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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 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 13-1102020
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
620 Eighth Avenue, New York, New York 10018
(Address and zip code of principal executive offices)
Registrant’s telephone number, including area code 212-556-1234
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common StockNYTNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x      No   o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   x     No  o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filer
Smaller reporting companyEmerging growth company
If an emerging growth company, indicate by the check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to section 13(a) of the Exchange Act. 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes       No  x
Number of shares of each class of the registrant’s common stock outstanding as of October 30, 2020 (exclusive of treasury shares):  
Class A Common Stock166,435,299 shares
Class B Common Stock781,724 shares




THE NEW YORK TIMES COMPANY
INDEX
  
PART IFinancial Information
Item1Financial Statements
Condensed Consolidated Balance Sheets as of September 27, 2020 (unaudited) and December 29, 2019
Condensed Consolidated Statements of Operations (unaudited) for the quarters and nine months ended September 27, 2020 and September 29, 2019
Condensed Consolidated Statements of Comprehensive Income (unaudited) for the quarters and nine months ended September 27, 2020 and September 29, 2019
Condensed Consolidated Statements of Changes In Stockholders’ Equity (unaudited) for the quarters and nine months ended September 27, 2020 and September 29, 2019
Condensed Consolidated Statements of Cash Flows (unaudited) for the nine months ended September 27, 2020 and September 29, 2019
Notes to the Condensed Consolidated Financial Statements
Item2Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item3Quantitative and Qualitative Disclosures about Market Risk
Item4Controls and Procedures
PART IIOther Information
Item1Legal Proceedings
Item1ARisk Factors
Item2Unregistered Sales of Equity Securities and Use of Proceeds
Item6Exhibits






PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
THE NEW YORK TIMES COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
September 27, 2020December 29, 2019
(Unaudited)
Assets
Current assets
Cash and cash equivalents
$215,763 $230,431 
Short-term marketable securities
308,734 201,785 
Accounts receivable (net of allowances of $14,153 in 2020 and $14,358 in 2019)
125,337 213,402 
Prepaid expenses
32,087 29,089 
Other current assets
39,063 42,124 
Total current assets720,984 716,831 
Other assets
Long-term marketable securities
275,649 251,696 
Property, plant and equipment (less accumulated depreciation and amortization of $916,109 in 2020 and $950,881 in 2019)
604,283 627,121 
Goodwill
168,700 138,674 
Deferred income taxes
109,197 115,229 
Miscellaneous assets
260,728 239,587 
Total assets$2,139,541 $2,089,138 
 See Notes to Condensed Consolidated Financial Statements.
1


THE NEW YORK TIMES COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS-(Continued)
(In thousands, except share and per share data)
September 27, 2020December 29, 2019
(Unaudited)
Liabilities and stockholders’ equity
Current liabilities
Accounts payable
$97,749 $116,571 
Accrued payroll and other related liabilities
94,101 108,865 
Unexpired subscriptions revenue
100,149 88,419 
Accrued expenses and other
133,929 123,840 
Total current liabilities425,928 437,695 
Other liabilities
Pension benefits obligation
286,355 313,655 
Postretirement benefits obligation
34,455 37,688 
Other
135,549 126,237 
Total other liabilities456,359 477,580 
Stockholders’ equity
Common stock of $.10 par value:
Class A – authorized: 300,000,000 shares; issued: 2020 – 175,215,600; 2019 – 174,242,668 (including treasury shares: 2020 – 8,870,801; 2019 – 8,870,801)
17,521 17,424 
Class B – convertible – authorized and issued shares: 2020 – 781,724; 2019 – 803,404
78 80 
Additional paid-in capital
212,291 208,028 
Retained earnings
1,672,633 1,612,658 
Common stock held in treasury, at cost
(171,211)(171,211)
Accumulated other comprehensive loss, net of income taxes:
Foreign currency translation adjustments
5,710 3,438 
Funded status of benefit plans
(485,087)(498,986)
Net unrealized gain on available-for-sale securities
3,459 572 
Total accumulated other comprehensive loss, net of income taxes
(475,918)(494,976)
Total New York Times Company stockholders’ equity
1,255,394 1,172,003 
Noncontrolling interest
1,860 1,860 
Total stockholders’ equity1,257,254 1,173,863 
Total liabilities and stockholders’ equity$2,139,541 $2,089,138 
 See Notes to Condensed Consolidated Financial Statements.

