10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 27, 2021

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___ to ___

Commission file number 1-5837

THE NEW YORK TIMES COMPANY

(Exact name of registrant as specified in its charter)

New York	13-1102020
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

620 Eighth Avenue, New York, New York 10018

(Address and zip code of principal executive offices)

Registrant’s telephone number, including area code 212-556-1234

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A Common Stock	NYT	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x      No   o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   x     No  o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐	Non-accelerated filer	☐
Smaller reporting company	☐	Emerging growth company	☐

If an emerging growth company, indicate by the check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   ☐     No  x

Number of shares of each class of the registrant’s common stock outstanding as of July 30, 2021 (exclusive of treasury shares):  

Class A Common Stock	167,091,902	shares
Class B Common Stock	781,724	shares

THE NEW YORK TIMES COMPANY

INDEX

PART I		Financial Information	1
Item	1	Financial Statements	1
		Condensed Consolidated Balance Sheets as of June 27, 2021 (unaudited) and December 27, 2020	1
		Condensed Consolidated Statements of Operations (unaudited) for the quarters and six months ended June 27, 2021 and June 28, 2020	3
		Condensed Consolidated Statements of Comprehensive Income (unaudited) for the quarters and six months ended June 27, 2021 and June 28, 2020	4
		Condensed Consolidated Statements of Changes In Stockholders’ Equity (unaudited) for the quarters and six months ended June 27, 2021 and June 28, 2020	5
		Condensed Consolidated Statements of Cash Flows (unaudited) for the six months ended June 27, 2021 and June 28, 2020	7
		Notes to the Condensed Consolidated Financial Statements	8
Item	2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	20
Item	3	Quantitative and Qualitative Disclosures about Market Risk	37
Item	4	Controls and Procedures	38
PART II		Other Information	39
Item	1	Legal Proceedings	39
Item	1A	Risk Factors	39
Item	2	Unregistered Sales of Equity Securities and Use of Proceeds	39
Item	6	Exhibits	40

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

THE NEW YORK TIMES COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)

	June 27, 2021		December 27, 2020
	(Unaudited)
Assets
Current assets
Cash and cash equivalents	$	320,871	$	286,079
Short-term marketable securities	338,455		309,080
Accounts receivable (net of allowances of $12,269 in 2021 and $13,797 in 2020)	153,540		183,692
Prepaid expenses	36,262		29,487
Other current assets	32,110		27,497
Total current assets	881,238		835,835
Other assets
Long-term marketable securities	287,265		286,831
Property, plant and equipment (less accumulated depreciation and amortization of $891,635 in 2021 and $886,149 in 2020)	582,331		594,516
Goodwill	170,156		171,657
Deferred income taxes	96,869		99,518
Miscellaneous assets	330,148		319,332
Total assets	$	2,348,007	$	2,307,689

 See Notes to Condensed Consolidated Financial Statements.

1

THE NEW YORK TIMES COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS-(Continued)

(In thousands, except share and per share data)

	June 27, 2021		December 27, 2020
	(Unaudited)
Liabilities and stockholders’ equity
Current liabilities
Accounts payable	$	94,480	$	123,157
Accrued payroll and other related liabilities	101,637		121,159
Unexpired subscriptions revenue	114,740		105,346
Accrued expenses and other	135,660		137,086
Total current liabilities	446,517		486,748
Other liabilities
Pension benefits obligation	317,543		326,555
Postretirement benefits obligation	35,712		38,690
Other	129,448		127,585
Total other liabilities	482,703		492,830
Stockholders’ equity
Common stock of $.10 par value:
Class A – authorized: 300,000,000 shares; issued: 2021 – 175,962,272; 2020 – 175,308,672 (including treasury shares: 2021 – 8,870,801; 2020 – 8,870,801)	17,596		17,531
Class B – convertible – authorized and issued shares: 2021 – 781,724; 2020 – 781,724	78		78
Additional paid-in capital	217,565		216,714
Retained earnings	1,756,198		1,672,586
Common stock held in treasury, at cost	(171,211)		(171,211)
Accumulated other comprehensive loss, net of income taxes:
Foreign currency translation adjustments	7,092		8,386
Funded status of benefit plans	(412,315)		(421,698)
Net unrealized gain on available-for-sale securities	1,779		3,131
Total accumulated other comprehensive loss, net of income taxes	(403,444)		(410,181)
Total New York Times Company stockholders’ equity	1,416,782		1,325,517
Noncontrolling interest	2,005		2,594
Total stockholders’ equity	1,418,787		1,328,111
Total liabilities and stockholders’ equity	$	2,348,007	$	2,307,689

 See Notes to Condensed Consolidated Financial Statements.

2

THE NEW YORK TIMES COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except per share data)

	For the Quarters Ended				For the Six Months Ended
	June 27, 2021		June 28, 2020		June 27, 2021		June 28, 2020
	(13 weeks)				(26 weeks)
Revenues
Subscription	$	339,217	$	293,189	$	668,301	$	578,623
Advertising	112,774		67,760		209,890		173,897
Other	46,506		42,801		93,351		94,866
Total revenues	498,497		403,750		971,542		847,386
Operating costs
Cost of revenue (excluding depreciation and amortization)	251,358		229,913		502,355		473,397
Sales and marketing	53,555		39,605		113,708		113,389
Product development	39,699		30,983		78,642		61,985
General and administrative	62,283		58,812		118,860		111,673
Depreciation and amortization	14,486		15,631		29,203		30,816
Total operating costs	421,381		374,944		842,768		791,260
Lease termination charge	3,831		—		3,831		—
Operating profit	73,285		28,806		124,943		56,126
Other components of net periodic benefit costs	2,598		2,149		5,197		4,463
Interest income and other, net	1,873		2,786		3,384		16,640
Income from continuing operations before income taxes	72,560		29,443		123,130		68,303
Income tax expense	18,243		5,781		27,704		11,787
Net income	54,317		23,662		95,426		56,516
Net income attributable to The New York Times Company common stockholders	$	54,317	$	23,662	$	95,426	$	56,516
Average number of common shares outstanding:
Basic	168,012		166,869		167,828		166,725
Diluted	168,346		168,083		168,312		167,968
Basic earnings per share attributable to The New York Times Company common stockholders	$	0.32	$	0.14	$	0.57	$	0.34
Diluted earnings per share attributable to The New York Times Company common stockholders	$	0.32	$	0.14	$	0.57	$	0.34
Dividends declared per share	$	—	$	—	$	0.07	$	0.06

See Notes to Condensed Consolidated Financial Statements.

3

THE NEW YORK TIMES COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(In thousands)

	For the Quarters Ended				For the Six Months Ended
	June 27, 2021		June 28, 2020		June 27, 2021		June 28, 2020
	(13 weeks)				(26 weeks)
Net income	$	54,317	$	23,662	$	95,426	$	56,516
Other comprehensive income, before tax:
Gain/(loss) on foreign currency translation adjustments	935		619		(1,767)		365
Pension and postretirement benefits obligation	6,409		6,231		12,815		12,628
Net unrealized (loss)/gain on available-for-sale securities	(779)		4,075		(1,846)		4,790
Other comprehensive income, before tax	6,565		10,925		9,202		17,783
Income tax expense	1,756		2,848		2,465		4,763
Other comprehensive income, net of tax	4,809		8,077		6,737		13,020
Comprehensive income attributable to The New York Times Company common stockholders	$	59,126	$	31,739	$	102,163	$	69,536

 See Notes to Condensed Consolidated Financial Statements.

4

THE NEW YORK TIMES COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

For the Quarters Ended June 27, 2021 and June 28, 2020

(Unaudited)

(In thousands, except share data)

	Capital Stock - Class A and Class B Common		Additional Paid-in Capital		Retained Earnings		Common Stock Held in Treasury, at Cost		Accumulated Other Comprehensive Loss, Net of Income Taxes		Total New York Times Company Stockholders’ Equity		Non- controlling Interest		Total Stock- holders’ Equity
Balance, March 29, 2020	$	17,552	$	199,933	$	1,635,473	$	(171,211)	$	(490,033)	$	1,191,714	$	1,860	$	1,193,574
Net income	—		—		23,662		—		—		23,662		—		23,662
Dividends	—		—		23		—		—		23		—		23
Other comprehensive income	—		—		—		—		8,077		8,077		—		8,077
Issuance of shares:
Stock options – 90,735 Class A shares	9		933		—		—		—		942		—		942
Restricted stock units vested – 6,516 Class A shares	1		(275)		—		—		—		(274)		—		(274)
Stock-based compensation	—		5,027		—		—		—		5,027		—		5,027
Balance, June 28, 2020	$	17,562	$	205,618	$	1,659,158	$	(171,211)	$	(481,956)	$	1,229,171	$	1,860	$	1,231,031
Balance, March 28, 2021	$	17,670	$	212,802	$	1,701,860	$	(171,211)	$	(408,253)	$	1,352,868	$	2,594	$	1,355,462
Net income	—		—		54,317		—		—		54,317		—		54,317
Dividends	—		—		21		—		—		21		—		21
Other comprehensive income	—		—		—		—		4,809		4,809		—		4,809
Issuance of shares:
Restricted stock units vested – 45,280 Class A shares	4		(390)		—		—		—		(386)		—		(386)
Stock-based compensation	—		5,153		—		—		—		5,153		—		5,153
Distributions	—		—		—		—		—		—		(589)		(589)
Balance, June 27, 2021	$	17,674	$	217,565	$	1,756,198	$	(171,211)	$	(403,444)	$	1,416,782	$	2,005	$	1,418,787

5

THE NEW YORK TIMES COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

For the Six Months Ended June 27, 2021 and June 28, 2020

(Unaudited)

(In thousands, except share data)

	Capital Stock - Class A and Class B Common		Additional Paid-in Capital		Retained Earnings		Common Stock Held in Treasury, at Cost		Accumulated Other Comprehensive Loss, Net of Income Taxes		Total New York Times Company Stockholders’ Equity		Non- controlling Interest		Total Stock- holders’ Equity
Balance, December 29, 2019	$	17,504	$	208,028	$	1,612,658	$	(171,211)	$	(494,976)	$	1,172,003	$	1,860	$	1,173,863
Net income	—		—		56,516		—		—		56,516		—		56,516
Dividends	—		—		(10,016)		—		—		(10,016)		—		(10,016)
Other comprehensive income	—		—		—		—		13,020		13,020		—		13,020
Issuance of shares:											—				—
Stock options – 179,510 Class A shares	18		1,855		—		—		—		1,873		—		1,873
Restricted stock units vested – 141,501 Class A shares	14		(3,897)		—		—		—		(3,883)		—		(3,883)
Performance-based awards – 257,098 Class A shares	26		(7,850)		—		—		—		(7,824)		—		(7,824)
Stock-based compensation	—		7,482		—		—		—		7,482		—		7,482
Balance, June 28, 2020	$	17,562	$	205,618	$	1,659,158	$	(171,211)	$	(481,956)	$	1,229,171	$	1,860	$	1,231,031
Balance, December 27, 2020	$	17,609	$	216,714	$	1,672,586	$	(171,211)	$	(410,181)	$	1,325,517	$	2,594	$	1,328,111
Net income	—		—		95,426		—		—		95,426		—		95,426
Dividends	—		—		(11,814)		—		—		(11,814)		—		(11,814)
Other comprehensive income	—		—		—		—		6,737		6,737		—		6,737
Issuance of shares:
Stock options – 323,360 Class A shares	33		2,414		—		—		—		2,447		—		2,447
Restricted stock units vested – 187,987 Class A shares	18		(4,954)		—		—		—		(4,936)		—		(4,936)
Performance-based awards – 142,253 Class A shares	14		(5,947)		—		—		—		(5,933)		—		(5,933)
Stock-based compensation	—		9,338		—		—		—		9,338		—		9,338
Distributions	—		—		—		—		—		—		(589)		(589)
Balance, June 27, 2021	$	17,674	$	217,565	$	1,756,198	$	(171,211)	$	(403,444)	$	1,416,782	$	2,005	$	1,418,787

6

THE NEW YORK TIMES COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

	For the Six Months Ended
	June 27, 2021		June 28, 2020
	(26 weeks)
Cash flows from operating activities
Net income	$	95,426	$	56,516
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	29,203		30,816
Lease termination charge	3,831		—
Amortization of right of use asset	4,442		4,645
Stock-based compensation expense	9,338		7,482
Gain on non-marketable equity investment	—		(10,074)
Long-term retirement benefit obligations	(8,866)		(8,524)
Other – net	(289)		475
Changes in operating assets and liabilities:
Accounts receivable – net	30,152		91,310
Other assets	(8,027)		(1,292)
Accounts payable, accrued payroll and other liabilities	(54,170)		(64,019)
Unexpired subscriptions	9,394		11,255
Net cash provided by operating activities	110,434		118,590
Cash flows from investing activities
Purchases of marketable securities	(326,996)		(278,773)
Maturities of marketable securities	293,053		228,938
Business acquisitions	—		(8,055)
Sales of investments – net	271		4,074
Capital expenditures	(14,677)		(21,510)
Other-net	2,017		2,388
Net cash used in investing activities	(46,332)		(72,938)
Cash flows from financing activities
Long-term obligations:
Dividends paid	(21,825)		(18,359)
Capital shares:
Proceeds from stock option exercises	2,441		1,873
Share-based compensation tax withholding	(10,901)		(11,706)
Net cash used in financing activities	(30,285)		(28,192)
Net increase in cash, cash equivalents and restricted cash	33,817		17,460
Effect of exchange rate changes on cash	(280)		162
Cash, cash equivalents and restricted cash at the beginning of the period	301,964		247,518
Cash, cash equivalents and restricted cash at the end of the period	$	335,501	$	265,140

 See Notes to Condensed Consolidated Financial Statements.

7

THE NEW YORK TIMES COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 1. BASIS OF PRESENTATION

In the opinion of management of The New York Times Company (the “Company”), the Condensed Consolidated Financial Statements present fairly the financial position of the Company as of June 27, 2021, and December 27, 2020, and the results of operations, changes in stockholders’ equity and cash flows of the Company for the periods ended June 27, 2021, and June 28, 2020. The Company and its consolidated subsidiaries are referred to collectively as “we,” “us” or “our.” All adjustments necessary for a fair presentation have been included and are of a normal and recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation. The financial statements were prepared in accordance with the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain notes or other financial information that are normally required by accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted from these interim financial statements. These financial statements, therefore, should be read in conjunction with the Consolidated Financial Statements and related Notes included in our Annual Report on Form 10-K for the year ended December 27, 2020. Due to the seasonal nature of our business, operating results for the interim periods are not necessarily indicative of a full year’s operations. The fiscal periods included herein comprise 13 and 26 weeks for the second quarter and six months, respectively.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in our Condensed Consolidated Financial Statements. Actual results could differ from these estimates.

Certain prior period amounts have been reclassified to conform with the current period presentation.

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Except as described herein, as of June 27, 2021, our significant accounting policies, which are detailed in our Annual Report on Form 10-K for the year ended December 27, 2020, have not changed materially.

Recently Adopted Accounting Pronouncements

Accounting Standard Update(s)	Topic	Effective Period	Summary
2019-12	Simplifying the Accounting for Income Taxes (Topic 740)	Fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted.	Simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in Accounting Standards Codification 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The standard also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The Company adopted this guidance on December 28, 2020. The adoption did not have a material impact on the Company’s consolidated financial statements.

Recently Issued Accounting Pronouncements

The Company considers the applicability and impact of all recently issued accounting pronouncements. Recent accounting pronouncements not specifically identified in our disclosures are either not applicable to the Company or are not expected to have a material effect on our financial condition or results of operations.

NOTE 3. REVENUE

We generate revenues principally from subscriptions and advertising. Subscription revenues consist of revenues from subscriptions to our digital and print products (which include our news product, as well as our Games, Cooking and Audm products) and single-copy and bulk sales of our print products. Subscription revenues are based on both the number of copies of the printed newspaper sold and digital-only subscriptions, and the rates charged to the respective customers.

Advertising revenue is principally from advertisers (such as technology, financial and luxury goods companies) promoting products, services or brands on digital platforms in the form of display ads, audio and video, and in print, in the form of column-inch ads. Advertising revenue is primarily derived from offerings sold directly to marketers by our advertising sales teams. A smaller proportion of our total advertising revenues is generated through programmatic auctions run by third-party ad exchanges. Advertising revenue is primarily determined by the volume (e.g., impressions), rate and mix of advertisements. Digital advertising includes our core digital advertising business and other digital advertising. Our core digital advertising business includes direct-sold website, mobile application, podcast, email and video advertisements. Direct-sold display

8

THE NEW YORK TIMES COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

advertising, a component of core digital advertising, includes offerings on websites and mobile applications sold directly to marketers by our advertising sales teams. Other digital advertising includes open-market programmatic advertising and creative services fees. Print advertising includes revenue from column-inch ads and classified advertising, including line-ads as well as preprinted advertising, also known as freestanding inserts.

Other revenues primarily consist of revenues from licensing, Wirecutter affiliate referrals, the leasing of floors in the New York headquarters building located at 620 Eighth Avenue, New York, New York (the “Company Headquarters”), commercial printing, retail commerce, television and film, our student subscription sponsorship program and our live events business.

Subscription, advertising and other revenues were as follows:

	For the Quarters Ended								For the Six Months Ended
(In thousands)	June 27, 2021		As % of total		June 28, 2020		As % of total		June 27, 2021		As % of total		June 28, 2020		As % of total
Subscription	$	339,217	68.1	%	$	293,189	72.6	%	$	668,301	68.8	%	$	578,623	68.3	%
Advertising	112,774		22.6	%	67,760		16.8	%	209,890		21.6	%	173,897		20.5	%
Other (1)	46,506		9.3	%	42,801		10.6	%	93,351		9.6	%	94,866		11.2	%
Total	$	498,497	100.0	%	$	403,750	100.0	%	$	971,542	100.0	%	$	847,386	100.0	%

(1) Other revenues include building rental revenue, which is not under the scope of Revenue from Contracts with Customers (Topic 606). Building rental revenue was approximately $7 million for the second quarters of 2021 and 2020, respectively, and approximately $13 million and $15 million for the first six months of 2021 and 2020, respectively.

The following table summarizes digital and print subscription revenues, which are components of subscription revenues above, for the second quarters and first six months ended June 27, 2021, and June 28, 2020:

	For the Quarters Ended				For the Six Months Ended
(In thousands)	June 27, 2021		June 28, 2020		June 27, 2021		June 28, 2020
Digital-only subscription revenues:
News product subscription revenues(1)	$	170,893	$	132,922	$	332,181	$	251,880
Other product subscription revenues(2)	19,252		13,062		37,564		24,114
Subtotal digital-only subscriptions	190,145		145,984		369,745		275,994
Print subscription revenues:
Domestic home delivery subscription revenues(3)	134,755		132,971		269,150		266,708
Single-copy, NYT International and other subscription revenues(4)	14,317		14,234		29,406		35,921
Subtotal print subscription revenues	149,072		147,205		298,556		302,629
Total subscription revenues	$	339,217	$	293,189	$	668,301	$	578,623
(1) Includes revenues from subscriptions to the Company’s news product. News product subscription packages that include access to the Company’s Games and Cooking products are also included in this category.
(2) Includes revenues from standalone subscriptions to the Company’s Games, Cooking and Audm products.
(3) Includes free access to some of the Company’s digital products.
(4) NYT International is the international edition of our print newspaper.

The following table summarizes digital and print advertising revenues for the second quarters and first six months ended June 27, 2021, and June 28, 2020:

	For the Quarters Ended				For the Six Months Ended
(In thousands)	June 27, 2021		June 28, 2020		June 27, 2021		June 28, 2020
Advertising revenues:
Digital	$	70,995	$	39,531	$	130,491	$	90,689
Print	41,779		28,229		79,399		83,208
Total advertising	$	112,774	$	67,760	$	209,890	$	173,897

9

THE NEW YORK TIMES COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Performance Obligations

We have remaining performance obligations related to digital archive and other licensing and certain advertising contracts. As of June 27, 2021, the aggregate amount of the transaction price allocated to the remaining performance obligations for contracts with a duration greater than one year was approximately $104 million. The Company will recognize this revenue as performance obligations are satisfied. We expect that approximately $24 million, $36 million and $44 million will be recognized in the remainder of 2021, 2022 and thereafter, respectively.

Contract Assets

As of June 27, 2021, and December 27, 2020, the Company had $1.9 million and $1.8 million, respectively, in contract assets recorded in the Condensed Consolidated Balance Sheets related to digital archiving licensing revenue. The contract asset is reclassified to Accounts receivable when the customer is invoiced based on the contractual billing schedule.

NOTE 4. MARKETABLE SECURITIES

The Company accounts for its marketable securities as available for sale (“AFS”). The Company recorded $2.4 million and $4.3 million of net unrealized gains in Accumulated other comprehensive income (“AOCI”) as of June 27, 2021, and December 27, 2020, respectively.

