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New York Times

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FY2020 Annual Report · New York Times
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The New York Times Company 
2020 Annual Report

Life 
Needs 
Truth.

To Our Shareholders,

2020 was perhaps the busiest news year in the 170-year history of The New York Times. From the pandemic and its 
devastating human and economic toll to the national reckoning over race and social justice to the bitterly contested  
U.S. presidential election, the past year made clear what we at The Times have long known: The need for quality, 
independent journalism is as acute as ever. The Times rose to meet that need. And we did so with energy and rigor 
commensurate with our mission.

Our strong business results reflect the hunger for Times journalism.

2020 was our best-ever year for subscriptions, with 2.3 million net new digital-only subscriptions added. We ended  
the year with 7.5 million total subscriptions across our digital and print products — including, for the first time, more 
than 5 million digital subscriptions for our core News product.

Thanks to the record-setting growth in our digital subscription business, and despite the loss of $138 million in 
advertising revenue last year, we recorded a slight increase in annual operating profit.

That profit growth was largely driven by a 30 percent increase in digital subscription revenue. Our subscription  
products — News, Cooking and Games (formerly Crossword) — broke all previous records for annual net additions. 

We know 2020 was likely an outlier year for net subscription growth. Indeed, the news cycle will change and audiences 
will fluctuate, which could mean considerable variability in net subscription additions in any given quarter; however, we 
believe we remain well positioned to deliver continuous growth.  

We’re more than a year into our registration-based customer journey, and we’re encouraged to see that while many 
readers subscribe in moments of high news need, plenty of others do so over time as they experience the breadth and 
value of Times journalism. 

We achieved two key milestones in 2020: digital revenue overtook print, and digital subscription revenue, which 
has long been our fastest-growing revenue stream, became our largest. Together, those accomplishments, plus our best 
year on record for subscriptions, mark the end of the first decade of our strategic transformation to a digital-first,  
subscription-first company. 

They also mark the beginning of our next decade. The Times sold its first digital subscription 10 years ago. Since then, we’ve 
been focused on proving out our strategy of journalism worth paying for through direct-to-consumer digital subscriptions. 

This new decade will be about scaling that idea. 

To do that, we’re investing in the large long-term opportunity at a moment when habits are up for grabs, even if the 
variability in subscription additions impacts our profitability in the near term.

In News, success will continue to rely first and most on the quality, breadth and differentiated value of our news report. 
So, in the coming year, we’ll continue to invest in our 1,700-strong newsroom to ensure we play a leading role in covering 
the biggest stories of our time.

2020 annual report

We believe we are just at the beginning of unlocking all that digital news can be and do in people’s lives. And to tap 
that growth potential, we will also continue adding digital product talent, whose work will make our journalism more 
accessible, engaging and impactful.

While our product progress is increasingly evident to consumers — who see an improved experience for up-to-the-
minute coverage, expanded use of visual and data journalism and new story formats — we still have plenty of work 
to do to ensure that our underlying technology architecture, strategy and culture match our growing ambitions.

We see even bigger market opportunities for Games and Cooking, and we expect to invest more in content, product 
development and marketing in these products than we have in previous years. 

We’re also thinking hard about expanding our subscription product portfolio. This year, we’ll test a subscription product 
for Wirecutter, and experiment more aggressively with Audm, the read-aloud audio subscription service we acquired in 
mid-2020. We see all of those products as a way for The Times to mean even more in people’s lives, and also to make a 
relationship with The New York Times brand more valuable. 

External factors will continue to influence our subscription growth. But with every passing quarter, we believe there 
is also more in our control — from an improving understanding of consumers, to pricing power, to more disciplined 
management of costs in our legacy business — and we will continue to invest in our long-term growth. 

Key to scaling our business will be improving our culture as a company. One of The Times’s defining qualities has been 
our willingness to look hard at ourselves and identify ways to do better. In a year in which issues around diversity, equity 
and inclusion have been powerfully brought to the fore, we’re instituting changes at The Times that will make it a better 
place to work for all, and will lead to making our business and company stronger. 

Since this is our first letter to you in our new roles, we want to close with a personal note of thanks. The need for quality, 
independent journalism is only growing, and with your support and loyalty, we will continue to meet that need, and mean 
more to millions more people.

Thank you for helping make our work and our mission possible. 

Meredith Kopit Levien
President and C.E.O.

A.G. Sulzberger
Chairman

March 19, 2021

2020 annual report

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K 

☑ Annual Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the fiscal year ended December 27, 2020

 ☐ 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
(State or other jurisdiction of
incorporation or organization)

13-1102020
(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
Class A Common Stock of $.10 par value

Trading Symbol(s)
NYT

Name of each exchange on which registered
New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: Not Applicable

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.     

Yes  ☑	No  ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the 

Exchange Act.     Yes  ☐  No  ☑

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  ☑ No  ☐

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 during the preceding 12 months (or for such shorter period that the 
registrant was required to submit such files).  Yes  ☑	No  ☐

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 the definitions of “large accelerated filer,” “accelerated 
filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large Accelerated Filer
Non-accelerated filer        

☑  
☐

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 has filed a report on and attestation to its management’s assessment of 

the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 
7262(b)) by the registered public accounting firm that prepared or issued its audit report.      ☑

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange 

Act).    Yes ☐    No ☑

The aggregate worldwide market value of Class A Common Stock held by non-affiliates, based on the closing price on 
June 26, 2020, the last business day of the registrant’s most recently completed second quarter, as reported on the New York 
Stock Exchange, was approximately $6.8 billion. As of such date, non-affiliates held 55,849 shares of Class B Common Stock. 
There is no active market for such stock.

The number of outstanding shares of each class of the registrant’s common stock as of February 19, 2021 (exclusive of 
treasury shares), was as follows: 166,656,827 shares of Class A Common Stock and 781,724 shares of Class B Common Stock.

Documents incorporated by reference

Portions of the Proxy Statement relating to the registrant’s 2021 Annual Meeting of Stockholders, to be held on 

April 28, 2021, are incorporated by reference into Part III of this report.

INDEX TO THE NEW YORK TIMES COMPANY 2020 ANNUAL REPORT ON FORM 10-K

ITEM NO.

PART I

Forward-Looking Statements
Business

1

Overview

Products

Subscriptions and Audience

Advertising

Competition

Other Businesses

Print Production and Distribution

Raw Materials

Human Capital

Available Information

1A Risk Factors

1B Unresolved Staff Comments

2

3

Properties

Legal Proceedings

4 Mine Safety Disclosures

Executive Officers of the Registrant

PART II

5 Market for the Registrant’s Common Equity, Related Stockholder

Matters and Issuer Purchases of Equity Securities
Selected Financial Data

6

7 Management’s Discussion and Analysis of

Financial Condition and Results of Operations

7A Quantitative and Qualitative Disclosures About Market Risk

8

9

Financial Statements and Supplementary Data

Changes in and Disagreements with Accountants on
Accounting and Financial Disclosure

9A Controls and Procedures

9B Other Information

PART III

10 Directors, Executive Officers and Corporate Governance

11

12

Executive Compensation

Security Ownership of Certain Beneficial Owners and
Management and Related Stockholder Matters

13 Certain Relationships and Related Transactions, and Director Independence

14

Principal Accountant Fees and Services

PART IV 

15

16

Exhibits and Financial Statement Schedules

Form 10-K Summary

Signatures

1
1

1

2

2

3

4

4

5

5

5

7
8

21

21

21

21

22

23

25

29

54

55

116

116

116

117

117

117

118

118

119

121

122

 
 
PART I

FORWARD-LOOKING STATEMENTS

This Annual Report on Form 10-K, including the sections titled “Item 1A — Risk Factors” and “Item 7 —  
Management’s Discussion and Analysis of Financial Condition and Results of Operations,” contains forward-looking 
statements that relate to future events or our future financial performance. We may also make written and oral 
forward-looking statements in our Securities and Exchange Commission (“SEC”) filings and otherwise. We have 
tried, where possible, to identify such statements by using words such as “believe,” “expect,” “intend,” “estimate,” 
“anticipate,” “will,” “could,” “project,” “plan” and similar expressions in connection with any discussion of future 
operating or financial performance. Any forward-looking statements are and will be based upon our then-current 
expectations, estimates and assumptions regarding future events and are applicable only as of the dates of such 
statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of 
new information, future events or otherwise.

By their nature, forward-looking statements are subject to risks and uncertainties that could cause actual results 

to differ materially from those anticipated in any such statements. You should bear this in mind as you consider 
forward-looking statements. Factors that we think could, individually or in the aggregate, cause our actual results to 
differ materially from expected and historical results include those described in “Item 1A — Risk Factors” below, as 
well as other risks and factors identified from time to time in our SEC filings.

ITEM 1. BUSINESS

OVERVIEW

The New York Times Company (the “Company”) was incorporated on August 26, 1896, under the laws of the 
State of New York. The Company and its consolidated subsidiaries are referred to collectively in this Annual Report 
on Form 10-K as “we,” “our” and “us.”

We are a global media organization focused on creating, collecting and distributing high-quality news and 
information. Our continued commitment to premium content and journalistic excellence makes The New York Times 
brand a trusted source of news and information for readers and viewers across various platforms. The quality of our 
coverage has been widely recognized with many industry and peer accolades, including 130 Pulitzer Prizes and 
citations, more than any other news organization.

The Company includes our digital and print products and related businesses. We have one reportable segment 

with businesses that include:

• our core news product, The New York Times (“The Times”), which is available on our mobile applications, 
on our website (NYTimes.com) and as a printed newspaper, and associated content such as our podcasts;

• our other interest-specific products, including Games (previously Crossword), Cooking and Audm (our read-
aloud audio service), which are available on mobile applications and websites, and Wirecutter, our online 
review and recommendation product; and

• our related businesses, such as our licensing operations; our creative services associated with our branded 

content studio; our commercial printing operations; our live events business; and other products and services 
under The Times brand.

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. Advertising revenue is 
derived from the sale of our advertising products and services. Revenue information for the Company appears under 
“Item 7 — Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

We believe that the significant growth 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. We had 
approximately 7.5 million paid subscriptions to our products as of December 27, 2020, more than at any point in our 
history.  

THE NEW YORK TIMES COMPANY – P. 1

During 2020, we continued to make significant investments in our journalism and our digital products, while 

taking further steps to position our organization to operate effectively in a digital environment. The Times continued 
to break stories, produce investigative reports and help our audience understand a wide range of topics, including the 
Covid-19 pandemic and its many reverberations, a national reckoning over race and social justice, and the U.S. 
presidential election and its aftermath. We made significant investments in our newsroom, including capabilities in 
live, visual and data journalism, and in audio, including our highly popular news podcast, The Daily, which was 
downloaded 1.25 billion times in 2020. In addition, we acquired Serial Productions, the company that produces the 
groundbreaking “Serial” podcast, and Audm, which transforms long-form journalism into audio. In addition, we 
continue to innovate digital advertising solutions, including our first-party data products, which allow the Company 
to leverage its large and coveted audiences in privacy-forward ways.

Our business was affected in 2020 and may be further affected by the conditions, including significant economic 
disruption, market volatility and uncertainty, caused by the global coronavirus (Covid-19) pandemic and attempts to 
contain it. See “Item 1A — Risk Factors” and “Item 7 — Management’s Discussion and Analysis of Financial 
Condition and Results of Operations” for more information.

PRODUCTS

The Company’s principal business consists of distributing content generated by The Times newsroom through 

our digital and print platforms. In addition, we distribute selected content on third-party platforms. 

Since 2011, we have charged consumers for content provided on our core news website (NYTimes.com) and 

mobile applications. Digital subscriptions can be purchased individually or through group corporate or group 
education subscriptions. Our access model generally offers users who have registered free access to a limited number 
of articles before requiring users to subscribe for access to additional content. We have made the choice at times to 
suspend limits on registered users' free access to particularly important coverage.

In addition to subscriptions to our digital news product, we offer standalone subscriptions to our Games, 
Cooking and Audm products. (In the first quarter of 2020, we acquired a company that transforms journalism articles 
into audio that is made available in a subscription-based product named “Audm.”) Certain digital news subscription 
packages include access to our Games and Cooking products. 

Our products also include podcasts, which are distributed both on our digital platforms and on third-party 

platforms. We generate advertising and licensing revenue from this content, but do not charge users for access.

The Times’s print edition newspaper, published seven days a week in the United States, commenced 

publication in 1851. The Times also has an international edition that is tailored for global audiences. First published in 
2013, the international edition succeeded the International Herald Tribune, a leading daily newspaper that 
commenced publishing in Paris in 1887. Our print newspapers are sold in the United States and around the world 
through individual home-delivery subscriptions, bulk subscriptions (primarily by schools and hotels) and single-copy 
sales. Print home-delivery subscribers are entitled to receive free access to some of our digital products.

SUBSCRIPTIONS AND AUDIENCE

Our content reaches a broad audience through both digital and print platforms. As of December 27, 2020, we 

had approximately 7,523,000 paid subscriptions across 232 countries and territories to our digital and print products. 

Paid digital-only subscriptions totaled approximately 6,690,000 as of December 27, 2020, an increase of 
approximately 52% compared with December 29, 2019. This amount includes standalone paid subscriptions to our 
Games, Cooking and Audm products, which totaled approximately 840,000, 726,000 and 34,000, respectively, as of 
December 27, 2020. International digital-only news subscriptions represented approximately 18% of our digital-only 
news subscriptions as of December 27, 2020.

The number of paid digital-only subscriptions also includes estimated group corporate and group education 

subscriptions (which collectively represent approximately 4% of total paid digital subscriptions to our news 
products). The number of paid group subscriptions is derived using the value of the relevant contract and a 
discounted subscription rate. The actual number of users who have access to our products through group 
subscriptions is substantially higher.

P. 2 – THE NEW YORK TIMES COMPANY

In the United States, The Times had the largest daily and Sunday print circulation of all seven-day newspapers 

for the six-month period ended September 30, 2020, according to data collected by the Alliance for Audited Media 
(“AAM”), an independent agency that audits circulation of most U.S. newspapers and magazines.

For the fiscal year ended December 27, 2020, The Times’s average print circulation (which includes paid and 

qualified circulation of the newspaper in print) was approximately 374,000 for weekday (Monday to Friday) and 
854,000 for Sunday. (Under AAM’s reporting guidance, qualified circulation represents copies available for individual 
consumers that are either non-paid or paid by someone other than the individual, such as copies delivered to schools 
and colleges and copies purchased by businesses for free distribution.)

Average circulation for the international edition of our newspaper (which includes paid circulation of the 

newspaper in print and electronic replica editions) for the fiscal years ended December 27, 2020, and December 29, 
2019, was approximately 105,000 (estimated) and 164,000, respectively. These figures follow the guidance of Office de 
Justification de la Diffusion, an agency based in Paris and a member of the International Federation of Audit Bureaux 
of Circulations that audits the circulation of most newspapers and magazines in France. For 2020, this guidance 
excludes data from March through June 2020 in the calculation of annual average. The final 2020 figure will not be 
available until April 2021.

According to comScore Media Metrix, an online audience measurement service, in 2020, NYTimes.com had a 

monthly average of approximately 118 million unique visitors in the United States on either desktop/laptop 
computers or mobile devices. Globally, including the United States, NYTimes.com had a monthly average of 
approximately 166 million unique visitors on either desktop/laptop computers or mobile devices, according to 
internal data estimates. 

ADVERTISING 

We have a comprehensive portfolio of advertising products and services. 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. 

The majority of our advertising revenue is 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 advertising exchanges. 

Digital advertising includes our core digital advertising business and other digital advertising. Our core digital 

advertising includes direct-sold website, mobile application, podcast, email and video advertisements. Other digital 
advertising includes advertising revenues generated by open-market programmatic advertising; creative services; 
Wirecutter, our review and recommendation product; and classified advertising. In 2020, digital advertising 
represented approximately 58% of our advertising revenues.

Print advertising includes revenue from column-inch ads and classified advertising, including line-ads as well 

as preprinted advertising, also known as freestanding inserts. Column-inch ads are priced according to established 
rates, with premiums for color and positioning, and classified advertising is paid for on a per-line basis. The Times 
newspaper had the largest market share in 2020 in print advertising among a national newspaper set that consists of 
USA Today, The Wall Street Journal and The Times, according to MediaRadar, an independent agency that measures 
advertising sales volume. In 2020, print advertising represented approximately 42% of our advertising revenues.

Our business is affected in part by seasonal patterns in advertising, with generally higher advertising volume in 

the fourth quarter due to holiday advertising.

THE NEW YORK TIMES COMPANY – P. 3

COMPETITION

Our digital and print products compete for subscriptions and advertising with other media in their respective 

markets. Competition for subscription revenue and audience is generally based upon content breadth, depth, 
originality, quality and timeliness; product experience; format; price and access model; visibility on search engines 
and social media platforms and in mobile app stores; and service, while competition for advertising is generally based 
upon audience levels and demographics, advertising rates, service, targeting capabilities, advertising results and 
breadth of advertising offerings.

As our industry continues to shift from print to digital media, our products face competition for audience, 
subscriptions and advertising from a wide variety of digital media (many of which are free to users), including news 
and other information websites and mobile applications, news aggregators, sites that cover niche content, social 
media platforms, podcast distributors, and other forms of media. In addition, we compete for advertising on digital 
advertising networks and exchanges with real-time bidding and other programmatic buying channels. 

Our digital news product most directly competes for audience, subscriptions and advertising with other U.S. 

and global news and information websites, mobile applications and digital products, including The Washington Post, 
The Wall Street Journal, CNN, BBC News, Vox, Buzzfeed, NPR, The Guardian and Financial Times. Our digital news 
product also competes with customized news feeds, news aggregators and social media products by companies such 
as Apple, Google, Facebook and Twitter. Our audio journalism competes for audience and advertising with content 
from Spotify, NPR and others, and for audience with content in Apple’s products.

Our print newspaper competes for subscriptions and advertising primarily with the print editions of national 

newspapers such as The Washington Post and The Wall Street Journal; newspapers of general circulation in New 
York City and its suburbs; other daily and weekly newspapers in markets in which The Times is circulated; and some 
national news and lifestyle magazines. The international edition of our newspaper competes with international 
sources of English-language news, including the Financial Times, Time, Bloomberg Business Week and The 
Economist, as well as pan-regional publications. 

OTHER BUSINESSES

We also derive revenue from other businesses, which primarily include:

• The Company’s licensing of our intellectual property. Our licensing division transmits articles, graphics and 
photographs from The Times and other publications to over 1,500 clients, including newspapers, magazines 
and websites in 100 countries and territories worldwide. The licensing division also handles digital archive 
distribution, which licenses electronic databases to resellers in the business, professional and library markets; 
magazine licensing; news digests; book development and rights and permissions. In addition, the Company 
licenses select content to third-party digital platforms for access by their users. Finally, the Company licenses 
content for use in, and collaborates with third parties in the development and production of, television and 
films;

• Wirecutter, a review and recommendation product that serves as a guide to technology gear, home products 

and other consumer goods. This product generates affiliate referral revenue (revenue generated by offering 
direct links to merchants in exchange for a portion of the sale price upon completion of a transaction); 

• The Company’s commercial printing operations, which utilize excess capacity at our College Point facility to 

print and distribute products for third parties; and

• The Company’s live events business, which hosts physical and virtual live events to connect audiences with 

our journalists and outside thought leaders, and is monetized through sponsorship and advertising. 

P. 4 – THE NEW YORK TIMES COMPANY

PRINT PRODUCTION AND DISTRIBUTION

The Times is currently printed at our production and distribution facility in College Point, N.Y., as well as 

under contract at 24 remote print sites across the United States. We also utilize excess capacity at our College Point 
facility for commercial printing and distribution for third parties. The Times is delivered to newsstands and retail 
outlets in the New York metropolitan area through a combination of third-party wholesalers and our own drivers. In 
other markets in the United States and Canada, The Times is delivered through agreements with other newspapers 
and third-party delivery agents.

The international edition of The Times is printed under contract at 26 sites throughout the world and is sold in 

over 130 countries and territories. It is distributed through agreements with other newspapers and third-party 
delivery agents.

RAW MATERIALS

The primary raw materials we use are newsprint and coated paper, which we purchase from a number of 
North American and European producers. A significant portion of our newsprint is purchased from Resolute FP US 
Inc., a subsidiary of Resolute Forest Products Inc., a large global manufacturer of paper, market pulp and wood 
products.

In 2020 and 2019, we used the following types and quantities of paper:

(In metric tons)

Newsprint(1)

Coated and Supercalendered Paper(2)

(1) Newsprint usage includes paper used for commercial printing.

2020

71,600 

10,200 

2019

93,300 

13,200 

(2)  The Times uses a mix of coated and supercalendered paper for The New York Times Magazine, and coated paper for T: The New York

Times Style Magazine.

HUMAN CAPITAL

Our ability to attract, develop and maximize the contributions of world-class talent, and to create the conditions 

for our people to do their best work, is vital to the continued success of our mission and business and central to our 
long-term strategy. As we continue to transform the Company and foster a culture that enables our mission and 
people to thrive, we are focused on building a diverse, equitable and inclusive workplace and workforce that reflects 
the society that we report on; providing competitive compensation packages and otherwise incentivizing employees 
in unique and attractive ways; developing and promoting talent; and supporting the health, safety and well-being of 
our employees. 

Diversity, Equity and Inclusion

The New York Times is driven by a simple but powerful mission: to seek the truth and help people understand 

the world. The diversity of our staff helps to make our news report deeper and richer, and better able to address the 
needs and experiences of our growing, global audience.

Since 2017, we have published annually a report on diversity and inclusion to provide transparency in the 

composition of our workforce, and recently published a more detailed report and plan of action focused on 
transforming our culture and strengthening our systems and practices for developing and supporting our workforce. 
We have also taken a number of steps over the years to advance our diversity, equity and inclusion goals, including:

• Building clear, fair and intentional processes for hiring, including requirements for recruiting diverse slates of 

job candidates;

• Conducting a pay equity analysis every two years to ensure that employees from traditionally under-

represented groups are not adversely impacted by pay bias, as well as regularly reviewing and benchmarking 
pay against external market data;

• Continuing to invest in diversifying the pipeline of future journalists at both The Times and the broader 

industry, by creating and expanding programs like The New York Times Fellowship Program, a one-year 

THE NEW YORK TIMES COMPANY – P. 5

 
 
 
 
work program for up-and-coming journalists, hosting an annual Student Journalism Institute for journalists 
of color, and supporting many outside organizations dedicated to increasing diversity in journalism, 
technology and the media;

• Fostering an inclusive workplace through, among other things, sponsoring 11 employee resource groups for 
people who share identities and interests and expanding trainings on unconscious bias and leading diverse 
teams; and 

• Adopting policies, processes and guidelines to promote productive, effective and respectful communications 

with employees.

Talent and Development 

Recognizing the critical importance of executive leadership to the success of the Company, the Board of 
Directors works with senior management to ensure that effective plans are in place for both short-term and long-term 
executive succession at the Company. The Board conducts annually a detailed review of the Company’s talent 
strategies, leadership pipeline and succession plans for key senior leadership roles. After a deliberate succession 
planning process, led by our Chairman and Publisher of The New York Times, A.G. Sulzberger, and the Presiding 
Director, Brian P. McAndrews, the Board appointed Meredith Kopit Levien from within the organization to be the 
Company’s President and Chief Executive Officer, effective September 2020. We also value ongoing development and 
continuous learning and strive to support and provide learning opportunities to our employees to invest in their 
career growth.  

Compensation and Benefits

We offer a comprehensive compensation and benefits program designed to attract and maximize the 
contributions of talented individuals. The goal of this program is to meet the needs of our employees, support our 
strategic goals, mission and values, drive a high-performance culture, and pay competitively and equitably. In line 
with our business goals, our compensation philosophy links compensation to achieving sustained high performance 
and creating long-term stockholder value.   

Health, Safety and Wellness

The physical and mental health, safety, well-being and work-life balance of our employees is vital to our 
success. We sponsor a wellness program designed to enhance physical, financial and mental well-being for all of our 
employees. During the early stages of the Covid-19 pandemic, we assembled a broad, cross-functional team to lead 
and coordinate the Company’s overall response, including to support employees during an extended period of 
working from home and consider how our policies and practices around remote and distributed work should evolve. 
Among other things, we expanded remote work, established specialized employee engagement and feedback 
initiatives, broadened benefit offerings and took early action in implementing protocols to protect the health and 
safety of our employees, many of whom were reporting on the frontlines of the pandemic. In addition, we introduced 
dependent care relief, an office supply reimbursement and ergonomic resources, mental health and wellness support, 
and a one-off bonus to all employees other than senior-most leaders to recognize their outstanding efforts and 
support them with any additional financial needs stemming from the pandemic.

Workforce Demographics

We had approximately 4,700 full-time equivalent employees as of December 27, 2020, which includes 

approximately 1,700 in our newsroom.

Approximately 40% of our full-time equivalent employees were represented by unions as of December 27, 2020, 
including certain employees at Wirecutter who formed a union in 2019. The following is a list of collective bargaining 
agreements covering various categories of the Company’s employees and their corresponding expiration dates. As 
indicated below, five collective bargaining agreements, under which approximately 30% of our full-time equivalent 
employees are covered, will expire within one year and negotiations for new contracts are either ongoing or expected 
to begin in the near future. We cannot predict the timing or the outcome of these negotiations.

P. 6 – THE NEW YORK TIMES COMPANY

Employee Category

NewsGuild of New York

Paperhandlers

Pressmen

Stereotypers

Voice Actors

Machinists

Mailers

Drivers

Typographers

Expiration Date

March 30, 2021

March 30, 2021

March 30, 2021

March 30, 2021

October 31, 2021

March 30, 2022

March 30, 2023

March 30, 2025

March 30, 2025

In addition, we are in the process of negotiating an initial collective bargaining agreement with certain 

employees of Wirecutter.

AVAILABLE INFORMATION

We maintain a corporate website at http://www.nytco.com, and we encourage investors and other interested 

persons to use it as a way of easily finding information about us.  Our Annual Report on Form 10-K, Quarterly 
Reports on Form 10-Q, Current Reports on Form 8-K, and all amendments to those reports, and the Proxy Statement 
for our Annual Meeting of Stockholders are made available, free of charge, on this website as soon as reasonably 
practicable after such reports have been filed with or furnished to the SEC.  In addition, we may periodically make 
announcements or disclose important information for investors on this website, including press releases or news 
regarding our financial performance and other items that may be material or of interest to our investors. Therefore, 
we encourage investors, the media, and others interested in our Company to review the information we post on this 
website.  The information contained on our corporate website is not incorporated by reference into this filing.

THE NEW YORK TIMES COMPANY – P. 7

ITEM 1A. RISK FACTORS

You should carefully consider the risk factors described below, as well as the other information included in this 

Annual Report on Form 10-K. Our business, financial condition, results of operations or the price of our publicly 
traded securities could be materially adversely affected by any or all of these risks, or by other risks or uncertainties 
not presently known or currently deemed immaterial, that may adversely affect us in the future. 

Risks Related to Our Business and Industry

The impact of the Covid-19 pandemic continues to create considerable uncertainty for our business.

The global Covid-19 pandemic and efforts to contain it have continued to cause significant volatility, 

uncertainty and economic disruption. As with many companies, the pandemic has disrupted our business and could 
continue to do so for the foreseeable future.

We derive substantial revenues from the sale of advertising (approximately 22% of our total revenues in 2020). 
Advertising spending is sensitive to overall economic conditions, and our advertising revenues are adversely affected 
if advertisers respond to weak and uneven economic conditions by reducing their budgets or shifting spending 
patterns or priorities, or if they are forced to consolidate or cease operations. The worldwide economic conditions 
caused by the Covid-19 pandemic have materially adversely affected our advertising revenues. We expect our 
advertising revenues will likely continue to be adversely affected if and while these conditions persist, and some of 
our advertising revenues may not return to pre-pandemic levels once economic conditions improve. Likewise, the 
pandemic and attempts to contain it have resulted in the postponement and cancellation of live events, which has 
adversely affected our revenues from live events and related services, and will continue to adversely affect these 
revenues to the extent these conditions persist.

We derive the majority of our revenues from the sale of subscriptions (approximately 67% of our total revenues 

in 2020). Although we experienced significant growth in the number of subscriptions to our digital news and other 
products in 2020, we believe this growth rate was driven in part by an increase in traffic given the news environment, 
and we do not expect the 2020 growth rate to be sustainable or indicative of results for future periods. In addition, the 
recent growth may reflect in part changes in how our users spend their time during the pandemic and/or the shifting 
forward of growth that we would have otherwise seen in subsequent periods. Accordingly, the rate of growth in our 
digital subscriptions may moderate due to slower acquisition and/or higher cancellations. Furthermore, to the extent 
that current or future economic conditions lead consumers to reduce spending on discretionary activities, subscribers 
may increasingly shift to lower-priced subscription options or may forgo subscriptions altogether. In light of these 
factors, our ability to obtain new subscribers or to retain subscribers at their current or higher pricing levels could be 
hindered, reducing our subscription revenue. In addition, revenues from the single-copy and bulk sales of our print 
newspaper (which include our international edition and collectively represented approximately 6% of our total 
subscription revenues in 2020) have been, and we expect will continue to be, adversely affected as a result of 
widespread business closures, continued increased levels of remote working and reductions in travel.

In response to public health recommendations, government mandates and other concerns, we have altered 

certain aspects of our operations, including having the vast majority of our workforce work remotely. An extended 
period of remote work arrangements could introduce operational risk (including cybersecurity risk), result in a 
decline in productivity or otherwise negatively affect our ability to manage the business. In addition, if a significant 
portion of our workforce is unable to work, including because of illness, travel or government restrictions in 
connection with Covid-19 or shortages of necessary personal protective equipment, our operations may be negatively 
impacted. We will continue to actively monitor the issues raised by the Covid-19 pandemic and may take further 
actions that alter our business operations as may be required or that we determine are appropriate. We have incurred 
and expect to continue to incur costs in connection with the pandemic, including costs relating to our workforce, such 
as enhanced employee benefits. These costs have not been significant to date, but we may incur significant additional 
costs as circumstances evolve, including in connection with potential operational changes. It is not clear what the 
potential effects any such alterations or modifications may have on our business, including the effects on our financial 
results.

The Times newspaper is printed at our production and distribution facility in College Point, N.Y., as well as 
under contract at remote print sites. If a significant percentage of our College Point employees were unable to work as 

P. 8 – THE NEW YORK TIMES COMPANY

a result of the pandemic, our ability to print and distribute the newspaper and other commercial print products in the 
New York area could be negatively affected. To the extent our newsprint suppliers or print and distribution partners 
are further affected by renewed government “stay-at-home” mandates or recommendations, financial pressures, labor 
shortages or other circumstances relating to Covid-19 that lead to reduced operations or consolidations or closures of 
print sites and/or distribution routes, this could lead to an increase in costs to print and distribute our newspapers 
and/or a decrease in revenues if printing and distribution are disrupted. As a result of the pandemic’s effects, some of 
our print and distribution partners have taken steps to reduce the frequency with which newspapers are printed and 
distributed, which may not be reversed even once economic conditions improve, and additional partners may take 
similar steps. It is possible that the frequency with which newspapers are printed and distributed by our partners 
may affect the frequency with which we are able to print and distribute our newspaper, and significant disruptions to 
operations at our College Point production and distribution facility or at our newsprint suppliers or print and 
distribution partners could adversely affect our operating results.

It is also possible that the Covid-19 pandemic may accelerate or worsen the other risks discussed below. The 

extent to which the pandemic impacts us will depend on numerous evolving factors and future developments that we 
are not able to predict, including the scope and duration of the pandemic (including the extent of any resurgences 
thereof and the availability of effective treatments or vaccines); the impact of the pandemic on economic conditions 
and the companies with which we do business; governmental, business and other actions; travel restrictions and 
social distancing measures, among many other factors.

We face significant competition in all aspects of our business. 

We operate in a highly competitive environment. We compete for subscription and advertising revenue with 

both traditional and other content providers, as well as news aggregators, search engines and social media platforms. 
Competition among these companies is robust, and new competitors can quickly emerge.  

Our ability to compete effectively depends on many factors both within and beyond our control, including 

among others: 

• our ability to continue delivering a breadth of high-quality journalism and content that is interesting and 

relevant to our audience;

• our reputation and brand strength relative to those of our competitors;

• the popularity, usefulness, ease of use, performance, reliability and value of our digital products, compared 

with those of our competitors; 

• the sustained engagement of our audience directly with our products; 

• our ability to reach new users in the United States and abroad;

• our ability to develop, maintain and monetize our products;

• the pricing of our products and our content access model;

• our marketing and selling efforts, including our ability to differentiate our products and services from those 

of our competitors; 

• our visibility on search engines and social media platforms and in mobile app stores, compared with that of 

our competitors; 

• our ability to attract, retain, and motivate talented employees, including journalists, engineers, data scientists 

and product managers; 

• our ability to provide advertisers with a compelling return on their investments; and 

• our ability to manage and grow our business in a cost-effective manner.

Some of our current and potential competitors may have greater resources than we do, which may allow them 

to compete more effectively than us. In addition, several of the companies that have competing digital news 
destination and subscription products, such as Apple and Google, also control some of the primary environments in 
which we develop relationships with new users and market and sell subscriptions to our products, and therefore can 
affect our ability to compete effectively. Some of these companies encourage their large audiences to consume our 
content within their products, impacting our ability to attract, engage and monetize users directly.

THE NEW YORK TIMES COMPANY – P. 9

Our success depends on our ability to improve and scale our technical infrastructure and respond and adapt to 
changes in technology and consumer behavior.

Our ability to attract and retain our users is dependent upon the reliable performance and increasing 
capabilities of our products and our underlying technical infrastructure. As we invest in our array of products and 
our digital business grows in size, scope and complexity, we must continue to invest in maintaining, integrating, 
improving and scaling our technical infrastructure. Our failure to do so, or any significant disruption in our service, 
could damage our reputation, result in a potential loss or ineffective monetization of users, and adversely affect our 
financial results. 

These efforts are further complicated by the continuing rapid evolution of technology in the media industry 
and changes in the preferences and expectations of consumers as they seek more control over how they consume 
content. Changes in technology and consumer behavior pose a number of challenges that could adversely affect our 
revenues and competitive position. For example, among others:

• we may be unable to maintain or update our technology infrastructure quickly enough and in a way that 

meets market and consumer demands; 

• we may be unable to develop digital products consumers find engaging and that achieve a high level of 

market acceptance;

• we may introduce new products or services, or make changes to existing products and services, that are not 

received favorably by consumers; 

• there may be changes in user sentiment about the quality or usefulness of our existing products or concerns 

related to privacy, security or other factors;

• we may fail to successfully manage changes implemented by social media platforms, search engines, news 
aggregators, mobile app stores and device manufacturers, including those that encourage user engagement 
with our content in their environments rather than directing users to our products, and those affecting how 
our content and applications are discovered, prioritized, displayed and monetized;

• consumers may increasingly use technology (such as incognito browsing) that decreases our ability to enforce 

limits on the free access we provide to our content and/or obtain useful information with respect to the 
behavior of users who engage with our products; and

• the consumption of our content on delivery platforms of third parties may lead to limitations on monetization 

of our products, the loss of control over distribution of our content and of a direct relationship with our 
audience, and lower engagement and subscription rates.

We continue to invest significant resources to mitigate these potential risks and to build, maintain and evolve 

our products and technology infrastructure. These investments may adversely impact our operating results in the 
near term and there can be no assurance as to our ability to use new and existing technologies to distinguish our 
products and services from those of our competitors, develop in a timely manner compelling new products and 
services that engage users, or sufficiently improve and scale our technical infrastructure and prevent disruptions in 
our service. If we are not successful in adapting our technical infrastructure and responding to changes in technology 
and consumer behavior, our business, financial condition and prospects may be adversely affected.

A failure to continue to retain and grow our subscriber base could adversely affect our results of operations and 
business.

Revenue from subscriptions to our digital and print products makes up a majority of our total revenue. 

Subscriptions to our digital products generate substantial revenue for us, and our future growth and profitability 
depend upon our ability to retain and grow our digital subscriber base and audience in the U.S. and abroad while 
maintaining attractive unit economics. To do so will require us to continue to evolve our subscription model, address 
changing consumer demands and developments in technology, and improve our digital products while continuing to 
deliver high-quality journalism and content that our readers around the world find interesting, relevant and reliable. 
We have invested and will continue to invest significant resources in these efforts, but there is no assurance that we 
will be able to successfully maintain and increase our digital subscriber base or that we will be able to do so without 
taking steps such as maintaining or reducing pricing or incurring subscription acquisition costs that would affect our 
subscription revenues, margin and/or profitability. 

P. 10 – THE NEW YORK TIMES COMPANY

We must continually add new subscriptions both to replace canceled subscriptions and to grow our business.  
The rate at which we add new subscribers depends on many factors, including significant news events, promotional 
pricing and/or our marketing expenditures and effectiveness (which may be affected by industry changes such as the 
phase-out of browser support for third party cookies and of mobile operating systems for advertising identifiers), and 
may not be sustainable.  Subscribers cancel their subscriptions for many reasons, including the end of promotional 
pricing or in response to increases or other adjustments we may implement from time to time in our subscription 
pricing. If we do not grow subscriptions on a net basis as expected, our margins, liquidity and results of operation 
may be adversely impacted.

Expanding our audience and subscription base outside of the United States is part of our strategy and the 
growth of our business could be harmed if our expansion efforts do not succeed. Although we have a significant 
number of users outside of the United States, we are a U.S.-based company with limited experience in marketing our 
digital products in certain international regions and could be at a disadvantage compared with local and 
multinational competitors. Our continued expansion will depend on our ability to adapt, on a cost-effective basis, our 
content, products, pricing and marketing for global audiences, including differences in content preferences; product-
feature preferences; culture; language; and market dynamics such as user behavior, spending capability and payment 
processing systems. Our success will also depend on our ability to successfully manage changes implemented by 
search engines that affect the visibility of our content. In addition, non-U.S. users are not as familiar with our brand 
and may not perceive us as relevant or trustworthy.

Our ability to retain and grow our digital subscriber base also depends on the sustained engagement of users 

directly with our products, including the frequency, breadth and depth of their use. If users become less engaged 
with our products, or consume our content outside our products, they may be less likely to purchase subscriptions or 
renew their existing subscriptions, which would adversely affect our subscription revenues. In addition, we have 
implemented and may continue to implement changes in the free access we provide to our content and/or the pricing 
of our subscriptions that could have an adverse impact on our ability to attract and retain our audience and 
subscription base. 