2


THE NEW YORK TIMES COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share data)
 For the Quarters EndedFor the Nine Months Ended
September 27, 2020September 29, 2019September 27, 2020September 29, 2019
(13 weeks)(39 weeks)
Revenues
Subscription$300,950 $267,302 $879,573 $808,568 
Advertising79,253 113,531 253,150 359,380 
Other46,692 47,668 141,558 135,873 
Total revenues
426,895 428,501 1,274,281 1,303,821 
Operating costs
Cost of revenue (excluding depreciation and amortization)235,900 245,100 709,719 729,654 
Sales and marketing50,627 64,218 164,040 201,327 
Product development34,102 26,669 95,641 75,658 
General and administrative51,118 50,015 162,791 152,054 
Depreciation and amortization15,552 15,450 46,368 45,548 
Total operating costs
387,299 401,452 1,178,559 1,204,241 
Restructuring charge 4,008  4,008 
Gain from pension liability adjustment (2,045) (2,045)
Operating profit39,596 25,086 95,722 97,617 
Other components of net periodic benefit costs2,272 1,834 6,735 5,502 
Interest income/(expense) and other, net3,537 (755)20,177 (3,572)
Income from continuing operations before income taxes40,861 22,497 109,164 88,543 
Income tax expense7,283 6,070 19,070 16,789 
Net income33,578 16,427 90,094 71,754 
Net income attributable to The New York Times Company common stockholders$33,578 $16,427 $90,094 $71,754 
Average number of common shares outstanding:
Basic167,075 166,148 166,842 165,976 
Diluted 168,059 167,555 167,943 167,384 
Basic earnings per share attributable to The New York Times Company common stockholders$0.20 $0.10 $0.54 $0.43 
Diluted earnings per share attributable to The New York Times Company common stockholders$0.20 $0.10 $0.54 $0.43 
Dividends declared per share$0.12 $0.05 $0.18 $0.15 
See Notes to Condensed Consolidated Financial Statements.



3


THE NEW YORK TIMES COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
(In thousands)
 For the Quarters EndedFor the Nine Months Ended
September 27, 2020September 29, 2019September 27, 2020September 29, 2019
(13 weeks)(39 weeks)
Net income$33,578 $16,427 $90,094 $71,754 
Other comprehensive income, before tax:
Income/(loss) on foreign currency translation adjustments2,730 (3,159)3,095 (3,286)
Pension and postretirement benefits obligation6,354 4,893 18,982 14,685 
Net unrealized (loss)/gain on available-for-sale securities(854)284 3,936 3,773 
Other comprehensive income, before tax
8,230 2,018 26,013 15,172 
Income tax expense2,192 489 6,955 3,903 
Other comprehensive income, net of tax6,038 1,529 19,058 11,269 
Comprehensive income attributable to The New York Times Company common stockholders$39,616 $17,956 $109,152 $83,023 
 See Notes to Condensed Consolidated Financial Statements.
4


THE NEW YORK TIMES COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
For the Quarters Ended September 27, 2020 and September 29, 2019
(Unaudited)
(In thousands, except share data)

Capital Stock -
Class A
and
Class B Common
Additional
Paid-in
Capital
Retained
Earnings
Common
Stock
Held in
Treasury,
at Cost
Accumulated
Other
Comprehensive
Loss, Net of
Income
Taxes
Total
New York
Times
Company
Stockholders’
Equity
Non-
controlling
Interest
Total
Stock-
holders’
Equity
Balance, June 30, 2019$17,488 $200,356 $1,544,694 $(171,211)$(507,984)$1,083,343 $1,860 $1,085,203 
Net income— — 16,427 — — 16,427 — 16,427 
Dividends— — (8,333)— — (8,333)— (8,333)
Other comprehensive income— — — — 1,529 1,529 — 1,529 
Issuance of shares:
Stock options – 3,000 Class A shares
— 33 — — — 33 — 33 
Restricted stock units vested – 25,512 Class A shares
3 (3)— — — — — — 
Stock-based compensation— 2,907 — — — 2,907 — 2,907 
Balance, September 29, 2019$17,491 $203,293 $1,552,788 $(171,211)$(506,455)$1,095,906 $1,860 $1,097,766 
Balance, June 28, 2020$17,562 $205,618 $1,659,158 $(171,211)$(481,956)$1,229,171 $1,860 $1,231,031 
Net income— — 33,578 — — 33,578 — 33,578 
Dividends— — (20,103)— — (20,103)— (20,103)
Other comprehensive income— — — — 6,038 6,038 — 6,038 
Issuance of shares:
Stock options – 372,508 Class A shares
37 3,397 — — — 3,434 — 3,434 
Restricted stock units vested – 635 Class A shares
— (16)— — — (16)— (16)
Stock-based compensation— 3,292 — — — 3,292 — 3,292 
Balance, September 27, 2020$17,599 $212,291 $1,672,633 $(171,211)$(475,918)$1,255,394 $1,860 $1,257,254 