10

THE NEW YORK TIMES COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

The following tables present the amortized cost, gross unrealized gains and losses, and fair market value of our AFS securities as of June 27, 2021, and December 27, 2020:

	June 27, 2021
(In thousands)	Amortized Cost		Gross unrealized gains		Gross unrealized losses		Fair Value
Short-term AFS securities
Corporate debt securities	$	110,415	$	496	$	(12)	$	110,899
Certificates of deposit	105,954		—		—		105,954
U.S. Treasury securities	74,984		547		(3)		75,528
U.S. governmental agency securities	26,137		16		—		26,153
Commercial paper	19,921		—		—		19,921
Total short-term AFS securities	$	337,411	$	1,059	$	(15)	$	338,455
Long-term AFS securities
Corporate debt securities	$	161,767	$	725	$	(123)	$	162,369
U.S. Treasury securities	60,377		861		(15)		61,223
U.S. governmental agency securities	51,591		6		(67)		51,530
Municipal securities	12,142		7		(6)		12,143
Total long-term AFS securities	$	285,877	$	1,599	$	(211)	$	287,265

	December 27, 2020
(In thousands)	Amortized Cost		Gross unrealized gains		Gross unrealized losses		Fair Value
Short-term AFS securities
Corporate debt securities	$	129,805	$	504	$	(8)	$	130,301
Certificates of deposit	36,525		—		—		36,525
U.S. Treasury securities	79,467		39		(3)		79,503
U.S. governmental agency securities	25,113		61		(3)		25,171
Commercial paper	37,580		—		—		37,580
Total short-term AFS securities	$	308,490	$	604	$	(14)	$	309,080
Long-term AFS securities
Corporate debt securities	$	134,296	$	1,643	$	(5)	$	135,934
U.S. Treasury securities	95,511		2,054		—		97,565
U.S. governmental agency securities	48,342		19		(13)		48,348
Municipal securities	4,994		—		(10)		4,984
Total long-term AFS securities	$	283,143	$	3,716	$	(28)	$	286,831

11

THE NEW YORK TIMES COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

The following tables represent the AFS securities as of June 27, 2021, and December 27, 2020, that were in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position:

	June 27, 2021
	Less than 12 Months				12 Months or Greater				Total
(In thousands)	Fair Value		Gross unrealized losses		Fair Value		Gross unrealized losses		Fair Value		Gross unrealized losses
Short-term AFS securities
Corporate debt securities	$	28,033	$	(12)	$	—	$	—	$	28,033	$	(12)
U.S. Treasury securities	22,670		(3)		—		—		22,670		(3)
Total short-term AFS securities	$	50,703	$	(15)	$	—	$	—	$	50,703	$	(15)
Long-term AFS securities
Corporate debt securities	$	50,552	$	(123)	$	—	$	—	$	50,552	$	(123)
U.S. Treasury securities	11,212		(15)		—		—		11,212		(15)
U.S. governmental agency securities	42,428		(67)		—		—		42,428		(67)
Municipal securities	5,141		(6)		—		—		5,141		(6)
Total long-term AFS securities	$	109,333	$	(211)	$	—	$	—	$	109,333	$	(211)

	December 27, 2020
	Less than 12 Months				12 Months or Greater				Total
(In thousands)	Fair Value		Gross unrealized losses		Fair Value		Gross unrealized losses		Fair Value		Gross unrealized losses
Short-term AFS securities
Corporate debt securities	$	33,735	$	(8)	$	—	$	—	$	33,735	$	(8)
U.S. Treasury securities	20,133		(3)		—		—		20,133		(3)
U.S. governmental agency securities	4,999		(2)		8,749		(1)		13,748		(3)
Total short-term AFS securities	$	58,867	$	(13)	$	8,749	$	(1)	$	67,616	$	(14)
Long-term AFS securities
Corporate debt securities	$	6,717	$	(5)	$	—	$	—	$	6,717	$	(5)
U.S. governmental agency securities	26,236		(13)		—		—		26,236		(13)
Municipal securities	4,984		(10)		—		—		4,984		(10)
Total long-term AFS securities	$	37,937	$	(28)	$	—	$	—	$	37,937	$	(28)

We assess AFS securities on a quarterly basis or more often if a potential loss-triggering event occurs.

As of June 27, 2021, and December 27, 2020, we did not intend to sell and it was not likely that we would be required to sell these investments before recovery of their amortized cost basis, which may be at maturity. Unrealized losses related to these investments are primarily due to interest rate fluctuations as opposed to changes in credit quality. Therefore, as of June 27, 2021, and December 27, 2020, we have recognized no losses or allowance for credit losses related to AFS securities.

As of June 27, 2021, and December 27, 2020, our short-term and long-term marketable securities had remaining maturities of less than one month to 12 months and 13 months to 36 months, respectively. See Note 8 for more information regarding the fair value of our marketable securities.

12

THE NEW YORK TIMES COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 5. GOODWILL AND INTANGIBLES

The changes in the carrying amount of goodwill as of June 27, 2021, and since December 27, 2020, were as follows:

(In thousands)	Total Company
Balance as of December 27, 2020	$	171,657
Foreign currency translation	(1,501)
Balance as of June 27, 2021	$	170,156

The foreign currency translation line item reflects changes in goodwill resulting from fluctuating exchange rates related to the consolidation of certain international subsidiaries.

The aggregate carrying amount of intangible assets of $15.2 million is included in Miscellaneous assets in our Condensed Consolidated Balance Sheets as of June 27, 2021.

NOTE 6. INVESTMENTS

Non-Marketable Equity Securities

Our non-marketable equity securities are investments in privately held companies/funds without readily determinable market values. Gains and losses on non-marketable securities sold or impaired are recognized in Interest income and other, net.

As of June 27, 2021, and December 27, 2020, non-marketable equity securities included in Miscellaneous assets in our Condensed Consolidated Balance Sheets had a carrying value of $20.6 million and $20.9 million, respectively. During the first six months of 2020, we recorded a $10.1 million gain related to a non-marketable equity investment transaction. The gain is comprised of $2.5 million realized gain due to the partial sale of the investment and a $7.6 million unrealized gain due to the mark to market of the remaining investment, and is included in Interest income and other, net in our Condensed Consolidated Statements of Operations.

NOTE 7. OTHER

Capitalized Computer Software Costs

Amortization of capitalized computer software costs included in Depreciation and amortization in our Condensed Consolidated Statements of Operations were $2.4 million and $3.9 million in the second quarters of 2021 and 2020, respectively, and $5.0 million and $7.7 million in the first six months of 2021 and 2020, respectively.

Interest income and other, net

Interest income and other, net, as shown in the accompanying Condensed Consolidated Statements of Operations was as follows:

	For the Quarters Ended				For the Six Months Ended
(In thousands)	June 27, 2021		June 28, 2020		June 27, 2021		June 28, 2020
Interest income and other expense, net (1)	$	2,053	$	2,965	$	3,743	$	17,004
Interest expense	(180)		(179)		(359)		(364)
Total interest income and other, net	$	1,873	$	2,786	$	3,384	$	16,640

(1) The six months ended June 28, 2020 includes a $10.1 million gain related to a non-marketable equity investment transaction.

13

THE NEW YORK TIMES COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Restricted Cash

A reconciliation of cash, cash equivalents and restricted cash as of June 27, 2021, and December 27, 2020, from the Condensed Consolidated Balance Sheets to the Condensed Consolidated Statements of Cash Flows is as follows:

(In thousands)	June 27, 2021		December 27, 2020
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	$	320,871	$	286,079
Restricted cash included within other current assets	299		686
Restricted cash included within miscellaneous assets	14,331		15,199
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows	$	335,501	$	301,964

Substantially all of the amount included in restricted cash is set aside to collateralize workers’ compensation obligations.

Revolving Credit Facility

In September 2019, the Company entered into a $250.0 million five-year unsecured revolving credit facility (the “Credit Facility”). Certain of the Company’s domestic subsidiaries have guaranteed the Company’s obligations under the Credit Facility. Borrowings under the Credit Facility bear interest at specified rates based on our utilization and consolidated leverage ratio. The Credit Facility contains various customary affirmative and negative covenants. In addition, the Company is obligated to pay a quarterly unused commitment fee of 0.20%.

As of June 27, 2021, there were no outstanding borrowings under the Credit Facility and the Company was in compliance with the financial covenants contained in the documents governing the Credit Facility.

Severance Costs

We recognized no severance costs in the second quarter of 2021 and $6.3 million in severance costs in the second quarter of 2020, and $0.4 million and $6.7 million in the first six months of 2021 and 2020, respectively. These costs are recorded in General and administrative costs in our Condensed Consolidated Statements of Operations.

We had a severance liability of $2.4 million and $5.0 million included in Accrued expenses and other in our Condensed Consolidated Balance Sheets as of June 27, 2021, and December 27, 2020, respectively.

NOTE 8. FAIR VALUE MEASUREMENTS

Fair value is the price that would be received upon the sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date. The transaction would be in the principal or most advantageous market for the asset or liability, based on assumptions that a market participant would use in pricing the asset or liability. The fair value hierarchy consists of three levels:

Level 1–quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date;

Level 2–inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

Level 3–unobservable inputs for the asset or liability.

14

THE NEW YORK TIMES COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Assets/Liabilities Measured and Recorded 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 June 27, 2021, and December 27, 2020:

(In thousands)	June 27, 2021								December 27, 2020
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Short-term AFS securities (1)
Corporate debt securities	$	110,899	$	—	$	110,899	$	—	$	130,301	$	—	$	130,301	$	—
Certificates of deposit	105,954		—		105,954		—		36,525		—		36,525		—
U.S. Treasury securities	75,528		—		75,528		—		79,503		—		79,503		—
U.S. governmental agency securities	26,153		—		26,153		—		25,171		—		25,171		—
Commercial paper	19,921		—		19,921		—		37,580		—		37,580		—
Total short-term AFS securities	$	338,455	$	—	$	338,455	$	—	$	309,080	$	—	$	309,080	$	—
Long-term AFS securities (1)
Corporate debt securities	$	162,369	$	—	$	162,369	$	—	$	135,934	$	—	$	135,934	$	—
U.S. Treasury securities	61,223		—		61,223		—		97,565		—		97,565		—
U.S. governmental agency securities	51,530		—		51,530		—		48,348		—		48,348		—
Municipal securities	12,143		—		12,143		—		4,984		—		4,984		—
Total long-term AFS securities	$	287,265	$	—	$	287,265	$	—	$	286,831	$	—	$	286,831	$	—
Liabilities:
Deferred compensation (2)(3)	$	19,754	$	19,754	$	—	$	—	$	22,245	$	22,245	$	—	$	—
Contingent consideration	$	7,450	$	—	$	—	$	7,450	$	8,431	$	—	$	—	$	8,431

(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 the assets associated with the deferred compensation liability in life insurance products. Our investments in life insurance products are included in Miscellaneous assets in our Condensed Consolidated Balance Sheets, and were $51.1 million as of June 27, 2021, and $49.2 million as of December 27, 2020. 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.

15

THE NEW YORK TIMES COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Level 3 Liabilities

The contingent consideration liability is related to the 2020 acquisition of substantially all the assets and certain liabilities of Serial Productions, LLC (the “Serial acquisition”) and represents contingent payments based on the achievement of certain operational targets, as defined in the acquisition agreement, over the 5 years following the acquisition. The Company estimated the fair value using a probability-weighted discounted cash flow model. The estimate of the fair value of contingent consideration requires subjective assumptions to be made regarding probabilities assigned to operational targets and the discount rate. As the fair value is based on significant unobservable inputs, this is a Level 3 liability.

The following table presents changes in the contingent consideration balances for the quarter and six months ended June 27, 2021:

	Quarter ended		Six months ended
(In thousands)	June 27, 2021		June 27, 2021
Balance at the beginning of the period (1)	$	7,728	$	8,431
Payments	(862)		(862)
Fair value adjustments (2)	584		(119)
Contingent consideration at the end of the period	$	7,450	$	7,450

(1) There were no transactions involving contingent consideration during the quarter and six months ended June 28, 2020. The contingent consideration reflected above relates to the Serial acquisition, which was completed during the third quarter of 2020.

(2) Fair value adjustments are included in General and administrative expenses in our Condensed Consolidated Statements of Operations.

The remaining contingent consideration balances as of June 27, 2021, and December 27, 2020, of $7.5 million and $8.4 million, respectively, are included in Accrued expenses and other, for the current portion of the liability, and Other non-current liabilities, for the long-term portion of the liability, in our Condensed Consolidated Balance Sheets.

NOTE 9. PENSION AND OTHER POSTRETIREMENT BENEFITS

Pension

Single-Employer Plans

We maintain The New York Times Companies Pension Plan (the “Pension Plan”), a frozen single-employer defined benefit pension plan. The Company also jointly sponsors a defined benefit plan with The NewsGuild of New York known as the Guild-Times Adjustable Pension Plan (the “APP”) that continues to accrue active benefits.

We also have a foreign-based pension plan for certain employees (the “foreign plan”). The information for the foreign plan is combined with the information for U.S. non-qualified plans. The benefit obligation of the foreign plan is immaterial to our total benefit obligation.

The components of net periodic pension cost were as follows:

	For the Quarters Ended
	June 27, 2021						June 28, 2020
(In thousands)	Qualified Plans		Non- Qualified Plans		All Plans		Qualified Plans		Non- Qualified Plans		All Plans
Service cost	$	2,276	$	—	$	2,276	$	2,607	$	—	$	2,607
Interest cost	7,629		1,088		8,717		11,742		1,649		13,391
Expected return on plan assets	(12,678)		—		(12,678)		(17,745)		—		(17,745)
Amortization of actuarial loss	5,057		1,822		6,879		5,655		1,522		7,177
Amortization of prior service credit	(486)		—		(486)		(486)		—		(486)
Net periodic pension cost (1)	$	1,798	$	2,910	$	4,708	$	1,773	$	3,171	$	4,944

16

THE NEW YORK TIMES COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

	For the Six Months Ended
	June 27, 2021						June 28, 2020
(In thousands)	Qualified Plans		Non- Qualified Plans		All Plans		Qualified Plans		Non- Qualified Plans		All Plans
Service cost	$	4,552	$	—	$	4,552	$	5,214	$	—	$	5,214
Interest cost	15,258		2,176		17,434		23,484		3,297		26,781
Expected return on plan assets	(25,355)		—		(25,355)		(35,481)		—		(35,481)
Amortization of actuarial loss	10,113		3,642		13,755		11,310		3,043		14,353
Amortization of prior service credit	(972)		—		(972)		(972)		—		(972)
Net periodic pension cost (1)	$	3,596	$	5,818	$	9,414	$	3,555	$	6,340	$	9,895

(1) The service cost component of net periodic pension cost is recognized in Total operating costs, while the other components are included in Other components of net periodic benefit costs in our Condensed Consolidated Statements of Operations, below Operating profit.

During the first six months of 2021 and 2020, we made pension contributions of $4.2 million and $4.6 million, respectively, to the APP. We expect contributions in 2021 to total approximately $9 million to satisfy minimum funding requirements.

Other Postretirement Benefits

The components of net periodic postretirement benefit cost/(income) were as follows:

	For the Quarters Ended				For the Six Months Ended
(In thousands)	June 27, 2021		June 28, 2020		June 27, 2021		June 28, 2020
Service cost	$	13	$	7	$	26	$	14
Interest cost	141		257		282		513
Amortization of actuarial loss	852		763		1,704		1,526
Amortization of prior service credit	(836)		(1,223)		(1,672)		(2,279)
Net periodic postretirement benefit cost/(income) (1)	$	170	$	(196)	$	340	$	(226)

(1) The service cost component of net periodic postretirement benefit cost/(income) is recognized in Total operating costs, while the other components are included in Other components of net periodic benefit costs in our Condensed Consolidated Statements of Operations, below Operating profit.

NOTE 10. INCOME TAXES

The Company had income tax expense of $18.2 million and $27.7 million in the second quarter and first six months of 2021, respectively. The Company had income tax expense of $5.8 million and $11.8 million in the second quarter and first six months of 2020, respectively. The Company’s effective tax rates from continuing operations were 25.1% and 22.5% for the second quarter and first six months of 2021, respectively. The Company’s effective tax rates from continuing operations were 19.6% and 17.3% for the second quarter and first six months of 2020, respectively. The increase in income tax expense in the second quarter and first six months of 2021 is primarily due to higher income from continuing operations in those periods. The Company received a tax benefit in the second quarter of 2020 from a reduction in the Company’s reserve for uncertain tax positions, and in the first quarter of both 2021 and 2020 from stock price appreciation on stock-based awards that settled in the quarter, which in the case of 2020, resulted in lower than statutory tax rates in the second quarter and first six months of 2020.

NOTE 11. EARNINGS PER SHARE

We compute earnings per share using a two-class method, which is an earnings allocation method used when a company’s capital structure includes either two or more classes of common stock or common stock and participating securities. This method determines earnings per share based on dividends declared on common stock and participating securities (i.e., distributed earnings), as well as participation rights of participating securities in any undistributed earnings.

Earnings per share is computed using both basic shares and diluted shares. The difference between basic and diluted shares is that diluted shares include the dilutive effect of the assumed exercise of outstanding securities. Our stock options,

17

THE NEW YORK TIMES COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

stock-settled long-term performance awards and restricted stock units could have a significant impact on diluted shares. The difference between basic and diluted shares of approximately 0.3 million and 0.5 million in the second quarter and first six months of 2021, respectively, and 1.2 million in each of the second quarter and first six months of 2020, resulted primarily from the dilutive effect of certain stock options, performance awards and restricted stock units.

Securities that could potentially be dilutive are excluded from the computation of diluted earnings per share when a loss from continuing operations exists or when the exercise price exceeds the market value of our Class A Common Stock, because their inclusion would result in an anti-dilutive effect on per share amounts.

There were approximately 0.2 million restricted stock units excluded from the computation of diluted earnings per share in the first six months of 2021 and 2020, respectively, because they were anti-dilutive, and no anti-dilutive stock options or stock-settled long-term performance awards excluded in the same periods. There were approximately 0.3 million restricted stock units excluded from the computation of diluted earnings per share in the second quarter of 2021, because they were anti-dilutive, and no anti-dilutive stock options or stock-settled long-term performance awards excluded in the same period.

NOTE 12. SUPPLEMENTAL STOCKHOLDERS’ EQUITY INFORMATION

In 2015, the Board of Directors authorized up to $101.1 million of repurchases of shares of the Company’s Class A Common Stock. As of June 27, 2021, repurchases under this authorization totaled $84.9 million (excluding commissions) and $16.2 million remained. Our Board of Directors has authorized us to purchase shares from time to time, subject to market conditions and other factors. There is no expiration date with respect to this authorization. There have been no purchases under this authorization since 2016.

The following table summarizes the changes in AOCI by component as of June 27, 2021:

(In thousands)	Foreign Currency Translation Adjustments		Funded Status of Benefit Plans		Net Unrealized Gain on Available-For-Sale Securities		Total Accumulated Other Comprehensive Loss
Balance as of December 27, 2020	$	8,386	$	(421,698)	$	3,131	$	(410,181)
Other comprehensive income before reclassifications, before tax	(1,767)		—		(1,846)		(3,613)
Amounts reclassified from accumulated other comprehensive loss, before tax	—		12,815		—		12,815
Income tax (benefit)/expense	(473)		3,432		(494)		2,465
Net current-period other comprehensive (loss)/ income, net of tax	(1,294)		9,383		(1,352)		6,737
Balance as of June 27, 2021	$	7,092	$	(412,315)	$	1,779	$	(403,444)

The following table summarizes the reclassifications from AOCI for the six months ended June 27, 2021:

(In thousands) Detail about accumulated other comprehensive loss components	Amounts reclassified from accumulated other comprehensive loss		Affects line item in the statement where net income is presented
Funded status of benefit plans:
Amortization of prior service credit(1)	$	(2,644)	Other components of net periodic benefit costs
Amortization of actuarial loss(1)	15,459		Other components of net periodic benefit costs
Total reclassification, before tax(2)	12,815
Income tax expense	3,432		Income tax expense
Total reclassification, net of tax	$	9,383

(1) These AOCI components are included in the computation of net periodic benefit cost for pension and other postretirement benefits. See Note 9 for more information.

(2) There were no reclassifications relating to noncontrolling interest for the six months ended June 27, 2021.

18

THE NEW YORK TIMES COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 13. SEGMENT INFORMATION

The Company identifies a business as an operating segment if: (i) it engages in business activities from which it may earn revenues and incur expenses; (ii) its operating results are regularly reviewed by the Chief Operating Decision Maker (who is the Company’s President and Chief Executive Officer) to make decisions about resources to be allocated to the segment and assess its performance; and (iii) it has available discrete financial information. The Company has determined that it has one reportable segment. Therefore, all required segment information can be found in the Condensed Consolidated Financial Statements.

NOTE 14. CONTINGENT LIABILITIES

Legal Proceedings

We are involved in various legal actions incidental to our business that are now pending against us. These actions generally have damage claims that are greatly in excess of the payments, if any, that we would be required to pay if we lost or settled the cases. Although the Company cannot predict the outcome of these matters, it is possible that an unfavorable outcome in one or more matters could be material to the Company’s consolidated results of operations or cash flows for an individual reporting period. However, based on currently available information, management does not believe that the ultimate resolution of these matters, individually or in the aggregate, is likely to have a material effect on the Company’s financial position.

NOTE 15. SUBSEQUENT EVENTS

On June 30, 2021, our Board of Directors approved a quarterly dividend of $0.07 per share on our Class A and Class B common stock that was paid on July 22, 2021, to all stockholders of record as of the close of business on July 12, 2021.

19

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

EXECUTIVE OVERVIEW

We are a global media organization that includes digital and print products and related businesses. We have one reportable segment with businesses that include our core news product and other interest-specific products, and related content and services.

We generate revenues principally from subscriptions and advertising. In addition, we generate other revenues primarily consisting of revenues from licensing, Wirecutter affiliate referrals, the leasing of floors in our New York headquarters building located at 620 Eighth Avenue, New York, New York (the “Company Headquarters”), commercial printing, retail commerce, television and film, our student subscription sponsorship program and our live events business.

Our main operating costs are employee-related costs.

In the accompanying analysis of financial information, we present certain information derived from consolidated financial information but not presented in our financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). We are presenting in this report supplemental non-GAAP financial performance measures that exclude depreciation, amortization, severance, non-operating retirement costs or multiemployer pension plan withdrawal costs, and certain identified special items, as applicable. These non-GAAP financial measures should not be considered in isolation from or as a substitute for the related GAAP measures, and should be read in conjunction with financial information presented on a GAAP basis. For further information and reconciliations of these non-GAAP measures to the most directly comparable GAAP measures, see “Non-Operating Items—Non-GAAP Financial Measurements.”

