components of net periodic benefit costs/(income) for our pension and other postretirement benefits plans.

In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flow: Restricted Cash,” which amends the guidance in Accounting Standards Codification (“ASC”) 230 on the classification and presentation of restricted cash in the statement of cash flows. The key requirements of the ASU are: (1) all entities should include in their cash and cash-equivalent balances in the statements of cash flows those amounts that are deemed to be restricted cash and restricted cash equivalents, (2) a reconciliation between the statement of financial position and the statement of cash flows must be disclosed when the statement of financial position includes more than one line item for cash, cash equivalents, and restricted cash, (3) changes in restricted cash that result from transfers between cash, cash equivalents, and restricted cash should not be presented as cash flow activities in the statement of cash flows, and (4) an entity with a material balance of amounts generally described as restricted cash must disclose information about the nature of the restrictions. This guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted.

As a result of the adoption of ASU 2016-18 in the first quarter of 2018, the Company included the restricted cash balance with the cash and cash equivalents balances in the Condensed Consolidated Statements of Cash Flows on a retrospective basis. The reclassification did not have a material impact to the Condensed Consolidated Statement of Cash Flows for the first quarter of 2017. The Company has added a reconciliation from the Condensed Consolidated Balance Sheets to the Condensed Consolidated Statement of Cash Flows in the first quarter of 2018. See Note 8 for more information.

In January 2016, the FASB issued ASU 2016-01, “Financial Instruments—Overall: Recognition and Measurement of Financial Assets and Financial Liabilities,” which addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments, including requirements to measure most equity investments at fair value with changes in fair value recognized in net income, to perform a qualitative assessment of equity investments without readily determinable fair values, and to separately present financial assets and liabilities by measurement category and by type of financial asset on the balance sheet or the accompanying notes to the financial statements. The new guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years.

Subsequently, in February 2018, the FASB issued ASU 2018-03, “Technical Corrections and Improvements to Financial Instruments, Recognition and Measurement of Financial Assets and Financial Liabilities,” which provided several clarifications and amendments to the standard. These include specifying that for equity instruments without readily determinable fair values for which the measurement alternative is applied: (i) adjustments made when an observable transaction occurs for a similar security are intended to reflect the fair value as of the observable transaction date, not as of current reporting date; (ii) the measurement alternative may be discontinued upon an irrevocable election to change to a fair value measurement approach under fair value guidance, which would apply to all identical and similar investments of the same issuer; and (iii) the prospective transition approach for equity securities without readily determinable fair values is applicable only when the measurement alternative is applied. The new guidance must be adopted by the third quarter of 2018 (an interim period). Early adoption of the new guidance is permitted.

We have adopted ASU 2016-01 in the first quarter of 2018 and elected the measurement alternative, defined as cost, less impairments, adjusted by observable price changes given our equity instruments are without readily determinable fair values. This guidance did not impact our available-for-sale (“AFS”) securities because we only hold debt securities. We also early adopted ASU 2018-03 in the first quarter of 2018. The adoptions of ASU 2016-01 and ASU 2018-03 did not have a material effect on our Condensed Consolidated Financial Statements. See Note 6 for more information.

In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” which prescribes a single comprehensive model for entities to use in the accounting of revenue arising from contracts with customers. The new guidance supersedes virtually all existing revenue guidance under GAAP 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 ASC 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.

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

7

THE NEW YORK TIMES COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

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 clarifying amendments in ASU 2016-08, 2016-10, and 2016-12 do not change the core principle of ASU 2014-09. We refer to ASU 2014-09 and the clarifying amendments collectively as “Topic 606.”

On January 1, 2018, the Company adopted Topic 606, Revenue from Contracts with Customers. The Company has elected the modified retrospective approach, which allows for the new revenue standard to be applied to all existing contracts as of the effective date and a cumulative catch-up adjustment to be recorded to “Retained earnings”. The Company recognizes revenue under the core principle to depict the transfer of control to the Company’s customers in an amount reflecting the consideration the Company expects to be entitled. In order to achieve that core principle, the Company applies the following five-step approach: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when a performance obligation is satisfied.

The most significant change to the Company’s accounting practices related to accounting for certain licensing arrangements in the other revenue category for which archival and updated content is included. Under the former revenue guidance, licensing revenue was generally recognized over the term of the contract based on the annual minimum guarantee amount specified in the contractual agreement with the licensee as a single deliverable. Based on the guidance of Topic 606, the Company has determined that the archival content and updated content included in these licensing arrangements represent two separate performance obligations. As such, a portion of the total contract consideration related to the archival content was recognized at the commencement of the contract when control of the archival content is transferred. The remaining contractual consideration will be recognized proportionately over the term of the contract when updated content is transferred to the licensee, in line with when the control of the new content is transferred.

The net impact of these changes accelerated the revenue of contracts not completed as of January 1, 2018. In connection with the adoption of the standard the Company recorded a net increase to opening retained earnings of $2.6 million ($3.5 million before tax) and a contract asset of $3.5 million, $1.3 million categorized as a current asset and $2.2 million categorized as a long term asset as of January 1, 2018. The impact to “Other revenues” as a result of applying Topic 606 will be a decrease of $1.3 million for the twelve months ended December 30, 2018.

Our subscription and advertising revenues were not impacted by the new guidance. See Note 3 for more information on our revenues and the application of Topic 606.

Recently Issued Accounting Pronouncements

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments—Credit Losses.” The new guidance introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. It also modifies the impairment model AFS debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. The new guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. 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 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 or the Company’s liquidity.

8

THE NEW YORK TIMES COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

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. REVENUE

We generate revenues principally from subscriptions and advertising. Subscription revenues consist of revenues from subscriptions to our print and digital products (which include our news product, as well as our Crossword and Cooking products,) and single-copy and bulk sales of our print products Subscription revenues are based on both the number of copies of the printed newspaper sold and digital-only subscriptions, and the rates charged to the respective customers.

Advertising revenues are derived from the sale of our advertising products and services on our print and digital platforms. These revenues are primarily determined by the volume, rate and mix of advertisements.

Other revenues primarily consist of revenues from news services/syndication, digital archive licensing, building rental income, affiliate referrals, NYT Live (our live events business) and retail commerce. Other revenue includes approximately $5 million and $6 million of rental income for the three months ended April 1, 2018, and March 26, 2017, respectively, which is not under the scope of Topic 606.

Revenue is recognized when a performance obligation is satisfied by transferring a promised good or service to a customer. A good or service is considered transferred when the customer obtains control, which is when the customer has the ability to direct the use of and/or obtain substantially all of the benefits of an asset.

Single-copy revenue is recognized based on date of publication, net of provisions for related returns. Proceeds from subscription revenues are deferred at the time of sale and are recognized on a pro rata basis over the terms of the subscriptions. Payment is typically due ratably over the subscription period, and the deferred proceeds are recorded within “Unexpired subscription revenue” in the Condensed Consolidated Balance Sheet. Payment for single-copy sales is typically due upon complete satisfaction of our performance obligations. The Company does not have significant financing components or significant payment terms as we only offer industry standard payment terms to our customers.

When our subscriptions are sold through third parties, we are a principal in the transaction and, therefore, revenues and related costs to third parties for these sales are reported on a gross basis. We are considered a principal if we control a promised good or service before transferring that good or service to the customer. The Company considers several factors to determine if it controls the good and therefore is the principal. These factors include (i) if we have primary responsibility for fulfilling the promise, (ii) if we have inventory risk before the goods or services are transferred to the customer or after transfer of control to the customer, and (iii) if we have discretion in establishing price for the specified good or service.

Advertising revenues are recognized when advertisements are published in newspapers or placed on digital platforms or, with respect to certain digital advertising, each time a user clicks on certain advertisements, net of provisions for estimated rebates and rate adjustments.

We recognize a rebate obligation as a reduction of revenues, based on the amount of estimated rebates that will be earned and claimed, related to the underlying revenue transactions during the period. Measurement of the rebate obligation is estimated based on the historical experience of the number of customers that ultimately earn and use the rebate. We recognize an obligation for rate adjustments as a reduction of revenues, based on the amount of estimated post-billing adjustments that will be claimed. Measurement of the rate adjustment obligation is estimated based on historical experience of credits actually issued.

Payment for advertising is due upon complete satisfaction of our performance obligations. The Company has a formal credit checking policy, procedures, and controls in place that evaluate collectability prior to ad publication. In instances where the timing of revenue recognition differs from the timing of invoicing, we have determined our contracts do not include a significant financing component.

9

THE NEW YORK TIMES COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Subscription, advertising and other revenues were as follows:

	For the Quarters Ended
(In thousands)	April 1, 2018		March 26, 2017
Subscription	$	260,593	$	242,375
Advertising	125,647		130,028
Other (1)	27,708		26,401
Total	$	413,948	$	398,804

⁽¹⁾ Other revenue includes approximately $5 million and $6 million of rental income for the quarters ended April 1, 2018, and March 26, 2017, respectively, which is not under the scope of Topic 606.

The following table summarizes digital-only subscription revenues for the first quarters of 2018 and 2017:

	For the Quarters Ended
(In thousands)	April 1, 2018		March 26, 2017
Digital-only subscription revenues:
News product subscription revenues(1)	$	90,577	$	72,861
Other product subscription revenues(2)	4,835		2,956
Total digital-only subscription revenues	$	95,412	$	75,817
(1) Includes revenues from subscriptions to the Company’s news product. News product subscription packages that include access to the Company’s Crossword and Cooking products are also included in this category.
(2) Includes revenues from standalone subscriptions to the Company’s Crossword and Cooking products.

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

	For the Quarters Ended
	April 1, 2018						March 26, 2017
(In thousands)	Print		Digital		Total		Print		Digital		Total
Display	$	70,805	$	38,700	$	109,505	$	71,627	$	42,976	$	114,603
Classified and Other	8,139		8,003		16,142		8,730		6,695		15,425
Total advertising	$	78,944	$	46,703	$	125,647	$	80,357	$	49,671	$	130,028

Performance Obligations

Our contracts with customers may include multiple performance obligations. For such arrangements, we allocate revenue to each performance obligation based on its relative standalone selling price.

In the case of our licensing contracts the transaction price was allocated among the performance obligations, (i) the archival content and (ii) the updated content, based on the Company’s estimate of the standalone selling price of the performance obligations as they are currently not sold separately.

As of April 1, 2018, the aggregate amount of the transaction price allocated to the remaining performance obligations is approximately $33 million. The Company will recognize this revenue as control of the performance obligation is transferred to the customer. We expect that approximately $14 million, $10 million and $9 million will be recognized in the remainder of 2018, 2019 and 2020, respectively.

Contract Assets

We record revenue from performance obligations when performance obligations are satisfied. For our licensing revenue, we record revenue related to the portion of performance obligation (i) satisfied at the commencement of the contract when the customer obtains control of the archival content or (ii) when the updated content is transferred. We receive payments from customers based upon contractual billing schedules. As the transfer of control represents a right to the contract consideration, we record a contract asset in “Other current assets” for short-term contract assets and “Miscellaneous assets” for long-term contract assets on the Consolidated Balance Sheet for any amounts not yet invoiced to the customer. As of April 1, 2018, the Company had $3.2 million in contract assets recorded in the Condensed Consolidated Balance Sheet. The contract asset is reclassified to “Accounts

10

THE NEW YORK TIMES COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

receivable” when the customer is invoiced based on the contractual billing schedule. The increase in the contract assets balance for the three months ended April 1, 2018, is primarily driven by the cumulative catch-up adjustment recorded by the Company on January 1, 2018, of $3.5 million as a result of adoption of Topic 606, offset by $0.3 million of consideration that was reclassified to “Accounts receivable” when invoiced based on the contractual billing schedules for the period ended April 1, 2018.

Significant Judgments

Our contracts with customers sometimes include promises to transfer multiple products and services to a customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. We use an observable price to determine the standalone selling price for separate performance obligations if available or when not available, an estimate that maximizes the use of observable inputs and faithfully depicts the selling price of the promised goods or services if the entity sold those goods or services separately to a similar customer in similar circumstances.

Practical Expedients and Exemptions

We expense the cost to obtain or fulfill a contract as incurred because the amortization period of the asset that the entity otherwise would have recognized is one year or less. We also apply the practical expedient for the significant financing component when the difference between the payment and the transfer of the products and services is a year or less.

NOTE 4. MARKETABLE SECURITIES

The Company recorded $3.9 million and $2.5 million of net unrealized loss in AOCI as of April 1, 2018, and December 31, 2017, respectively.

The following tables present the amortized cost, gross unrealized gains and losses, and fair market value of our AFS debt securities as of April 1, 2018, and December 31, 2017:

	April 1, 2018
(In thousands)	Amortized Cost		Gross unrealized gains		Gross unrealized losses			Fair Value
Short-term AFS securities
Corporate debt securities	$	147,292	$	—	$	(460	)	$	146,832
U.S Treasury securities	71,460		1		(62		)	71,399
U.S. governmental agency securities	60,240		—		(287		)	59,953
Commercial paper	15,450		—		—			15,450
Certificates of deposit	6,200		—		—			6,200
Total short-term AFS securities	$	300,642	$	1	$	(809	)	$	299,834
Long-term AFS securities
Corporate debt securities	$	99,699	$	2	$	(1,326	)	$	98,375
U.S. governmental agency securities	86,526		1		(1,113		)	85,414
U.S Treasury securities	52,522		—		(670		)	51,852
Total long-term AFS securities	$	238,747	$	3	$	(3,109	)	$	235,641

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THE NEW YORK TIMES COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

	December 31, 2017
(In thousands)	Amortized Cost		Gross unrealized gains		Gross unrealized losses			Fair Value
Short-term AFS securities
Corporate debt securities	$	150,334	$	—	$	(227	)	$	150,107
U.S Treasury securities	70,985		—		(34		)	70,951
U.S. governmental agency securities	45,819		—		(179		)	45,640
Commercial paper	32,591		—		—			32,591
Certificates of deposit	9,300		—		—			9,300
Total short-term AFS securities	$	309,029	$	—	$	(440	)	$	308,589
Long-term AFS securities
U.S. governmental agency securities	$	97,798	$	—	$	(1,019	)	96,779
Corporate debt securities	92,687		—		(683		)	92,004
U.S Treasury securities	53,031		—		(403		)	52,628
Total long-term AFS securities	$	243,516	$	—	$	(2,105	)	$	241,411

The following tables represent the AFS securities as of April 1, 2018, and December 31, 2017, that were in an unrealized loss position, aggregated by investment category and the length of time that individual securities have been in a continuous loss position:

	April 1, 2018
	Less than 12 Months					12 Months or Greater					Total
(In thousands)	Fair Value		Gross unrealized losses			Fair Value		Gross unrealized losses			Fair Value		Gross unrealized losses
Short-term AFS securities
Corporate debt securities	$	137,958	$	(373	)	$	8,874	$	(87	)	$	146,832	$	(460	)
U.S Treasury securities	69,009		(62		)	—		—			69,009		(62		)
U.S. governmental agency securities	19,797		(39		)	40,156		(248		)	59,953		(287		)
Total short-term AFS securities	$	226,764	$	(474	)	$	49,030	$	(335	)	$	275,794	$	(809	)
Long-term AFS securities
Corporate debt securities	$	91,661	$	(1,244	)	$	4,943	$	(82	)	$	96,604	$	(1,326	)
U.S Treasury securities	23,910		(244		)	58,404		(869		)	82,314		(1,113		)
U.S. governmental agency securities	51,852		(670		)	—		—			51,852		(670		)
Total long-term AFS securities	$	167,423	$	(2,158	)	$	63,347	$	(951	)	$	230,770	$	(3,109	)

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THE NEW YORK TIMES COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

	December 31, 2017
	Less than 12 Months					12 Months or Greater					Total
(In thousands)	Fair Value		Gross unrealized losses			Fair Value		Gross unrealized losses			Fair Value		Gross unrealized losses
Short-term AFS securities
Corporate debt securities	$	140,111	$	(199	)	$	9,996	$	(28	)	$	150,107	$	(227	)
U.S Treasury securities	70,951		(34		)	—		—			70,951		(34		)
U.S. governmental agency securities	19,770		(50		)	25,870		(129		)	45,640		(179		)
Total short-term AFS securities	$	230,832	$	(283	)	$	35,866	$	(157	)	$	266,698	$	(440	)
Long-term AFS securities
Corporate debt securities	$	81,118	$	(579	)	$	10,886	$	(104	)	$	92,004	$	(683	)
U.S Treasury securities	23,998		(125		)	72,781		(894		)	96,779		(1,019		)
U.S. governmental agency securities	52,628		(403		)	—		—			52,628		(403		)
Total long-term AFS securities	$	157,744	$	(1,107	)	$	83,667	$	(998	)	$	241,411	$	(2,105	)

We conduct an other-than-temporary impairment (“OTTI”) analysis on a quarterly basis or more often if a potential loss-triggering event occurs. We consider factors such as the duration, severity and the reason for the decline in value, the potential recovery period and whether we intend to sell. For AFS securities, we also consider whether (i) it is more likely than not that we will be required to sell the debt securities before recovery of their amortized cost basis and (ii) the amortized cost basis cannot be recovered as a result of credit losses.

As of April 1, 2018, we did not intend to sell and it was not likely that we would be required to sell these investments before recovery of their amortized cost basis, which may be at maturity. Unrealized losses related to these investments are primarily due to interest rate fluctuations as opposed to changes in credit quality. Therefore, as of April 1, 2018, we have recognized no OTTI loss.

As of April 1, 2018, our short-term and long-term marketable securities had remaining maturities of less than 1 month to 12 months and 13 months to 35 months, respectively. See Note 9 for more information regarding the fair value of our marketable securities.

Letters of credit

We arranged for the issuance of letters of credit totaling $56.0 million as of December 31, 2017, to secure commitments under certain sub-lease agreements associated with the rental of floors in our headquarters building. The letters of credit will expire in 2019, and are collateralized by marketable securities held in our investment portfolios, with a fair value of $63.0 million and $63.1 million, as of April 1, 2018, and December 31, 2017, respectively. No amounts were outstanding on these letters of credit as of April 1, 2018. See Note 15 for more information regarding the letters of credit.

NOTE 5. GOODWILL AND INTANGIBLES

The changes in the carrying amount of goodwill as of April 1, 2018, and since December 31, 2017, were as follows:

(In thousands)	Total Company
Balance as of December 31, 2017	$	143,549
Foreign currency translation	2,063
Balance as of April 1, 2018	$	145,612

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

The aggregate carrying amount of intangible assets of $7.7 million has been included in “Miscellaneous assets” in our Condensed Consolidated Balance Sheets.

13

THE NEW YORK TIMES COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 6. INVESTMENTS

Equity Method Investments

As of April 1, 2018, our investments in joint ventures of $1.8 million consisted of a 40% equity ownership interest in Madison Paper Industries (“Madison”), a partnership that previously operated a supercalendered paper mill in Maine.

