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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 March 28, 2021
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___ to ___
Commission file number 1-5837
THE NEW YORK TIMES COMPANY
(Exact name of registrant as specified in its charter)
 
New York 13-1102020
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
620 Eighth Avenue, New York, New York 10018
(Address and zip code of principal executive offices)
Registrant’s telephone number, including area code 212-556-1234
Securities registered pursuant to Section 12(b) of the Act:
Title of each 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 April 30, 2021 (exclusive of treasury shares):  
Class A Common Stock167,079,231 shares
Class B Common Stock781,724 shares




THE NEW YORK TIMES COMPANY
INDEX
  
PART IFinancial Information
Item1Financial Statements
Condensed Consolidated Balance Sheets as of March 28, 2021 (unaudited) and December 27, 2020
Condensed Consolidated Statements of Operations (unaudited) for the quarters ended March 28, 2021 and March 29, 2020
Condensed Consolidated Statements of Comprehensive Income (unaudited) for the quarters ended March 28, 2021 and March 29, 2020
Condensed Consolidated Statements of Changes In Stockholders’ Equity (unaudited) for the quarters ended March 28, 2021 and March 29, 2020
Condensed Consolidated Statements of Cash Flows (unaudited) for the quarters ended March 28, 2021 and March 29, 2020
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)
March 28, 2021December 27, 2020
(Unaudited)
Assets
Current assets
Cash and cash equivalents
$275,242 $286,079 
Short-term marketable securities
297,454 309,080 
Accounts receivable (net of allowances of $12,498 in 2021 and $13,797 in 2020)
145,170 183,692 
Prepaid expenses
33,459 29,487 
Other current assets
35,327 27,497 
Total current assets786,652 835,835 
Other assets
Long-term marketable securities
317,988 286,831 
Property, plant and equipment (less accumulated depreciation and amortization of $900,278 in 2021 and $886,149 in 2020)
587,452 594,516 
Goodwill
169,295 171,657 
Deferred income taxes
98,884 99,518 
Miscellaneous assets
322,491 319,332 
Total assets$2,282,762 $2,307,689 
 See Notes to Condensed Consolidated Financial Statements.
1


THE NEW YORK TIMES COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS-(Continued)
(In thousands, except share and per share data)
March 28, 2021December 27, 2020
(Unaudited)
Liabilities and stockholders’ equity
Current liabilities
Accounts payable$102,699 $123,157 
Accrued payroll and other related liabilities86,844 121,159 
Unexpired subscriptions revenue
114,845 105,346 
Accrued expenses and other
136,318 137,086 
Total current liabilities440,706 486,748 
Other liabilities
Pension benefits obligation
322,543 326,555 
Postretirement benefits obligation
37,136 38,690 
Other
126,915 127,585 
Total other liabilities486,594 492,830 
Stockholders’ equity
Common stock of $.10 par value:
Class A – authorized: 300,000,000 shares; issued: 2021 – 175,916,992; 2020 – 175,308,672 (including treasury shares: 2021 – 8,870,801; 2020 – 8,870,801)
17,592 17,531 
Class B – convertible – authorized and issued shares: 2021 – 781,724; 2020 – 781,724
78 78 
Additional paid-in capital
212,802 216,714 
Retained earnings
1,701,860 1,672,586 
Common stock held in treasury, at cost
(171,211)(171,211)
Accumulated other comprehensive loss, net of income taxes:
Foreign currency translation adjustments
6,407 8,386 
Funded status of benefit plans
(417,010)(421,698)
Net unrealized gain on available-for-sale securities
2,350 3,131 
Total accumulated other comprehensive loss, net of income taxes
(408,253)(410,181)
Total New York Times Company stockholders’ equity
1,352,868 1,325,517 
Noncontrolling interest
2,594 2,594 
Total stockholders’ equity1,355,462 1,328,111 
Total liabilities and stockholders’ equity$2,282,762 $2,307,689 
 See Notes to Condensed Consolidated Financial Statements.

2


THE NEW YORK TIMES COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share data)
 For the Quarters Ended
March 28, 2021March 29, 2020
(13 weeks)
Revenues
Subscription$329,084 $285,434 
Advertising97,116 106,137 
Other46,845 52,065 
Total revenues
473,045 443,636 
Operating costs
Cost of revenue (excluding depreciation and amortization)250,997 243,484 
Sales and marketing60,153 73,784 
Product development38,943 31,002 
General and administrative56,577 52,861 
Depreciation and amortization14,717 15,185 
Total operating costs
421,387 416,316 
Operating profit51,658 27,320 
Other components of net periodic benefit costs2,599 2,314 
Interest income and other, net1,511 13,854 
Income from continuing operations before income taxes50,570 38,860 
Income tax expense9,461 6,006 
Net income41,109 32,854 
Net income attributable to The New York Times Company common stockholders$41,109 $32,854 
Average number of common shares outstanding:
Basic167,647 166,549 
Diluted 168,165 167,845 
Basic earnings per share attributable to The New York Times Company common stockholders$0.25 $0.20 
Diluted earnings per share attributable to The New York Times Company common stockholders$0.24 $0.20 
Dividends declared per share$0.07 $0.06 
See Notes to Condensed Consolidated Financial Statements.