5


THE NEW YORK TIMES COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
For the Nine Months Ended September 27, 2020 and September 29, 2019
(Unaudited)
(In thousands, except share data)
Capital Stock -
Class A
and
Class B Common
Additional
Paid-in
Capital
Retained
Earnings
Common
Stock
Held in
Treasury,
at Cost
Accumulated
Other
Comprehensive
Loss, Net of
Income
Taxes
Total
New York
Times
Company
Stockholders’
Equity
Non-
controlling
Interest
Total
Stock-
holders’
Equity
Balance, December 30, 2018$17,396 $206,316 $1,506,004 $(171,211)$(517,724)$1,040,781 $1,860 $1,042,641 
Net income— — 71,754 — — 71,754 — 71,754 
Dividends— — (24,970)— — (24,970)— (24,970)
Other comprehensive income— — — — 11,269 11,269 — 11,269 
Issuance of shares:
Stock options – 282,510 Class A shares
28 2,970 — — — 2,998 — 2,998 
Restricted stock units vested – 246,599 Class A shares
25 (3,750)— — — (3,725)— (3,725)
Performance-based awards – 418,491 Class A shares
42 (11,966)— — — (11,924)— (11,924)
Stock-based compensation— 9,723 — — — 9,723 — 9,723 
Balance, September 29, 2019$17,491 $203,293 $1,552,788 $(171,211)$(506,455)$1,095,906 $1,860 $1,097,766 
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— — 90,094 — — 90,094 — 90,094 
Dividends— — (30,119)— — (30,119)— (30,119)
Other comprehensive income— — — — 19,058 19,058 — 19,058 
Issuance of shares:
Stock options – 552,018 Class A shares
55 5,252 — — — 5,307 — 5,307 
Restricted stock units vested – 142,136 Class A shares
14 (3,913)— — — (3,899)— (3,899)
Performance-based awards – 257,098 Class A shares
26 (7,850)— — — (7,824)— (7,824)
Stock-based compensation— 10,774 — — — 10,774 — 10,774 
Balance, September 27, 2020$17,599 $212,291 $1,672,633 $(171,211)$(475,918)$1,255,394 $1,860 $1,257,254 











6


THE NEW YORK TIMES COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
For the Nine Months Ended
September 27, 2020September 29, 2019
(39 weeks)
Cash flows from operating activities
Net income$90,094 $71,754 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization46,368 45,548 
Amortization of right of use asset6,446 5,462 
Stock-based compensation expense10,744 9,723 
Deferred income taxes(1,209) 
Gain on non-marketable equity investment(10,074)(1,886)
Long-term retirement benefit obligations(11,635)(17,648)
Fair market value adjustment on life insurance products(638)(2,215)
Other-net(3,658)(6,926)
Changes in operating assets and liabilities:
Accounts receivable-net88,065 55,383 
Other assets3,816 (17,401)
Accounts payable, accrued payroll and other liabilities(23,366)(22,898)
Unexpired subscriptions11,730 2,704 
Net cash provided by operating activities206,683 121,600 
Cash flows from investing activities
Purchases of marketable securities(460,117)(466,108)
Maturities of marketable securities331,786 458,810 
Business acquisitions(33,085) 
Proceeds from sale of investments – net1,000 103 
Capital expenditures(29,236)(33,101)
Other-net2,388 3,038 
Net cash used in investing activities(187,264)(37,258)
Cash flows from financing activities
Long-term obligations:
Repayment of debt and finance lease obligations (7,220)
Dividends paid(28,393)(23,269)
Payment of contingent consideration(862) 
Capital shares:
Proceeds from stock option exercises
5,307 2,998 
Share-based compensation tax withholding(11,723)(15,648)
Net cash used in financing activities(35,671)(43,139)
Net (decrease)/increase in cash, cash equivalents and restricted cash(16,252)41,203 
Effect of exchange rate changes on cash349 (202)
Cash, cash equivalents and restricted cash at the beginning of the period247,518 259,799 
Cash, cash equivalents and restricted cash at the end of the period$231,615 $300,800 

 See Notes to Condensed Consolidated Financial Statements.


