Fair Value Measurements (Tables)

6 Months Ended

Jul. 01, 2018

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 July 1, 2018, and December 31, 2017:



(In thousands)	July 1, 2018								December 31, 2017
(In thousands)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Short-term AFS securities ⁽¹⁾
Corporate debt securities	$	120,485	$	—	$	120,485	$	—	$	150,107	$	—	$	150,107	$	—
U.S. Treasury securities	101,810		—		101,810		—		70,951		—		70,951		—
U.S. governmental agency securities	50,783		—		50,783		—		45,640		—		45,640		—
Commercial paper	17,520		—		17,520		—		32,591		—		32,591		—
Certificates of deposit	3,193		—		3,193		—		9,300		—		9,300		—
Total short-term AFS securities	$	293,791	$	—	$	293,791	$	—	$	308,589	$	—	$	308,589	$	—
Long-term AFS securities ⁽¹⁾
Corporate debt securities	$	116,225	$	—	$	116,225	$	—	$	92,004	$	—	$	92,004	$	—
U.S. Treasury securities	41,945		—		41,945		—		52,628		—		52,628		—
U.S. governmental agency securities	90,678		—		90,678		—		96,779		—		96,779		—
Total long-term AFS securities	$	248,848	$	—	$	248,848	$	—	$	241,411	$	—	$	241,411	$	—
Liabilities:
Deferred compensation ⁽²⁾	$	24,826	$	24,826	$	—	$	—	$	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.