The investment is accounted for under the equity method, and is recorded in “Investments in joint ventures” in our Condensed Consolidated Balance Sheets. Our proportionate share of the operating results of our investment is recorded in “Gain from joint ventures” in our Condensed Consolidated Statements of Operations.

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 2016, the paper mill closed and we recognized a $41.4 million loss from joint ventures related to the closure. The Company’s proportionate share of the loss was $20.1 million after tax and net of noncontrolling interest. As a result of the mill closure, we wrote our investment down to zero.  In 2017 we recognized a gain of $20.8 million, primarily related to the sale of the remaining assets, partially offset by the loss related to our proportionate share of Madison’s settlement of certain pension obligations. 

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 the first quarter of 2018 we recognized a de minimis gain from joint ventures. We expect to receive our proportionate share of a cash distribution from the wind down of our Madison investment in 2018.

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

	For the Quarters Ended
(In thousands)	March 31, 2018		March 31, 2017
Revenues	$	—	$	—
Expenses:
Cost of sales	—		(1,054		)
General and administrative income/(expense) and other	9		(26		)
Total income/(costs)	9		(1,080		)
Operating income/(loss)	9		(1,080		)
Other income/(expense)	20		(2		)
Net income/(loss)	$	29	$	(1,082	)

We received no distributions from Madison in the first quarters of 2018 and 2017.

Non-Marketable Equity Securities

Our non-marketable equity securities are investments in privately held companies/funds without readily determinable market values. Prior to January 1, 2018, we accounted for our non-marketable equity securities at cost less impairment. Realized gains and losses on non-marketable securities sold or impaired were recognized in “Interest expense and other, net”. As of December 31, 2017, non-marketable equity securities included in “Miscellaneous assets’’ in our Condensed Consolidated Balance Sheets accounted for under the cost method had a carrying value of $13.6 million.

Non-marketable equity securities remeasured during the first quarter ended April 1, 2018, are classified within Level 3 in the fair value hierarchy because we estimate the value based on valuation methods using the observable transaction price at the transaction date. See Note 9 for the definition of Level 3. As of April 1, 2018, non-marketable equity securities had a carrying value of $14.1 million. We did not have any material fair value adjustments in the first quarter of 2018.

14

THE NEW YORK TIMES COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 7. DEBT OBLIGATIONS

Our 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)	April 1, 2018		December 31, 2017
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%	5,719		6,596
Total option to repurchase ownership interest in headquarters building in 2019	244,281		243,404
Capital lease obligations	6,811		6,805
Total long-term debt and capital lease obligations	$	251,092	$	250,209

See Note 9 for more information regarding the fair value of our long-term debt.

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

	For the Quarters Ended
(In thousands)	April 1, 2018			March 26, 2017
Interest expense	$	6,958		$	6,864
Amortization of debt costs and discount on debt	876			800
Capitalized interest	(155		)	(220		)
Interest income and other expense, net	(2,802		)	(2,119		)
Total interest expense and other, net	$	4,877		$	5,325

Notice of Intent to Exercise Repurchase Option Under Lease Agreement

On January 30, 2018, the Company provided notice to an affiliate of W.P. Carey & Co. LLC of the Company’s intention to exercise its option under the Lease Agreement, dated March 6, 2009, by and between the parties (the “Lease”) to repurchase a portion of the Company’s leasehold condominium interest in the Company’s headquarters building located at 620 Eighth Avenue, New York, New York (the “Condo Interest”).

The Lease was part of a transaction in 2009 under which the Company sold and simultaneously leased back approximately 750,000 rentable square feet, comprising the Condo Interest. The sale price for the Condo Interest was approximately $225 million. Under the Lease, the Company has an option exercisable in the second half of 2019 to repurchase the Condo Interest for approximately $250 million.

The Company has accounted for the transaction as a financing transaction, and has continued to depreciate the Condo Interest and account for the rental payments as interest expense. The difference between the purchase option price and the net sale proceeds from the transaction is being amortized over the 10-year period of 2009-2019 through interest expense.

15

THE NEW YORK TIMES COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 8. OTHER

Advertising Expenses

Advertising expenses incurred to promote our brand, subscription products and marketing services were $31.6 million and $33.6 million in the first quarters of 2018 and 2017, respectively.

Capitalized Computer Software Costs

Amortization of capitalized computer software costs included in “Depreciation and amortization” in our Condensed Consolidated Statements of Operations were $3.4 million and $3.1 million in the first quarters of 2018 and 2017, 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 additional floors to third parties. These changes are expected to generate additional rental income and result in a more collaborative workspace. We incurred $1.9 million and $2.4 million of total costs related to these measures in the first quarter of 2018 and 2017, respectively. The capital expenditures related to these measures were approximately $6.4 million and $1.0 million in the first quarters of 2018 and 2017, respectively.

Restricted Cash

A reconciliation of cash, cash equivalents, and restricted cash as of April 1, 2018, and December 31, 2017, from the Condensed Consolidated Balance Sheets to the Condensed Consolidated Statements of Cash Flows is as follows:

	For the Quarters Ended
(In thousands)	April 1, 2018		December 31, 2017
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	$	213,814	$	182,911
Restricted cash included within other current assets	385		375
Restricted cash included within miscellaneous assets	17,714		17,650
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statement of Cash Flows	$	231,913	$	200,936

Substantially all of the amount included in restricted cash is set aside to collateralize workers’ compensation obligations.

Severance Costs

We recognized severance costs of $2.4 million and $1.6 million in the first quarters of 2018 and 2017, respectively, for workforce reduction. These costs are recorded in “Selling, general and administrative costs” in our Condensed Consolidated Statements of Operations.

We had a severance liability of $11.5 million and $18.8 million included in “Accrued expenses and other” in our Condensed Consolidated Balance Sheets as of April 1, 2018, and December 31, 2017, respectively. We anticipate most of the payments will be made within the next twelve months.

NOTE 9. 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.

16

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 assets and liabilities measured at fair value on a recurring basis as of April 1, 2018, and December 31, 2017:

(In thousands)	April 1, 2018								December 31, 2017
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Short-term AFS securities (1)
Corporate debt securities	$	146,832	$	—	$	146,832	$	—	$	150,107	$	—	$	150,107	$	—
U.S Treasury securities	71,399		—		71,399		—		70,951		—		70,951		—
U.S. governmental agency securities	59,953		—		59,953		—		45,640		—		45,640		—
Commercial paper	15,450		—		15,450		—		32,591		—		32,591		—
Certificates of deposit	6,200		—		6,200		—		9,300		—		9,300		—
Total short-term AFS securities	$	299,834	$	—	$	299,834	$	—	$	308,589	$	—	$	308,589	$	—
Long-term AFS securities (1)
Corporate debt securities	$	98,374	$	—	$	98,374	$	—	$	92,004	$	—	$	92,004	$	—
U.S Treasury securities	51,852		—		51,852		—		52,628		—		52,628		—
U.S. governmental agency securities	85,415		—		85,415		—		96,779		—		96,779		—
Total long-term AFS securities	$	235,641	$	—	$	235,641	$	—	$	241,411	$	—	$	241,411	$	—
Liabilities:
Deferred compensation (2)	$	24,335	$	24,335	$	—	$	—	$	29,526	$	29,526	$	—	$	—

⁽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 4). 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 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

The carrying value of our long-term debt was approximately $244 million as of April 1, 2018, and approximately $243 million as of December 31, 2017. The fair value of our long-term debt was approximately $274 million and $279 million as of April 1, 2018, and December 31, 2017, 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 10. PENSION AND OTHER POSTRETIREMENT BENEFITS

Pension

Single-Employer Plans

We sponsor several frozen single-employer defined benefit pension plans including The Newspaper Guild of New York - The New York Times Pension Fund, which prior to January 1, 2018, was a joint Company and Guild-sponsored defined benefit pension plan. We also participate in The Guild-Times Adjustable Pension Plan, a joint Company and Guild sponsored defined benefit pension plan covering employees who are members of The NewsGuild of New York. Participants in The Guild-Times Adjustable Pension Plan continue to actively accrue benefits.

17

THE NEW YORK TIMES COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

The components of net periodic pension cost were as follows:

	For the Quarters Ended
	April 1, 2018								March 26, 2017
(In thousands)	Qualified Plans			Non- Qualified Plans		All Plans			Qualified Plans			Non- Qualified Plans		All Plans
Service cost	$	2,647		$	—	$	2,647		$	2,423		$	—	$	2,423
Interest cost	13,151			1,848		14,999			15,594			1,956		17,550
Expected return on plan assets	(20,555		)	—		(20,555		)	(26,136		)	—		(26,136		)
Amortization of actuarial loss	6,762			1,294		8,056			7,353			1,088		8,441
Amortization of prior service credit	(486		)	—		(486		)	(486		)	—		(486		)
Net periodic pension cost/(income)	$	1,519		$	3,142	$	4,661		$	(1,252	)	$	3,044	$	1,792

In the first quarter of 2018, the Company signed an agreement that froze the accrual of benefits under the Retirement Annuity Plan For Craft Employees of The New York Times Companies (“RAP”) with respect to all participants covered by a collective bargaining agreement between the Company and The Newspaper and Mail Deliverers' Union of New York and Vicinity. This group of participants was the last group under the RAP to have their benefit accruals frozen. As a result, we recorded a curtailment of $2.6 million in 2018. 

During the first quarters of 2018 and 2017, we made pension contributions of $2.1 million and $2.0 million, respectively, to certain qualified pension plans. We expect contributions in 2018 to total approximately $8 million to satisfy funding requirements.

Other Postretirement Benefits

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

	For the Quarters Ended
(In thousands)	April 1, 2018			March 26, 2017
Service cost	$	5		$	92
Interest cost	369			470
Amortization of actuarial loss	1,184			905
Amortization of prior service credit	(1,539		)	(1,939		)
Net periodic postretirement benefit cost/(income)	$	19		$	(472	)

As a result of the adoption of ASU 2017-07 during the first quarter of 2018, the service cost component of net periodic pension cost/(income) and net periodic postretirement benefit cost/(income) continues to be recognized in “Total operating costs” while the other components have been reclassified to “Other components of net periodic benefit costs/(income)” in our Condensed Consolidated Statements of Operations below “Operating profit” on a retrospective basis. We recognized $2.0 million and ($1.2) million of “Other components of net periodic benefit costs/(income)” for single employer pension plans and other postretirement benefits in the first quarters of 2018 and 2017, respectively.

NOTE 11. INCOME TAXES

The Company had income tax expense of $5.3 million and $10.7 million in the first quarter of 2018 and 2017, respectively. The Company’s effective tax rates from continuing operations were 19.3% and 45.0% for the first quarter of 2018 and 2017, respectively. The decrease in income tax expense and effective tax rate was primarily due to a reduction in the U.S. federal corporate income tax rate which took effect in 2018, and a tax benefit from stock-based compensation in the first quarter of 2018.

NOTE 12. 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.

18

THE NEW YORK TIMES COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

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 a 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.

There were no anti-dilutive stock options, stock-settled long-term performance awards or restricted stock units excluded from the computation of diluted earnings per share in the first quarter of 2018. There were approximately 2 million stock options, as well as approximately 1 million stock-settled long-term performance awards and restricted stock units, excluded from the computation of diluted earnings per share because they were anti-dilutive in the first quarter of 2017.

NOTE 13. 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 31, 2017	$	897,279		$	84	$	897,363
Adjustments to retained earnings(1)	96,707			—		96,707
AOCI reclassification to retained earnings(2)	(94,135		)	—		(94,135		)
Net income	21,912			2		21,914
Other comprehensive income, net of tax	7,842			—		7,842
Effect of issuance of shares(3)	31,692			—		31,692
Dividends declared	(6,632		)	—		(6,632		)
Stock-based compensation	3,326			—		3,326
Balance as of April 1, 2018	$	957,991		$	86	$	958,077

⁽¹⁾ As a result of adopting ASU 2018-02 and Topic 606 in the first quarter of 2018, “Retained earnings” increased by $94.1 million and $2.6 million, respectively. See Note 2 for more information.

⁽²⁾ As a result of adopting ASU 2018-02 in the first quarter of 2018, stranded tax effects of $94.1 million were reclassified from AOCI to “Retained earnings”. See Note 2 for more information.

⁽³⁾ The Company issued 2,177,326, 271,841, and 191,817 of Class A shares in connection with stock option exercises, vesting of performance-based awards, and vesting of restricted stock units in the first quarter of 2018, respectively.

(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

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 2018. As of April 1, 2018, 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. All purchases were made pursuant to our publicly announced share repurchase

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THE NEW YORK TIMES COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

program. 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 April 1, 2018:

(In thousands)	Foreign Currency Translation Adjustments		Funded Status of Benefit Plans			Net unrealized Loss on available-for-sale Securities			Total Accumulated Other Comprehensive Loss
Balance as of December 31, 2017	$	6,328	$	(427,819	)	$	(1,538	)	$	(423,029	)
Other comprehensive income/(loss) before reclassifications, before tax(1)(2)	2,273		2,597			(1,371		)	3,499
Amounts reclassified from accumulated other comprehensive loss, before tax(1)	—		7,163			—			7,163
Income tax expense/(benefit) (1)	602		2,580			(362		)	2,820
Net current-period other comprehensive income/(loss), net of tax	1,671		7,180			(1,009		)	7,842
AOCI reclassification to retained earnings (3)	1,576		(95,378		)	(333		)	(94,135		)
Balance as of April 1, 2018	$	9,575	$	(516,017	)	$	(2,880	)	$	(509,322	)

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

⁽²⁾ The Company recorded a curtailment of $2.6 millionin AOCI in connection with freezing of benefits for the RAP in the first quarter of 2018. This transaction does not have any impact to net income for the first quarter of 2018. See Note 10 for more information.

⁽³⁾ As a result of adopting ASU 2018-02 in the first quarter of 2018, stranded tax effects of $94.1 million were reclassified from AOCI to “Retained earnings”. See Note 2 for more information.

The following table summarizes the reclassifications from AOCI for the first quarter of 2018:

(In thousands)
Detail about accumulated other comprehensive loss components	Amounts reclassified from accumulated other comprehensive loss			Affects line item in the statement where net income is presented
Funded status of benefit plans:
Amortization of prior service credit(1)	$	(2,077	)	Other components of net periodic benefit costs/(income)
Amortization of actuarial loss(1)	9,240			Other components of net periodic benefit costs/(income)
Total reclassification, before tax(2)	7,163
Income tax expense	1,893			Income tax expense
Total reclassification, net of tax	$	5,270

⁽¹⁾ These AOCI components are included in the computation of net periodic benefit cost for pension and other retirement benefits. See Note 10 for more information.

⁽²⁾ There were no reclassifications relating to noncontrolling interest for the quarter ended April 1, 2018.

NOTE 14. 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 subscriptions and advertising. Other revenues primarily consists of revenues from news services/syndication, digital archive licensing, building rental income, affiliate referrals, NYT Live (our live events business), and retail commerce.

NOTE 15. CONTINGENT LIABILITIES

Newspaper and Mail Deliverers–Publishers’ Pension Fund

In September 2013, the Newspaper and Mail Deliverers-Publishers’ Pension Fund (the “NMDU Fund”) assessed a partial

20

THE NEW YORK TIMES COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

withdrawal liability against the Company in the gross amount of approximately $26 million for the plan years ending May 31, 2012, and 2013 (the “Initial Assessment”), an amount that was increased to a gross amount of 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. In June 2016, the arbitrator issued an interim award and opinion that supported the NMDU Fund’s determination that a partial withdrawal had occurred, and concluded 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. In July 2017, the arbitrator issued a final award and opinion reflecting the same conclusions, which both the Company and NMDU Fund challenged in federal district court. In March 2018, the court determined that a partial withdrawal had occurred, but supported the Company’s position that the NMDU Fund’s calculation of the withdrawal liability was improper. The Company has appealed the court’s decision with respect to the determination that a partial withdrawal had occurred.

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 April 1, 2018, we have paid $16.2 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 $0.1 million of expense for the first quarters of 2018 and 2017, respectively.

The Company had a liability of $5.7 million as of April 1, 2018, related to this matter. 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.

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.

Letter of Credit Commitment

We arranged for the issuance of letters of credit totaling $56.0 million in connection with a sub-lease entered into in the fourth quarter of 2017 for approximately four floors of our headquarters building. A portion of the letters of credit will expire pro rata through the second quarter of 2019, while the remaining portion of letters of credit will expire upon the Company’s repurchase of the Condo Interest in our headquarters building in 2019. Approximately $63 million of marketable securities were used as collateral for the letters of credit, as of April 1, 2018, and December 31, 2017, respectively.

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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 The New York Times newspaper, print and digital products and investments. We have one reportable segment with businesses that include our newspaper, websites, mobile applications and related businesses.

We generate revenues principally from subscriptions and advertising. Other revenues primarily consist of revenues from news services/syndication, digital archive licensing, building rental income, affiliate referrals, NYT Live (our live events business) and retail commerce. 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 or multiemployer pension plan withdrawal 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 “Non-Operating Items—Non-GAAP Financial Measurements” for more details.

In connection with the adoption of ASU 2017-07 in the first quarter of 2018, the Company modified its definitions of adjusted operating profit, adjusted operating costs and non-operating retirement costs in response to changes in the GAAP presentation of single employer pension and postretirement benefit costs. For comparability purposes, the Company has also presented each of its non-GAAP financial measures for the first quarter of 2017 and the full year 2017 reflecting the recast of its financial statements for such periods to account for the adoption of ASU 2017-07 and the revised definitions of the non-GAAP financial measures. See “Non-Operating Items—Non-GAAP Financial Measurements” for more details.

Financial Highlights

For the first quarter of 2018, diluted earnings per share from continuing operations were $0.13, compared with $0.08 for the first quarter of 2017. 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 $0.17 and $0.10 for the first quarters of 2018 and 2017, respectively.

The Company had an operating profit of $34.1 million in the first quarter of 2018, compared with $27.8 million in the first quarter of 2017. The increase was largely due to higher digital subscription revenues, which offset lower advertising revenues and higher selling, general and administrative costs. Operating profit before depreciation, amortization, severance, multiemployer pension plan withdrawal costs and special items discussed below (or “adjusted operating profit,” a non-GAAP measure) was $55.5 million and $50.2 million for the first quarters of 2018 and 2017, respectively.

Total revenues increased 3.8% to $413.9 million in the first quarter of 2018 from $398.8 million in the first quarter of 2017, primarily driven by an increase in digital subscription revenues, which were partially offset by a decrease in advertising revenues and print subscription revenues.

Subscription revenues increased 7.5% in the first quarter of 2018 compared with the first quarter of 2017, primarily due to growth in recent quarters in the number of subscriptions to the Company’s digital-only subscription products. Revenue from our digital-only subscription products (which include our news product, as well as our Crossword and Cooking products) increased 25.8% in the first quarter of 2018 compared with the first quarter of 2017.

