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Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 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 September 30, 2018, and December 31, 2017:
(In thousands)
 
September 30, 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
 
$
138,635

 
$

 
$
138,635

 
$

 
$
150,107

 
$

 
$
150,107

 
$

U.S. Treasury securities
 
112,784

 

 
112,784

 

 
70,951

 

 
70,951

 

U.S. governmental agency securities
 
77,155

 

 
77,155

 

 
45,640

 

 
45,640

 

Commercial paper
 
11,800

 

 
11,800

 

 
32,591

 

 
32,591

 

Certificates of deposit
 
7,848

 

 
7,848

 

 
9,300

 

 
9,300

 

Total short-term AFS securities
 
$
348,222

 
$

 
$
348,222

 
$

 
$
308,589

 
$

 
$
308,589

 
$

Long-term AFS securities (1)
 

 

 

 

 

 

 

 

Corporate debt securities
 
$
138,234

 
$

 
$
138,234

 
$

 
$
92,004

 
$

 
$
92,004

 
$

U.S. Treasury securities
 
53,932

 

 
53,932

 

 
52,628

 

 
52,628

 

U.S. governmental agency securities
 
47,889

 

 
47,889

 

 
96,779

 

 
96,779

 

Total long-term AFS securities
 
$
240,055

 
$

 
$
240,055

 
$

 
$
241,411

 
$

 
$
241,411

 
$

Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deferred compensation (2)
 
$
25,817

 
$
25,817

 
$

 
$

 
$
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.