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Leases
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Leases Leases
Lessee activities
Operating leases
We have operating leases for office space and equipment. For all leases, a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, are recognized in the Consolidated Balance Sheet as of December 31, 2023, as described below.
The table below presents the lease-related assets and liabilities recorded on the balance sheet:
(In thousands)Classification in the Consolidated Balance SheetDecember 31, 2023December 31, 2022
Operating lease right-of-use assetsRight of use assets$35,374 $57,600 
Current operating lease liabilitiesAccrued expenses and other$10,081 $9,911 
Noncurrent operating lease liabilitiesOther42,905 59,124 
Total operating lease liabilities$52,986 $69,035 
The total lease cost for operating leases included in operating costs in our Consolidated Statement of Operations was as follows:
For the Twelve Months Ended
(In thousands)December 31, 2023December 31, 2022December 26, 2021
Operating lease cost$12,026 $13,553 $11,926 
Short term and variable lease cost1,645 1,714 1,575 
Total lease cost$13,671 $15,267 $13,501 
The table below presents additional information regarding operating leases:
(In thousands, except for lease term and discount rate)December 31, 2023December 31, 2022
Cash paid for amounts included in the measurement of operating lease liabilities$13,476 $12,881 
Right-of-use assets obtained in exchange for operating lease liabilities$2,850 $5,970 
Weighted-average remaining lease term6.4 years8.5 years
Weighted-average discount rate5.04 %4.45 %
Maturities of lease liabilities on an annual basis for the Company’s operating leases as of December 31, 2023, were as follows:
(In thousands)Amount
2024$12,279 
20259,573 
20268,221 
20277,359 
20287,200 
Later years18,012 
Total lease payments$62,644 
Less: Interest(9,658)
Present value of lease liabilities$52,986 
In June 2023, we ceased using certain leased office space in Long Island City, New York. As a result, we recorded non-cash impairment charges of $7.6 million and $5.1 million to the right-of-use assets and fixed assets, respectively. The impairment amount was determined by comparing the fair value of the impacted asset group to its carrying value as of the measurement date, as required by ASC 360, Property, Plant and Equipment. The fair value of the asset group was based on estimated sublease income for the affected property, taking into consideration the time we expect it will take to obtain a sublease tenant and the expected applicable discount rates. The impairment is presented in Impairment charges in our Consolidated Statements of Operations within the New York Times Group operating segment.
Lessor activities
Our leases to third parties predominantly relate to office space in the Company Headquarters.
As of December 31, 2023, and December 31, 2022, the cost and accumulated depreciation related to the Company Headquarters included in Property, plant and equipment in our Consolidated Balance Sheet was approximately $518 million and $277 million, and $522 million and $258 million, respectively. Office space leased to third parties represents approximately 36% of gross square feet of the Company Headquarters.
On December 9, 2020, we entered into an agreement to lease and subsequently sell approximately four acres of land at our printing and distribution facility in College Point, N.Y., subject to certain conditions. The lease commenced on April 11, 2022. At the time of the lease expiration in February 2025, we will sell the parcel to the lessee for approximately $36 million. The transaction is accounted for as a sales-type lease and as a result, we recognized a gain of approximately $34 million (net of commissions) at the time of lease commencement, and recorded a lease receivable of approximately $36 million in Miscellaneous assets in our Consolidated Balance Sheet as of December 31, 2022. The payments associated with the lease are recorded in Interest income and other, net in our Consolidated Statements of Operations.
We generate building rental revenue from the floors in the Company Headquarters that we lease to third parties. The building rental revenue was as follows:
For the Twelve Months Ended
(In thousands)December 31, 2023December 31, 2022December 26, 2021
Building rental revenue$27,163 $28,516 $22,851 
Maturities of lease payments to be received on an annual basis for the Company’s office space operating leases as of December 31, 2023, were as follows:
(In thousands)Amount
2024$29,053 
202529,344 
202629,344 
202729,337 
202814,708 
Later years57,735 
Total building rental revenue from operating leases$189,521 
Leases Leases
Lessee activities
Operating leases
We have operating leases for office space and equipment. For all leases, a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, are recognized in the Consolidated Balance Sheet as of December 31, 2023, as described below.