Paid digital-only subscriptions totaled approximately 2,783,000 at the end of the first quarter of 2018, a 25.5% increase compared with the end of the first quarter of 2017. News product subscriptions totaled approximately 2,330,000 at the end of the first quarter of 2018, a 20.5% increase compared with the end of the first quarter of 2017. Other product subscriptions totaled approximately 453,000 at the end of the first quarter of 2018, a 60.1% increase compared with the end of the first quarter of 2017.

Total advertising revenues decreased 3.4% in the first quarter of 2018 compared with the first quarter of 2017, reflecting a 6.0% and 1.8% decrease in digital and print advertising revenues, respectively. The decrease in digital advertising revenue reflected a continued decrease in traditional website display advertising, which more than offset increases in revenue from smartphone advertising. The character of our digital advertising model, with its increasing reliance on strategic commercial partnerships and often large individual campaigns, means more variable results as individual partnerships and campaigns launch and end. The decrease in print advertising revenues resulted from declines in both display advertising and classified and other advertising.

22

Other revenues increased 5.0% in the first quarter of 2018 compared with the first quarter of 2017.

Operating costs increased in the first quarter of 2018 to $378.0 million from $368.6 million in the first quarter of 2017, largely due to higher compensation costs, which were partially offset by lower print production and distribution costs. Operating costs before depreciation, amortization, severance and multiemployer pension plan withdrawal costs (or “adjusted operating costs,” a non-GAAP measure) increased in the first quarter of 2018 to $358.5 million from $348.6 million in the first quarter of 2017.

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RESULTS OF OPERATIONS

The following table presents our consolidated financial results:

	For the Quarters Ended
(In thousands)	April 1, 2018			March 26, 2017			% Change
Revenues
Subscription	$	260,593		$	242,375		7.5	%
Advertising	125,647			130,028			(3.4	)%
Other	27,708			26,401			5.0	%
Total revenues	413,948			398,804			3.8	%
Operating costs
Production costs:
Wages and benefits	91,993			91,014			1.1	%
Raw materials	16,692			16,930			(1.4	)%
Other production costs	45,656			45,353			0.7	%
Total production costs	154,341			153,297			0.7	%
Selling, general and administrative costs	208,623			199,137			4.8	%
Depreciation and amortization	15,041			16,153			(6.9	)%
Total operating costs	378,005			368,587			2.6	%
Headquarters redesign and consolidation	1,888			2,402			(21.4	)%
Operating profit	34,055			27,815			22.4	%
Other components of net periodic benefit costs/(income)	2,028			(1,194		)	*
Gain from joint ventures	15			173			(91.3	)%
Interest expense, net	4,877			5,325			(8.4	)%
Income from continuing operations before income taxes	27,165			23,857			13.9	%
Income tax expense	5,251			10,742			(51.1	)%
Net income	21,914			13,115			67.1	%
Net (income)/loss attributable to the noncontrolling interest	(2		)	66			*
Net income attributable to The New York Times Company common stockholders	$	21,912		$	13,181		66.2	%

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

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Revenues

Subscription Revenues

Subscription revenues consist of revenues from subscriptions to our print and digital products (which include our news product, as well as our Crossword and Cooking products), and single-copy and bulk sales of our print products (which represent less than 10% of these revenues). Our Cooking product first launched as a paid digital product in the third quarter of 2017. Subscription revenues are based on both the number of copies of the printed newspaper sold and digital-only subscriptions, and the rates charged to the respective customers.

Subscription revenues increased 7.5% in the first quarter of 2018 compared with the same prior-year period, primarily due to an approximately 26% growth in the number of subscriptions to the Company’s digital subscription products. Revenues from our digital-only news subscriptions (including e-readers and replica editions) were $90.6 million in the first quarter of 2018, an increase of 24.3% from the first quarter of 2017.

The following table summarizes digital-only subscription revenues for the first quarters of 2018 and 2017:

	For the Quarters Ended
(In thousands)	April 1, 2018		March 26, 2017		% Change
Digital-only subscription revenues:
News product subscription revenues(1)	$	90,577	$	72,861	24.3	%
Other product subscription revenues(2)	4,835		2,956		63.6	%
Total digital-only subscription revenues	$	95,412	$	75,817	25.8	%
(1) Includes revenues from subscriptions to the Company’s news product. News product subscription packages that include access to the Company’s Crossword and Cooking products are also included in this category.
(2) Includes revenues from standalone subscriptions to the Company’s Crossword and Cooking products.

The following table summarizes digital-only subscriptions as of the end of the first quarters of 2018 and 2017:

	For the Quarters Ended
(In thousands)	April 1, 2018	March 26, 2017	% Change
Digital-only subscriptions(1):
News product subscriptions(2)	2,330	1,934	20.5	%
Other product subscriptions(3)	453	283	60.1	%
Total digital-only subscriptions	2,783	2,217	25.5	%
(1) Reflects certain immaterial prior-period corrections.
(2) Includes subscriptions to the Company’s news product. News product subscription packages that include access to the Company’s Crossword and Cooking products are also included in this category.
(3) Includes standalone subscriptions to the Company’s Crossword and Cooking products.

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.

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

	For the Quarters Ended
	April 1, 2018						March 26, 2017						% Change
(In thousands)	Print		Digital		Total		Print		Digital		Total		Print		Digital		Total
Display	$	70,805	$	38,700	$	109,505	$	71,627	$	42,976	$	114,603	(1.1	)%	(9.9	)%	(4.4	)%
Classified and Other	8,139		8,003		16,142		8,730		6,695		15,425		(6.8	)%	19.5	%	4.6	%
Total advertising	$	78,944	$	46,703	$	125,647	$	80,357	$	49,671	$	130,028	(1.8	)%	(6.0	)%	(3.4	)%

Print advertising revenues, which represented 62.8% of total advertising revenues for the first quarter of 2018, declined 1.8% to $78.9 million in the first quarter of 2018 compared with $80.4 million in the same prior-year period. The decrease was driven by a decline in the luxury, retail, and entertainment categories which were mostly offset by growth in the media, advocacy, and financial categories.

Digital advertising revenues, which represented 37.2% of total advertising revenues for the first quarter of 2018, declined 6.0% to $46.7 million in the first quarter of 2018 compared with $49.7 million in the same prior-year period. The decreaseprimarily reflected a continued decrease in traditional website display advertising, which was partially offset by increases in revenue from smartphone advertising.

Classified and other advertising revenues increased 4.6% in the first quarter of 2018, compared with the same prior-year period, primarily due to an increase in podcast revenues.

Other Revenues

Other revenues primarily consist of revenues from news services/syndication, digital archive licensing, building rental income, affiliate referrals, NYT Live (our live events business), retail commerce and commercial printing.

Other revenues increased 5.0% in the first quarter of 2018, compared with the same prior-year period, largely due to affiliate referral revenue associated with the product review and recommendation website, Wirecutter, and commercial printing revenue, which was partially offset by a decline in revenue from our live events business.

Operating Costs

Operating costs were as follows:

	For the Quarters Ended
(In thousands)	April 1, 2018		March 26, 2017		% Change
Production costs:
Wages and benefits	$	91,993	$	91,014	1.1	%
Raw materials	16,692		16,930		(1.4	)%
Other production costs	45,656		45,353		0.7	%
Total production costs	154,341		153,297		0.7	%
Selling, general and administrative costs	208,623		199,137		4.8	%
Depreciation and amortization	15,041		16,153		(6.9	)%
Total operating costs	$	378,005	$	368,587	2.6	%

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 increased in the first quarter of 2018 compared with the first quarter of 2017, driven by an increase in wage and benefits ($1.0 million) and other expenses ($0.3 million), partially offset by a decline in raw materials ($0.2 million).

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.

26

Selling, general and administrative costs in the first quarter of 2018 increased by $9.5 million compared with the first quarter of 2017 as higher compensation costs ($8.4 million) and other miscellaneous expenses ($4.1 million) were partially offset by lower print production and distribution costs ($2.4 million).

Depreciation and Amortization

Depreciation and amortization costs in the first quarter of 2018 decreased by $1.1 million compared with the first quarter of 2017 primarily as assets became fully depreciated in prior periods.

Other Items

See Note 8 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

Other Components of Net Periodic Benefit Costs/(Income)

See Note 10 of the Notes to the Condensed Consolidated Financial Statements for information regarding other components of net periodic benefit costs/(income).

Joint Ventures

See Note 6 of the Notes to the Condensed Consolidated Financial Statements for information regarding our joint venture investments.

Interest Expense and other, Net

See Note 7 of the Notes to the Condensed Consolidated Financial Statements for information regarding interest expense and other, net.

Income Taxes

See Note 11 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, multiemployer pension plan withdrawal costs and special items (or adjusted operating profit); and

• operating costs before depreciation, amortization, severance and multiemployer pension plan withdrawal costs (or adjusted operating costs).

The special item in 2018 consisted of:

• A $1.9 million charge ($1.4 million after tax or $.01 per share) in connection with the redesign and consolidation of space in our headquarters building.

The special item in 2017 consisted of:

• A $2.4 million charge ($1.4 million after tax or $.01 per share) in connection with the redesign and consolidation of space in our headquarters building.

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.

As a result of the adoption of ASU 2017-07 during the first quarter of 2018, all single employer pension and other postretirement benefit expenses with the exception of service cost were reclassified from operating costs to “Other components of net periodic benefit costs/(income).” See Note 2 of the Notes to the Condensed Consolidated Financial Statements for more

27

information. In connection with the adoption of ASU 2017-07, the Company made the following changes to its non-GAAP financial measures in order to align them with the new GAAP presentation:

• Revised the components of non-operating retirement costs to include amortization of prior service credit of single employer pension and other postretirement benefit expenses.

• Revised the definition of adjusted operating profit and adjusted operating costs to exclude multiemployer pension plan withdrawal costs (which historically have been and continue to be a component of non-operating retirement costs), rather than all non-operating retirement costs. As a result of the adoption of ASU 2017-07, non-operating retirement costs other than multiemployer pension plan withdrawal costs are now separately presented outside of operating costs and accordingly have no impact on operating profit and operating costs under GAAP, or adjusted operating profit or adjusted operating costs. Multiemployer pension plan withdrawal costs remain in GAAP operating costs and therefore continue to be an adjustment to these non-GAAP measures.

Non-operating retirement costs include:

• interest cost, expected return on plan assets, amortization of actuarial gain and loss components and amortization of prior service credits of single employer pension expense;

• interest cost, amortization of actuarial gain and loss components and amortization of prior service credits of retiree medical expense; and

• multiemployer pension plan withdrawal costs, 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, 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.

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 depreciation and amortization as well as items not indicative of ongoing operating activities. Total operating costs include depreciation, amortization, severance and multiemployer pension plan withdrawal 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.

28

Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures 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
	April 1, 2018			March 26, 2017			(1)	% Change
Diluted earnings per share from continuing operations	$	0.13		$	0.08			62.5	%
Add:
Severance	0.01			0.01				—	%
Non-operating retirement costs	0.02			0.01				100.0	%
Special item:
Headquarters redesign and consolidation	0.01			0.01				—	%
Income tax expense of adjustments	(0.01		)	(0.01		)		—	%
Adjusted diluted earnings per share from continuing operations (2)	$	0.17		$	0.10			70.0	%

⁽¹⁾ Revised to reflect recast of GAAP results to conform with current period presentation and the revised definition of non-operating retirement costs. See “—Impact of Modification of Non-GAAP Measures” for more detail.

⁽²⁾ Amounts may not add due to rounding.

Reconciliation of operating profit before depreciation & amortization, severance, multiemployer pension plan withdrawal costs and special items (or adjusted operating profit)
	For the Quarters Ended
(In thousands)	April 1, 2018		March 26, 2017		(1)	% Change
Operating profit	$	34,055	$	27,815		22.4	%
Add:
Depreciation & amortization	15,041		16,153			(6.9	)%
Severance	2,389		1,600			49.3	%
Multiemployer pension plan withdrawal costs	2,104		2,273			(7.4	)%
Special items:
Headquarters redesign and consolidation	1,888		2,402			(21.4	)%
Adjusted operating profit	$	55,477	$	50,243		10.4	%

⁽¹⁾ Revised to reflect recast of GAAP results to conform with current period presentation and the revised definition of adjusted operating profit. See “—Impact of Modification of Non-GAAP Measures” for more detail.

Reconciliation of operating costs before depreciation & amortization, severance and multiemployer pension plan withdrawal costs (or adjusted operating costs)
	For the Quarters Ended
(In thousands)	April 1, 2018		March 26, 2017		(1)	% Change
Operating costs	$	378,005	$	368,587		2.6	%
Less:
Depreciation & amortization	15,041		16,153			(6.9	)%
Severance	2,389		1,600			49.3	%
Multiemployer pension plan withdrawal costs	2,104		2,273			(7.4	)%
Adjusted operating costs	$	358,471	$	348,561		2.8	%

⁽¹⁾ Revised to reflect recast of GAAP results to conform with current period presentation and the revised definition of adjusted operating costs. See “—Impact of Modification of Non-GAAP Measures” for more detail.

29

Impact of Modification of Non-GAAP Measures

In connection with the adoption of ASU 2017-07 in the first quarter of 2018, the Company modified its definitions of adjusted operating profit, adjusted operating costs and non-operating retirement costs in response to changes in the GAAP presentation of single employer pension and postretirement benefit costs. For comparability purposes, the Company has presented its non-GAAP financial measures for the first quarter of 2017 reflecting the recast of its financial statements for such period to account for the adoption of ASU 2017-07 and the revised definitions of the non-GAAP financial measures. The following tables show the adjustments to the previously presented metrics.

Adjustments made to the reconciliation of diluted earnings per share from continuing operations to adjusted diluted earnings per share from continuing operations
	First Quarter
	2017 Previously Reported			Adjustment				2017 Recast
Diluted earnings per share from continuing operations	$	0.08		$	—			$	0.08
Add:
Severance	0.01			—				0.01
Non-operating retirement costs	0.02			(0.01		)	(2)	0.01
Special items:
Headquarters redesign and consolidation	0.01			—				0.01
Income tax expense of adjustments	(0.01		)	—				(0.01		)
Adjusted diluted earnings per share from continuing operations (1)	$	0.11		$	(0.01	)		$	0.10
(1) Amounts may not add due to rounding.
(2) Reflects the inclusion of amortization of prior service credits in the definition of non-operating retirement costs.
Adjustments made to the reconciliation of operating profit to adjusted operating profit
	First Quarter
(In thousands)	2017 Previously Reported			Adjustment				2017 Recast
Operating profit	$	29,009		$	(1,194	)	(1)	$	27,815
Add:
Depreciation & amortization	16,153			—				16,153
Severance	1,600			—				1,600
Non-operating retirement costs	3,503			(3,503		)	(2)	—
Multiemployer pension plan withdrawal costs	—			2,273			(2)	2,273
Special items:
Headquarters redesign and consolidation	2,402			—				2,402
Adjusted operating profit	$	52,667		$	(2,424	)	(3)	$	50,243
(1) Recast as a result of the adoption of ASU 2017-07. See Note 2 of the Notes to the Condensed Consolidated Financial Statements for more information.
(2) As a result of the change in definition of adjusted operating profit, only multiemployer pension plan withdrawal costs, rather than all non-operating retirement costs, are excluded from adjusted operating costs.
(3) Represents amortization of prior service credits, which historically were a component of operating profit but not an adjustment to adjusted operating profit. As a result of the adoption of ASU 2017-07, amortization of prior service credits are now a component of other components of net periodic benefit costs rather than operating profit. For the first quarter of 2017, $(2.4) million amortization of prior service credits have been reclassified out of operating profit thereby reducing operating profit and adjusted operating profit.

30

Adjustments made to the reconciliation of operating costs to adjusted operating costs
	First Quarter
(In thousands)	2017 Previously Reported			Adjustment				2017 Recast
Operating costs	$	367,393		$	1,194		(1)	$	368,587
Less:
Depreciation & amortization	16,153			—				16,153
Severance	1,600			—				1,600
Non-operating retirement costs	3,503			(3,503		)	(2)	—
Multiemployer pension plan withdrawal costs	—			2,273			(2)	2,273
Adjusted operating costs	$	346,137		$	2,424		(3)	$	348,561
(1) Recast as a result of the adoption of ASU 2017-07. See Note 2 of the Notes to the Condensed Consolidated Financial Statements for more information.
(2) As a result of the change in definition of adjusted operating costs, only multiemployer pension plan withdrawal costs, rather than all non-operating retirement costs, are excluded from adjusted operating costs.
(3) Represents amortization of prior service credits, which historically were a component of operating costs but not an adjustment to adjusted operating costs. As a result of the adoption of ASU 2017-07, amortization of prior service credits are now a component of other components of net periodic benefit costs rather than operating costs. For the first quarter of 2017, $(2.4) million amortization of prior service credits have been reclassified out of operating costs thereby increasing operating costs and adjusted operating costs.
The following table reconciles other components of net periodic benefit costs/(income), excluding special items, to the comparable non-GAAP metric, non-operating retirement costs.
(In thousands)	First Quarter of 2017
Pension:
Interest cost	$	17,550
Expected return on plan assets	(26,136		)
Amortization and other costs	8,441
Amortization of prior service credit (1)	(486		)
Non-operating pension income	(631		)
Other postretirement benefits:
Interest cost	470
Amortization and other costs	905
Amortization of prior service credit (1)	(1,938		)
Non-operating other postretirement benefits income	(563		)
Other components of net periodic benefit income	(1,194		)
Multiemployer pension plan withdrawal costs	2,273
Total non-operating retirement costs	$	1,079
(1)The total amortization of prior service credit was $2.4 million for the first quarter of 2017.

31

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 April 1, 2018, we had cash, cash equivalents and short- and long-term marketable securities of $749.3 million and total debt and capital lease obligations of $251.1 million. Accordingly, our cash, cash equivalents and marketable securities exceeded total debt and capital lease obligations by $498.2 million. Our cash and investment balances have increased since the end of 2017, primarily due to higher cash proceeds from stock option exercises and operating activities partially offset by cash capital expenditures of $25 million.

We have paid quarterly dividends of $.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 March 2009, we entered into an agreement to sell and simultaneously lease back the Condo Interest in our headquarters building. The sale price for the Condo Interest was $225.0 million less transaction costs, for net proceeds of approximately $211 million. We have an option, exercisable in the second half of 2019, to repurchase the Condo Interest for $250.0 million, and we have provided notice of our intent to exercise this option. We believe that exercising this option is in the best interest of the Company given that the market value of the Condo Interest exceeds the exercise price.

The Company and UPM-Kymmene Corporation (“UPM”), a Finnish paper manufacturing company, are partners through subsidiary companies in Madison, which previously operated a supercalendered paper mill in Maine. 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. The paper mill was closed in May 2016. The Company’s joint venture in Madison is currently being liquidated. In 2018, we expect to receive a cash distribution of approximately $12 million related to the wind down of our Madison investment. See Note 6 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)	April 1, 2018			March 26, 2017			% Change
Operating activities	$	17,899		$	30,131		(40.6	)%
Investing activities	$	(12,141	)	$	29,835		*
Financing activities	$	25,024		$	(9,892	)	*

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

Operating Activities

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

Net cash provided by operating activities decreased in the first quarter of 2018 compared with the same prior-year period due to higher cash payments made to settle accounts payable, accrued payroll and other liabilities partially offset by higher cash collections from customers and higher net income compared to the same prior-year period.

