Quarterly Information (Unaudited) (Tables)

12 Months Ended

Dec. 27, 2020

Quarterly Financial Information Disclosure [Abstract]

Quarterly financial information for each quarter in the years ended December 27, 2020, and December 29, 2019, is included in the following tables.

Earnings/(loss) per share amounts for the quarters do not necessarily equal the respective year-end amounts for earnings or loss per share due to the weighted-average number of shares outstanding used in the computations for the respective periods. Earnings/(loss) per share amounts for the respective quarters and years have been computed using the average number of common shares outstanding.

Our second largest source of revenue is advertising. Our business has historically experienced higher advertising volume in the fourth quarter than the remaining quarters because of holiday advertising.


	2020 Quarters
(In thousands, except per share data)	March 29, 2020		June 28, 2020		September 27, 2020		December 27, 2020		Full Year
	(13 weeks)		(13 weeks)		(13 weeks)		(13 weeks)		(52 weeks)
Revenues	$	443,636	$	403,750	$	426,895	$	509,358	$	1,783,639
Operating costs	416,316		374,944		387,299		428,824		1,607,383




Operating profit	27,320		28,806		39,596		80,534		176,256
Other components of net periodic benefit costs(1)	2,314		2,149		2,272		82,419		89,154
Gain from joint ventures(2)	—		—		—		5,000		5,000
Interest expense and other, net (3)	13,854		2,786		3,537		3,153		23,330
Income from continuing operations before income taxes	38,860		29,443		40,861		6,268		115,432
Income tax expense/(benefit)	6,006		5,781		7,283		(4,475)		14,595


Net income	32,854		23,662		33,578		10,743		100,837
Net income attributable to the noncontrolling interest	—		—		—		(734)		(734)
Net income attributable to The New York Times Company common stockholders	$	32,854	$	23,662	$	33,578	$	10,009	$	100,103




Average number of common shares outstanding:
Basic	166,549		166,869		167,075		167,367		166,973
Diluted	167,845		168,083		168,059		168,197		168,038
Basic earnings per share attributable to The New York Times Company common stockholders:


Net income	$	0.20	$	0.14	$	0.20	$	0.06	$	0.60
Diluted earnings per share attributable to The New York Times Company common stockholders:


Net income	$	0.20	$	0.14	$	0.20	$	0.06	$	0.60
Dividends declared per share	$	0.06	$	—	$	0.12	$	0.06	$	0.24

(1)In the fourth quarter of 2020, the Company recorded pension settlement charges of $80.6 million in connection with the transfer of certain pension benefit obligations to an insurer.

(2)In the fourth quarter of 2020, the Company recorded a $5.0 million gain from joint ventures reflecting our proportionate share of a distribution from the pending liquidation of Madison.

(3)In the first quarter of 2020, the Company recorded a $10.1 million gain related to a non-marketable equity investment transaction.


	2019 Quarters
(In thousands, except per share data)	March 31, 2019		June 30, 2019		September 29, 2019		December 29, 2019		Full Year
	(13 weeks)		(13 weeks)		(13 weeks)		(13 weeks)		(52 weeks)
Revenues	$	439,062	$	436,258	$	428,501	$	508,363	$	1,812,184
Operating costs	404,464		398,325		401,452		430,398		1,634,639
Restructuring charge(1)	—		—		4,008		—		4,008
Gain from pension liability adjustment(2)	—		—		(2,045)		—		(2,045)

Operating profit	34,598		37,933		25,086		77,965		175,582
Other components of net periodic benefit costs	1,835		1,833		1,834		1,800		7,302

Interest expense and other, net	(1,303)		(1,514)		(755)		(248)		(3,820)
Income from continuing operations before income taxes	31,460		34,586		22,497		75,917		164,460
Income tax expense	1,304		9,415		6,070		7,705		24,494




Net income attributable to The New York Times Company common stockholders	$	30,156	$	25,171	$	16,427	$	68,212	$	139,966




Average number of common shares outstanding:
Basic	165,674		166,152		166,148		166,239		166,042
Diluted	167,129		167,549		167,555		167,728		167,545
Basic earnings/(loss) per share attributable to The New York Times Company common stockholders:


Net income/(loss)	$	0.18	$	0.15	$	0.10	$	0.41	$	0.84
Diluted earnings/(loss) per share attributable to The New York Times Company common stockholders:


Net income/(loss)	$	0.18	$	0.15	$	0.10	$	0.41	$	0.83
Dividends declared per share	$	0.05	$	0.05	$	0.05	$	0.05	$	0.20

(1)In the third quarter of 2019, the Company recognized a $4.0 million of pre-tax expense related to restructuring charges, including impairment and severance charges related to the closure of our digital marketing agency, HelloSociety, LLC.

(2)In the third quarter of 2019, the Company recorded a $2.0 million gain from a multiemployer pension plan liability adjustment.