Print subscriptions continue to decline as the media industry has transitioned from being primarily print-
focused to digital. If we are unable to offset continued revenue declines resulting from falling print subscriptions with 
revenue from home-delivery price increases, our print subscription revenue will be adversely affected. In addition, if 
we are unable to offset and ultimately replace continued print subscription revenue declines with other sources of 
revenue, our operating results will be adversely affected.

Subscription revenue may be sensitive to discretionary spending and economic conditions in the markets we 

serve. To the extent economic conditions lead consumers to reduce spending on discretionary activities, our ability to 
retain current and obtain new subscribers or implement price increases could be hindered, thereby reducing our 
subscription revenue. 

Our advertising revenues are affected by numerous factors, including economic conditions, market dynamics, 
audience fragmentation, evolving digital advertising trends and the evolution of our strategy.

We derive substantial revenues from the sale of advertising in our products. Advertising spending is sensitive 

to overall economic conditions, and our advertising revenues could be adversely affected if advertisers respond to 
weak and uneven economic conditions by reducing their budgets or shifting spending patterns or priorities, or if they 
are forced to consolidate or cease operations. The worldwide economic conditions caused by the Covid-19 pandemic 
have materially adversely affected our advertising revenues. We expect our advertising revenues will likely continue 
to be adversely affected if and while these conditions persist, and some of our advertising revenues may not return to 
pre-pandemic levels once economic conditions improve.

In determining whether to buy advertising, our advertisers consider the demand for our products, 

demographics of our reader base, advertising rates, results observed by advertisers, breadth and perceived 
effectiveness of advertising offerings and alternative advertising options. 

Although print advertising revenue continues to represent a significant portion of our total advertising revenue 
(approximately 42% of our total advertising revenues in 2020), the overall proportion continues to decline. This trend 
was further accelerated as some of our traditional print advertisers, such as entertainment, luxury and retail, have 
been under particular pressure as a result of the effects of the Covid-19 pandemic and efforts to contain it, and a 
further decline in the economic prospects of these and other advertisers could alter current or prospective advertisers’ 

THE NEW YORK TIMES COMPANY – P. 11

spending priorities or result in consolidation or closures across various industries, which may reduce the Company’s 
overall advertising revenue. In addition, the increased popularity of digital media among consumers has driven a 
corresponding shift in demand from print advertising to digital advertising. However, our digital advertising 
revenue has not replaced, and may not replace in full, print advertising revenue lost as a result of the shift.

Large digital platforms, such as Facebook, Google and Amazon, which have greater audience reach, audience 
data and targeting capabilities than we do, command a large share of the digital display advertising market, and we 
anticipate that this will continue. The remaining market is subject to significant competition among publishers and 
other content providers, and audience fragmentation. These dynamics have affected, and will likely continue to affect, 
our ability to attract and retain advertisers and to maintain or increase our advertising rates.

The digital advertising market itself continues to undergo change. Digital advertising networks and exchanges 
with real-time bidding and other programmatic buying channels that allow advertisers to buy audiences at scale play 
a significant role in the advertising marketplace and have caused and may continue to cause further downward 
pricing pressure and the loss of a direct relationship with marketers. Growing consumer reliance on mobile devices 
creates additional pressure, as mobile display advertising does not command the same rates as desktop advertising. 
Our digital advertising operations rely on a small number of significant technologies (particularly Google’s ad 
manager) which, if interrupted or meaningfully changed, or if the providers leverage their power to alter the 
economic structure, could have an adverse impact on our advertising revenues, operating costs and/or operating 
results.

Evolving standards for the delivery of digital advertising, as well as the development and implementation of 

technology, regulations, policies and practices that adversely affect our ability to deliver, target or measure the 
effectiveness of advertising (such as blocking the display of advertising and/or cookies and the phase-out of browser 
support for third party cookies and of mobile operating systems for advertising identifiers), may also adversely affect 
our advertising revenues if we are unable to develop effective solutions to mitigate their impact. 

As the digital advertising market continues to evolve, our ability to compete successfully for advertising 
budgets will depend on, among other things, our ability to engage and grow digital audiences, collect and leverage  
data, and demonstrate the value of our advertising and the effectiveness of our products to advertisers.

We have continued to take steps intended to improve our users’ experiences and retain and grow our 

subscriber base. For example, in order to improve users’ experiences, we ceased presenting open-market 
programmatic advertising in our iOS and Android mobile applications. While these changes may result in long-term 
benefits for our advertising revenue, they have reduced and may further reduce the inventory for some of our digital 
advertising products and may otherwise impact advertising revenues. 

Our brand and reputation are key assets of the Company, and negative perceptions or publicity could adversely 
affect our business, financial condition and results of operations.

We believe The New York Times brand is a powerful and trusted brand with an excellent reputation for high-

quality independent journalism and content, and this brand is a key element of our business. Our brand might be 
damaged by incidents that erode consumer trust (such as negative publicity), a perception that our journalism is 
unreliable or a decline in the perceived value of independent journalism or general trust in the media, which may be 
in part as a result of changing political and cultural environments in the U.S. and abroad or active campaigns by 
domestic and international political and commercial actors. We may introduce new products or services that users do 
not like and that may negatively affect our brand. We also may fail to provide adequate customer service, which 
could erode confidence in our brand. Our reputation could also be damaged by failures of third-party vendors we 
rely on in many contexts. We are investing in defining and enhancing our brand. These investments are considerable 
and may not be successful. To the extent our brand and reputation are damaged, our ability to attract and retain 
readers, subscribers, advertisers and/or employees could be adversely affected, which could in turn have an adverse 
impact on our business, revenues and operating results.

P. 12 – THE NEW YORK TIMES COMPANY

The international scope of our business exposes us to economic, geopolitical and other risks inherent in foreign 
operations.

We have news bureaus and other offices around the world, and our digital and print products are generally 

available globally. We are focused on further expanding the international scope of our business and face the inherent 
risks associated with doing business abroad, including:

• government policies and regulations that restrict our products and operations, including censorship or other 
restrictions on access to our content and products; the expulsion of journalists or other employees; or other 
restrictive or retaliatory actions or behavior;

• effectively managing and staffing foreign operations, including complying with local laws and regulations in 

each different jurisdiction;

• providing for the safety and security of our journalists and other employees;

• potential economic, legal, political or social uncertainty and volatility in local or global market conditions or 
catastrophic events (e.g., a natural disaster, an act of terrorism, a pandemic (such as the Covid-19 pandemic), 
epidemic or outbreak of a disease or severe weather) that could adversely affect the companies with which 
we do business; cause changes in discretionary spending; restrict our journalists’ travel; or otherwise 
adversely impact our operations and business;

• navigating local customs and practices;

• protecting and enforcing our intellectual property and other rights under varying legal regimes;

• complying with international laws and regulations, including those governing intellectual property, libel and 
defamation, labor and employment, tax, consumer privacy and the collection, use, retention, sharing and 
security of consumer and staff data;

• restrictions on the ability of U.S. companies to do business in foreign countries, including restrictions on 

foreign ownership, foreign investment or repatriation of funds;

• higher-than-anticipated costs of entry; and

• currency exchange rate fluctuations.

Adverse developments in any of these areas could have an adverse impact on our business, financial condition 

and results of operations. For example, we may incur increased costs necessary to comply with existing and newly 
adopted laws and regulations or penalties for any failure to comply.   

If we are unable to attract and maintain a highly skilled and diverse workforce, it could have a negative impact on 
our competitive position, reputation, business, financial condition or results of operations.

Our ability to attract, develop and maximize the contributions of world-class talent, and to create the conditions 

for our people to do their best work, is vital to the continued success of our mission and business and central to our 
long-term strategy. Qualified individuals are in high demand, particularly journalists, engineers, data scientists and 
product managers in New York City, and our employees and individuals we seek to hire are highly sought after by 
our competitors and other companies. Our continued ability to attract and retain highly skilled journalists and other 
personnel for all areas of our organization depends on many factors, including maintaining our reputation, as well as 
a diverse and inclusive work environment. In addition, we must continue to offer competitive compensation and 
benefits, and this could result in increased costs to attract, develop and retain them. We must also continue to adapt to 
ever-changing workplace and workforce dynamics, including in connection with increased levels of remote working 
as a result of the Covid-19 pandemic and other changes in the business and cultural landscape. Failing to adapt 
effectively to these changes and employee expectations could impact our ability to compete effectively (including for 
talent) or have an adverse impact on our corporate culture or operations. If we are unable to attract and maintain a 
highly skilled and diverse workforce, it would negatively impact our competitive position and reputation, and could 
adversely affect our business, financial condition or results of operations.

THE NEW YORK TIMES COMPANY – P. 13

Adverse results from litigation or governmental investigations can impact our business practices and operating 
results.

From time to time, we are party to litigation, including matters relating to alleged libel or defamation and 

employment-related matters, as well as regulatory, environmental and other proceedings with governmental 
authorities and administrative agencies. See Note 18 of the Notes to the Consolidated Financial Statements regarding 
certain matters. Adverse outcomes in lawsuits or investigations could result in significant monetary damages or 
injunctive relief that could adversely affect our results of operations or financial condition as well as our ability to 
conduct our business as it is presently being conducted. In addition, regardless of merit or outcome, such proceedings 
can have an adverse impact on the Company as a result of legal costs, diversion of management and other personnel, 
and other factors.

Risks Related to Investments, Acquisitions and Divestitures

Investments we make in new and existing products and services expose us to risks and challenges that could 
adversely affect our operations and profitability.

We have invested and expect to continue to invest significant resources to enhance and expand our existing 
products and services and to develop new products and services. These investments have included, among others: 
enhancements to our core news product and our other products (including our Games, Cooking, Wirecutter and 
audio products); investments in our podcasts, film and television initiatives and children’s product initiative; as well 
as investments in our commercial printing and other ancillary operations. These efforts present numerous risks and 
challenges, including the potential need for us to appeal to new audiences; develop additional expertise in certain 
areas; technological and operational challenges; the need to effectively allocate capital resources; new and/or 
increased costs (including marketing costs and costs to recruit, integrate and retain skilled employees); risks 
associated with strategic relationships such as content licensing; new competitors (some of which may have more 
resources and experience in certain areas); and additional legal and regulatory risks from expansion into new areas. 
As a result of these and other risks and challenges, growth into new areas may divert internal resources and the 
attention of our management and other personnel, including journalists and product and technology specialists. 

Although we believe we have a strong and well-established reputation as a global media company, our ability 

to market our products effectively, and to gain and maintain an audience, particularly for some of our new digital 
products, is not certain, and if they are not favorably received, our brand may be adversely affected. Even if our new 
products and services, or enhancements to existing products and services, are favorably received, they may not 
advance our business strategy as expected, may result in unanticipated costs or liabilities and may fall short of 
expected return on investment targets or fail to generate sufficient revenue to justify our investments, which could 
adversely affect our business, results of operations and financial condition.

Acquisitions, divestitures, investments and other transactions could adversely affect our costs, revenues, 
profitability and financial position.

In order to position our business to take advantage of growth opportunities, we engage in discussions, evaluate 

opportunities and enter into agreements for possible acquisitions, divestitures, investments and other transactions. 
We may also consider the acquisition of, or investment in, specific properties, businesses or technologies that fall 
outside our traditional lines of business and diversify our portfolio, including those that may operate in new and 
developing industries, if we deem such properties sufficiently attractive. 

Acquisitions may involve significant risks and uncertainties, including:

• difficulties in integrating acquired businesses (including cultural challenges associated with integrating 

employees from the acquired company into our organization);

• diversion of management attention from other business concerns or resources;

• use of resources that are needed in other parts of our business;

• possible dilution of our brand or harm to our reputation;

• the potential loss of key employees; 

• risks associated with new strategic relationships;

P. 14 – THE NEW YORK TIMES COMPANY

• risks associated with integrating financial reporting, internal control and information technology systems; 

and

• other unanticipated problems and liabilities.

Competition for certain types of acquisitions is significant. Even if successfully negotiated, closed and 

integrated, certain acquisitions or investments may prove not to advance our business strategy, may cause us to incur 
unanticipated costs or liabilities and may fall short of expected return on investment targets, which could adversely 
affect our business, results of operations and financial condition.

In addition, we have divested and may in the future divest certain assets or businesses that no longer fit with 

our strategic direction or growth targets. Divestitures involve significant risks and uncertainties that could adversely 
affect our business, results of operations and financial condition. These include, among others, the inability to find 
potential buyers on favorable terms, disruption to our business and/or diversion of management attention from other 
business concerns, loss of key employees and possible retention of certain liabilities related to the divested business.

Finally, we have made investments in companies, and we may make similar investments in the future. 
Investments in these businesses subject us to the operating and financial risks of these businesses and to the risk that 
we do not have sole control over the operations of these businesses. Our investments are generally illiquid and the 
absence of a market may inhibit our ability to dispose of them. In addition, if the book value of an investment were to 
exceed its fair value, we would be required to recognize an impairment charge related to the investment.

Risks Related to Our Operating Costs

The fixed cost nature of significant portions of our expenses may limit our operating flexibility and could adversely 
affect our results of operations.

Significant portions of our expenses, including employee-related costs, are fixed costs that neither increase nor 
decrease proportionately with revenues. In addition, our ability to make short-term adjustments to manage our costs 
or to make changes to our business strategy may be limited by certain of our collective bargaining agreements. If we 
were unable to implement cost-control efforts or reduce our fixed costs sufficiently in response to a decline in our 
revenues, our results of operations will be adversely affected.

The size and volatility of our pension plan obligations may adversely affect our operations, financial condition and 
liquidity. 

We sponsor a frozen single-employer defined benefit pension plan. Although we have frozen participation and 

benefits under our single-employer plan and have taken other steps to reduce the size and volatility of our pension 
plan obligations, our results of operations will be affected by the amount of income or expense we record for, and the 
contributions we are required to make to, this plan. 

In addition, the Company and the NewsGuild of New York jointly sponsor a defined benefit plan that 

continues to accrue active benefits for employees represented by the NewsGuild. 

We are required to make contributions to our plans to comply with minimum funding requirements imposed 
by laws governing those plans. As of December 27, 2020, our qualified defined benefit pension plans had plan assets 
that were approximately $36 million above the present value of future benefits obligations. Our obligation to make 
additional contributions to our plans, and the timing of any such contributions, depends on a number of factors, 
many of which are beyond our control. These include: legislative changes; assumptions about mortality; and 
economic conditions, including a low interest rate environment or sustained volatility and disruption in the stock and 
bond markets, which impact discount rates and returns on plan assets. 

As a result of required contributions to our qualified pension plans, we may have less cash available for 
working capital and other corporate uses, which may have an adverse impact on our results of operations, financial 
condition and liquidity.

In addition, the Company sponsors several non-qualified pension plans, with unfunded obligations totaling 
$260 million. Although we have frozen participation and benefits under all but one of these plans, and have taken 
other steps to reduce the size and volatility of our obligations under these plans, a number of factors, including 

THE NEW YORK TIMES COMPANY – P. 15

changes in discount rates or mortality tables, may have an adverse impact on our results of operations and financial 
condition. 

Our participation in multiemployer pension plans may subject us to liabilities that could materially adversely affect 
our results of operations, financial condition and cash flows. 

We participate in, and make periodic contributions to, various multiemployer pension plans that cover many of 

our current and former production and delivery employees and a small number of voice actors who work on Audm, 
our read-aloud audio service. Our required contributions to certain plans have increased as our commercial printing 
operations have expanded. Our required contributions to these plans could increase because of a shrinking 
contribution base as a result of the insolvency or withdrawal of other companies that currently contribute to these 
plans, the inability or failure of withdrawing companies to pay their withdrawal liability, low interest rates, lower 
than expected returns on pension fund assets, other funding deficiencies, or potential legislative action. Our 
withdrawal liability for any multiemployer pension plan will depend on the nature and timing of any triggering 
event and the extent of that plan’s funding of vested benefits. 

If a multiemployer pension plan in which we participate has significant underfunded liabilities, such 
underfunding will increase the size of our potential withdrawal liability. In addition, under federal pension law, 
special funding rules apply to multiemployer pension plans that are classified as “endangered,” “critical” or “critical 
and declining.” If plans in which we participate are in critical status, benefit reductions may apply and/or we could 
be required to make additional contributions. 

We have recorded significant withdrawal liabilities with respect to multiemployer pension plans in which we 

formerly participated (primarily in connection with the sales of the New England Media Group in 2013 and the 
Regional Media Group in 2012) and may record additional liabilities in the future. In addition, due to declines in our 
contributions, we have recorded withdrawal liabilities for actual and estimated partial withdrawals from several 
plans in which we continue to participate. Until demand letters from some of the multiemployer pension funds are 
received, the exact amount of the withdrawal liability will not be fully known and, as such, a difference from the 
recorded estimate could have an adverse effect on our results of operations, financial condition and cash flows. 
Several of the multiemployer plans in which we participate are specific to the newspaper industry, which continues 
to undergo significant pressure. A withdrawal by a significant percentage of participating employers may result in a 
mass withdrawal declaration by the trustees of one or more of these plans, which would require us to record 
additional withdrawal liabilities.  

If, in the future, we elect to withdraw from these plans or if we trigger a partial withdrawal due to declines in 

contribution base units or a partial cessation of our obligation to contribute, additional liabilities would need to be 
recorded that could have an adverse effect on our business, results of operations, financial condition or cash flows. 
Legislative changes could also affect our funding obligations or the amount of withdrawal liability we incur if a 
withdrawal were to occur.

A significant number of our employees are unionized, and our business and results of operations could be adversely 
affected if labor agreements were to further restrict our ability to maximize the efficiency of our operations. 

Approximately 40% of our full-time equivalent employees were represented by unions as of December 27, 2020. 

As a result, we are required to negotiate the wages, benefits and other terms and conditions of employment with 
many of our employees collectively. Our results could be adversely affected if future labor negotiations or contracts 
were to further restrict our ability to maximize the efficiency of our operations, or if a larger percentage of our 
workforce were to be unionized. If we are unable to negotiate labor contracts on reasonable terms, or if we were to 
experience labor unrest or other business interruptions in connection with labor negotiations or otherwise, our ability 
to produce and deliver our products could be impaired. In addition, our ability to make adjustments to control 
compensation and benefits costs, change our strategy or otherwise adapt to changing business needs may be limited 
by the terms and duration of our collective bargaining agreements.

P. 16 – THE NEW YORK TIMES COMPANY

A significant increase in the price of newsprint, or significant disruptions in our newsprint supply chain or 
newspaper printing and distribution channels, would have an adverse effect on our operating results.

The cost of raw materials, of which newsprint is the major component, represented approximately 3% of our 

total operating costs in 2020. The price of newsprint has historically been volatile and could increase as a result of 
various factors, including: 

• a reduction in the number of newsprint suppliers due to restructurings, bankruptcies, consolidations and 

conversions to other grades of paper; 

• increases in supplier operating expenses due to rising raw material or energy costs or other factors; 

• currency volatility;

• tariffs on certain paper imports from Canada into the United States; and

• an inability to maintain existing relationships with our newsprint suppliers.

We also rely on suppliers for deliveries of newsprint, and the availability of our newsprint supply may be 

affected by various factors, including labor unrest, transportation issues and other disruptions that may affect 
deliveries of newsprint.

Outside the New York area, The Times is printed and distributed under contracts with print and distribution 

partners across the United States and internationally. To the extent that financial pressures, newspaper industry 
economics or other circumstances affect our print and distribution partners and/or lead to reduced operations or 
consolidations or closures of print sites and/or distribution routes, this could increase the cost of printing and 
distributing our newspapers and/or decrease our revenues if printing and distribution are disrupted. As a result of 
the pandemic’s effects, some of our print and distribution partners have taken steps to reduce the frequency with 
which newspapers are printed and distributed, which may not be reversed even once economic conditions improve, 
and additional partners may take similar steps. It is possible that the frequency with which newspapers are printed 
and distributed by our partners may affect the frequency with which we are able to print and distribute our 
newspaper.

If newsprint prices increase significantly or we experience significant disruptions in our newsprint supply chain 

or newspaper printing and distribution channels, our operating results may be adversely affected.

Risks Related to Information Systems and Other Technology

Security breaches and other network and information systems disruptions could affect our ability to conduct our 
business effectively and damage our reputation.

Our systems store and process confidential subscriber, employee and other sensitive personal and Company 

data, and therefore maintaining our network security is of critical importance. In addition, we rely on the technology 
and systems provided by third-party vendors (including cloud-based service providers) for a variety of operations, 
including encryption and authentication technology, employee email, domain name registration, content delivery to 
customers, administrative functions (including payroll processing and certain finance and accounting functions) and 
other operations.

We regularly face attempts by malicious actors to breach our security and compromise our information 

technology systems. These attackers may use a blend of technology and social engineering techniques (including 
denial of service attacks, phishing attempts intended to induce our employees and users to disclose information or 
unwittingly provide access to systems or data, and other techniques), to disrupt service or exfiltrate data. Information 
security threats are constantly evolving, increasing the difficulty of detecting and successfully defending against 
them. The risk from activities of this nature may also increase during times of instability, including during the 
Covid-19 pandemic as online activity increases and operational changes such as remote working are in effect for the 
vast majority of our workforce. To date, no incidents have had, either individually or in the aggregate, a material 
adverse effect on our business, financial condition or results of operations.

In addition, our systems, and those of third parties upon which our business relies, may be vulnerable to 
interruption or damage that can result from the effects of natural disasters or climate change (such as increased storm 

THE NEW YORK TIMES COMPANY – P. 17

severity and flooding); fires; power, systems or internet outages; acts of terrorism; pandemics (such as Covid-19); or 
other similar events.

We have implemented controls and taken other preventative measures designed to strengthen our systems 
against such incidents and attacks, including measures designed to reduce the impact of a security breach at our 
third-party vendors. Efforts to prevent hackers from disrupting our service or otherwise accessing our systems are 
expensive to develop, implement and maintain. These efforts require ongoing monitoring and updating as 
technologies change and efforts to overcome security measures become more sophisticated, and may limit the 
functionality of or otherwise negatively impact our products, services and systems. Although the costs of the controls 
and other measures we have taken to date have not had a material effect on our financial condition, results of 
operations or liquidity, there can be no assurance as to the costs of additional controls and measures that we may 
conclude are necessary in the future.

There can also be no assurance that the actions, measures and controls we have implemented will be effective 

against future attacks or be sufficient to prevent a future security breach or other disruption to our network or 
information systems, or those of our third-party providers, and our disaster recovery planning cannot account for all 
eventualities. Such an event could result in a disruption of our services, improper disclosure of personal data or 
confidential information, or theft or misuse of our intellectual property, all of which could harm our reputation, 
require us to expend resources to remedy such a security breach or defend against further attacks, divert 
management’s attention and resources or subject us to liability under laws that protect personal data, or otherwise 
adversely affect our business. While we maintain cyber risk insurance, the costs relating to any data breach could be 
substantial, and our insurance may not be sufficient to cover all losses related to any future breaches of our systems.

Failure to comply with laws and regulations, including with respect to privacy, data protection and consumer 
marketing practices, could adversely affect our business.

Our business is subject to various laws and regulations of local and foreign jurisdictions, including laws and 

regulations with respect to privacy and the collection and use of personal data, as well as laws and regulations with 
respect to consumer marketing practices. 

Various federal and state laws and regulations, as well as the laws of foreign jurisdictions, govern the 
processing (including the collection, use, retention and sharing) and security of the data we receive from and about 
individuals. Failure to protect confidential data, provide individuals with adequate notice of our privacy policies or 
obtain required valid consent, for example, could subject us to liabilities imposed by these jurisdictions. Existing 
privacy-related laws and regulations are evolving and subject to potentially differing interpretations, and various 
federal and state legislative and regulatory bodies, as well as foreign legislative and regulatory bodies, may expand 
current or enact new laws regarding privacy and data protection. For example, the General Data Protection 
Regulation adopted by the European Union imposes stringent data protection requirements and significant penalties 
for noncompliance; California’s Consumer Privacy Act and Consumer Privacy Rights Act, and associated regulations, 
create new data privacy rights; and the European Union’s forthcoming ePrivacy Regulation is expected to impose, 
with respect to electronic communications, stricter data protection and data processing requirements.

In addition, various federal and state laws and regulations, as well as the laws of foreign jurisdictions, govern 
the manner in which we market our subscription products, including with respect to subscriptions, billing and auto-
renewal. These laws and regulations often differ across jurisdictions and continue to evolve. These laws, as well as 
any changes in these laws, could adversely affect our ability to attract and retain subscribers. 

Existing and newly adopted laws and regulations (or new interpretations of existing laws and regulations) have 

imposed and may continue to impose obligations that may affect our business, require us to incur increased 
compliance costs and cause us to further adjust our advertising or marketing practices. Any failure, or perceived 
failure, by us or the third parties upon which we rely to comply with laws and regulations that govern our business 
operations, as well as any failure, or perceived failure, by us or the third parties upon which we rely to comply with 
our own posted policies, could result in claims against us by governmental entities or others, negative publicity and a 
loss of confidence in us by our users and advertisers. Each of these potential consequences could adversely affect our 
business and results of operations.

P. 18 – THE NEW YORK TIMES COMPANY

We are subject to payment processing risk.

We accept payments using a variety of different payment methods, including credit and debit cards and direct 
debit. We rely on internal systems as well as those of third parties to process payments. Acceptance and processing of 
these payment methods are subject to certain certifications, rules and regulations. To the extent there are disruptions 
in our or third-party payment processing systems, material changes in the payment ecosystem, failure to recertify 
and/or changes to rules or regulations concerning payment processing, we could experience increased costs, be 
subject to fines and/or civil liability, or lose our ability to accept credit and debit card payments, which could impact 
our ability to collect subscription and advertising revenues, harm our reputation and adversely impact our results of 
operations.

Defects, delays or interruptions in the cloud-based hosting services we utilize could adversely affect our reputation 
and operating results.

We currently utilize third-party subscription-based software services as well as public cloud infrastructure 

services to provide solutions for many of our computing and bandwidth needs. Any interruptions to these services 
generally, including as a result of the effects of the Covid-19 pandemic, could result in interruptions in service to our 
subscribers and advertisers and/or the Company’s critical business functions, notwithstanding any business 
continuity or disaster recovery plans or agreements that may currently be in place with some of these providers. This 
could result in unanticipated downtime and/or harm to our reputation and operating results.

Risks Related to Intellectual Property

Our business may suffer if we cannot protect our intellectual property. 

Our business depends on our intellectual property, including our valuable brand, content, services and 

internally developed technology. We believe the protection and monetization of our proprietary trademarks and 
other intellectual property are critical to our continued success and our competitive position. Unauthorized parties 
have unlawfully misappropriated our brand, content, services, technology and other intellectual property or may 
attempt to do so, and the measures we have taken to protect our proprietary rights may not be sufficient to fully 
address or prevent all third-party infringement. 

The Internet, combined with advancements in technology, has made unauthorized copying and wide 

dissemination of unlicensed content easier, including by anonymous foreign actors. At the same time, enforcement of 
our intellectual property rights has become more challenging. As our business and the presence and impact of bad 
actors become more global in scope, we may not be able to protect our proprietary rights in a cost-effective manner in 
other jurisdictions. In addition, intellectual property protection may not be available in every country in which our 
products and services are distributed or made available through the Internet. 

If we are unable to protect and enforce our intellectual property rights, we may not succeed in realizing the full 
value of our assets, and our business, brand and profitability may suffer. In addition, if we must litigate in the United 
States or elsewhere to enforce our intellectual property rights, such litigation may be costly and time consuming. 

 We have been, and may be in the future, subject to claims of intellectual property infringement that could adversely 
affect our business.

We periodically receive claims from third parties alleging violations of their intellectual property rights. These 
third parties include rights holders seeking to enforce and/or monetize intellectual property they own or otherwise 
have rights to through asserting claims of infringement or misuse. Even if we believe that these claims of intellectual 
property infringement are without merit, defending against them can be time-consuming, expensive to litigate or 
settle and a diversion of management attention. As our Company grows and publishes more content on our own 
platforms and third-party platforms (like social media), the likelihood of receiving incoming claims of infringement 
also rises.

These third-party intellectual property infringement claims, if successful, may require us to enter into royalty or 

licensing agreements on unfavorable terms, use more costly alternative technology, alter certain of our operations or 
otherwise incur substantial monetary liability. The occurrence of any of these events as a result of these claims could 
result in substantially increased costs or otherwise adversely affect our business.

THE NEW YORK TIMES COMPANY – P. 19

Risks Related to the Terms of Our Debt and Common Stock

The terms of our credit facility impose restrictions on our operations that could limit our ability to undertake certain 
actions.

In September 2019, we entered into a $250.0 million five-year unsecured credit facility (the “Credit Facility”). 
Certain of our domestic subsidiaries have guaranteed our obligations under the Credit Facility. As of December 27, 
2020, there were no outstanding borrowings under the Credit Facility. See “Management’s Discussion and Analysis of 
Financial Condition and Results of Operations - Liquidity and Capital Resources” for a description of the Credit 
Facility.

The Credit Facility contains various customary affirmative and negative covenants, including certain financial 

covenants and various incurrence-based negative covenants imposing potentially significant restrictions on our 
operations. These covenants restrict, subject to various exceptions, our ability to, among other things:

• incur debt (directly or by third-party guarantees);

• grant liens;

• pay dividends;

• make investments;

• make acquisitions or dispositions; and

• prepay debt.

Any of these restrictions and limitations could make it more difficult for us to execute our business strategy. 

We may not have access to the capital markets on terms that are acceptable to us or may otherwise be limited in our 
financing options.

From time to time the Company may need or desire to access the long-term and short-term capital markets to 
obtain financing. The Company’s access to, and the availability of, financing on acceptable terms and conditions in 
the future will be impacted by many factors, including, but not limited to: (1) the Company’s financial performance; 
(2) the Company’s credit ratings or absence of a credit rating; (3) liquidity of the overall capital markets; and (4) the 
state of the economy. There can be no assurance that the Company will continue to have access to the capital markets 
on terms acceptable to it.

In addition, macroeconomic conditions, such as volatility or disruption in the credit markets, could adversely 

affect our ability to obtain financing to support operations or to fund acquisitions or other capital-intensive initiatives.

Our Class B Common Stock is principally held by descendants of Adolph S. Ochs, through a family trust, and this 
control could create conflicts of interest or inhibit potential changes of control.

We have two classes of stock: Class A Common Stock and Class B Common Stock. Holders of Class A Common 

Stock are entitled to elect 30% of the Board of Directors and to vote, with holders of Class B Common Stock, on the 
reservation of shares for equity grants, certain material acquisitions and the ratification of the selection of our 
auditors. Holders of Class B Common Stock are entitled to elect the remainder of the Board of Directors and to vote 
on all other matters. Our Class B Common Stock is principally held by descendants of Adolph S. Ochs, who 
purchased The Times in 1896. A family trust holds approximately 95% of the Class B Common Stock. As a result, the 
trust has the ability to elect 70% of the Board of Directors and to direct the outcome of any matter that does not 
require a vote of the Class A Common Stock. Under the terms of the trust agreement, the trustees are directed to 
retain the Class B Common Stock held in trust and to vote such stock against any merger, sale of assets or other 
transaction pursuant to which control of The Times passes from the trustees, unless they determine that the primary 
objective of the trust can be achieved better by the implementation of such transaction. Because this concentrated 
control could discourage others from initiating any potential merger, takeover or other change of control transaction 
that may otherwise be beneficial to our businesses, the market price of our Class A Common Stock could be adversely 
affected.

P. 20 – THE NEW YORK TIMES COMPANY

ITEM 1B. UNRESOLVED STAFF COMMENTS

None.

ITEM 2. PROPERTIES

Our principal executive offices are located at 620 Eighth Avenue, New York, New York, in our headquarters 

building, which was completed in 2007 and consists of approximately 1.54 million gross square feet (the “Company 
Headquarters”). We own a leasehold condominium interest representing approximately 828,000 gross square feet in 
the building. In December 2019, we repurchased the portion of the condominium interest that we had sold and 
simultaneously leased back in 2009 (the “Condo Interest”) for $245.3 million and, as a result, we now own our interest 
in the building unencumbered. As of December 27, 2020, we had leased approximately 12.5 floors to third parties.

In addition, we have a printing and distribution facility with 570,000 gross square feet located in College Point, 
N.Y., on a 31-acre site. In 2019, we exercised our option to purchase the property, which was previously owned by the 
City of New York, for approximately $6.9 million. 

ITEM 3. 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 4. MINE SAFETY DISCLOSURES

Not applicable.

THE NEW YORK TIMES COMPANY – P. 21

EXECUTIVE OFFICERS OF THE REGISTRANT

Name
A.G. Sulzberger

Age
40

Employed By
Registrant Since
2009

Meredith Kopit Levien

49

2013

R. Anthony Benten

Diane Brayton

57

52

1989

2004

Roland A. Caputo 

60

1986

Jacqueline Welch

51

2021

Recent Position(s) Held as of February 25, 2021

Chairman (since January 2021) and Publisher of The Times 
(since 2018); Deputy Publisher (2016 to 2017); Associate Editor 
(2015 to 2016); Assistant Editor (2012 to 2015)
President and Chief Executive Officer (since September 2020); 
Executive Vice President and Chief Operating Officer (2017 to 
September 2020); Executive Vice President and Chief Revenue 
Officer (2015 to 2017); Executive Vice President, Advertising 
(2013 to 2015); Chief Revenue Officer, Forbes Media LLC (2011 
to 2013)

Senior Vice President, Treasurer (since 2016) and Chief 
Accounting Officer (since 2019); Corporate Controller (2007 to 
2019); Senior Vice President, Finance (2008 to 2016)

Executive Vice President, General Counsel (since 2017) and 
Secretary (since 2011); Interim Executive Vice President, Talent 
& Inclusion (August 2020 to January 2021); Deputy General 
Counsel (2016); Assistant Secretary (2009 to 2011) and Assistant 
General Counsel (2009 to 2016)
Executive Vice President and Chief Financial Officer (since 
2018); Executive Vice President, Print Products and Services 
Group (2013 to 2018); Senior Vice President and Chief Financial 
Officer, The New York Times Media Group (2008 to 2013)
Executive Vice President and Chief Human Resources Officer 
(since January 2021); Senior Vice President, Chief Human 
Resources Officer and Chief Diversity Officer, Freddie Mac 
(2016 to 2020); independent consultant (2014 to 2016); Senior 
Vice President, Human Resources – International (2010 to 2013) 
and Senior Vice President, Talent Management and Diversity 
(2008 to 2010), Turner Broadcasting

P. 22 – THE NEW YORK TIMES COMPANY

PART II

ITEM 5. MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER 
MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

MARKET INFORMATION

The Class A Common Stock is listed on the New York Stock Exchange under the trading symbol “NYT.” 

The Class B Common Stock is unlisted and is not actively traded.

The number of security holders of record as of February 19, 2021, was as follows: Class A Common Stock: 4,968; 

Class B Common Stock: 25.

In February 2021, the Board of Directors approved a quarterly dividend of $0.07 per share. We currently expect 

to continue to pay comparable cash dividends in the future, although changes in our dividend program may be 
considered by our Board of Directors in light of our earnings, capital requirements, financial condition and other 
factors considered relevant. In addition, our Board of Directors will consider restrictions in any future indebtedness.

ISSUER PURCHASES OF EQUITY SECURITIES(1)

Period

Total number of
shares of Class A
Common Stock
purchased
(a)

Average
price paid
per share of
Class A
Common Stock
(b)

Maximum 
number (or
approximate
dollar value)
of shares of
Class A
Common
Stock that may
yet be
purchased
under the plans
or programs
(d)

Total number of
shares of Class A
Common Stock
purchased
as part of
publicly
announced plans
or programs
(c)

Total for the fourth quarter of 2020

— 

$ 

— 

— 

$ 

16,236,612 

(1) On January 13, 2015, the Board of Directors approved an authorization of $101.1 million to repurchase shares of the Company’s Class A 
Common Stock. As of December 27, 2020, repurchases under this authorization totaled $84.9 million (excluding commissions) and $16.2 
million remained. All purchases were made pursuant to our publicly announced share repurchase program. 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 NEW YORK TIMES COMPANY – P. 23

 
 
PERFORMANCE PRESENTATION 

The following graph shows the annual cumulative total stockholder return for the five fiscal years ended 
December 27, 2020, on an assumed investment of $100 on December 27, 2015, in the Company, the Standard & Poor’s 
S&P 400 MidCap Stock Index and the Standard & Poor’s S&P 1500 Publishing and Printing Index. Stockholder return 
is measured by dividing (a) the sum of (i) the cumulative amount of dividends declared for the measurement period, 
assuming reinvestment of dividends, and (ii) the difference between the issuer’s share price at the end and the 
beginning of the measurement period, by (b) the share price at the beginning of the measurement period. As a result, 
stockholder return includes both dividends and stock appreciation.

Stock Performance Comparison Between the S&P 400 Midcap Index, S&P 1500 Publishing & Printing Index      

and The New York Times Company’s Class A Common Stock

P. 24 – THE NEW YORK TIMES COMPANY

ITEM 6. SELECTED FINANCIAL DATA

The Selected Financial Data should be read in conjunction with “Item 7 — Management’s Discussion and 
Analysis of Financial Condition and Results of Operations” and the Consolidated Financial Statements and the 
related Notes in Item 8. The results of operations for the New England Media Group, which was sold in 2013, have 
been presented as discontinued operations for all periods presented. The pages following the table show certain items 
included in Selected Financial Data. Fiscal year 2017 comprised 53 weeks and all other fiscal years presented in the 
table below comprised 52 weeks.