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, and acquisitions of new businesses and investments.

Net cash used in investing activities in the first quarter of 2018 was primarily related to purchases of marketable securities and capital expenditures, partially offset by maturities/sales of marketable securities.

Payments for capital expenditures were approximately $25 million in the first quarter of 2018 and $8 million in the first quarter of 2017.

32

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, the payment of long-term debt and capital lease obligations and share-based compensation tax withholding.

Net cash provided by financing activities in the first quarter of 2018 was primarily related to proceeds from stock option exercises of approximately $40 million, partially offset by share-based compensation tax withholding payments of $8.7 million and dividend payments of $6.5 million.

Restricted Cash

We were required to maintain $18.1 million of restricted cash as of April 1, 2018, and $18.0 million as of December 31, 2017, substantially all of which is set aside to collateralize workers’ compensation obligations.

Capital Expenditures

Capital expenditures totaled approximately $19 million and $6 million in the first quarter of 2018 and 2017, respectively. The cash payments related to the capital expenditures totaled approximately $25 million and $8 million in the first quarters of 2018 and 2017, respectively. The increase was primarily driven by certain improvements at our printing and distribution facility in College Point, New York and the ongoing redesign and consolidation of space in our headquarters building.

Third-Party Financing

As of April 1, 2018, our current indebtedness consisted of the repurchase option related to a sale-leaseback of a portion of our New York headquarters. See Note 7 of the Notes to the Condensed Consolidated Financial Statements for information regarding our total debt and capital lease obligations. See Note 9 of the Notes to the Condensed Consolidated Financial Statements 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 31, 2017. Other than as described in Note 2 of the Notes to the Condensed Consolidated Financial Statements, as of April 1, 2018, our critical accounting policies have not changed from December 31, 2017.

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 31, 2017. As of April 1, 2018, our contractual obligations and off-balance sheet arrangements have not changed materially from December 31, 2017.

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 31, 2017, 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 31, 2017, details our disclosures about market risk. As of April 1, 2018, there were no material changes in our market risks from December 31, 2017.

33

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 April 1, 2018. 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.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

There were no changes in our internal control over financial reporting during the quarter ended April 1, 2018, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

34

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 15 of the Notes to the Condensed 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 31, 2017.

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

(c) Issuer Purchases of Equity Securities

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 2018. As of April 1, 2018, 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 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.

35

Item 6. Exhibits

Exhibit No.
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.

36

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 4, 2018	/s/ ROLAND CAPUTO
		Roland Caputo Executive Vice President and Chief Financial Officer (Principal Financial Officer)

37

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 4, 2018

/s/ MARK THOMPSON

Mark Thompson

Chief Executive Officer

EX-31.2

EXHIBIT 31.2

Rule 13a-14(a)/15d-14(a) Certification
I, Roland A. Caputo, 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 4, 2018

/s/ ROLAND A. CAPUTO

Roland A. Caputo

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 April 1, 2018, 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 4, 2018

/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 April 1, 2018, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Roland A. Caputo, 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 4, 2018

/s/ ROLAND A. CAPUTO

Roland A. Caputo

Chief Financial Officer

XML

Document Entity Information - shares	3 Months Ended
	Apr. 01, 2018	Apr. 27, 2018
Entity Information [Line Items]
Entity Registrant Name	NEW YORK TIMES CO
Entity Central Index Key	0000071691
Current Fiscal Year End Date	--12-30
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Apr. 01, 2018
Document Fiscal Period Focus	2018
Document Fiscal Period Focus	Q1
Trading Symbol	NYT
Amendment Flag	false
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		164,067,510
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		803,763

XML

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Apr. 01, 2018	Dec. 31, 2017
Current assets
Cash and cash equivalents	$ 213,814	$ 182,911
Short-term marketable securities	299,834	308,589
Accounts receivable (net of allowances of $13,960 in 2018 and $14,542 in 2017)	151,416	184,885
Prepaid expenses	23,387	22,851
Other current assets	51,564	50,463
Total current assets	740,015	749,699
Other assets
Long-term marketable securities	235,641	241,411
Investments in joint ventures	1,751	1,736
Property, plant and equipment (less accumulated depreciation and amortization of $956,170 in 2018 and $945,401 in 2017)	645,519	640,939
Goodwill	145,612	143,549
Deferred income taxes	149,335	153,046
Miscellaneous assets	179,221	169,400
Total assets	2,097,094	2,099,780
Current liabilities
Accounts payable	114,220	125,479
Accrued payroll and other related liabilities	67,391	104,614
Unexpired subscriptions revenue	85,361	75,054
Accrued expenses and other	103,457	110,510
Total current liabilities	370,429	415,657
Other liabilities
Long-term debt and capital lease obligations	251,092	250,209
Pension benefits obligation	392,937	405,422
Postretirement benefits obligation	47,979	48,816
Other	76,580	82,313
Total other liabilities	768,588	786,760
Common stock of $.10 par value:
Additional paid-in capital	199,029	164,275
Retained earnings	1,422,123	1,310,136
Common stock held in treasury, at cost	(171,211)	(171,211)
Accumulated other comprehensive loss, net of income taxes:
Foreign currency translation adjustments	9,575	6,328
Funded status of benefit plans	(516,017)	(427,819)
Net unrealized loss on available-for-sale securities	(2,880)	(1,538)
Total accumulated other comprehensive loss, net of income taxes	(509,322)	(423,029)
Total New York Times Company stockholders’ equity	957,991	897,279
Noncontrolling interest	86	84
Total stockholders’ equity	958,077	897,363
Total liabilities and stockholders’ equity	2,097,094	2,099,780
Class A Common Stock
Common stock of $.10 par value:
Common stock value	17,292	17,028
Class B Common Stock
Common stock of $.10 par value:
Common stock value	$ 80	$ 80

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Apr. 01, 2018	Dec. 31, 2017
Accounts receivable, allowances	$ 13,960	$ 14,542
Accumulated depreciation and amortization	$ 956,170	$ 945,401
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)	172,917,433	170,276,449
Treasury shares (in shares)	8,870,801	8,870,801
Class B Common Stock
Authorized shares (in shares)	803,763	803,763
Issued shares (in shares)	803,763	803,763
Treasury shares (in shares)	0	0

XML

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 01, 2018	Mar. 26, 2017
Revenues
Subscription	$ 260,593	$ 242,375
Advertising	125,647	130,028
Other	27,708	26,401
Total revenues	413,948	398,804
Production costs:
Wages and benefits	91,993	91,014
Raw materials	16,692	16,930
Other production costs	45,656	45,353
Total production costs	154,341	153,297
Selling, general and administrative costs	208,623	199,137
Depreciation and amortization	15,041	16,153
Total operating costs	378,005	368,587
Headquarters redesign and consolidation	1,888	2,402
Operating profit	34,055	27,815
Other components of net periodic benefit costs/(income)	2,028	(1,194)
Gain from joint ventures	15	173
Interest expense and other, net	4,877	5,325
Income from continuing operations before income taxes	27,165	23,857
Income tax expense	5,251	10,742
Net income	21,914	13,115
Net (income)/loss attributable to the noncontrolling interest	(2)	66
Net income attributable to The New York Times Company common stockholders	$ 21,912	$ 13,181
Average number of common shares outstanding:
Basic (in shares)	164,094	161,402
Diluted (in shares)	166,237	162,592
Basic earnings per share attributable to The New York Times Company common stockholders (in usd per share)	$ 0.13	$ 0.08
Diluted earnings per share attributable to The New York Times Company common stockholders (in usd per share)	0.13	0.08
Dividends declared per share (in usd per share)	$ 0.04	$ 0.04

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2018	Mar. 26, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 21,914	$ 13,115
Other comprehensive income, before tax:
Income on foreign currency translation adjustments	2,273	2,175
Pension and postretirement benefits obligation	9,760	6,921
Net unrealized loss on available-for-sale securities	(1,371)	0
Other comprehensive income, before tax	10,662	9,096
Income tax expense	2,820	3,531
Other comprehensive income, net of tax	7,842	5,565
Comprehensive income	29,756	18,680
Comprehensive (income)/loss attributable to the noncontrolling interest	(2)	66
Comprehensive income attributable to The New York Times Company common stockholders	$ 29,754	$ 18,746

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2018	Mar. 26, 2017
Cash flows from operating activities
Net income/(loss)	$ 21,914	$ 13,115
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	15,041	16,153
Stock-based compensation expense	4,263	3,958
Undistributed (gain)/loss of joint ventures	(15)	(173)
Long-term retirement benefit obligations	(3,406)	(6,458)
Other-net	2,580	1,788
Changes in operating assets and liabilities:
Accounts receivable-net	33,469	20,442
Other assets	888	442
Accounts payable, accrued payroll and other liabilities	(67,142)	(34,995)
Unexpired subscriptions	10,307	15,859
Net cash provided by operating activities	17,899	30,131
Cash flows from investing activities
Purchases of marketable securities	(110,346)	(80,108)
Maturities of marketable securities	122,936	117,465
Purchase of investments – net of proceeds	(484)	0
Capital expenditures	(24,882)	(8,032)
Other-net	635	510
Net cash (used in)/provided by investing activities	(12,141)	29,835
Long-term obligations:
Repayment of debt and capital lease obligations	(138)	(138)
Dividends paid	(6,530)	(6,473)
Capital shares:
Proceeds from stock option exercises	40,439	445
Share-based compensation tax withholding	(8,747)	(3,726)
Net cash provided by/(used in) financing activities	25,024	(9,892)
Net increase in cash, cash equivalents and restricted cash	30,782	50,074
Effect of exchange rate changes on cash	195	232
Cash, cash equivalents and restricted cash at the beginning of the period	200,936	125,550
Cash, cash equivalents and restricted cash at the end of the period	$ 231,913	$ 175,856

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Basis of Presentation

3 Months Ended

Apr. 01, 2018

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 April 1, 2018, and December 31, 2017, and the results of operations and cash flows of the Company for the periods ended April 1, 2018, and March 26, 2017. 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 31, 2017. 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

Apr. 01, 2018

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Except as described herein, as of April 1, 2018, our significant accounting policies, which are detailed in our Annual Report on Form 10-K for the year ended December 31, 2017, have not changed materially.

Recently Adopted Accounting Pronouncements

In March 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-05, which amends ASC Topic 740 “Income Taxes” to conform with SEC Staff Accounting Bulletin 118, issued in December 2017 which allowed SEC registrants to record provisional amounts for the year ended December 31, 2017, due to the complexities involved in accounting for the enactment of the 2017 Tax Cuts and Jobs Act (the “Act”). The standard is effective upon issuance. During the three months ended April 1, 2018, we have not recorded any measurement period adjustments to the provisional estimate recorded at December 31, 2017, for the Act. The accounting for the impact of the Act is expected to be completed by the fourth quarter of this year.

In February 2018, the FASB issued Accounting Standards Update (“ASU”) 2018-02, “Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” The new guidance provides financial statement preparers with an option to reclassify stranded tax effects within accumulated other comprehensive income (“AOCI”) to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate related to the Tax Cuts and Jobs Act is recorded. The amendments are effective for all organizations for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The Company elected to adopt this guidance to reclassify the stranded tax effects from AOCI to retained earnings in the first quarter of 2018. Our current accounting policy related to releasing tax effects from AOCI for pension and other postretirement benefits is a plan by plan approach. Accordingly, the Company recorded a $94.1 million cumulative effect adjustment for stranded tax effects, such as pension and other postretirement benefits, to “Retained earnings” on January 1, 2018. See Note 13 for more information.

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 “Operating costs”. The other components of net periodic benefit costs, 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.

Since ASU 2017-07 only requires change to the Condensed Consolidated Statements of Operations classification of the components of net periodic benefit cost, there are no changes to income from continuing operations or net income. As a result of the adoption of the ASU during the first quarter of 2018, the service cost component of net periodic benefit costs continues to be recognized in total operating costs and the other components of net periodic benefit costs have been reclassified to “Other components of net periodic benefit costs/(income)” in the Condensed Consolidated Statements of Operations below “Operating profit” on a retrospective basis. The Company reclassified $0.1 million and $1.1 million of credits from “Production costs” and “Selling and general and administrative costs”, respectively, to “Other components of net periodic benefit costs/(income)” in the first quarter of 2017. See Note 10 for the components of net periodic benefit costs/(income) for our pension and other postretirement benefits plans.

In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flow: Restricted Cash,” which amends the guidance in Accounting Standards Codification (“ASC”) 230 on the classification and presentation of restricted cash in the statement of cash flows. The key requirements of the ASU are: (1) all entities should include in their cash and cash-equivalent balances in the statements of cash flows those amounts that are deemed to be restricted cash and restricted cash equivalents, (2) a reconciliation between the statement of financial position and the statement of cash flows must be disclosed when the statement of financial position includes more than one line item for cash, cash equivalents, and restricted cash, (3) changes in restricted cash that result from transfers between cash, cash equivalents, and restricted cash should not be presented as cash flow activities in the statement of cash flows, and (4) an entity with a material balance of amounts generally described as restricted cash must disclose information about the nature of the restrictions. This guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted.

As a result of the adoption of ASU 2016-18 in the first quarter of 2018, the Company included the restricted cash balance with the cash and cash equivalents balances in the Condensed Consolidated Statements of Cash Flows on a retrospective basis. The reclassification did not have a material impact to the Condensed Consolidated Statement of Cash Flows for the first quarter of 2017. The Company has added a reconciliation from the Condensed Consolidated Balance Sheets to the Condensed Consolidated Statement of Cash Flows in the first quarter of 2018. See Note 8 for more information.

In January 2016, the FASB issued ASU 2016-01, “Financial Instruments—Overall: Recognition and Measurement of Financial Assets and Financial Liabilities,” which addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments, including requirements to measure most equity investments at fair value with changes in fair value recognized in net income, to perform a qualitative assessment of equity investments without readily determinable fair values, and to separately present financial assets and liabilities by measurement category and by type of financial asset on the balance sheet or the accompanying notes to the financial statements. The new guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years.

Subsequently, in February 2018, the FASB issued ASU 2018-03, “Technical Corrections and Improvements to Financial Instruments, Recognition and Measurement of Financial Assets and Financial Liabilities,” which provided several clarifications and amendments to the standard. These include specifying that for equity instruments without readily determinable fair values for which the measurement alternative is applied: (i) adjustments made when an observable transaction occurs for a similar security are intended to reflect the fair value as of the observable transaction date, not as of current reporting date; (ii) the measurement alternative may be discontinued upon an irrevocable election to change to a fair value measurement approach under fair value guidance, which would apply to all identical and similar investments of the same issuer; and (iii) the prospective transition approach for equity securities without readily determinable fair values is applicable only when the measurement alternative is applied. The new guidance must be adopted by the third quarter of 2018 (an interim period). Early adoption of the new guidance is permitted.

We have adopted ASU 2016-01 in the first quarter of 2018 and elected the measurement alternative, defined as cost, less impairments, adjusted by observable price changes given our equity instruments are without readily determinable fair values. This guidance did not impact our available-for-sale (“AFS”) securities because we only hold debt securities. We also early adopted ASU 2018-03 in the first quarter of 2018. The adoptions of ASU 2016-01 and ASU 2018-03 did not have a material effect on our Condensed Consolidated Financial Statements. See Note 6 for more information.

In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” which prescribes a single comprehensive model for entities to use in the accounting of revenue arising from contracts with customers. The new guidance supersedes virtually all existing revenue guidance under GAAP 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 ASC 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.

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 clarifying amendments in ASU 2016-08, 2016-10, and 2016-12 do not change the core principle of ASU 2014-09. We refer to ASU 2014-09 and the clarifying amendments collectively as “Topic 606.”

On January 1, 2018, the Company adopted Topic 606, Revenue from Contracts with Customers. The Company has elected the modified retrospective approach, which allows for the new revenue standard to be applied to all existing contracts as of the effective date and a cumulative catch-up adjustment to be recorded to “Retained earnings”. The Company recognizes revenue under the core principle to depict the transfer of control to the Company’s customers in an amount reflecting the consideration the Company expects to be entitled. In order to achieve that core principle, the Company applies the following five-step approach: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when a performance obligation is satisfied.

The most significant change to the Company’s accounting practices related to accounting for certain licensing arrangements in the other revenue category for which archival and updated content is included. Under the former revenue guidance, licensing revenue was generally recognized over the term of the contract based on the annual minimum guarantee amount specified in the contractual agreement with the licensee as a single deliverable. Based on the guidance of Topic 606, the Company has determined that the archival content and updated content included in these licensing arrangements represent two separate performance obligations. As such, a portion of the total contract consideration related to the archival content was recognized at the commencement of the contract when control of the archival content is transferred. The remaining contractual consideration will be recognized proportionately over the term of the contract when updated content is transferred to the licensee, in line with when the control of the new content is transferred.

The net impact of these changes accelerated the revenue of contracts not completed as of January 1, 2018. In connection with the adoption of the standard the Company recorded a net increase to opening retained earnings of $2.6 million ($3.5 million before tax) and a contract asset of $3.5 million, $1.3 million categorized as a current asset and $2.2 million categorized as a long term asset as of January 1, 2018. The impact to “Other revenues” as a result of applying Topic 606 will be a decrease of $1.3 million for the twelve months ended December 30, 2018.

Our subscription and advertising revenues were not impacted by the new guidance. See Note 3 for more information on our revenues and the application of Topic 606.

Recently Issued Accounting Pronouncements

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments—Credit Losses.” The new guidance introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. It also modifies the impairment model AFS debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. The new guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. 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 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 or the Company’s liquidity.

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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Revenue

3 Months Ended

Apr. 01, 2018

Revenue from Contract with Customer [Abstract]

Revenue

REVENUE

We generate revenues principally from subscriptions and advertising. Subscription revenues consist of revenues from subscriptions to our print and digital products (which include our news product, as well as our Crossword and Cooking products,) and single-copy and bulk sales of our print products Subscription revenues are based on both the number of copies of the printed newspaper sold and digital-only subscriptions, and the rates charged to the respective customers.

Advertising revenues are derived from the sale of our advertising products and services on our print and digital platforms. These revenues are primarily determined by the volume, rate and mix of advertisements.

Other revenues primarily consist of revenues from news services/syndication, digital archive licensing, building rental income, affiliate referrals, NYT Live (our live events business) and retail commerce. Other revenue includes approximately $5 million and $6 million of rental income for the three months ended April 1, 2018, and March 26, 2017, respectively, which is not under the scope of Topic 606.

Revenue is recognized when a performance obligation is satisfied by transferring a promised good or service to a customer. A good or service is considered transferred when the customer obtains control, which is when the customer has the ability to direct the use of and/or obtain substantially all of the benefits of an asset.