Financial Highlights

•Diluted earnings per share from continuing operations were $0.32 and $0.14 for the second quarters of 2021 and 2020, respectively. Diluted earnings per share from continuing operations excluding severance, non-operating retirement costs and special items discussed below (or “adjusted diluted earnings per share,” a non-GAAP measure) were $0.36 and $0.18 for the second quarters of 2021 and 2020, respectively.

•The Company had an operating profit of $73.3 million in the second quarter of 2021, compared with $28.8 million in the second quarter of 2020. Operating profit before depreciation, amortization, severance, multiemployer pension plan withdrawal costs and special items discussed below (or “adjusted operating profit,” a non-GAAP measure) increased to $92.9 million in the second quarter of 2021 from $52.1 million in the second quarter of 2020.

•Total revenues increased 23.5% to $498.5 million in the second quarter of 2021 from $403.8 million in the second quarter of 2020.

•Subscription revenues increased 15.7% in the second quarter of 2021 compared with the same prior-year period. Paid digital-only subscriptions totaled approximately 7,133,000 at the end of the second quarter of 2021, a net increase of 142,000 subscriptions compared with the end of the first quarter of 2021. Of the 142,000 total net additions, 77,000 came from the Company’s digital news product, while 65,000 came from the Company’s Cooking, Games and Audm products. We expect total net subscription additions in 2021 to be in the range of the number of total net subscription additions in 2019, though it remains difficult to predict with precision.

•Total advertising revenues increased 66.4% in the second quarter of 2021 compared with the same prior-year period, due to an increase of 79.6% in digital advertising revenues and an increase of 48.0% in print advertising revenues.

•Operating costs increased 12.4% to $421.4 million in the second quarter of 2021 from $374.9 million compared with the second quarter of 2020. Operating costs before depreciation, amortization, severance and multiemployer pension plan withdrawal costs (or “adjusted operating costs,” a non-GAAP measure) increased 15.4% in the second quarter of 2021 to $405.6 million from $351.6 million in the second quarter of 2020.

Impact of Covid-19 Pandemic

Given the impact of the Covid-19 pandemic on our business in 2020, we believe that certain comparisons of our operating results in 2021 to 2019 provide useful context for our 2021 results. We have included supplemental tables comparing the operating results in 2021 to 2020 and to 2019 (see “Supplemental Financial Information”), as well as discussion comparing the second quarter and first six months in 2021 to 2020 and 2019.

The Covid-19 pandemic impacted our business in various ways, including impacts on both our operating revenues and operating expenses. Beginning in the first quarter of 2020, we experienced significant growth in the number of subscriptions to our digital news and other products, which we believe was attributable in part to an increase in traffic given the news

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environment and as a result of the pandemic. More recently, we have seen these pandemic-related trends subside and we expect total net subscription additions in 2021 to be in the range of the number of total net subscription additions in 2019, though it remains difficult to predict with precision. Revenues from the single-copy and bulk sales of our print newspaper (which include our international edition and collectively represent less than 5% of our total subscription revenues) were adversely affected as a result of widespread business closures, increased remote working and reductions in travel. The worldwide economic slowdown caused by the pandemic also led to a significant decline in our advertising revenues in 2020 as advertisers reduced their spending. More recently, we experienced increasing demand for advertising with the recovery of the broader market. Our live events business was and continues to be adversely affected by the impacts of the Covid-19 pandemic.

In 2020 we incurred less media expense as we decreased marketing spend due to a heightened news cycle, lower print production and distribution costs due to less demand for print copies of the newspaper, lower costs related to our advertising business as a result of lower variable expenses in connection with lower advertising revenues and lower travel and entertainment costs as a result of the Covid-19 pandemic. More recently we have begun increasing some of our spending in these areas. We also incurred some additional expenses in response to the pandemic, including certain enhanced employee benefits; however these expenses have not yet been significant. We expect to incur additional costs as we prepare for our employees to return to our headquarters building and other offices, and may incur significant additional costs as circumstances evolve, including in connection with potential operational changes.

At this time, the full impact that the Covid-19 pandemic will have on our business, operations and financial results is uncertain. The extent to which the pandemic will continue to impact us will depend on numerous evolving factors and future developments, including the scope and duration of the pandemic (including the extent of a resurgence); the effect of ongoing vaccination and mitigation efforts; the impact of the pandemic on economic conditions and the companies with which we do business; governmental, business and other actions; the status of travel restrictions; and changes in consumer behavior in response to the pandemic, among many other factors. We will continue to actively monitor the situation and may take further actions that alter our business operations as may be required by federal, state, local or foreign authorities, or that we determine are appropriate. Please see “Item 1A — Risk Factors” in our Annual Report on Form 10-K for the year ended December 27, 2020, for more information.

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RESULTS OF OPERATIONS

The following table presents our consolidated financial results:

	For the Quarters Ended						For the Six Months Ended
(In thousands)	June 27, 2021		June 28, 2020		% Change		June 27, 2021		June 28, 2020		% Change
Revenues
Subscription	$	339,217	$	293,189	15.7	%	$	668,301	$	578,623	15.5	%
Advertising	112,774		67,760		66.4	%	209,890		173,897		20.7	%
Other	46,506		42,801		8.7	%	93,351		94,866		(1.6)	%
Total revenues	498,497		403,750		23.5	%	971,542		847,386		14.7	%
Operating costs
Cost of revenue (excluding depreciation and amortization)	251,358		229,913		9.3	%	502,355		473,397		6.1	%
Sales and marketing	53,555		39,605		35.2	%	113,708		113,389		0.3	%
Product development	39,699		30,983		28.1	%	78,642		61,985		26.9	%
General and administrative	62,283		58,812		5.9	%	118,860		111,673		6.4	%
Depreciation and amortization	14,486		15,631		(7.3)	%	29,203		30,816		(5.2)	%
Total operating costs	421,381		374,944		12.4	%	842,768		791,260		6.5	%
Lease termination charge	3,831		—		*		3,831		—		*
Operating profit	73,285		28,806		*		124,943		56,126		*
Other components of net periodic benefit costs	2,598		2,149		20.9	%	5,197		4,463		16.4	%
Interest income and other, net	1,873		2,786		(32.8)	%	3,384		16,640		(79.7)	%
Income from continuing operations before income taxes	72,560		29,443		*		123,130		68,303		80.3	%
Income tax expense	18,243		5,781		*		27,704		11,787		*
Net income	54,317		23,662		*		95,426		56,516		68.8	%
Net income attributable to The New York Times Company common stockholders	$	54,317	$	23,662	*		$	95,426	$	56,516	68.8	%

* Represents a change equal to or in excess of 100% or not meaningful.

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SUPPLEMENTAL FINANCIAL INFORMATION

	Second Quarter
	2021		2020		2021 vs 2020 % Change		2019		2021 vs 2019 % Change
Revenues
Digital	$	190,145	$	145,984	30.3	%	$	112,635	68.8	%
Print	149,072		147,205		1.3	%	157,821		(5.5)	%
Subscription revenues	339,217		293,189		15.7	%	270,456		25.4	%
Digital	70,995		39,531		79.6	%	58,026		22.4	%
Print	41,779		28,229		48.0	%	62,735		(33.4)	%
Advertising revenues	112,774		67,760		66.4	%	120,761		(6.6)	%
Other revenues	46,506		42,801		8.7	%	45,041		3.3	%
Total revenues	498,497		403,750		23.5	%	436,258		14.3	%
Operating costs
Cost of revenue (excluding depreciation and amortization)	251,358		229,913		9.3	%	244,939		2.6	%
Sales and marketing	53,555		39,605		35.2	%	62,280		(14.0)	%
Product development	39,699		30,983		28.1	%	25,526		55.5	%
General and administrative	62,283		58,812		5.9	%	50,400		23.6	%
Depreciation and amortization	14,486		15,631		(7.3)	%	15,180		(4.6)	%
Total operating costs	421,381		374,944		12.4	%	398,325		5.8	%
Lease termination charge	3,831		—		*		—		*
Operating profit	$	73,285	$	28,806	*		$	37,933	93.2	%
* Represents a change equal to or in excess of 100% or not meaningful.

	Six Months
	2021		2020		2021 vs 2020 % Change		2019		2021 vs 2019 % Change
Revenues
Digital	$	369,745	$	275,994	34.0	%	$	222,494	66.2	%
Print	298,556		302,629		(1.3)	%	318,772		(6.3)	%
Subscription revenues	668,301		578,623		15.5	%	541,266		23.5	%
Digital	130,491		90,689		43.9	%	113,569		14.9	%
Print	79,399		83,208		(4.6)	%	132,280		(40.0)	%
Advertising revenues	209,890		173,897		20.7	%	245,849		(14.6)	%
Other revenues	93,351		94,866		(1.6)	%	88,205		5.8	%
Total revenues	971,542		847,386		14.7	%	875,320		11.0	%
Operating costs
Cost of revenue (excluding depreciation and amortization)	502,355		473,397		6.1	%	484,125		3.8	%
Sales and marketing	113,708		113,389		0.3	%	137,094		(17.1)	%
Product development	78,642		61,985		26.9	%	49,433		59.1	%
General and administrative	118,860		111,673		6.4	%	102,039		16.5	%
Depreciation and amortization	29,203		30,816		(5.2)	%	30,098		(3.0)	%
Total operating costs	842,768		791,260		6.5	%	802,789		5.0	%
Lease termination charge	3,831		—		*		—		*
Operating profit	$	124,943	$	56,126	*		$	72,531	72.3	%
* Represents a change equal to or in excess of 100% or not meaningful.

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Revenues

Subscription Revenues

Subscription revenues consist of revenues from subscriptions to our digital and print products (which include our news product, as well as our Games, Cooking and Audm products), and single-copy and bulk sales of our print products (which represent less than 5% of these revenues). Subscription revenues are based on both the number of copies of the printed newspaper sold and digital-only subscriptions, and the rates charged to the respective customers.

2021 Compared with 2020

Subscription revenues increased 15.7% in the second quarter and increased 15.5% in the first six months of 2021 compared with the same prior-year periods. The increase in the second quarter and first six months was primarily due to year-over-year growth of 25.8% in the number of subscriptions to the Company’s digital-only products as well as subscriptions graduating to higher prices from introductory promotional pricing. Subscription revenues also benefited from an increase in revenue from our domestic home delivery print subscription products during both periods, primarily due to an increase in home delivery prices. However, for the first six months of 2021 compared with the same prior-year period, the increase attributable to higher home delivery subscription prices was more than offset by a decrease in revenue from single-copy and bulk sales as a result of business closures, increased levels of remote working and reductions in travel due to the Covid-19 pandemic as well as ongoing secular trends.

Paid digital-only subscriptions totaled approximately 7,133,000 at the end of the second quarter of 2021, a net increase of 142,000 subscriptions compared with the end of the first quarter of 2021 and a net increase of 1,463,000 compared with the end of the second quarter of 2020. We experienced significant growth in the number of subscriptions to our digital-only products in 2020, and we do not expect the 2020 growth rate to be sustainable or indicative of results for future periods. Net subscription additions for our digital-only products were modest in the second quarter of 2021, especially in comparison to the significant growth in the number of subscriptions we saw in the second quarter of 2020 at the beginning of the Covid-19 pandemic. In the second quarter, which is traditionally our slowest quarter of the year for net digital subscription additions, we saw improvement in net additions each month during the quarter since a low in March. We expect total net subscription additions in 2021 to be in the range of the number of total net subscription additions in 2019, although it remains difficult to predict with precision.

Digital-only news product subscriptions totaled approximately 5,334,000 at the end of the second quarter of 2021, a 77,000 net increase compared with the end of the first quarter of 2021 and a 944,000 increase compared with the end of the second quarter of 2020. Other product subscriptions (which include our Games, Cooking and Audm products) totaled approximately 1,799,000 at the end of the second quarter of 2021, an increase of 65,000 subscriptions compared with the end of the first quarter of 2021 and an increase of 519,000 subscriptions compared with the end of the second quarter of 2020.

Print domestic home delivery subscriptions totaled approximately 803,000 at the end of the second quarter of 2021, a net decrease of 22,000 compared with the end of the first quarter of 2021 and a net decrease of 37,000 compared with the end of the second quarter of 2020.

2021 Compared with 2019

Subscription revenues increased 25.4% in the second quarter and increased 23.5% in the first six months of 2021 compared with the same prior-year periods in 2019. The increase in the second quarter and first six months of 2021 was primarily due to year-over-year growth of 88.7% in the number of subscriptions to the Company’s digital-only products. These increases were partially offset by a decrease in print subscription revenue from single-copy and bulk sales as a result of business closures, increased levels of remote working and reductions in travel due to the Covid-19 pandemic as well as secular trends. Single-copy and bulk sales decreased 38.9% and 38.8% in the second quarter and the first six months, respectively.

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The following table summarizes digital and print subscription revenues for the second quarters and first six months of 2021 and 2020:

	For the Quarters Ended						For the Six Months Ended
(In thousands)	June 27, 2021		June 28, 2020		% Change		June 27, 2021		June 28, 2020		% Change
Digital-only subscription revenues:
News product subscription revenues(1)	$	170,893	$	132,922	28.6	%	$	332,181	$	251,880	31.9	%
Other product subscription revenues(2)	19,252		13,062		47.4	%	37,564		24,114		55.8	%
Subtotal digital-only subscription revenues	190,145		145,984		30.3	%	369,745		275,994		34.0	%
Print subscription revenues:
Domestic home delivery subscription revenues(3)	134,755		132,971		1.3	%	269,150		266,708		0.9	%
Single-copy, NYT International and other subscription revenues(4)	14,317		14,234		0.6	%	29,406		35,921		(18.1)	%
Subtotal print subscription revenues	149,072		147,205		1.3	%	298,556		302,629		(1.3)	%
Total subscription revenues	$	339,217	$	293,189	15.7	%	$	668,301	$	578,623	15.5	%
(1) Includes revenues from subscriptions to the Company’s news product. News product subscription packages that include access to the Company’s Games and Cooking products are also included in this category.
(2) Includes revenues from standalone subscriptions to the Company’s Games, Cooking and Audm products.
(3) Includes free access to some of the Company’s digital products.
(4) NYT International is the international edition of our print newspaper.

The following table summarizes digital and print subscriptions as of the end of the second quarters of 2021 and 2020:

	Quarters Ended
(In thousands)	June 27, 2021	June 28, 2020	% Change
Digital-only subscriptions:
News product subscriptions(1)	5,334	4,390	21.5	%
Other product subscriptions(2)	1,799	1,280	40.5	%
Subtotal digital-only subscriptions	7,133	5,670	25.8	%
Print subscriptions	803	840	(4.4)	%
Total subscriptions	7,936	6,510	21.9	%
(1) Includes subscriptions to the Company’s news product. News product subscription packages that include access to the Company’s Games and Cooking products are also included in this category.
(2) Includes standalone subscriptions to the Company’s Games, Cooking and Audm products.

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    We believe that the significant growth over the last several years in subscriptions to our products demonstrates the success of our “subscription-first” strategy and the willingness of our readers to pay for high-quality journalism. The following charts illustrate the growth in net digital-only subscription additions and corresponding subscription revenues as well as the relative stability of our print domestic home delivery subscription products since the launch of the digital pay model in 2011.   

(1) Amounts may not add due to rounding.

(2) Print domestic home delivery subscriptions include free access to some of our digital products.

(3) Print Other includes single-copy, NYT International and other subscription revenues.

Note: Revenues for 2012 and 2017 include the impact of an additional week.

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Advertising Revenues

Advertising revenue is principally from advertisers (such as technology, financial and luxury goods companies) promoting products, services or brands on digital platforms in the form of display ads, audio and video, and in print, in the form of column-inch ads. Advertising revenue is primarily derived from offerings sold directly to marketers by our advertising sales teams. A smaller proportion of our total advertising revenues is generated through programmatic auctions run by third-party ad exchanges. Advertising revenue is primarily determined by the volume (e.g., impressions), rate and mix of advertisements. Digital advertising includes our core digital advertising business and other digital advertising. Our core digital advertising business includes direct-sold website, mobile application, podcast, email and video advertisements. Direct-sold display advertising, a component of core digital advertising, includes offerings on websites and mobile applications sold directly to marketers by our advertising sales teams. Other digital advertising includes open-market programmatic advertising and creative services fees. Print advertising includes revenue from column-inch ads and classified advertising, including line-ads as well as preprinted advertising, also known as freestanding inserts.

The following table summarizes digital and print advertising revenues for the second quarters and first six months of 2021 and 2020:

	For the Quarters Ended						For the Six Months Ended
(In thousands)	June 27, 2021		June 28, 2020		% Change		June 27, 2021		June 28, 2020		% Change
Advertising revenues:
Digital	$	70,995	$	39,531	79.6	%	$	130,491	$	90,689	43.9	%
Print	41,779		28,229		48.0	%	79,399		83,208		(4.6)	%
Total advertising	$	112,774	$	67,760	66.4	%	$	209,890	$	173,897	20.7	%

2021 Compared with 2020

Digital advertising revenues, which represented 63.0% of total advertising revenues in the second quarter of 2021, increased $31.5 million, or 79.6%, to $71.0 million compared with $39.5 million in the same prior-year period. The increase was primarily driven by higher direct-sold advertising, including traditional display and podcasts, as well as the impact of the comparison to weak digital advertising revenues in the prior year period caused by reduced advertiser spending during the start of the Covid-19 pandemic. Core digital advertising revenue increased $27.6 million due to growth in direct-sold display advertising and podcast advertising revenues. Direct-sold display impressions increased 77%, while the average rate grew 24%. Other digital advertising revenue increased $3.9 million, primarily due to a 78% increase in creative services fees, as well as a 12.3% increase in open-market programmatic advertising revenue. Programmatic impressions decreased by 47%, while the average rate increased 107%.

Digital advertising revenues, which represented 62.2% of total advertising revenues in the first six months of 2021, increased $39.8 million, or 43.9%, to $130.5 million compared with $90.7 million in the same prior-year period. The increase was primarily driven by higher direct-sold advertising, including traditional display and podcasts, as well as the impact of the comparison to weak digital advertising revenues in the prior year period caused by reduced advertiser spending during the start of the Covid-19 pandemic. Core digital advertising revenue increased $37.1 million due to growth in direct-sold display advertising revenue and podcast advertising revenues. Direct-sold display impressions increased 16%, while the average rate grew 31%. Other digital advertising revenue increased $2.7 million, primarily due to a 31% increase in creative services fees. Open-market programmatic advertising revenue was flat to prior year as programmatic impressions decreased by 39% offsetting the average rate increase of 63%.

Print advertising revenues, which represented 37.0% of total advertising revenues in the second quarter of 2021, increased $13.6 million, or 48.0%, to $41.8 million compared with $28.2 million in the same prior-year period. Print advertising revenues, which represented 37.8% of total advertising revenues in the first six months of 2021, declined $3.8 million, or 4.6%, to $79.4 million compared with $83.2 million in the same prior-year period. The increase in the second quarter of 2021 was primarily in the luxury, media and technology categories, largely due to the impact of the comparison to weak print advertising revenues in the second quarter of 2020 caused by reduced advertiser spending by businesses negatively impacted by the start of the Covid-19 pandemic. The increase in the second quarter of 2021 was partially offset by secular trends. The decline in the first six months of 2021 reflected reduced spending in the first quarter of 2021 on print advertising by businesses negatively impacted by the Covid-19 pandemic and secular trends, partially offset by higher print advertising revenues in the second quarter of 2021 due to the impact of the comparison to weak print advertising revenues in the second quarter of 2020. Decreases, primarily in the entertainment, travel and real estate categories were partially offset by an increase in the media category. We expect reduced advertising spending by these businesses, along with secular trends, to continue to adversely affect our print advertising revenues. Some of our print advertising revenues may not return to pre-pandemic levels once economic conditions improve.

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2021 Compared with 2019

Digital advertising revenues for the second quarter of 2021 increased $13.0 million, or 22.4%, to $71.0 million compared with $58.0 million in the second quarter of 2019. The increase was primarily driven by higher direct-sold advertising, including traditional display and podcasts. Core digital advertising revenue increased $18.5 million due to growth in podcast advertising revenues and direct-sold display advertising revenues. Direct-sold display impressions increased 13%, while the average rate grew 24%. Other digital advertising revenue decreased $5.5 million, primarily due to the closure of our HelloSociety and Fake Love digital marketing agencies, partially offset by a 4.0% increase in open-market programmatic advertising revenue. Programmatic impressions decreased by 24%, while the average rate increased 31%.

Digital advertising revenues for the first six months of 2021 increased $16.9 million, or 14.9%, to $130.5 million compared with $113.6 million in the first six months of 2019. The increase was primarily driven by higher direct-sold advertising, including traditional display and podcasts. Core digital advertising revenue increased $26.5 million due to growth in podcast advertising revenues and direct-sold display advertising revenue. Direct-sold display impressions decreased 4%, while the average rate grew 25%. Other digital advertising revenue decreased $9.6 million, primarily due to the closure of our HelloSociety and Fake Love digital marketing agencies, partially offset by a 7.2% increase in open-market programmatic advertising revenue. Programmatic impressions decreased by 3%, while the average rate increased 10%.

Print advertising revenues for the second quarter of 2021 declined $20.9 million, or 33.4%, to $41.8 million compared with $62.7 million in the same period of 2019. Print advertising revenues for the first six months of 2021 declined $52.9 million, or 40.0%, to $79.4 million compared with $132.3 million in the same period of 2019. The declines in both periods reflected reduced spending on print advertising by businesses negatively impacted by the Covid-19 pandemic as well as continued secular trends.

Other Revenues

Other revenues primarily consist of revenues from licensing, Wirecutter affiliate referrals, the leasing of floors in the Company Headquarters, commercial printing, retail commerce, television and film, our student subscription sponsorship program and our live events business.

2021 Compared with 2020

Other revenues increased 8.7% in the second quarter of 2021 and decreased 1.6% in the first six months of 2021, compared with the same prior-year periods. The increase in the second quarter of 2021 was primarily a result of higher Wirecutter affiliate referral revenues. The decrease in the first six months of 2021 was primarily a result of fewer television episodes as well as lower building rental revenue, live events revenue and commercial printing revenue, partially offset by higher Wirecutter affiliate referral revenues.