7

THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

NOTE 1. BASIS OF PRESENTATION
In the opinion of management of The New York Times Company (the “Company”), the Condensed Consolidated Financial Statements present fairly the financial position of the Company as of September 27, 2020 and December 29, 2019, and the results of operations, changes in stockholders’ equity and cash flows of the Company for the periods ended September 27, 2020, and September 29, 2019. The Company and its consolidated subsidiaries are referred to collectively as “we,” “us” or “our.” All adjustments necessary for a fair presentation have been included and are of a normal and recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation. The financial statements were prepared in accordance with the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain notes or other financial information that are normally required by accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted from these interim financial statements. These financial statements, therefore, should be read in conjunction with the Consolidated Financial Statements and related Notes included in our Annual Report on Form 10-K for the year ended December 29, 2019. Due to the seasonal nature of our business, operating results for the interim periods are not necessarily indicative of a full year’s operations. The fiscal periods included herein comprise 13 weeks and 39 weeks for the third quarter and nine months, respectively.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in our Condensed Consolidated Financial Statements. Actual results could differ from these estimates.
Reclassification
The Company changed the expense captions on its Condensed 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, operating expense, net income or cash flows as a result of this change in classification. See Note 15 for more detail.
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Except as described herein, as of September 27, 2020, our significant accounting policies, which are detailed in our Annual Report on Form 10-K for the year ended December 29, 2019, have not changed materially.
8

THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Recently Adopted Accounting Pronouncements
Accounting Standard Update(s)TopicEffective PeriodSummary
2018-15Intangibles—Goodwill and Other—Internal-Use SoftwareFiscal 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 will include capitalized implementation costs in Miscellaneous assets in the Company’s Condensed Consolidated Balance Sheet and within Total operating costs in the Condensed Consolidated Statement of Operations. The adoption did not have a material impact on the Company’s consolidated financial statements.
2018-13Fair Value Measurement (Topic 820) Disclosure FrameworkFiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted.
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 LossesFiscal 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 will require 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)TopicEffective PeriodSummary
2019-12Simplifying the Accounting for Income Taxes (Topic 740)Fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021. 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 our consolidated financial statements.
2018-14Compensation—Retirement Benefits—Defined Benefit Plans—GeneralFiscal years ending after December 15, 2020. 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. We do not expect this guidance to have a material impact on our consolidated financial statements.
9

THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The Company considers the applicability and impact of all recently issued accounting pronouncements. Recent accounting pronouncements not specifically identified in our disclosures are either not applicable to the Company or are not expected to have a material effect on our financial condition or results of operations.
NOTE 3. REVENUE
We generate revenues principally from subscriptions and advertising. Subscription revenues consist of revenues from subscriptions to our digital and print products (which include our news product, as well as our Games (previously Crossword), Cooking and audio 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 promoting products, services or brands on digital platforms in the form of banners 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 and from creative services fees, including those associated with our branded content studio. Digital advertising revenues also include creative services fees and advertising revenue generated by Wirecutter, our product review and recommendation website. 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, affiliate referrals from Wirecutter, the leasing of floors in the New York headquarters building located at 620 Eighth Avenue, New York, New York (the “Company Headquarters”), commercial printing, television and film, retail commerce and NYT Live (our live events business).
Subscription, advertising and other revenues were as follows:
For the Quarters EndedFor the Nine Months Ended
(In thousands)September 27, 2020As % of totalSeptember 29, 2019As % of totalSeptember 27, 2020As % of totalSeptember 29, 2019As % of total
Subscription$300,950 70.5 %$267,302 62.4 %$879,573 69.0 %$808,568 62.0 %
Advertising79,253 18.6 %113,531 26.5 %253,150 19.9 %359,380 27.6 %
Other (1)
46,692 10.9 %47,668 11.1 %141,558 11.1 %135,873 10.4 %
Total
$426,895 100.0 %$428,501 100.0 %$1,274,281 100.0 %$1,303,821 100.0 %
(1) Other revenue includes building rental revenue, which is not under the scope of Revenue from Contracts with Customers (Topic 606). Building rental revenue was approximately $7 million and $8 million for the third quarters of 2020 and 2019, respectively, and approximately $22 million and $23 million for the first nine months of 2020 and 2019, respectively.