Single-copy revenue is recognized based on date of publication, net of provisions for related returns. Proceeds from subscription revenues are deferred at the time of sale and are recognized on a pro rata basis over the terms of the subscriptions. Payment is typically due ratably over the subscription period, and the deferred proceeds are recorded within “Unexpired subscription revenue” in the Condensed Consolidated Balance Sheet. Payment for single-copy sales is typically due upon complete satisfaction of our performance obligations. The Company does not have significant financing components or significant payment terms as we only offer industry standard payment terms to our customers.

When our subscriptions are sold through third parties, we are a principal in the transaction and, therefore, revenues and related costs to third parties for these sales are reported on a gross basis. We are considered a principal if we control a promised good or service before transferring that good or service to the customer. The Company considers several factors to determine if it controls the good and therefore is the principal. These factors include (i) if we have primary responsibility for fulfilling the promise, (ii) if we have inventory risk before the goods or services are transferred to the customer or after transfer of control to the customer, and (iii) if we have discretion in establishing price for the specified good or service.

Advertising revenues are recognized when advertisements are published in newspapers or placed on digital platforms or, with respect to certain digital advertising, each time a user clicks on certain advertisements, net of provisions for estimated rebates and rate adjustments.

We recognize a rebate obligation as a reduction of revenues, based on the amount of estimated rebates that will be earned and claimed, related to the underlying revenue transactions during the period. Measurement of the rebate obligation is estimated based on the historical experience of the number of customers that ultimately earn and use the rebate. We recognize an obligation for rate adjustments as a reduction of revenues, based on the amount of estimated post-billing adjustments that will be claimed. Measurement of the rate adjustment obligation is estimated based on historical experience of credits actually issued.

Payment for advertising is due upon complete satisfaction of our performance obligations. The Company has a formal credit checking policy, procedures, and controls in place that evaluate collectability prior to ad publication. In instances where the timing of revenue recognition differs from the timing of invoicing, we have determined our contracts do not include a significant financing component.

Subscription, advertising and other revenues were as follows:

	For the Quarters Ended
(In thousands)	April 1, 2018		March 26, 2017
Subscription	$	260,593	$	242,375
Advertising	125,647		130,028
Other (1)	27,708		26,401
Total	$	413,948	$	398,804

⁽¹⁾ Other revenue includes approximately $5 million and $6 million of rental income for the quarters ended April 1, 2018, and March 26, 2017, respectively, which is not under the scope of Topic 606.

The following table summarizes digital-only subscription revenues for the first quarters of 2018 and 2017:

	For the Quarters Ended
(In thousands)	April 1, 2018		March 26, 2017
Digital-only subscription revenues:
News product subscription revenues(1)	$	90,577	$	72,861
Other product subscription revenues(2)	4,835		2,956
Total digital-only subscription revenues	$	95,412	$	75,817
(1) Includes revenues from subscriptions to the Company’s news product. News product subscription packages that include access to the Company’s Crossword and Cooking products are also included in this category.
(2) Includes revenues from standalone subscriptions to the Company’s Crossword and Cooking products.

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

	For the Quarters Ended
	April 1, 2018						March 26, 2017
(In thousands)	Print		Digital		Total		Print		Digital		Total
Display	$	70,805	$	38,700	$	109,505	$	71,627	$	42,976	$	114,603
Classified and Other	8,139		8,003		16,142		8,730		6,695		15,425
Total advertising	$	78,944	$	46,703	$	125,647	$	80,357	$	49,671	$	130,028

Performance Obligations

Our contracts with customers may include multiple performance obligations. For such arrangements, we allocate revenue to each performance obligation based on its relative standalone selling price.

In the case of our licensing contracts the transaction price was allocated among the performance obligations, (i) the archival content and (ii) the updated content, based on the Company’s estimate of the standalone selling price of the performance obligations as they are currently not sold separately.

As of April 1, 2018, the aggregate amount of the transaction price allocated to the remaining performance obligations is approximately $33 million. The Company will recognize this revenue as control of the performance obligation is transferred to the customer. We expect that approximately $14 million, $10 million and $9 million will be recognized in the remainder of 2018, 2019 and 2020, respectively.

Contract Assets

We record revenue from performance obligations when performance obligations are satisfied. For our licensing revenue, we record revenue related to the portion of performance obligation (i) satisfied at the commencement of the contract when the customer obtains control of the archival content or (ii) when the updated content is transferred. We receive payments from customers based upon contractual billing schedules. As the transfer of control represents a right to the contract consideration, we record a contract asset in “Other current assets” for short-term contract assets and “Miscellaneous assets” for long-term contract assets on the Consolidated Balance Sheet for any amounts not yet invoiced to the customer. As of April 1, 2018, the Company had $3.2 million in contract assets recorded in the Condensed Consolidated Balance Sheet. The contract asset is reclassified to “Accounts receivable” when the customer is invoiced based on the contractual billing schedule. The increase in the contract assets balance for the three months ended April 1, 2018, is primarily driven by the cumulative catch-up adjustment recorded by the Company on January 1, 2018, of $3.5 million as a result of adoption of Topic 606, offset by $0.3 million of consideration that was reclassified to “Accounts receivable” when invoiced based on the contractual billing schedules for the period ended April 1, 2018.

Significant Judgments

Our contracts with customers sometimes include promises to transfer multiple products and services to a customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. We use an observable price to determine the standalone selling price for separate performance obligations if available or when not available, an estimate that maximizes the use of observable inputs and faithfully depicts the selling price of the promised goods or services if the entity sold those goods or services separately to a similar customer in similar circumstances.

Practical Expedients and Exemptions

We expense the cost to obtain or fulfill a contract as incurred because the amortization period of the asset that the entity otherwise would have recognized is one year or less. We also apply the practical expedient for the significant financing component when the difference between the payment and the transfer of the products and services is a year or less

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Marketable Securities

3 Months Ended

Apr. 01, 2018

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

MARKETABLE SECURITIES

The Company recorded $3.9 million and $2.5 million of net unrealized loss in AOCI as of April 1, 2018, and December 31, 2017, respectively.

The following tables present the amortized cost, gross unrealized gains and losses, and fair market value of our AFS debt securities as of April 1, 2018, and December 31, 2017:

	April 1, 2018
(In thousands)	Amortized Cost		Gross unrealized gains		Gross unrealized losses			Fair Value
Short-term AFS securities
Corporate debt securities	$	147,292	$	—	$	(460	)	$	146,832
U.S Treasury securities	71,460		1		(62		)	71,399
U.S. governmental agency securities	60,240		—		(287		)	59,953
Commercial paper	15,450		—		—			15,450
Certificates of deposit	6,200		—		—			6,200
Total short-term AFS securities	$	300,642	$	1	$	(809	)	$	299,834
Long-term AFS securities
Corporate debt securities	$	99,699	$	2	$	(1,326	)	$	98,375
U.S. governmental agency securities	86,526		1		(1,113		)	85,414
U.S Treasury securities	52,522		—		(670		)	51,852
Total long-term AFS securities	$	238,747	$	3	$	(3,109	)	$	235,641

	December 31, 2017
(In thousands)	Amortized Cost		Gross unrealized gains		Gross unrealized losses			Fair Value
Short-term AFS securities
Corporate debt securities	$	150,334	$	—	$	(227	)	$	150,107
U.S Treasury securities	70,985		—		(34		)	70,951
U.S. governmental agency securities	45,819		—		(179		)	45,640
Commercial paper	32,591		—		—			32,591
Certificates of deposit	9,300		—		—			9,300
Total short-term AFS securities	$	309,029	$	—	$	(440	)	$	308,589
Long-term AFS securities
U.S. governmental agency securities	$	97,798	$	—	$	(1,019	)	96,779
Corporate debt securities	92,687		—		(683		)	92,004
U.S Treasury securities	53,031		—		(403		)	52,628
Total long-term AFS securities	$	243,516	$	—	$	(2,105	)	$	241,411

The following tables represent the AFS securities as of April 1, 2018, and December 31, 2017, that were in an unrealized loss position, aggregated by investment category and the length of time that individual securities have been in a continuous loss position:

	April 1, 2018
	Less than 12 Months					12 Months or Greater					Total
(In thousands)	Fair Value		Gross unrealized losses			Fair Value		Gross unrealized losses			Fair Value		Gross unrealized losses
Short-term AFS securities
Corporate debt securities	$	137,958	$	(373	)	$	8,874	$	(87	)	$	146,832	$	(460	)
U.S Treasury securities	69,009		(62		)	—		—			69,009		(62		)
U.S. governmental agency securities	19,797		(39		)	40,156		(248		)	59,953		(287		)
Total short-term AFS securities	$	226,764	$	(474	)	$	49,030	$	(335	)	$	275,794	$	(809	)
Long-term AFS securities
Corporate debt securities	$	91,661	$	(1,244	)	$	4,943	$	(82	)	$	96,604	$	(1,326	)
U.S Treasury securities	23,910		(244		)	58,404		(869		)	82,314		(1,113		)
U.S. governmental agency securities	51,852		(670		)	—		—			51,852		(670		)
Total long-term AFS securities	$	167,423	$	(2,158	)	$	63,347	$	(951	)	$	230,770	$	(3,109	)

	December 31, 2017
	Less than 12 Months					12 Months or Greater					Total
(In thousands)	Fair Value		Gross unrealized losses			Fair Value		Gross unrealized losses			Fair Value		Gross unrealized losses
Short-term AFS securities
Corporate debt securities	$	140,111	$	(199	)	$	9,996	$	(28	)	$	150,107	$	(227	)
U.S Treasury securities	70,951		(34		)	—		—			70,951		(34		)
U.S. governmental agency securities	19,770		(50		)	25,870		(129		)	45,640		(179		)
Total short-term AFS securities	$	230,832	$	(283	)	$	35,866	$	(157	)	$	266,698	$	(440	)
Long-term AFS securities
Corporate debt securities	$	81,118	$	(579	)	$	10,886	$	(104	)	$	92,004	$	(683	)
U.S Treasury securities	23,998		(125		)	72,781		(894		)	96,779		(1,019		)
U.S. governmental agency securities	52,628		(403		)	—		—			52,628		(403		)
Total long-term AFS securities	$	157,744	$	(1,107	)	$	83,667	$	(998	)	$	241,411	$	(2,105	)

We conduct an other-than-temporary impairment (“OTTI”) analysis on a quarterly basis or more often if a potential loss-triggering event occurs. We consider factors such as the duration, severity and the reason for the decline in value, the potential recovery period and whether we intend to sell. For AFS securities, we also consider whether (i) it is more likely than not that we will be required to sell the debt securities before recovery of their amortized cost basis and (ii) the amortized cost basis cannot be recovered as a result of credit losses.

As of April 1, 2018, we did not intend to sell and it was not likely that we would be required to sell these investments before recovery of their amortized cost basis, which may be at maturity. Unrealized losses related to these investments are primarily due to interest rate fluctuations as opposed to changes in credit quality. Therefore, as of April 1, 2018, we have recognized no OTTI loss.

As of April 1, 2018, our short-term and long-term marketable securities had remaining maturities of less than 1 month to 12 months and 13 months to 35 months, respectively. See Note 9 for more information regarding the fair value of our marketable securities.

Letters of credit

We arranged for the issuance of letters of credit totaling $56.0 million as of December 31, 2017, to secure commitments under certain sub-lease agreements associated with the rental of floors in our headquarters building. The letters of credit will expire in 2019, and are collateralized by marketable securities held in our investment portfolios, with a fair value of $63.0 million and $63.1 million, as of April 1, 2018, and December 31, 2017, respectively. No amounts were outstanding on these letters of credit as of April 1, 2018. See Note 15 for more information regarding the letters of credit.

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Goodwill and Intangibles

3 Months Ended

Apr. 01, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangibles

GOODWILL AND INTANGIBLES

The changes in the carrying amount of goodwill as of April 1, 2018, and since December 31, 2017, were as follows:

(In thousands)	Total Company
Balance as of December 31, 2017	$	143,549
Foreign currency translation	2,063
Balance as of April 1, 2018	$	145,612

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

The aggregate carrying amount of intangible assets of $7.7 million has been included in “Miscellaneous assets” in our Condensed Consolidated Balance Sheets.

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Investments

3 Months Ended

Apr. 01, 2018

Investments, Debt and Equity Securities [Abstract]

Investments

INVESTMENTS

Equity Method Investments

As of April 1, 2018, our investments in joint ventures of $1.8 million consisted of a 40% equity ownership interest in Madison Paper Industries (“Madison”), a partnership that previously operated a supercalendered paper mill in Maine.

The investment is accounted for under the equity method, and is recorded in “Investments in joint ventures” in our Condensed Consolidated Balance Sheets. Our proportionate share of the operating results of our investment is recorded in “Gain from joint ventures” in our Condensed Consolidated Statements of Operations.

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 2016, the paper mill closed and we recognized a $41.4 million loss from joint ventures related to the closure. The Company’s proportionate share of the loss was $20.1 million after tax and net of noncontrolling interest. As a result of the mill closure, we wrote our investment down to zero.  In 2017 we recognized a gain of $20.8 million, primarily related to the sale of the remaining assets, partially offset by the loss related to our proportionate share of Madison’s settlement of certain pension obligations. 

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 the first quarter of 2018 we recognized a de minimis gain from joint ventures. We expect to receive our proportionate share of a cash distribution from the wind down of our Madison investment in 2018.

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

	For the Quarters Ended
(In thousands)	March 31, 2018		March 31, 2017
Revenues	$	—	$	—
Expenses:
Cost of sales	—		(1,054		)
General and administrative income/(expense) and other	9		(26		)
Total income/(costs)	9		(1,080		)
Operating income/(loss)	9		(1,080		)
Other income/(expense)	20		(2		)
Net income/(loss)	$	29	$	(1,082	)

We received no distributions from Madison in the first quarters of 2018 and 2017.

Non-Marketable Equity Securities

Our non-marketable equity securities are investments in privately held companies/funds without readily determinable market values. Prior to January 1, 2018, we accounted for our non-marketable equity securities at cost less impairment. Realized gains and losses on non-marketable securities sold or impaired were recognized in “Interest expense and other, net”. As of December 31, 2017, non-marketable equity securities included in “Miscellaneous assets’’ in our Condensed Consolidated Balance Sheets accounted for under the cost method had a carrying value of $13.6 million.

Non-marketable equity securities remeasured during the first quarter ended April 1, 2018, are classified within Level 3 in the fair value hierarchy because we estimate the value based on valuation methods using the observable transaction price at the transaction date. See Note 9 for the definition of Level 3. As of April 1, 2018, non-marketable equity securities had a carrying value of $14.1 million. We did not have any material fair value adjustments in the first quarter of 2018.

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Debt Obligations

3 Months Ended

Apr. 01, 2018

Debt Disclosure [Abstract]

Debt Obligations

DEBT OBLIGATIONS

Our 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)	April 1, 2018		December 31, 2017
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%	5,719		6,596
Total option to repurchase ownership interest in headquarters building in 2019	244,281		243,404
Capital lease obligations	6,811		6,805
Total long-term debt and capital lease obligations	$	251,092	$	250,209

See Note 9 for more information regarding the fair value of our long-term debt.

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

	For the Quarters Ended
(In thousands)	April 1, 2018			March 26, 2017
Interest expense	$	6,958		$	6,864
Amortization of debt costs and discount on debt	876			800
Capitalized interest	(155		)	(220		)
Interest income and other expense, net	(2,802		)	(2,119		)
Total interest expense and other, net	$	4,877		$	5,325

Notice of Intent to Exercise Repurchase Option Under Lease Agreement

On January 30, 2018, the Company provided notice to an affiliate of W.P. Carey & Co. LLC of the Company’s intention to exercise its option under the Lease Agreement, dated March 6, 2009, by and between the parties (the “Lease”) to repurchase a portion of the Company’s leasehold condominium interest in the Company’s headquarters building located at 620 Eighth Avenue, New York, New York (the “Condo Interest”).

The Lease was part of a transaction in 2009 under which the Company sold and simultaneously leased back approximately 750,000 rentable square feet, comprising the Condo Interest. The sale price for the Condo Interest was approximately $225 million. Under the Lease, the Company has an option exercisable in the second half of 2019 to repurchase the Condo Interest for approximately $250 million.

The Company has accounted for the transaction as a financing transaction, and has continued to depreciate the Condo Interest and account for the rental payments as interest expense. The difference between the purchase option price and the net sale proceeds from the transaction is being amortized over the 10-year period of 2009-2019 through interest expense.

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Other

3 Months Ended

Apr. 01, 2018

Other Income and Expenses [Abstract]

Other

OTHER

Advertising Expenses

Advertising expenses incurred to promote our brand, subscription products and marketing services were $31.6 million and $33.6 million in the first quarters of 2018 and 2017, respectively.

Capitalized Computer Software Costs

Amortization of capitalized computer software costs included in “Depreciation and amortization” in our Condensed Consolidated Statements of Operations were $3.4 million and $3.1 million in the first quarters of 2018 and 2017, 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 additional floors to third parties. These changes are expected to generate additional rental income and result in a more collaborative workspace. We incurred $1.9 million and $2.4 million of total costs related to these measures in the first quarter of 2018 and 2017, respectively. The capital expenditures related to these measures were approximately $6.4 million and $1.0 million in the first quarters of 2018 and 2017, respectively.

Restricted Cash

A reconciliation of cash, cash equivalents, and restricted cash as of April 1, 2018, and December 31, 2017, from the Condensed Consolidated Balance Sheets to the Condensed Consolidated Statements of Cash Flows is as follows:

	For the Quarters Ended
(In thousands)	April 1, 2018		December 31, 2017
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	$	213,814	$	182,911
Restricted cash included within other current assets	385		375
Restricted cash included within miscellaneous assets	17,714		17,650
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statement of Cash Flows	$	231,913	$	200,936

Substantially all of the amount included in restricted cash is set aside to collateralize workers’ compensation obligations.

Severance Costs

We recognized severance costs of $2.4 million and $1.6 million in the first quarters of 2018 and 2017, respectively, for workforce reduction. These costs are recorded in “Selling, general and administrative costs” in our Condensed Consolidated Statements of Operations.

We had a severance liability of $11.5 million and $18.8 million included in “Accrued expenses and other” in our Condensed Consolidated Balance Sheets as of April 1, 2018, and December 31, 2017, respectively. We anticipate most of the payments will be made within the next twelve months.