Building rental revenue from the leasing of floors in the Company Headquarters totaled $6.6 million and $7.3 million in the second quarters of 2021 and 2020, respectively, and $12.8 million and $15.2 million in the first six months of 2021 and 2020, respectively.

2021 Compared with 2019

Other revenues increased 3.3% in the second quarter of 2021 and increased 5.8% in the first six months, compared with the same periods in 2019. The increase in the second quarter of 2021 was primarily a result of higher Wirecutter affiliate referral revenues and licensing revenue related to Facebook News, partially offset by fewer television episodes and lower live events and commercial printing revenue. The increase in the first six months of 2021 was primarily a result of higher Wirecutter affiliate referral revenues and licensing revenue related to Facebook News, partially offset by lower live events revenue, lower commercial printing revenue and fewer television episodes.

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Operating Costs

Operating costs were as follows:

	For the Quarters Ended						For the Six Months Ended
(In thousands)	June 27, 2021		June 28, 2020		% Change		June 27, 2021		June 28, 2020		% Change
Operating costs:
Cost of revenue (excluding depreciation and amortization)	$	251,358	$	229,913	9.3	%	$	502,355	$	473,397	6.1	%
Sales and marketing	53,555		39,605		35.2	%	113,708		113,389		0.3	%
Product development	39,699		30,983		28.1	%	78,642		61,985		26.9	%
General and administrative	62,283		58,812		5.9	%	118,860		111,673		6.4	%
Depreciation and amortization	14,486		15,631		(7.3)	%	29,203		30,816		(5.2)	%
Total operating costs	$	421,381	$	374,944	12.4	%	$	842,768	$	791,260	6.5	%

Cost of Revenue (excluding depreciation and amortization)

Cost of revenue includes all costs related to content creation, subscriber and advertiser servicing, and print production and distribution as well as infrastructure costs related to delivering digital content, which include all cloud and cloud-related costs as well as compensation for employees that enhance and maintain our platforms.

2021 Compared with 2020

Cost of revenue increased in the second quarter of 2021 by $21.4 million, or 9.3%, compared with the second quarter of 2020, largely due to higher journalism costs of $17.9 million, higher subscriber servicing costs of $2.9 million, and higher advertising servicing costs of $2.8 million. The increases were partially offset by lower print production and distribution costs of $2.5 million. The increase in journalism costs was largely driven by growth in the number of employees in the newsroom, Games, Cooking and audio, costs in connection with the production of audio content and a higher incentive compensation accrual. The increase in subscriber servicing costs was primarily due to higher credit card processing fees and third-party commissions due to increased subscriptions. Advertising servicing costs increased primarily due to higher incentive compensation and higher outside services costs. The decrease in print production and distribution costs was largely due to lower outside printing and distribution costs.

Cost of revenue increased in the first six months of 2021 by $29.0 million, or 6.1%, compared with the first six months of 2020, largely due to higher journalism costs of $27.1 million, higher subscriber servicing costs of $7.6 million, and higher digital content delivery costs of $4.2 million. The increases were partially offset by lower print production and distribution costs of $11.7 million. The increase in journalism costs was largely driven by growth in the number of employees in the newsroom, Games, Cooking and audio, costs in connection with the production of audio content and a higher incentive compensation accrual. This cost growth was partially offset by lower content creation costs as a result of fewer television episodes. The increase in subscriber servicing costs was primarily due to higher credit card processing fees and third-party commissions due to increased subscriptions. Digital content delivery costs increased due to a higher incentive compensation accrual and higher cloud storage costs. The decrease in print production and distribution costs was largely due to lower newsprint consumption and pricing, as well as lower outside printing and distribution costs.

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2021 Compared with 2019

Cost of revenue increased in the second quarter of 2021 by $6.4 million, or 2.6%, compared with the second quarter of 2019, largely due to higher journalism costs of $19.8 million, higher subscriber servicing costs of $5.7 million, and higher digital content delivery costs of $5.3 million. The increases were partially offset by lower print production and distribution costs of $20.0 million and lower advertising servicing costs of $4.4 million. The increase in journalism costs was largely driven by growth in the number of employees in the newsroom, Games, Cooking and audio, costs in connection with the production of audio content and a higher incentive compensation accrual. The increase in subscriber servicing costs was primarily due to higher credit card processing fees and third-party commissions due to increased subscriptions. Digital content delivery costs increased due to an increase in the number of employees and higher cloud-related costs. The decrease in print production and distribution costs was largely due to lower distribution costs, lower newsprint consumption and pricing, and lower outside printing costs. Advertising servicing costs decreased primarily as a result of the closure of our HelloSociety and Fake Love digital marketing agencies, as well as lower volume of creative services campaigns and live events.

Cost of revenue increased in the first six months of 2021 by $18.2 million, or 3.8%, compared with the first six months of 2019, largely due to higher journalism costs of $42.8 million, higher subscriber servicing costs of $11.8 million, and higher digital content delivery costs of $11.5 million. The increases were partially offset by lower print production and distribution costs of $40.0 million and lower advertising costs of $7.8 million. The increase in journalism costs was largely driven by growth in the number of employees in the newsroom, Games, Cooking and audio, costs in connection with the production of audio content and a higher incentive compensation accrual. The increase in subscriber servicing costs was primarily due to higher credit card processing fees and third-party commissions due to increased subscriptions. Digital content delivery costs increased due to growth in the number of employees and higher cloud storage costs. The decrease in print production and distribution costs was largely due to fewer print copies produced and lower newsprint pricing, as well as lower distribution costs and outside printing costs. Advertising servicing costs decreased primarily as a result of the closure of our HelloSociety and Fake Love digital marketing agencies as well as fewer live events.

Sales and Marketing

Sales and marketing includes costs related to the Company’s marketing efforts as well as advertising sales costs.

2021 Compared with 2020

Sales and marketing costs in the second quarter of 2021 increased by $14.0 million, or 35.2%, compared with the second quarter of 2020, primarily due to higher subscription-related media spending, which the Company had reduced during the start of the Covid-19 pandemic.

Sales and marketing costs in the first six months of 2021 remained relatively flat compared with the first six months of 2020. The increase in marketing costs resulting from higher subscription-related media expenses was partially offset by lower advertising sales costs.

Media expenses, a component of sales and marketing costs that represents the cost to promote our subscription business, increased to $29.0 million in the second quarter of 2021 from $16.5 million in the second quarter of 2020 and increased to $64.9 million in the first six months of 2021 from $61.9 million in the first six months of 2020 as the Company increased its marketing spend.

2021 Compared with 2019

Sales and marketing costs in the second quarter of 2021 decreased by $8.7 million, or 14.0%, compared with the second quarter of 2019, primarily as a result of the closure of our HelloSociety and Fake Love digital marketing agencies and lower media expenses.

Sales and marketing costs in the first six months of 2021 decreased by $23.4 million, or 17.1%, compared with the first six months of 2019. The decrease in sales and marketing costs are primarily a result of the factors identified above.

Media expenses decreased to $29.0 million in the second quarter of 2021 from $33.9 million in the second quarter of 2019 and decreased to $64.9 million in the first six months of 2021 from $78.7 million in the first six months of 2019 as the Company reduced its marketing spend during the Covid-19 pandemic.

Product Development

Product development includes costs associated with the Company’s investment into developing and enhancing new and existing product technology, including engineering, product development and data insights.

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2021 Compared with 2020

Product development costs in the second quarter of 2021 increased by $8.7 million, or 28.1%, compared with the second quarter of 2020, largely due to growth in the number of digital product development employees in connection with digital subscription strategic initiatives as well as a higher incentive compensation accrual.

Product development costs in the first six months of 2021 increased by $16.7 million, or 26.9%, compared with the first six months of 2020, largely due to the factors identified above.

2021 Compared with 2019

Product development costs in the second quarter of 2021 increased by $14.2 million, or 55.5%, compared with the second quarter of 2019, largely due to growth in the number of digital product development employees to support our digital subscription strategic initiatives as well as a higher incentive compensation accrual.

Product development costs in the first six months of 2021 increased by $29.2 million, or 59.1%, compared with the first six months of 2019, largely due to the factors identified above.

General and Administrative Costs

General and administrative costs include general management, corporate enterprise technology, building operations, unallocated overhead costs, severance and multiemployer pension plan withdrawal costs.

2021 Compared with 2020

General and administrative costs in the second quarter of 2021 increased by $3.5 million, or 5.9%, compared with the second quarter of 2020, primarily due to growth in the number of employees, higher outside services and a higher incentive compensation accrual, partially offset by severance expense in the second quarter of 2020 compared with no expense in the second quarter of 2021.

General and administrative costs in the first six months of 2021 increased by $7.2 million, or 6.4%, compared with the first six months of 2020, primarily due to a higher incentive compensation accrual, higher outside services and growth in the number of employees, partially offset by a severance charge in the second quarter of 2020, a favorable fair market value adjustment in 2021, and lower building operations and maintenance costs in 2021.

2021 Compared with 2019

General and administrative costs in the second quarter of 2021 increased by $11.9 million, or 23.6%, compared with the second quarter of 2019, primarily due to growth in the number of employees, mainly in the enterprise technology and human resources departments in support of employee growth in other areas, higher outside services and a higher incentive compensation accrual.

General and administrative costs in the first six months of 2021 increased by $16.8 million, or 16.5%, compared with the first six months of 2019, largely due to the factors identified above, partially offset by a favorable fair market value adjustment.

Depreciation and Amortization

2021 Compared with 2020

Depreciation and amortization costs in the second quarter and first six months of 2021 decreased $1.1 million, or 7.3%, and $1.6 million, or 5.2%, respectively, compared with the same prior-year period. The decrease in both periods is due to lower depreciation of software assets.

2021 Compared with 2019

Depreciation and amortization costs in the second quarter and first six months of 2021 compared with the same periods in 2019 were flat.

See Note 7 of the Notes to the Condensed Consolidated Financial Statements for additional information regarding other items.

NON-OPERATING ITEMS

Other Components of Net Periodic Benefit Costs

See Note 9 of the Notes to the Condensed Consolidated Financial Statements for information regarding other components of net periodic benefit costs.

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Interest Income and other, net

See Note 7 of the Notes to the Condensed Consolidated Financial Statements for information regarding interest income/(expense) and other, net.

Income Taxes

See Note 10 of the Notes to the Condensed Consolidated Financial Statements for information regarding income taxes.

Non-GAAP Financial Measures

We have included in this report certain supplemental financial information derived from consolidated financial information but not presented in our financial statements prepared in accordance with GAAP. Specifically, we have referred to the following non-GAAP financial measures in this report:

•diluted earnings per share from continuing operations excluding severance, non-operating retirement costs and the impact of special items (or adjusted diluted earnings per share from continuing operations);

•operating profit before depreciation, amortization, severance, multiemployer pension plan withdrawal costs and special items (or adjusted operating profit); and

•operating costs before depreciation, amortization, severance and multiemployer pension plan withdrawal costs (or adjusted operating costs).

The special item in 2021 consisted of:

•a $3.8 million charge ($2.8 million or $0.02 per share after tax) in the second quarter resulting from the termination of a tenant’s lease in our headquarters building.

The special item in 2020 consisted of:

•a $10.1 million gain ($7.4 million after tax or $0.04 per share) in the first quarter related to a non-marketable equity investment transaction. The gain is comprised of $2.5 million realized gain due to the partial sale of the investment and a $7.6 million unrealized gain due to the mark to market of the remaining investment, and is included in Interest income and other, net in our Condensed Consolidated Statements of Operations.

There were no special items in 2019.

We have included these non-GAAP financial measures because management reviews them on a regular basis and uses them to evaluate and manage the performance of our operations. We believe that, for the reasons outlined below, these non-GAAP financial measures provide useful information to investors as a supplement to reported diluted earnings/(loss) per share from continuing operations, operating profit/(loss) and operating costs. However, these measures should be evaluated only in conjunction with the comparable GAAP financial measures and should not be viewed as alternative or superior measures of GAAP results.

Adjusted diluted earnings per share provides useful information in evaluating the Company’s period-to-period performance because it eliminates items that the Company does not consider to be indicative of earnings from ongoing operating activities. Adjusted operating profit is useful in evaluating the ongoing performance of the Company’s businesses as it excludes the significant non-cash impact of depreciation and amortization as well as items not indicative of ongoing operating activities. Total operating costs include depreciation, amortization, severance and multiemployer pension plan withdrawal costs. Total operating costs, excluding these items, provide investors with helpful supplemental information on the Company’s underlying operating costs that is used by management in its financial and operational decision-making.

Management considers special items, which may include impairment charges, pension settlement charges and other items that arise from time to time, to be outside the ordinary course of our operations. Management believes that excluding these items provides a better understanding of the underlying trends in the Company’s operating performance and allows more accurate comparisons of the Company’s operating results to historical performance. In addition, management excludes severance costs, which may fluctuate significantly from quarter to quarter, because it believes these costs do not necessarily reflect expected future operating costs and do not contribute to a meaningful comparison of the Company’s operating results to historical performance.

Included in our non-GAAP financial measures are non-operating retirement costs which are primarily tied to financial market performance and changes in market interest rates and investment performance. Management considers non-operating retirement costs to be outside the performance of the business and believes that presenting adjusted diluted earnings per share from continuing operations excluding non-operating retirement costs and presenting adjusted operating results excluding multiemployer pension plan withdrawal costs, in addition to the Company’s GAAP diluted earnings per share from continuing

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operations and GAAP operating results, provide increased transparency and a better understanding of the underlying trends in the Company’s operating business performance.

Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are set out in the tables below.

Reconciliation of diluted earnings per share from continuing operations excluding severance, non-operating retirement costs and special items (or adjusted diluted earnings per share from continuing operations)
	For the Quarters Ended						For the Six Months Ended
	June 27, 2021		June 28, 2020		% Change		June 27, 2021		June 28, 2020		% Change
Diluted earnings per share from continuing operations	$	0.32	$	0.14	*		$	0.57	$	0.34	67.6	%
Add:
Severance	—		0.04		*		—		0.04		*
Non-operating retirement costs:
Multiemployer pension plan withdrawal costs	0.01		0.01		—		0.02		0.02		—
Other components of net periodic benefit costs	0.02		0.01		*		0.03		0.03		—
Special items:
Gain from non-marketable equity security	—		—		*		—		(0.06)		*
Lease termination charge	0.02		—		*		0.02		—		*
Income tax expense of adjustments	(0.01)		(0.02)		(50.0)	%	(0.02)		(0.01)		*
Adjusted diluted earnings per share from continuing operations(1)	$	0.36	$	0.18	*		$	0.62	$	0.35	77.1	%

(1)Amounts may not add due to rounding.

* Represents a change equal to or in excess of 100% or not meaningful.

Reconciliation of operating profit before depreciation and amortization, severance, multiemployer pension plan withdrawal costs and special items (or adjusted operating profit)
	For the Quarters Ended
	2021		2020		2021 vs 2020 % Change		2019		2021 vs 2019 % Change
Operating profit	$	73,285	$	28,806	*		$	37,933	93.2	%
Add:
Depreciation and amortization	14,486		15,631		(7.3)	%	15,180		(4.6)	%
Severance	—		6,305		*		672		*
Multiemployer pension plan withdrawal costs	1,301		1,400		(7.1)	%	1,801		(27.8)	%
Special items:
Lease termination charge	3,831		—		*		—		*
Adjusted operating profit	$	92,903	$	52,142	78.2	%	$	55,586	67.1	%
* Represents a change equal to or in excess of 100% or not meaningful.

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Reconciliation of operating costs before depreciation and amortization, severance and multiemployer pension plan withdrawal costs (or adjusted operating costs)
	For the Quarters Ended
	2021		2020		2021 vs 2020 % Change		2019		2021 vs 2019 % Change
Operating costs	$	421,381	$	374,944	12.4	%	$	398,325	5.8	%
Less:
Depreciation & amortization	14,486		15,631		(7.3)	%	15,180		(4.6)	%
Severance	—		6,305		*		672		*
Multiemployer pension plan withdrawal costs	1,301		1,400		(7.1)	%	1,801		(27.8)	%
Adjusted operating costs	$	405,594	$	351,608	15.4	%	$	380,672	6.5	%
* Represents a change equal to or in excess of 100% or not meaningful.

Reconciliation of operating profit before depreciation and amortization, severance, multiemployer pension plan withdrawal costs and special items (or adjusted operating profit)
	For the Six Months Ended
	2021		2020		2021 vs 2020 % Change		2019		2021 vs 2019 % Change
Operating profit	$	124,943	$	56,126	*		$	72,531	72.3	%
Add:
Depreciation and amortization	29,203		30,816		(5.2)	%	30,098		(3.0)	%
Severance	406		6,675		(93.9)	%	2,075		(80.4)	%
Multiemployer pension plan withdrawal costs	2,627		2,823		(6.9)	%	3,250		(19.2)	%
Special items:
Lease termination charge	3,831		—		*		—		*
Adjusted operating profit	$	161,010	$	96,440	67.0	%	$	107,954	49.1	%
* Represents a change equal to or in excess of 100% or not meaningful.

Reconciliation of operating costs before depreciation and amortization, severance and multiemployer pension plan withdrawal costs (or adjusted operating costs)
	For the Six Months Ended
	2021		2020		2021 vs 2020 % Change		2019		2021 vs 2019 % Change
Operating costs	$	842,768	$	791,260	6.5	%	$	802,789	5.0	%
Less:
Depreciation & amortization	29,203		30,816		(5.2)	%	30,098		(3.0)	%
Severance	406		6,675		(93.9)	%	2,075		(80.4)	%
Multiemployer pension plan withdrawal costs	2,627		2,823		(6.9)	%	3,250		(19.2)	%
Adjusted operating costs	$	810,532	$	750,946	7.9	%	$	767,366	5.6	%
* Represents a change equal to or in excess of 100% or not meaningful.

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LIQUIDITY AND CAPITAL RESOURCES

We believe our cash balance and cash provided by operations, in combination with other sources of cash, will be sufficient to meet our financing needs over the next twelve months. Although there is uncertainty related to the anticipated continued effect of the Covid-19 pandemic on our business (as referenced above and in “Item 1A — Risk Factors” in our Annual Report on Form 10-K for the year ended December 27, 2020), given the strength of our balance sheet and based on the information currently available to us, we do not expect the impact of the pandemic to have a material impact on our liquidity position. As of June 27, 2021, we had cash, cash equivalents and short- and long-term marketable securities of $946.6 million. Our cash and marketable securities balances between the end of 2020 and June 27, 2021, increased, primarily due to cash proceeds from operating activities, partially offset by dividend payments, capital expenditures and share-based compensation tax withholding.

We have paid quarterly dividends on the Class A and Class B Common Stock each quarter since late 2013. In February 2021, the Board of Directors approved an increase in the quarterly dividend to $0.07 per share, which was paid in April 2021. On June 30, 2021, the Board of Directors declared a quarterly dividend of $0.07 per share on the Class A and Class B Common Stock, which was paid in July 2021. We currently expect to continue to pay comparable cash dividends in the future, although changes in our dividends will be considered by our Board of Directors in light of our earnings, capital requirements, financial condition and other factors considered relevant.

Capital Resources

Sources and Uses of Cash

Cash flows provided by/(used in) by category were as follows:

	For the Six Months Ended
(In thousands)	June 27, 2021		June 28, 2020		% Change
Operating activities	$	110,434	$	118,590	(6.9)	%
Investing activities	$	(46,332)	$	(72,938)	(36.5)	%
Financing activities	$	(30,285)	$	(28,192)	7.4	%

Operating Activities

Cash from operating activities is generated by cash receipts from subscriptions, advertising sales and other revenue. Operating cash outflows include payments for employee compensation, pension and other benefits, raw materials, marketing expenses and income taxes.

Net cash provided by operating activities decreased in the first six months of 2021 compared with the same prior-year period primarily due to lower cash collections from accounts receivable, an increase in other assets and lower cash payments received from prepaid subscriptions, partially offset by higher net income adjusted for non-cash items and lower cash payments made to settle accounts payable, accrued payroll and other liabilities.

Investing Activities

Cash from investing activities generally includes proceeds from marketable securities that have matured and the sale of assets, investments or a business. Cash used in investing activities generally includes purchases of marketable securities, payments for capital projects and acquisitions of new businesses and investments.

Net cash used in investing activities in the first six months of 2021 was primarily related to $33.9 million in net purchases of marketable securities and $14.7 million in capital expenditures payments.

Financing Activities

Cash from financing activities generally includes borrowings under third-party financing arrangements, the issuance of long-term debt and funds from stock option exercises. Cash used in financing activities generally includes the repayment of amounts outstanding under third-party financing arrangements, the payment of dividends, the payment of long-term debt and finance lease obligations and share-based compensation tax withholding.

Net cash used in financing activities in the first six months of 2021 was primarily related to dividend payments of $21.8 million and share-based compensation tax withholding payments of $10.9 million.

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Restricted Cash

We were required to maintain $14.6 million of restricted cash as of June 27, 2021, and $15.9 million as of December 27, 2020, substantially all of which is set aside to collateralize workers’ compensation obligations.

Capital Expenditures

Capital expenditures totaled approximately $15 million and $17 million in the first six months of 2021 and 2020, respectively. The decrease in capital expenditures was primarily driven by lower expenditures related to improvements at our College Point, N.Y., printing and distribution facility and lower investments in technology, partially offset by improvements at our newsroom bureaus and Company Headquarters. The cash payments related to capital expenditures totaled approximately $15 million and $22 million in the first six months of 2021 and 2020, respectively.

Third-Party Financing

In September 2019, we entered into a $250 million five-year unsecured credit facility (the “Credit Facility”). Certain of our domestic subsidiaries have guaranteed our obligations under the Credit Facility. As of June 27, 2021, there were no outstanding borrowings under the Credit Facility and the Company was in compliance with the financial covenants contained in the Credit Facility.