(In thousands)

Statement of Operations Data

Revenues

Operating costs 

As of and for the Years Ended

December 27,
2020

December 29,
2019

December 30,
2018

December 31,
2017

December 25,
2016

(52 Weeks)

(52 Weeks)

(52 Weeks)

(53 Weeks)

(52 Weeks)

$ 

1,783,639 

$ 

1,812,184 

$ 

1,748,598 

$ 

1,675,639 

$ 

1,555,342 

1,607,383 

1,634,639 

1,558,778 

1,493,278 

1,419,416 

Headquarters redesign and consolidation

Restructuring charge

(Gain)/loss from pension liability adjustment 

— 

— 

— 

— 

4,504 

10,090 

4,008 

(2,045) 

— 

(4,851) 

— 

(4,320) 

— 

16,518 

6,730 

Operating profit 

176,256 

175,582 

190,167 

176,591 

112,678 

Other components of net periodic benefit costs 

Gain/(loss) from joint ventures

Interest income/(expense) and other, net

Income from continuing operations before income 
taxes

89,154 

5,000 

23,330 

7,302 

— 

8,274 

10,764 

64,225 

18,641 

11,074 

(36,273) 

(3,820) 

(16,566) 

(19,783) 

(34,805) 

115,432 

164,460 

176,091 

111,224 

30,526 

26,105 

Income from continuing operations

100,837 

139,966 

127,460 

7,268 

Loss from discontinued operations, net of income 
taxes

Net income attributable to The New York Times 
Company common stockholders

Balance Sheet Data

— 

— 

— 

(431) 

(2,273) 

100,103 

139,966 

125,684 

4,296 

29,068 

Cash, cash equivalents and marketable securities

$ 

881,990 

$ 

683,912 

$ 

826,363 

$ 

732,911 

$ 

737,526 

Property, plant and equipment, net

594,516 

627,121 

638,846 

640,939 

596,743 

Total assets

2,307,689 

2,089,138 

2,197,123 

2,099,780 

2,185,395 

Total debt and capital lease obligations

— 

— 

253,630 

250,209 

246,978 

Total New York Times Company stockholders’ 
equity

1,325,517 

1,172,003 

1,040,781 

897,279 

847,815 

THE NEW YORK TIMES COMPANY – P. 25

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands, except ratios, per share
and employee data)

December 27,
2020

December 29,
2019

December 30,
2018

December 31,
2017

December 25,
2016

(52 Weeks)

(52 Weeks)

(52 Weeks)

(53 Weeks)

(52 Weeks)

As of and for the Years Ended

Per Share of Common Stock

Basic earnings/(loss) per share attributable to The New York Times Company common stockholders:

Income from continuing operations

$ 

0.60 

$ 

0.84 

$ 

0.76 

$ 

0.03 

$ 

0.19 

Loss from discontinued operations, net of income 
taxes

— 

— 

— 

— 

(0.01) 

Net income

$ 

0.60 

$ 

0.84 

$ 

0.76 

$ 

0.03 

$ 

0.18 

Diluted earnings/(loss) per share attributable to The New York Times Company common stockholders: 

Income from continuing operations

$ 

0.60 

$ 

0.83 

$ 

0.75 

$ 

0.03 

$ 

0.19 

Loss from discontinued operations, net of income 
taxes

Net income

Dividends declared per share

New York Times Company stockholders’ equity per 
diluted common share

— 

0.60 

0.24 

7.89 

$ 

$ 

$ 

— 

0.83 

0.20 

7.00 

$ 

$ 

$ 

— 

0.75 

0.16 

6.23 

$ 

$ 

$ 

— 

0.03 

0.16 

5.46 

$ 

$ 

$ 

(0.01) 

0.18 

0.16 

5.21 

$ 

$ 

$ 

Average basic common shares outstanding

166,973 

166,042 

164,845 

161,926 

161,128 

Average diluted common shares outstanding

168,038 

167,545 

166,939 

164,263 

162,817 

Key Ratios

Operating profit to revenues

Return on average common stockholders’ equity

Return on average total assets

Total debt and capital lease obligations to total 
capitalization

Current assets to current liabilities

Full-Time Equivalent Employees

 9.9 %

 8.0 %

 4.6 %

 — %

1.72 

4,700 

 9.7% 

 12.7 %

 6.5 %

 —% 

1.64 

4,500 

 10.9% 

 13.0 %

 5.8 %

 19.6% 

1.33 

4,320 

 10.5 %

 0.5 %

 0.2 %

 7.2 %

 3.5 %

 1.3 %

 21.8% 

 22.6% 

1.80 

3,789 

2.00 

3,710 

The items below are included in the Selected Financial Data. As a result of the adoption of ASU 2017-07 during 

the first quarter of 2018, the Company has recast the respective prior periods to conform with the current period 
presentation.

2020

The items below had a net unfavorable effect on our Income from continuing operations of $63.0 million, or 

$0.38 per share:

• $80.6 million in pension settlement charges ($58.9 million after tax, or $0.35 per share) in connection with the 

transfer of certain pension benefit obligations to an insurer;

• $14.1 million of pre-tax expenses ($10.3 million after tax, or $0.06 per share) for non-operating retirement 

costs;

• a $10.1 million gain ($7.4 million after tax or $0.04 per share) 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 
an $7.6 million unrealized gain due to the mark to market of the remaining investment, and is included in 
Interest income/(expense) and other, net in our Consolidated Statements of Operations;

• a $6.7 million pre-tax charge ($4.9 million after tax, or $0.03 per share) for severance costs; and

P. 26 – THE NEW YORK TIMES COMPANY

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
• a $5.0 million pre-tax gain ($3.7 million or $0.02 per share after tax) reflecting our proportionate share of a 
distribution from the pending liquidation of Madison Paper Industries (“Madison”), a partnership that 
previously operated a paper mill, in which the Company has an investment through a subsidiary. See Note 6 
of the Notes to the Consolidated Financial Statements for more information on this item.

2019

The items below had a net unfavorable effect on our Income from continuing operations of $14.5 million, or 

$0.09 per share:

• $13.5 million of pre-tax expenses ($10.0 million after tax, or $0.06 per share) for non-operating retirement 

costs;

• a $4.0 million pre-tax charge ($3.0 million after tax or $0.02 per share) related to restructuring charges, 
including impairment and severance charges related to the closure of our digital marketing agency, 
HelloSociety, LLC;

• a $4.0 million pre-tax charge ($3.0 million after tax, or $0.02 per share) for severance costs; and

• a $2.0 million pre-tax gain ($1.5 million after tax, or $0.01 per share) from a multiemployer pension plan 

liability adjustment. See Note 9 of the Notes to the Consolidated Financial Statements for more information 
on this item.

2018

The items below had a net unfavorable effect on our Income from continuing operations of $7.3 million, or $0.05 

per share:

• $15.3 million of pre-tax expenses ($11.2 million after tax, or $0.07 per share) for non-operating retirement 

costs;

• an $11.3 million pre-tax gain ($8.5 million after tax or $0.05 per share) reflecting our proportionate share of a 

distribution from the pending liquidation of Madison, in which the Company has an investment through a 
subsidiary. See Note 6 of the Notes to the Consolidated Financial Statements for more information on this 
item;

• a $6.7 million pre-tax charge ($4.9 million after tax, or $0.03 per share) for severance costs; 

• a $4.9 million pre-tax gain ($3.6 million after tax or $0.02 per share) from a multiemployer pension plan 

liability adjustment. See Note 9 of the Notes to the Consolidated Financial Statements for more information 
on this item; and

• a $4.5 million pre-tax charge ($3.3 million after tax or $0.02 per share) in connection with the redesign and 

consolidation of space in our Company Headquarters. See Note 7 of the Notes to the Consolidated Financial 
Statements for more information on this item.

2017 (53-week fiscal year)

The items below had a net unfavorable effect on our Income from continuing operations of $119.9 million, or 

$0.73 per share:

• $102.1 million of pre-tax pension settlement charges ($61.5 million after tax, or $0.37 per share) in connection 
with the transfer of certain pension benefit obligations to insurers (in connection with the adoption of ASU 
2017-07 this amount was reclassified to “Other components of net periodic benefit costs” below “Operating 
profit”);

• a $68.7 million charge ($0.42 per share) primarily attributable to the remeasurement of our net deferred tax 

assets required as a result of tax legislation;

• a $37.1 million pre-tax gain ($22.3 million after tax, or $0.14 per share) primarily in connection with the 

settlement of contractual funding obligations for a postretirement plan (in connection with the adoption of 
ASU 2017-07, $32.7 million relating to the postretirement plan was reclassified to “Other components of net 
periodic benefit costs” below “Operating profit” while the contractual gain of $4.3 million remains in 
“Multiemployer pension and other contractual gains” within “Operating profit”);

THE NEW YORK TIMES COMPANY – P. 27

• a $23.9 million pre-tax charge ($14.4 million after tax, or $0.09 per share) for severance costs;

• a $15.3 million net pre-tax gain ($9.4 million after tax, or $0.06 per share) from joint ventures consisting of (i) a 
$30.1 million gain related to the sale of assets of Madison, (ii) an $8.4 million loss reflecting our proportionate 
share of Madison’s settlement of pension obligations, and (iii) a $6.4 million loss from the sale of our 49% 
equity interest in Donahue Malbaie Inc. (“Malbaie”), a Canadian newsprint company;

• a $10.1 million pre-tax charge ($6.1 million after tax, or $0.04 per share) in connection with the redesign and 

consolidation of space in our Company Headquarters; and

• $1.5 million of pre-tax expenses ($0.9 million after tax, or $0.01 per share) for non-operating retirement costs;

2016

The items below had a net unfavorable effect on our Income from continuing operations of $60.2 million, or 

$0.37 per share:

• a $37.5 million pre-tax loss ($22.8 million after tax, or $0.14 per share) from joint ventures related to the 

announced closure of the paper mill operated by Madison;

• a $21.3 million pre-tax pension settlement charge ($12.8 million after tax, or $0.08 per share) in connection 

with lump-sum payments made under an immediate pension benefits offer to certain former employees (in 
connection with the adoption of ASU 2017-07 this amount was reclassified to “Other components of net 
periodic benefit costs” below “Operating profit”);

• an $18.8 million pre-tax charge ($11.3 million after tax, or $0.07 per share) for severance costs;

• a $16.5 million pre-tax charge ($9.8 million after tax, or $0.06 per share) in connection with the streamlining of 
the Company’s international print operations (primarily consisting of severance costs) (in connection with the 
adoption of ASU 2017-07, $1.7 million related to a gain from the pension curtailment previously included 
with this special item was reclassified to “Other components of net periodic benefit costs” below “Operating 
profit”);

• a $6.7 million pre-tax charge ($4.0 million after tax or $0.02 per share) for a partial withdrawal obligation 

under a multiemployer pension plan following an unfavorable arbitration decision; 

• a $5.5 million of pre-tax expenses ($3.3 million after tax, or $0.02 per share) for non-operating retirement costs; 

and

• a $3.8 million income tax benefit ($0.02 per share) primarily due to a reduction in the Company’s reserve for 

uncertain tax positions.

The following table reconciles other components of net periodic benefit costs to the comparable non-GAAP 

metric, non-operating retirement costs:

(In thousands)

Years Ended

December 27,
2020

December 29,
2019

December 30,
2018

December 31,
2017

December 25,
2016

(52 Weeks)

(52 Weeks)

(52 Weeks)

(53 Weeks)

(52 Weeks)

Other components of net periodic benefit costs:

Add: Multiemployer pension plan withdrawal costs

Less: Special Items

Pension settlement expense

Postretirement benefit plan settlement gain

Pension curtailment gain

89,154 

5,550 

80,641 

— 

— 

7,302 

6,183 

— 

— 

— 

Non-operating retirement costs

14,063 

13,485 

15,276 

P. 28 – THE NEW YORK TIMES COMPANY

8,274 

7,002 

64,225 

6,599 

— 

— 

— 

102,109 

(32,737) 

— 

1,452 

11,074 

14,001 

21,294 

— 

(1,683) 

5,464 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND 
RESULTS OF OPERATIONS

The following discussion and analysis provides information that management believes is relevant to an 
assessment and understanding of our consolidated financial condition as of December 27, 2020, and results of 
operations for the three years ended December 27, 2020. Please read this item together with our Consolidated 
Financial Statements and the related Notes included in this Annual Report. Due to the change in expense captions in 
2020 and resulting expense reclassification in prior periods, as discussed below, we included discussions of 2018 
results that were impacted by the reclassification. Otherwise, we have omitted discussion of 2018 results where it 
would be redundant to the discussion previously included in Part II, Item 7, of our 2019 Annual Report on Form 10-K, 
filed with the SEC on February 27, 2020.

Significant components of the management’s discussion and analysis of results of operations and financial 

condition section include:

Executive Overview: The executive overview section provides a summary of The New York Times 

Company and our business.

Results of Operations: The results of operations section provides an analysis of our results on a 

consolidated basis for the three years ended December 27, 2020. 

Non-Operating Items: The non-operating items section provides an analysis of our non-GAAP financial 

Liquidity and Capital 
Resources:

measures to the most directly comparable GAAP measures for the two years ended 
December 27, 2020. 

The liquidity and capital resources section provides a discussion of our cash flows 
for the two years ended December 27, 2020, and restricted cash, capital 
expenditures, and outstanding debt, commitments and contingencies existing as of 
December 27, 2020.

PAGE
29

34

43

47

Critical Accounting Policies: The critical accounting policies and estimates section provides detail with respect to 

50

accounting policies that are considered by management to require significant 
judgment and use of estimates and that could have a significant impact on our 
financial statements.

Pensions and Other 
Postretirement Benefits:

The pensions and other postretirement benefits section provides a discussion of our 
benefit plans.

52

EXECUTIVE OVERVIEW

We are a global media organization that includes our 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. Other revenues primarily consist of 
revenues from licensing, Wirecutter affiliate referrals, the leasing of floors in the Company headquarters, commercial 
printing, television and film, retail commerce 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 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 “— Results of Operations — Non-
GAAP Financial Measures.”

THE NEW YORK TIMES COMPANY – P. 29

The Company changed the expense captions on its Consolidated Statement of Operations effective for the 
quarter ended March 29, 2020. These changes were made in order to reflect how the Company manages its business 
and to communicate where the Company is investing resources and how this aligns with the Company’s strategy. 
The Company reclassified expenses for the prior periods in order to present comparable financial results. There was 
no change to consolidated operating income, total operating costs, net income or cash flows as a result of this change 
in classification. See Note 19 of the Notes to the Consolidated Financial Statements for more detail.

We believe that a number of factors and industry trends have, and will continue to, present risks and challenges 

to our business. For a detailed discussion of certain factors that could affect our business, results of operations and 
financial condition, see “Item 1A — Risk Factors.” 

2020 Financial Highlights

In 2020, diluted earnings per share from continuing operations were $0.60, compared with $0.83 for 2019. 
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 $0.97 for 2020, 
compared with $0.92 for 2019. 

Operating profit in 2020 was $176.3 million, compared with $175.6 million for 2019, as the decrease in operating 

costs was largely offset by lower revenues. Operating profit before depreciation, amortization, severance, 
multiemployer pension plan withdrawal costs and special items discussed below (or “adjusted operating profit,” a 
non-GAAP measure) was $250.6 million and $248.4 million for 2020 and 2019, respectively.

Total revenues decreased 1.6% to $1.78 billion in 2020 from $1.81 billion in 2019, primarily driven by a decrease 

in advertising revenue and other revenue, partially offset by an increase in digital-only subscription revenues.

Subscription revenues increased 10.3% to $1.20 billion in 2020. Advertising revenues decreased 26.1% to $392.4 

million in 2020 largely due to lower print advertising revenue, driven by reduced spending by advertisers in 
connection with the effects of the Covid-19 pandemic, which further accelerated secular trends. Other revenues 
decreased 0.9% to $195.9 million  in 2020. 

Operating costs decreased in 2020 to $1.61 billion from $1.63 billion in 2019, due to a decrease in sales and 

marketing costs and cost of revenue costs, partially offset by an increase in product development costs and general 
and administrative costs. Operating costs before depreciation, amortization, severance and multiemployer pension 
plan withdrawal costs (or “adjusted operating costs,” a non-GAAP measure) decreased in 2020 to $1.53 billion from 
$1.56 billion in 2019. 

Impact of Covid-19 Pandemic

The global Covid-19 pandemic, and efforts to contain it, have continued to cause significant economic 
disruption, market volatility and uncertainty. These conditions have affected our business and could continue to do 
so for the foreseeable future.

Unlike many media companies, which are primarily dependent on advertising, we derive substantial revenue 
from subscriptions (approximately 67% of total revenues in 2020). We experienced significant growth in the number 
of subscriptions to our digital news and other products in 2020, which we believe was attributable in part to an 
increase in traffic given the news environment, and we do not expect the 2020 growth rate to be sustainable or 
indicative of results for future periods. While subscriptions grew, revenues from the single-copy and bulk sales of our 
print newspaper (which collectively represented approximately 6% of our total subscription revenues in 2020) were, 
and we expect will continue to be, adversely affected as a result of widespread business closures, continued increased 
levels of remote working and reductions in travel.

The worldwide economic conditions caused by the pandemic also led to a significant decline in our advertising 

revenues in 2020, and we expect that our advertising revenues will likely continue to be adversely affected if and 
while these conditions persist. 

However, our strong balance sheet has enabled us to continue to operate without the liquidity issues 

experienced by many other companies. As of December 27, 2020, we had cash, cash equivalents and short- and long-
term marketable securities of $882.0 million, and we were debt-free. 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 

P. 30 – THE NEW YORK TIMES COMPANY

twelve months, enabling us to continue hiring in our newsroom, and in product and technology, and continue to 
invest in important growth areas.

 We have incurred and expect to continue to incur costs in connection with the pandemic, including costs 
relating to our workforce, such as enhanced employee benefits. These costs included a bonus in September 2020 to all 
employees other than senior-most leaders to recognize their outstanding efforts and support them with any 
additional financial needs stemming from the pandemic. Our costs in connection with the pandemic have not been 
significant to date, but we may incur significant additional costs as circumstances evolve, including costs in 
connection with potential operational changes. 

At this time, the full impact that the Covid-19 pandemic, and the associated economic conditions, will have on 

our business is uncertain. While we remain confident in our prospects over the longer term, the extent to which the 
pandemic impacts us will depend on numerous evolving factors and future developments, including the scope and 
duration of the pandemic (including the extent of any resurgence thereof and the availability of effective treatments 
or vaccines); the impact of the pandemic on economic conditions and the companies with which we do business; 
governmental, business and other actions; travel restrictions; and social distancing measures, 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” for more information.

Our Strategy 

This past year accelerated many of the transformations under way in our industry, highlighting both challenges 

and opportunities for the Company. We believe that the following priorities will be key to our strategic efforts.

Producing the best journalism

We believe that The Times’s original and high-quality reporting, storytelling and journalistic excellence across 

topics and formats set us apart from other news organizations and is at the heart of what makes our journalism worth 
paying for.

Throughout a tumultuous year, the journalism produced by our global newsroom helped readers understand 

the world on wide-ranging topics, including the Covid-19 pandemic and its many reverberations, a national 
reckoning over race and social justice, and the U.S. presidential election and its aftermath. Our ground-breaking 
coverage continues to be recognized, including in the number of Pulitzer prizes The Times has received — more than 
any other news organization. 

We made significant investments in our newsroom, including in our capabilities in live, visual and data 

journalism, and in audio, including in our highly popular news podcast, The Daily, which was downloaded 2.5 
billion times in 2020. We acquired Serial Productions, the company that produces the groundbreaking “Serial” 
podcast, and Audm, which transforms long-form journalism articles into audio.

In 2021, we expect to make significant further investments in our journalism and remain committed to 

providing trustworthy, interesting and relevant content that sets The Times apart.

Growing engagement with our products

We saw extraordinary growth in our audience this past year, driven by an unprecedented news environment 

and our improved ability to draw and engage readers. We have focused on, and will continue focusing on, 
maintaining our audience reach, creating habitual engagement with more users and demonstrating why independent, 
high-quality journalism is worth paying for.

We further enhanced our core digital news product to optimize user experience and deepen engagement, 

including by improving our users’ experience in up-to-the-minute coverage, expanding our use of visual and data 
journalism, creating new story formats, enhancing email newsletters like The Morning, and personalizing aspects of 
our customer experience, all of which are beginning to drive increased engagement. 

This year was also the first full year of our new access model, which generally offers users who have registered 

free access to a limited number of articles before requiring users to subscribe for access to additional content. We 
believe these changes have strengthened our direct relationships with readers and supported our digital subscription 
growth efforts.

THE NEW YORK TIMES COMPANY – P. 31

In addition, we continued to raise our ambitions for our other digital products and services. We expect to invest 

more in content, product development and marketing for Games and Cooking, to explore new opportunities for 
Wirecutter as a subscription product, to experiment in audio and to test the concept of an app for children. We see all 
of these products as a way for The Times to mean even more in people’s lives, and also to make a relationship with 
our brand more valuable. 

Effectively monetizing our products

We added 2.3 million net digital subscriptions in 2020, by far the most annual net subscription additions in our 

history. We believe that this significant growth demonstrates the continued success of our “subscription-first” 
strategy. As of December 27, 2020, we had approximately 7.5 million total subscriptions to our products.

In addition to our strong subscription growth, in 2020, we introduced our first-ever digital price increase on 

tenured subscribers, from which we saw strong results, and we continued to focus on retaining as many subscribers 
as possible as they transition to higher prices. We will continue to look for opportunities to deepen our economic 
relationships with subscribers, including introducing subscribers to more of the products currently in our portfolio.

We will also continue to invest in brand marketing initiatives to reinforce the importance of deeply reported 

independent journalism and the value of The Times brand. 

In addition to digital subscription revenue, high-margin digital advertising revenue remains an important part 

of our business. We believe our journalism attracts valuable audiences, and that we provide a safe and trusted 
platform for advertisers’ brands. By developing innovative and compelling advertising offerings that integrate well 
with the user experience, we believe we can provide significant value to advertisers. During a challenging year, we 
continued to adapt our advertising business by focusing on our first-party data products, which allow the Company 
to leverage its large and coveted audiences in privacy-forward ways, and by focusing on our growing audio 
advertising business. We expect each will continue to play critical roles in our digital advertising business. 

Looking ahead, we will continue exploring additional opportunities to grow and engage our audience, further 
innovate our products and invest in brand marketing initiatives, while remaining committed to creating high-quality 
journalism that sets The Times apart. At the same time, we will continue to apply disciplined cost-management to 
fund continued investment in our business and support long-term profitable growth. This includes maximizing the 
efficiency and profitability of our print products and services, which remain a significant part of our business. 

Making technology and data a bigger propellant of our growth 

Achieving our ambition will require products and technology that match the quality of our journalism. In 

addition to having our consumer-facing products enable our journalism to be even more accessible, engaging and 
impactful, this also includes improving the underlying systems that allow users to seamlessly move among various 
devices and products. In recent years, we have realigned our organizational structure to improve the speed and 
effectiveness of our product development process and optimize our data and technology platforms. Looking ahead, 
we believe this will enable us to build platforms that power our multi-product portfolio and products that engage 
users. We are focused on building strength in specialized engineering disciplines and continuing to improve the 
quality and security of our data and systems. As we invest in our array of products and our digital business grows in 
size, scope and complexity, we will continue to invest in maintaining, integrating, improving and scaling our 
technical infrastructure.

Fostering a culture that enables our mission and people to thrive 

We believe our ability to attract, develop and maximize the contributions of world-class talent, and to create the 

conditions for our people to do their best work, is vital to the continued success of our mission and business and 
central to our long-term strategy. As we continue to transform the Company and foster a culture that enables our 
mission and people to thrive, we are focused on building a diverse, equitable and inclusive workplace and workforce 
that help to make our news report deeper and richer, and better able to address the needs and experiences of our 
growing, global audience; incentivizing, developing and promoting our talent; and supporting the health, safety and 
well-being of our employees.

P. 32 – THE NEW YORK TIMES COMPANY

Effectively managing our liquidity and our non-operating costs

We have continued to strengthen our liquidity position and further de-leverage and de-risk our balance sheet. 
As of December 27, 2020, the Company had cash, cash equivalents and marketable securities of approximately $882 
million and was debt-free.

In addition, we remain focused on managing our pension plan obligations. We have taken steps over the last 

several years to reduce the size and volatility of our pension obligations, including freezing accruals under all but one 
of our qualified defined benefit pension plans, making immediate pension benefits offers in the form of lump-sum 
payments to certain former employees and transferring certain future benefit obligations and administrative costs to 
insurers. During 2020, we entered into an agreement to transfer certain future benefit obligations and administrative 
costs to an insurer, which allowed us to reduce our overall qualified pension plan obligations by approximately $236 
million. See Note 9 of the Notes to the Consolidated Financial Statements for additional information on these actions.   

As of December 27, 2020, our qualified pension plans had plan assets that were $36 million above the present 

value of future benefits obligations, compared with an underfunded status of approximately $12 million (meaning the 
present value of future benefits obligations exceeded the fair value of plan assets) as of December 29, 2019. We made 
contributions of approximately $10 million to certain qualified pension plans in each of 2020 and 2019. We expect to 
make contributions in 2021 to satisfy minimum funding requirements of approximately $10 million. We will continue 
to look for ways to reduce the size and volatility of our pension obligations.

While we have made significant progress in our liability-driven investment strategy to reduce the funding 
volatility of our qualified pension plans, the size of our pension plan obligations relative to the size of our current 
operations will continue to have an impact on our reported financial results. We expect to continue to experience 
volatility in our retirement-related costs, particularly due to the impact of changing discount rates and mortality 
assumptions on our unfunded, non-qualified pension plans and retiree medical costs, and due to the poor funded 
status of several of the multiemployer plans in which we participate.

THE NEW YORK TIMES COMPANY – P. 33

RESULTS OF OPERATIONS

Overview

Fiscal years 2020, 2019 and 2018 each comprised 52 weeks. The following table presents our consolidated 

financial results:

(In thousands)

Revenues

Subscription

Advertising

Other

Total revenues

Operating costs

Cost of revenue (excluding depreciation and 
amortization)

Sales and marketing

Product development

General and administrative

Depreciation and amortization

Total operating costs 

Headquarters redesign and consolidation

Restructuring charge

Gain from pension liability adjustment

Operating profit 

Other components of net periodic benefit costs 

Gain from joint ventures

Interest income/(expense) and other, net

Income from continuing operations before income 
taxes

Income tax expense

Net income

Net income attributable to the noncontrolling 
interest

Net income attributable to The New York Times 
Company common stockholders

$ 

Years Ended

% Change

December 27,
2020

December 29,
2019

December 30,
2018

2020 vs. 
2019

2019 vs. 
2018

$ 

1,195,368 

$ 

1,083,851 

$ 

1,042,571 

392,420 

195,851 

1,783,639 

960,222 

229,040 

132,428 

223,557 

62,136 

530,678 

197,655 

558,253 

147,774 

1,812,184 

1,748,598 

989,029 

272,657 

105,514 

206,778 

60,661 

947,884 

271,164 

84,098 

196,621 

59,011 

1,607,383 

1,634,639 

1,558,778 

— 

— 

— 

176,256 

89,154 

5,000 

23,330 

115,432 

14,595 

100,837 

— 

4,008 

(2,045) 

175,582 

7,302 

— 

(3,820) 

164,460 

24,494 

139,966 

4,504 

— 

(4,851) 

190,167 

8,274 

10,764 

(16,566) 

176,091 

48,631 

127,460 

 10.3 

 (26.1) 

 (0.9) 

 (1.6) 

 (2.9) 

 (16.0) 

 25.5 

 8.1 

 2.4 

 (1.7) 

— 

*

*

 0.4 

*

*

*

 (29.8) 

 (40.4) 

 (28.0) 

 4.0 

 (4.9) 

 33.8 

 3.6 

 4.3 

 0.6 

 25.5 

 5.2 

 2.8 

 4.9 

*

*

 (57.8) 

 (7.7) 

 (11.7) 

*

 (76.9) 

 (6.6) 

 (49.6) 

 9.8 

(734) 

— 

(1,776) 

*

*

100,103 

$ 

139,966 

$ 

125,684 

 (28.5) 

 11.4 

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

P. 34 – THE NEW YORK TIMES COMPANY

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues

Subscription, advertising and other revenues were as follows:

(In thousands)

Subscription

Advertising

Other

Total

Subscription Revenues

Years Ended

% Change

December 27,
2020

December 29,
2019

December 30,
2018

2020 vs. 
2019

2019 vs. 
2018

$ 

1,195,368 

$ 

1,083,851 

$ 

1,042,571 

392,420 

195,851 

530,678 

558,253 

197,655 

147,774 

$ 

1,783,639 

$ 

1,812,184 

$ 

1,748,598 

 10.3 

 (26.1) 

 (0.9) 

 (1.6) 

 4.0 

 (4.9) 

 33.8 

 3.6 

Subscription revenues consist of revenues from subscriptions to our digital and print products (which include 

our news product, as well as our Games (previously Crossword), Cooking and Audm products), and single-copy and 
bulk sales of our print products (which represent less than 10% 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.

The following table summarizes digital and print subscription revenues for the years ended December 27, 2020, 

December 29, 2019, and December 30, 2018:

(In thousands)

Digital-only subscription revenues:

Years Ended

% Change

December 27, 
2020

December 29, 
2019

December 30, 
2018

2020 vs. 
2019

2019 vs. 
2018

News product subscription revenues(1)

$ 

543,578 

$ 

426,125 

$ 

378,484 

Other product subscription revenues(2)

Subtotal digital-only subscriptions

Print subscription revenues

Domestic home delivery subscription revenues(3)
Single-copy, NYT International and other 
subscription revenues(4)

Subtotal print subscription revenues

54,702 

598,280 

528,970 

68,118 

597,088 

34,327 

22,136 

460,452 

400,620 

524,543 

532,748 

 0.8 

98,856 

623,399 

109,203 

641,951 

 27.6 

 59.4 

 29.9 

 (31.1) 

 (4.2) 

 10.3 

 12.6 

 55.1 

 14.9 

 (1.5) 

 (9.5) 

 (2.9) 

 4.0 

Total subscription revenues

$ 

1,195,368 

$ 

1,083,851 

$ 

1,042,571 

(1)   Includes revenues from subscriptions to the Company’s news product. News product subscription packages that include access to the 

Company’s Games, Cooking and Audm 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 or all of the Company’s digital products
(4) NYT International is the international edition of our print newspaper.

THE NEW YORK TIMES COMPANY – P. 35

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The following table summarizes digital and print subscriptions as of December 27, 2020, December 29, 2019,  

and December 30, 2018:

(In thousands)

Digital-only subscriptions:

    News product subscriptions(1)

   Other product subscriptions(2)

Subtotal digital-only subscriptions

Print subscriptions

Total subscriptions

As of

% Change

December 27, 
2020

December 29, 
2019

December 30, 
2018

2020 vs. 
2019

2019 vs. 
2018

5,090 

1,600 

6,690 

833 

7,523 

3,429 

966 

4,395 

856 

5,251 

2,713 

647 

3,360 

924 

4,284 

 48.4 

 65.6 

 52.2 

 (2.7) 

 43.3 

 26.4 

 49.3 

 30.8 

 (7.4) 

 22.6 

(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. During the first quarter of 2020, the Company 

acquired Audm, a read-aloud audio service. Approximately 20,000 of Audm’s subscriptions were included in the Company’s digital-only other 
product subscriptions at the time of acquisition.

We believe that the significant growth over the last several years in subscriptions to The Times’s 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 acceleration 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.  

P. 36 – THE NEW YORK TIMES COMPANY

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Amounts may not add due to rounding.
(2) Print domestic home delivery subscriptions include free access to some or all 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.

THE NEW YORK TIMES COMPANY – P. 37

As of the Period EndSubscriptions (1)(millions)1.51.51.71.71.91.92.12.12.32.32.82.83.63.64.24.25.35.37.57.51.11.11.11.11.01.01.0.9.9.8.4.6.8.91.11.62.22.73.45.1.1.2.2.4.61.01.6Print-based bundles (2)Digital-only NewsDigital-only Other2011201220132014201520162017201820192020PeriodSubscription Revenues (1)($ millions)7067067957958248248408408528528798791,0081,0081,0421,0421,0841,0841,1951,19548651352152752652655253352552917316815214112712111610999684711415116919322332637842654436914223454Print-based bundles (2)Print Other (3)Digital-only NewsDigital-only Other2011201220132014201520162017201820192020 
2020 Compared with 2019

Subscription revenues increased 10.3% in 2020 compared with 2019. The increase was primarily due to an 
increase in digital subscription revenue driven by year-over-year growth of 52.2% in the number of subscriptions to 
the Company’s digital-only products, as well as the continued focus on our digital pricing strategy, which included 
price increases in 2020 for our most tenured subscribers and retention of promotional subscriptions that have 
graduated to higher prices. The increase was partially offset by a decrease in print subscription revenue attributable 
to lower single-copy and bulk sales, primarily as a result of the Covid-19 pandemic, as well as fewer home delivery 
subscriptions, partially offset by an increase in home delivery prices. 

Paid digital-only subscriptions totaled approximately 6,690,000 at the end of 2020, a net increase of 2,295,000 

subscriptions compared with the end of 2019. The significant rate of year-over-year growth in our digital 
subscriptions is attributable in part, we believe, to an increase in traffic given the news environment, as well as a 
change made to the digital access model during 2019, which requires users to register and log in to access most of our 
content. We do not expect the 2020 growth rate to be sustainable or indicative of results for future periods.

Digital-only news product subscriptions totaled approximately 5,090,000 at the end of 2020, a net increase of 

1,661,000 subscriptions compared with the end of 2019. Other product subscriptions (which include our Games, 
Cooking and Audm products) totaled approximately 1,600,000 at the end of 2020, a net increase of 634,000 
subscriptions compared with the end of 2019.

Print domestic home delivery subscriptions totaled approximately 833,000 at the end of 2020, a net decrease of 

23,000 subscriptions compared with the end of 2019. The year-over-year decrease is a result of secular declines.

2019 Compared with 2018

Subscription revenues increased 4.0% in 2019 compared with 2018. The increase was primarily due to year-

over-year growth of 30.8% in the number of subscriptions to the Company’s digital-only products. The increase was 
partially offset by a decrease in print subscription revenue attributable to a decline in home delivery subscriptions, as 
well as lower single-copy and bulk sales, partially offset by an increase in home delivery prices. 

Paid digital-only subscriptions totaled approximately 4,395,000 at the end of 2019, a net increase of 1,035,000 

subscriptions compared with the end of 2018. The growth in our digital subscriptions is attributable in part to an 
increase in traffic given the news environment, as well as a change made to the digital access model during 2019, 
which requires users to register and log in to access most of our content.

Digital-only news product subscriptions totaled approximately 3,429,000 at the end of 2019, a net increase of  

716,000 subscriptions compared with the end of 2018. Other product subscriptions (which, in 2019, included our 
Games and Cooking products) totaled approximately 966,000 at the end of 2019, a net increase of 319,000 
subscriptions compared with the end of 2018. 

Print domestic home delivery subscriptions totaled approximately 856,000 at the end of 2019, a net decrease of 

68,000 subscriptions compared with the end of 2018. The year-over-year decrease is a result of secular declines.

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 revenues are 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 

P. 38 – THE NEW YORK TIMES COMPANY

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 years ended December 27, 2020, 

December 29, 2019, and December 30, 2018:

(In thousands)

Advertising revenues

Digital

Print

Total advertising

2020 Compared with 2019

Years Ended

% Change

December 27, 
2020

December 29, 
2019

December 30, 
2018

2020 vs. 2019

2019 vs. 2018

$ 

$ 

228,594  $ 

260,454  $ 

258,873 

163,826 

270,224 

299,380 

392,420  $ 

530,678  $ 

558,253 

 (12.2) %

 (39.4) %

 (26.1) %

 0.6 %

 (9.7) %

 (4.9) %

Digital advertising revenues, which represented 58.3% of total advertising revenues in 2020, declined $31.9 

million or 12.2% to $228.6 million, compared with $260.5 million in 2019, primarily driven by a decrease in creative 
service fees and direct-sold display advertising revenue. Core digital advertising revenue decreased $5.8 million, 
primarily due to a 12% decline in direct-sold display advertising revenue partially offset by a 26% increase in podcast 
advertising revenues. Direct-sold display impressions declined 15%, while the average rate grew 3%. Other digital 
advertising declined $26.1 million as a result of lower creative services revenue resulting from the closure of our 
HelloSociety and Fake Love digital marketing agencies and reduced spending by advertisers in connection with the 
effects of the Covid-19 pandemic. This decline was partially offset by 7.8% growth in open-market programmatic 
advertising revenue, as impressions increased by 40%, while the average rate decreased 23%. Overall display 
advertising impressions sold increased 21% as a result of an increase in traffic to our products, which were primarily 
filled by programmatic impressions. 

Print advertising revenues, which represented 41.7% of total advertising revenues in 2020, declined $106.4 
million or 39.4% to $163.8 million in 2020 compared with $270.2 million in 2019. The decline was primarily in the 
entertainment, luxury and media categories, and was driven by reduced spending by advertisers in connection with 
the effects of the Covid-19 pandemic, which further accelerated secular trends. 

THE NEW YORK TIMES COMPANY – P. 39

 
 
 
2019 Compared with 2018

Digital advertising revenues, which represented 49.1% of total advertising revenues in 2019, increased 0.6% to 

$260.5 million in 2019 compared with $258.9 million in 2018. The increase primarily reflected increases in podcast 
revenue, partially offset by a decrease in direct-sold display advertising revenue. Core digital advertising revenue 
increased $5.9 million primarily due to a 149% increase in podcast revenues, partially offset by 9% decline in direct-
sold display advertising revenue. Direct-sold display impressions increased by 1%, while the average rate declined 
4%. Other digital advertising revenue decreased $4.4 million primarily as a result of the closure of our HelloSociety 
digital marketing agency. Open-market programmatic advertising revenue decreased slightly, as impressions grew 
by 1%, while the average rate decreased 8%. Overall display advertising impressions sold increased 1%.

Print advertising revenues, which represented 51% of total advertising revenues in 2019, declined 9.7% to 

$270.2 million in 2019 compared with $299.4 million in 2018. The decline was primarily in the financial services and 
luxury categories.

Other Revenues

Other revenues primarily consist of revenues from licensing, Wirecutter affiliate referrals, the leasing of floors 

in the Company Headquarters, commercial printing, television and film, retail commerce and our live events 
business. Building rental revenue consists of revenue from the leasing of floors in our Company Headquarters, which 
totaled $28.5 million, $30.6 million and $23.3 million in 2020, 2019 and 2018, respectively. 

2020 Compared with 2019

Other revenues decreased 0.9% in 2020 compared with 2019, primarily as a result of fewer episodes in our 

television series (“The Weekly,” which had 23 episodes in 2019, became “NYT Presents” in 2020, which had 12 
episodes), as well as lower revenues from live events as a result of the effects of the Covid-19 pandemic, and lower 
revenues from commercial printing. These declines were partially offset by higher Wirecutter affiliate referral 
revenues and licensing revenue related to Facebook News, to which the Company licenses select content for access by 
its users. 