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Fair Value Measurements

3 Months Ended

Apr. 01, 2018

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 assets and liabilities measured at fair value on a recurring basis as of April 1, 2018, and December 31, 2017:

(In thousands)	April 1, 2018								December 31, 2017
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Short-term AFS securities (1)
Corporate debt securities	$	146,832	$	—	$	146,832	$	—	$	150,107	$	—	$	150,107	$	—
U.S Treasury securities	71,399		—		71,399		—		70,951		—		70,951		—
U.S. governmental agency securities	59,953		—		59,953		—		45,640		—		45,640		—
Commercial paper	15,450		—		15,450		—		32,591		—		32,591		—
Certificates of deposit	6,200		—		6,200		—		9,300		—		9,300		—
Total short-term AFS securities	$	299,834	$	—	$	299,834	$	—	$	308,589	$	—	$	308,589	$	—
Long-term AFS securities (1)
Corporate debt securities	$	98,374	$	—	$	98,374	$	—	$	92,004	$	—	$	92,004	$	—
U.S Treasury securities	51,852		—		51,852		—		52,628		—		52,628		—
U.S. governmental agency securities	85,415		—		85,415		—		96,779		—		96,779		—
Total long-term AFS securities	$	235,641	$	—	$	235,641	$	—	$	241,411	$	—	$	241,411	$	—
Liabilities:
Deferred compensation (2)	$	24,335	$	24,335	$	—	$	—	$	29,526	$	29,526	$	—	$	—

⁽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 4). 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 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

The carrying value of our long-term debt was approximately $244 million as of April 1, 2018, and approximately $243 million as of December 31, 2017. The fair value of our long-term debt was approximately $274 million and $279 million as of April 1, 2018, and December 31, 2017, 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

Apr. 01, 2018

Retirement Benefits [Abstract]

Pension and Other Postretirement Benefits

PENSION AND OTHER POSTRETIREMENT BENEFITS

Pension

Single-Employer Plans

We sponsor several frozen single-employer defined benefit pension plans including The Newspaper Guild of New York - The New York Times Pension Fund, which prior to January 1, 2018, was a joint Company and Guild-sponsored defined benefit pension plan. We also participate in The Guild-Times Adjustable Pension Plan, a joint Company and Guild sponsored defined benefit pension plan covering employees who are members of The NewsGuild of New York. Participants in The Guild-Times Adjustable Pension Plan continue to actively accrue benefits.

The components of net periodic pension cost were as follows:

	For the Quarters Ended
	April 1, 2018								March 26, 2017
(In thousands)	Qualified Plans			Non- Qualified Plans		All Plans			Qualified Plans			Non- Qualified Plans		All Plans
Service cost	$	2,647		$	—	$	2,647		$	2,423		$	—	$	2,423
Interest cost	13,151			1,848		14,999			15,594			1,956		17,550
Expected return on plan assets	(20,555		)	—		(20,555		)	(26,136		)	—		(26,136		)
Amortization of actuarial loss	6,762			1,294		8,056			7,353			1,088		8,441
Amortization of prior service credit	(486		)	—		(486		)	(486		)	—		(486		)
Net periodic pension cost/(income)	$	1,519		$	3,142	$	4,661		$	(1,252	)	$	3,044	$	1,792

In the first quarter of 2018, the Company signed an agreement that froze the accrual of benefits under the Retirement Annuity Plan For Craft Employees of The New York Times Companies (“RAP”) with respect to all participants covered by a collective bargaining agreement between the Company and The Newspaper and Mail Deliverers' Union of New York and Vicinity. This group of participants was the last group under the RAP to have their benefit accruals frozen. As a result, we recorded a curtailment of $2.6 million in 2018. 

During the first quarters of 2018 and 2017, we made pension contributions of $2.1 million and $2.0 million, respectively, to certain qualified pension plans. We expect contributions in 2018 to total approximately $8 million to satisfy funding requirements.

Other Postretirement Benefits

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

	For the Quarters Ended
(In thousands)	April 1, 2018			March 26, 2017
Service cost	$	5		$	92
Interest cost	369			470
Amortization of actuarial loss	1,184			905
Amortization of prior service credit	(1,539		)	(1,939		)
Net periodic postretirement benefit cost/(income)	$	19		$	(472	)

As a result of the adoption of ASU 2017-07 during the first quarter of 2018, the service cost component of net periodic pension cost/(income) and net periodic postretirement benefit cost/(income) continues to be recognized in “Total operating costs” while the other components have been reclassified to “Other components of net periodic benefit costs/(income)” in our Condensed Consolidated Statements of Operations below “Operating profit” on a retrospective basis. We recognized $2.0 million and ($1.2) million of “Other components of net periodic benefit costs/(income)” for single employer pension plans and other postretirement benefits in the first quarters of 2018 and 2017, respectively.

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Income Taxes

3 Months Ended

Apr. 01, 2018

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

The Company had income tax expense of $5.3 million and $10.7 million in the first quarter of 2018 and 2017, respectively. The Company’s effective tax rates from continuing operations were 19.3% and 45.0% for the first quarter of 2018 and 2017, respectively. The decrease in income tax expense and effective tax rate was primarily due to a reduction in the U.S. federal corporate income tax rate which took effect in 2018, and a tax benefit from stock-based compensation in the first quarter of 2018.

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Earnings/(Loss) Per Share

3 Months Ended

Apr. 01, 2018

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 a 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.

There were no anti-dilutive stock options, stock-settled long-term performance awards or restricted stock units excluded from the computation of diluted earnings per share in the first quarter of 2018. There were approximately 2 million stock options, as well as approximately 1 million stock-settled long-term performance awards and restricted stock units, excluded from the computation of diluted earnings per share because they were anti-dilutive in the first quarter of 2017.

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Supplemental Stockholders' Equity Information

3 Months Ended

Apr. 01, 2018

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 31, 2017	$	897,279		$	84	$	897,363
Adjustments to retained earnings(1)	96,707			—		96,707
AOCI reclassification to retained earnings(2)	(94,135		)	—		(94,135		)
Net income	21,912			2		21,914
Other comprehensive income, net of tax	7,842			—		7,842
Effect of issuance of shares(3)	31,692			—		31,692
Dividends declared	(6,632		)	—		(6,632		)
Stock-based compensation	3,326			—		3,326
Balance as of April 1, 2018	$	957,991		$	86	$	958,077

⁽¹⁾ As a result of adopting ASU 2018-02 and Topic 606 in the first quarter of 2018, “Retained earnings” increased by $94.1 million and $2.6 million, respectively. See Note 2 for more information.

⁽²⁾ As a result of adopting ASU 2018-02 in the first quarter of 2018, stranded tax effects of $94.1 million were reclassified from AOCI to “Retained earnings”. See Note 2 for more information.

⁽³⁾ The Company issued 2,177,326, 271,841, and 191,817 of Class A shares in connection with stock option exercises, vesting of performance-based awards, and vesting of restricted stock units in the first quarter of 2018, respectively.

(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

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 2018. As of April 1, 2018, 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. All purchases were made pursuant to our publicly announced share repurchase program. 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 April 1, 2018:

(In thousands)	Foreign Currency Translation Adjustments		Funded Status of Benefit Plans			Net unrealized Loss on available-for-sale Securities			Total Accumulated Other Comprehensive Loss
Balance as of December 31, 2017	$	6,328	$	(427,819	)	$	(1,538	)	$	(423,029	)
Other comprehensive income/(loss) before reclassifications, before tax(1)(2)	2,273		2,597			(1,371		)	3,499
Amounts reclassified from accumulated other comprehensive loss, before tax(1)	—		7,163			—			7,163
Income tax expense/(benefit) (1)	602		2,580			(362		)	2,820
Net current-period other comprehensive income/(loss), net of tax	1,671		7,180			(1,009		)	7,842
AOCI reclassification to retained earnings (3)	1,576		(95,378		)	(333		)	(94,135		)
Balance as of April 1, 2018	$	9,575	$	(516,017	)	$	(2,880	)	$	(509,322	)

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

⁽²⁾ The Company recorded a curtailment of $2.6 millionin AOCI in connection with freezing of benefits for the RAP in the first quarter of 2018. This transaction does not have any impact to net income for the first quarter of 2018. See Note 10 for more information.

⁽³⁾ As a result of adopting ASU 2018-02 in the first quarter of 2018, stranded tax effects of $94.1 million were reclassified from AOCI to “Retained earnings”. See Note 2 for more information.

The following table summarizes the reclassifications from AOCI for the first quarter of 2018:

(In thousands)
Detail about accumulated other comprehensive loss components	Amounts reclassified from accumulated other comprehensive loss			Affects line item in the statement where net income is presented
Funded status of benefit plans:
Amortization of prior service credit(1)	$	(2,077	)	Other components of net periodic benefit costs/(income)
Amortization of actuarial loss(1)	9,240			Other components of net periodic benefit costs/(income)
Total reclassification, before tax(2)	7,163
Income tax expense	1,893			Income tax expense
Total reclassification, net of tax	$	5,270

⁽¹⁾ These AOCI components are included in the computation of net periodic benefit cost for pension and other retirement benefits. See Note 10 for more information.

⁽²⁾ There were no reclassifications relating to noncontrolling interest for the quarter ended April 1, 2018.

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Segment Information

3 Months Ended

Apr. 01, 2018

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 subscriptions and advertising. Other revenues primarily consists of revenues from news services/syndication, digital archive licensing, building rental income, affiliate referrals, NYT Live (our live events business), and retail commerce.

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Contingent Liabilities

3 Months Ended

Apr. 01, 2018

Commitments and Contingencies Disclosure [Abstract]

Contingent Liabilities

CONTINGENT LIABILITIES

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 gross amount of approximately $26 million for the plan years ending May 31, 2012, and 2013 (the “Initial Assessment”), an amount that was increased to a gross amount of 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. In June 2016, the arbitrator issued an interim award and opinion that supported the NMDU Fund’s determination that a partial withdrawal had occurred, and concluded 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. In July 2017, the arbitrator issued a final award and opinion reflecting the same conclusions, which both the Company and NMDU Fund challenged in federal district court. In March 2018, the court determined that a partial withdrawal had occurred, but supported the Company’s position that the NMDU Fund’s calculation of the withdrawal liability was improper. The Company has appealed the court’s decision with respect to the determination that a partial withdrawal had occurred.

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 April 1, 2018, we have paid $16.2 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 $0.1 million of expense for the first quarters of 2018 and 2017, respectively.

The Company had a liability of $5.7 million as of April 1, 2018, related to this matter. 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.

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.

Letter of Credit Commitment

We arranged for the issuance of letters of credit totaling $56.0 million in connection with a sub-lease entered into in the fourth quarter of 2017 for approximately four floors of our headquarters building. A portion of the letters of credit will expire pro rata through the second quarter of 2019, while the remaining portion of letters of credit will expire upon the Company’s repurchase of the Condo Interest in our headquarters building in 2019. Approximately $63 million of marketable securities were used as collateral for the letters of credit, as of April 1, 2018, and December 31, 2017, respectively.

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Summary of Significant Accounting Policies (Policies)

3 Months Ended

Apr. 01, 2018

Accounting Policies [Abstract]

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In March 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-05, which amends ASC Topic 740 “Income Taxes” to conform with SEC Staff Accounting Bulletin 118, issued in December 2017 which allowed SEC registrants to record provisional amounts for the year ended December 31, 2017, due to the complexities involved in accounting for the enactment of the 2017 Tax Cuts and Jobs Act (the “Act”). The standard is effective upon issuance. During the three months ended April 1, 2018, we have not recorded any measurement period adjustments to the provisional estimate recorded at December 31, 2017, for the Act. The accounting for the impact of the Act is expected to be completed by the fourth quarter of this year.

In February 2018, the FASB issued Accounting Standards Update (“ASU”) 2018-02, “Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” The new guidance provides financial statement preparers with an option to reclassify stranded tax effects within accumulated other comprehensive income (“AOCI”) to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate related to the Tax Cuts and Jobs Act is recorded. The amendments are effective for all organizations for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The Company elected to adopt this guidance to reclassify the stranded tax effects from AOCI to retained earnings in the first quarter of 2018. Our current accounting policy related to releasing tax effects from AOCI for pension and other postretirement benefits is a plan by plan approach. Accordingly, the Company recorded a $94.1 million cumulative effect adjustment for stranded tax effects, such as pension and other postretirement benefits, to “Retained earnings” on January 1, 2018. See Note 13 for more information.

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 “Operating costs”. The other components of net periodic benefit costs, 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.

Since ASU 2017-07 only requires change to the Condensed Consolidated Statements of Operations classification of the components of net periodic benefit cost, there are no changes to income from continuing operations or net income. As a result of the adoption of the ASU during the first quarter of 2018, the service cost component of net periodic benefit costs continues to be recognized in total operating costs and the other components of net periodic benefit costs have been reclassified to “Other components of net periodic benefit costs/(income)” in the Condensed Consolidated Statements of Operations below “Operating profit” on a retrospective basis. The Company reclassified $0.1 million and $1.1 million of credits from “Production costs” and “Selling and general and administrative costs”, respectively, to “Other components of net periodic benefit costs/(income)” in the first quarter of 2017. See Note 10 for the components of net periodic benefit costs/(income) for our pension and other postretirement benefits plans.

In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flow: Restricted Cash,” which amends the guidance in Accounting Standards Codification (“ASC”) 230 on the classification and presentation of restricted cash in the statement of cash flows. The key requirements of the ASU are: (1) all entities should include in their cash and cash-equivalent balances in the statements of cash flows those amounts that are deemed to be restricted cash and restricted cash equivalents, (2) a reconciliation between the statement of financial position and the statement of cash flows must be disclosed when the statement of financial position includes more than one line item for cash, cash equivalents, and restricted cash, (3) changes in restricted cash that result from transfers between cash, cash equivalents, and restricted cash should not be presented as cash flow activities in the statement of cash flows, and (4) an entity with a material balance of amounts generally described as restricted cash must disclose information about the nature of the restrictions. This guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted.

As a result of the adoption of ASU 2016-18 in the first quarter of 2018, the Company included the restricted cash balance with the cash and cash equivalents balances in the Condensed Consolidated Statements of Cash Flows on a retrospective basis. The reclassification did not have a material impact to the Condensed Consolidated Statement of Cash Flows for the first quarter of 2017. The Company has added a reconciliation from the Condensed Consolidated Balance Sheets to the Condensed Consolidated Statement of Cash Flows in the first quarter of 2018. See Note 8 for more information.

In January 2016, the FASB issued ASU 2016-01, “Financial Instruments—Overall: Recognition and Measurement of Financial Assets and Financial Liabilities,” which addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments, including requirements to measure most equity investments at fair value with changes in fair value recognized in net income, to perform a qualitative assessment of equity investments without readily determinable fair values, and to separately present financial assets and liabilities by measurement category and by type of financial asset on the balance sheet or the accompanying notes to the financial statements. The new guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years.

Subsequently, in February 2018, the FASB issued ASU 2018-03, “Technical Corrections and Improvements to Financial Instruments, Recognition and Measurement of Financial Assets and Financial Liabilities,” which provided several clarifications and amendments to the standard. These include specifying that for equity instruments without readily determinable fair values for which the measurement alternative is applied: (i) adjustments made when an observable transaction occurs for a similar security are intended to reflect the fair value as of the observable transaction date, not as of current reporting date; (ii) the measurement alternative may be discontinued upon an irrevocable election to change to a fair value measurement approach under fair value guidance, which would apply to all identical and similar investments of the same issuer; and (iii) the prospective transition approach for equity securities without readily determinable fair values is applicable only when the measurement alternative is applied. The new guidance must be adopted by the third quarter of 2018 (an interim period). Early adoption of the new guidance is permitted.

We have adopted ASU 2016-01 in the first quarter of 2018 and elected the measurement alternative, defined as cost, less impairments, adjusted by observable price changes given our equity instruments are without readily determinable fair values. This guidance did not impact our available-for-sale (“AFS”) securities because we only hold debt securities. We also early adopted ASU 2018-03 in the first quarter of 2018. The adoptions of ASU 2016-01 and ASU 2018-03 did not have a material effect on our Condensed Consolidated Financial Statements. See Note 6 for more information.

In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” which prescribes a single comprehensive model for entities to use in the accounting of revenue arising from contracts with customers. The new guidance supersedes virtually all existing revenue guidance under GAAP 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 ASC 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.

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 clarifying amendments in ASU 2016-08, 2016-10, and 2016-12 do not change the core principle of ASU 2014-09. We refer to ASU 2014-09 and the clarifying amendments collectively as “Topic 606.”

On January 1, 2018, the Company adopted Topic 606, Revenue from Contracts with Customers. The Company has elected the modified retrospective approach, which allows for the new revenue standard to be applied to all existing contracts as of the effective date and a cumulative catch-up adjustment to be recorded to “Retained earnings”. The Company recognizes revenue under the core principle to depict the transfer of control to the Company’s customers in an amount reflecting the consideration the Company expects to be entitled. In order to achieve that core principle, the Company applies the following five-step approach: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when a performance obligation is satisfied.

The most significant change to the Company’s accounting practices related to accounting for certain licensing arrangements in the other revenue category for which archival and updated content is included. Under the former revenue guidance, licensing revenue was generally recognized over the term of the contract based on the annual minimum guarantee amount specified in the contractual agreement with the licensee as a single deliverable. Based on the guidance of Topic 606, the Company has determined that the archival content and updated content included in these licensing arrangements represent two separate performance obligations. As such, a portion of the total contract consideration related to the archival content was recognized at the commencement of the contract when control of the archival content is transferred. The remaining contractual consideration will be recognized proportionately over the term of the contract when updated content is transferred to the licensee, in line with when the control of the new content is transferred.

The net impact of these changes accelerated the revenue of contracts not completed as of January 1, 2018. In connection with the adoption of the standard the Company recorded a net increase to opening retained earnings of $2.6 million ($3.5 million before tax) and a contract asset of $3.5 million, $1.3 million categorized as a current asset and $2.2 million categorized as a long term asset as of January 1, 2018. The impact to “Other revenues” as a result of applying Topic 606 will be a decrease of $1.3 million for the twelve months ended December 30, 2018.

Our subscription and advertising revenues were not impacted by the new guidance. See Note 3 for more information on our revenues and the application of Topic 606.

Recently Issued Accounting Pronouncements

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments—Credit Losses.” The new guidance introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. It also modifies the impairment model AFS debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. The new guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. 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 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 or the Company’s liquidity.

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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Revenue (Tables)

3 Months Ended

Apr. 01, 2018

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

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

	For the Quarters Ended
	April 1, 2018						March 26, 2017
(In thousands)	Print		Digital		Total		Print		Digital		Total
Display	$	70,805	$	38,700	$	109,505	$	71,627	$	42,976	$	114,603
Classified and Other	8,139		8,003		16,142		8,730		6,695		15,425
Total advertising	$	78,944	$	46,703	$	125,647	$	80,357	$	49,671	$	130,028

Subscription, advertising and other revenues were as follows:

	For the Quarters Ended
(In thousands)	April 1, 2018		March 26, 2017
Subscription	$	260,593	$	242,375
Advertising	125,647		130,028
Other (1)	27,708		26,401
Total	$	413,948	$	398,804

⁽¹⁾ Other revenue includes approximately $5 million and $6 million of rental income for the quarters ended April 1, 2018, and March 26, 2017, respectively, which is not under the scope of Topic 606.

The following table summarizes digital-only subscription revenues for the first quarters of 2018 and 2017:

	For the Quarters Ended
(In thousands)	April 1, 2018		March 26, 2017
Digital-only subscription revenues:
News product subscription revenues(1)	$	90,577	$	72,861
Other product subscription revenues(2)	4,835		2,956
Total digital-only subscription revenues	$	95,412	$	75,817
(1) Includes revenues from subscriptions to the Company’s news product. News product subscription packages that include access to the Company’s Crossword and Cooking products are also included in this category.
(2) Includes revenues from standalone subscriptions to the Company’s Crossword and Cooking products.