CRITICAL ACCOUNTING POLICIES

Our critical accounting policies are detailed in our Annual Report on Form 10-K for the year ended December 27, 2020. Other than as described in Note 2 of the Notes to the Condensed Consolidated Financial Statements, as of June 27, 2021, our critical accounting policies have not changed from December 27, 2020.

CONTRACTUAL OBLIGATIONS & OFF-BALANCE SHEET ARRANGEMENTS

Our contractual obligations and off-balance sheet arrangements are detailed in our Annual Report on Form 10-K for the year ended December 27, 2020. As of June 27, 2021, our contractual obligations and off-balance sheet arrangements have not changed materially from December 27, 2020.

FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q, including the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Terms such as “aim,” “anticipate,” “believe,” “confidence,” “contemplate,” “continue,” “conviction,” “could,” “drive,” “estimate,” “expect,” “forecast,” “future,” “goal,” “guidance,” “intend,” “likely,” “may,” “might,” “objective,” “opportunity,” “optimistic,” “outlook,” “plan,” “position,” “potential,” “predict,” “project,” “seek,” “should,” “strategy,” “target,” “will,” “would” or similar statements or variations of such words and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such terms. Forward-looking statements are based upon our current expectations, estimates and assumptions and involve risks and uncertainties that change over time; actual results could differ materially from those predicted by such forward-looking statements. These risks and uncertainties include, but are not limited to: the impact of the Covid-19 pandemic; significant competition in all aspects of our business; our ability to improve and scale our technical infrastructure and respond and adapt to changes in technology and consumer behavior; our ability to continue to retain and grow our subscriber base; numerous factors that affect our advertising revenues, including economic conditions, market dynamics, audience fragmentation, evolving digital advertising trends and the evolution of our strategy; damage to our brand or reputation; economic, geopolitical and other risks associated with the international scope of our business and foreign operations; our ability to attract and maintain a highly skilled and diverse workforce; adverse results from litigation or governmental investigations; the risks and challenges associated with investments we make in new and existing products and services; risks associated with acquisitions, divestitures, investments and other transactions; the effects of the fixed cost nature of significant portions of our expenses; the effects of the size and volatility of our pension plan obligations; liabilities that may result from our participation in multiemployer pension plans; the impact of labor negotiations and agreements; increases in the price of newsprint or significant disruptions in our newsprint supply chain or newspaper printing and distribution channels; security breaches and other network and information systems disruptions; our ability to comply with laws and regulations, including with respect to privacy, data protection and consumer marketing practices; payment processing risk; defects, delays or interruptions in the cloud-based hosting services we utilize; our ability to protect our intellectual property; claims of intellectual property infringement that we have been, and may be in the future, be subject to; the effects of restrictions on our operations as a result of the terms of our credit facility; our future access to capital markets and other financing options; and the concentration of control of our company due to our dual-class capital structure.

More information regarding these risks and uncertainties and other important factors that could cause actual results to differ materially from those in the forward-looking statements is set forth in “Item 1A — Risk Factors” in our Annual Report

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on Form 10-K for the year ended December 27, 2020, and “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Form 10-Q. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.     

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Our Annual Report on Form 10-K for the year ended December 27, 2020, details our disclosures about market risk. As of June 27, 2021, there were no material changes in our market risks from December 27, 2020.

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Item 4. Controls and Procedures

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES

Our management, with the participation of our principal executive officer and our principal financial officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934) as of June 27, 2021. Based upon such evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective to ensure that the information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

During the second quarter of 2021, we completed the implementation of (i) a new cloud-based procure-to-pay system relating to our procurement suppliers, and (ii) a new cloud-based system for digital advertising billing. In connection with these systems implementations, we updated our internal control over financial reporting to accommodate the resulting changes to our existing controls, systems and procedures.

There were no other changes in our internal control over financial reporting during the quarter ended June 27, 2021, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings

We are involved in various legal actions incidental to our business that are now pending against us. These actions generally have damage claims that are greatly in excess of the payments, if any, that we would be required to pay if we lost or settled the cases. Although the Company cannot predict the outcome of these matters, it is possible that an unfavorable outcome in one or more matters could be material to the Company’s consolidated results of operations or cash flows for an individual reporting period. However, based on currently available information, management does not believe that the ultimate resolution of these matters, individually or in the aggregate, is likely to have a material effect on the Company’s financial position.

Item 1A. Risk Factors

There have been no material changes to our risk factors as set forth in “Item 1A—Risk Factors” in our Annual Report on Form 10-K for the year ended December 27, 2020.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

(c) Issuer Purchases of Equity Securities

In 2015, the Board of Directors authorized up to $101.1 million of repurchases of shares of the Company’s Class A Common Stock. As of June 27, 2021, repurchases under this authorization totaled $84.9 million (excluding commissions) and $16.2 million remained. Our Board of Directors has authorized us to purchase shares from time to time, subject to market conditions and other factors. There is no expiration date with respect to this authorization. There have been no purchases under this authorization since 2016.

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Item 6. Exhibits

Exhibit No.
31.1	Rule 13a-14(a)/15d-14(a) Certification.
31.2	Rule 13a-14(a)/15d-14(a) Certification.
32.1	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH	Inline XBRL Taxonomy Extension Schema Document.
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		THE NEW YORK TIMES COMPANY
		(Registrant)
Date:	August 4, 2021	/s/ Roland A. Caputo
		Roland A. Caputo Executive Vice President and Chief Financial Officer (Principal Financial Officer)

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EX-31.1

EXHIBIT 31.1

Rule 13a-14(a)/15d-14(a) Certification
I, Meredith Kopit Levien, certify that:
1.	I have reviewed this Quarterly Report on Form 10-Q of The New York Times Company;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 4, 2021

/s/ MEREDITH KOPIT LEVIEN

Meredith Kopit Levien

Chief Executive Officer

EX-31.2

EXHIBIT 31.2

Rule 13a-14(a)/15d-14(a) Certification
I, Roland A. Caputo, certify that:
1.	I have reviewed this Quarterly Report on Form 10-Q of The New York Times Company;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
	(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 4, 2021

/s/ ROLAND A. CAPUTO

Roland A. Caputo

Chief Financial Officer

EX-32.1

EXHIBIT 32.1

Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report on Form 10-Q of The New York Times Company (the “Company”) for the quarter ended June 27, 2021, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Meredith Kopit Levien, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, based on my knowledge:

(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

August 4, 2021

/s/ MEREDITH KOPIT LEVIEN

Meredith Kopit Levien

Chief Executive Officer

EX-32.2

EXHIBIT 32.2

Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report on Form 10-Q of The New York Times Company (the “Company”) for the quarter ended June 27, 2021, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Roland A. Caputo, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, based on my knowledge:

(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

August 4, 2021

/s/ ROLAND A. CAPUTO

Roland A. Caputo

Chief Financial Officer

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Cover Page - shares	6 Months Ended
	Jun. 27, 2021	Jul. 30, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 27, 2021
Document Transition Report	false
Entity File Number	1-5837
Entity Registrant Name	THE NEW YORK TIMES COMPANY
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	13-1102020
Entity Address, Address Line One	620 Eighth Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10018
City Area Code	212
Local Phone Number	556-1234
Title of 12(b) Security	Class A Common Stock
Trading Symbol	NYT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000071691
Current Fiscal Year End Date	--12-26
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		167,091,902
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		781,724

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 27, 2021	Dec. 27, 2020
Current assets
Cash and cash equivalents	$ 320,871	$ 286,079
Short-term marketable securities	338,455	309,080
Accounts receivable (net of allowances of $12,269 in 2021 and $13,797 in 2020)	153,540	183,692
Prepaid expenses	36,262	29,487
Other current assets	32,110	27,497
Total current assets	881,238	835,835
Other assets
Long-term marketable securities	287,265	286,831
Property, plant and equipment (less accumulated depreciation and amortization of $891,635 in 2021 and $886,149 in 2020)	582,331	594,516
Goodwill	170,156	171,657
Deferred income taxes	96,869	99,518
Miscellaneous assets	330,148	319,332
Total assets	2,348,007	2,307,689
Current liabilities
Accounts payable	94,480	123,157
Accrued payroll and other related liabilities	101,637	121,159
Unexpired subscriptions revenue	114,740	105,346
Accrued expenses and other	135,660	137,086
Total current liabilities	446,517	486,748
Other liabilities
Pension benefits obligation	317,543	326,555
Postretirement benefits obligation	35,712	38,690
Other	129,448	127,585
Total other liabilities	482,703	492,830
Common stock of $.10 par value:
Additional paid-in capital	217,565	216,714
Retained earnings	1,756,198	1,672,586
Common stock held in treasury, at cost	(171,211)	(171,211)
Accumulated other comprehensive loss, net of income taxes:
Foreign currency translation adjustments	7,092	8,386
Funded status of benefit plans	(412,315)	(421,698)
Net unrealized gain on available-for-sale securities	1,779	3,131
Total accumulated other comprehensive loss, net of income taxes	(403,444)	(410,181)
Total New York Times Company stockholders’ equity	1,416,782	1,325,517
Noncontrolling interest	2,005	2,594
Total stockholders’ equity	1,418,787	1,328,111
Total liabilities and stockholders’ equity	2,348,007	2,307,689
Class A Common Stock
Common stock of $.10 par value:
Common stock value	17,596	17,531
Class B Common Stock
Common stock of $.10 par value:
Common stock value	$ 78	$ 78

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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 27, 2021	Dec. 27, 2020
Accounts receivable, allowance for credit loss	$ 12,269	$ 13,797
Accumulated depreciation and amortization	$ 891,635	$ 886,149
Common stock, par value (in usd per share)	$ 0.10	$ 0.10
Class A Common Stock
Authorized shares (in shares)	300,000,000	300,000,000
Issued shares (in shares)	175,962,272	175,308,672
Treasury shares (in shares)	8,870,801	8,870,801
Class B Common Stock
Authorized shares (in shares)	781,724	781,724
Issued shares (in shares)	781,724	781,724

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2021	Jun. 28, 2020	Jun. 27, 2021	Jun. 28, 2020
Revenues
Total revenues	$ 498,497	$ 403,750	$ 971,542	$ 847,386
Operating costs
Cost of revenue (excluding depreciation and amortization)	251,358	229,913	502,355	473,397
Sales and marketing	53,555	39,605	113,708	113,389
Product development	39,699	30,983	78,642	61,985
General and administrative	62,283	58,812	118,860	111,673
Depreciation and amortization	14,486	15,631	29,203	30,816
Total operating costs	421,381	374,944	842,768	791,260
Lease termination charge	3,831	0	3,831	0
Operating profit	73,285	28,806	124,943	56,126
Other components of net periodic benefit costs	2,598	2,149	5,197	4,463
Interest income and other, net	1,873	2,786	3,384	16,640
Income from continuing operations before income taxes	72,560	29,443	123,130	68,303
Income tax expense	18,243	5,781	27,704	11,787
Net income	54,317	23,662	95,426	56,516
Net income attributable to The New York Times Company common stockholders	$ 54,317	$ 23,662	$ 95,426	$ 56,516
Average number of common shares outstanding:
Basic (in shares)	168,012	166,869	167,828	166,725
Diluted (in shares)	168,346	168,083	168,312	167,968
Basic earnings per share attributable to The New York Times Company common stockholders
Basic earnings per share attributable to The New York Times Company common stockholders (in usd per share)	$ 0.32	$ 0.14	$ 0.57	$ 0.34
Diluted earnings per share attributable to The New York Times Company common stockholders
Diluted earnings per share attributable to The New York Times Company common stockholders (in usd per share)	0.32	0.14	0.57	0.34
Dividends declared per share (in usd per share)	$ 0	$ 0	$ 0.07	$ 0.06
Subscription
Revenues
Total revenues	$ 339,217	$ 293,189	$ 668,301	$ 578,623
Advertising
Revenues
Total revenues	112,774	67,760	209,890	173,897
Other
Revenues
Total revenues	$ 46,506	$ 42,801	$ 93,351	$ 94,866

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2021	Jun. 28, 2020	Jun. 27, 2021	Jun. 28, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 54,317	$ 23,662	$ 95,426	$ 56,516
Other comprehensive income, before tax:
Gain/(loss) on foreign currency translation adjustments	935	619	(1,767)	365
Pension and postretirement benefits obligation	6,409	6,231	12,815	12,628
Net unrealized (loss)/gain on available-for-sale securities	(779)	4,075	(1,846)	4,790
Other comprehensive income, before tax	6,565	10,925	9,202	17,783
Income tax expense	1,756	2,848	2,465	4,763
Other comprehensive income, net of tax	4,809	8,077	6,737	13,020
Comprehensive income attributable to The New York Times Company common stockholders	$ 59,126	$ 31,739	$ 102,163	$ 69,536

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CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Total New York Times Company Stockholders’ Equity	Capital Stock - Class A and Class B Common	Additional Paid-in Capital	Retained Earnings	Common Stock Held in Treasury, at Cost	Accumulated Other Comprehensive Loss, Net of Income Taxes	Non- controlling Interest
Balance, beginning of period at Dec. 29, 2019	$ 1,173,863	$ 1,172,003	$ 17,504	$ 208,028	$ 1,612,658	$ (171,211)	$ (494,976)	$ 1,860
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	56,516	56,516			56,516
Dividends	(10,016)	(10,016)			(10,016)
Other comprehensive income	13,020	13,020					13,020
Issuance of shares:
Stock options - Class A shares	1,873	1,873	18	1,855
Restricted stock units vested - Class A shares	(3,883)	(3,883)	14	(3,897)
Performance-based awards - Class A shares	(7,824)	(7,824)	26	(7,850)
Stock-based compensation	7,482	7,482		7,482
Balance, end of period at Jun. 28, 2020	1,231,031	1,229,171	17,562	205,618	1,659,158	(171,211)	(481,956)	1,860
Balance, beginning of period at Mar. 29, 2020	1,193,574	1,191,714	17,552	199,933	1,635,473	(171,211)	(490,033)	1,860
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	23,662	23,662			23,662
Dividends	23	23			23
Other comprehensive income	8,077	8,077					8,077
Issuance of shares:
Stock options - Class A shares	942	942	9	933
Restricted stock units vested - Class A shares	(274)	(274)	1	(275)
Stock-based compensation	5,027	5,027		5,027
Balance, end of period at Jun. 28, 2020	1,231,031	1,229,171	17,562	205,618	1,659,158	(171,211)	(481,956)	1,860
Balance, beginning of period at Dec. 27, 2020	1,328,111	1,325,517	17,609	216,714	1,672,586	(171,211)	(410,181)	2,594
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	95,426	95,426			95,426
Dividends	(11,814)	(11,814)			(11,814)
Other comprehensive income	6,737	6,737					6,737
Issuance of shares:
Stock options - Class A shares	2,447	2,447	33	2,414
Restricted stock units vested - Class A shares	(4,936)	(4,936)	18	(4,954)
Performance-based awards - Class A shares	(5,933)	(5,933)	14	(5,947)
Stock-based compensation	9,338	9,338		9,338
Distributions	(589)							(589)
Balance, end of period at Jun. 27, 2021	1,418,787	1,416,782	17,674	217,565	1,756,198	(171,211)	(403,444)	2,005
Balance, beginning of period at Mar. 28, 2021	1,355,462	1,352,868	17,670	212,802	1,701,860	(171,211)	(408,253)	2,594
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	54,317	54,317			54,317
Dividends	21	21			21
Other comprehensive income	4,809	4,809					4,809
Issuance of shares:
Restricted stock units vested - Class A shares	(386)	(386)	4	(390)
Stock-based compensation	5,153	5,153		5,153
Distributions	(589)							(589)
Balance, end of period at Jun. 27, 2021	$ 1,418,787	$ 1,416,782	$ 17,674	$ 217,565	$ 1,756,198	$ (171,211)	$ (403,444)	$ 2,005

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CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - shares	3 Months Ended		6 Months Ended
	Jun. 27, 2021	Jun. 28, 2020	Jun. 27, 2021	Jun. 28, 2020
Statement of Stockholders' Equity [Abstract]
Stock options (in shares)		90,735	323,360	179,510
Restricted stock unit vested (in shares)	45,280	6,516	187,987	141,501
Performance-based awards (in shares)			142,253	257,098

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Cash flows from operating activities
Net income	$ 95,426	$ 56,516
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	29,203	30,816
Lease termination charge	3,831	0
Amortization of right of use asset	4,442	4,645
Stock-based compensation expense	9,338	7,482
Gain on non-marketable equity investment	0	(10,074)
Long-term retirement benefit obligations	(8,866)	(8,524)
Other – net	(289)	475
Changes in operating assets and liabilities:
Accounts receivable – net	30,152	91,310
Other assets	(8,027)	(1,292)
Accounts payable, accrued payroll and other liabilities	(54,170)	(64,019)
Unexpired subscriptions	9,394	11,255
Net cash provided by operating activities	110,434	118,590
Cash flows from investing activities
Purchases of marketable securities	(326,996)	(278,773)
Maturities of marketable securities	293,053	228,938
Business acquisitions	0	(8,055)
Sales of investments – net	271	4,074
Capital expenditures	(14,677)	(21,510)
Other-net	2,017	2,388
Net cash used in investing activities	(46,332)	(72,938)
Long-term obligations:
Dividends paid	(21,825)	(18,359)
Capital shares:
Proceeds from stock option exercises	2,441	1,873
Share-based compensation tax withholding	(10,901)	(11,706)
Net cash used in financing activities	(30,285)	(28,192)
Net increase in cash, cash equivalents and restricted cash	33,817	17,460
Effect of exchange rate changes on cash	(280)	162
Cash, cash equivalents and restricted cash at the beginning of the period	301,964	247,518
Cash, cash equivalents and restricted cash at the end of the period	$ 335,501	$ 265,140

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Basis of Presentation

6 Months Ended

Jun. 27, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

BASIS OF PRESENTATION

In the opinion of management of The New York Times Company (the “Company”), the Condensed Consolidated Financial Statements present fairly the financial position of the Company as of June 27, 2021, and December 27, 2020, and the results of operations, changes in stockholders’ equity and cash flows of the Company for the periods ended June 27, 2021, and June 28, 2020. The Company and its consolidated subsidiaries are referred to collectively as “we,” “us” or “our.” All adjustments necessary for a fair presentation have been included and are of a normal and recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation. The financial statements were prepared in accordance with the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain notes or other financial information that are normally required by accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted from these interim financial statements. These financial statements, therefore, should be read in conjunction with the Consolidated Financial Statements and related Notes included in our Annual Report on Form 10-K for the year ended December 27, 2020. Due to the seasonal nature of our business, operating results for the interim periods are not necessarily indicative of a full year’s operations. The fiscal periods included herein comprise 13 and 26 weeks for the second quarter and six months, respectively.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in our Condensed Consolidated Financial Statements. Actual results could differ from these estimates.

Certain prior period amounts have been reclassified to conform with the current period presentation.

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Summary of Significant Accounting Policies

6 Months Ended

Jun. 27, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Except as described herein, as of June 27, 2021, our significant accounting policies, which are detailed in our Annual Report on Form 10-K for the year ended December 27, 2020, have not changed materially.

Recently Adopted Accounting Pronouncements

Accounting Standard Update(s)	Topic	Effective Period	Summary
2019-12	Simplifying the Accounting for Income Taxes (Topic 740)	Fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted.	Simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in Accounting Standards Codification 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The standard also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The Company adopted this guidance on December 28, 2020. The adoption did not have a material impact on the Company’s consolidated financial statements.

Recently Issued Accounting Pronouncements

The Company considers the applicability and impact of all recently issued accounting pronouncements. Recent accounting pronouncements not specifically identified in our disclosures are either not applicable to the Company or are not expected to have a material effect on our financial condition or results of operations.

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Revenue

6 Months Ended

Jun. 27, 2021

Revenue from Contract with Customer [Abstract]

Revenue

REVENUE

We generate revenues principally from subscriptions and advertising. Subscription revenues consist of revenues from subscriptions to our digital and print products (which include our news product, as well as our Games, Cooking and Audm products) and single-copy and bulk sales of our print products. Subscription revenues are based on both the number of copies of the printed newspaper sold and digital-only subscriptions, and the rates charged to the respective customers.

Advertising revenue is principally from advertisers (such as technology, financial and luxury goods companies) promoting products, services or brands on digital platforms in the form of display ads, audio and video, and in print, in the form of column-inch ads. Advertising revenue is primarily derived from offerings sold directly to marketers by our advertising sales teams. A smaller proportion of our total advertising revenues is generated through programmatic auctions run by third-party ad exchanges. Advertising revenue is primarily determined by the volume (e.g., impressions), rate and mix of advertisements. Digital advertising includes our core digital advertising business and other digital advertising. Our core digital advertising business includes direct-sold website, mobile application, podcast, email and video advertisements. Direct-sold display

advertising, a component of core digital advertising, includes offerings on websites and mobile applications sold directly to marketers by our advertising sales teams. Other digital advertising includes open-market programmatic advertising and creative services fees. Print advertising includes revenue from column-inch ads and classified advertising, including line-ads as well as preprinted advertising, also known as freestanding inserts.

Other revenues primarily consist of revenues from licensing, Wirecutter affiliate referrals, the leasing of floors in the New York headquarters building located at 620 Eighth Avenue, New York, New York (the “Company Headquarters”), commercial printing, retail commerce, television and film, our student subscription sponsorship program and our live events business.

Subscription, advertising and other revenues were as follows:

	For the Quarters Ended								For the Six Months Ended
(In thousands)	June 27, 2021		As % of total		June 28, 2020		As % of total		June 27, 2021		As % of total		June 28, 2020		As % of total
Subscription	$	339,217	68.1	%	$	293,189	72.6	%	$	668,301	68.8	%	$	578,623	68.3	%
Advertising	112,774		22.6	%	67,760		16.8	%	209,890		21.6	%	173,897		20.5	%
Other (1)	46,506		9.3	%	42,801		10.6	%	93,351		9.6	%	94,866		11.2	%
Total	$	498,497	100.0	%	$	403,750	100.0	%	$	971,542	100.0	%	$	847,386	100.0	%

(1) Other revenues include building rental revenue, which is not under the scope of Revenue from Contracts with Customers (Topic 606). Building rental revenue was approximately $7 million for the second quarters of 2021 and 2020, respectively, and approximately $13 million and $15 million for the first six months of 2021 and 2020, respectively.