2019 Compared with 2018

Other revenues increased 33.8% in 2019 compared with 2018, primarily due to revenue earned from our 
television series, “The Weekly,” as well as growth in commercial printing operations and higher rental revenue from 
the lease of additional space in our Company Headquarters.

P. 40 – THE NEW YORK TIMES COMPANY

Operating Costs

Effective with the quarter ended March 29, 2020, the Company changed the Operating costs captions on its  
Consolidated Statement of Operations. See Note 19 of the Notes to the Consolidated Financial Statements for more 
detail.

Operating costs were as follows:

(In thousands)

Operating costs:

Years Ended

% Change

December 27,
2020

December 29,
2019

December 30,
2018

2020 vs. 
2019

2019 vs. 
2018

Cost of revenue (excluding depreciation and 
amortization)

$ 

960,222 

$ 

989,029 

$ 

947,884 

Sales and marketing

Product development

General and administrative

Depreciation and amortization

229,040 

132,428 

223,557 

62,136 

272,657 

105,514 

206,778 

60,661 

271,164 

84,098 

196,621 

59,011 

Total operating costs

$ 

1,607,383 

$ 

1,634,639 

$ 

1,558,778 

The components of operating costs as a percentage of total operating costs were as follows:

 (2.9) 

 (16.0) 

 25.5 

 8.1 

 2.4 

 (1.7) 

 4.3 

 0.6 

 25.5 

 5.2 

 2.8 

 4.9 

Components of operating costs as a percentage of total operating costs

Cost of revenue (excluding depreciation and amortization)

Sales and marketing

Product development

General and administrative

Depreciation and amortization

Total

Years Ended

December 27,
2020

December 29,
2019

December 30,
2018

 60 %

 14 %

 8 %

 14 %

 4 %

 61 %

 17 %

 6 %

 12 %

 4 %

 61 %

 17 %

 5 %

 13 %

 4 %

 100 %

 100 %

 100 %

The components of operating costs as a percentage of total revenues were as follows:

Components of operating costs as a percentage of total revenues

Cost of revenue (excluding depreciation and amortization)

Sales and marketing

Product development

General and administrative

Depreciation and amortization

Total

Years Ended

December 27,
2020

December 29,
2019

December 30,
2018

 54 %

 13 %

 7 %

 13 %

 3 %

 90 %

 55 %

 15 %

 6 %

 11 %

 3 %

 90 %

 54 %

 16 %

 5 %

 11 %

 3 %

 89 %

THE NEW YORK TIMES COMPANY – P. 41

 
 
 
 
 
 
 
 
 
 
 
 
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.

2020 Compared with 2019

Cost of revenue decreased $28.8 million in 2020 compared with 2019, primarily driven by a $53.4 million 

decrease in print production and distribution costs and a decrease in advertising servicing costs of $28.1 million, 
partially offset by higher journalism costs of $24.8 million, higher digital content delivery costs of $16.2 million, and 
higher subscriber servicing costs of  $11.7 million. The decrease in print production and distribution costs was largely 
due to fewer print copies produced and newsprint pricing, as well as lower outside printing and distribution costs. 
The decrease in advertising servicing costs was 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. Higher journalism costs 
were due to an increase in the number of newsroom employees, partially offset by lower costs related to our 
television series. The increase in digital content delivery costs were due to a growth in the number of employees and 
higher cloud-related costs. The increase in subscriber servicing costs was primarily due to higher credit card 
processing fees and third-party commissions due to increased subscriptions.

2019 Compared with 2018

Cost of revenue increased $41.1 million in 2019 compared with 2018, primarily driven by a $41.5 million 
increase in journalism costs, higher subscriber servicing costs of $8.9 million, and higher digital content and delivery 
costs of $3.1 million, partially offset by a decrease in print production and distribution costs of $14.2 million. The 
increase in journalism was largely due to the increase in newsroom employees and higher costs related to our 
television series. The increase in subscriber servicing costs was primarily due to higher credit card processing fees 
and third-party commissions due to increased subscriptions. The increase in digital content delivery costs was largely 
due to a growth in the number of employees and higher cloud costs. The decrease in print production and 
distribution costs was largely due to fewer print copies produced and lower outside printing expenses, partially offset 
by higher newsprint pricing.

Sales and Marketing

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

2020 Compared with 2019

Sales and marketing costs decreased in 2020 by $43.6 million compared with 2019,  primarily due to lower 

media expenses and advertising sales costs.

Media expenses, a component of sales and marketing costs that represents the cost to promote our subscription 

business, decreased to $129.6 million in 2020 from $156.9 million in 2019, as the Company reduced its marketing 
spend.

2019 Compared with 2018

Sales and marketing costs increased in 2019 by $1.5 million compared with 2018, primarily driven by an 

increase in media expenses and advertising sales costs, partially offset by a lower number of employees. 

Media expenses increased to $156.9 million in 2019 from $131.5 million in 2018 as the Company increased its 

marketing spend to promote its subscription business and brand.

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.

2020 Compared with 2019

Product development costs increased in 2020 by $26.9 million compared with 2019, largely due to growth in the 

number of digital product development employees to support our digital subscription strategic initiatives.

P. 42 – THE NEW YORK TIMES COMPANY

2019 Compared with 2018

Product development costs increased in 2019 by $21.4 million compared with 2018, primarily due to a growth 

in the number of employees to support our digital subscription strategic initiatives. 

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.

2020 Compared with 2019

General and administrative costs increased in 2020 by $16.8 million compared with 2019, primarily as a result of 

growth in the number of employees, as well as higher outside services costs.

2019 Compared with 2018

General and administrative costs increased in 2019 by $10.2 million compared with 2018, primarily due to a 

growth in the number of employees. 

Depreciation and Amortization

2020 Compared with 2019

Depreciation and amortization costs increased in 2020 compared with 2019 due to equipment and building 

projects that started depreciating during 2020.

2019 Compared with 2018

Depreciation and amortization costs increased in 2019 compared with 2018 due to building and software 

projects that were placed in service and started depreciating in the second half of 2018.

Other Items

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

NON-OPERATING ITEMS

Investments in Joint Ventures

See Note 6 of the Notes to the Consolidated Financial Statements for information regarding our joint venture 

investments. 

Interest Expense and Other, Net

See Note 7 of the Notes to the Consolidated Financial Statements for information regarding interest expense 

and other.

Income Taxes

See Note 12 of the Notes to the Consolidated Financial Statements for information regarding income taxes. 

Other Components of Net Periodic Benefit Costs

See Note 9 and 10 of the Notes to the Consolidated Financial Statements for information regarding other 

components of net periodic benefit costs.

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

THE NEW YORK TIMES COMPANY – P. 43

• operating costs before depreciation, amortization, severance and multiemployer pension plan withdrawal 

costs (or adjusted operating costs).

The special items in 2020 consisted of:

• a $10.1 million gain ($7.4 million after tax or $0.04 per share) 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/(expense) and other, net in our Consolidated Statements of Operations.

• A $5 million gain ($3.1 million or $0.02 per share after tax and net of noncontrolling interest) reflecting our 

proportionate share of a distribution from the pending liquidation of Madison, in which the Company has an 
investment through a subsidiary. 

• $80.6 million in pension settlement charges ($59.1 million after tax or $0.35 per share) in connection with the 

transfer of certain pension benefit obligations to an insurer. 

The special items in 2019 consisted of:

• a $4.0 million charge ($3.0 million after tax or $0.02 per share) related to restructuring charges, including 

impairment and severance charges related to the closure of our digital marketing agency, HelloSociety, LLC; 
and

• a $2.0 million gain ($1.5 million after tax or $0.01 per share) from a multiemployer pension plan liability 

adjustment.

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

P. 44 – THE NEW YORK TIMES COMPANY

Reconciliations of non-GAAP financial measures from, respectively, diluted earnings per share from continuing 

operations, operating profit and operating costs, the most directly comparable GAAP items, as well as details on the 
components of non-operating retirement costs, 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)

Diluted earnings per share from continuing operations

$ 

0.60 

$ 

0.83 

 (27.7) %

Years Ended

% Change

December 27,
2020

December 29,
2019

2020 vs. 
2019

Add:

Severance

Non-operating retirement costs:

Multiemployer pension plan withdrawal costs

Other components of net periodic benefit costs

Special items:

Restructuring charge

Gain from non-marketable equity security

Gain from pension liability adjustment

Gain from joint venture, net of noncontrolling interest

Pension settlement charge

Income tax expense of adjustments

0.04 

0.03 

0.05 

— 

(0.06) 

— 

(0.03) 

0.48 

(0.14) 

0.02 

*

0.04 

0.04 

0.02 

— 

(0.01) 

— 

— 

(0.03) 

 (25.0) %

 25.0 %

*

*

*

*

*

*

Adjusted diluted earnings per share from continuing operations (1)

$ 

0.97 

$ 

0.92 

 5.4 %

* Represents a change equal to or in excess of 100% or one that is not meaningful.
(1) Amounts may not add due to rounding.

THE NEW YORK TIMES COMPANY – P. 45

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

(In thousands)

Operating profit

Add:

Depreciation and amortization

Severance

Multiemployer pension plan withdrawal costs 

Special items:

Restructuring charge

Gain from pension liability adjustment

Years Ended

% Change

December 27,
2020

December 29,
2019

2020 vs. 
2019

$ 

176,256 

175,582 

 0.4 %

62,136 

6,675 

5,550 

— 

— 

60,661 

 2.4% 

3,979 

6,183 

 67.8 

 (10.2) %

4,008 

(2,045) 

*

*

Adjusted operating profit

$ 

250,617 

$ 

248,368 

 0.9 %

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

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

(In thousands)

Operating costs

Less:

Depreciation and amortization

Severance

Multiemployer pension plan withdrawal costs

Years Ended

% Change

December 27,
2020

December 29,
2019

2020 vs. 
2019

$ 

1,607,383 

$ 

1,634,639 

 (1.7) %

62,136 

6,675 

5,550 

60,661 

 2.4% 

3,979 

6,183 

 67.8 

 (10.2) %

 (2.0) %

Adjusted operating costs

$ 

1,533,022 

$ 

1,563,816 

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

P. 46 – THE NEW YORK TIMES COMPANY

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LIQUIDITY AND CAPITAL RESOURCES

Overview

The following table presents information about our financial position.

Financial Position Summary

(In thousands, except ratios)

Cash and cash equivalents

Marketable securities

Total New York Times Company stockholders’ equity

Ratios:

% Change

December 27,
2020

December 29,
2019

2020 vs. 2019

$ 

286,079 

$ 

230,431 

595,911 

453,481 

1,325,517 

1,172,003 

 24.1 

 31.4 

 13.1 

Current assets to current liabilities

1.72 

1.64 

* Represents an increase or decrease in excess of 100%.

Our primary sources of cash inflows from operations were revenues from subscription and advertising sales. 

Subscription and advertising revenues provided about 67% and 22%, respectively, of total revenues in 2020. The 
remaining cash inflows were primarily from other revenue sources such as licensing, affiliate referrals, the leasing of 
floors in the Company Headquarters, commercial printing, television and film, retail commerce and our live events 
business.

Our primary sources of cash outflows were for employee compensation and benefits and other operating 
expenses. We believe our cash and cash equivalents, marketable securities balance and cash provided by operations, 
in combination with other sources of cash, will be sufficient to meet our financing needs over the next 12 months. 

We have continued to strengthen our liquidity position and our debt profile. As of December 27, 2020, we had 
cash and cash equivalents and marketable securities of $882.0 million. Our cash and cash equivalents and marketable 
securities balances increased in 2020, primarily due to cash proceeds from operating activities, partially offset by 
dividend payments, capital expenditures, consideration paid for acquisitions, and share-based compensation tax 
withholding.

We have paid quarterly dividends on the Class A and Class B Common Stock since late 2013. In February 2021, 

the Board of Directors approved a quarterly dividend of $0.07 per share, an increase of $0.01 per share from the 
previous quarter. We currently expect to continue to pay comparable cash dividends in the future, although changes 
in our dividend program will be considered by our Board of Directors in light of our earnings, capital requirements, 
financial condition and other factors considered relevant. 

During 2020, we made contributions of $9.5 million to certain qualified pension plans funded by cash on hand. 
As of December 27, 2020, our qualified pension plans had plan assets that were $36.2 million above the present value 
of future benefits obligations, an improvement of $47.8 million from an underfunded balance of $11.6 million as of 
December 29, 2019. We expect contributions made to satisfy minimum funding requirements to total 
approximately $10 million in 2021. In October 2020, we entered into an agreement with an insurance company to 
transfer the future benefit obligations and annuity administration for certain retirees (or their beneficiaries) in The 
New York Times Companies Pension Plan (the ”Pension Plan”). This transfer of plan assets and obligations reduced 
the Company’s qualified pension plan obligations by $236.3 million. 

In early 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 December 27, 2020, 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 NEW YORK TIMES COMPANY – P. 47

 
 
 
 
 
 
Capital Resources

Sources and Uses of Cash

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

(In thousands)

Operating activities

Investing activities

Financing activities

* Represents an increase or decrease in excess of 100%.

Operating Activities

Years Ended

% Change

December 27,
2020

December 29,
2019

2020 vs. 2019

$ 

$ 

$ 

297,933 

$ 

189,898 

(199,080)  $ 

93,212 

 56.9 

*

(44,973)  $ 

(295,291) 

 (84.8) 

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, interest and income taxes. 

Net cash provided by operating activities increased in 2020 compared with 2019 due to lower cash payments 
for operating expenses, higher cash payments received from accounts receivable and prepaid subscriptions, and the 
timing of cash payments for operating 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, acquisitions of new businesses and investments.

Net cash used in investing activities in 2020 was primarily related to $141.2 in net purchases of marketable 

securities, $34.5 million in capital expenditures payments, and $33.1 million in consideration paid for acquisitions. 

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 capital lease obligations, and stock-based compensation tax withholding. 

Net cash used in financing activities in 2020 was primarily related to dividend payments of $38.4 million and 

tax payments made in connection with our stock-based compensation of $11.7 million.

See “— Third-Party Financing” below and our Consolidated Statements of Cash Flows for additional 

information on our sources and uses of cash.

Restricted Cash

We were required to maintain $15.9 million of restricted cash as of December 27, 2020, and $17.1 million as of 

December 29, 2019, substantially all of which is set aside to collateralize workers’ compensation obligations. 

Capital Expenditures

Capital expenditures totaled approximately $30 million and $49 million in 2020 and 2019, respectively. The 

decrease in capital expenditures was primarily driven by lower expenditures related to the build-out of additional 
office space in Long Island City, N.Y., and lower expenditures related to improvements at our College Point, N.Y., 
printing and distribution facility. The cash payments related to the capital expenditures totaled approximately $34 
million and $45 million in 2020 and 2019, respectively. 

Third-Party Financing

As of December 27, 2020, there were no outstanding borrowings under the Credit Facility and the Company 

P. 48 – THE NEW YORK TIMES COMPANY

was in compliance with the financial covenants contained in the Credit Facility. See Note 7 for information regarding 
the Credit Facility. 

Contractual Obligations

The information provided is based on management’s best estimate and assumptions of our contractual 
obligations as of December 27, 2020. Actual payments in future periods may vary from those reflected in the table.

(In thousands)

Operating leases(1)

Benefit plans(2)

Total

Payment due in

Total

2021

2022-2023

2024-2025

Later Years

74,349 

376,648 

11,356 

50,450 

19,466 

91,440 

14,888 

79,048 

28,639 

155,710 

$ 

450,997 

$ 

61,806 

$ 

110,906 

$ 

93,936 

$ 

184,349 

(1) See Note 17 of the Notes to the Consolidated Financial Statements for additional information related to our operating leases.

(2) The Company's general funding policy with respect to qualified pension plans is to contribute amounts at least sufficient to satisfy the minimum 
amount required by applicable law and regulations. Contributions for our qualified pension plans and future benefit payments for our unfunded 
pension and other postretirement benefit payments have been estimated over a 10-year period; therefore, the amounts included in the “Later 
Years” column only include payments for the period of 2026-2030. For our funded qualified pension plans, estimating funding depends on 
several variables, including the performance of the plans' investments, assumptions for discount rates, expected long-term rates of return on 
assets, rates of compensation increases (applicable only for the Guild-Times Adjustable Pension Plan that has not been frozen) and other 
factors. Thus, our actual contributions could vary substantially from these estimates. While benefit payments under these plans are expected to 
continue beyond 2030, we have included in this table only those benefit payments estimated over the next 10 years. Benefit plans in the table 
above also include estimated payments for multiemployer pension plan withdrawal liabilities. See Notes 9 and 10 of the Notes to the 
Consolidated Financial Statements for additional information related to our pension and other postretirement benefits plans.

Other Liabilities — Other in our Consolidated Balance Sheets include liabilities related to (1) deferred 
compensation, primarily related to our deferred executive compensation plan (the “DEC”) and (2) various other 
liabilities, including our contingent tax liability for uncertain tax positions and contingent consideration. These 
liabilities are not included in the table above primarily because the timing of the future payments is not 
determinable. See Note 11 of the Notes to the Consolidated Financial Statements for additional information.

The DEC 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. The fair value of deferred compensation was $22.2 million as of December 27, 2020. 
The DEC was frozen effective December 31, 2015, and no new contributions may be made into the plan. See Note 11 
of the Notes to the Consolidated Financial Statements for additional information on Other Liabilities — Other.

Our liability for uncertain tax positions was approximately $8 million, including approximately $1 million of 

accrued interest as of December 27, 2020. Until formal resolutions are reached between us and the taxing authorities, 
determining the timing and amount of possible audit settlements relating to uncertain tax positions is not practicable. 
Therefore, we do not include this obligation in the table of contractual obligations. See Note 12 of the Notes to the 
Consolidated Financial Statements for additional information regarding income taxes.

The contingent consideration represents contingent payments in connection with the acquisition of 

substantially all the assets and certain liabilities of Serial Productions, LLC. The Company estimated the fair value of 
the contingent consideration liability 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. The contingent consideration balance of $8.4 million as of December 27, 
2020, is 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 Consolidated Balance Sheets. See Note 5 for more 
information.

We have a contract through the end of 2022 with Resolute FP US Inc., a subsidiary of Resolute Forest Products 

Inc., a major paper supplier, to purchase newsprint. The contract requires us to purchase annually the lesser of a fixed 
number of tons or a percentage of our total newsprint requirement at market rate in an arm’s length transaction. Since 
the quantities of newsprint purchased annually under this contract are based on our total newsprint requirement, the 
amount of the related payments for these purchases is excluded from the table above.

THE NEW YORK TIMES COMPANY – P. 49

 
 
 
 
 
 
 
 
 
 
Off-Balance Sheet Arrangements

We did not have any material off-balance sheet arrangements as of December 27, 2020.

CRITICAL ACCOUNTING POLICIES 

Our Consolidated Financial Statements are prepared in accordance with GAAP. The preparation of these 
financial statements requires management to make estimates and assumptions that affect the amounts reported in the 
Consolidated Financial Statements for the periods presented.

We continually evaluate the policies and estimates we use to prepare our Consolidated Financial Statements. In 

general, management’s estimates are based on historical experience, information from third-party professionals and 
various other assumptions that are believed to be reasonable under the facts and circumstances. Actual results may 
differ from those estimates made by management. 

Our critical accounting policies include our accounting for goodwill and intangibles, retirement benefits, 

revenue recognition and income taxes. Specific risks related to our critical accounting policies are discussed below.

Goodwill and Intangibles

We evaluate whether there has been an impairment of goodwill or intangible assets not amortized on an annual 

basis or in an interim period if certain circumstances indicate that a possible impairment may exist. For a description 
of our related accounting policies, refer to Note 2 of the Notes to the Consolidated Financial Statements.

(In thousands)

Goodwill

Intangibles

Total assets

Percentage of goodwill and intangibles to total assets

December 27,
2020

December 29,
2019

$ 

$ 

171,657 

16,298 

$ 

$ 

138,674 

2,984 

$  2,307,689 

$  2,089,138 

 8 %

 7 %

The impairment analysis is considered critical because of the significance of goodwill and intangibles to our 

Consolidated Balance Sheets.

We test for goodwill impairment at a reporting unit level. We first perform a qualitative assessment to 

determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value.

If we determine that it is more likely than not that the fair value of a reporting unit is less than its carrying 

value, we compare the fair value of a reporting unit with its carrying amount, including goodwill. Fair value is 
calculated by a combination of a discounted cash flow model and a market approach model.

The discounted cash flow analysis requires us to make various judgments, estimates and assumptions, many of 

which are interdependent, about future revenues, operating margins, growth rates, capital expenditures, working 
capital, discount rates and royalty rates. The starting point for the assumptions used in our discounted cash flow 
analysis is the annual long-range financial forecast. The annual planning process that we undertake to prepare the 
long-range financial forecast takes into consideration a multitude of factors, including historical growth rates and 
operating performance, related industry trends, macroeconomic conditions, and marketplace data, among others. 
Assumptions are also made for perpetual growth rates for periods beyond the long-range financial forecast period. 
Our estimates of fair value are sensitive to changes in all of these variables, certain of which relate to broader 
macroeconomic conditions outside our control.

The market approach analysis includes applying a multiple, based on comparable market transactions, to 

certain operating metrics of a reporting unit.

The significant estimates and assumptions used by management in assessing the recoverability of goodwill and 
intangibles are estimated future cash flows, discount rates, growth rates, as well as other factors. Any changes in these 
estimates or assumptions could result in an impairment charge. The estimates, based on reasonable and supportable 
assumptions and projections, require management’s subjective judgment. Depending on the assumptions and 
estimates used, the estimated results of the impairment tests can vary within a range of outcomes.

P. 50 – THE NEW YORK TIMES COMPANY

For the 2020 annual impairment testing, based on our qualitative assessment, we concluded that goodwill is not 

impaired.

Retirement Benefits

Our single-employer pension and other postretirement benefit costs and obligations are accounted for using 

actuarial valuations. We recognize the funded status of these plans – measured as the difference between plan assets, 
if funded, and the benefit obligation – on the balance sheet and recognize changes in the funded status that arise 
during the period but are not recognized as components of net periodic pension cost, within other comprehensive 
income/(loss), net of tax. The assets related to our funded pension plans are measured at fair value.

We also recognize the present value of liabilities associated with the withdrawal from multiemployer pension 

plans. 

We consider accounting for retirement plans critical to our operations because management is required to make 

significant subjective judgments about a number of actuarial assumptions, which include discount rates, long-term 
return on plan assets and mortality rates. These assumptions may have an effect on the amount and timing of future 
contributions. Depending on the assumptions and estimates used, the impact from our pension and other 
postretirement benefits could vary within a range of outcomes and could have a material effect on our Consolidated 
Financial Statements.

 See “— Pensions and Other Postretirement Benefits” below for more information on our retirement benefits.

Revenue Recognition

Our contracts with customers sometimes include promises to transfer multiple products and services to a 
customer. Determining whether products and services are considered distinct performance obligations that should be 
accounted for separately versus together may require significant judgment. We use an observable price to determine 
the standalone selling price for separate performance obligations if available or, when not available, an estimate that 
maximizes the use of observable inputs and faithfully depicts the selling price of the promised goods or services if we 
sold those goods or services separately to a similar customer in similar circumstances. 

Income Taxes

We consider accounting for income taxes critical to our operating results because management is required to 

make significant subjective judgments in developing our provision for income taxes, including the determination of 
deferred tax assets and liabilities, and any valuation allowances that may be required against deferred tax assets.

Income taxes are recognized for the following: (1) the amount of taxes payable for the current year and (2) 

deferred tax assets and liabilities for the future tax consequences of events that have been recognized differently in 
the financial statements than for tax purposes. Deferred tax assets and liabilities are established using statutory tax 
rates and are adjusted for tax rate changes in the period of enactment.

We assess whether our deferred tax assets shall be reduced by a valuation allowance if it is more likely than not 

that some portion or all of the deferred tax assets will not be realized. Our process includes collecting positive (i.e., 
sources of taxable income) and negative (i.e., recent historical losses) evidence and assessing, based on the evidence, 
whether it is more likely than not that the deferred tax assets will not be realized.

We release tax effects from accumulated other comprehensive income/(loss) for pension and other 

postretirement benefits on a plan by plan approach.

We recognize in our financial statements the impact of a tax position if that tax position is more likely than not 

of being sustained on audit, based on the technical merits of the tax position. This involves the identification of 
potential uncertain tax positions, the evaluation of tax law and an assessment of whether a liability for uncertain tax 
positions is necessary. Different conclusions reached in this assessment can have a material impact on the 
Consolidated Financial Statements.

We operate within multiple taxing jurisdictions and are subject to audit in these jurisdictions. These audits can 

involve complex issues, which could require an extended period of time to resolve. Until formal resolutions are 
reached between us and the taxing authorities, determining the timing and amount of possible audit settlements 
relating to uncertain tax positions is not practicable.

THE NEW YORK TIMES COMPANY – P. 51

PENSIONS AND OTHER POSTRETIREMENT BENEFITS

We maintain the Pension Plan, a frozen single-employer defined benefit pension plan. The Company and The 
NewsGuild of New York (the “Guild”) jointly sponsor the Guild-Times Adjustable Pension Plan (the “APP”), which 
continues to accrue active benefits. Effective January 1, 2018, the Company became the sole sponsor of the frozen 
Newspaper Guild of New York - The New York Times Pension Plan (the “Guild-Times Plan”). The Guild-Times Plan 
was previously joint trusteed between the Guild and the Company. Effective December 31, 2018, the Guild-Times 
Plan and the Retirement Annuity Plan For Craft Employees of The New York Times Companies were merged into the 
Pension Plan. Our pension liability also includes our multiemployer pension plan withdrawal obligations. Our 
liability for postretirement obligations includes our liability to provide health benefits to eligible retired employees.

The table below includes the liability for all of these plans.

(In thousands)

Pension and other postretirement liabilities (includes current portion)

Total liabilities

December 27, 
2020

December 29, 
2019

$ 

$ 

397,918 

979,578 

$ 

$ 

384,670 

915,275 

Percentage of pension and other postretirement liabilities to total liabilities

 40.6 %

 42.0 %

Pension Benefits

Our Company-sponsored defined benefit pension plans include qualified plans (funded) as well as non-
qualified plans (unfunded). These plans provide participating employees with retirement benefits in accordance with 
benefit formulas detailed in each plan. All of our non-qualified plans, which provide enhanced retirement benefits to 
select employees, are frozen, except for a foreign-based pension plan discussed below. 

Our joint Company and Guild-sponsored plan is a qualified plan and is included in the table below.

We also have a foreign-based pension plan for certain non-U.S. 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 funded status of our qualified and non-qualified pension plans as of December 27, 2020, is as follows:

(In thousands)

Pension obligation

Fair value of plan assets

Pension asset/obligation, net

December 27, 2020

Qualified
Plans

Non-Qualified
Plans

All Plans

$ 

1,549,012 

$ 

259,593 

$ 

1,808,605 

1,585,221 

— 

1,585,221 

$ 

36,209 

$ 

(259,593)  $ 

(223,384) 

We made contributions of approximately $10 million to the APP in 2020. We expect contributions made to 

satisfy minimum funding requirements to total approximately $10 million in 2021.

Pension expense is calculated using a number of actuarial assumptions, including an expected long-term rate of 
return on assets (for qualified plans) and a discount rate. Our methodology in selecting these actuarial assumptions is 
discussed below.

In determining the expected long-term rate of return on assets, we evaluated input from our investment 
consultants, actuaries and investment management firms, including our review of asset class return expectations, as 
well as long-term historical asset class returns. Projected returns by such consultants and economists are based on 
broad equity and bond indices. Our objective is to select an average rate of earnings expected on existing plan assets 
and expected contributions to the plan (less plan expenses to be incurred) during the year. The expected long-term 
rate of return determined on this basis was 4.75% at the beginning of 2020. Our plan assets had an average rate of 
return of approximately 16.99% in 2020 and an average annual return of approximately 11.15% over the three-year 

P. 52 – THE NEW YORK TIMES COMPANY

 
 
 
 
period 2018-2020. We regularly review our actual asset allocation and periodically rebalance our investments to meet 
our investment strategy.

The market-related value of plan assets is multiplied by the expected long-term rate of return on assets to 

compute the expected return on plan assets, a component of net periodic pension cost. The market-related value of 
plan assets is a calculated value that recognizes changes in fair value over three years.

Based on the composition of our assets at the end of the year, we estimated our 2021 expected long-term rate of 
return to be 3.75%. If we had decreased our expected long-term rate of return on our plan assets by 50 basis points in 
2020, pension expense would have increased by approximately $7 million for our qualified pension plans. Our 
funding requirements would not have been materially affected.

We determined our discount rate using a Ryan ALM, Inc. Curve (the “Ryan Curve”). The Ryan Curve provides 

the bonds included in the curve and allows adjustments for certain outliers (i.e., bonds on “watch”). We believe the 
Ryan Curve allows us to calculate an appropriate discount rate. 

To determine our discount rate, we project a cash flow based on annual accrued benefits. For active 

participants, the benefits under the respective pension plans are projected to the date of termination. The projected 
plan cash flow is discounted to the measurement date, which is the last day of our fiscal year, using the annual spot 
rates provided in the Ryan Curve. A single discount rate is then computed so that the present value of the benefit 
cash flow equals the present value computed using the Ryan Curve rates.

The weighted-average discount rate determined on this basis was 2.64% for our qualified plans and 2.39% for 

our non-qualified plans as of December 27, 2020.

If we had decreased the expected discount rate by 50 basis points for our qualified plans and our non-qualified 

plans in 2020, pension expense would have decreased by approximately $0.3 million and our pension obligation 
would have increased by approximately $117 million as of December 27, 2020.

We will continue to evaluate all of our actuarial assumptions, generally on an annual basis, and will adjust as 
necessary. Actual pension expense will depend on future investment performance, changes in future discount rates, 
the level of contributions we make and various other factors.

We also recognize the present value of pension liabilities associated with the withdrawal from multiemployer 

pension plans. Our multiemployer pension plan withdrawal liability was approximately $76 million as of 
December 27, 2020. This liability represents the present value of the obligations related to complete and partial 
withdrawals that have already occurred as well as an estimate of future partial withdrawals that we considered 
probable and reasonably estimable. For those plans that have yet to provide us with a demand letter, the actual 
liability will not be known until they complete a final assessment of the withdrawal liability and issue a demand to 
us. Therefore, the estimate of our multiemployer pension plan liability will be adjusted as more information becomes 
available that allows us to refine our estimates.

See Note 9 of the Notes to the Consolidated Financial Statements for additional information regarding our 

pension plans.

Other Postretirement Benefits

We provide health benefits to certain primarily grandfathered retired employee groups (and their eligible 
dependents) who meet the definition of an eligible participant and certain age and service requirements, as outlined 
in the plan document. There is a de minimis liability for retiree health benefits for active employees. While we offer 
pre-age 65 retiree medical coverage to employees who meet certain retiree medical eligibility requirements, we do not 
provide post-age 65 retiree medical benefits for employees who retired on or after March 1, 2009. We accrue the costs 
of postretirement benefits during the employees’ active years of service and our policy is to pay our portion of 
insurance premiums and claims from general corporate assets.

See Note 10 of the Notes to the Consolidated Financial Statements for additional information regarding our 

other postretirement benefits.

RECENT ACCOUNTING PRONOUNCEMENTS

See Note 2 of the Notes to the Consolidated Financial Statements for information regarding recent accounting 

pronouncements.

THE NEW YORK TIMES COMPANY – P. 53

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Our market risk is principally associated with the following:

• Our exposure to changes in interest rates relates primarily to interest earned and market value on our cash 
and cash equivalents, and marketable securities. Our cash and cash equivalents and marketable securities 
consist of cash, money market funds, certificates of deposit, U.S. Treasury securities, U.S. government agency 
securities, commercial paper, and corporate debt securities. Our investment policy and strategy are focused 
on preservation of capital and supporting our liquidity requirements. Changes in U.S. interest rates affect the 
interest earned on our cash and cash equivalents and marketable securities, and the market value of those 
securities. A hypothetical 100 basis point increase in interest rates would have resulted in a decrease of 
approximately $5 million in the market value of our marketable debt securities as of December 27, 2020, and 
December 29, 2019. Any realized gains or losses resulting from such interest rate changes would only occur if 
we sold the investments prior to maturity.

• The discount rate used to measure the benefit obligations for our qualified pension plans is determined by 

using the Ryan Curve, which provides rates for the bonds included in the curve and allows adjustments for 
certain outliers (i.e., bonds on “watch”). Broad equity and bond indices are used in the determination of the 
expected long-term rate of return on pension plan assets. Therefore, interest rate fluctuations and volatility of 
the debt and equity markets can have a significant impact on asset values, the funded status of our pension 
plans and future anticipated contributions. See “Item 7 — Management’s Discussion and Analysis of 
Financial Condition and Results of Operations — Pensions and Other Postretirement Benefits.”

• A significant portion of our employees are unionized and our results could be adversely affected if future 

labor negotiations or contracts were to further restrict our ability to maximize the efficiency of our operations, 
or if a larger percentage of our workforce were to be unionized. In addition, if we are unable to negotiate 
labor contracts on reasonable terms, or if we were to experience labor unrest or other business interruptions 
in connection with labor negotiations or otherwise, our ability to produce and deliver our products could be 
impaired.

See Notes 4, 9 and 10 of the Notes to the Consolidated Financial Statements.

P. 54 – THE NEW YORK TIMES COMPANY

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

 THE NEW YORK TIMES COMPANY 2020 FINANCIAL REPORT

INDEX

PAGE

Management’s Responsibility for the Financial Statements

Management’s Report on Internal Control Over Financial Reporting

Report of Independent Registered Public Accounting Firm on Consolidated Financial Statements
Report of Independent Registered Public Accounting Firm on Internal Control Over Financial 
Reporting

Consolidated Balance Sheets as of December 27, 2020, and December 29, 2019
Consolidated Statements of Operations for the years ended December 27, 2020, December 29, 2019, 
and December 30, 2018
Consolidated Statements of Comprehensive Income/(Loss) for the years ended December 27, 2020, 
December 29, 2019, and December 30, 2018
Consolidated Statements of Changes in Stockholders’ Equity for the years ended December 27, 2020, 
December 29, 2019, and December 30, 2018
Consolidated Statements of Cash Flows for the years ended December 27, 2020, December 29, 2019, 
and December 30, 2018

Notes to the Consolidated Financial Statements

1.   Basis of Presentation

2.   Summary of Significant Accounting Policies

3.   Revenue

4.   Marketable Securities

5.   Goodwill and Intangibles

6.   Investments

7.   Other

8.   Fair Value Measurements

9.   Pension Benefits

10. Other Postretirement Benefits

11. Other Liabilities

12. Income Taxes

13. Earnings/(Loss) Per Share

14. Stock-Based Awards

15. Stockholders’ Equity

16. Segment Information

17. Leases

18. Commitments and Contingent Liabilities

19. Reclassification

20. Subsequent Events

Schedule II – Valuation and Qualifying Accounts for the three years ended December 27, 2020

Quarterly Information (Unaudited)

56

56

57

59

61

63

65

66

67

69

69

69

76

79

81

81

82

84

86

96

100

100

103

103

106

107

107

110

110

112

113

114

THE NEW YORK TIMES COMPANY – P. 55

REPORT OF MANAGEMENT

Management’s Responsibility for the Financial Statements

The Company’s consolidated financial statements were prepared by management, who is responsible for their 

integrity and objectivity. The consolidated financial statements have been prepared in accordance with accounting 
principles generally accepted in the United States of America (“GAAP”) and, as such, include amounts based on 
management’s best estimates and judgments.

Management is further responsible for establishing and maintaining adequate internal control over financial 

reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934. The Company’s 
internal control over financial reporting is a process designed to provide reasonable assurance regarding the 
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with 
GAAP. The Company follows and continuously monitors its policies and procedures for internal control over 
financial reporting to ensure that this objective is met (see “Management’s Report on Internal Control Over Financial 
Reporting” below).

The consolidated financial statements were audited by Ernst & Young LLP, an independent registered public 

accounting firm, in 2020, 2019 and 2018. Its audits were conducted in accordance with the standards of the Public 
Company Accounting Oversight Board (United States) and its report is shown on Page 57.

The Audit Committee of the Board of Directors, which is composed solely of independent directors, meets 
regularly with the independent registered public accounting firm, internal auditors and management to discuss 
specific accounting, financial reporting and internal control matters. Both the independent registered public 
accounting firm and the internal auditors have full and free access to the Audit Committee. Each year the Audit 
Committee selects, subject to ratification by the Company’s stockholders, the firm that is to perform audit and other 
related work for the Company.

Management’s Report on Internal Control Over Financial Reporting

Management of the Company is responsible for establishing and maintaining adequate internal control over 

financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, as amended.

Our management, with the participation of our principal executive officer and principal financial officer, 
assessed the effectiveness of the Company’s internal control over financial reporting as of December 27, 2020, using 
the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control 
— Integrated Framework (2013 framework). Based on this assessment, management concluded that the Company’s 
internal control over financial reporting was effective as of December 27, 2020, to provide reasonable assurance 
regarding the reliability of financial reporting and the preparation of financial statements in accordance with GAAP.

The effectiveness of the Company’s internal control over financial reporting as of December 27, 2020, has been 
audited by Ernst & Young LLP, the independent registered public accounting firm that also audited the consolidated 
financial statements of the Company included in this Annual Report on Form 10-K. Their report on the Company’s 
internal control over financial reporting is included on Page 59 in this Annual Report on Form 10-K.

P. 56 – THE NEW YORK TIMES COMPANY

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders of The New York Times Company 

Opinion on the Financial Statements 

We have audited the accompanying consolidated balance sheets of The New York Times Company (the 
Company) as of December 27, 2020 and December 29, 2019, and the related consolidated statements of operations, 
comprehensive income/(loss), changes in stockholders’ equity, and cash flows for each of the three fiscal years in the 
period ended December 27, 2020, and the related notes and the financial statement schedule listed at Item 15(A)(2) of 
The New York Times Company’s 2020 Annual Report on Form 10-K (collectively referred to as the “consolidated 
financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the 
financial position of The New York Times Company at December 27, 2020 and December 29, 2019, and the results of 
its operations and its cash flows for each of the three fiscal years in the period ended December 27, 2020, in 
conformity with U.S. generally accepted accounting principles. 

