Fair Value Measurements (Tables)

12 Months Ended

Dec. 30, 2018

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

The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis as of December 30, 2018 and December 31, 2017:



(In thousands)	December 30, 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	$	140,168	$	—	$	140,168	$	—	$	150,107	$	—	$	150,107	$	—
U.S Treasury securities	107,485		—		107,485		—		70,951		—		70,951		—
U.S. governmental agency securities	91,974		—		91,974		—		45,640		—		45,640		—
Certificates of deposit	23,497		—		23,497		—		9,300		—		9,300		—
Commercial paper	8,177		—		8,177		—		32,591		—		32,591		—
Total short-term AFS securities	$	371,301	$	—	$	371,301	$	—	$	308,589	$	—	$	308,589	$	—
Long-term AFS securities⁽¹⁾
Corporate debt securities	$	129,624	$	—	$	129,624	$	—	$	92,004	$	—	$	92,004	$	—
U.S Treasury securities	46,737		—		46,737		—		52,628		—		52,628		—
U.S. governmental agency securities	37,197		—		37,197		—		96,779		—		96,779		—
Total long-term AFS securities	$	213,558	$	—	$	213,558	$	—	$	241,411	$	—	$	241,411	$	—
Liabilities:
Deferred compensation⁽²⁾⁽³⁾	$	23,211	$	23,211	$	—	$	—	$	29,526	$	29,526	$	—	$	—

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

⁽²⁾ The deferred compensation liability, included in “Other liabilities—Other” in our Consolidated Balance Sheets, consists of deferrals under The New York Times Company Deferred Executive Compensation Plan (the “DEC”), a frozen plan which enabled certain eligible executives to elect to defer a portion of their compensation on a pre-tax basis. The deferred amounts are invested at the executives’ option in various mutual funds. The fair value of deferred compensation is based on the mutual fund investments elected by the executives and on quoted prices in active markets for identical assets. Participation in the DEC was frozen effective December 31, 2015. Refer to Note 12 for detail.

⁽³⁾The Company invests deferred compensation in life insurance products. Our investments in life insurance products are included in “Miscellaneous assets” in our Consolidated Balance Sheets, and were $38.1 million as of December 30, 2018, and $40.3 million as of December 31, 2017. The fair value of these assets is measured using the net asset value (“NAV”) per share (or its equivalent) and has not been classified in the fair value hierarchy.