The following table summarizes digital and print subscription revenues, which are components of subscription revenues above, for the second quarters and first six months ended June 27, 2021, and June 28, 2020:

	For the Quarters Ended				For the Six Months Ended
(In thousands)	June 27, 2021		June 28, 2020		June 27, 2021		June 28, 2020
Digital-only subscription revenues:
News product subscription revenues(1)	$	170,893	$	132,922	$	332,181	$	251,880
Other product subscription revenues(2)	19,252		13,062		37,564		24,114
Subtotal digital-only subscriptions	190,145		145,984		369,745		275,994
Print subscription revenues:
Domestic home delivery subscription revenues(3)	134,755		132,971		269,150		266,708
Single-copy, NYT International and other subscription revenues(4)	14,317		14,234		29,406		35,921
Subtotal print subscription revenues	149,072		147,205		298,556		302,629
Total subscription revenues	$	339,217	$	293,189	$	668,301	$	578,623
(1) Includes revenues from subscriptions to the Company’s news product. News product subscription packages that include access to the Company’s Games and Cooking products are also included in this category.
(2) Includes revenues from standalone subscriptions to the Company’s Games, Cooking and Audm products.
(3) Includes free access to some of the Company’s digital products.
(4) NYT International is the international edition of our print newspaper.

The following table summarizes digital and print advertising revenues for the second quarters and first six months ended June 27, 2021, and June 28, 2020:

	For the Quarters Ended				For the Six Months Ended
(In thousands)	June 27, 2021		June 28, 2020		June 27, 2021		June 28, 2020
Advertising revenues:
Digital	$	70,995	$	39,531	$	130,491	$	90,689
Print	41,779		28,229		79,399		83,208
Total advertising	$	112,774	$	67,760	$	209,890	$	173,897

Performance Obligations

We have remaining performance obligations related to digital archive and other licensing and certain advertising contracts. As of June 27, 2021, the aggregate amount of the transaction price allocated to the remaining performance obligations for contracts with a duration greater than one year was approximately $104 million. The Company will recognize this revenue as performance obligations are satisfied. We expect that approximately $24 million, $36 million and $44 million will be recognized in the remainder of 2021, 2022 and thereafter, respectively.

Contract Assets

As of June 27, 2021, and December 27, 2020, the Company had $1.9 million and $1.8 million, respectively, in contract assets recorded in the Condensed Consolidated Balance Sheets related to digital archiving licensing revenue. The contract asset is reclassified to Accounts receivable when the customer is invoiced based on the contractual billing schedule.

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Marketable Securities

6 Months Ended

Jun. 27, 2021

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

MARKETABLE SECURITIESThe Company accounts for its marketable securities as available for sale (“AFS”). The Company recorded $2.4 million and $4.3 million of net unrealized gains in Accumulated other comprehensive income (“AOCI”) as of June 27, 2021, and December 27, 2020, respectively.

The following tables present the amortized cost, gross unrealized gains and losses, and fair market value of our AFS securities as of June 27, 2021, and December 27, 2020:

	June 27, 2021
(In thousands)	Amortized Cost		Gross unrealized gains		Gross unrealized losses		Fair Value
Short-term AFS securities
Corporate debt securities	$	110,415	$	496	$	(12)	$	110,899
Certificates of deposit	105,954		—		—		105,954
U.S. Treasury securities	74,984		547		(3)		75,528
U.S. governmental agency securities	26,137		16		—		26,153
Commercial paper	19,921		—		—		19,921
Total short-term AFS securities	$	337,411	$	1,059	$	(15)	$	338,455
Long-term AFS securities
Corporate debt securities	$	161,767	$	725	$	(123)	$	162,369
U.S. Treasury securities	60,377		861		(15)		61,223
U.S. governmental agency securities	51,591		6		(67)		51,530
Municipal securities	12,142		7		(6)		12,143
Total long-term AFS securities	$	285,877	$	1,599	$	(211)	$	287,265

	December 27, 2020
(In thousands)	Amortized Cost		Gross unrealized gains		Gross unrealized losses		Fair Value
Short-term AFS securities
Corporate debt securities	$	129,805	$	504	$	(8)	$	130,301
Certificates of deposit	36,525		—		—		36,525
U.S. Treasury securities	79,467		39		(3)		79,503
U.S. governmental agency securities	25,113		61		(3)		25,171
Commercial paper	37,580		—		—		37,580
Total short-term AFS securities	$	308,490	$	604	$	(14)	$	309,080
Long-term AFS securities
Corporate debt securities	$	134,296	$	1,643	$	(5)	$	135,934
U.S. Treasury securities	95,511		2,054		—		97,565
U.S. governmental agency securities	48,342		19		(13)		48,348
Municipal securities	4,994		—		(10)		4,984
Total long-term AFS securities	$	283,143	$	3,716	$	(28)	$	286,831

The following tables represent the AFS securities as of June 27, 2021, and December 27, 2020, that were in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position:

	June 27, 2021
	Less than 12 Months				12 Months or Greater				Total
(In thousands)	Fair Value		Gross unrealized losses		Fair Value		Gross unrealized losses		Fair Value		Gross unrealized losses
Short-term AFS securities
Corporate debt securities	$	28,033	$	(12)	$	—	$	—	$	28,033	$	(12)
U.S. Treasury securities	22,670		(3)		—		—		22,670		(3)
Total short-term AFS securities	$	50,703	$	(15)	$	—	$	—	$	50,703	$	(15)
Long-term AFS securities
Corporate debt securities	$	50,552	$	(123)	$	—	$	—	$	50,552	$	(123)
U.S. Treasury securities	11,212		(15)		—		—		11,212		(15)
U.S. governmental agency securities	42,428		(67)		—		—		42,428		(67)
Municipal securities	5,141		(6)		—		—		5,141		(6)
Total long-term AFS securities	$	109,333	$	(211)	$	—	$	—	$	109,333	$	(211)

	December 27, 2020
	Less than 12 Months				12 Months or Greater				Total
(In thousands)	Fair Value		Gross unrealized losses		Fair Value		Gross unrealized losses		Fair Value		Gross unrealized losses
Short-term AFS securities
Corporate debt securities	$	33,735	$	(8)	$	—	$	—	$	33,735	$	(8)
U.S. Treasury securities	20,133		(3)		—		—		20,133		(3)
U.S. governmental agency securities	4,999		(2)		8,749		(1)		13,748		(3)
Total short-term AFS securities	$	58,867	$	(13)	$	8,749	$	(1)	$	67,616	$	(14)
Long-term AFS securities
Corporate debt securities	$	6,717	$	(5)	$	—	$	—	$	6,717	$	(5)
U.S. governmental agency securities	26,236		(13)		—		—		26,236		(13)
Municipal securities	4,984		(10)		—		—		4,984		(10)
Total long-term AFS securities	$	37,937	$	(28)	$	—	$	—	$	37,937	$	(28)

We assess AFS securities on a quarterly basis or more often if a potential loss-triggering event occurs.

As of June 27, 2021, and December 27, 2020, we did not intend to sell and it was not likely that we would be required to sell these investments before recovery of their amortized cost basis, which may be at maturity. Unrealized losses related to these investments are primarily due to interest rate fluctuations as opposed to changes in credit quality. Therefore, as of June 27, 2021, and December 27, 2020, we have recognized no losses or allowance for credit losses related to AFS securities.

As of June 27, 2021, and December 27, 2020, our short-term and long-term marketable securities had remaining maturities of less than one month to 12 months and 13 months to 36 months, respectively. See Note 8 for more information regarding the fair value of our marketable securities.

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Goodwill and Intangibles

6 Months Ended

Jun. 27, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangibles

GOODWILL AND INTANGIBLES

The changes in the carrying amount of goodwill as of June 27, 2021, and since December 27, 2020, were as follows:

(In thousands)	Total Company
Balance as of December 27, 2020	$	171,657
Foreign currency translation	(1,501)
Balance as of June 27, 2021	$	170,156

The foreign currency translation line item reflects changes in goodwill resulting from fluctuating exchange rates related to the consolidation of certain international subsidiaries.

The aggregate carrying amount of intangible assets of $15.2 million is included in Miscellaneous assets in our Condensed Consolidated Balance Sheets as of June 27, 2021.

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Investments

6 Months Ended

Jun. 27, 2021

Investments, Debt and Equity Securities [Abstract]

Investments

INVESTMENTS

Non-Marketable Equity Securities

Our non-marketable equity securities are investments in privately held companies/funds without readily determinable market values. Gains and losses on non-marketable securities sold or impaired are recognized in Interest income and other, net.

As of June 27, 2021, and December 27, 2020, non-marketable equity securities included in Miscellaneous assets in our Condensed Consolidated Balance Sheets had a carrying value of $20.6 million and $20.9 million, respectively. During the first six months of 2020, we recorded a $10.1 million gain related to a non-marketable equity investment transaction. The gain is comprised of $2.5 million realized gain due to the partial sale of the investment and a $7.6 million unrealized gain due to the mark to market of the remaining investment, and is included in Interest income and other, net in our Condensed Consolidated Statements of Operations.

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Other

6 Months Ended

Jun. 27, 2021

Other Income and Expenses [Abstract]

Other

OTHER

Capitalized Computer Software Costs

Amortization of capitalized computer software costs included in Depreciation and amortization in our Condensed Consolidated Statements of Operations were $2.4 million and $3.9 million in the second quarters of 2021 and 2020, respectively, and $5.0 million and $7.7 million in the first six months of 2021 and 2020, respectively.

Interest income and other, net

Interest income and other, net, as shown in the accompanying Condensed Consolidated Statements of Operations was as follows:

	For the Quarters Ended				For the Six Months Ended
(In thousands)	June 27, 2021		June 28, 2020		June 27, 2021		June 28, 2020
Interest income and other expense, net (1)	$	2,053	$	2,965	$	3,743	$	17,004
Interest expense	(180)		(179)		(359)		(364)
Total interest income and other, net	$	1,873	$	2,786	$	3,384	$	16,640

(1) The six months ended June 28, 2020 includes a $10.1 million gain related to a non-marketable equity investment transaction.

Restricted Cash

A reconciliation of cash, cash equivalents and restricted cash as of June 27, 2021, and December 27, 2020, from the Condensed Consolidated Balance Sheets to the Condensed Consolidated Statements of Cash Flows is as follows:

(In thousands)	June 27, 2021		December 27, 2020
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	$	320,871	$	286,079
Restricted cash included within other current assets	299		686
Restricted cash included within miscellaneous assets	14,331		15,199
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows	$	335,501	$	301,964

Substantially all of the amount included in restricted cash is set aside to collateralize workers’ compensation obligations.

Revolving Credit Facility

In September 2019, the Company entered into a $250.0 million five-year unsecured revolving credit facility (the “Credit Facility”). Certain of the Company’s domestic subsidiaries have guaranteed the Company’s obligations under the Credit Facility. Borrowings under the Credit Facility bear interest at specified rates based on our utilization and consolidated leverage ratio. The Credit Facility contains various customary affirmative and negative covenants. In addition, the Company is obligated to pay a quarterly unused commitment fee of 0.20%.

As of June 27, 2021, there were no outstanding borrowings under the Credit Facility and the Company was in compliance with the financial covenants contained in the documents governing the Credit Facility.

Severance Costs

We recognized no severance costs in the second quarter of 2021 and $6.3 million in severance costs in the second quarter of 2020, and $0.4 million and $6.7 million in the first six months of 2021 and 2020, respectively. These costs are recorded in General and administrative costs in our Condensed Consolidated Statements of Operations.

We had a severance liability of $2.4 million and $5.0 million included in Accrued expenses and other in our Condensed Consolidated Balance Sheets as of June 27, 2021, and December 27, 2020, respectively.

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Fair Value Measurements

6 Months Ended

Jun. 27, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

Fair value is the price that would be received upon the sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date. The transaction would be in the principal or most advantageous market for the asset or liability, based on assumptions that a market participant would use in pricing the asset or liability. The fair value hierarchy consists of three levels:

Level 1–quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date;

Level 2–inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

Level 3–unobservable inputs for the asset or liability.

Assets/Liabilities Measured and Recorded 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 June 27, 2021, and December 27, 2020:

(In thousands)	June 27, 2021								December 27, 2020
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Short-term AFS securities (1)
Corporate debt securities	$	110,899	$	—	$	110,899	$	—	$	130,301	$	—	$	130,301	$	—
Certificates of deposit	105,954		—		105,954		—		36,525		—		36,525		—
U.S. Treasury securities	75,528		—		75,528		—		79,503		—		79,503		—
U.S. governmental agency securities	26,153		—		26,153		—		25,171		—		25,171		—
Commercial paper	19,921		—		19,921		—		37,580		—		37,580		—
Total short-term AFS securities	$	338,455	$	—	$	338,455	$	—	$	309,080	$	—	$	309,080	$	—
Long-term AFS securities (1)
Corporate debt securities	$	162,369	$	—	$	162,369	$	—	$	135,934	$	—	$	135,934	$	—
U.S. Treasury securities	61,223		—		61,223		—		97,565		—		97,565		—
U.S. governmental agency securities	51,530		—		51,530		—		48,348		—		48,348		—
Municipal securities	12,143		—		12,143		—		4,984		—		4,984		—
Total long-term AFS securities	$	287,265	$	—	$	287,265	$	—	$	286,831	$	—	$	286,831	$	—
Liabilities:
Deferred compensation (2)(3)	$	19,754	$	19,754	$	—	$	—	$	22,245	$	22,245	$	—	$	—
Contingent consideration	$	7,450	$	—	$	—	$	7,450	$	8,431	$	—	$	—	$	8,431

(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 the assets associated with the deferred compensation liability in life insurance products. Our investments in life insurance products are included in Miscellaneous assets in our Condensed Consolidated Balance Sheets, and were $51.1 million as of June 27, 2021, and $49.2 million as of December 27, 2020. 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.

Level 3 Liabilities

The contingent consideration liability is related to the 2020 acquisition of substantially all the assets and certain liabilities of Serial Productions, LLC (the “Serial acquisition”) and represents contingent payments based on the achievement of certain operational targets, as defined in the acquisition agreement, over the 5 years following the acquisition. The Company estimated the fair value using a probability-weighted discounted cash flow model. The estimate of the fair value of contingent consideration requires subjective assumptions to be made regarding probabilities assigned to operational targets and the discount rate. As the fair value is based on significant unobservable inputs, this is a Level 3 liability.

The following table presents changes in the contingent consideration balances for the quarter and six months ended June 27, 2021:

	Quarter ended		Six months ended
(In thousands)	June 27, 2021		June 27, 2021
Balance at the beginning of the period (1)	$	7,728	$	8,431
Payments	(862)		(862)
Fair value adjustments (2)	584		(119)
Contingent consideration at the end of the period	$	7,450	$	7,450

(1) There were no transactions involving contingent consideration during the quarter and six months ended June 28, 2020. The contingent consideration reflected above relates to the Serial acquisition, which was completed during the third quarter of 2020.

(2) Fair value adjustments are included in General and administrative expenses in our Condensed Consolidated Statements of Operations.

The remaining contingent consideration balances as of June 27, 2021, and December 27, 2020, of $7.5 million and $8.4 million, respectively, are included in Accrued expenses and other, for the current portion of the liability, and Other non-current liabilities, for the long-term portion of the liability, in our Condensed Consolidated Balance Sheets.

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Pension and Other Postretirement Benefits

6 Months Ended

Jun. 27, 2021

Retirement Benefits [Abstract]

Pension and Other Postretirement Benefits

PENSION AND OTHER POSTRETIREMENT BENEFITS

Pension

Single-Employer Plans

We maintain The New York Times Companies Pension Plan (the “Pension Plan”), a frozen single-employer defined benefit pension plan. The Company also jointly sponsors a defined benefit plan with The NewsGuild of New York known as the Guild-Times Adjustable Pension Plan (the “APP”) that continues to accrue active benefits.

We also have a foreign-based pension plan for certain employees (the “foreign plan”). The information for the foreign plan is combined with the information for U.S. non-qualified plans. The benefit obligation of the foreign plan is immaterial to our total benefit obligation.

The components of net periodic pension cost were as follows:

	For the Quarters Ended
	June 27, 2021						June 28, 2020
(In thousands)	Qualified Plans		Non- Qualified Plans		All Plans		Qualified Plans		Non- Qualified Plans		All Plans
Service cost	$	2,276	$	—	$	2,276	$	2,607	$	—	$	2,607
Interest cost	7,629		1,088		8,717		11,742		1,649		13,391
Expected return on plan assets	(12,678)		—		(12,678)		(17,745)		—		(17,745)
Amortization of actuarial loss	5,057		1,822		6,879		5,655		1,522		7,177
Amortization of prior service credit	(486)		—		(486)		(486)		—		(486)
Net periodic pension cost (1)	$	1,798	$	2,910	$	4,708	$	1,773	$	3,171	$	4,944

	For the Six Months Ended
	June 27, 2021						June 28, 2020
(In thousands)	Qualified Plans		Non- Qualified Plans		All Plans		Qualified Plans		Non- Qualified Plans		All Plans
Service cost	$	4,552	$	—	$	4,552	$	5,214	$	—	$	5,214
Interest cost	15,258		2,176		17,434		23,484		3,297		26,781
Expected return on plan assets	(25,355)		—		(25,355)		(35,481)		—		(35,481)
Amortization of actuarial loss	10,113		3,642		13,755		11,310		3,043		14,353
Amortization of prior service credit	(972)		—		(972)		(972)		—		(972)
Net periodic pension cost (1)	$	3,596	$	5,818	$	9,414	$	3,555	$	6,340	$	9,895

(1) The service cost component of net periodic pension cost is recognized in Total operating costs, while the other components are included in Other components of net periodic benefit costs in our Condensed Consolidated Statements of Operations, below Operating profit.

During the first six months of 2021 and 2020, we made pension contributions of $4.2 million and $4.6 million, respectively, to the APP. We expect contributions in 2021 to total approximately $9 million to satisfy minimum funding requirements.

Other Postretirement Benefits

The components of net periodic postretirement benefit cost/(income) were as follows:

	For the Quarters Ended				For the Six Months Ended
(In thousands)	June 27, 2021		June 28, 2020		June 27, 2021		June 28, 2020
Service cost	$	13	$	7	$	26	$	14
Interest cost	141		257		282		513
Amortization of actuarial loss	852		763		1,704		1,526
Amortization of prior service credit	(836)		(1,223)		(1,672)		(2,279)
Net periodic postretirement benefit cost/(income) (1)	$	170	$	(196)	$	340	$	(226)

(1) The service cost component of net periodic postretirement benefit cost/(income) is recognized in Total operating costs, while the other components are included in Other components of net periodic benefit costs in our Condensed Consolidated Statements of Operations, below Operating profit.

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Income Taxes	6 Months Ended
	Jun. 27, 2021
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXESThe Company had income tax expense of $18.2 million and $27.7 million in the second quarter and first six months of 2021, respectively. The Company had income tax expense of $5.8 million and $11.8 million in the second quarter and first six months of 2020, respectively. The Company’s effective tax rates from continuing operations were 25.1% and 22.5% for the second quarter and first six months of 2021, respectively. The Company’s effective tax rates from continuing operations were 19.6% and 17.3% for the second quarter and first six months of 2020, respectively. The increase in income tax expense in the second quarter and first six months of 2021 is primarily due to higher income from continuing operations in those periods. The Company received a tax benefit in the second quarter of 2020 from a reduction in the Company’s reserve for uncertain tax positions, and in the first quarter of both 2021 and 2020 from stock price appreciation on stock-based awards that settled in the quarter, which in the case of 2020, resulted in lower than statutory tax rates in the second quarter and first six months of 2020.

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Earnings Per Share

6 Months Ended

Jun. 27, 2021

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

We compute earnings per share using a two-class method, which is an earnings allocation method used when a company’s capital structure includes either two or more classes of common stock or common stock and participating securities. This method determines earnings per share based on dividends declared on common stock and participating securities (i.e., distributed earnings), as well as participation rights of participating securities in any undistributed earnings.

Earnings per share is computed using both basic shares and diluted shares. The difference between basic and diluted shares is that diluted shares include the dilutive effect of the assumed exercise of outstanding securities. Our stock options,

stock-settled long-term performance awards and restricted stock units could have a significant impact on diluted shares. The difference between basic and diluted shares of approximately 0.3 million and 0.5 million in the second quarter and first six months of 2021, respectively, and 1.2 million in each of the second quarter and first six months of 2020, resulted primarily from the dilutive effect of certain stock options, performance awards and restricted stock units.

Securities that could potentially be dilutive are excluded from the computation of diluted earnings per share when a loss from continuing operations exists or when the exercise price exceeds the market value of our Class A Common Stock, because their inclusion would result in an anti-dilutive effect on per share amounts.

There were approximately 0.2 million restricted stock units excluded from the computation of diluted earnings per share in the first six months of 2021 and 2020, respectively, because they were anti-dilutive, and no anti-dilutive stock options or stock-settled long-term performance awards excluded in the same periods. There were approximately 0.3 million restricted stock units excluded from the computation of diluted earnings per share in the second quarter of 2021, because they were anti-dilutive, and no anti-dilutive stock options or stock-settled long-term performance awards excluded in the same period.

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Supplemental Stockholders' Equity Information

6 Months Ended

Jun. 27, 2021

Equity [Abstract]

Supplemental Stockholders' Equity Information

SUPPLEMENTAL STOCKHOLDERS’ EQUITY INFORMATION

In 2015, the Board of Directors authorized up to $101.1 million of repurchases of shares of the Company’s Class A Common Stock. As of June 27, 2021, repurchases under this authorization totaled $84.9 million (excluding commissions) and $16.2 million remained. Our Board of Directors has authorized us to purchase shares from time to time, subject to market conditions and other factors. There is no expiration date with respect to this authorization. There have been no purchases under this authorization since 2016.