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Marketable Securities (Tables)

3 Months Ended

Apr. 01, 2018

Investments, Debt and Equity Securities [Abstract]

Schedule of Amortized Cost, Gross Unrealized Gains and Losses, and Fair Market Value of AFS Securities

The following tables present the amortized cost, gross unrealized gains and losses, and fair market value of our AFS debt securities as of April 1, 2018, and December 31, 2017:

	April 1, 2018
(In thousands)	Amortized Cost		Gross unrealized gains		Gross unrealized losses			Fair Value
Short-term AFS securities
Corporate debt securities	$	147,292	$	—	$	(460	)	$	146,832
U.S Treasury securities	71,460		1		(62		)	71,399
U.S. governmental agency securities	60,240		—		(287		)	59,953
Commercial paper	15,450		—		—			15,450
Certificates of deposit	6,200		—		—			6,200
Total short-term AFS securities	$	300,642	$	1	$	(809	)	$	299,834
Long-term AFS securities
Corporate debt securities	$	99,699	$	2	$	(1,326	)	$	98,375
U.S. governmental agency securities	86,526		1		(1,113		)	85,414
U.S Treasury securities	52,522		—		(670		)	51,852
Total long-term AFS securities	$	238,747	$	3	$	(3,109	)	$	235,641

	December 31, 2017
(In thousands)	Amortized Cost		Gross unrealized gains		Gross unrealized losses			Fair Value
Short-term AFS securities
Corporate debt securities	$	150,334	$	—	$	(227	)	$	150,107
U.S Treasury securities	70,985		—		(34		)	70,951
U.S. governmental agency securities	45,819		—		(179		)	45,640
Commercial paper	32,591		—		—			32,591
Certificates of deposit	9,300		—		—			9,300
Total short-term AFS securities	$	309,029	$	—	$	(440	)	$	308,589
Long-term AFS securities
U.S. governmental agency securities	$	97,798	$	—	$	(1,019	)	96,779
Corporate debt securities	92,687		—		(683		)	92,004
U.S Treasury securities	53,031		—		(403		)	52,628
Total long-term AFS securities	$	243,516	$	—	$	(2,105	)	$	241,411

Schedule of AFS Securities in Unrealized Loss Position

The following tables represent the AFS securities as of April 1, 2018, and December 31, 2017, that were in an unrealized loss position, aggregated by investment category and the length of time that individual securities have been in a continuous loss position:

	April 1, 2018
	Less than 12 Months					12 Months or Greater					Total
(In thousands)	Fair Value		Gross unrealized losses			Fair Value		Gross unrealized losses			Fair Value		Gross unrealized losses
Short-term AFS securities
Corporate debt securities	$	137,958	$	(373	)	$	8,874	$	(87	)	$	146,832	$	(460	)
U.S Treasury securities	69,009		(62		)	—		—			69,009		(62		)
U.S. governmental agency securities	19,797		(39		)	40,156		(248		)	59,953		(287		)
Total short-term AFS securities	$	226,764	$	(474	)	$	49,030	$	(335	)	$	275,794	$	(809	)
Long-term AFS securities
Corporate debt securities	$	91,661	$	(1,244	)	$	4,943	$	(82	)	$	96,604	$	(1,326	)
U.S Treasury securities	23,910		(244		)	58,404		(869		)	82,314		(1,113		)
U.S. governmental agency securities	51,852		(670		)	—		—			51,852		(670		)
Total long-term AFS securities	$	167,423	$	(2,158	)	$	63,347	$	(951	)	$	230,770	$	(3,109	)

	December 31, 2017
	Less than 12 Months					12 Months or Greater					Total
(In thousands)	Fair Value		Gross unrealized losses			Fair Value		Gross unrealized losses			Fair Value		Gross unrealized losses
Short-term AFS securities
Corporate debt securities	$	140,111	$	(199	)	$	9,996	$	(28	)	$	150,107	$	(227	)
U.S Treasury securities	70,951		(34		)	—		—			70,951		(34		)
U.S. governmental agency securities	19,770		(50		)	25,870		(129		)	45,640		(179		)
Total short-term AFS securities	$	230,832	$	(283	)	$	35,866	$	(157	)	$	266,698	$	(440	)
Long-term AFS securities
Corporate debt securities	$	81,118	$	(579	)	$	10,886	$	(104	)	$	92,004	$	(683	)
U.S Treasury securities	23,998		(125		)	72,781		(894		)	96,779		(1,019		)
U.S. governmental agency securities	52,628		(403		)	—		—			52,628		(403		)
Total long-term AFS securities	$	157,744	$	(1,107	)	$	83,667	$	(998	)	$	241,411	$	(2,105	)

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Goodwill and Intangibles (Tables)

3 Months Ended

Apr. 01, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill Balances

The changes in the carrying amount of goodwill as of April 1, 2018, and since December 31, 2017, were as follows:

(In thousands)	Total Company
Balance as of December 31, 2017	$	143,549
Foreign currency translation	2,063
Balance as of April 1, 2018	$	145,612

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Investments (Tables)

3 Months Ended

Apr. 01, 2018

Madison Paper Industries

Schedule of Equity Method Investments [Line Items]

Schedule of Equity Ownership Interests and Summarized Income Statement Information

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

	For the Quarters Ended
(In thousands)	March 31, 2018		March 31, 2017
Revenues	$	—	$	—
Expenses:
Cost of sales	—		(1,054		)
General and administrative income/(expense) and other	9		(26		)
Total income/(costs)	9		(1,080		)
Operating income/(loss)	9		(1,080		)
Other income/(expense)	20		(2		)
Net income/(loss)	$	29	$	(1,082	)

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Debt Obligations (Tables)

3 Months Ended

Apr. 01, 2018

Debt Disclosure [Abstract]

Schedule of Debt and Capital Lease Obligations

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

(In thousands)	April 1, 2018		December 31, 2017
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%	5,719		6,596
Total option to repurchase ownership interest in headquarters building in 2019	244,281		243,404
Capital lease obligations	6,811		6,805
Total long-term debt and capital lease obligations	$	251,092	$	250,209

Schedule of Components of Interest Expense, Net

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

	For the Quarters Ended
(In thousands)	April 1, 2018			March 26, 2017
Interest expense	$	6,958		$	6,864
Amortization of debt costs and discount on debt	876			800
Capitalized interest	(155		)	(220		)
Interest income and other expense, net	(2,802		)	(2,119		)
Total interest expense and other, net	$	4,877		$	5,325

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Other Other (Tables)

3 Months Ended

Apr. 01, 2018

Other Income and Expenses [Abstract]

Reconciliation of Cash, Cash Equivalents, and Restricted Cash

A reconciliation of cash, cash equivalents, and restricted cash as of April 1, 2018, and December 31, 2017, from the Condensed Consolidated Balance Sheets to the Condensed Consolidated Statements of Cash Flows is as follows:

	For the Quarters Ended
(In thousands)	April 1, 2018		December 31, 2017
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	$	213,814	$	182,911
Restricted cash included within other current assets	385		375
Restricted cash included within miscellaneous assets	17,714		17,650
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statement of Cash Flows	$	231,913	$	200,936

Restrictions on Cash and Cash Equivalents

A reconciliation of cash, cash equivalents, and restricted cash as of April 1, 2018, and December 31, 2017, from the Condensed Consolidated Balance Sheets to the Condensed Consolidated Statements of Cash Flows is as follows:

	For the Quarters Ended
(In thousands)	April 1, 2018		December 31, 2017
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	$	213,814	$	182,911
Restricted cash included within other current assets	385		375
Restricted cash included within miscellaneous assets	17,714		17,650
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statement of Cash Flows	$	231,913	$	200,936

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Fair Value Measurements (Tables)

3 Months Ended

Apr. 01, 2018

Fair Value Disclosures [Abstract]

Schedule of Financial Liabilities Measured at Fair Value on a Recurring Basis

The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis as of April 1, 2018, and December 31, 2017:

(In thousands)	April 1, 2018								December 31, 2017
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Short-term AFS securities (1)
Corporate debt securities	$	146,832	$	—	$	146,832	$	—	$	150,107	$	—	$	150,107	$	—
U.S Treasury securities	71,399		—		71,399		—		70,951		—		70,951		—
U.S. governmental agency securities	59,953		—		59,953		—		45,640		—		45,640		—
Commercial paper	15,450		—		15,450		—		32,591		—		32,591		—
Certificates of deposit	6,200		—		6,200		—		9,300		—		9,300		—
Total short-term AFS securities	$	299,834	$	—	$	299,834	$	—	$	308,589	$	—	$	308,589	$	—
Long-term AFS securities (1)
Corporate debt securities	$	98,374	$	—	$	98,374	$	—	$	92,004	$	—	$	92,004	$	—
U.S Treasury securities	51,852		—		51,852		—		52,628		—		52,628		—
U.S. governmental agency securities	85,415		—		85,415		—		96,779		—		96,779		—
Total long-term AFS securities	$	235,641	$	—	$	235,641	$	—	$	241,411	$	—	$	241,411	$	—
Liabilities:
Deferred compensation (2)	$	24,335	$	24,335	$	—	$	—	$	29,526	$	29,526	$	—	$	—

⁽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 4). 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 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.

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Pension and Other Postretirement Benefits (Tables)

3 Months Ended

Apr. 01, 2018

Pension Plan

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
	April 1, 2018								March 26, 2017
(In thousands)	Qualified Plans			Non- Qualified Plans		All Plans			Qualified Plans			Non- Qualified Plans		All Plans
Service cost	$	2,647		$	—	$	2,647		$	2,423		$	—	$	2,423
Interest cost	13,151			1,848		14,999			15,594			1,956		17,550
Expected return on plan assets	(20,555		)	—		(20,555		)	(26,136		)	—		(26,136		)
Amortization of actuarial loss	6,762			1,294		8,056			7,353			1,088		8,441
Amortization of prior service credit	(486		)	—		(486		)	(486		)	—		(486		)
Net periodic pension cost/(income)	$	1,519		$	3,142	$	4,661		$	(1,252	)	$	3,044	$	1,792

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)	April 1, 2018			March 26, 2017
Service cost	$	5		$	92
Interest cost	369			470
Amortization of actuarial loss	1,184			905
Amortization of prior service credit	(1,539		)	(1,939		)
Net periodic postretirement benefit cost/(income)	$	19		$	(472	)

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Supplemental Stockholders' Equity Information (Tables)

3 Months Ended

Apr. 01, 2018

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 31, 2017	$	897,279		$	84	$	897,363
Adjustments to retained earnings(1)	96,707			—		96,707
AOCI reclassification to retained earnings(2)	(94,135		)	—		(94,135		)
Net income	21,912			2		21,914
Other comprehensive income, net of tax	7,842			—		7,842
Effect of issuance of shares(3)	31,692			—		31,692
Dividends declared	(6,632		)	—		(6,632		)
Stock-based compensation	3,326			—		3,326
Balance as of April 1, 2018	$	957,991		$	86	$	958,077

⁽¹⁾ As a result of adopting ASU 2018-02 and Topic 606 in the first quarter of 2018, “Retained earnings” increased by $94.1 million and $2.6 million, respectively. See Note 2 for more information.

⁽²⁾ As a result of adopting ASU 2018-02 in the first quarter of 2018, stranded tax effects of $94.1 million were reclassified from AOCI to “Retained earnings”. See Note 2 for more information.

⁽³⁾ The Company issued 2,177,326, 271,841, and 191,817 of Class A shares in connection with stock option exercises, vesting of performance-based awards, and vesting of restricted stock units in the first quarter of 2018, respectively.

(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

Schedule of Changes in Accumulated Other Comprehensive Loss

The following table summarizes the changes in AOCI by component as of April 1, 2018:

(In thousands)	Foreign Currency Translation Adjustments		Funded Status of Benefit Plans			Net unrealized Loss on available-for-sale Securities			Total Accumulated Other Comprehensive Loss
Balance as of December 31, 2017	$	6,328	$	(427,819	)	$	(1,538	)	$	(423,029	)
Other comprehensive income/(loss) before reclassifications, before tax(1)(2)	2,273		2,597			(1,371		)	3,499
Amounts reclassified from accumulated other comprehensive loss, before tax(1)	—		7,163			—			7,163
Income tax expense/(benefit) (1)	602		2,580			(362		)	2,820
Net current-period other comprehensive income/(loss), net of tax	1,671		7,180			(1,009		)	7,842
AOCI reclassification to retained earnings (3)	1,576		(95,378		)	(333		)	(94,135		)
Balance as of April 1, 2018	$	9,575	$	(516,017	)	$	(2,880	)	$	(509,322	)

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

⁽²⁾ The Company recorded a curtailment of $2.6 millionin AOCI in connection with freezing of benefits for the RAP in the first quarter of 2018. This transaction does not have any impact to net income for the first quarter of 2018. See Note 10 for more information.

⁽³⁾ As a result of adopting ASU 2018-02 in the first quarter of 2018, stranded tax effects of $94.1 million were reclassified from AOCI to “Retained earnings”. See Note 2 for more information.

Reclassification out of Accumulated Other Comprehensive Income

The following table summarizes the reclassifications from AOCI for the first quarter of 2018:

(In thousands)
Detail about accumulated other comprehensive loss components	Amounts reclassified from accumulated other comprehensive loss			Affects line item in the statement where net income is presented
Funded status of benefit plans:
Amortization of prior service credit(1)	$	(2,077	)	Other components of net periodic benefit costs/(income)
Amortization of actuarial loss(1)	9,240			Other components of net periodic benefit costs/(income)
Total reclassification, before tax(2)	7,163
Income tax expense	1,893			Income tax expense
Total reclassification, net of tax	$	5,270

⁽¹⁾ These AOCI components are included in the computation of net periodic benefit cost for pension and other retirement benefits. See Note 10 for more information.

⁽²⁾ There were no reclassifications relating to noncontrolling interest for the quarter ended April 1, 2018.

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Basis of Presentation (Details)	3 Months Ended
	Apr. 01, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Fiscal period duration	90 days

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Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Apr. 01, 2018	Mar. 26, 2017	Dec. 30, 2018	Jan. 01, 2018	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stranded tax effects reclassified, ASU 2018-02	$ 94,135
Cash flows provided by investing activities	12,141	$ (29,835)
Retained earnings	1,422,123				$ 1,310,136
Contract asset	3,200
Accounting Standards Update 2018-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stranded tax effects reclassified, ASU 2018-02	94,100
Accounting Standards Update 2017-07
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Income from production costs	100
Income from selling and general and administrative costs	$ 1,100
Accounting Standards Update 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contract asset				$ 3,500
Contract asset, current				1,300
Contract asset, noncurrent				2,200
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings				2,600
Net increase to opening retained earnings, before tax				$ 3,500
Scenario, Forecast | Accounting Standards Update 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease to other revenue			$ 1,300

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Revenue (Details) - USD ($) $ in Millions		3 Months Ended
	Jan. 01, 2018	Apr. 01, 2018	Mar. 26, 2017
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Rental income, not subject to ASC 606		$ 5.0	$ 6.0
Contract asset		3.2
Commutative catch up adjustment	$ 3.5
Consideration reclassified to accounts receivable		0.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-04-02
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation		14.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-02
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation		10.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-02
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation		9.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation		$ 33.0

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Revenue - Subscription, Advertising, and Other Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2018	Mar. 26, 2017
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 413,948	$ 398,804
Rental income, not subject to ASC 606	5,000	6,000
Subscription
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	260,593	242,375
Advertising
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	125,647	130,028
Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 27,708	$ 26,401

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Revenue - Digital-only Subscription Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2018	Mar. 26, 2017
Disaggregation of Revenue [Line Items]
Digital-only subscription revenue	$ 413,948	$ 398,804
News Products
Disaggregation of Revenue [Line Items]
Digital-only subscription revenue	90,577	72,861
Other Products
Disaggregation of Revenue [Line Items]
Digital-only subscription revenue	4,835	2,956
Total digital-only subscription revenues
Disaggregation of Revenue [Line Items]
Digital-only subscription revenue	$ 95,412	$ 75,817

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Revenue - Advertising Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2018	Mar. 26, 2017
Disaggregation of Revenue [Line Items]
Advertising revenue	$ 413,948	$ 398,804
Display
Disaggregation of Revenue [Line Items]
Advertising revenue	109,505	114,603
Classified and Other
Disaggregation of Revenue [Line Items]
Advertising revenue	16,142	15,425
Total advertising
Disaggregation of Revenue [Line Items]
Advertising revenue	125,647	130,028
Print | Display
Disaggregation of Revenue [Line Items]
Advertising revenue	70,805	71,627
Print | Classified and Other
Disaggregation of Revenue [Line Items]
Advertising revenue	8,139	8,730
Print | Total advertising
Disaggregation of Revenue [Line Items]
Advertising revenue	78,944	80,357
Digital | Display
Disaggregation of Revenue [Line Items]
Advertising revenue	38,700	42,976
Digital | Classified and Other
Disaggregation of Revenue [Line Items]
Advertising revenue	8,003	6,695
Digital | Total advertising
Disaggregation of Revenue [Line Items]
Advertising revenue	$ 46,703	$ 49,671

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Revenue - Performance Obligations (Details) $ in Millions	3 Months Ended
	Apr. 01, 2018 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-04-02
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 14
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-02
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 10
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-02
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 33
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year

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Marketable Securities - Available for Sale (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Apr. 01, 2018	Dec. 31, 2017
Schedule of Available-for-sale Securities [Line Items]
Net unrealized loss in other comprehensive income	$ 3,900	$ 2,500
Short-term AFS securities
Amortized cost, short-term AFS securities	300,642	309,029
Gross unrealized gains, short-term AFS	1
Gross unrealized losses, short-term AFS	(809)	(440)
Fair value, short-term AFS securities	299,834	308,589
Long-term AFS securities
Amortized cost, long-term AFS securities	238,747	243,516
Gross unrealized gains, long-term AFS	3	0
Gross unrealized losses, long-term AFS	(3,109)	(2,105)
Fair value, long-term AFS securities	235,641	241,411
Corporate debt securities
Short-term AFS securities
Amortized cost, short-term AFS securities	147,292	150,334
Gross unrealized gains, short-term AFS	0
Gross unrealized losses, short-term AFS	(460)	(227)
Fair value, short-term AFS securities	146,832	150,107
Long-term AFS securities
Amortized cost, long-term AFS securities	99,699	92,687
Gross unrealized gains, long-term AFS	2	0
Gross unrealized losses, long-term AFS	(1,326)	(683)
Fair value, long-term AFS securities	98,375	92,004
U.S Treasury securities
Short-term AFS securities
Amortized cost, short-term AFS securities	71,460	70,985
Gross unrealized gains, short-term AFS	1
Gross unrealized losses, short-term AFS	(62)	(34)
Fair value, short-term AFS securities	71,399	70,951
Long-term AFS securities
Amortized cost, long-term AFS securities	52,522	53,031
Gross unrealized gains, long-term AFS	0	0
Gross unrealized losses, long-term AFS	(670)	(403)
Fair value, long-term AFS securities	51,852	52,628
U.S. governmental agency securities
Short-term AFS securities
Amortized cost, short-term AFS securities	60,240	45,819
Gross unrealized gains, short-term AFS	0
Gross unrealized losses, short-term AFS	(287)	(179)
Fair value, short-term AFS securities	59,953	45,640
Long-term AFS securities
Amortized cost, long-term AFS securities	86,526	97,798
Gross unrealized gains, long-term AFS	1	0
Gross unrealized losses, long-term AFS	(1,113)	(1,019)
Fair value, long-term AFS securities	85,414	96,779
Commercial paper
Short-term AFS securities
Amortized cost, short-term AFS securities	15,450	32,591
Gross unrealized gains, short-term AFS	0	0
Gross unrealized losses, short-term AFS	0	0
Fair value, short-term AFS securities	15,450	32,591
Certificates of deposit
Short-term AFS securities
Amortized cost, short-term AFS securities	6,200	9,300
Gross unrealized gains, short-term AFS	0
Gross unrealized losses, short-term AFS	0	0
Fair value, short-term AFS securities	$ 6,200	$ 9,300