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board 

(United States) (PCAOB), The New York Times Company's internal control over financial reporting as of 
December 27, 2020, based on criteria established in Internal Control-Integrated Framework issued by the Committee 
of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated February 25, 2021 
expressed an unqualified opinion thereon.

Basis for Opinion 

These financial statements are the responsibility of The New York Times Company's management. Our 
responsibility is to express an opinion on The New York Times Company’s financial statements based on our audits. 
We are a public accounting firm registered with the PCAOB and are required to be independent with respect to The 
New York Times Company in accordance with the U.S. federal securities laws and the applicable rules and 
regulations of the Securities and Exchange Commission and the PCAOB. 

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we 
plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material 
misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of 
material misstatement of the financial statements, whether due to error or fraud, and performing procedures that 
respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and 
disclosures in the financial statements. Our audits also included evaluating the accounting principles used and 
significant estimates made by management, as well as evaluating the overall presentation of the financial statements. 
We believe that our audits provide a reasonable basis for our opinion. 

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the financial 

statements that was communicated or required to be communicated to the Audit Committee and that: (1) relates to 
accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, 
subjective or complex judgments. The communication of the critical audit matter does not alter in any way our 
opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical 
audit matter below, providing a separate opinion on the critical audit matter or on the account or disclosure to which 
it relates.

THE NEW YORK TIMES COMPANY – P. 57

 
Description of 
the Matter

Valuation of the pension benefit obligation
At December 27, 2020, the aggregate defined benefit pension obligation was $1,808 million 
which exceeded the fair value of pension plan assets of $1,585 million, resulting in an unfunded 
defined benefit pension obligation of $223 million. As discussed in Note 2, the Company makes 
significant subjective judgments about a number of actuarial assumptions, which include 
discount rates and the long-term return on plan assets.

Auditing management’s estimate of the defined benefit pension obligation involves especially 
challenging and complex judgments because of the highly subjective nature of the actuarial 
assumptions (e.g., discount rate and expected return on plan assets) used in the measurement of 
the defined benefit pension obligation and the impact small changes in these assumptions 
would have on the measurement of the defined benefit pension obligation and expense. 

How We 
Addressed the 
Matter in Our 
Audit

We obtained an understanding, evaluated the design, and tested the operating effectiveness of 
controls that address the risks of material misstatement relating to the measurement and 
valuation of the defined benefit pension obligation. Specifically, we tested controls over 
management’s review of the defined benefit pension obligation, the significant actuarial 
assumptions including the discount rate and long-term rate of return, and the data inputs 
provided to the actuary.

To test the defined benefit pension obligation, our audit procedures included, among others, 
evaluating the methodology used, the significant actuarial assumptions discussed above, and 
testing the underlying data used by the Company. We compared the actuarial assumptions used 
by management to historical trends and evaluated the change in the components of the defined 
benefit pension obligation from prior year due to the change in service cost, interest cost, 
actuarial gains and losses, benefit payments, contributions, settlement and other. In addition, we 
involved actuarial specialists to assist in evaluating the key assumptions. To evaluate the 
discount rate, we independently developed yield curves reflecting an independently selected 
subset of bonds.  In addition, we discounted the plans’ projected benefit cash outlays with 
independently developed yield curves and compared these results to the defined benefit 
pension obligation.  To evaluate the expected return on plan assets, we independently calculated 
a range of returns for each class of plan investments and based on the investment allocations 
compared the results to the Company’s selected long-term rate of return. 

/s/ Ernst & Young LLP

We have served as The New York Times Company’s auditor since 2007.

New York, New York

February 25, 2021 

P. 58 – THE NEW YORK TIMES COMPANY

 
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 

To the Board of Directors and Stockholders of The New York Times Company

Opinion on Internal Control over Financial Reporting 

We have audited The New York Times Company’s internal control over financial reporting as of 

December 27, 2020, based on criteria established in Internal Control - Integrated Framework issued by the Committee 
of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, The 
New York Times Company maintained, in all material respects, effective internal control over financial reporting as of 
December 27, 2020, based on the COSO criteria. 

We also have audited, in accordance with the standards of the Public Company Accounting Oversight 

Board (United States) (PCAOB), the accompanying consolidated balance sheets of The New York Times Company 
as of December 27, 2020 and December 29, 2019, and the related consolidated statements of operations, 
comprehensive income/(loss), changes in stockholders’ equity, and cash flows for each of the three fiscal years in 
the period ended December 27, 2020, and the related notes and the financial statement schedule listed at Item 
15(A)(2) and our report dated February 25, 2021 expressed an unqualified opinion thereon. 

Basis for Opinion 

The New York Times Company’s management is responsible for maintaining effective internal control over 
financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in 
the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to 
express an opinion on The New York Times Company’s internal control over financial reporting based on our audit. 
We are a public accounting firm registered with the PCAOB and are required to be independent with respect to The 
New York Times Company in accordance with the U.S. federal securities laws and the applicable rules and 
regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we 

plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial 
reporting was maintained in all material respects. 

Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk 

that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control 
based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. 
We believe that our audit provides a reasonable basis for our opinion. 

Definition and Limitations of Internal Control Over Financial Reporting 

A company’s internal control over financial reporting is a process designed 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. A company’s internal control over financial reporting 
includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, 
accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable 
assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with 
generally accepted accounting principles, and that receipts and expenditures of the company are being made only in 
accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance 
regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that 
could have a material effect on the financial statements. 

THE NEW YORK TIMES COMPANY – P. 59

Because of its inherent limitations, internal control over financial reporting may not prevent or detect 
misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that 
controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies 
or procedures may deteriorate. 

/s/ Ernst & Young LLP

New York, New York

February 25, 2021 

P. 60 – THE NEW YORK TIMES COMPANY

CONSOLIDATED BALANCE SHEETS

(In thousands)

Assets

Current assets

Cash and cash equivalents

Short-term marketable securities

Accounts receivable (net of allowances of $13,797 in 2020 and $14,358 in 2019)

Prepaid expenses

Other current assets

Total current assets

Long-term marketable securities

Property, plant and equipment:

Equipment

Buildings, building equipment and improvements

Software

Land

Assets in progress

Total, at cost

Less: accumulated depreciation and amortization

Property, plant and equipment, net

Goodwill

Deferred income taxes

Miscellaneous assets

Total assets

See Notes to the Consolidated Financial Statements.

December 27, 
2020

December 29, 
2019

$ 

286,079 

$ 

230,431 

309,080 

201,785 

183,692 

213,402 

29,487 

27,497 

29,089 

42,124 

835,835 

716,831 

286,831 

251,696 

470,505 

498,299 

722,122 

718,194 

173,046 

237,326 

105,710 

105,710 

9,282 

18,473 

1,480,665 

1,578,002 

(886,149) 

(950,881) 

594,516 

627,121 

171,657 

138,674 

99,518 

115,229 

319,332 

239,587 

$ 

2,307,689 

$ 

2,089,138 

THE NEW YORK TIMES COMPANY – P. 61

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED BALANCE SHEETS — continued

(In thousands, except share and per share data)

Liabilities and stockholders’ equity

Current liabilities

Accounts payable

Accrued payroll and other related liabilities

Unexpired subscriptions revenue

Accrued expenses and other

Total current liabilities

Other liabilities

Pension benefits obligation

Postretirement benefits obligation

Other

Total other liabilities

Stockholders’ equity

Common stock of $.10 par value:

December 27, 
2020

December 29, 
2019

$ 

123,157 

$ 

116,571 

121,159 

108,865 

105,346 

88,419 

137,086 

123,840 

486,748 

437,695 

326,555 

313,655 

38,690 

37,688 

127,585 

126,237 

492,830 

477,580 

Class A – authorized: 300,000,000 shares; issued: 2020 – 175,308,672; 2019 – 174,242,668 (including 
treasury shares: 2020 – 8,870,801; 2019 – 8,870,801)

17,531 

17,424 

Class B – convertible – authorized and issued shares: 2020 – 781,724; 2019 – 803,404 (including 
treasury shares: 2020 – none; 2019 – none)

Additional paid-in capital

Retained earnings

Common stock held in treasury, at cost

Accumulated other comprehensive loss, net of income taxes:

Foreign currency translation adjustments

Funded status of benefit plans

Unrealized gain on available-for-sale securities

Total accumulated other comprehensive loss, net of income taxes

Total New York Times Company stockholders’ equity

Noncontrolling interest

Total stockholders’ equity

78 

80 

216,714 

208,028 

1,672,586 

1,612,658 

(171,211) 

(171,211) 

8,386 

3,438 

(421,698) 

(498,986) 

3,131 

572 

(410,181) 

(494,976) 

1,325,517 

1,172,003 

2,594 

1,860 

1,328,111 

1,173,863 

Total liabilities and stockholders’ equity

$ 

2,307,689 

$ 

2,089,138 

See Notes to the Consolidated Financial Statements.

P. 62 – THE NEW YORK TIMES COMPANY

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands)

Revenues

Subscription

Advertising

Other

Total revenues

Operating costs

Cost of revenue (excluding depreciation and amortization)

Sales and marketing

Product development

General and administrative

Depreciation and amortization

Total operating costs

Headquarters redesign and consolidation

Restructuring charge

Gain from pension liability adjustment

Operating profit

Other components of net periodic benefit costs

Gain from joint ventures

Interest income/(expense) and other, net

Income from continuing operations before income taxes

Income tax expense

Net income

Years Ended

December 27, 
2020

December 29, 
2019

December 30, 
2018

$ 

1,195,368 

$ 

1,083,851 

$ 

1,042,571 

392,420 

195,851 

530,678 

197,655 

558,253 

147,774 

1,783,639 

1,812,184 

1,748,598 

960,222 

229,040 

132,428 

223,557 

62,136 

989,029 

272,657 

105,514 

206,778 

60,661 

947,884 

271,164 

84,098 

196,621 

59,011 

1,607,383 

1,634,639 

1,558,778 

— 

— 

— 

— 

4,008 

(2,045) 

4,504 

— 

(4,851) 

176,256 

175,582 

190,167 

89,154 

5,000 

23,330 

115,432 

14,595 

100,837 

7,302 

— 

8,274 

10,764 

(3,820) 

(16,566) 

164,460 

24,494 

139,966 

176,091 

48,631 

127,460 

Net income attributable to the noncontrolling interest

(734) 

— 

(1,776) 

Net income attributable to The New York Times Company common stockholders

$ 

100,103 

$ 

139,966 

$ 

125,684 

Amounts attributable to The New York Times Company common stockholders:

Income from continuing operations

Net income

See Notes to the Consolidated Financial Statements.

$ 

$ 

100,103 

100,103 

$ 

$ 

139,966 

139,966 

$ 

$ 

125,684 

125,684 

THE NEW YORK TIMES COMPANY – P. 63

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED STATEMENTS OF OPERATIONS — continued

(In thousands, except per share data)

Average number of common shares outstanding:

Basic

Diluted

Basic earnings per share attributable to The New York Times Company common 
stockholders:

Income from continuing operations

Net income

Diluted earnings per share attributable to The New York Times Company common 
stockholders:

Income from continuing operations

Net income

Dividends declared per share

See Notes to the Consolidated Financial Statements.

Years Ended

December 27, 
2020

December 29, 
2019

December 30, 
2018

166,973 

168,038 

166,042 

167,545 

164,845 

166,939 

$ 

$ 

$ 

$ 

$ 

0.60  $ 

0.60  $ 

0.84  $ 

0.84  $ 

0.60  $ 

0.60  $ 

0.24  $ 

0.83  $ 

0.83  $ 

0.20  $ 

0.76 

0.76 

0.75 

0.75 

0.16 

P. 64 – THE NEW YORK TIMES COMPANY

 
 
 
 
 
 
 
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)

(In thousands)

Net income

Other comprehensive income/(loss), before tax:

Years Ended

December 27, 
2020

December 29, 
2019

December 30, 
2018

$ 

100,837 

$ 

139,966 

$ 

127,460 

Foreign currency translation adjustments-income/(loss)

6,763 

(1,684) 

(4,368) 

Pension and postretirement benefits obligation

Net unrealized gain/(loss) on available-for-sale securities

Other comprehensive income/(loss), before tax

Income tax expense/(benefit)

Other comprehensive income/(loss), net of tax

105,660 

3,497 

115,920 

31,125 

84,795 

28,987 

3,624 

30,927 

8,179 

22,748 

3,910 

(300) 

(758) 

(198) 

(560) 

Comprehensive income

185,632 

162,714 

126,900 

Comprehensive income attributable to the noncontrolling interest

(734) 

— 

(1,776) 

Comprehensive income attributable to The New York Times Company common 
stockholders

$ 

184,898 

$ 

162,714 

$ 

125,124 

See Notes to the Consolidated Financial Statements.

THE NEW YORK TIMES COMPANY – P. 65

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(In thousands,
except share and
per 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 31, 2017

$  17,108  $  164,275  $ 1,310,136  $ (171,211) $ 

(423,029)  $ 

897,279  $ 

84  $  897,363 

Impact of adopting new 
accounting guidance

Net income

Dividends

Other comprehensive income

Issuance of shares:

Stock options – 2,327,046 
Class A shares

Restricted stock units vested – 
282,723 Class A shares

Performance-based awards – 
271,841 Class A shares

Stock-based compensation

—   

—   

—   

—   

—   

96,707   

—    125,684   

—   

—   

(26,523)   

—   

233   

41,055   

28   

(4,619)   

27   

—   

(5,930)   

11,535   

—   

—   

—   

—   

—   

—   

—   

—   

—   

—   

—   

—   

(94,135)   

2,572   

—   

2,572 

—   

—   

(560)   

125,684   

1,776    127,460 

(26,523)   

—   

(26,523) 

(560)   

—   

(560) 

—   

—   

—   

—   

41,288   

—   

41,288 

(4,591)   

—   

(4,591) 

(5,903)   

11,535   

—   

—   

(5,903) 

11,535 

Balance, December 30, 2018

17,396    206,316    1,506,004    (171,211)   

(517,724)   

1,040,781   

1,860    1,042,641 

Net income

Dividends

Other comprehensive loss

Issuance of shares:

Stock options – 419,160 
Class A shares

Restricted stock units vested – 
246,599 Class A shares

Performance-based awards – 
418,491 Class A shares

Stock-based compensation

—   

—   

—   

—    139,966   

—   

—   

(33,312)   

—   

42   

4,478   

24   

(3,750)   

42   

(11,964)   

—   

12,948   

—   

—   

—   

—   

—   

—   

—   

—   

—   

—   

—   

—   

—   

22,748   

139,966   

—    139,966 

(33,312)   

22,748   

—   

(33,312) 

—   

22,748 

—   

—   

—   

—   

4,520   

—   

4,520 

(3,726)   

—   

(3,726) 

(11,922)   

12,948   

—   

(11,922) 

—   

12,948 

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

Dividends

Other comprehensive income

Issuance of shares:

Stock options – 644,268 
Class A shares

Restricted stock units vested – 
142,958 Class A shares

Performance-based awards – 
257,098 Class A shares

Stock-based compensation

—   

—   

—   

—    100,103   

—   

(40,175)   

—   

—   

65   

6,006   

14   

(3,933)   

26   

(7,852)   

—   

14,465   

—   

—   

—   

—   

—   

—   

—   

—   

—   

—   

—   

—   

—   

100,103   

734    100,837 

(40,175)   

—   

(40,175) 

84,795   

84,795   

—   

84,795 

—   

—   

—   

—   

6,071   

—   

6,071 

(3,919)   

—   

(3,919) 

(7,826)   

14,465   

—   

(7,826) 

—   

14,465 

Balance, December 27, 2020

$  17,609  $  216,714  $ 1,672,586  $ (171,211) $ 

(410,181)  $ 

1,325,517  $ 

2,594  $ 1,328,111 

See Notes to the Consolidated Financial Statements.

P. 66 – THE NEW YORK TIMES COMPANY

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

Cash flows from operating activities

Net income

Adjustments to reconcile net income to net cash provided by operating activities:

December 27, 
2020

Years Ended
December 29, 
2019

December 30, 
2018

$ 

100,837 

$ 

139,966 

$ 

127,460 

Pension settlement expense

Depreciation and amortization

Amortization of right of use asset

Stock-based compensation expense

Gain from joint ventures

Deferred income taxes

Gain on non-marketable equity investment

Long-term retirement benefit obligations

Fair market value adjustment on life insurance products

Uncertain tax positions

Other – net

Changes in operating assets and liabilities:

Accounts receivable – net

Other current assets

Accounts payable, accrued payroll and other liabilities

Unexpired subscriptions

Net cash provided by operating activities

Cash flows from investing activities

Purchases of marketable securities

Maturities/disposals of marketable securities

Business acquisitions

Proceeds from investments

Capital expenditures

Other - net

Net cash (used) in/provided by investing activities

Cash flows from financing activities

Long-term obligations:

Repayment of debt and capital lease obligations

Dividends paid

Payment of contingent consideration

Capital shares:

Stock issuances

Share-based compensation tax withholding

Net cash (used) in/provided by financing activities

Net increase/(decrease) in cash, cash equivalents and restricted cash

Effect of exchange rate changes on cash, cash equivalents and restricted cash

Cash, cash equivalents and restricted cash at the beginning of the year

80,641 

62,136 

8,568 

14,437 

(5,000) 

(16,043) 

(10,074) 

(17,166) 

(578) 

— 

62 

29,710 

8,960 

24,516 

16,927 

297,933 

(632,364) 

491,128 

(33,085) 

6,841 

(34,451) 

2,851 

(199,080) 

— 

(38,437) 

(862) 

6,071 

(11,745) 

(44,973) 

53,880 

566 

247,518 

— 

60,661 

7,384 

12,948 

— 

4,242 

(1,886) 

(22,914) 

(3,461) 

(4,627) 

700 

9,062 

(3,355) 

(13,197) 

4,375 

189,898 

(572,337) 

707,632 

— 

85 

(45,441) 

3,273 

93,212 

(252,559) 

(31,604) 

— 

4,520 

(15,648) 

(295,291) 

(12,181) 

(100) 

— 

59,011 

— 

12,959 

(10,764) 

4,047 

— 

(46,877) 

821 

(138) 

456 

(37,579) 

18,241 

20,490 

8,990 

157,117 

(470,493) 

434,012 

— 

12,447 

(77,487) 

426 

(101,095) 

(552) 

(26,418) 

— 

41,288 

(10,494) 

3,824 

59,846 

(983) 

259,799 

200,936 

Cash, cash equivalents and restricted cash at the end of the year

$ 

301,964 

$ 

247,518 

$ 

259,799 

See Notes to the Consolidated Financial Statements. 

THE NEW YORK TIMES COMPANY – P. 67

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SUPPLEMENTAL DISCLOSURES TO CONSOLIDATED STATEMENTS OF CASH FLOWS

Cash Flow Information

(In thousands)

Cash payments

Interest, net of capitalized interest

Income tax payments/(refunds) – net

See Notes to the Consolidated Financial Statements.

Years Ended

December 27, 
2020

December 29, 
2019

December 30, 
2018

$ 

$ 

508 

24,382 

$ 

$ 

28,049 

30,407 

$ 

$ 

28,133 

(1,070) 

P. 68 – THE NEW YORK TIMES COMPANY

 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

1. Basis of Presentation

Nature of Operations

The New York Times Company is a global media organization that includes our newspaper, digital and print 

products and related businesses. The New York Times Company and its consolidated subsidiaries are referred to 
collectively as the “Company,” “we,” “our” and “us.” Our major sources of revenue are subscriptions and 
advertising.

Principles of Consolidation

The accompanying Consolidated Financial Statements have been prepared in accordance with generally 
accepted accounting principles in the United States of America (“GAAP”) and include the accounts of our Company 
and our wholly and majority-owned subsidiaries after elimination of all significant intercompany transactions.

The portion of the net income or loss and equity of a subsidiary attributable to the owners of a subsidiary other 
than the Company (a noncontrolling interest) is included as a component of consolidated stockholders‘ equity in our 
Consolidated Balance Sheets, within net income or loss in our Consolidated Statements of Operations, within 
comprehensive income or loss in our Consolidated Statements of Comprehensive Income/(Loss) and as a component 
of consolidated stockholders’ equity in our Consolidated Statements of Changes in Stockholders’ Equity.

Reclassification

The Company changed the expense captions on its Consolidated Statement of Operations effective for the 
quarter ended March 29, 2020. These changes were made in order to reflect how the Company manages its business 
and to communicate where the Company is investing resources and how this aligns with the Company’s strategy. 
The Company reclassified expenses for the prior periods in order to present comparable financial results. There was 
no change to consolidated operating income, total operating costs, net income or cash flows as a result of this change 
in classification. See Note 19 for more detail.

Use of Estimates 

The preparation of financial statements in conformity with GAAP requires management to make estimates and 

assumptions that affect the amounts reported in our Consolidated Financial Statements. Actual results could differ 
from these estimates.

Fiscal Year

Our fiscal year end is the last Sunday in December. Fiscal years 2020, 2019 and 2018  each comprised 52 weeks. 

Our fiscal years ended as of December 27, 2020, December 29, 2019, and December 30, 2018, respectively. 

2. Summary of Significant Accounting Policies

Cash and Cash Equivalents

We consider all highly liquid debt instruments with original maturities of three months or less to be cash 

equivalents. 

Marketable Securities

We have investments in marketable debt securities. We determine the appropriate classification of our 

investments at the date of purchase and reevaluate the classifications at the balance sheet date. Marketable debt 
securities with maturities of 12 months or less are classified as short-term. Marketable debt securities with maturities 
greater than 12 months are classified as long-term. The Company’s marketable securities are accounted for as 
available for sale (“AFS”).

AFS securities are reported at fair value. We assess AFS securities on a quarterly basis or more often if a 
potential loss-triggering event occurs. For AFS securities in an unrealized loss position, we first assess whether we 
intend to sell, or if it is more likely than not that we will be required to sell the security before recovery of its 
amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized 
cost basis is written down to fair value through income. For AFS securities that do not meet the aforementioned 
criteria, we evaluate whether the decline in fair value has resulted from credit losses or other factors. In making this 

THE NEW YORK TIMES COMPANY – P. 69

assessment, we consider the extent to which fair value is less than amortized cost, creditworthiness of the security, 
and adverse conditions specifically related to the security. If this assessment indicates that a credit loss exists, the 
present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the 
security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss 
exists and an allowance for credit losses is recorded, limited by the amount that the fair value is less than the 
amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized 
in other comprehensive income.

Concentration of Risk

Financial instruments, which potentially subject us to concentration of risk, are cash and cash equivalents and 

marketable securities. Cash is placed with major financial institutions. As of December 27, 2020, we had cash balances 
at financial institutions in excess of federal insurance limits. We periodically evaluate the credit standing of these 
financial institutions as part of our ongoing investment strategy.

Our marketable securities portfolio consists of investment-grade securities diversified among security types, 

issuers and industries. Our cash equivalents and marketable securities are primarily managed by third-party 
investment managers who are required to adhere to investment policies approved by our Board of Directors designed 
to mitigate risk.

Accounts Receivable

Credit is extended to our advertisers and our subscribers based upon an evaluation of the customer’s financial 

condition, and collateral is not required from such customers. Allowances for estimated credit losses, rebates, returns, 
rate adjustments and discounts are generally established based on historical experience and include consideration of 
relevant significant current events, reasonable and supportable forecasts and their implications for expected credit 
losses.

Inventories

Inventories are included within Other current assets of the Consolidated Balance Sheets. Inventories are stated at 
the lower of cost or net realizable value. Inventory cost is generally based on the last-in, first-out (“LIFO”) method for 
newsprint and other paper grades and the first-in, first-out (“FIFO”) method for other inventories.

Investments

Investments in which we have at least a 20%, but not more than a 50%, interest are generally accounted for 

under the equity method. We elected the fair value measurement alternative for our investment interests below 20% 
and account for these investments at cost less impairments, adjusted by observable price changes in orderly 
transactions for the identical or similar investments of the same issuer given our equity instruments are without 
readily determinable fair values. 

We evaluate whether there has been an impairment of our investments annually or in an interim period if 

circumstances indicate that a possible impairment may exist.

Property, Plant and Equipment

Property, plant and equipment are stated at cost. Depreciation is computed by the straight-line method over the 

shorter of estimated asset service lives or lease terms as follows: buildings, building equipment and improvements – 
10 to 40 years; equipment – 3 to 30 years; and software – 3 to 5 years. We capitalize interest costs and certain staffing 
costs as part of the cost of major projects.

We evaluate whether there has been an impairment of long-lived assets, primarily property, plant and 
equipment, if certain circumstances indicate that a possible impairment may exist. These assets are tested for 
impairment at the asset group level associated with the lowest level of cash flows. An impairment exists if the 
carrying value of the asset (i) is not recoverable (the carrying value of the asset is greater than the sum of 
undiscounted cash flows) and (ii) is greater than its fair value. 

P. 70 – THE NEW YORK TIMES COMPANY

Leases

Lessee activities

We enter into operating leases for office space and equipment. We determine if an arrangement is a lease at 
inception. Certain office space leases provide for rent adjustments relating to changes in real estate taxes and other 
operating costs. Options to extend the term of operating leases are not recognized as part of the right-of-use asset 
until we are reasonably certain that the option will be exercised. We may terminate our leases with the notice 
required under the lease and upon the payment of a termination fee, if required. Our leases do not include substantial 
variable payments based on index or rate.

Our leases do not provide a readily determinable implicit discount rate. Therefore, we estimate our incremental 

borrowing rate to discount the lease payments based on the information available at lease commencement.

We recognize a single lease cost on a straight-line basis over the term of the lease and we classify all cash 
payments within operating activities in the statement of cash flows. Our lease agreements do not contain any material 
residual value guarantees or material restrictive covenants.

We evaluate right-of-use assets for impairment consistent with our property, plant and equipment policy. There 

were no impairments of right-of-use assets in 2020.

Lessor activities

Our leases to third parties predominantly relate to office space in our New York headquarters building located 

at 620 Eighth Avenue, New York, New York (the “Company Headquarters”). We determine if an arrangement is a 
lease at inception. Office space leases are operating leases and generally include options to extend the term of the 
lease. Our leases do not include variable payments based on index or rate. We do not separate the lease and non-lease 
components in a contract. The non-lease components predominantly include charges for utilities usage and other 
operating expenses estimated based on the proportionate share of the rental space of each lease.

For our office space operating leases, we recognize rental revenue on a straight-line basis over the term of the 

lease and we classify all cash payments within operating activities in the statement of cash flows. 

Residual value risk is not a primary risk resulting from our office space operating leases because of the long-

lived nature of the underlying real estate assets, which generally hold their value or appreciate in the long term.

We evaluate assets leased to third parties for impairment consistent with our property, plant and equipment 

policy. There were no impairments of assets leased to third parties in 2020.

Goodwill and Intangibles

Goodwill is the excess of cost over the fair value of tangible and intangible net assets acquired. Goodwill is not 

amortized but tested for impairment annually or in an interim period if certain circumstances indicate a possible 
impairment may exist. Our annual impairment testing date is the first day of our fiscal fourth quarter. 

We test goodwill for impairment at a reporting unit level. We first perform a qualitative assessment to 
determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. The 
qualitative assessment includes, but is not limited to, the results of our most recent quantitative impairment test, 
consideration of industry, market and macroeconomic conditions, cost factors, cash flows, changes in key 
management personnel and our share price. The result of this assessment determines whether it is necessary to 
perform the goodwill impairment test (formerly “Step 1”). For the 2020 annual impairment testing, based on our 
qualitative assessment, we concluded that goodwill is not impaired.

If we determine that it is more likely than not that the fair value of a reporting unit is less than its carrying 

value, we compare the fair value of a reporting unit with its carrying amount, including goodwill. Fair value is 
calculated by a combination of a discounted cash flow model and a market approach model. In calculating fair value 
for a reporting unit, we generally weigh the results of the discounted cash flow model more heavily than the market 
approach because the discounted cash flow model is specific to our business and long-term projections. If the fair 
value of a reporting unit exceeds its carrying amount, goodwill of that reporting unit is not considered impaired. If 
the carrying amount of a reporting unit exceeds its fair value, an impairment loss would be recognized in an amount 
equal to that excess, limited to the total amount of goodwill allocated to that reporting unit.

THE NEW YORK TIMES COMPANY – P. 71

Intangible assets that are not amortized (i.e., trade names) are tested for impairment at the asset level by 
comparing the fair value of the asset with its carrying amount. If the fair value, which is based on future cash flows, 
exceeds the carrying value, the asset is not considered impaired. If the carrying amount exceeds the fair value, an 
impairment loss would be recognized in an amount equal to the excess of the carrying amount of the asset over the 
fair value of the asset. We recognized a de minimis impairment in 2020 and 2019 related to the closure of HelloSociety 
and Fake Love digital marketing agencies.

Intangible assets that are amortized (i.e., customer lists, non-competes, etc.) are tested for impairment at the 

asset level associated with the lowest level of cash flows. An impairment exists if the carrying value of the asset (1) is 
not recoverable (the carrying value of the asset is greater than the sum of undiscounted cash flows) and (2) is greater 
than its fair value.

The discounted cash flow analysis requires us to make various judgments, estimates and assumptions, many of 

which are interdependent, about future revenues, operating margins, growth rates, capital expenditures, working 
capital, discount rates and royalty rates. The starting point for the assumptions used in our discounted cash flow 
analysis is the annual long-range financial forecast. The annual planning process that we undertake to prepare the 
long-range financial forecast takes into consideration a multitude of factors, including historical growth rates and 
operating performance, related industry trends, macroeconomic conditions, and marketplace data, among others. 
Assumptions are also made for perpetual growth rates for periods beyond the long-range financial forecast period. 
Our estimates of fair value are sensitive to changes in all of these variables, certain of which relate to broader 
macroeconomic conditions outside our control.

The market approach analysis includes applying a multiple, based on comparable market transactions, to 

certain operating metrics of a reporting unit.

The significant estimates and assumptions used by management in assessing the recoverability of goodwill 

acquired and intangibles are estimated future cash flows, discount rates, growth rates, as well as other factors. Any 
changes in these estimates or assumptions could result in an impairment charge. The estimates, based on reasonable 
and supportable assumptions and projections, require management’s subjective judgment. Depending on the 
assumptions and estimates used, the estimated results of the impairment tests can vary within a range of outcomes.

In addition to annual testing, management uses certain indicators to evaluate whether the carrying value of a 

reporting unit or intangibles may not be recoverable and an interim impairment test may be required. These 
indicators include: (1) current-period operating results or cash flow declines combined with a history of operating 
results or cash flow declines or a projection/forecast that demonstrates continuing declines in the cash flow or the 
inability to improve our operations to forecasted levels; (2) a significant adverse change in the business climate, 
whether structural or technological; (3) significant impairments; and (4) a decline in our stock price and market 
capitalization. 

Self-Insurance

We self-insure for workers’ compensation costs, automobile and general liability claims, up to certain 
deductible limits, as well as for certain employee medical and disability benefits. Employee medical costs above a 
certain threshold are insured by a third party. The recorded liabilities for self-insured risks are primarily calculated 
using actuarial methods. The liabilities include amounts for actual claims, claim growth and claims incurred but not 
yet reported. The recorded liabilities for self-insured risks were approximately $23 million and $25 million as of 
December 27, 2020, and December 29, 2019, respectively.

P. 72 – THE NEW YORK TIMES COMPANY

Pension and Other Postretirement Benefits

Our single-employer pension and other postretirement benefit costs are accounted for using actuarial 

valuations. We recognize the funded status of these plans – measured as the difference between plan assets, if funded, 
and the benefit obligation – on the balance sheet and recognize changes in the funded status that arise during the 
period but are not recognized as components of net periodic pension cost, within other comprehensive income/(loss), 
net of income taxes. The service cost component of net periodic pension cost is recognized in Total operating costs 
while the other components are recognized within Other components of net periodic benefit costs in our Consolidated 
Statements of Operations below Operating profit.

The assets related to our funded pension plans are measured at fair value.

We make significant subjective judgments about a number of actuarial assumptions, which include discount 

rates, health-care cost trend rates, long-term return on plan assets and mortality rates. Depending on the assumptions 
and estimates used, the impact from our pension and other postretirement benefits could vary within a range of 
outcomes and could have a material effect on our Consolidated Financial Statements.

We have elected the practical expedient to use the month-end that is closest to our fiscal year-end for measuring 

the single-employer pension plan assets and obligations, as well as other postretirement benefit plan assets and 
obligations. 

We also recognize the present value of pension liabilities associated with the withdrawal from multiemployer 

pension plans. We record liabilities for obligations related to complete, partial and estimated withdrawals from 
multiemployer pension plans. The actual liability for estimated withdrawals is not known until each plan completes a 
final assessment of the withdrawal liability and issues a demand to us. Therefore, we adjust the estimate of our 
multiemployer pension plan liability as more information becomes available that allows us to refine our estimates.

See Notes 9 and 10 for additional information regarding pension and other postretirement benefits.

Revenue Recognition 

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 
(previously Crossword), 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. The majority of our advertising revenue is 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 revenues are 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 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; Wirecutter, our 
review and recommendation product; and classified advertising. 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 Company Headquarters, commercial printing, television and film, retail commerce and our live events 
business.

Revenue is recognized when a performance obligation is satisfied by transferring a promised good or service to 

a customer. A good or service is considered transferred when the customer obtains control, which is when the 
customer has the ability to direct the use of and/or obtain substantially all of the benefits of an asset.

Proceeds from subscription revenues are deferred at the time of sale and are recognized on a pro rata basis over 

the terms of the subscriptions. Payment is typically due upfront and the revenue is recognized ratably over the 

THE NEW YORK TIMES COMPANY – P. 73

subscription period. The deferred proceeds are recorded within Unexpired subscriptions revenue in the Consolidated 
Balance Sheet. Single-copy revenue is recognized based on date of publication, net of provisions for related returns. 
Payment for single-copy sales is typically due upon complete satisfaction of our performance obligations. The 
Company does not have significant financing components or significant payment terms as we only offer industry 
standard payment terms to our customers.

When our subscriptions are sold through third parties, we are a principal in the transaction and, therefore, 
revenues and related costs to third parties for these sales are reported on a gross basis. We are considered a principal 
if we control a promised good or service before transferring that good or service to the customer. The Company 
considers several factors to determine if it controls the good and therefore is the principal. These factors include: (1) if 
we have primary responsibility for fulfilling the promise; (2) if we have inventory risk before the goods or services are 
transferred to the customer or after the transfer of control to the customer; and (3) if we have discretion in establishing 
price for the specified good or service.

Advertising revenues are recognized when advertisements are published in newspapers or placed on digital 

platforms or, with respect to certain digital advertising, each time a user clicks on certain advertisements, net of 
provisions for estimated rebates and rate adjustments. Creative services fees, including those associated with our 
branded content studio, are recognized as revenue based on the nature of the services provided.

We recognize a rebate obligation as a reduction of revenues, based on the amount of estimated rebates that will 
be earned, related to the underlying revenue transactions during the period. Measurement of the rebate obligation is 
estimated based on the historical experience of the number of customers that ultimately earn and use the rebate. We 
recognize an obligation for rate adjustments as a reduction of revenues, based on the amount of estimated post-billing 
adjustments that will be claimed. Measurement of the rate adjustment reserve is estimated based on historical 
experience of credits actually issued.

Payment for advertising is due upon complete satisfaction of our performance obligations. The Company has a 
formal credit checking policy, procedures and controls in place that evaluate collectability prior to ad publication. Our 
advertising contracts do not include a significant financing component.

Other revenues are recognized when the delivery occurs, services are rendered or purchases are made. 

Performance Obligations

Our contracts with customers may include multiple performance obligations. For such arrangements, we 

allocate revenue to each performance obligation based on its relative standalone selling price.

In the case of our digital archive licensing contracts, the transaction price was allocated among the performance 
obligations, which consist of (i) the archival content and (ii) the updated content, based on the Company’s estimate of 
the standalone selling price of each of the performance obligations, as they are currently not sold separately.

In the case of our advertising contracts, we may have performance obligations for future services that have not 

been recognized in our financial statements. The performance obligations are satisfied over time with revenue 
recognized ratably over the contract term as the advertising services are provided to the customer.

Contract Assets

We record revenue from performance obligations when performance obligations are satisfied. For our digital 

archiving licensing revenue, we record revenue related to the portion of performance obligation (i) satisfied at the 
commencement of the contract when the customer obtains control of the archival content or (ii) when the updated 
content is transferred. We receive payments from customers based upon contractual billing schedules. As the transfer 
of control represents a right to the contract consideration, we record a contract asset in Other current assets for short-
term contract assets and Miscellaneous assets for long-term contract assets on the Consolidated Balance Sheet for any 
amounts not yet invoiced to the customer. The contract asset is reclassified to Accounts receivable when the customer is 
invoiced based on the contractual billing schedule.

Significant Judgments

Our contracts with customers sometimes include promises to transfer multiple products and services to a 
customer. Determining whether products and services are considered distinct performance obligations that should be 
accounted for separately versus together may require significant judgment. We use an observable price to determine 
the standalone selling price for separate performance obligations if available or, when not available, an estimate that 

P. 74 – THE NEW YORK TIMES COMPANY

maximizes the use of observable inputs and faithfully depicts the selling price of the promised goods or services if we 
sold those goods or services separately to a similar customer in similar circumstances.

Practical Expedients and Exemptions

We expense the cost to obtain or fulfill a contract as incurred because the amortization period of the asset that 

the entity otherwise would have recognized is one year or less. We also apply the practical expedient for the 
significant financing component when the difference between the payment and the transfer of the products and 
services is a year or less.

Income Taxes

Income taxes are recognized for the following: (1) the amount of taxes payable for the current year; and (2) 

deferred tax assets and liabilities for the future tax consequences of events that have been recognized differently in 
the financial statements than for tax purposes. Deferred tax assets and liabilities are established using statutory tax 
rates and are adjusted for tax rate changes in the period of enactment.

We assess whether our deferred tax assets should be reduced by a valuation allowance if it is more likely than 

not that some portion or all of the deferred tax assets will not be realized. Our process includes collecting positive 
(i.e., sources of taxable income) and negative (i.e., recent historical losses) evidence and assessing, based on the 
evidence, whether it is more likely than not that the deferred tax assets will not be realized.

We release tax effects from accumulated other comprehensive income/(loss) for pension and other 

postretirement benefits on a plan by plan approach.