The following table summarizes the changes in AOCI by component as of June 27, 2021:

(In thousands)	Foreign Currency Translation Adjustments		Funded Status of Benefit Plans		Net Unrealized Gain on Available-For-Sale Securities		Total Accumulated Other Comprehensive Loss
Balance as of December 27, 2020	$	8,386	$	(421,698)	$	3,131	$	(410,181)
Other comprehensive income before reclassifications, before tax	(1,767)		—		(1,846)		(3,613)
Amounts reclassified from accumulated other comprehensive loss, before tax	—		12,815		—		12,815
Income tax (benefit)/expense	(473)		3,432		(494)		2,465
Net current-period other comprehensive (loss)/ income, net of tax	(1,294)		9,383		(1,352)		6,737
Balance as of June 27, 2021	$	7,092	$	(412,315)	$	1,779	$	(403,444)

The following table summarizes the reclassifications from AOCI for the six months ended June 27, 2021:

(In thousands) Detail about accumulated other comprehensive loss components	Amounts reclassified from accumulated other comprehensive loss		Affects line item in the statement where net income is presented
Funded status of benefit plans:
Amortization of prior service credit(1)	$	(2,644)	Other components of net periodic benefit costs
Amortization of actuarial loss(1)	15,459		Other components of net periodic benefit costs
Total reclassification, before tax(2)	12,815
Income tax expense	3,432		Income tax expense
Total reclassification, net of tax	$	9,383

(1) These AOCI components are included in the computation of net periodic benefit cost for pension and other postretirement benefits. See Note 9 for more information.

(2) There were no reclassifications relating to noncontrolling interest for the six months ended June 27, 2021.

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Segment Information	6 Months Ended
	Jun. 27, 2021
Segment Reporting [Abstract]
Segment Information	SEGMENT INFORMATIONThe Company identifies a business as an operating segment if: (i) it engages in business activities from which it may earn revenues and incur expenses; (ii) its operating results are regularly reviewed by the Chief Operating Decision Maker (who is the Company’s President and Chief Executive Officer) to make decisions about resources to be allocated to the segment and assess its performance; and (iii) it has available discrete financial information. The Company has determined that it has one reportable segment. Therefore, all required segment information can be found in the Condensed Consolidated Financial Statements.

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Contingent Liabilities

6 Months Ended

Jun. 27, 2021

Commitments and Contingencies Disclosure [Abstract]

Contingent Liabilities

CONTINGENT LIABILITIES

Legal Proceedings

We are involved in various legal actions incidental to our business that are now pending against us. These actions generally have damage claims that are greatly in excess of the payments, if any, that we would be required to pay if we lost or settled the cases. Although the Company cannot predict the outcome of these matters, it is possible that an unfavorable outcome in one or more matters could be material to the Company’s consolidated results of operations or cash flows for an individual reporting period. However, based on currently available information, management does not believe that the ultimate resolution of these matters, individually or in the aggregate, is likely to have a material effect on the Company’s financial position.

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Subsequent Events	6 Months Ended
	Jun. 27, 2021
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTSOn June 30, 2021, our Board of Directors approved a quarterly dividend of $0.07 per share on our Class A and Class B common stock that was paid on July 22, 2021, to all stockholders of record as of the close of business on July 12, 2021.

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Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 27, 2021

Accounting Policies [Abstract]

Recently Adopted Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Accounting Standard Update(s)	Topic	Effective Period	Summary
2019-12	Simplifying the Accounting for Income Taxes (Topic 740)	Fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted.	Simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in Accounting Standards Codification 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The standard also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The Company adopted this guidance on December 28, 2020. The adoption did not have a material impact on the Company’s consolidated financial statements.

Recently Issued Accounting Pronouncements

The Company considers the applicability and impact of all recently issued accounting pronouncements. Recent accounting pronouncements not specifically identified in our disclosures are either not applicable to the Company or are not expected to have a material effect on our financial condition or results of operations.

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Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 27, 2021

Accounting Policies [Abstract]

Schedule of Recently Adopted Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Accounting Standard Update(s)	Topic	Effective Period	Summary
2019-12	Simplifying the Accounting for Income Taxes (Topic 740)	Fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted.	Simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in Accounting Standards Codification 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The standard also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The Company adopted this guidance on December 28, 2020. The adoption did not have a material impact on the Company’s consolidated financial statements.

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Revenue (Tables)

6 Months Ended

Jun. 27, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

Subscription, advertising and other revenues were as follows:

	For the Quarters Ended								For the Six Months Ended
(In thousands)	June 27, 2021		As % of total		June 28, 2020		As % of total		June 27, 2021		As % of total		June 28, 2020		As % of total
Subscription	$	339,217	68.1	%	$	293,189	72.6	%	$	668,301	68.8	%	$	578,623	68.3	%
Advertising	112,774		22.6	%	67,760		16.8	%	209,890		21.6	%	173,897		20.5	%
Other (1)	46,506		9.3	%	42,801		10.6	%	93,351		9.6	%	94,866		11.2	%
Total	$	498,497	100.0	%	$	403,750	100.0	%	$	971,542	100.0	%	$	847,386	100.0	%

(1) Other revenues include building rental revenue, which is not under the scope of Revenue from Contracts with Customers (Topic 606). Building rental revenue was approximately $7 million for the second quarters of 2021 and 2020, respectively, and approximately $13 million and $15 million for the first six months of 2021 and 2020, respectively.

The following table summarizes digital and print subscription revenues, which are components of subscription revenues above, for the second quarters and first six months ended June 27, 2021, and June 28, 2020:

	For the Quarters Ended				For the Six Months Ended
(In thousands)	June 27, 2021		June 28, 2020		June 27, 2021		June 28, 2020
Digital-only subscription revenues:
News product subscription revenues(1)	$	170,893	$	132,922	$	332,181	$	251,880
Other product subscription revenues(2)	19,252		13,062		37,564		24,114
Subtotal digital-only subscriptions	190,145		145,984		369,745		275,994
Print subscription revenues:
Domestic home delivery subscription revenues(3)	134,755		132,971		269,150		266,708
Single-copy, NYT International and other subscription revenues(4)	14,317		14,234		29,406		35,921
Subtotal print subscription revenues	149,072		147,205		298,556		302,629
Total subscription revenues	$	339,217	$	293,189	$	668,301	$	578,623
(1) Includes revenues from subscriptions to the Company’s news product. News product subscription packages that include access to the Company’s Games and Cooking products are also included in this category.
(2) Includes revenues from standalone subscriptions to the Company’s Games, Cooking and Audm products.
(3) Includes free access to some of the Company’s digital products.
(4) NYT International is the international edition of our print newspaper.

The following table summarizes digital and print advertising revenues for the second quarters and first six months ended June 27, 2021, and June 28, 2020:

	For the Quarters Ended				For the Six Months Ended
(In thousands)	June 27, 2021		June 28, 2020		June 27, 2021		June 28, 2020
Advertising revenues:
Digital	$	70,995	$	39,531	$	130,491	$	90,689
Print	41,779		28,229		79,399		83,208
Total advertising	$	112,774	$	67,760	$	209,890	$	173,897

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Marketable Securities (Tables)

6 Months Ended

Jun. 27, 2021

Investments, Debt and Equity Securities [Abstract]

Schedule of Amortized Cost, Gross Unrealized Gains and Losses, and Fair Market Value of AFS Securities

The following tables present the amortized cost, gross unrealized gains and losses, and fair market value of our AFS securities as of June 27, 2021, and December 27, 2020:

	June 27, 2021
(In thousands)	Amortized Cost		Gross unrealized gains		Gross unrealized losses		Fair Value
Short-term AFS securities
Corporate debt securities	$	110,415	$	496	$	(12)	$	110,899
Certificates of deposit	105,954		—		—		105,954
U.S. Treasury securities	74,984		547		(3)		75,528
U.S. governmental agency securities	26,137		16		—		26,153
Commercial paper	19,921		—		—		19,921
Total short-term AFS securities	$	337,411	$	1,059	$	(15)	$	338,455
Long-term AFS securities
Corporate debt securities	$	161,767	$	725	$	(123)	$	162,369
U.S. Treasury securities	60,377		861		(15)		61,223
U.S. governmental agency securities	51,591		6		(67)		51,530
Municipal securities	12,142		7		(6)		12,143
Total long-term AFS securities	$	285,877	$	1,599	$	(211)	$	287,265

	December 27, 2020
(In thousands)	Amortized Cost		Gross unrealized gains		Gross unrealized losses		Fair Value
Short-term AFS securities
Corporate debt securities	$	129,805	$	504	$	(8)	$	130,301
Certificates of deposit	36,525		—		—		36,525
U.S. Treasury securities	79,467		39		(3)		79,503
U.S. governmental agency securities	25,113		61		(3)		25,171
Commercial paper	37,580		—		—		37,580
Total short-term AFS securities	$	308,490	$	604	$	(14)	$	309,080
Long-term AFS securities
Corporate debt securities	$	134,296	$	1,643	$	(5)	$	135,934
U.S. Treasury securities	95,511		2,054		—		97,565
U.S. governmental agency securities	48,342		19		(13)		48,348
Municipal securities	4,994		—		(10)		4,984
Total long-term AFS securities	$	283,143	$	3,716	$	(28)	$	286,831

Schedule of AFS Securities in Unrealized Loss Position

The following tables represent the AFS securities as of June 27, 2021, and December 27, 2020, that were in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position:

	June 27, 2021
	Less than 12 Months				12 Months or Greater				Total
(In thousands)	Fair Value		Gross unrealized losses		Fair Value		Gross unrealized losses		Fair Value		Gross unrealized losses
Short-term AFS securities
Corporate debt securities	$	28,033	$	(12)	$	—	$	—	$	28,033	$	(12)
U.S. Treasury securities	22,670		(3)		—		—		22,670		(3)
Total short-term AFS securities	$	50,703	$	(15)	$	—	$	—	$	50,703	$	(15)
Long-term AFS securities
Corporate debt securities	$	50,552	$	(123)	$	—	$	—	$	50,552	$	(123)
U.S. Treasury securities	11,212		(15)		—		—		11,212		(15)
U.S. governmental agency securities	42,428		(67)		—		—		42,428		(67)
Municipal securities	5,141		(6)		—		—		5,141		(6)
Total long-term AFS securities	$	109,333	$	(211)	$	—	$	—	$	109,333	$	(211)

	December 27, 2020
	Less than 12 Months				12 Months or Greater				Total
(In thousands)	Fair Value		Gross unrealized losses		Fair Value		Gross unrealized losses		Fair Value		Gross unrealized losses
Short-term AFS securities
Corporate debt securities	$	33,735	$	(8)	$	—	$	—	$	33,735	$	(8)
U.S. Treasury securities	20,133		(3)		—		—		20,133		(3)
U.S. governmental agency securities	4,999		(2)		8,749		(1)		13,748		(3)
Total short-term AFS securities	$	58,867	$	(13)	$	8,749	$	(1)	$	67,616	$	(14)
Long-term AFS securities
Corporate debt securities	$	6,717	$	(5)	$	—	$	—	$	6,717	$	(5)
U.S. governmental agency securities	26,236		(13)		—		—		26,236		(13)
Municipal securities	4,984		(10)		—		—		4,984		(10)
Total long-term AFS securities	$	37,937	$	(28)	$	—	$	—	$	37,937	$	(28)

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Goodwill and Intangibles (Tables)

6 Months Ended

Jun. 27, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill Balances

The changes in the carrying amount of goodwill as of June 27, 2021, and since December 27, 2020, were as follows:

(In thousands)	Total Company
Balance as of December 27, 2020	$	171,657
Foreign currency translation	(1,501)
Balance as of June 27, 2021	$	170,156

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Other (Tables)

6 Months Ended

Jun. 27, 2021

Other Income and Expenses [Abstract]

Interest Income and Other, Net

Interest income and other, net, as shown in the accompanying Condensed Consolidated Statements of Operations was as follows:

	For the Quarters Ended				For the Six Months Ended
(In thousands)	June 27, 2021		June 28, 2020		June 27, 2021		June 28, 2020
Interest income and other expense, net (1)	$	2,053	$	2,965	$	3,743	$	17,004
Interest expense	(180)		(179)		(359)		(364)
Total interest income and other, net	$	1,873	$	2,786	$	3,384	$	16,640

(1) The six months ended June 28, 2020 includes a $10.1 million gain related to a non-marketable equity investment transaction.

Reconciliation of Cash, Cash Equivalents, and Restricted Cash

A reconciliation of cash, cash equivalents and restricted cash as of June 27, 2021, and December 27, 2020, from the Condensed Consolidated Balance Sheets to the Condensed Consolidated Statements of Cash Flows is as follows:

(In thousands)	June 27, 2021		December 27, 2020
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	$	320,871	$	286,079
Restricted cash included within other current assets	299		686
Restricted cash included within miscellaneous assets	14,331		15,199
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows	$	335,501	$	301,964

Restrictions on Cash and Cash Equivalents

A reconciliation of cash, cash equivalents and restricted cash as of June 27, 2021, and December 27, 2020, from the Condensed Consolidated Balance Sheets to the Condensed Consolidated Statements of Cash Flows is as follows:

(In thousands)	June 27, 2021		December 27, 2020
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	$	320,871	$	286,079
Restricted cash included within other current assets	299		686
Restricted cash included within miscellaneous assets	14,331		15,199
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows	$	335,501	$	301,964

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Fair Value Measurements (Tables)

6 Months Ended

Jun. 27, 2021

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 June 27, 2021, and December 27, 2020:

(In thousands)	June 27, 2021								December 27, 2020
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Short-term AFS securities (1)
Corporate debt securities	$	110,899	$	—	$	110,899	$	—	$	130,301	$	—	$	130,301	$	—
Certificates of deposit	105,954		—		105,954		—		36,525		—		36,525		—
U.S. Treasury securities	75,528		—		75,528		—		79,503		—		79,503		—
U.S. governmental agency securities	26,153		—		26,153		—		25,171		—		25,171		—
Commercial paper	19,921		—		19,921		—		37,580		—		37,580		—
Total short-term AFS securities	$	338,455	$	—	$	338,455	$	—	$	309,080	$	—	$	309,080	$	—
Long-term AFS securities (1)
Corporate debt securities	$	162,369	$	—	$	162,369	$	—	$	135,934	$	—	$	135,934	$	—
U.S. Treasury securities	61,223		—		61,223		—		97,565		—		97,565		—
U.S. governmental agency securities	51,530		—		51,530		—		48,348		—		48,348		—
Municipal securities	12,143		—		12,143		—		4,984		—		4,984		—
Total long-term AFS securities	$	287,265	$	—	$	287,265	$	—	$	286,831	$	—	$	286,831	$	—
Liabilities:
Deferred compensation (2)(3)	$	19,754	$	19,754	$	—	$	—	$	22,245	$	22,245	$	—	$	—
Contingent consideration	$	7,450	$	—	$	—	$	7,450	$	8,431	$	—	$	—	$	8,431

(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 the assets associated with the deferred compensation liability in life insurance products. Our investments in life insurance products are included in Miscellaneous assets in our Condensed Consolidated Balance Sheets, and were $51.1 million as of June 27, 2021, and $49.2 million as of December 27, 2020. 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.

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table presents changes in the contingent consideration balances for the quarter and six months ended June 27, 2021:

	Quarter ended		Six months ended
(In thousands)	June 27, 2021		June 27, 2021
Balance at the beginning of the period (1)	$	7,728	$	8,431
Payments	(862)		(862)
Fair value adjustments (2)	584		(119)
Contingent consideration at the end of the period	$	7,450	$	7,450

(1) There were no transactions involving contingent consideration during the quarter and six months ended June 28, 2020. The contingent consideration reflected above relates to the Serial acquisition, which was completed during the third quarter of 2020.

(2) Fair value adjustments are included in General and administrative expenses in our Condensed Consolidated Statements of Operations.

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Pension and Other Postretirement Benefits (Tables)

6 Months Ended

Jun. 27, 2021

Pension Plan

Pension Benefits

Schedule of Components of Net Periodic Pension Cost and Postretirement Benefit Income

The components of net periodic pension cost were as follows:

	For the Quarters Ended
	June 27, 2021						June 28, 2020
(In thousands)	Qualified Plans		Non- Qualified Plans		All Plans		Qualified Plans		Non- Qualified Plans		All Plans
Service cost	$	2,276	$	—	$	2,276	$	2,607	$	—	$	2,607
Interest cost	7,629		1,088		8,717		11,742		1,649		13,391
Expected return on plan assets	(12,678)		—		(12,678)		(17,745)		—		(17,745)
Amortization of actuarial loss	5,057		1,822		6,879		5,655		1,522		7,177
Amortization of prior service credit	(486)		—		(486)		(486)		—		(486)
Net periodic pension cost (1)	$	1,798	$	2,910	$	4,708	$	1,773	$	3,171	$	4,944

	For the Six Months Ended
	June 27, 2021						June 28, 2020
(In thousands)	Qualified Plans		Non- Qualified Plans		All Plans		Qualified Plans		Non- Qualified Plans		All Plans
Service cost	$	4,552	$	—	$	4,552	$	5,214	$	—	$	5,214
Interest cost	15,258		2,176		17,434		23,484		3,297		26,781
Expected return on plan assets	(25,355)		—		(25,355)		(35,481)		—		(35,481)
Amortization of actuarial loss	10,113		3,642		13,755		11,310		3,043		14,353
Amortization of prior service credit	(972)		—		(972)		(972)		—		(972)
Net periodic pension cost (1)	$	3,596	$	5,818	$	9,414	$	3,555	$	6,340	$	9,895

(1) The service cost component of net periodic pension cost is recognized in Total operating costs, while the other components are included in Other components of net periodic benefit costs in our Condensed Consolidated Statements of Operations, below Operating profit.

Other Postretirement Benefit Plan

Pension Benefits

Schedule of Components of Net Periodic Pension Cost and Postretirement Benefit Income

The components of net periodic postretirement benefit cost/(income) were as follows:

	For the Quarters Ended				For the Six Months Ended
(In thousands)	June 27, 2021		June 28, 2020		June 27, 2021		June 28, 2020
Service cost	$	13	$	7	$	26	$	14
Interest cost	141		257		282		513
Amortization of actuarial loss	852		763		1,704		1,526
Amortization of prior service credit	(836)		(1,223)		(1,672)		(2,279)
Net periodic postretirement benefit cost/(income) (1)	$	170	$	(196)	$	340	$	(226)

(1) The service cost component of net periodic postretirement benefit cost/(income) is recognized in Total operating costs, while the other components are included in Other components of net periodic benefit costs in our Condensed Consolidated Statements of Operations, below Operating profit.

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Supplemental Stockholders' Equity Information (Tables)

6 Months Ended

Jun. 27, 2021

Equity [Abstract]

Schedule of Changes in Accumulated Other Comprehensive Loss

The following table summarizes the changes in AOCI by component as of June 27, 2021:

(In thousands)	Foreign Currency Translation Adjustments		Funded Status of Benefit Plans		Net Unrealized Gain on Available-For-Sale Securities		Total Accumulated Other Comprehensive Loss
Balance as of December 27, 2020	$	8,386	$	(421,698)	$	3,131	$	(410,181)
Other comprehensive income before reclassifications, before tax	(1,767)		—		(1,846)		(3,613)
Amounts reclassified from accumulated other comprehensive loss, before tax	—		12,815		—		12,815
Income tax (benefit)/expense	(473)		3,432		(494)		2,465
Net current-period other comprehensive (loss)/ income, net of tax	(1,294)		9,383		(1,352)		6,737
Balance as of June 27, 2021	$	7,092	$	(412,315)	$	1,779	$	(403,444)

Reclassification out of Accumulated Other Comprehensive Income

The following table summarizes the reclassifications from AOCI for the six months ended June 27, 2021:

(In thousands) Detail about accumulated other comprehensive loss components	Amounts reclassified from accumulated other comprehensive loss		Affects line item in the statement where net income is presented
Funded status of benefit plans:
Amortization of prior service credit(1)	$	(2,644)	Other components of net periodic benefit costs
Amortization of actuarial loss(1)	15,459		Other components of net periodic benefit costs
Total reclassification, before tax(2)	12,815
Income tax expense	3,432		Income tax expense
Total reclassification, net of tax	$	9,383

(1) These AOCI components are included in the computation of net periodic benefit cost for pension and other postretirement benefits. See Note 9 for more information.

(2) There were no reclassifications relating to noncontrolling interest for the six months ended June 27, 2021.

