Fair Value Measurements - (Tables)

9 Months Ended

Sep. 29, 2019

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 29, 2019, and December 30, 2018:



(In thousands)	September 29, 2019								December 30, 2018
(In thousands)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Short-term AFS securities ⁽¹⁾
U.S. Treasury securities	$	123,223	$	—	$	123,223	$	—	$	107,485	$	—	$	107,485	$	—
Corporate debt securities	110,019		—		110,019		—		140,168		—		140,168		—
Commercial paper	69,298		—		69,298		—		8,177		—		8,177		—
U.S. governmental agency securities	60,513		—		60,513		—		91,974		—		91,974		—
Certificates of deposit	13,810		—		13,810		—		23,497		—		23,497		—
Total short-term AFS securities	$	376,863	$	—	$	376,863	$	—	$	371,301	$	—	$	371,301	$	—
Long-term AFS securities ⁽¹⁾
Corporate debt securities	$	94,663	$	—	$	94,663	$	—	$	129,624	$	—	$	129,624	$	—
U.S. Treasury securities	71,367		—		71,367		—		46,737		—		46,737		—
U.S. governmental agency securities	51,235		—		51,235		—		37,197		—		37,197		—
Total long-term AFS securities	$	217,265	$	—	$	217,265	$	—	$	213,558	$	—	$	213,558	$	—
Liabilities:
Deferred compensation ⁽²⁾⁽³⁾	$	22,326	$	22,326	$	—	$	—	$	23,211	$	23,211	$	—	$	—

⁽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 Condensed Consolidated Balance Sheets, consists of deferrals under The New York Times Company Deferred Executive Compensation Plan (the “DEC”), which previously 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.

⁽³⁾The Company invests deferred compensation assets in life insurance products. Our investments in life insurance products are included in Miscellaneous assets in our Condensed Consolidated Balance Sheets, and were $43.4 million as of September 29, 2019, and $38.1 million as of December 30, 2018. The fair value of these assets is measured using the net asset value per share (or its equivalent) and has not been classified in the fair value hierarchy.