We recognize in our financial statements the impact of a tax position if that tax position is more likely than not 

of being sustained on audit, based on the technical merits of the tax position. This involves the identification of 
potential uncertain tax positions, the evaluation of tax law and an assessment of whether a liability for uncertain tax 
positions is necessary. Different conclusions reached in this assessment can have a material impact on our 
Consolidated Financial Statements.

We operate within multiple taxing jurisdictions and are subject to audit in these jurisdictions. These audits can 

involve complex issues, which could require an extended period of time to resolve. Until formal resolutions are 
reached between us and the taxing authorities, determining the timing and amount of possible audit settlements 
relating to uncertain tax positions is not practicable. 

Stock-Based Compensation

We establish fair value based on market data for our stock-based awards to determine our cost and recognize 

the related expense over the appropriate vesting period. We recognize stock-based compensation expense for 
outstanding stock-settled long-term performance awards and restricted stock units, net of estimated forfeitures. See 
Note 14 for additional information related to stock-based compensation expense. 

Earnings/(Loss) Per Share

As the Company has participating securities, GAAP requires to use the two-class method of computing 
earnings per share. The two-class method is an earnings allocation method for computing earnings/(loss) per share 
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/(loss) 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. 

Basic earnings/(loss) per share is calculated by dividing net earnings/(loss) available to common stockholders 
by the weighted-average common stock outstanding. Diluted earnings/(loss) per share is calculated similarly, except 
that it includes the dilutive effect of the assumed exercise of securities and the effect of shares issuable under our 
Company’s stock-based incentive plans if such effect is dilutive.

Foreign Currency Translation

The assets and liabilities of foreign companies are translated at period-end exchange rates. Results of operations 

are translated at average rates of exchange in effect during the year. The resulting translation adjustment is included 
as a separate component in the Stockholders’ Equity section of our Consolidated Balance Sheets, in the caption 
Accumulated other comprehensive loss, net of income taxes.

THE NEW YORK TIMES COMPANY – P. 75

Recently Adopted Accounting Pronouncements

Accounting 
Standard 
Update(s)

2018-14

Topic

Effective Period

Summary

Compensation—
Retirement 
Benefits—
Defined Benefit 
Plans—General

Fiscal years ending 
after December 15, 
2020, and interim 
periods within those 
fiscal years. Early 
adoption is permitted.

Modifies  the  disclosure  requirements  for  employers  that  sponsor  defined 
benefit  pension  or  other  postretirement  benefit  plans.  The  guidance  removes 
disclosures,  clarifies  the  specific  requirements  of  disclosures  and  adds  disclosure 
requirements  identified  as  relevant.  The  Company  adopted  this  ASU  on  a 
retrospective  basis  on  December  27,  2020.  The  adoption  did  not  have  a  material 
impact on the Company’s disclosures.

2018-15

Intangibles—
Goodwill and 
Other—Internal-
Use Software

Fiscal years beginning 
after December 15, 
2019, and interim 
periods within those 
fiscal years. Early 
adoption is permitted.

2018-13

Fair Value 
Measurement 
(Topic 820) 
Disclosure 
Framework

Fiscal years beginning 
after December 15, 
2019, and interim 
periods within those 
fiscal years. Early 
adoption is permitted.

Clarifies  the  accounting  for  implementation  costs  in  cloud  computing 
arrangements.  The  standard  provides  that  implementation  costs  be  evaluated  for 
capitalization  using  the  same  criteria  as  that  used  for  internal-use  software 
development  costs,  with  amortization  expense  being  recorded  in  the  same  income 
statement  expense  line  as  the  hosted  service  costs  and  over  the  expected  term  of 
the  hosting  arrangement.  The  Company  adopted  this  ASU  prospectively  on 
December 30, 2019, and includes capitalized implementation costs in Miscellaneous 
assets  in  the  Company’s  Consolidated  Balance  Sheet  and  within  Total  operating 
costs  in  the  Consolidated  Statement  of  Operations.  The  adoption  did  not  have  a 
material impact on the Company’s consolidated financial statements.

Modifies  the  disclosure  requirements  on  fair  value  measurements.  The 
amendments  of  disclosures  related  to  changes  in  unrealized  gains  and  losses,  the 
range  and  weighted  average  of  significant  unobservable  inputs  used  to  develop 
Level  3  fair  value  measurements,  and  the  narrative  description  of  measurement 
uncertainty  should  be  applied  prospectively  for  only  the  most  recent  interim  or 
annual period presented in the initial fiscal year of adoption. All other amendments 
should be applied retrospectively to all periods presented upon their effective date. 
The Company adopted this ASU on December 30, 2019. The adoption did not have 
a material impact on the Company’s disclosures.

2016-13
2018-19
2019-04

Financial 
Instruments—
Credit Losses

Fiscal years beginning 
after December 15, 
2019, and interim 
periods within those 
fiscal years. Early 
adoption is permitted for 
fiscal years beginning 
after December 15, 
2018, and interim 
periods within those 
fiscal years.

Amends  guidance  on  reporting  credit  losses  for  assets,  including  trade 
receivables,  available-for-sale  marketable  securities  and  any  other  financial  assets 
not  excluded  from  the  scope  that  have  the  contractual  right  to  receive  cash.  For 
trade receivables, ASU 2016-13 eliminates the probable initial recognition threshold 
in current generally accepted accounting standards, and, instead, requires an entity 
to  reflect  its  current  estimate  of  all  expected  credit  losses.  For  available-for-sale 
marketable  securities,  credit  losses  should  be  measured  in  a  manner  similar  to 
current  generally  accepted  accounting  standards;  however,  ASU  2016-13  requires 
that  credit  losses  be  presented  as  an  allowance  rather  than  as  a  write-down.  The 
Company adopted this ASU on December 30, 2019, using a modified retrospective 
approach.  The  adoption  did  not  have  a  material  impact  on  the  Company’s 
consolidated financial statements.

Recently Issued Accounting Pronouncements

The Financial Accounting Standards Board (the “FASB”) issued authoritative guidance on the following topics:

Accounting 
Standard 
Update(s)

2019-12

Topic

Effective Period

Summary

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  (“ASC”)  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.  We  do  not  expect 
this  guidance  to  have  a  material  impact  on  the  Company’s  consolidated  financial 
statements.

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.

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 (previously Crossword), Cooking and Audm products) and single-copy and 

P. 76 – THE NEW YORK TIMES COMPANY

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, and it 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 revenues are 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 Company Headquarters, commercial printing, television and film, retail commerce and our live events 
business.

Subscription, advertising and other revenues were as follows:

(In thousands)

Subscription

Advertising

Other (1)

Total

Years Ended

December 27, 
2020

December 29, 
2019

December 30, 
2018

$ 

1,195,368  $ 

1,083,851  $ 

1,042,571 

392,420 

195,851 

530,678 

197,655 

558,253 

147,774 

$ 

1,783,639  $ 

1,812,184  $ 

1,748,598 

(1) Other revenue includes building rental revenue, which is not under the scope of Topic 606. Building rental revenue was approximately $29 
million, $31 million and $23 million for the years ended December 27, 2020, December 29, 2019, and December 30, 2018, respectively. 

THE NEW YORK TIMES COMPANY – P. 77

 
 
 
 
 
 
The following table summarizes digital and print subscription revenues, which are components of subscription 

revenues above, for the years ended December 27, 2020, December 29, 2019, and December 30, 2018:

(In thousands)

Digital-only subscription revenues:

News product subscription revenues(1)

Other product subscription revenues(2)

Subtotal digital-only subscriptions

Print subscription revenues

Domestic home delivery subscription revenues(3)

Single-copy, NYT International and other subscription revenues(4)

Subtotal print subscription revenues

Total subscription revenues

Years Ended

December 27, 
2020

December 29, 
2019

December 30, 
2018

$ 

543,578  $ 

426,125  $ 

54,702 

598,280 

528,970 

68,118 

597,088 

34,327 

460,452 

524,543 

98,856 

623,399 

378,484 

22,136 

400,620 

532,748 

109,203 

641,951 

$ 

1,195,368  $ 

1,083,851  $ 

1,042,571 

(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 or all 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 years ended December 27, 2020, 

December 29, 2019, and December 30, 2018:

(In thousands)

Advertising revenues

Digital

Print

Total advertising

Performance Obligations

December 27, 2020

December 29, 2019

December 30, 2018

Years Ended

$ 

$ 

228,594  $ 

260,454  $ 

163,826 

270,224 

392,420  $ 

530,678  $ 

258,873 

299,380 

558,253 

We have remaining performance obligations related to digital archive and other licensing and certain 

advertising contracts. As of December 27, 2020, the aggregate amount of the transaction price allocated to the 
remaining performance obligations for contracts with a duration greater than one year was approximately $125 
million. The Company will recognize this revenue as performance obligations are satisfied. We expect that 
approximately $50 million, $34 million, and $41 million will be recognized in 2021, 2022 and thereafter, respectively.

Contract Assets

As of December 27, 2020, and December 29, 2019, the Company had $1.8 million and $3.4 million, respectively, 

in contract assets recorded in the Consolidated Balance Sheet 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. The decrease in the contract assets balance of $1.6 million for the year ended December 27, 2020, is due to 
consideration that was reclassified to Accounts receivable when invoiced based on the contractual billing schedules for 
the period ended December 27, 2020. 

P. 78 – THE NEW YORK TIMES COMPANY

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4. Marketable Securities

The Company accounts for its marketable securities as AFS. The Company recorded $4.3 million and $0.8 
million of net unrealized gains in Accumulated Other Comprehensive Income (“AOCI”) as of December 27, 2020, and 
December 29, 2019, respectively. 

The following tables present the amortized cost, gross unrealized gains and losses, and fair market value of our 

AFS securities as of December 27, 2020, and December 29, 2019:

(In thousands)

Short-term AFS securities

Corporate debt securities

U.S. Treasury securities

Commercial paper

Certificates of deposit

U.S. governmental agency securities

Total short-term AFS securities

Long-term AFS securities

Corporate debt securities

U.S. Treasury securities

U.S. governmental agency securities

Municipal securities

December 27, 2020

Amortized Cost

Gross unrealized 
gains

Gross unrealized 
losses

Fair Value

$ 

129,805 

$ 

504 

$ 

(8)  $ 

130,301 

79,467 

37,580 

36,525 

25,113 

39 

— 

— 

61 

(3) 

— 

— 

(3) 

79,503 

37,580 

36,525 

25,171 

308,490 

$ 

604 

$ 

(14)  $ 

309,080 

134,296 

$ 

1,643 

$ 

(5)  $ 

135,934 

95,511 

48,342 

4,994 

2,054 

19 

— 

— 

(13) 

(10) 

97,565 

48,348 

4,984 

$ 

$ 

Total long-term AFS securities

$ 

283,143 

$ 

3,716 

$ 

(28)  $ 

286,831 

(In thousands)

Short-term AFS securities

Corporate debt securities

U.S. Treasury securities

Commercial paper

Certificates of deposit

U.S. governmental agency securities

Total short-term AFS securities

Long-term AFS securities

Corporate debt securities

U.S. Treasury securities

U.S. governmental agency securities

Total long-term AFS securities

December 29, 2019

Amortized Cost

Gross unrealized 
gains

Gross unrealized 
losses

Fair Value

$ 

98,864 

$ 

271 

$ 

(9)  $ 

43,098 

12,561 

9,501 

37,471 

8 

— 

— 

35 

(11) 

— 

— 

(4) 

99,126 

43,095 

12,561 

9,501 

37,502 

$ 

$ 

$ 

201,495 

$ 

314 

$ 

(24)  $ 

201,785 

103,149 

$ 

617 

$ 

(29)  $ 

101,457 

46,600 

84 

5 

(103) 

(84) 

251,206 

$ 

706 

$ 

(216)  $ 

103,737 

101,438 

46,521 

251,696 

THE NEW YORK TIMES COMPANY – P. 79

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The following tables present the AFS securities as of December 27, 2020, and December 29, 2019, 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 loss position:

Less than 12 Months

12 Months or Greater

Total

December 27, 2020

(In thousands)

Fair Value

Short-term AFS securities

Gross 
unrealized 
losses

Fair Value

Gross 
unrealized 
losses

Fair Value

Gross 
unrealized 
losses

Corporate debt securities

$ 

33,735  $ 

(8)  $ 

—  $ 

—  $ 

33,735  $ 

U.S. Treasury securities

U.S. governmental agency securities

20,133 

4,999 

(3) 

(2) 

— 

8,749 

— 

(1) 

20,133 

13,748 

(8) 

(3) 

(3) 

58,867  $ 

(13)  $ 

8,749  $ 

(1)  $ 

67,616  $ 

(14) 

Total short-term AFS securities

Long-term AFS securities

Corporate debt securities

U.S. governmental agency securities

Municipal securities

$ 

$ 

Total long-term AFS securities

$ 

37,937  $ 

(28)  $ 

—  $ 

—  $ 

37,937  $ 

6,717  $ 

(5)  $ 

—  $ 

—  $ 

6,717  $ 

26,236 

4,984 

(13) 

(10) 

— 

— 

— 

— 

26,236 

4,984 

(5) 

(13) 

(10) 

(28) 

Less than 12 Months

12 Months or Greater

Total

December 29, 2019

(In thousands)

Fair Value

Short-term AFS securities

Gross 
unrealized 
losses

Fair Value

Gross 
unrealized 
losses

Fair Value

Gross 
unrealized 
losses

Corporate debt securities

$ 

20,975  $ 

(6)  $ 

8,251  $ 

(3)  $ 

29,226  $ 

U.S. Treasury securities

U.S. governmental agency securities

Total short-term AFS securities

Long-term AFS securities

Corporate debt securities

U.S. Treasury securities

U.S. governmental agency securities

$ 

$ 

13,296 

— 

(3) 

— 

11,147 

15,000 

(8) 

(4) 

24,443 

15,000 

34,271  $ 

(9)  $ 

34,398  $ 

(15)  $ 

68,669  $ 

35,891  $ 

(25)  $ 

4,502  $ 

(4)  $ 

40,393  $ 

60,935 

34,167 

(103) 

(84) 

— 

— 

— 

— 

60,935 

34,167 

Total long-term AFS securities

$ 

130,993  $ 

(212)  $ 

4,502  $ 

(4)  $ 

135,495  $ 

(9) 

(11) 

(4) 

(24) 

(29) 

(103) 

(84) 

(216) 

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

2 for factors we consider when assessing AFS securities for recognition of losses or allowance for credit losses. 

As of December 27, 2020, and December 29, 2019, 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 December 27, 2020, and December 29, 2019, we have recognized no losses or 
allowance for credit losses related to AFS securities.

As of December 27, 2020, and December 29, 2019, our short-term and long-term marketable securities had 
remaining maturities of less than 1 month to 12 months and 13 months to 36 months, respectively. See Note 8 for 
additional information regarding the fair value hierarchy of our marketable securities.

P. 80 – THE NEW YORK TIMES COMPANY

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5. Goodwill and Intangibles

 During the first quarter of 2020, the Company acquired Listen In Audio, Inc., a company that transforms 
journalism articles into audio that is made available in a subscription-based product named “Audm,” in an all-cash 
transaction. We paid $8.6 million (comprised of an $8.0 million cash payment and a $0.6 million note receivable 
previously issued by the Company, which was canceled at the close of the transaction) and entered into agreements 
that will likely require retention payments over the three years following the acquisition. The Company allocated the 
purchase price for this acquisition based on the valuation of assets acquired and liabilities assumed, resulting in 
allocations primarily to goodwill of $5.8 million and intangibles of $2.7 million in the second quarter of 2020. The 
carrying amount of the intangible asset related to this acquisition has been included in Miscellaneous assets in our 
Consolidated Balance Sheets. The estimated useful life for this asset is 8 years and it is amortized on a straight-line 
basis.

During the third quarter of 2020, the Company acquired substantially all the assets and certain liabilities of 

Serial Productions, LLC (“Serial”). The purchase price includes approximately $25.0 million in cash that was paid at 
closing on July 29, 2020, and $9.3 million of contingent consideration. The contingent consideration is related to 
contingent payments based on the achievement of certain operational targets, as defined in the acquisition agreement, 
over the five years following the acquisition. The Company estimated the fair value of the contingent consideration 
liability using a probability-weighted discounted cash flow model. The fair value is based on significant unobservable 
inputs and therefore represents a Level 3 measurement as defined in Note 8.

The Company allocated the purchase price for this acquisition based on the valuation of assets acquired and 

liabilities assumed, resulting in allocations primarily to goodwill of $21.5 million and intangibles of $12.9 million as of 
the date of acquisition. The carrying amount of the intangible assets related to this acquisition has been included in 
Miscellaneous assets in our Consolidated Balance Sheets and include an indefinite-lived intangible of $9.0 million. The 
estimated useful life for the finite asset is 6 years and it is amortized on a straight-line basis.

The changes in the carrying amount of goodwill as of December 27, 2020, and since December 30, 2018, were as 

follows:

(In thousands)

Balance as of December 30, 2018

Foreign currency translation

Balance as of December 29, 2019

Business acquisitions

Measurement period adjustment(1)

Foreign currency translation

Balance as of December 27, 2020

Total Company

$ 

140,282 

(1,608) 

138,674 

27,269 

(400) 

6,114 

$ 

171,657 

(1) Includes measurement period adjustment related to deferred tax asset in connection with Listen In Audio, Inc. acquisition.

The foreign currency translation line item reflects changes in goodwill resulting from fluctuating exchange rates 

related to the consolidation of certain international subsidiaries.

As of December 27, 2020, the aggregate carrying amount of intangible assets of $16.3 million, which includes an 
indefinite-lived intangible of $9.0 million, is recorded in Miscellaneous assets in our Consolidated Balance Sheets. Finite 
intangible assets have the estimated useful lives from 5 to 8 years and are amortized on a straight-line basis.

6. Investments 

Investments in Joint Ventures

As of December 27, 2020, and December 29, 2019, the value of our investments in joint ventures was zero. Our 

proportionate shares of the operating results of our investments are recorded in Gain from joint ventures in our 
Consolidated Statements of Operations.

THE NEW YORK TIMES COMPANY – P. 81

 
 
 
 
 
Madison

The Company and UPM-Kymmene Corporation (“UPM”), a Finnish paper manufacturing company, are 
partners through subsidiary companies in Madison. The Company’s 40% ownership of Madison is through an 80%-
owned consolidated subsidiary that owns 50% of Madison. UPM owns 60% of Madison, including a 10% interest 
through a 20% noncontrolling interest in the consolidated subsidiary of the Company. In 2016, the paper mill closed 
and the Company’s joint venture in Madison is currently being liquidated.

 In 2020 and 2018, we had a gain from joint ventures of $5.0 million and $10.8 million, respectively. The gain 

was primarily due to our proportionate share of a distribution received from the pending liquidation of Madison. In 
2019, we had no gain/(loss) or distribution from joint ventures. 

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/(expense) and other, net.

As of December 27, 2020, and December 29, 2019, non-marketable equity securities included in Miscellaneous 
assets in our Consolidated Balance Sheets had a carrying value of $20.9 million and $13.4 million, respectively. In 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/(expense) and other, net in our Consolidated 
Statements of Operations. We did not have any material fair value adjustments in 2019 and 2018.

7. Other

Capitalized Computer Software Costs

Amortization of capitalized computer software costs included in Depreciation and amortization in our 

Consolidated Statements of Operations was $14.7 million, $17.0 million and $15.7 million for the fiscal years ended 
December 27, 2020, December 29, 2019 and December 30, 2018, respectively. The unamortized computer software 
costs were $18.9 million and $26.4 million as of December 27, 2020, and December 29, 2019, respectively. 

Headquarters Redesign and Consolidation

In 2017 and 2018, we redesigned our Company Headquarters, consolidated our space within a smaller number 

of floors and leased the additional floors to third parties. We incurred $4.5 million of total costs related to these 
measures for the fiscal year ended December 30, 2018. We capitalized less than $1 million for the fiscal year ended 
December 29, 2019. 

Marketing Expenses

Marketing expense, the cost to promote our brand and our products, was $135.9 million, $167.9 million and 

$156.3 million for the fiscal years ended December 27, 2020, December 29, 2019, and December 30, 2018, respectively.  
Media expense, the primary component of marketing expense, which represents the cost to promote our subscription 
business was  $129.6 million, $156.9 million and $131.5 million  for the fiscal years ended December 27, 2020, 
December 29, 2019, and December 30, 2018, respectively. We expense these costs as incurred. 

P. 82 – THE NEW YORK TIMES COMPANY

Interest income/(expense) and other, net 

Interest income/(expense) and other, net, as shown in the accompanying Consolidated Statements of Operations 

was as follows:

(In thousands)

December 27,
2020

December 29,
2019

December 30,
2018

Interest income and other expense, net(1)

$ 

24,057 

$ 

21,580 

$ 

14,510 

Interest expense

Amortization of debt costs and discount on debt

Capitalized interest

(757) 

(26,928) 

(28,134) 

— 

30 

1,459 

69 

(3,394) 

452 

Total interest income/(expense) and other, net (2)

$ 

23,330 

$ 

(3,820)  $ 

(16,566) 

(1)  The  twelve  months  ended  December  27,  2020,  include  a  $10.1  million  gain  related  to  a  non-marketable  equity  investment  transaction.  The 
twelve months ended December 29, 2019, include a gain of $1.9 million related to the sale of a non-marketable equity security.

(2) The twelve months ended December 29, 2019, and December 30, 2018, includes the amortization of debt costs and discount on debt relating 
to the Company’s leasehold condominium interest in the Company’s headquarters building, which was repurchased as of December 29, 2019.

Restricted Cash

A reconciliation of cash, cash equivalents and restricted cash as of December 27, 2020, and December 29, 2019, 

from the Consolidated Balance Sheets to the Consolidated Statements of Cash Flows is as follows:

(In thousands)

December 27, 2020

December 29, 2019

Reconciliation of cash, cash equivalents and restricted cash

Cash and cash equivalents

Restricted cash included within other current assets

Restricted cash included within miscellaneous assets

Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of 
Cash Flows

$ 

$ 

286,079  $ 

686 

15,199 

230,431 

528 

16,559 

301,964  $ 

247,518 

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

obligations. 

Restructuring Charge

We recognized a restructuring charge of $4.0 million for the fiscal year ended December 29, 2019, which 
included impairment and severance charges related to the closure of our digital marketing agency, HelloSociety, LLC. 
These costs are recorded in Restructuring charge in our Consolidated Statements of Operations.

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 December 27, 2020, there were no outstanding borrowings under the Credit Facility and the Company 

was in compliance with the financial covenants contained in the Credit Facility.

Severance Costs

We recognized severance costs of $6.6 million, $4.0 million and $6.7 million for the fiscal years ended 

December 27, 2020, December 29, 2019, and December 30, 2018, respectively. Severance costs recognized were largely 
related to workforce reductions primarily affecting our advertising department. These costs are recorded in General 
and administrative costs in our Consolidated Statements of Operations.

THE NEW YORK TIMES COMPANY – P. 83

 
 
 
 
 
 
 
 
 
 
 
 
 
We had a severance liability of $5.0 million and $8.4 million included in Accrued expenses and other in our 
Consolidated Balance Sheets as of December 27, 2020, and December 29, 2019, respectively. We anticipate the 2020 
payments will be made within the next twelve months.

Property, Plant and Equipment Retirement

During the year ended December 27, 2020, as part of its annual assets review, the Company retired assets that 

were no longer in use with a cost of approximately $123.0 million, which were comprised mostly of software of 
$69.5 million and equipment of $49.9 million. As a result of the retirement, the Company recorded a de minimis 
write-off, which is reflected in General and administrative costs in our Consolidated Statements of Operations.

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.

Assets/Liabilities Measured and Recorded at Fair Value on a Recurring Basis

As of December 27, 2020, and December 29, 2019, we had assets related to our qualified pension plans 

measured at fair value. The required disclosures regarding such assets are presented in Note 9. 

P. 84 – THE NEW YORK TIMES COMPANY

The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis as 

of December 27, 2020, and December 29, 2019:

December 27, 2020

December 29, 2019

Total

Level 1

Level 2

Level 3

Total

Level 1

Level 2

Level 3

(In thousands)

Assets:

Short-term AFS securities(1)

Corporate debt securities

$ 130,301 

$ 

— 

$ 130,301 

$ 

— 

$  99,126 

$ 

— 

$  99,126 

$ 

U.S Treasury securities

Commercial paper

Certificates of deposit

79,503 

37,580 

36,525 

U.S. governmental agency securities

25,171 

— 

— 

— 

— 

79,503 

37,580 

36,525 

25,171 

— 

— 

— 

— 

43,095 

12,561 

9,501 

37,502 

— 

— 

— 

— 

43,095 

12,561 

9,501 

37,502 

Total short-term AFS securities

$ 309,080 

$ 

— 

$ 309,080 

$ 

— 

$ 201,785 

$ 

— 

$ 201,785 

$ 

Long-term AFS securities(1)

Corporate debt securities

$ 135,934 

$ 

— 

$ 135,934 

$ 

— 

$ 103,737 

$ 

— 

$ 103,737 

$ 

U.S Treasury securities

97,565 

U.S. governmental agency securities

48,348 

Municipal securities

4,984 

— 

— 

— 

97,565 

48,348 

4,984 

— 

  101,438 

— 

  101,438 

— 

— 

46,521 

— 

— 

— 

46,521 

— 

Total long-term AFS securities

$ 286,831 

$ 

— 

$ 286,831 

$ 

— 

$ 251,696 

$ 

— 

$ 251,696 

$ 

Liabilities:

Deferred compensation(2)(3)

$  22,245 

$  22,245 

Contingent consideration

$ 

8,431 

$ 

— 

$ 

$ 

— 

— 

$ 

$ 

— 

$  23,702 

$  23,702 

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 Consolidated Balance Sheets, consists of deferrals under The 

New York Times Company Deferred Executive Compensation Plan (the “DEC”), a frozen plan which enabled certain eligible executives to elect 
to defer a portion of their compensation on a pre-tax basis. The deferred amounts are invested at the executives’ option in various mutual 
funds. The fair value of deferred compensation is based on the mutual fund investments elected by the executives and on quoted prices in 
active markets for identical assets. Participation in the DEC was frozen effective December 31, 2015.

(3)  The Company invests deferred compensation balance in life insurance products. Our investments in life insurance products are included in 

Miscellaneous assets in our Consolidated Balance Sheets, and were $49.2 million as of December 27, 2020, and $46.0 million as of  
December 29, 2019. 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. 

Level 3 Liabilities 

The contingent consideration represents contingent payments in connection with the Serial acquisition. The 

Company estimated the fair value of the contingent consideration liability 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. See Note 5 for more information. 

The following table presents the changes in the balance of the contingent consideration during the year ended 

December 27, 2020:

(In thousands)

Contingent consideration at the time of acquisition

Payments

Contingent consideration at the end of the period

$ 

$ 

December 27, 2020

9,293 

(862) 

8,431 

THE NEW YORK TIMES COMPANY – P. 85

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The remaining balance of contingent consideration of $8.4 million is 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 
Consolidated Balance Sheets. 

Assets Measured and Recorded at Fair Value on a Non-Recurring Basis

Certain non-financial assets, such as goodwill, intangible assets, property, plant and equipment and certain 

investments are recognized at fair value on a non-recurring basis. These assets are measured at fair value if an 
impairment charge is recognized. Goodwill and intangible assets are initially recorded at fair value in purchase 
accounting. We classified all of these measurements as Level 3, as we used unobservable inputs within the valuation 
methodologies that were significant to the fair value measurements, and the valuations required management‘s 
judgment due to the absence of quoted market prices. We recognized a de minimis impairment of intangibles assets 
in 2020 and 2019 related to the closure of our digital marketing agencies. There was no impairment recognized in 
2018.

9. Pension Benefits

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. 
Effective January 1, 2018, the Company became the sole sponsor of the frozen Newspaper Guild of New York - The 
New York Times Pension Plan (the “Guild-Times Plan”). The Guild-Times Plan was previously joint trusteed between 
The NewsGuild of New York and the Company. Effective December 31, 2018, the Guild-Times Plan and 
the Retirement Annuity Plan For Craft Employees of The New York Times Companies (the “RAP”) were merged into 
the Pension Plan.

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.

Net Periodic Pension (Income)/Cost

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

(In thousands)

Service cost

Interest cost

December 27, 2020

December 29, 2019

December 30, 2018

Qualified
Plans

Non-
Qualified
Plans

All
Plans

Qualified
Plans

Non-
Qualified
Plans

All
Plans

Qualified
Plans

Non-
Qualified
Plans

All
Plans

$  10,429  $ 

119  $  10,548 

$ 

5,113  $ 

118  $ 

5,231 

$ 

9,986  $ 

79  $  10,065 

43,710   

6,601   

50,311 

58,835   

8,420   

67,255 

52,770   

7,383   

60,153 

Expected return on plan assets

(67,146)   

—   

(67,146) 

(80,877)   

—   

(80,877) 

(82,327)   

—   

(82,327) 

Amortization and other costs

21,887   

6,072   

27,959 

18,639   

4,381   

23,020 

26,802   

5,114   

31,916 

Amortization of prior service 
(credit)/cost

(1,945)   

51   

(1,894) 

(1,945)   

13   

(1,932) 

(1,945)   

—   

(1,945) 

Effect of settlement/curtailment

80,641   

(562)   

80,079 

—   

(373)   

(373) 

—   

221   

221 

Net periodic pension (income)/
cost

$  87,576  $  12,281  $  99,857 

$ 

(235)  $  12,559  $  12,324 

$ 

5,286  $  12,797  $  18,083 

Over the past several years, the Company has taken steps to reduce the size and volatility of our pension 

obligations. In October 2020, the Company entered into an agreement with an insurance company to transfer the 
future benefit obligations and annuity administration for certain retirees (or their beneficiaries) in the Pension Plan.  
This transfer of plan assets and obligations reduced the Company’s qualified pension plan obligations by 
$236.3 million. As a result of this agreement, the Company recorded a pension settlement charge of $80.6 million.  

P. 86 – THE NEW YORK TIMES COMPANY

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other changes in plan assets and benefit obligations recognized in other comprehensive income/loss were as 

follows:

(In thousands)

Net actuarial (gain)/loss

Prior service cost

Amortization of loss

Amortization of prior service credit

Effect of settlement

Total recognized in other comprehensive income

Net periodic pension cost

December 27,
2020

December 29,
2019

December 30,
2018

$ 

(4,172)  $ 

(10,292)  $ 

29,965 

— 

706 

— 

(27,959) 

(23,020) 

(31,916) 

1,894 

(80,641) 

1,932 

— 

(110,878) 

(30,674) 

1,945 

(421) 

(427) 

99,857 

12,324 

18,083 

Total recognized in net periodic benefit (income)/cost and other comprehensive 
(income)/loss

$ 

(11,021)  $ 

(18,350)  $ 

17,656 

Actuarial gains and losses are amortized using a corridor approach. The gain or loss corridor is equal to 10% of 
the greater of the projected benefit obligation and the market-related value of assets. Gains and losses in excess of the 
corridor are generally amortized over the future working lifetime for the ongoing plans and average life expectancy 
for the frozen plans.

We also contribute to defined contribution benefit plans. The amount of cost recognized for defined 
contribution benefit plans was approximately $27 million for 2020 and 2019, respectively, and $22 million for 2018.

THE NEW YORK TIMES COMPANY – P. 87

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Benefit Obligation and Plan Assets

The changes in the benefit obligation and plan assets and other amounts recognized in other comprehensive 

loss were as follows:  

(In thousands)

Change in benefit obligation

December 27, 2020

December 29, 2019

Qualified
Plans

Non-
Qualified
Plans

All Plans

Qualified
Plans

Non-
Qualified
Plans

All Plans

Benefit obligation at beginning of year

$ 1,660,287 

$  247,748 

$ 1,908,035 

$ 1,491,398 

$  223,066 

$ 1,714,464 

Service cost

Interest cost

Amendments

Actuarial loss

Curtailments

Settlements

Benefits paid

10,429 

119 

10,548 

5,113 

118 

5,231 

43,710 

6,601 

50,311 

58,835 

8,420 

67,255 

— 

— 

— 

— 

706 

706 

  153,136 

21,152 

  174,288 

  191,104 

32,874 

  223,978 

— 

(562) 

(562) 

(236,282) 

— 

(236,282) 

— 

— 

(373) 

(373) 

— 

— 

(82,268) 

(15,609) 

(97,877) 

(86,163) 

(17,046) 

(103,209) 

Effects of change in currency conversion

— 

144 

144 

— 

(17) 

(17) 

Benefit obligation at end of year

  1,549,012 

  259,593 

  1,808,605 

  1,660,287 

  247,748 

  1,908,035 

Change in plan assets

Fair value of plan assets at beginning of year

  1,648,667 

— 

  1,648,667 

  1,410,151 

— 

  1,410,151 

Actual return on plan assets

  245,606 

— 

  245,606 

  315,148 

— 

  315,148 

Employer contributions

9,498 

15,609 

25,107 

9,531 

17,046 

26,577 

Settlements

Benefits paid

(236,282) 

— 

(236,282) 

— 

— 

— 

(82,268) 

(15,609) 

(97,877) 

(86,163) 

(17,046) 

(103,209) 

Fair value of plan assets at end of year

  1,585,221 

— 

  1,585,221 

  1,648,667 

— 

  1,648,667 

Net amount recognized

$  36,209 

$  (259,593)  $  (223,384)  $ 

(11,620)  $  (247,748)  $  (259,368) 

Amount recognized in the Consolidated Balance Sheets

Noncurrent Assets

Current liabilities

Noncurrent liabilities

$  54,950 

$ 

— 

$  54,950 

$ 

— 

$ 

— 

$ 

— 

— 

(16,990) 

(16,990) 

— 

(17,147) 

(17,147) 

(18,741) 

(242,603) 

(261,344) 

(11,620) 

(230,601) 

(242,221) 

Net amount recognized

$  36,209 

$  (259,593)  $  (223,384)  $ 

(11,620)  $  (247,748)  $  (259,368) 

Amount recognized in accumulated other comprehensive loss

Actuarial loss

Prior service credit

Total

$  464,922 

$  137,697 

$  602,619 

$  592,774 

$  122,617 

$  715,391 

(14,897) 

642 

(14,255) 

(16,842) 

693 

(16,149) 

$  450,025 

$  138,339 

$  588,364 

$  575,932 

$  123,310 

$  699,242 

Benefit obligations decreased from $1.9 billion at December 29, 2019, to $1.8 billion at December 27, 2020, 
primarily due to the previously discussed settlement transaction of $236.3 million, partially offset by actuarial losses 
of $174.3 million. The main driver of the actuarial loss was a decrease in the discount rate, partially offset by updating 
the latest mortality improvement scale.

P. 88 – THE NEW YORK TIMES COMPANY

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Benefit obligations increased from $1.7 billion at December 30, 2018, to $1.9 billion at December 29, 2019, 

primarily due to the actuarial loss of $224.0 million, driven by a decrease in the discount rate.

The accumulated benefit obligation for all pension plans was $1.8 billion and $1.9 billion as of December 27, 

2020, and December 29, 2019, respectively.

Information for pension plans with an accumulated benefit obligation and projected benefit obligation in excess 

of plan assets was as follows:

(In thousands)

Projected benefit obligation

Accumulated benefit obligation

Fair value of plan assets

Assumptions

December 27,
2020

December 29,
2019

$ 

$ 

$ 

364,272 

349,429 

85,938 

$ 

$ 

$ 

1,908,035 

1,904,979 

1,648,667 

Weighted-average assumptions used in the actuarial computations to determine benefit obligations for 

qualified pension plans were as follows:

Discount rate

Rate of increase in compensation levels

December 27,
2020

December 29,
2019

 2.64 %

 3.00 %

 3.30 %

 3.00 %

The rate of increase in compensation levels is applicable only for the APP that has not been frozen.

Weighted-average assumptions used in the actuarial computations to determine net periodic pension cost for 

qualified plans were as follows:

Discount rate for determining projected benefit obligation

Discount rate in effect for determining service cost

Discount rate in effect for determining interest cost

Rate of increase in compensation levels

Expected long-term rate of return on assets

December 27,
2020

December 29,
2019

December 30,
2018

 3.30 %

 3.67 %

 2.70 %

 3.00 %

 4.59 %

 4.43 %

 3.87 %

 4.06 %

 3.00 %

 5.68 %

 3.75 %

 3.88 %

 3.31 %

 2.95 %

 5.69 %

Weighted-average assumptions used in the actuarial computations to determine benefit obligations for non-

qualified plans were as follows:

Discount rate

Rate of increase in compensation levels

December 27,
2020

December 29,
2019

 2.39 %

 2.50 %

 3.17 %

 2.50 %

The rate of increase in compensation levels is applicable only for the foreign plan that has not been frozen.

THE NEW YORK TIMES COMPANY – P. 89

Weighted-average assumptions used in the actuarial computations to determine net periodic pension cost for 

non-qualified plans were as follows:

Discount rate for determining projected benefit obligation

Discount rate in effect for determining interest cost

Rate of increase in compensation levels

December 27,
2020

December 29,
2019

December 30,
2018

 3.17 %

 2.78 %

 2.50 %

 4.35 %

 3.94 %

 2.50 %

 3.67 %

 3.14 %

 2.50 %

We determined our discount rate using a Ryan ALM, Inc. Curve (the “Ryan Curve”). The Ryan Curve provides 

the bonds included in the curve and allows adjustments for certain outliers (i.e., bonds on “watch”). We believe the 
Ryan Curve allows us to calculate an appropriate discount rate.

To determine our discount rate, we project a cash flow based on annual accrued benefits. The projected plan 

cash flow is discounted to the measurement date, which is the last day of our fiscal year, using the annual spot rates 
provided in the Ryan Curve. 

In determining the expected long-term rate of return on assets, we evaluated input from our investment 
consultants, actuaries and investment management firms, including our review of asset class return expectations, as 
well as long-term historical asset class returns. Projected returns by such consultants and economists are based on 
broad equity and bond indices. Our objective is to select an average rate of earnings expected on existing plan assets 
and expected contributions to the plan during the year, less expense expected to be incurred by the plan during the 
year.

The market-related value of plan assets is multiplied by the expected long-term rate of return on assets to 

compute the expected return on plan assets, a component of net periodic pension cost. The market-related value of 
plan assets is a calculated value that recognizes changes in fair value over three years.