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Revenue - Subscription, Advertising, and Other Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2021	Jun. 28, 2020	Jun. 27, 2021	Jun. 28, 2020
Disaggregation of Revenue [Line Items]
Total revenues	$ 498,497	$ 403,750	$ 971,542	$ 847,386
Product and service benchmark | Product concentration risk
Disaggregation of Revenue [Line Items]
As % of total	100.00%	100.00%	100.00%	100.00%
Subscription
Disaggregation of Revenue [Line Items]
Total revenues	$ 339,217	$ 293,189	$ 668,301	$ 578,623
Subscription | Product and service benchmark | Product concentration risk
Disaggregation of Revenue [Line Items]
As % of total	68.10%	72.60%	68.80%	68.30%
Advertising
Disaggregation of Revenue [Line Items]
Total revenues	$ 112,774	$ 67,760	$ 209,890	$ 173,897
Advertising | Product and service benchmark | Product concentration risk
Disaggregation of Revenue [Line Items]
As % of total	22.60%	16.80%	21.60%	20.50%
Other
Disaggregation of Revenue [Line Items]
Total revenues	$ 46,506	$ 42,801	$ 93,351	$ 94,866
Other | Product and service benchmark | Product concentration risk
Disaggregation of Revenue [Line Items]
As % of total	9.30%	10.60%	9.60%	11.20%
Real Estate
Disaggregation of Revenue [Line Items]
Revenue not from contract with customer	$ 7,000	$ 7,000	$ 13,000	$ 15,000

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Revenue - Digital-only Subscription Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2021	Jun. 28, 2020	Jun. 27, 2021	Jun. 28, 2020
Disaggregation of Revenue [Line Items]
Total revenues	$ 498,497	$ 403,750	$ 971,542	$ 847,386
Subscription
Disaggregation of Revenue [Line Items]
Total revenues	339,217	293,189	668,301	578,623
Subscription | Digital
Disaggregation of Revenue [Line Items]
Total revenues	190,145	145,984	369,745	275,994
Subscription | Print
Disaggregation of Revenue [Line Items]
Total revenues	149,072	147,205	298,556	302,629
News products | Digital
Disaggregation of Revenue [Line Items]
Total revenues	170,893	132,922	332,181	251,880
Other products | Digital
Disaggregation of Revenue [Line Items]
Total revenues	19,252	13,062	37,564	24,114
Domestic home delivery subscription | Print
Disaggregation of Revenue [Line Items]
Total revenues	134,755	132,971	269,150	266,708
Single copy, NYT International and other | Print
Disaggregation of Revenue [Line Items]
Total revenues	$ 14,317	$ 14,234	$ 29,406	$ 35,921

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Revenue - Advertising Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2021	Jun. 28, 2020	Jun. 27, 2021	Jun. 28, 2020
Disaggregation of Revenue [Line Items]
Advertising revenue	$ 498,497	$ 403,750	$ 971,542	$ 847,386
Advertising
Disaggregation of Revenue [Line Items]
Advertising revenue	112,774	67,760	209,890	173,897
Digital | Advertising
Disaggregation of Revenue [Line Items]
Advertising revenue	70,995	39,531	130,491	90,689
Print | Advertising
Disaggregation of Revenue [Line Items]
Advertising revenue	$ 41,779	$ 28,229	$ 79,399	$ 83,208

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Revenue - Performance Obligations (Details) $ in Millions	Jun. 27, 2021 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 104
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-06-28
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 24
Remaining performance obligation, period	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-12-27
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 36
Remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-12-26
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 44
Remaining performance obligation, period

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Revenue - Contract Assets (Details) - USD ($) $ in Millions	Jun. 27, 2021	Dec. 27, 2020
Revenue from Contract with Customer [Abstract]
Contract asset, current	$ 1.9	$ 1.8

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Marketable Securities - Narrative (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 27, 2021	Dec. 27, 2020
Line of Credit Facility [Line Items]
Net unrealized gains in other comprehensive income	$ 2,400,000	$ 4,300,000
OTTI loss recognized	$ 0	$ 0
Short-term Marketable Securities | Minimum
Line of Credit Facility [Line Items]
Marketable securities, remaining maturities (in months)	1 month	1 month
Short-term Marketable Securities | Maximum
Line of Credit Facility [Line Items]
Marketable securities, remaining maturities (in months)	12 months	12 months
Long-term Marketable Securities | Minimum
Line of Credit Facility [Line Items]
Marketable securities, remaining maturities (in months)	13 months	13 months
Long-term Marketable Securities | Maximum
Line of Credit Facility [Line Items]
Marketable securities, remaining maturities (in months)	36 months	36 months

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Marketable Securities - Available for Sale (Details) - USD ($) $ in Thousands	Jun. 27, 2021	Dec. 27, 2020
Short-term AFS securities
Amortized cost, short-term AFS securities	$ 337,411	$ 308,490
Gross unrealized gains, short-term AFS securities	1,059	604
Gross unrealized losses, short-term AFS securities	(15)	(14)
Fair value, short-term AFS securities	338,455	309,080
Long-term AFS securities
Amortized cost, long-term AFS securities	285,877	283,143
Gross unrealized gains, long-term AFS securities	1,599	3,716
Gross unrealized losses, long-term AFS securities	(211)	(28)
Fair value, long-term AFS securities	287,265	286,831
Corporate debt securities
Short-term AFS securities
Amortized cost, short-term AFS securities	110,415	129,805
Gross unrealized gains, short-term AFS securities	496	504
Gross unrealized losses, short-term AFS securities	(12)	(8)
Fair value, short-term AFS securities	110,899	130,301
Long-term AFS securities
Amortized cost, long-term AFS securities	161,767	134,296
Gross unrealized gains, long-term AFS securities	725	1,643
Gross unrealized losses, long-term AFS securities	(123)	(5)
Fair value, long-term AFS securities	162,369	135,934
Certificates of deposit
Short-term AFS securities
Amortized cost, short-term AFS securities	105,954	36,525
Gross unrealized gains, short-term AFS securities	0	0
Gross unrealized losses, short-term AFS securities	0	0
Fair value, short-term AFS securities	105,954	36,525
U.S. Treasury securities
Short-term AFS securities
Amortized cost, short-term AFS securities	74,984	79,467
Gross unrealized gains, short-term AFS securities	547	39
Gross unrealized losses, short-term AFS securities	(3)	(3)
Fair value, short-term AFS securities	75,528	79,503
Long-term AFS securities
Amortized cost, long-term AFS securities	60,377	95,511
Gross unrealized gains, long-term AFS securities	861	2,054
Gross unrealized losses, long-term AFS securities	(15)	0
Fair value, long-term AFS securities	61,223	97,565
U.S. governmental agency securities
Short-term AFS securities
Amortized cost, short-term AFS securities	26,137	25,113
Gross unrealized gains, short-term AFS securities	16	61
Gross unrealized losses, short-term AFS securities	0	(3)
Fair value, short-term AFS securities	26,153	25,171
Long-term AFS securities
Amortized cost, long-term AFS securities	51,591	48,342
Gross unrealized gains, long-term AFS securities	6	19
Gross unrealized losses, long-term AFS securities	(67)	(13)
Fair value, long-term AFS securities	51,530	48,348
Commercial paper
Short-term AFS securities
Amortized cost, short-term AFS securities	19,921	37,580
Gross unrealized gains, short-term AFS securities	0	0
Gross unrealized losses, short-term AFS securities	0	0
Fair value, short-term AFS securities	19,921	37,580
Municipal securities
Long-term AFS securities
Amortized cost, long-term AFS securities	12,142	4,994
Gross unrealized gains, long-term AFS securities	7	0
Gross unrealized losses, long-term AFS securities	(6)	(10)
Fair value, long-term AFS securities	$ 12,143	$ 4,984

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Marketable Securities - Available-for-sale Securities - Continuous Loss Position (Details) - USD ($) $ in Thousands	Jun. 27, 2021	Dec. 27, 2020
Total short-term AFS securities
Short-term AFS securities
Fair value, less than 12 months	$ 50,703	$ 58,867
Gross unrealized losses, less than 12 months	(15)	(13)
Fair value, greater than 12 months	0	8,749
Gross unrealized losses, greater than 12 months	0	(1)
Fair value, total	50,703	67,616
Gross unrealized losses, total	(15)	(14)
Total long-term AFS securities
Long-term AFS securities
Fair value, less than 12 months	109,333	37,937
Gross unrealized losses, less than 12 months	(211)	(28)
Fair value, greater than 12 months	0	0
Gross unrealized losses, greater than 12 months	0	0
Fair value, total	109,333	37,937
Gross unrealized losses, total	(211)	(28)
Corporate debt securities
Short-term AFS securities
Fair value, less than 12 months	28,033	33,735
Gross unrealized losses, less than 12 months	(12)	(8)
Fair value, greater than 12 months	0	0
Gross unrealized losses, greater than 12 months	0	0
Fair value, total	28,033	33,735
Gross unrealized losses, total	(12)	(8)
Long-term AFS securities
Fair value, less than 12 months	50,552	6,717
Gross unrealized losses, less than 12 months	(123)	(5)
Fair value, greater than 12 months	0	0
Gross unrealized losses, greater than 12 months	0	0
Fair value, total	50,552	6,717
Gross unrealized losses, total	(123)	(5)
U.S. Treasury securities
Short-term AFS securities
Fair value, less than 12 months	22,670	20,133
Gross unrealized losses, less than 12 months	(3)	(3)
Fair value, greater than 12 months	0	0
Gross unrealized losses, greater than 12 months	0	0
Fair value, total	22,670	20,133
Gross unrealized losses, total	(3)	(3)
Long-term AFS securities
Fair value, less than 12 months	11,212
Gross unrealized losses, less than 12 months	(15)
Fair value, greater than 12 months	0
Gross unrealized losses, greater than 12 months	0
Fair value, total	11,212
Gross unrealized losses, total	(15)
U.S. governmental agency securities
Short-term AFS securities
Fair value, less than 12 months		4,999
Gross unrealized losses, less than 12 months		(2)
Fair value, greater than 12 months		8,749
Gross unrealized losses, greater than 12 months		(1)
Fair value, total		13,748
Gross unrealized losses, total		(3)
Long-term AFS securities
Fair value, less than 12 months	42,428	26,236
Gross unrealized losses, less than 12 months	(67)	(13)
Fair value, greater than 12 months	0	0
Gross unrealized losses, greater than 12 months	0	0
Fair value, total	42,428	26,236
Gross unrealized losses, total	(67)	(13)
Municipal securities
Long-term AFS securities
Fair value, less than 12 months	5,141	4,984
Gross unrealized losses, less than 12 months	(6)	(10)
Fair value, greater than 12 months	0	0
Gross unrealized losses, greater than 12 months	0	0
Fair value, total	5,141	4,984
Gross unrealized losses, total	$ (6)	$ (10)

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Goodwill and Intangibles - Narrative (Details) $ in Millions	Jun. 27, 2021 USD ($)
Miscellaneous Assets
Business Acquisition [Line Items]
Intangible assets	$ 15.2

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Goodwill and Intangibles - Schedule of Goodwill Balances (Details) $ in Thousands	6 Months Ended
	Jun. 27, 2021 USD ($)
Goodwill [Roll Forward]
Balance as of December 27, 2020	$ 171,657
Foreign currency translation	(1,501)
Balance as of June 27, 2021	$ 170,156

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Investments - Non-Marketable Equity Securities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2021	Jun. 28, 2020	Jun. 27, 2021	Jun. 28, 2020	Dec. 27, 2020
Net Investment Income [Line Items]
Equity securities	$ 20,600		$ 20,600		$ 20,900
Interest income and other expense, net	$ 2,053	$ 2,965	$ 3,743	$ 17,004
Realized gain on partial sale of investment				2,500
Unrealized gain due to mark to market of remaining investment				7,600
Non-marketable equity securities
Net Investment Income [Line Items]
Interest income and other expense, net				$ 10,100

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Other - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Sep. 30, 2019	Jun. 27, 2021	Jun. 28, 2020	Jun. 27, 2021	Jun. 28, 2020	Dec. 27, 2020
Other Expense [Line Items]
Severance liability		$ 2,400,000		$ 2,400,000		$ 5,000,000.0
Severance | Selling, General and Administrative Expenses
Other Expense [Line Items]
Severance costs		0	$ 6,300,000	400,000	$ 6,700,000
Credit Facility
Other Expense [Line Items]
Unsecured revolving credit facility, maximum borrowing capacity	$ 250,000,000.0
Unsecured revolving credit facility, term (in years)	5 years
Unsecured revolving credit facility, unused commitment fee (quarterly)	0.20%
Line of credit facility, outstanding borrowings		0		0
Capitalized Computer Software Costs
Other Expense [Line Items]
Capitalized computer software amortization		$ 2,400,000	$ 3,900,000	$ 5,000,000.0	$ 7,700,000

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Other - Interest Expense and Other, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2021	Jun. 28, 2020	Jun. 27, 2021	Jun. 28, 2020
Other Income and Expenses [Abstract]
Interest income and other expense, net	$ 2,053	$ 2,965	$ 3,743	$ 17,004
Interest expense	(180)	(179)	(359)	(364)
Total interest income and other, net	$ 1,873	$ 2,786	$ 3,384	16,640
Gain related to non-marketable equity investment				$ 10,100

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Other - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 27, 2021	Dec. 27, 2020	Jun. 28, 2020	Dec. 29, 2019
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	$ 320,871	$ 286,079
Restricted cash included within other current assets	299	686
Restricted cash included within miscellaneous assets	14,331	15,199
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows	$ 335,501	$ 301,964	$ 265,140	$ 247,518

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Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 27, 2021	Dec. 27, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities	$ 338,455	$ 309,080
Long-term AFS securities	287,265	286,831
Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation	19,754	22,245
Contingent consideration	0	0
Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation	0	0
Contingent consideration	0	0
Level 3 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation	0	0
Contingent consideration	7,450	8,431
Fair Value | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation	19,754	22,245
Contingent consideration	7,450	8,431
Debt Securities | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities	338,455	309,080
Long-term AFS securities	287,265	286,831
Debt Securities | Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities	0	0
Long-term AFS securities	0	0
Debt Securities | Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities	338,455	309,080
Long-term AFS securities	287,265	286,831
Debt Securities | Level 3 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities	0	0
Long-term AFS securities	0	0
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities	110,899	130,301
Long-term AFS securities	162,369	135,934
Corporate debt securities | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities	110,899	130,301
Long-term AFS securities	162,369	135,934
Corporate debt securities | Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities	0	0
Long-term AFS securities	0	0
Corporate debt securities | Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities	110,899	130,301
Long-term AFS securities	162,369	135,934
Corporate debt securities | Level 3 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities	0	0
Long-term AFS securities	0	0
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities	105,954	36,525
Certificates of deposit | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities	105,954	36,525
Certificates of deposit | Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities	0	0
Certificates of deposit | Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities	105,954	36,525
Certificates of deposit | Level 3 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities	0	0
U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities	75,528	79,503
Long-term AFS securities	61,223	97,565
U.S. Treasury securities | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities	75,528	79,503
Long-term AFS securities	61,223	97,565
U.S. Treasury securities | Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities	0	0
Long-term AFS securities	0	0
U.S. Treasury securities | Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities	75,528	79,503
Long-term AFS securities	61,223	97,565
U.S. Treasury securities | Level 3 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities	0	0
Long-term AFS securities	0	0
U.S. governmental agency securities | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities	26,153	25,171
Long-term AFS securities	51,530	48,348
U.S. governmental agency securities | Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities	0	0
Long-term AFS securities	0	0
U.S. governmental agency securities | Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities	26,153	25,171
Long-term AFS securities	51,530	48,348
U.S. governmental agency securities | Level 3 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities	0	0
Long-term AFS securities	0	0
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities	19,921	37,580
Commercial paper | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities	19,921	37,580
Commercial paper | Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities	0	0
Commercial paper | Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities	19,921	37,580
Commercial paper | Level 3 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities	0	0
Municipal securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term AFS securities	12,143	4,984
Municipal securities | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term AFS securities	12,143	4,984
Municipal securities | Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term AFS securities	0	0
Municipal securities | Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term AFS securities	12,143	4,984
Municipal securities | Level 3 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term AFS securities	0	0
Life insurance
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Miscellaneous assets	$ 51,100	$ 49,200

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Fair Value Measurements - Change in Balance of Contingent Consideration (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 27, 2021	Jun. 27, 2021	Dec. 27, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration redemption period (in years)		5 years
Recurring | Fair Value
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Contingent consideration	$ 7,450	$ 7,450	$ 8,431
Contingent Consideration | Recurring
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning of the period	7,728	8,431
Payments	(862)	(862)
Fair value adjustments	584	(119)
Contingent consideration at the end of the period	$ 7,450	$ 7,450

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Pension and Other Postretirement Benefits - Pension Benefits - Net Periodic Pension Cost (Details) - Pension Plan - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2021	Jun. 28, 2020	Jun. 27, 2021	Jun. 28, 2020
Pension Benefits
Service cost	$ 2,276	$ 2,607	$ 4,552	$ 5,214
Interest cost	8,717	13,391	17,434	26,781
Expected return on plan assets	(12,678)	(17,745)	(25,355)	(35,481)
Amortization of actuarial loss	6,879	7,177	13,755	14,353
Amortization of prior service credit	(486)	(486)	(972)	(972)
Net periodic postretirement benefit cost/(income)	4,708	4,944	9,414	9,895
Qualified Plans
Pension Benefits
Service cost	2,276	2,607	4,552	5,214
Interest cost	7,629	11,742	15,258	23,484
Expected return on plan assets	(12,678)	(17,745)	(25,355)	(35,481)
Amortization of actuarial loss	5,057	5,655	10,113	11,310
Amortization of prior service credit	(486)	(486)	(972)	(972)
Net periodic postretirement benefit cost/(income)	1,798	1,773	3,596	3,555
Pension contributions			4,200	4,600
Expected future employer contributions	9,000		9,000
Non- Qualified Plans
Pension Benefits
Service cost	0	0	0	0
Interest cost	1,088	1,649	2,176	3,297
Expected return on plan assets	0	0	0	0
Amortization of actuarial loss	1,822	1,522	3,642	3,043
Amortization of prior service credit	0	0	0	0
Net periodic postretirement benefit cost/(income)	$ 2,910	$ 3,171	$ 5,818	$ 6,340

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Pension and Other Postretirement Benefits - Other Postretirement Benefits (Details) - Other Postretirement Benefit Plan - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2021	Jun. 28, 2020	Jun. 27, 2021	Jun. 28, 2020
Pension Benefits
Service cost	$ 13	$ 7	$ 26	$ 14
Interest cost	141	257	282	513
Amortization of actuarial loss	852	763	1,704	1,526
Amortization of prior service credit	(836)	(1,223)	(1,672)	(2,279)
Net periodic postretirement benefit cost/(income)	$ 170	$ (196)	$ 340	$ (226)

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Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2021	Jun. 28, 2020	Jun. 27, 2021	Jun. 28, 2020
Income Tax Disclosure [Abstract]
Income tax expense	$ 18,243	$ 5,781	$ 27,704	$ 11,787
Effective income tax rate from continuing operations	25.10%	19.60%	22.50%	17.30%

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Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 27, 2021	Jun. 28, 2020	Jun. 27, 2021	Jun. 28, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	300,000	1,200,000	500,000	1,200,000
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	300,000		200,000	200,000
Long-Term Incentive Compensation Stock-Settled Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0		0	0

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Supplemental Stockholders' Equity Information - Narrative (Details) - USD ($)	6 Months Ended
	Jun. 27, 2021	Dec. 31, 2015
Class of Stock [Line Items]
Stock repurchase program, remaining authorized repurchase amount	$ 16,200,000
Class A Common Stock
Class of Stock [Line Items]
Stock repurchase program, authorized amount		$ 101,100,000
Share repurchases	$ 84,900,000

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Supplemental Stockholders' Equity Information - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2021	Jun. 28, 2020	Jun. 27, 2021	Jun. 28, 2020
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period	$ 1,355,462	$ 1,193,574	$ 1,328,111	$ 1,173,863
Income tax (benefit)/expense	1,756	2,848	2,465	4,763
Other comprehensive income, net of tax	4,809	8,077	6,737	13,020
Balance, end of period	1,418,787	1,231,031	1,418,787	1,231,031
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period			8,386
Other comprehensive income before reclassifications, before tax			(1,767)
Amounts reclassified from accumulated other comprehensive loss, before tax			0
Income tax (benefit)/expense			(473)
Other comprehensive income, net of tax			(1,294)
Balance, end of period	7,092		7,092
Funded Status of Benefit Plans
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period			(421,698)
Other comprehensive income before reclassifications, before tax			0
Amounts reclassified from accumulated other comprehensive loss, before tax			12,815
Income tax (benefit)/expense			3,432
Other comprehensive income, net of tax			9,383
Balance, end of period	(412,315)		(412,315)
Net Unrealized Gain on Available-For-Sale Securities
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period			3,131
Other comprehensive income before reclassifications, before tax			(1,846)
Amounts reclassified from accumulated other comprehensive loss, before tax			0
Income tax (benefit)/expense			(494)
Other comprehensive income, net of tax			(1,352)
Balance, end of period	1,779		1,779
Total Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period	(408,253)	(490,033)	(410,181)	(494,976)
Other comprehensive income before reclassifications, before tax			(3,613)
Amounts reclassified from accumulated other comprehensive loss, before tax			12,815
Income tax (benefit)/expense			2,465
Other comprehensive income, net of tax	4,809	8,077	6,737	13,020
Balance, end of period	$ (403,444)	$ (481,956)	$ (403,444)	$ (481,956)

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Supplemental Stockholders' Equity Information - Reclassifications Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2021	Jun. 28, 2020	Jun. 27, 2021	Jun. 28, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of revenue (excluding depreciation and amortization)	$ 2,598	$ 2,149	$ 5,197	$ 4,463
Total reclassification, before tax	72,560	29,443	123,130	68,303
Income tax expense	18,243	5,781	27,704	11,787
Total reclassification, net of tax	$ 54,317	$ 23,662	95,426	$ 56,516
Amounts reclassified from accumulated other comprehensive loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassification, before tax			12,815
Income tax expense			3,432
Total reclassification, net of tax			9,383
Amounts reclassified from accumulated other comprehensive loss | Amortization of prior service credit
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of revenue (excluding depreciation and amortization)			(2,644)
Amounts reclassified from accumulated other comprehensive loss | Amortization of actuarial loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of revenue (excluding depreciation and amortization)			$ 15,459

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Segment Information (Details)	6 Months Ended
	Jun. 27, 2021 segment
Segment Reporting [Abstract]
Number of reportable segments (in segments)	1

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Subsequent Events (Details) - $ / shares		3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 27, 2021	Jun. 28, 2020	Jun. 27, 2021	Jun. 28, 2020
Subsequent Event [Line Items]
Dividends declared per share (in usd per share)		$ 0	$ 0	$ 0.07	$ 0.06
Class A Common Stock | Subsequent Event
Subsequent Event [Line Items]
Dividends declared per share (in usd per share)	$ 0.07
Class B Common Stock | Subsequent Event
Subsequent Event [Line Items]
Dividends declared per share (in usd per share)	$ 0.07