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Marketable Securities Available-for-sale Securities - Continuous Loss Position (Details) - USD ($)	3 Months Ended
	Apr. 01, 2018	Dec. 31, 2017
Long-term AFS securities
Other-than-temporary impairment loss	$ 0
Total short-term AFS securities
Short-term AFS securities
Fair value, less than 12 months	226,764,000	$ 230,832,000
Gross unrealized losses, less than 12 months	(474,000)	(283,000)
Fair value, greater than 12 months	49,030,000	35,866,000
Gross unrealized losses, greater than 12 months	(335,000)	(157,000)
Fair value, total	275,794,000	266,698,000
Gross unrealized losses, total	(809,000)	(440,000)
Total long-term AFS securities
Long-term AFS securities
Fair value, less than 12 months	167,423,000	157,744,000
Gross unrealized losses, less than 12 months	(2,158,000)	(1,107,000)
Fair value, greater than 12 months	63,347,000	83,667,000
Gross unrealized losses, greater than 12 months	(951,000)	(998,000)
Fair value, total	230,770,000	241,411,000
Gross unrealized losses, total	(3,109,000)	(2,105,000)
Corporate Debt Securities
Short-term AFS securities
Fair value, less than 12 months	137,958,000	140,111,000
Gross unrealized losses, less than 12 months	(373,000)	(199,000)
Fair value, greater than 12 months	8,874,000	9,996,000
Gross unrealized losses, greater than 12 months	(87,000)	(28,000)
Fair value, total	146,832,000	150,107,000
Gross unrealized losses, total	(460,000)	(227,000)
Long-term AFS securities
Fair value, less than 12 months	91,661,000	81,118,000
Gross unrealized losses, less than 12 months	(1,244,000)	(579,000)
Fair value, greater than 12 months	4,943,000	10,886,000
Gross unrealized losses, greater than 12 months	(82,000)	(104,000)
Fair value, total	96,604,000	92,004,000
Gross unrealized losses, total	(1,326,000)	(683,000)
US Treasury Securities
Short-term AFS securities
Fair value, less than 12 months	69,009,000	70,951,000
Gross unrealized losses, less than 12 months	(62,000)	(34,000)
Fair value, greater than 12 months	0	0
Gross unrealized losses, greater than 12 months	0	0
Fair value, total	69,009,000	70,951,000
Gross unrealized losses, total	(62,000)	(34,000)
Long-term AFS securities
Fair value, less than 12 months	23,910,000	23,998,000
Gross unrealized losses, less than 12 months	(244,000)	(125,000)
Fair value, greater than 12 months	58,404,000	72,781,000
Gross unrealized losses, greater than 12 months	(869,000)	(894,000)
Fair value, total	82,314,000	96,779,000
Gross unrealized losses, total	(1,113,000)	(1,019,000)
U.S. governmental agency securities
Short-term AFS securities
Fair value, less than 12 months	19,797,000	19,770,000
Gross unrealized losses, less than 12 months	(39,000)	(50,000)
Fair value, greater than 12 months	40,156,000	25,870,000
Gross unrealized losses, greater than 12 months	(248,000)	(129,000)
Fair value, total	59,953,000	45,640,000
Gross unrealized losses, total	(287,000)	(179,000)
Long-term AFS securities
Fair value, less than 12 months	51,852,000	52,628,000
Gross unrealized losses, less than 12 months	(670,000)	(403,000)
Fair value, greater than 12 months	0	0
Gross unrealized losses, greater than 12 months	0	0
Fair value, total	51,852,000	52,628,000
Gross unrealized losses, total	$ (670,000)	$ (403,000)

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Marketable Securities (Details) - USD ($)	3 Months Ended
	Apr. 01, 2018	Dec. 31, 2017
Line of Credit Facility [Line Items]
Letters of credit		$ 56,000,000
Letters of credit, outstanding	$ 0
Letter of Credit
Line of Credit Facility [Line Items]
Collateral, letters of credit	$ 63,000,000	$ 63,100,000
Short-term Marketable Securities | Minimum
Line of Credit Facility [Line Items]
Marketable securities, remaining maturities (in months)	1 month
Short-term Marketable Securities | Maximum
Line of Credit Facility [Line Items]
Marketable securities, remaining maturities (in months)	12 months
Long-term Marketable Securities | Minimum
Line of Credit Facility [Line Items]
Marketable securities, remaining maturities (in months)	13 months
Long-term Marketable Securities | Maximum
Line of Credit Facility [Line Items]
Marketable securities, remaining maturities (in months)	35 months

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Goodwill and Intangibles - Additional Information (Details) $ in Millions	Apr. 01, 2018 USD ($)
Miscellaneous Assets
Business Acquisition [Line Items]
Intangible assets, carrying values	$ 7.7

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Goodwill and Intangibles (Details) $ in Thousands	3 Months Ended
	Apr. 01, 2018 USD ($)
Goodwill [Roll Forward]
Balance as of December 31, 2017	$ 143,549
Foreign currency translation	2,063
Balance as of April 1, 2018	$ 145,612

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Investments - Equity Method Investments (Details) - USD ($)	3 Months Ended				12 Months Ended
	Apr. 01, 2018	Mar. 26, 2017	Dec. 25, 2016	Mar. 27, 2016	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Investments in joint ventures	$ 1,751,000				$ 1,736,000
Loss from joint ventures	$ (15,000)	$ (173,000)
Madison Paper Industries
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	40.00%
Distributions received	$ 0	$ 0
Noncontrolling interest, ownership percentage by parent	10.00%
Loss from joint ventures				$ 41,400,000	$ (20,800,000)
Proportionate share of gain after tax and net of noncontrolling interest				$ 20,100,000
Investment in Madison			$ 0
Gain on sale of non-hydro power assets			$ 3,900,000
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%
UPM-Kymmene | Madison Paper Industries
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	60.00%

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Investments - Madison (Details) - Madison Paper Industries - USD ($)	3 Months Ended
	Apr. 01, 2018	Mar. 26, 2017
Schedule of Equity Method Investments [Line Items]
Revenues	$ 0	$ 0
Expenses:
Cost of sales	0	(1,054,000)
General and administrative income/(expense) and other	9,000	(26,000)
Total income/(costs)	9,000	(1,080,000)
Operating income/(loss)	9,000	(1,080,000)
Other income/(expense)	20,000	(2,000)
Net income/(loss)	29,000	(1,082,000)
Distributions received	$ 0	$ 0

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Investments - Non-Marketable Equity Securities (Details) - USD ($) $ in Millions	Apr. 01, 2018	Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Cost method investments	$ 14.1	$ 13.6

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Debt Obligations - Debt & Capital Leases (Details) - USD ($) $ in Thousands	Apr. 01, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Total option to repurchase ownership interest in headquarters building in 2019	$ 244,281	$ 243,404
Capital lease obligations	6,811	6,805
Total long-term debt and capital lease obligations	$ 251,092	250,209
Option To Repurchase Headquarters Building 2019
Debt Instrument [Line Items]
Imputed interest rate, as a percentage	13.00%
Principal amount	$ 250,000	250,000
Less unamortized discount based on imputed interest rate of 13.0%	$ 5,719	$ 6,596

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Debt Obligations - Interest Expense, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2018	Mar. 26, 2017
Debt Disclosure [Abstract]
Interest expense	$ 6,958	$ 6,864
Amortization of debt costs and discount on debt	876	800
Capitalized interest	(155)	(220)
Interest income and other expense, net	(2,802)	(2,119)
Total interest expense and other, net	$ 4,877	$ 5,325

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Debt Obligations (Details) ft² in Thousands, $ in Millions	Mar. 06, 2009 USD ($) ft²
Sale Leaseback Transaction [Line Items]
Rentable square feet | ft²	750
Option To Repurchase Headquarters Building 2019
Sale Leaseback Transaction [Line Items]
Sale price for Condo Interest	$ 225
Exercisable repurchase option	$ 250
Amortization period	10 years

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Other (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2018	Mar. 26, 2017	Dec. 31, 2017
Other Expense [Line Items]
Advertising expense	$ 31.6	$ 33.6
Severance liability	11.5		$ 18.8
Capitalized Computer Software Costs
Other Expense [Line Items]
Capitalized computer software amortization	3.4	3.1
Headquarters Redesign and Consolidation
Other Expense [Line Items]
Costs incurred during the period	1.9	2.4
Restructuring costs capitalized in period	6.4	1.0
Severance | Selling, General and Administrative Expenses
Other Expense [Line Items]
Severance costs	$ 2.4	$ 1.6

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Other - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Apr. 01, 2018	Dec. 31, 2017	Mar. 26, 2017	Dec. 25, 2016
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 213,814	$ 182,911
Restricted cash included within other current assets	385	375
Restricted cash included within miscellaneous assets	17,714	17,650
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statement of Cash Flows	$ 231,913	$ 200,936	$ 175,856	$ 125,550

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Fair Value Measurements (Details) - USD ($) $ in Thousands	Apr. 01, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value of long-term debt	$ 244,281	$ 243,404
Long-term debt, fair value	274,000	279,000
Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation	24,335	29,526
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	24,335	29,526
Debt Securities | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities	299,834	308,589
Long-term AFS securities	235,641	241,411
Debt Securities | Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities	0	0
Long-term AFS securities	0	0
Debt Securities | Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities	299,834	308,589
Long-term AFS securities	235,641	241,411
Debt Securities | Level 3 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities	0	0
Long-term AFS securities	0	0
Corporate debt securities | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities	146,832	150,107
Long-term AFS securities	98,374	92,004
Corporate debt securities | Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities	0	0
Long-term AFS securities	0	0
Corporate debt securities | Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities	146,832	150,107
Long-term AFS securities	98,374	92,004
Corporate debt securities | Level 3 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities	0	0
Long-term AFS securities	0	0
U.S Treasury securities | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities	71,399	70,951
Long-term AFS securities	51,852	52,628
U.S Treasury securities | Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities	0	0
Long-term AFS securities	0	0
U.S Treasury securities | Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities	71,399	70,951
Long-term AFS securities	51,852	52,628
U.S Treasury securities | Level 3 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities	0	0
Long-term AFS securities	0	0
U.S. governmental agency securities | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities	59,953	45,640
Long-term AFS securities	85,415	96,779
U.S. governmental agency securities | Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities	0	0
Long-term AFS securities	0	0
U.S. governmental agency securities | Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities	59,953	45,640
Long-term AFS securities	85,415	96,779
U.S. governmental agency securities | Level 3 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities	0	0
Long-term AFS securities	0	0
Commercial paper | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities	15,450	32,591
Commercial paper | Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities	0	0
Commercial paper | Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities	15,450	32,591
Commercial paper | Level 3 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities	0	0
Certificates of deposit | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities	6,200	9,300
Certificates of deposit | Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities	0	0
Certificates of deposit | Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities	6,200	9,300
Certificates of deposit | Level 3 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities	$ 0	$ 0

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Pension Benefits - Net Periodic Pension Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2018	Mar. 26, 2017
Pension Benefits
Curtailment recorded	$ 2,600
Pension Plan
Pension Benefits
Curtailment recorded	2,600
Service cost	2,647	$ 2,423
Interest cost	14,999	17,550
Expected return on plan assets	(20,555)	(26,136)
Amortization of actuarial loss	8,056	8,441
Amortization of prior service credit	(486)	(486)
Net periodic postretirement benefit cost/(income)	4,661	1,792
Qualified Plans | Pension Plan
Pension Benefits
Service cost	2,647	2,423
Interest cost	13,151	15,594
Expected return on plan assets	(20,555)	(26,136)
Amortization of actuarial loss	6,762	7,353
Amortization of prior service credit	(486)	(486)
Net periodic postretirement benefit cost/(income)	1,519	(1,252)
Pension contributions	2,100	2,000
Expected contributions in 2018	8,000
Non- Qualified Plans | Pension Plan
Pension Benefits
Service cost	0	0
Interest cost	1,848	1,956
Expected return on plan assets	0	0
Amortization of actuarial loss	1,294	1,088
Amortization of prior service credit	0	0
Net periodic postretirement benefit cost/(income)	$ 3,142	$ 3,044

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Other Postretirement Benefits (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2018	Mar. 26, 2017
Pension Benefits
Other components of net periodic benefit costs/(income)	$ 2,028	$ (1,194)
Other Postretirement Benefit Plan
Pension Benefits
Service cost	5	92
Interest cost	369	470
Amortization of actuarial loss	1,184	905
Amortization of prior service credit	(1,539)	(1,939)
Net periodic postretirement benefit cost/(income)	$ 19	$ (472)

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Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2018	Mar. 26, 2017
Income Tax Disclosure [Abstract]
Income tax expense	$ 5,251	$ 10,742
Effective income tax rate from continuing operations	19.30%	45.00%

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Earnings/(Loss) Per Share (Details) - shares	3 Months Ended
	Apr. 01, 2018	Mar. 26, 2017
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	2,000,000
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)	0	1,000,000

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Supplemental Stockholders' Equity Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2018	Mar. 26, 2017
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period	$ 897,363	$ 844,244
Adjustments to retained earnings	96,707
AOCI reclassification to Retained Earnings	(94,135)
Net income/(loss)	21,914	13,115
Other comprehensive income, net of tax	7,842	5,565
Effect of issuance of shares	(31,692)	(3,281)
Dividends declared	(6,632)	(6,495)
Stock-based compensation	3,326	3,815
Balance, end of period	958,077	856,963
Curtailment recorded	2,600
Total New York Times Company Stockholders' Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period	897,279	847,815
Adjustments to retained earnings	96,707
AOCI reclassification to Retained Earnings	(94,135)
Net income/(loss)	21,912
Other comprehensive income, net of tax	7,842	5,565
Effect of issuance of shares	(31,692)	(3,281)
Dividends declared	(6,632)	(6,495)
Stock-based compensation	3,326	3,815
Balance, end of period	957,991	860,600
Noncontrolling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of period	84	(3,571)
Adjustments to retained earnings	0
AOCI reclassification to Retained Earnings	0
Net income/(loss)	2	(66)
Other comprehensive income, net of tax	0	0
Effect of issuance of shares	0	0
Dividends declared	0	0
Stock-based compensation	0	0
Balance, end of period	$ 86	$ (3,637)
Stock Options | Class A Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Class A shares issued, vesting of performance awards (in shares)	2,177,326
Performance Based Awards | Class A Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Class A shares issued, vesting of performance awards (in shares)	271,841
Restricted Stock Units (RSUs) | Class A Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Class A shares issued, vesting of performance awards (in shares)	191,817

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Supplemental Stockholders' Equity Information - Additional Information (Details) - USD ($)	3 Months Ended
	Apr. 01, 2018	Jan. 14, 2015
Class of Stock [Line Items]
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
	Apr. 01, 2018	Mar. 26, 2017
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period	$ 897,363	$ 844,244
Income tax expense	2,820	3,531
Other comprehensive income, net of tax	7,842	5,565
AOCI reclassification to Retained Earnings	(94,135)
Balance, end of period	958,077	856,963
Curtailment recorded	2,600
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period	6,328
Other comprehensive income before reclassifications, before tax	2,273
Amounts reclassified from accumulated other comprehensive loss, before tax	0
Income tax expense	602
Other comprehensive income, net of tax	1,671
AOCI reclassification to Retained Earnings	1,576
Balance, end of period	9,575
Funded Status of Benefit Plans
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period	(427,819)
Other comprehensive income before reclassifications, before tax	2,597
Amounts reclassified from accumulated other comprehensive loss, before tax	7,163
Income tax expense	2,580
Other comprehensive income, net of tax	7,180
AOCI reclassification to Retained Earnings	(95,378)
Balance, end of period	(516,017)
Net unrealized Loss on available-for-sale Securities
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period	(1,538)
Other comprehensive income before reclassifications, before tax	(1,371)
Amounts reclassified from accumulated other comprehensive loss, before tax	0
Income tax expense	(362)
Other comprehensive income, net of tax	(1,009)
AOCI reclassification to Retained Earnings	(333)
Balance, end of period	(2,880)
Parent
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period	897,279	847,815
Other comprehensive income before reclassifications, before tax	3,499
Amounts reclassified from accumulated other comprehensive loss, before tax	7,163
Income tax expense	2,820
Other comprehensive income, net of tax	7,842	5,565
AOCI reclassification to Retained Earnings	(94,135)
Balance, end of period	957,991	$ 860,600
Total Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period	(423,029)
Balance, end of period	$ (509,322)

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Supplemental Stockholders' Equity Information -Reclassifications Out of Accumulated Other Comprehensive Income (Details) $ in Thousands	3 Months Ended
	Apr. 01, 2018 USD ($)
Amortization of prior service credit
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amounts reclassified from accumulated other comprehensive loss, before tax	$ (2,077)
Amortization of actuarial loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amounts reclassified from accumulated other comprehensive loss, before tax	9,240
Total reclassifications
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amounts reclassified from accumulated other comprehensive loss, before tax	7,163
Income tax expense	1,893
Total reclassification, net of tax	$ 5,270

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Segment Information (Details)	3 Months Ended
	Apr. 01, 2018 Segment
Segment Reporting [Abstract]
Number of reportable segments	1

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Contingent Liabilities (Details) - USD ($)	1 Months Ended			3 Months Ended
	Jul. 29, 2016	Dec. 31, 2014	Sep. 30, 2013	Apr. 01, 2018	Mar. 26, 2017	Dec. 31, 2017
Loss Contingencies [Line Items]
Amount paid related to Revised Assessment	$ 5,000,000
Letters of credit						$ 56,000,000
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				$ 16,200,000
Amount recognized as expense in the period				100,000	$ 100,000
Partial pension withdrawal arbitration liability				5,700,000
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
Letter of Credit
Loss Contingencies [Line Items]
Collateral, letters of credit				$ 63,000,000		$ 63,100,000