Plan Assets

The Pension Plan

The assets underlying the Pension Plan are managed by professional investment managers. These investment 
managers are selected and monitored by the pension investment committee, composed of certain senior executives, 
who are appointed by the Finance Committee of the Board of Directors of the Company. The Finance Committee is 
responsible for adopting our investment policy, which includes rules regarding the selection and retention of 
qualified advisors and investment managers. The pension investment committee is responsible for implementing and 
monitoring compliance with our investment policy, selecting and monitoring investment managers and 
communicating the investment guidelines and performance objectives to the investment managers.

Our contributions are made on a basis determined by the actuaries in accordance with the funding 

requirements and limitations of the Employee Retirement Income Security Act (“ERISA”) and the Internal Revenue 
Code.

Investment Policy and Strategy

The primary long-term investment objective is to allocate assets in a manner that produces a total rate of return 
that meets or exceeds the growth of our pension liabilities. An additional investment objective is to transition the asset 
mix to hedge liabilities and minimize volatility in the funded status of the Pension Plan.

Asset Allocation Guidelines

In accordance with our asset allocation strategy, investments are categorized into long duration fixed income 
investments whose value is highly correlated to that of the Pension Plan’s obligations (“Long Duration Assets”) or 
other investments, such as equities and high-yield fixed income securities, whose return over time is expected to 
exceed the rate of growth in the Pension Plan’s obligations (“Return-Seeking Assets”).

The proportional allocation of assets between Long Duration Assets and Return-Seeking Assets is dependent on 
the funded status of the Pension Plan. Under our policy, for example, a funded status at 102.5% requires an allocation 
of total assets of 77.5% to 82.5% to Long Duration Assets and 17.5% to 22.5% to Return-Seeking Assets. As the Pension 

P. 90 – THE NEW YORK TIMES COMPANY

Plan’s funded status increases, the allocation to Long Duration Assets will increase and the allocation to Return-
Seeking Assets will decrease.

The following asset allocation guidelines apply to the Return-Seeking Assets:

Asset Category

Public Equity

High-Yield Fixed Income

Alternatives 

Cash

Percentage 
Range

Actual

70% - 100%

0%

0%

0%

- 15%

- 15%

- 10%

 87 %

 0 %

 11 %

 2 %

The asset allocations by asset category for both Long Duration and Return-Seeking Assets, as of December 27, 

2020, were as follows:

Asset Category

Long Duration Fixed Income

Public Equity

High-Yield Fixed Income

Alternatives

Cash

Percentage 
Range

Actual

77.5% - 82.5%

12.3% - 22.5%

0%

0%

0%

-

-

-

3%

3%

2%

 78 %

 19 %

 0 %

 2 %

 1 %

The specified target allocation of assets and ranges set forth above are maintained and reviewed on a periodic 

basis by the pension investment committee. The pension investment committee may direct the transfer of assets 
between investment managers in order to rebalance the portfolio in accordance with approved asset allocation ranges 
to accomplish the investment objectives for the Pension Plan’s assets.

The APP

The assets underlying the joint Company and The NewsGuild of New York sponsored plan are managed by 
professional investment managers. These investment managers are selected and monitored by the APP’s Board of 
Trustees (the “APP Trustees”). The APP Trustees are responsible for adopting an investment policy, implementing 
and monitoring compliance with that policy, selecting and monitoring investment managers, and communicating the 
investment guidelines and performance objectives to the investment managers.

Investment Policy and Strategy

The investment objective is to allocate investment assets in a manner that satisfies the funding objectives of the 

APP and to maximize the probability of maintaining a 100% funded status.

Asset Allocation Guidelines

In accordance with the asset allocation guidelines, investments are segmented into hedging assets whose value 

is highly correlated to that of the APP’s obligations (“Hedging Assets”) or other investments, such as equities and 
high-yield fixed income securities, whose return over time is expected to exceed the rate of growth in the APP’s 
obligations (“Return-Seeking Assets”).

THE NEW YORK TIMES COMPANY – P. 91

The asset allocations by asset category as of December 27, 2020, were as follows:

Asset Category

Hedging Assets

Return-Seeking Assets

Cash and Equivalents

Percentage 
Range

Actual

75% - 90%

10% - 25%

0%

-

5%

 78 %

 22 %

 0 %

The specified target allocation of assets and ranges set forth above are maintained and reviewed on a periodic 
basis by the APP Trustees. The APP Trustees may direct the transfer of assets between investment managers in order 
to rebalance the portfolio in accordance with approved asset allocation ranges to accomplish the investment 
objectives for the APP’s assets.

Fair Value of Plan Assets

The fair value of the assets underlying the Pension Plan and the joint-sponsored APP by asset category are as 

follows:

(In thousands)

Asset Category

Equity Securities:

Quoted Prices
Markets for
Identical Assets

Significant
Observable
Inputs

Significant
Unobservable
Inputs

Investment
Measured at Net 
Asset Value(2)

December 31, 2020

(Level 1)

(Level 2)

(Level 3)

Total

U.S. Equities

$ 

28,002 

$ 

— 

$ 

— 

$ 

— 

$ 

International Equities

Mutual Funds

Registered Investment Companies

34,025 

29,011 

66,923 

Common/Collective Funds(1)

Fixed Income Securities:

Corporate Bonds

U.S. Treasury and Other 
Government Securities

Municipal and Provincial Bonds

Other

Cash and Cash Equivalents

Private Equity

Hedge Fund

— 

— 

— 

— 

— 

— 

— 

— 

— 

— 

— 

— 

646,330 

42,111 

40,150 

10,693 

— 

— 

— 

— 

— 

— 

— 

— 

— 

— 

— 

— 

— 

— 

— 

— 

— 

643,443 

— 

— 

— 

— 

5,481 

9,770 

29,282 

28,002 

34,025 

29,011 

66,923 

643,443 

646,330 

42,111 

40,150 

10,693 

5,481 

9,770 

29,282 

Assets at Fair Value

$ 

157,961 

$ 

739,284 

$ 

— 

$ 

687,976 

$ 

1,585,221 

(1) The underlying assets of the common/collective funds are primarily comprised of equity and fixed income securities. The fair value in the above 

table represents our ownership share of the NAV of the underlying funds.

(2) Certain investments that are measured at fair value using the NAV per share (or its equivalent) have not been classified in the fair value 

hierarchy.

P. 92 – THE NEW YORK TIMES COMPANY

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair Value Measurement at December 31, 2019

Quoted Prices
Markets for
Identical Assets

Significant
Observable
Inputs

Significant
Unobservable
Inputs

Investment
Measured at Net 
Asset Value(2)

(Level 1)

(Level 2)

(Level 3)

Total

(In thousands)

Asset Category

Equity Securities:

U.S. Equities

$ 

55,011 

$ 

— 

$ 

— 

$ 

— 

$ 

International Equities

Mutual Funds

Registered Investment Companies

38,231 

46,276 

52,582 

Common/Collective Funds(1)

Fixed Income Securities:

Corporate Bonds

U.S. Treasury and Other 
Government Securities

Municipal and Provincial Bonds

Other

Cash and Cash Equivalents

Private Equity

Hedge Fund

— 

— 

— 

— 

— 

— 

— 

— 

— 

— 

— 

— 

574,756 

196,009 

42,812 

11,745 

— 

— 

— 

— 

— 

— 

— 

— 

— 

— 

— 

— 

— 

— 

— 

— 

— 

55,011 

38,231 

46,276 

52,582 

575,738 

575,738 

— 

— 

— 

— 

19,097 

11,345 

25,065 

574,756 

196,009 

42,812 

11,745 

19,097 

11,345 

25,065 

Assets at Fair Value

$ 

192,100 

$ 

825,322 

$ 

— 

$ 

631,245 

$ 

1,648,667 

(1) The underlying assets of the common/collective funds are primarily comprised of equity and fixed income securities. The fair value in the above 

table represents our ownership share of the NAV of the underlying funds.

(2) Certain investments that are measured at fair value using the NAV per share (or its equivalent) have not been classified in the fair value 

hierarchy.

Level 1 and Level 2 Investments

Where quoted prices are available in an active market for identical assets, such as equity securities traded on an 

exchange, transactions for the asset occur with such frequency that the pricing information is available on an 
ongoing/daily basis. We classify these types of investments as Level 1 where the fair value represents the closing/last 
trade price for these particular securities.

For our investments where pricing data may not be readily available, fair values are estimated by using quoted 
prices for similar assets, in both active and not active markets, and observable inputs, other than quoted prices, such 
as interest rates and credit risk. We classify these types of investments as Level 2 because we are able to reasonably 
estimate the fair value through inputs that are observable, either directly or indirectly. There are no restrictions on our 
ability to sell any of our Level 1 and Level 2 investments.

Cash Flows

In 2020, we made contributions to the APP of $9.5 million. We expect contributions made to satisfy minimum 

funding requirements to total approximately $10 million in 2021. 

THE NEW YORK TIMES COMPANY – P. 93

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The following benefit payments, which reflect future service for plans that have not been frozen, are expected to 

be paid:

(In thousands)

2021

2022

2023

2024

2025

2026-2030(1)

Plans

Qualified

Non-
Qualified

Total

$ 

69,821 

$ 

17,173 

$ 

86,994 

71,905 

73,927 

75,470 

76,982 

399,881 

16,908 

16,701 

16,455 

16,175 

77,545 

88,813 

90,628 

91,925 

93,157 

477,426 

(1) While benefit payments under these plans are expected to continue beyond 2030, we have presented in this table only those benefit payments 

estimated over the next 10 years. 

Multiemployer Plans

We contribute to a number of multiemployer defined benefit pension plans under the terms of various 

collective bargaining agreements that cover our union-represented employees. In recent years, certain events, such as 
amendments to various collective bargaining agreements and the sale of the New England Media Group, resulted in 
withdrawals from multiemployer pension plans. These actions, along with a reduction in covered employees, have 
resulted in us estimating withdrawal liabilities to the respective plans for our proportionate share of any unfunded 
vested benefits. During the third quarter of 2019 and 2018, we recorded a gain of $2.0 million and $4.9 million, 
respectively, from multiemployer pension liability adjustment which was recorded in Gain from pension liability 
adjustment in our Consolidated Statements of Operations.

Our multiemployer pension plan withdrawal liability was approximately $76 million as of December 27, 2020, 
and approximately $82 million as of December 29, 2019. This liability represents the present value of the obligations 
related to complete and partial withdrawals that have already occurred as well as an estimate of future partial 
withdrawals that we considered probable and reasonably estimable. For those plans that have yet to provide us with 
a demand letter, the actual liability will not be fully known until they complete a final assessment of the withdrawal 
liability and issue a demand to us. Therefore, the estimate of our multiemployer pension plan liability will be 
adjusted as more information becomes available that allows us to refine our estimates. 

The risks of participating in multiemployer plans are different from single-employer plans in the following 

aspects:

• Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees 

of other participating employers. 

• If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne 

by the remaining participating employers.

• If we elect to withdraw from these plans or if we trigger a partial withdrawal due to declines in contribution 
base units or a partial cessation of our obligation to contribute, we may be assessed a withdrawal liability 
based on a calculated share of the underfunded status of the plan. 

• If a multiemployer plan from which we have withdrawn subsequently experiences a mass withdrawal, we 

may be required to make additional contributions under applicable law.

Our participation in significant plans for the fiscal period ended December 27, 2020, is outlined in the table 
below. The “EIN/Pension Plan Number” column provides the Employer Identification Number (“EIN”) and the 
three-digit plan number. The zone status is based on the latest information that we received from the plan and is 
certified by the plan’s actuary. A plan is generally classified in critical status if a funding deficiency is 
projected within four years or five years, depending on other criteria. A plan in critical status is classified in critical 
and declining status if it is projected to become insolvent in the next 15 or 20 years, depending on other criteria. 

P. 94 – THE NEW YORK TIMES COMPANY

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
A plan is classified in endangered status if its funded percentage is less than 80% or a funding deficiency is 
projected within seven years. If the plan satisfies both of these triggers, it is classified in seriously endangered status. 
A plan not classified in any other status is classified in the green zone. The “FIP/RP Status Pending/Implemented” 
column indicates plans for which a funding improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either 
pending or has been implemented. The “Surcharge Imposed” column includes plans in a red zone status that are 
required to pay a surcharge in excess of regular contributions. The last column lists the expiration date(s) of the 
collective bargaining agreement(s) to which the plans are subject.

Pension Fund

EIN/Pension 
Plan Number

2020

2019

FIP/RP Status 
Pending/
Implemented

2020

2019

2018

Surcharge 
Imposed

 Pension Protection Act 
Zone Status

(In thousands) 
Contributions of the 
Company

 Collective 
Bargaining 
Agreement 
Expiration 
Date

CWA/ITU Negotiated 
Pension Plan

Newspaper and Mail 
Deliverers’-Publishers’ 
Pension Fund(2)

GCIU-Employer 
Retirement Benefit 
Plan

Pressmen’s 
Publishers’ Pension 
Fund(4)

Paper Handlers’-
Publishers’ Pension 
Fund(5)

Critical and 
Declining as 
of 1/01/20

Critical and 
Declining 
as of 
1/01/19

13-6212879-001

13-6122251-001

Green as of 
6/01/20

Green as of 
6/01/19

Critical and 
Declining as 
of 1/01/20

Endangered 
as of 
4/01/20

Critical and 
Declining as 
of 4/01/20

Critical and 
Declining 
as of 
1/01/19

Green as of 
4/01/19

Critical and 
Declining 
as of 
4/01/19

91-6024903-001

13-6121627-001

13-6104795-001

Contributions for individually significant plans

Contributions for a plan not individually significant

Total Contributions

Implemented

$ 

384  $ 

415  $ 

408 

 No

(1)

N/A

  1,010    1,014   

992 

 No

3/30/2025

Implemented

65   

58   

42 

Yes

3/30/2021(3)

Pending

  1,328    1,213    1,129 

 No

3/30/2021

Implemented

101   

100   

99 

Yes

3/30/2021

$  2,888  $  2,800  $  2,670 

$ 

24  $  —  $  — 

$  2,912  $  2,800  $  2,670 

(1) There are two collective bargaining agreements requiring contributions to this plan: Mailers, which expires March 30, 2023, and Typographers, 

which expires March 30, 2025. 

(2) Elections under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010: Extended Amortization of Net 

Investment Losses (IRS Section 431(b)(8)(A)) and the Expanded Smoothing Period (IRS Section 431(b)(8)(B)).

(3) We previously had two collective bargaining agreements requiring contributions to this plan. As of December 30, 2018, only one collective 

bargaining agreement remained for the Stereotypers. The method for calculating actuarial value of assets was changed retroactive to January 
1, 2009, as elected by the Board of Trustees and as permitted by IRS Notice 2010-83. This election includes smoothing 2008 investment losses 
over ten years. 

(4) The Plan sponsor elected two provisions of funding relief under the Preservation of Access to Care for Medicare Beneficiaries and Pension 
Relief Act of 2010 (PRA 2010) to more slowly absorb the 2008 plan year investment loss, retroactively effective as of April 1, 2009. These 
included extended amortization under the prospective method and 10-year smoothing of the asset loss for the plan year beginning April 1, 
2008. 

(5) Board of Trustees elected funding relief. This election includes smoothing the March 31, 2009 investment losses over 10 years. 

The rehabilitation plan for the GCIU-Employer Retirement Benefit Plan includes minimum annual 

contributions no less than the total annual contribution made by us from September 1, 2008 through August 31, 2009.

THE NEW YORK TIMES COMPANY – P. 95

 
 
The Company was listed in the plans’ respective Forms 5500 as providing more than 5% of the total 

contributions for the following plans and plan years:

Pension Fund

CWA/ITU Negotiated Pension Plan

Newspaper and Mail Deliverers’-Publishers’ Pension Fund

Pressmen’s Publisher’s Pension Fund

Paper Handlers’-Publishers’ Pension Fund

Year Contributions to Plan Exceeded More Than 5 Percent of Total 
Contributions (as of Plan’s Year-End)

12/31/2019 

5/31/2019 & 5/31/2018(1)

3/31/2020 & 3/31/2019

3/31/2020 & 3/31/2019

(1) Form 5500 for the plan year ended 5/31/20 was not available as of the date we filed our financial statements.

10. Other Postretirement Benefits

We provide health benefits to certain primarily grandfathered retired employee groups (and their eligible 
dependents) who meet the definition of an eligible participant and certain age and service requirements, as outlined 
in the plan document. There is a de minimis liability for retiree health benefits for active employees. While we offer 
pre-age 65 retiree medical coverage to employees who meet certain retiree medical eligibility requirements, we do not 
provide post-age 65 retiree medical benefits for employees who retired on or after March 1, 2009. We accrue the costs 
of postretirement benefits during the employees’ active years of service and our policy is to pay our portion of 
insurance premiums and claims from general corporate assets.

Net Periodic Other Postretirement Benefit Cost/(Income)

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

(In thousands)

Service cost

Interest cost

Amortization and other costs

Amortization of prior service credit

December 27,
2020

December 29,
2019

December 30,
2018

$ 

29 

$ 

27 

$ 

21 

1,026 

3,051 

1,602 

3,375 

1,476 

4,735 

(4,225) 

(4,766) 

(6,157) 

Net periodic postretirement benefit cost/(income)

$ 

(119)  $ 

238 

$ 

75 

P. 96 – THE NEW YORK TIMES COMPANY

 
 
 
 
 
 
 
 
 
The changes in the benefit obligations recognized in other comprehensive loss/(income) were as follows:

(In thousands)

Net actuarial loss/(gain)

Amortization of loss

Amortization of prior service credit

Total recognized in other comprehensive loss/(income)

Net periodic postretirement benefit cost/(income)

December 27,
2020

December 29,
2019

December 30,
2018

$ 

4,044 

$ 

296 

$ 

(4,905) 

(3,051) 

(3,375) 

(4,735) 

4,225 

5,218 

(119) 

4,766 

1,687 

238 

6,157 

(3,483) 

75 

Total recognized in net periodic postretirement benefit cost/(income) and other 
comprehensive loss/(income)

$ 

5,099 

$ 

1,925 

$ 

(3,408) 

Actuarial gains and losses are amortized using a corridor approach. The gain or loss corridor is equal to 10% of 
the accumulated postretirement benefit obligation. Gains and losses in excess of the corridor are generally amortized 
over the average remaining service period to expected retirement of active participants.

In connection with collective bargaining agreements, we contribute to several multiemployer welfare plans. 

These plans provide medical benefits to active and retired employees covered under the respective collective 
bargaining agreement. Contributions are made in accordance with the formula in the relevant agreement. 
Postretirement costs related to these plans are not reflected above and were approximately $16 million in 2020, $15 
million in 2019, and $16 million in 2018.

THE NEW YORK TIMES COMPANY – P. 97

 
 
 
 
 
 
 
 
 
 
 
 
The changes in the benefit obligation and plan assets and other amounts recognized in other comprehensive 

loss were as follows:

(In thousands)

Change in benefit obligation

Benefit obligation at beginning of year

Service cost

Interest cost

Plan participants’ contributions

Actuarial loss

Benefits paid

Benefit obligation at the end of year

Change in plan assets

Employer contributions

Plan participants’ contributions

Benefits paid

Fair value of plan assets at end of year

Net amount recognized

Amount recognized in the Consolidated Balance Sheets

Current liabilities

Noncurrent liabilities

Net amount recognized

Amount recognized in accumulated other comprehensive loss

Actuarial loss

Prior service credit

Total

December 27,
2020

December 29,
2019

$ 

42,803 

$ 

46,037 

29 

1,026 

2,820 

4,044 

27 

1,602 

3,835 

296 

(7,414) 

(8,994) 

43,308 

42,803 

4,594 

2,820 

5,159 

3,835 

(7,414) 

(8,994) 

— 

— 

$ 

(43,308)  $ 

(42,803) 

$ 

(4,618)  $ 

(5,115) 

(38,690) 

(37,688) 

$ 

(43,308)  $ 

(42,803) 

$ 

26,785 

$ 

25,793 

(3,466) 

(7,691) 

$ 

23,319 

$ 

18,102 

Benefit obligations increased from $42.8 million at December 29, 2019, to $43.3 million at December 27, 2020, 

primarily due to the actuarial loss of $4.0 million, driven by a decrease in the discount rate.

Information for postretirement plans with accumulated benefit obligations in excess of plan assets was as 

follows:

(In thousands)

Accumulated benefit obligation

Fair value of plan assets

P. 98 – THE NEW YORK TIMES COMPANY

December 27,
2020

December 29,
2019

$ 

$ 

43,308 

— 

$ 

$ 

42,803 

— 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted-average assumptions used in the actuarial computations to determine the postretirement benefit 

obligations were as follows:

Discount rate

Estimated increase in compensation level

December 27,
2020

December 29,
2019

 2.01 %

 3.50 %

 2.94 %

 3.50 %

Weighted-average assumptions used in the actuarial computations to determine net periodic postretirement 

cost were as follows:

Discount rate for determining projected benefit obligation

Discount rate in effect for determining service cost

Discount rate in effect for determining interest cost

Estimated increase in compensation level

The assumed health-care cost trend rates were as follows:

Health-care cost trend rate

Rate to which the cost trend rate is assumed to decline (ultimate trend rate)

Year that the rate reaches the ultimate trend rate

December 27,
2020

December 29,
2019

December 30,
2018

 2.94 %

 3.04 %

 2.55 %

 3.50 %

 4.18 %

 4.19 %

 3.71 %

 3.50 %

 3.46 %

 3.56 %

 3.01 %

 3.50 %

December 27,
2020

December 29,
2019

 5.95 %

 4.92 %

2027

 6.57 %

 5.00 %

2025

Because our health-care plans are capped for most participants, the assumed health-care cost trend rates do not 

have a significant effect on the amounts reported for the health-care plans. 

The following benefit payments (net of plan participant contributions) under our Company’s postretirement 

plans, which reflect expected future services, are expected to be paid:

(In thousands)

2021

2022

2023

2024

2025

2026-2030(1)

Amount

$ 

4,716 

4,417 

4,173 

3,886 

3,594 

14,130 

(1) While benefit payments under these plans are expected to continue beyond 2030, we have presented in this table only those benefit payments 

estimated over the next 10 years. 

We accrue the cost of certain benefits provided to former or inactive employees after employment, but before 

retirement. The cost is recognized only when it is probable and can be estimated. Benefits include life insurance, 
disability benefits and health-care continuation coverage. The accrued obligation for these benefits was $8.6 million as 
of December 27, 2020, and $9.5 million as of December 29, 2019.

THE NEW YORK TIMES COMPANY – P. 99

 
 
 
 
 
11. Other Liabilities

The components of the Other Liabilities — Other balance in our Consolidated Balance Sheets were as follows:

(In thousands)

Deferred compensation

Noncurrent operating lease liabilities

Contingent consideration

Other liabilities

Total

December 27,
2020

December 29,
2019

$ 

22,245 

$ 

23,702 

52,695 

4,279 

48,366 

55,136 
— 

47,399 

$ 

127,585 

$ 

126,237 

Deferred compensation consists primarily of deferrals under our DEC. Refer to Note 8 for detail. 

We invest deferred compensation in life insurance products designed to closely mirror the performance of the 

investment funds that the participants select. Our investments in life insurance products are included in Miscellaneous 
assets in our Consolidated Balance Sheets, and were $49.2 million as of December 27, 2020, and $46.0 million as of 
December 29, 2019.

Refer to Note 17 for detail related to noncurrent operating lease liabilities.

Refer to Note 5 for detail related to contingent consideration.

Other liabilities in the preceding table primarily included our post-employment liabilities, our contingent tax 

liability for uncertain tax positions, and self-insurance liabilities as of December 27, 2020, and December 29, 2019.

12. Income Taxes

Reconciliations between the effective tax rate on income from continuing operations before income taxes and 

the federal statutory rate are presented below.

(In thousands)

Tax at federal statutory rate

State and local taxes, net

Effect of enacted changes in tax laws

December 27, 2020

December 29, 2019

December 30, 2018

Amount

% of
Pre-tax

Amount

% of
Pre-tax

Amount

% of
Pre-tax

$  24,241 

 21.0 

$  34,537 

 21.0 

$  36,979 

3,873 

— 

 3.4 

 — 

5,303 

— 

 3.2 

 — 

12,335 

(1,872) 

 (1.0) 

 21.0 

 7.0 

(Decrease)/increase in uncertain tax positions

(2,509) 

 (2.2) 

(2,427) 

 (1.5) 

2,288 

(Gain)/loss on company-owned life insurance

(635) 

 (0.6) 

(1,662) 

 (1.0) 

449 

Nondeductible expense

Nondeductible executive compensation

800 

1,271 

 0.7 

 1.1 

1,938 

 1.2 

1,808 

(355) 

 (0.2) 

2,135 

 1.3 

 0.2 

 1.0 

 1.2 

Stock-based awards benefit

(7,251) 

 (6.3) 

(6,184) 

 (3.8) 

(1,795) 

 (1.0) 

Deduction for foreign-derived intangible income

(686) 

 (0.6) 

(2,625) 

Research and experimentation credit

(3,892) 

 (3.4) 

(5,672) 

 (1.6) 

 (3.4) 

— 

— 

 — 

 — 

Other, net

Income tax expense

(617) 

 (0.5) 

1,641 

 1.0 

(3,696) 

 (2.1) 

$  14,595 

 12.6 

$  24,494 

 14.9 

$  48,631 

 27.6 

P. 100 – THE NEW YORK TIMES COMPANY

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The components of income tax expense as shown in our Consolidated Statements of Operations were as 

follows:

(In thousands)

Current tax expense/(benefit)

Federal

Foreign

State and local

Total current tax expense

Deferred tax expense/(benefit)

Federal

State and local

Total deferred tax expense

Income tax expense

December 27,
2020

December 29,
2019

December 30,
2018

$ 

21,414 

$ 

16,283 

$ 

31,719 

905 

7,453 

823 

3,146 

29,772 

20,252 

(9,249) 

(5,928) 

(15,177) 

5,588 

(1,346) 

4,242 

705 

10,172 

42,596 

913 

5,122 

6,035 

$ 

14,595 

$ 

24,494 

$ 

48,631 

State tax operating loss carryforwards totaled $1.3 million as of December 27, 2020, and $1.6 million as of 

December 29, 2019. Such loss carryforwards expire in accordance with provisions of applicable tax laws and have 
remaining lives up to 17 years.

The components of the net deferred tax assets and liabilities recognized in our Consolidated Balance Sheets 

were as follows:

(In thousands)

Deferred tax assets

December 27,
2020

December 29,
2019

Retirement, postemployment and deferred compensation plans

$ 

103,433 

$ 

113,306 

Accruals for other employee benefits, compensation, insurance and other

Net operating losses

Operating lease liabilities

Other

Gross deferred tax assets

Valuation allowance

Net deferred tax assets

Deferred tax liabilities

Property, plant and equipment

Intangible assets

Operating lease right-of-use assets

Other

Gross deferred tax liabilities

Net deferred tax asset

25,899 

1,510 

16,648 

32,664 

25,543 

1,289 

16,746 

27,042 

$ 

180,154 

$ 

183,926 

(293) 

— 

$ 

179,861 

$ 

183,926 

$ 

41,832 

$ 

39,494 

7,652 

14,196 

16,663 

80,343 

99,518 

$ 

$ 

7,596 

14,309 

7,298 

68,697 

115,229 

$ 

$ 

THE NEW YORK TIMES COMPANY – P. 101

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
We assess whether a valuation allowance should be established against deferred tax assets based on the 
consideration of both positive and negative evidence using a “more likely than not” standard. In making such 
judgments, significant weight is given to evidence that can be objectively verified. We evaluated our deferred tax 
assets for recoverability using a consistent approach that considers our three-year historical cumulative income/
(loss), including an assessment of the degree to which any such losses were due to items that are unusual in nature 
(i.e., impairments of nondeductible goodwill and intangible assets). 

We had a valuation allowance totaling $0.3 million as of December 27, 2020, for deferred tax assets primarily 

associated with net operating losses of a U.S. subsidiary, as we determined these assets were not realizable on a more-
likely-than-not basis. We had no valuation allowance as of December 29, 2019.

We had an income tax receivable of $3.3 million as of December 27, 2020, compared with an income tax 

receivable of $12.6 million as of December 29, 2019.

Income tax benefits related to the exercise or vesting of equity awards reduced current taxes payable by $13.1 

million, $11.9 million and $4.8 million in 2020, 2019 and 2018, respectively. 

As of December 27, 2020, and December 29, 2019, Accumulated other comprehensive loss, net of income taxes in our 

Consolidated Balance Sheets and for the years then ended in our Consolidated Statements of Changes in 
Stockholders’ Equity was net of deferred tax assets of approximately $160 million and $188 million, respectively. 

A reconciliation of unrecognized tax benefits is as follows:

(In thousands)

Balance at beginning of year

December 27,
2020

December 29,
2019

December 30,
2018

$ 

10,309 

$ 

11,629 

$ 

17,086 

Gross additions to tax positions taken during the current year

1,130 

1,184 

Gross additions to tax positions taken during the prior year

Gross reductions to tax positions taken during the prior year

Reductions from settlements with taxing authorities

Reductions from lapse of applicable statutes of limitations

133 

(93) 

711 

(76) 

(3,814) 

(2,637) 

(928) 

(502) 

680 

3,019 

(8,607) 

— 

(549) 

Balance at end of year

$ 

6,737 

$ 

10,309 

$ 

11,629 

The total amount of unrecognized tax benefits that would, if recognized, affect the effective income tax rate was 

approximately $6 million and $9 million as of December 27, 2020, and December 29, 2019, respectively.

In 2020 and 2019, we recorded a $5.4 million and a $3.8 million income tax benefit, respectively, due to a 

reduction in the Company’s reserve for uncertain tax positions.

We also recognize accrued interest expense and penalties related to the unrecognized tax benefits within 
income tax expense or benefit. The total amount of accrued interest and penalties was approximately $1 million and $2 
million as of December 27, 2020, and December 29, 2019, respectively. The total amount of accrued interest and 
penalties was a net benefit of $0.7 million in 2020, a net benefit of $0.6 million in 2019 and a net benefit of $0.7 million 
in 2018.

With few exceptions, we are no longer subject to U.S. federal, state and local, or non-U.S. income tax 
examinations by tax authorities for years prior to 2013. Management believes that our accrual for tax liabilities is 
adequate for all open audit years. This assessment relies on estimates and assumptions and may involve a series of 
complex judgments about future events.

It is reasonably possible that certain income tax examinations may be concluded, or statutes of limitation may 

lapse, during the next 12 months, which could result in a decrease in unrecognized tax benefits of $4.6 million that 
would, if recognized, impact the effective tax rate.

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") was signed into 

law. The tax provisions in the CARES Act did not have a material impact on our 2020 Consolidated Financial 
Statements.  

P. 102 – THE NEW YORK TIMES COMPANY

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
13. Earnings/(Loss) Per Share

We compute earnings/(loss) per share using a two-class method, 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/(loss) 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/(loss) 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 impact the diluted 
shares. The difference between basic and diluted shares of approximately 1.1 million, 1.5 million and 2.1 million as of 
December 27, 2020, December 29, 2019, and December 30, 2018, respectively, resulted primarily from the dilutive 
effect of certain stock options and performance awards.

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 no anti-dilutive stock options, stock-settled long-term performance awards and restricted stock 

units excluded from the computation of diluted earnings per share for the years ended 2020, 2019 and 2018. 

14. Stock-Based Awards

As of December 27, 2020, the Company was authorized to grant stock-based compensation under its 2020 
Incentive Compensation Plan (the “2020 Incentive Plan”), which became effective April 22, 2020. The 2020 Incentive 
Plan replaced the 2010 Incentive Compensation Plan (the “2010 Incentive Plan”). In addition, through April 30, 2014, 
the Company maintained its 2004 Non-Employee Directors’ Stock Incentive Plan (the “2004 Directors’ Plan”).

The Company’s long-term incentive compensation program provides executives the opportunity to earn cash 

and shares of Class A Common Stock at the end of three-year performance cycles based in part on the achievement of 
financial goals tied to a financial metric and in part on stock price performance relative to companies in the Standard 
& Poor’s 500 Stock Index, with the majority of the target award to be settled in the Company’s Class A Common 
Stock. In addition, the Company grants time-vested restricted stock units annually to a number of employees. These 
are settled in shares of Class A Common Stock.

Each non-employee director of the Company receives an annual grant of restricted stock units under the 2020 
Incentive Plan. Restricted stock units are awarded on the date of the annual meeting of stockholders and vest on the 
date of the subsequent year’s annual meeting, with the shares to be delivered upon a director’s cessation of 
membership on the Board of Directors. Each non-employee director is credited with additional restricted stock units 
with a value equal to the amount of all dividends paid on the Company’s Class A Common Stock. The Company’s 
directors are considered employees for purposes of stock-based compensation.

We refer to our outstanding stock-settled long-term performance awards, restricted stock units and stock 

options as “Stock-Based Awards.” We recognize stock-based compensation expense for outstanding stock-settled 
long-term performance awards and restricted stock units. Stock-based compensation expense was $14.4 million in 
2020, $12.9 million in 2019 and $13.0 million in 2018.

Stock-based compensation expense is recognized over the period from the date of grant to the date when the 
award is no longer contingent on the employee providing additional service. Awards under the 2010 Incentive Plan 
and 2020 Incentive Plan vest over a stated vesting period.

Stock Options

The 2010 Incentive Plan provided, and the 2020 Incentive Plan provides, for grants of both incentive and non-

qualified stock options at an exercise price equal to the fair market value (as defined in each plan, respectively) of our 
Class A Common Stock on the date of grant. No grants of stock options have been made since 2012. Stock options 
were generally granted with a 3-year vesting period and a 10-year term and vest in equal annual installments.

The 2004 Directors’ Plan provided for grants of stock options to non-employee directors at an exercise price 
equal to the fair market value (as defined in the 2004 Directors’ Plan) of our Class A Common Stock on the date of 
grant. Prior to 2012, stock options were granted with a 1-year vesting period and a 10-year term. No grants of stock 

THE NEW YORK TIMES COMPANY – P. 103

options have been made since 2012. The Company’s directors are considered employees for purposes of stock-based 
compensation.

Changes in our Company’s stock options in 2020 were as follows:

(Shares in thousands)

Options

December 27, 2020

Weighted
Average
Exercise
Price

Weighted
Average
Remaining
Contractual
Term
(Years)

Options outstanding at beginning of year

Exercised

Forfeited/Expired

Options outstanding at end of period (1)

Options exercisable at end of period

969 

$ 

(644) 

— 

325 

325 

$ 

$ 

9 

9 

— 

8 

8 

Aggregate
Intrinsic
Value
$(000s)

2

$ 

22,534 

1

1

$ 

$ 

14,225 

14,225 

(1) All outstanding options are vested as of December 27, 2020. 

The total intrinsic value for stock options exercised was $21.2 million in 2020, $8.6 million in 2019 and $12.3 

million in 2018.

Restricted Stock Units

The 2010 Incentive Plan provided, and 2020 Incentive Plan provides, for grants of other stock-based awards, 

including restricted stock units.

Outstanding stock-settled restricted stock units have been granted with a stated vesting period up to 5 years. 

Each restricted stock unit represents our obligation to deliver to the holder one share of Class A Common Stock upon 
vesting. The fair value of stock-settled restricted stock units is the average market price on the grant date. Changes in 
our Company’s stock-settled restricted stock units in 2020 were as follows:

(Shares in thousands)

Unvested stock-settled restricted stock units at beginning of period

Granted

Vested

Forfeited

Unvested stock-settled restricted stock units at end of period

Unvested stock-settled restricted stock units expected to vest at end of period

December 27, 2020

Restricted
Stock
Units

Weighted
Average
Grant-Date
Fair Value

547 

$ 

256 

(273) 

(17) 

513 

477 

$ 

$ 

27 

37 

25 

33 

33 

33 

The intrinsic value of stock-settled restricted stock units vested was $9.6 million in 2020, $11.0 million in 2019 

and $12.4 million in 2018.

Long-Term Incentive Compensation

The 2010 Incentive Plan provided, and 2020 Incentive Plan provides, for grants of cash and stock-settled awards 

to key executives payable at the end of a multi-year performance period. 

Cash-settled awards have been granted with three-year performance periods and are based on the achievement 

of a specified financial performance measure. Cash-settled awards have been classified as a liability in our 
Consolidated Balance Sheets. There were payments of approximately $4 million in 2020, $2 million in 2019 and $3 
million in 2018. 

P. 104 – THE NEW YORK TIMES COMPANY

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stock-settled awards have been granted with three-year performance periods and are based on relative Total 

Shareholder Return (“TSR”), which is calculated at stock appreciation plus deemed reinvested dividends, and another 
performance measure. Stock-settled awards are payable in Class A Common Stock and are classified within equity. 
The fair value of TSR awards is determined at the date of grant using a Monte Carlo simulation model. The fair value 
of awards under the other performance measure is determined by the average market price on the grant date.

Unrecognized Compensation Expense

As of December 27, 2020, unrecognized compensation expense related to the unvested portion of our Stock-

Based Awards was approximately $15 million and is expected to be recognized over a weighted-average period of 
1.42 years.

Reserved Shares

We generally issue shares for the exercise of stock options, vesting of stock-settled restricted stock units and 

stock-settled performance awards from unissued reserved shares.

Shares of Class A Common Stock reserved for issuance were as follows:

(Shares in thousands)

Stock options, stock–settled restricted stock units and stock-settled performance awards

Stock options and stock-settled restricted stock units

Stock-settled performance awards(1)

Outstanding

Available

Total Outstanding

Total Available(2)

December 27,
2020

December 29,
2019

1,001

1,026

2,027

15,190

2,027

15,190

1,648

1,371

3,019

7,475

3,019

7,475

(1) The number of shares actually earned at the end of the multi-year performance period will vary, based on actual performance, from 0% to 
200% of the target number of performance awards granted. The maximum number of shares that could be issued is included in the table 
above.

(2) As of December 27, 2020, the 2020 Incentive Plan had approximately 15 million shares of Class A stock available for issuance upon the grant, 
exercise or other settlement of stock-based awards. This amount includes shares subject to awards under the 2010 Incentive Plan that were 
cancelled, forfeited or otherwise terminated, or withheld to satisfy the tax withholding requirements, in accordance with the terms of the 2020 
Incentive Plan.

