Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

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

The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2022, and December 26, 2021:

(In thousands)	December 31, 2022								December 26, 2021
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Short-term AFS securities(1)
Corporate debt securities	$	51,029	$	—	$	51,029	$	—	107,334		—		107,334		—
U.S Treasury securities	44,133		—		44,133		—		149,548		—		149,548		—
U.S. governmental agency securities	22,084		—		22,084		—		3,500		—		3,500		—
Municipal securities	8,726		—		8,726		—		3,997		—		3,997		—
Certificates of deposit	—		—		—		—		55,551		—		55,551		—
Commercial paper	—		—		—		—		21,145		—		21,145		—
Total short-term AFS securities	$	125,972	$	—	$	125,972	$	—	$	341,075	$	—	$	341,075	$	—
Long-term AFS securities(1)
Corporate debt securities	$	108,830	$	—	$	108,830	$	—	$	241,055	$	—	$	241,055	$	—
U.S. Treasury securities	24,414		—		24,414		—		119,146		—		119,146		—
U.S. governmental agency securities	5,673		—		5,673		—		39,246		—		39,246		—
Municipal securities	—		—		—		—		13,933		—		13,933		—
Total long-term AFS securities	$	138,917	$	—	$	138,917	$	—	$	413,380	$	—	$	413,380	$	—
Liabilities:
Deferred compensation(2)(3)	$	14,635	$	14,635	$	—	$	—	$	21,101	$	21,101	$	—	$	—
Contingent consideration	$	5,324	$	—	$	—	$	5,324	$	7,450	$	—	$	—	$	7,450

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

(2) The deferred compensation liability, included in Other liabilities—Other in our Consolidated Balance Sheets, consists of deferrals under The New York Times Company Deferred Executive Compensation Plan (the “DEC”), a frozen plan that 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 deferred compensation balance in life insurance products. Our investments in life insurance products are included in Miscellaneous assets in our Consolidated Balance Sheets, and were $48.4 million as of December 31, 2022, and $52.5 million as of December 26, 2021. The fair value of these assets is measured using the net asset value (“NAV”) per share (or its equivalent) and has not been classified in the fair value hierarchy.

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

The following table presents the changes in the balance of the contingent consideration during the year ended December 31, 2022, and December 26, 2021:

(In thousands)	December 31, 2022		December 26, 2021
Balance at the beginning of the period	$	7,450	$	8,431
Payments	(2,586)		(862)
Fair value adjustments (1)	460		(119)
Contingent consideration at the end of the period	$	5,324	$	7,450

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