10

THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following table summarizes digital and print subscription revenues, which are components of subscription revenues above, for the third quarters and first nine months ended September 27, 2020, and September 29, 2019:
For the Quarters EndedFor the Nine Months Ended
(In thousands)September 27, 2020September 29, 2019September 27, 2020September 29, 2019
Digital-only subscription revenues:
News product subscription revenues(1)
$140,740 $107,009 $392,620 $313,785 
Other product subscription revenues(2)
14,546 8,855 38,660 24,573 
 Subtotal digital-only subscriptions155,286 115,864 431,280 338,358 
Print subscription revenues:
Domestic home delivery subscription revenues(3)
129,912 126,769 396,620 395,011 
Single-copy, NYT International and other subscription revenues(4)
15,752 24,669 51,673 75,199 
   Subtotal print subscription revenues145,664 151,438 448,293 470,210 
Total subscription revenues$300,950 $267,302 $879,573 $808,568 
(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 audio 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 third quarters and first nine months of 2020 and 2019:
For the Quarters EndedFor the Nine Months Ended
(In thousands)September 27, 2020September 29, 2019September 27, 2020September 29, 2019
Advertising revenues:
Digital$47,763 $54,653 $138,452 $168,222 
Print31,490 58,878 114,698 191,158 
Total advertising$79,253 $113,531 $253,150 $359,380 
Performance Obligations
We have remaining performance obligations related to digital archive and other licensing and certain advertising contracts. As of September 27, 2020, the aggregate amount of transaction price allocated to the remaining performance obligations for contracts with a duration greater than one year was approximately $153 million. The Company will recognize this revenue as performance obligations are satisfied. We expect that approximately $16 million, $60 million and $77 million will be recognized in the remainder of 2020, 2021 and thereafter, respectively.
Contract Assets
As of September 27, 2020, and December 29, 2019, the Company had $2.2 million and $3.4 million, respectively, in contract assets recorded in the Condensed Consolidated Balance Sheets related to digital archiving licensing revenue. The contract asset is reclassified to Accounts receivable when the customer is invoiced based on the contractual billing schedule. The decrease in the contract assets balance of $1.2 million for the nine months ended September 27, 2020, is due to consideration that was reclassified to Accounts receivable when invoiced based on the contractual billing schedules for the period ended September 27, 2020.
NOTE 4. MARKETABLE SECURITIES
The Company accounts for its marketable securities as available for sale (“AFS”). The Company recorded $4.7 million and $0.8 million of net unrealized gains in Accumulated other comprehensive income (“AOCI”) as of September 27, 2020, and December 29, 2019, respectively.
11

THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following tables present the amortized cost, gross unrealized gains and losses, and fair market value of our AFS debt securities as of September 27, 2020, and December 29, 2019:
September 27, 2020
(In thousands)Amortized CostGross unrealized gainsGross unrealized lossesFair Value
Short-term AFS securities
Corporate debt securities$119,042 $561 $(17)$119,586 
U.S. Treasury securities97,712 94 (4)97,802 
U.S. governmental agency securities47,759 68 (4)47,823 
Commercial paper43,523   43,523 
Total short-term AFS securities$308,036 $723 $(25)$308,734 
Long-term AFS securities
Corporate debt securities$118,690 $1,713 $(22)$120,381 
U.S. Treasury securities88,059 2,343  90,402 
U.S. governmental agency securities64,881 89 (104)64,866 
Total long-term AFS securities$271,630 $4,145 $(126)$275,649 
December 29, 2019
(In thousands)Amortized CostGross unrealized gainsGross unrealized lossesFair Value
Short-term AFS securities
Corporate debt securities$98,864 $271 $(9)$99,126 
U.S. Treasury securities43,098 8 (11)43,095 
U.S. governmental agency securities37,471 35 (4)37,502 
Commercial paper12,561   12,561 
Certificates of deposit9,501   9,501 
Total short-term AFS securities$201,495 $314 $(24)$201,785 
Long-term AFS securities
Corporate debt securities$103,149 $617 $(29)$103,737 
U.S. Treasury securities101,457 84 (103)101,438 
U.S. governmental agency securities46,600 5 (84)46,521 
Total long-term AFS securities$251,206 $706 $(216)$251,696 
12

THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following tables represent the AFS securities as of September 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 unrealized loss position:
September 27, 2020
Less than 12 Months12 Months or GreaterTotal
(In thousands)Fair ValueGross unrealized lossesFair ValueGross unrealized lossesFair ValueGross unrealized losses
Short-term AFS securities
Corporate debt securities$22,174 $(17)$ $ $22,174 $(