THE NEW YORK TIMES COMPANY – P. 105

15. Stockholders’ Equity

Shares of our Company’s Class A and Class B Common Stock are entitled to equal participation in the event of 
liquidation and in dividend declarations. The Class B Common Stock is convertible at the holders’ option on a share-
for-share basis into Class A Common Stock. Upon conversion, the previously outstanding shares of Class B Common 
Stock that were converted are automatically and immediately retired, resulting in a reduction of authorized Class B 
Common Stock. As provided for in our Company’s Certificate of Incorporation, the Class A Common Stock has 
limited voting rights, including the right to elect 30% of the Board of Directors, and the Class A and Class B Common 
Stock have the right to vote together on the reservation of our Company shares for stock options and other stock-
based plans, on the ratification of the selection of a registered public accounting firm and, in certain circumstances, on 
acquisitions of the stock or assets of other companies. Otherwise, except as provided by the laws of the State of New 
York, all voting power is vested solely and exclusively in the holders of the Class B Common Stock.

There were 781,724 shares as of December 27, 2020, and 803,404 as of December 29, 2019, of Class B Common 

Stock issued and outstanding that may be converted into shares of Class A Common Stock.

The Adolph Ochs family trust holds approximately 95% of the Class B Common Stock and, as a result, has the 

ability to elect 70% of the Board of Directors and to direct the outcome of any matter that does not require a vote of 
the Class A Common Stock.

In early 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 December 27, 2020, 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.

We may issue preferred stock in one or more series. The Board of Directors is authorized to set the 

distinguishing characteristics of each series of preferred stock prior to issuance, including the granting of limited or 
full voting rights; however, the consideration received must be at least $100 per share. No shares of preferred stock 
were issued or outstanding as of December 27, 2020. 

The following table summarizes the changes in AOCI by component as of December 27, 2020:

(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 29, 2019

$ 

3,438  $ 

(498,986)  $ 

572  $ 

(494,976) 

Other comprehensive income before reclassifications, 
before tax

Amounts reclassified from accumulated other 
comprehensive loss, before tax

Income tax expense

Net current-period other comprehensive income, net of 
tax

6,763 

— 

1,815 

4,948 

129 

3,497 

10,389 

105,531 

28,372 

77,288 

— 

938 

105,531 

31,125 

2,559 

84,795 

Balance as of December 27, 2020

$ 

8,386  $ 

(421,698)  $ 

3,131  $ 

(410,181) 

P. 106 – THE NEW YORK TIMES COMPANY

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The following table summarizes the reclassifications from AOCI for the period ended December 27, 2020:

(In thousands)
Detail about accumulated other comprehensive loss components 

Amounts reclassified 
from accumulated other 
comprehensive loss

Affected line item in the statement 
where net income is presented

Funded status of benefit plans:

Amortization of prior service credit(1)

$ 

Amortization of actuarial loss(1)

Pension settlement charge 

Total reclassification, before tax

Income tax expense

Other components of net periodic 
benefit costs
Other components of net periodic 
benefit costs
Other components of net periodic 
benefit costs

(6,119) 

31,009 

80,641 

105,531 

28,323 

Income tax expense

Total reclassification, net of tax

$ 

77,208 

(1) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost for pension and 

other retirement benefits. See Notes 9 and 10 for additional information.

16. 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 Consolidated Financial Statements.

17. 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 27, 2020, 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 Sheet

Operating lease right-of-use assets

Miscellaneous assets

Current operating lease liabilities

Accrued expenses and other

Noncurrent operating lease liabilities

Other

Total operating lease liabilities

December 27, 2020

December 29, 2019

52,304  $ 

9,056  $ 

52,695 

61,751  $ 

53,549 

7,853 

55,136 

62,989 

$ 

$ 

$ 

The total lease cost for operating leases included in operating costs in our Consolidated Statement of 

Operations was as follows:

(In thousands)

Operating lease cost

Short term and variable lease cost

Total lease cost

For the Twelve Months Ended

December 27, 2020

December 29, 2019

11,467  $ 

1,776 

13,243  $ 

9,980 

1,814 

11,794 

$ 

$ 

THE NEW YORK TIMES COMPANY – P. 107

 
 
 
 
 
 
 
 
The table below presents additional information regarding operating leases:

(In thousands, except lease term and discount rate)

December 27, 2020

December 29, 2019

Cash paid for amounts included in the measurement of operating lease 
liabilities

Right-of-use assets obtained in exchange for operating lease liabilities

$ 

$ 

Weighted-average remaining lease term

Weighted-average discount rate

11,533 

9,004 

$ 

$ 

8.7 years

 4.41 %

9,101 

61,270 

9.7 years

 4.64 %

Maturities of lease liabilities on an annual basis for the Company’s operating leases as of December 27, 2020, 

were as follows:

(In thousands)

2021

2022

2023

2024

2025

Later Years

Total lease payments

Less: Interest

Present value of lease liabilities

Finance lease

$ 

$ 

$ 

Amount

11,356 

10,331 

9,135 

8,015 

6,873 

28,639 

74,349 

(12,598) 

61,751 

We had a finance lease in connection with the land at our College Point, N.Y., printing and distribution facility. 

Interest on the lease liability was recorded in Interest expense and other, net in our Consolidated Statement of 
Operations. Repayments of the principal portion of our lease liability are recorded within financing activities section 
and payments of interest on our lease liability are recorded within operating activities section in the Consolidated 
Statement of Cash Flows for our finance lease. On August 1, 2019, using existing cash, we purchased the assets under 
the finance lease for $6.9 million, which resulted in the settlement of our finance lease obligation.

Lessor activities

Our leases to third parties predominantly relate to office space in the Company Headquarters.

As of December 27, 2020, and December 29, 2019, the cost and accumulated depreciation related to the 

Company Headquarters included in Property, plant and equipment in our Consolidated Balance Sheet was 
approximately $516 million and $222 million and $510 million and $204 million, respectively. Office space leased to 
third parties represents approximately 39% of rentable square feet of the Company Headquarters.

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:

(In thousands)
Building rental revenue (1)

For the Twelve Months Ended

December 27, 2020

December 29, 2019

$ 

28,516  $ 

30,595 

(1) Building rental revenue includes approximately $10.8 million related to subleases for the fiscal year ended December 29, 2019. In December 
2019, the Company exercised its option under the Lease Agreement, dated March 6, 2009, with an affiliate of W.P. Carey & Co. LLC (the 
“Lease”) to repurchase for $245.3 million a portion of the Company’s leasehold condominium interest consisting of approximately 750,000 
rentable square feet in the Company Headquarters (the “Condo Interest”). The Lease was part of a transaction in 2009 under which the 
Company sold (for approximately $225 million) and simultaneously leased back the Condo Interest. As a result of the repurchase, the Company 
did not have sublease income for the fiscal year ended December 27, 2020.

P. 108 – THE NEW YORK TIMES COMPANY

 
 
 
 
 
 
Maturities of lease payments to be received on an annual basis for the Company’s office space operating leases 

as of December 27, 2020, were as follows:

(In thousands)

2021

2022

2023

2024

2025

Later Years

Total building rental revenue from operating leases

$ 

$ 

Amount

27,766 

30,327 

28,774 

28,823 

29,294 

135,413 

280,397 

THE NEW YORK TIMES COMPANY – P. 109

 
 
 
 
 
18. Commitments and Contingent Liabilities

Restricted Cash

We were required to maintain $15.9 million of restricted cash as of December 27, 2020, and $17.1 million as of 

December 29, 2019, the majority of which is set aside to collateralize workers’ compensation obligations. 

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.

19. Reclassification

The Company changed the expense captions on its Consolidated Statement of Operations effective for the 
quarter ended March 29, 2020. These changes were made in order to reflect how the Company manages its business 
and to communicate where the Company is investing resources and how this aligns with the Company’s strategy. 
The Company reclassified expenses for the prior period in order to present comparable financial results. There was no 
change to consolidated operating income, total operating costs, net income or cash flows as a result of this change in 
classification. A summary of changes is as follows:

“Production costs” has become “Cost of revenue”:

◦

Cost of revenue contains all costs related to content creation, subscriber and advertiser servicing, and 
print production and distribution costs 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. This represents a change from previously disclosed production 
costs, which did not include distribution or subscriber servicing costs. In addition, certain product 
development costs previously included in production costs have been reclassified to product 
development. 

“Selling, general and administrative” has been split into three lines:

◦

◦

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

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

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

In addition, incentive compensation, which was previously wholly included in selling, general and administrative, 
was reclassified to align with the classification of the related wages across each of the expense captions.

P. 110 – THE NEW YORK TIMES COMPANY

A reconciliation of the expenses as previously disclosed to the recast presentation for twelve months ended 

December 29, 2019, and December 30, 2018, is as follows: 

As Reported for 
the Twelve 
Months Ended 
December 29, 
2019

Reclassification

Recast for the 
Twelve Months 
Ended
December 29, 
2019

Operating costs

Production costs:

Wages and benefits

Raw materials

Other production costs

Total production costs

Cost of revenue (excluding depreciation and amortization)

Selling, general and administrative costs

Sales and marketing

Product development

General and administrative

Depreciation and amortization

Total operating costs

Operating costs

Production costs:

Wages and benefits

Raw materials

Other production costs

Total production costs

Cost of revenue (excluding depreciation and amortization)

Selling, general and administrative costs

Sales and marketing

Product development

General and administrative

Depreciation and amortization

Total operating costs

$ 

424,070 

$ 

(424,070) 

75,904 

206,381 

706,355 

— 

867,623 

— 

— 

— 

60,661 

$ 

1,634,639 

$ 

$ 

(1)(2)

(1)

(1)(2)

(1)(2)

(75,904) 

(206,381) 

(706,355) 

989,029 

(1)(3)(4)

(867,623) 

(3)(4)(5)

272,657 

(4)(5)

105,514 

(2)(4)(5)

206,778 

(4)(5)

— 

— 

As Reported for 
the Twelve 
Months Ended 
December 30, 
2018

Reclassification

$ 

380,678 

$ 

(380,678) 

76,542 

196,956 

654,176 

— 

845,591 

— 

— 

— 

59,011 

$ 

1,558,778 

$ 

$ 

(1)(2)

(1)

(1)(2)

(1)(2)

(76,542) 

(196,956) 

(654,176) 

947,884 

(1)(3)(4)

(845,591) 

(3)(4)(5)

271,164 

(4)(5)

84,098 

(2)(4)(5)

196,621 

(4)(5)

— 

— 

$ 

1,634,639 

Recast for the 
Twelve Months 
Ended
December 30, 
2018

— 

— 

— 

— 

989,029 

— 

272,657 

105,514 

206,778 

60,661 

— 

— 

— 

— 

947,884 

— 

271,164 

84,098 

196,621 

59,011 

$ 

1,558,778 

(1) In the first quarter of 2020, the Company discontinued the use of the production cost caption. These costs, with the exception of product 

engineering and product design costs, which were reclassified to product development, were reclassified to cost of revenue.

(2) Costs related to developing and enhancing new and existing product technology previously included in production costs were reclassified to 

product development.

(3) Distribution and fulfillment costs and subscriber and advertising servicing related costs previously included in selling, general and 

administrative were reclassified to cost of revenue.

(4) Incentive Compensation previously included in selling, general and administrative was reclassified to align with the related salaries in each 

caption.

(5)  In the first quarter of 2020, the Company discontinued the use of the selling, general and administrative cost caption. These costs, with the 
exception of those related to distribution and fulfillment, subscriber and advertising servicing and incentive compensation related to cost of 
revenue, were reclassified to the new captions: sales and marketing, product development and general and administrative.

THE NEW YORK TIMES COMPANY – P. 111

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
20. Subsequent Event

Quarterly Dividend

In February 2021, our Board of Directors approved a quarterly dividend of $0.07 per share on our Class A and 
Class B common stock, an increase of $0.01 per share from the previous quarter. The dividend is payable on April 22, 
2021, to all stockholders of record as of the close of business on April 7, 2021.

P. 112 – THE NEW YORK TIMES COMPANY

SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS

For the Years Ended December 27, 2020, December 29, 2019, and December 30, 2018:

(In thousands)

Accounts receivable allowances:

Year ended December 27, 2020

Year ended December 30, 2019

Year ended December 31, 2018

(1) Includes write-offs, net of recoveries.

Balance at
beginning
of period

Additions
charged to
operating
costs and 
other

Deductions(1)

Balance at
end of period

$ 

$ 

$ 

14,358 

13,249 

14,542 

$ 

$ 

$ 

14,783 

14,807 

11,830 

$ 

$ 

$ 

15,344 

13,698 

13,123 

$ 

$ 

$ 

13,797 

14,358 

13,249 

THE NEW YORK TIMES COMPANY – P. 113

QUARTERLY INFORMATION (UNAUDITED)

Quarterly financial information for each quarter in the years ended December 27, 2020, and December 29, 

2019, is included in the following tables.

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

Our second largest source of revenue is advertising. Our business has historically experienced higher 

advertising volume in the fourth quarter than the remaining quarters because of holiday advertising. 

(In thousands, except per share data)

Revenues

Operating costs

Operating profit
Other components of net periodic benefit costs(1)
Gain from joint ventures(2)
Interest expense and other, net (3)
Income from continuing operations before income 
taxes

Income tax expense/(benefit)

Net income
Net income attributable to the noncontrolling 
interest
Net income attributable to The New York Times 
Company common stockholders

Average number of common shares outstanding:

2020 Quarters

March 29,
2020

June 28,
2020

September 27,
2020

December 27,
2020

Full Year

(13 weeks)

(13 weeks)

(13 weeks)

(13 weeks)

(52 weeks)

$ 

443,636  $ 

403,750  $ 

426,895  $ 

509,358  $ 

1,783,639 

416,316   

374,944   

387,299   

428,824   

1,607,383 

27,320   

2,314   

—   

13,854   

38,860   

6,006   

32,854   

28,806   

2,149   

—   

2,786   

29,443   

5,781   

23,662   

39,596   

2,272   

—   

3,537   

40,861   

7,283   

33,578   

80,534   

82,419   

5,000   

3,153   

6,268   

(4,475)   

10,743   

176,256 

89,154 

5,000 

23,330 

115,432 

14,595 

100,837 

—   

—   

—   

(734)   

(734) 

$ 

32,854  $ 

23,662  $ 

33,578  $ 

10,009  $ 

100,103 

Basic

Diluted

166,549   

167,845   

166,869   

168,083   

167,075   

168,059   

167,367   

168,197   

166,973 

168,038 

Basic earnings per share attributable to The New 
York Times Company common stockholders:

Net income

Diluted earnings per share attributable to The New 
York Times Company common stockholders:

Net income

Dividends declared per share

$ 

$ 

$ 

0.20  $ 

0.14  $ 

0.20  $ 

0.06  $ 

0.60 

0.20  $ 

0.06  $ 

0.14  $ 

—  $ 

0.20  $ 

0.12  $ 

0.06  $ 

0.06  $ 

0.60 

0.24 

(1) In the fourth quarter of 2020, the Company recorded pension settlement charges of $80.6 million in connection with the transfer of certain 

pension benefit obligations to an insurer.

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

from the pending liquidation of Madison. 

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

P. 114 – THE NEW YORK TIMES COMPANY

 
 
 
 
 
 
 
 
 
 
 
 
(In thousands, except per share data)

2019 Quarters

March 31,
2019

June 30,
2019

September 29,
2019

December 29,
2019

Full Year

(13 weeks)

(13 weeks)

(13 weeks)

(13 weeks)

(52 weeks)

Revenues

$ 

439,062  $ 

436,258  $ 

428,501  $ 

508,363  $ 

1,812,184 

Operating costs
Restructuring charge(1)
Gain from pension liability adjustment(2)

Operating profit

Other components of net periodic benefit costs

Interest expense and other, net

Income from continuing operations before income 
taxes

Income tax expense

Net income attributable to The New York Times 
Company common stockholders

Average number of common shares outstanding:

404,464   

398,325   

401,452   

430,398   

1,634,639 

—   

—   

34,598   

1,835   

(1,303)   

31,460   

1,304   

—   

—   

37,933   

1,833   

(1,514)   

34,586   

9,415   

4,008   

(2,045)   

25,086   

1,834   

(755)   

22,497   

6,070   

—   

—   

4,008 

(2,045) 

77,965   

175,582 

1,800   

(248)   

75,917   

7,705   

7,302 

(3,820) 

164,460 

24,494 

$ 

30,156  $ 

25,171  $ 

16,427  $ 

68,212  $ 

139,966 

Basic

Diluted

165,674   

167,129   

166,152   

167,549   

166,148   

167,555   

166,239   

167,728   

166,042 

167,545 

Basic earnings/(loss) per share attributable to The 
New York Times Company common stockholders:

Net income/(loss)

Diluted earnings/(loss) per share attributable to The 
New York Times Company common stockholders:

Net income/(loss)

Dividends declared per share

$ 

$ 

$ 

0.18  $ 

0.15  $ 

0.10  $ 

0.41  $ 

0.84 

0.18  $ 

0.05  $ 

0.15  $ 

0.05  $ 

0.10  $ 

0.05  $ 

0.41  $ 

0.05  $ 

0.83 

0.20 

(1) In the third quarter of 2019, the Company recognized a $4.0 million of pre-tax expense related to restructuring charges, including impairment 

and severance charges related to the closure of our digital marketing agency, HelloSociety, LLC.

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

THE NEW YORK TIMES COMPANY – P. 115

 
 
 
 
 
 
 
 
 
 
 
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND 
FINANCIAL DISCLOSURE

Not applicable.

ITEM 9A. 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 December 27, 2020. 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.

MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

Management’s report on internal control over financial reporting and the attestation report of our independent 
registered public accounting firm on our internal control over financial reporting are set forth in Item 8 of this Annual 
Report on Form 10-K and are incorporated by reference herein.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

There were no changes in our internal control over financial reporting during the quarter ended December 27, 

2020, that have materially affected, or are reasonably likely to materially affect, our internal control over financial 
reporting.

ITEM 9B. OTHER INFORMATION

Not applicable.

P. 116 – THE NEW YORK TIMES COMPANY

PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

In addition to the information set forth under the caption “Executive Officers of the Registrant” in Part I of this 
Annual Report on Form 10-K, the information required by this item is incorporated by reference to the sections titled 
“Proposal Number 1 — Election of Directors,” “Related Person Transactions,” “Board of Directors and Corporate 
Governance,” beginning with the section titled “Independence of Directors,” but only up to and including the section 
titled “Board Committees and Audit Committee Financial Experts,” “Board Committees” and “Nominating & 
Governance Committee” of our Proxy Statement for the 2021 Annual Meeting of Stockholders.

The Board of Directors has adopted a code of ethics that applies not only to the principal executive officer, 
principal financial officer and principal accounting officer, as required by the SEC, but also to our Chairman. The 
current version of this code of ethics can be found on the Corporate Governance section of our website at http://
nytco.com/investors/corporate-governance. We intend to post any amendments to or waivers from the code of ethics 
that apply to our principal executive officer, principal financial officer or principal accounting officer on our website.

ITEM 11. EXECUTIVE COMPENSATION

The information required by this item is incorporated by reference to the sections titled “Compensation 
Committee,” “Directors’ Compensation,” “Directors’ and Officers’ Liability Insurance” and “Compensation of 
Executive Officers” of our Proxy Statement for the 2021 Annual Meeting of Stockholders.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND 
RELATED STOCKHOLDER MATTERS

The information required by this item is incorporated by reference to the sections titled “Principal Holders of 
Common Stock,” “Security Ownership of Management and Directors” and “The 1997 Trust” of our Proxy Statement 
for the 2021 Annual Meeting of Stockholders.

Number of securities
to be issued upon
exercise of
outstanding options,
warrants and rights

Weighted average
exercise price of
outstanding options,
warrants and rights

Number of securities
remaining
available for future
issuance under equity
compensation plans
(excluding securities
reflected in column (a))

Plan category

(a)

(b)

(c)

Equity compensation plans approved by security 
holders

Stock-based awards

Total

Equity compensation plans not approved by 
security holders

2,027,252  (1) $ 

7.56  (2)

2,027,252 

15,190,410  (3)

15,190,410 

None

None

None

(1) Includes (i) 324,860 shares of Class A stock to be issued upon the exercise of outstanding stock options granted under the 2010 Incentive Plan, 
at a weighted-average exercise price of $7.56 per share, and with a weighted-average remaining term of 1.4 years; (ii) 512,936 shares of Class 
A stock issuable upon the vesting of outstanding stock-settled restricted stock units granted under the 2010 Incentive Plan and the 2020 
Incentive Plan; (iii) 163,938 shares of Class A stock related to vested stock-settled restricted stock units granted under the 2010 Incentive Plan 
issuable to non-employee directors upon retirement from the Board; and (iv) 1,025,518, shares of Class A stock that would be issuable at 
maximum performance pursuant to outstanding stock-settled performance awards under the 2010 Incentive Plan and the 2020 Incentive Plan. 
Under the terms of the performance awards, shares of Class A stock are to be issued at the end of three-year performance cycles based on 
the Company’s achievement against specified performance targets. The shares included in the table represent the maximum number of shares 
that would be issued under the outstanding performance awards; assuming target performance, the number of shares that would be issued 
under the outstanding performance awards is 512,759.

(2) Excludes shares of Class A stock issuable upon vesting of stock-settled restricted stock units and shares issuable pursuant to stock-settled 

performance awards.

(3) Includes shares of Class A stock available for future stock options to be granted under the 2020 Incentive Plan. As of December 27, 2020, the 
2020 Incentive Plan had 15,190,410 shares of Class A stock remaining available for issuance upon the grant, exercise or other settlement of 
stock-based awards. This amount includes shares subject to awards under the 2010 Incentive Plan that were cancelled, forfeited or otherwise 

THE NEW YORK TIMES COMPANY – P. 117

 
 
 
 
terminated, or withheld to satisfy the tax withholding requirements, in accordance with the terms of the 2020 Incentive Plan. Stock options 
granted under the 2020 Incentive Plan must provide for an exercise price of 100% of the fair market value (as defined in the 2020 Incentive 
Plan) on the date of grant.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR 
INDEPENDENCE

The information required by this item is incorporated by reference to the sections titled “Related Person 
Transactions,” “Board of Directors and Corporate Governance — Independence of Directors” and “Board of Directors 
and Corporate Governance — Board Committees and Audit Committee Financial Experts” of our Proxy Statement for 
the 2021 Annual Meeting of Stockholders.

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

The information required by this item is incorporated by reference to the section titled “Proposal Number 3 — 
Selection of Auditors,” beginning with the section titled “Audit Committee’s Pre-Approval Policies and Procedures,” 
but only up to and not including the section titled “Recommendation and Vote Required” of our Proxy Statement for 
the 2021 Annual Meeting of Stockholders.

P. 118 – THE NEW YORK TIMES COMPANY

PART IV

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

(A) DOCUMENTS FILED AS PART OF THIS REPORT

(1) Financial Statements

As listed in the index to financial information in “Item 8 — Financial Statements and Supplementary Data.”

(2) Supplemental Schedules

The following additional consolidated financial information is filed as part of this Annual Report on Form 10-K 

and should be read in conjunction with the Consolidated Financial Statements set forth in “Item 8 — Financial 
Statements and Supplementary Data.” Schedules not included with this additional consolidated financial information 
have been omitted either because they are not applicable or because the required information is shown in the 
Consolidated Financial Statements.

Consolidated Schedule for the Three Years Ended December 27, 2020

II – Valuation and Qualifying Accounts

(3) Exhibits

The exhibits listed in the accompanying index are filed as part of this report.

Page

113

THE NEW YORK TIMES COMPANY – P. 119

 INDEX TO EXHIBITS

Exhibit numbers 10.15 through 10.25 are management contracts or compensatory plans or arrangements.

Exhibit
Number
(3.1)

(3.2)

(4)

(4.1)

(10.1)

(10.2)

(10.3)

(10.4)

(10.5)

(10.6)

(10.7)

(10.8)

(10.9)

(10.10)

(10.11)

(10.12)*

(10.13)*

(10.14)

Description of Exhibit

Certificate  of  Incorporation  as  amended  and  restated  to  reflect  amendments  effective  July  1,  2007  (filed  as  an 
Exhibit to the Company’s Form 10-Q dated August 9, 2007, and incorporated by reference herein).

By-laws, as amended April 10, 2020 (filed as an Exhibit to the Company’s Form 8-K dated April 10, 2020, and 
incorporated by reference herein). 
The Company agrees to furnish to the Commission upon request a copy of any instrument with respect to long-
term debt of the Company and any subsidiary for which consolidated or unconsolidated financial statements are 
required to be filed, and for which the amount of securities authorized thereunder does not exceed 10% of the 
total assets of the Company and its subsidiaries on a consolidated basis.
Description  of  the  Registrant’s  Securities  Registered  Pursuant  to  Section  12  of  the  Securities  Exchange  Act  of 
1934.

New York City Public Utility Service Power Service Agreement, dated as of May 3, 1993, between The City of 
New York, acting by and through its Public Utility Service, and The New York Times Newspaper Division of the 
Company (filed as an Exhibit to the Company’s Form 10-K dated March 21, 1994, and incorporated by reference 
herein).
Letter Agreement, dated as of April 8, 2004, amending Agreement of Lease, between the 42nd St. Development 
Project, Inc., as landlord, and The New York Times Building LLC, as tenant (filed as an Exhibit to the Company’s 
Form 10-Q dated November 3, 2006, and incorporated by reference herein).

Agreement  of  Sublease,  dated  as  of  December  12,  2001,  between  The  New  York  Times  Building  LLC,  as 
landlord, and NYT Real Estate Company LLC, as tenant (filed as an Exhibit to the Company’s Form 10-Q dated 
November 3, 2006, and incorporated by reference herein).

First Amendment to Agreement of Sublease, dated as of August 15, 2006, between 42nd St. Development Project, 
Inc., as landlord, and NYT Real Estate Company LLC, as tenant (filed as an Exhibit to the Company’s Form 10-Q 
dated November 3, 2006, and incorporated by reference herein).
Second  Amendment  to  Agreement  of  Sublease,  dated  as  of  January  29,  2007,  between  42nd  St.  Development 
Project, Inc., as landlord, and NYT Real Estate Company LLC, as tenant (filed as an Exhibit to the Company’s 
Form 8-K dated February 1, 2007, and incorporated by reference herein).

Third Amendment to Agreement of Sublease (NYT), dated as of March 6, 2009, between 42nd St. Development 
Project, Inc., as landlord, and NYT Real Estate Company LLC, as tenant (filed as an Exhibit to the Company’s 
Form 8-K dated March 9, 2009, and incorporated by reference herein).

Fourth Amendment to Agreement of Sublease (NYT), dated as of March 6, 2009, between 42nd St. Development 
Project,  Inc.,  as  landlord,  and  620  Eighth  NYT  (NY)  Limited  Partnership,  as  tenant  (filed  as  an  Exhibit  to  the 
Company’s Form 8-K dated March 9, 2009, and incorporated by reference herein).

Fifth Amendment to Agreement of Sublease (NYT), dated as of August 31, 2009, between 42nd St. Development 
Project,  Inc.,  as  landlord,  and  620  Eighth  NYT  (NY)  Limited  Partnership,  as  tenant  (filed  as  an  Exhibit  to  the 
Company’s Form 10-Q dated November 4, 2009, and incorporated by reference herein).

Agreement  of  Sublease  (NYT-2),  dated  as  of  March  6,  2009,  between  42nd  St.  Development  Project,  Inc.,  as 
landlord, and NYT Real Estate Company LLC, as tenant (filed as an Exhibit to the Company’s Form 8-K dated 
March 9, 2009, and incorporated by reference herein).

First Amendment to Agreement of Sublease (NYT-2), dated as of March 6, 2009, between 42nd St. Development 
Project,  Inc.,  as  landlord,  and  NYT  Building  Leasing  Company  LLC,  as  tenant  (filed  as  an  Exhibit  to  the 
Company’s Form 8-K dated March 9, 2009, and incorporated by reference herein).

Assignment and Assumption of Sublease (NYT-2), dated July 10, 2020, between NYT Building Leasing Company 
LLC, as assignor, and NYT Real Estate Company LLC, as assignee.

Letter Agreement, dated as of October 18, 2017, between the Company and Massachusetts Mutual Life Insurance 
Company  (filed  as  an  Exhibit  to  the  Company’s  Form  10-K  dated  February  27,  2018,  and  incorporated  by 
reference herein).

Letter Agreement, dated as of October 18, 2017, between the Company and Massachusetts Mutual Life Insurance 
Company  (filed  as  an  Exhibit  to  the  Company’s  Form  10-K  dated  February  27,  2018,  and  incorporated  by 
reference herein).
Credit  Agreement,  dated  as  of  September  10,  2019,  among  The  New  York  Times  Company,  as  borrower,  the 
financial institutions party thereto, as lenders, Bank of America, N.A., as administrative agent, swing line lender 
and  L/C  Issuer,  Wells  Fargo  Securities,  LLC  and  J.P.  Morgan  Chase  Bank,  National  Association,  and  BOFA 
Securities,  Inc.,  as  joint  lead  arrangers  and  joint  book  runners  (filed  as  an  Exhibit  to  the  Company’s  Form  8-K 
dated September 11, 2019, and incorporated by reference herein).

P. 120 – THE NEW YORK TIMES COMPANY

Exhibit
Number
(10.15)

(10.16)

(10.17)

(10.18)

(10.19)

(10.20)

(10.21)

(10.22)

(10.23)

(10.24)

(10.25)

(21)

(23.1)

(24)

(31.1)

(31.2)

(32.1)

(32.2)

(101.INS)

Description of Exhibit
The  Company’s  Non-Employee  Directors  Deferral  Plan,  as  amended  through  October  11,  2007  (filed  as  an 
Exhibit to the Company’s Form 8-K dated October 12, 2007, and incorporated by reference herein).

The Company’s 2010 Incentive Compensation Plan, as amended and restated effective April 30, 2014 (filed as an 
Exhibit to the Company’s Form 8-K dated April 30, 2014, and incorporated by reference herein).

Form  of  Restricted  Stock  Unit  Award  Agreement  for  Employees  under  the  Company’s  2010  Incentive 
Compensation Plan (filed as an Exhibit to the Company’s Form 10-K dated February 22, 2017, and incorporated 
by reference herein).

The  New  York  Times  Company  2020  Incentive  Compensation  Plan  (filed  as  Exhibit  4.1  to  the  Company’s 
Registration Statement on Form S-8 dated April 22, 2020, and incorporated by reference herein).

Form  of  Restricted  Stock  Unit  Award  Agreement  for  Employees  under  the  Company’s  2020  Incentive 
Compensation Plan.

Form  of  Restricted  Stock  Unit  Award  Agreement  for  Non-Employee  Directors  under  the  Company’s  2020 
Incentive  Compensation  Plan  (filed  as  an  Exhibit  to  the  Company’s  Form  10-Q  dated  May  7,  2020,  and 
incorporated by reference herein).

The Company’s Deferred Executive Compensation Plan, as amended and restated effective January 1, 2015 (filed 
as an Exhibit to the Company’s Form 10-Q dated November 4, 2015, and incorporated by reference herein).

The  Company’s  Supplemental  Executive  Retirement  Plan,  as  amended  and  restated  effective  January  1,  2015 
(filed as an Exhibit to the Company’s Form 10-Q dated November 4, 2015, and incorporated by reference herein).

The Company’s Supplemental Executive Savings Plan, amended and restated effective February 19, 2015 (filed 
as an Exhibit to the Company’s Form 10-Q filed November 4, 2015, and incorporated by reference herein).

The Company’s Savings Restoration Plan, amended and restated effective February 19, 2015 (filed as an Exhibit 
to the Company’s Form 10-Q filed November 4, 2015, and incorporated by reference herein).

Employment Letter Agreement, dated July 21, 2020, between the Company and Meredith Kopit Levien (filed as 
an Exhibit to the Company’s Form 8-K dated July 22, 2020, and incorporated by reference herein).

Subsidiaries of the Company.

Consent of Ernst & Young LLP.

Power of Attorney (included as part of signature page).

Rule 13a-14(a)/15d-14(a) Certification.

Rule 13a-14(a)/15d-14(a) Certification.

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

(101.LAB)

(101.PRE)

(104)

Inline XBRL Taxonomy Extension Definition Linkbase Document.

Inline XBRL Taxonomy Extension Label Linkbase Document.

Inline XBRL Taxonomy Extension Presentation Linkbase Document.

Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

* Portions of this exhibit (indicated by asterisks) have been omitted and are subject to a confidential treatment order granted by the SEC pursuant 
to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.

ITEM 16. FORM 10-K SUMMARY

None.

THE NEW YORK TIMES COMPANY – P. 121

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) 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.

Date: February 25, 2021 

THE NEW YORK TIMES COMPANY
(Registrant)

BY: /s/ Roland A. Caputo

Roland A. Caputo

Executive Vice President and Chief Financial Officer

We, the undersigned directors and officers of The New York Times Company, hereby severally constitute Diane 
Brayton and Roland A. Caputo, and each of them singly, our true and lawful attorneys with full power to them and 
each of them to sign for us, in our names in the capacities indicated below, any and all amendments to this Annual 
Report on Form 10-K filed with the Securities and Exchange Commission.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the 
following persons on behalf of the registrant and in the capacities and on the dates indicated.

Date
February 25, 2021
February 25, 2021

February 25, 2021

February 25, 2021

February 25, 2021

February 25, 2021

February 25, 2021

February 25, 2021

February 25, 2021

February 25, 2021

February 25, 2021

February 25, 2021

February 25, 2021

February 25, 2021

Signature
/s/ A.G. Sulzberger
/s/ Meredith Kopit Levien Chief Executive Officer, President and Director

Title
Chairman, Publisher and Director

/s/ Roland A. Caputo

/s/ R. Anthony Benten

(principal executive officer)
Executive Vice President and Chief Financial Officer 
(principal financial officer)
Senior Vice President, Treasurer and Chief Accounting Officer 
(principal accounting officer)

/s/ Amanpal S. Bhutani

Director

/s/ Robert E. Denham

/s/ Rachel Glaser

/s/ Arthur Golden

/s/ Hays N. Golden 

Director

Director

Director

Director

/s/ Brian P. McAndrews

Director

/s/ David Perpich

/s/ John W. Rogers, Jr.

/s/ Doreen Toben

/s/ Rebecca Van Dyck

Director

Director

Director

Director

P. 122 – THE NEW YORK TIMES COMPANY

EXHIBIT 31.1 

Rule 13a-14(a)/15d-14(a) Certification

I, Meredith Kopit Levien, certify that:

1.

I have reviewed this Annual Report on Form 10-K 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: February 25, 2021 

/s/ MEREDITH KOPIT LEVIEN

Meredith Kopit Levien

Chief Executive Officer

EXHIBIT 31.2

Rule 13a-14(a)/15d-14(a) Certification

I, Roland A. Caputo, certify that:

1.

I have reviewed this Annual Report on Form 10-K 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: February 25, 2021

/s/ ROLAND A. CAPUTO

Roland A. Caputo

Chief Financial Officer

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 Annual Report on Form 10-K of The New York Times Company (the “Company”) for 

the year ended December 27, 2020, 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.

February 25, 2021 

/s/ MEREDITH KOPIT LEVIEN

Meredith Kopit Levien

Chief Executive Officer

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 Annual Report on Form 10-K of The New York Times Company (the “Company”) for 

the year ended December 27, 2020, 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.

February 25, 2021 

/s/ ROLAND A. CAPUTO

Roland A. Caputo

Chief Financial Officer

Board of Directors

Amanpal S. Bhutani
C.E.O.  
GoDaddy Inc.

Robert E. Denham
Partner 
Munger, Tolles & Olson LLP

Rachel Glaser
C.F.O. 
Etsy, Inc.

Arthur Golden
Author

Hays N. Golden
Managing Director
University of Chicago 
Crime and Education Labs

Meredith Kopit Levien 
President and C.E.O. 
The New York Times Company

Brian P. McAndrews
Former President, C.E.O.  
and Chairman
Pandora Media, Inc.

David Perpich
Head of Standalone Products
The New York Times Company

John W. Rogers Jr.
Founder, Chairman, co-C.E.O.  
and C.I.O.
Ariel Investments, LLC

A.G. Sulzberger
Chairman
The New York Times Company
Publisher  
The New York Times

Doreen Toben
Former Executive Vice 
President and C.F.O.
Verizon Communications, Inc.

Rebecca Van Dyck
Chief Operating Officer 
Facebook Reality Labs
Facebook, Inc.

Shareholder Information Online
investors.nytco.com
Visit our website for corporate governance information about the Company, 
including the Code of Ethics for the Executive Chairman, C.E.O. and senior 
financial officers and our Business Ethics Policy.

Career Opportunities
Employment applicants should apply online at www.nytco.com/careers.  
The Company is committed to a policy of providing equal employment 
opportunities without regard to race, color, religion, national origin, ancestry, 
gender, age, marital status, sexual orientation, disability, military or veteran 
status or any other characteristic covered by law.

Office of the Secretary
(212) 556-8092

Corporate Communications and Investor Relations
(212) 556-4317

Stock Listing
The Company’s Class A Common Stock is listed on the New York
Stock Exchange. Ticker symbol: NYT

Registrar and Transfer Agent
If you are a registered shareholder and have a question about your
account, or would like to report a change in your name or address,
please contact:
Computershare
P.O. Box 505000
Louisville, KY 40233-5000

Overnight correspondence should be mailed to:
Computershare
462 South 4th Street, Suite 1600
Louisville, KY 40202

Shareholder Website and Inquiries
www.computershare.com/investor
Domestic: (800) 240-0345; TDD Line: (800) 231-5469
Foreign: (201) 680-6578; TDD Line: (201) 680-6610

Annual Meeting
Wednesday, April 28, 2021 at 11 a.m. E.T.
www.virtualshareholdermeeting.com/NYT2021

Auditors
Ernst & Young LLP
5 Times Square
New York, NY 10036

Forward-Looking Statements
This Annual Report contains forward-looking statements that relate to future  
events or our future financial performance. By their nature, forward-looking 
statements are subject to risks and uncertainties that could cause actual results to 
differ materially from those anticipated in any such statements. You should bear  
this in mind as you consider forward-looking statements. Factors that we think 
could, individually or in the aggregate, cause our actual results to differ materially 
from expected and historical results include those described in the “Risk Factors” 
section of this Annual Report, as well as other risks and factors detailed from time 
to time in the Company’s publicly filed documents. 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.

Copyright 2021
The New York Times Company
All rights reserved.

 
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