The table below presents the lease-related assets and liabilities recorded on the balance sheet:
(In thousands)Classification in the Consolidated Balance SheetDecember 31, 2023December 31, 2022
Operating lease right-of-use assetsRight of use assets$35,374 $57,600 
Current operating lease liabilitiesAccrued expenses and other$10,081 $9,911 
Noncurrent operating lease liabilitiesOther42,905 59,124 
Total operating lease liabilities$52,986 $69,035 
The total lease cost for operating leases included in operating costs in our Consolidated Statement of Operations was as follows:
For the Twelve Months Ended
(In thousands)December 31, 2023December 31, 2022December 26, 2021
Operating lease cost$12,026 $13,553 $11,926 
Short term and variable lease cost1,645 1,714 1,575 
Total lease cost$13,671 $15,267 $13,501 
The table below presents additional information regarding operating leases:
(In thousands, except for lease term and discount rate)December 31, 2023December 31, 2022
Cash paid for amounts included in the measurement of operating lease liabilities$13,476 $12,881 
Right-of-use assets obtained in exchange for operating lease liabilities$2,850 $5,970 
Weighted-average remaining lease term6.4 years8.5 years
Weighted-average discount rate5.04 %4.45 %
Maturities of lease liabilities on an annual basis for the Company’s operating leases as of December 31, 2023, were as follows:
(In thousands)Amount
2024$12,279 
20259,573 
20268,221 
20277,359 
20287,200 
Later years18,012 
Total lease payments$62,644 
Less: Interest(9,658)
Present value of lease liabilities$52,986 
In June 2023, we ceased using certain leased office space in Long Island City, New York. As a result, we recorded non-cash impairment charges of $7.6 million and $5.1 million to the right-of-use assets and fixed assets, respectively. The impairment amount was determined by comparing the fair value of the impacted asset group to its carrying value as of the measurement date, as required by ASC 360, Property, Plant and Equipment. The fair value of the asset group was based on estimated sublease income for the affected property, taking into consideration the time we expect it will take to obtain a sublease tenant and the expected applicable discount rates. The impairment is presented in Impairment charges in our Consolidated Statements of Operations within the New York Times Group operating segment.
Lessor activities
Our leases to third parties predominantly relate to office space in the Company Headquarters.
As of December 31, 2023, and December 31, 2022, the cost and accumulated depreciation related to the Company Headquarters included in Property, plant and equipment in our Consolidated Balance Sheet was approximately $518 million and $277 million, and $522 million and $258 million, respectively. Office space leased to third parties represents approximately 36% of gross square feet of the Company Headquarters.
On December 9, 2020, we entered into an agreement to lease and subsequently sell approximately four acres of land at our printing and distribution facility in College Point, N.Y., subject to certain conditions. The lease commenced on April 11, 2022. At the time of the lease expiration in February 2025, we will sell the parcel to the lessee for approximately $36 million. The transaction is accounted for as a sales-type lease and as a result, we recognized a gain of approximately $34 million (net of commissions) at the time of lease commencement, and recorded a lease receivable of approximately $36 million in Miscellaneous assets in our Consolidated Balance Sheet as of December 31, 2022. The payments associated with the lease are recorded in Interest income and other, net in our Consolidated Statements of Operations.
We generate building rental revenue from the floors in the Company Headquarters that we lease to third parties. The building rental revenue was as follows:
For the Twelve Months Ended
(In thousands)December 31, 2023December 31, 2022December 26, 2021
Building rental revenue$27,163 $28,516 $22,851 
Maturities of lease payments to be received on an annual basis for the Company’s office space operating leases as of December 31, 2023, were as follows:
(In thousands)Amount
2024$29,053 
202529,344 
202629,344 
202729,337 
202814,708 
Later years57,735 
Total building rental revenue from operating leases$189,521