3


THE NEW YORK TIMES COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
(In thousands)
 For the Quarters Ended
March 28, 2021March 29, 2020
(13 weeks)
Net income$41,109 $32,854 
Other comprehensive income, before tax:
Loss on foreign currency translation adjustments(2,702)(254)
Pension and postretirement benefits obligation6,406 6,397 
Net unrealized (loss)/gain on available-for-sale securities(1,067)715 
Other comprehensive income, before tax
2,637 6,858 
Income tax expense709 1,915 
Other comprehensive income, net of tax1,928 4,943 
Comprehensive income attributable to The New York Times Company common stockholders$43,037 $37,797 
 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 March 28, 2021 and March 29, 2020
(Unaudited)
(In thousands, except share data)

Capital Stock -
Class A
and
Class B Common
Additional
Paid-in
Capital
Retained
Earnings
Common
Stock
Held in
Treasury,
at Cost
Accumulated
Other
Comprehensive
Loss, Net of
Income
Taxes
Total
New York
Times
Company
Stockholders’
Equity
Non-
controlling
Interest
Total
Stock-
holders’
Equity
Balance, December 29, 2019$17,504 $208,028 $1,612,658 $(171,211)$(494,976)$1,172,003 $1,860 $1,173,863 
Net income— — 32,854 — — 32,854 — 32,854 
Dividends— — (10,039)— — (10,039)— (10,039)
Other comprehensive income— — — — 4,943 4,943 — 4,943 
Issuance of shares:
Stock options – 88,775 Class A shares
9 922 — — — 931 — 931 
Restricted stock units vested – 134,985 Class A shares
13 (3,622)— — — (3,609)— (3,609)
Performance-based awards – 257,098 Class A shares
26 (7,850)— — — (7,824)— (7,824)
Stock-based compensation— 2,455 — — — 2,455 — 2,455 
Balance, March 29, 2020$17,552 $199,933 $1,635,473 $(171,211)$(490,033)$1,191,714 $1,860 $1,193,574 
Balance, December 27, 2020$17,609 $216,714 $1,672,586 $(171,211)$(410,181)$1,325,517 $2,594 $1,328,111 
Net income— — 41,109 — — 41,109 — 41,109 
Dividends— — (11,835)— — (11,835)— (11,835)
Other comprehensive income— — — — 1,928 1,928 — 1,928 
Issuance of shares:
Stock options – 323,360 Class A shares
33 2,414 — — — 2,447 — 2,447 
Restricted stock units vested – 142,707 Class A shares
14 (4,564)— — — (4,550)— (4,550)
Performance-based awards – 142,253 Class A shares
14 (5,947)— — — (5,933)— (5,933)
Stock-based compensation— 4,185 — — — 4,185 — 4,185 
Balance, March 28, 2021$17,670 $212,802 $1,701,860 $(171,211)$(408,253)$1,352,868 $2,594 $1,355,462 










5


THE NEW YORK TIMES COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
For the Quarters Ended
March 28, 2021March 29, 2020
(13 weeks)
Cash flows from operating activities
Net income$41,109 $32,854 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization14,717 15,185 
Amortization of right of use asset2,166 2,347 
Stock-based compensation expense4,185 2,455 
Gain on non-marketable equity investment (10,074)
Long-term retirement benefit obligations(4,004)(4,469)
Fair market value adjustment on life insurance products208 3,469 
Other – net(1,277)3,064 
Changes in operating assets and liabilities:
Accounts receivable – net38,522 55,722 
Other assets(3,768)6,826 
Accounts payable, accrued payroll and other liabilities(68,428)(79,225)
Unexpired subscriptions9,499 10,697 
Net cash provided by operating activities32,929 38,851 
Cash flows from investing activities
Purchases of marketable securities(177,543)(142,024)
Maturities of marketable securities155,782 127,291 
Business acquisitions (8,055)
(Purchases)/sales of investments – net(70)2,965 
Capital expenditures(6,394)(15,217)
Other-net2,017 1,617 
Net cash used in investing activities(26,208)(33,423)
Cash flows from financing activities
Long-term obligations:
Dividends paid(10,072)(8,344)
Capital shares:
Proceeds from stock option exercises
2,447 931 
Share-based compensation tax withholding(10,483)(11,432)
Net cash used in financing activities(18,108)(18,845)
Net decrease in cash, cash equivalents and restricted cash(11,387)(13,417)
Effect of exchange rate changes on cash(341)32 
Cash, cash equivalents and restricted cash at the beginning of the period301,964 247,518 
Cash, cash equivalents and restricted cash at the end of the period$290,236 $234,133 

 See Notes to Condensed Consolidated Financial Statements.


6

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 March 28, 2021, and December 27, 2020, and the results of operations, changes in stockholders’ equity and cash flows of the Company for the periods ended March 28, 2021, and March 29, 2020. The Company and its consolidated subsidiaries are referred to collectively as “we,” “us” or “our.” All adjustments necessary for a fair presentation have been included and are of a normal and recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation. The financial statements were prepared in accordance with the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain notes or other financial information that are normally required by accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted from these interim financial statements. These financial statements, therefore, should be read in conjunction with the Consolidated Financial Statements and related Notes included in our Annual Report on Form 10-K for the year ended December 27, 2020. Due to the seasonal nature of our business, operating results for the interim periods are not necessarily indicative of a full year’s operations. The fiscal periods included herein comprise 13 weeks for the first quarter.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in our Condensed Consolidated Financial Statements. Actual results could differ from these estimates.
Certain prior period amounts have been reclassified to conform with the current period presentation.
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Except as described herein, as of March 28, 2021, our significant accounting policies, which are detailed in our Annual Report on Form 10-K for the year ended December 27, 2020, have not changed materially.
Recently Adopted Accounting Pronouncements
Accounting Standard Update(s)TopicEffective PeriodSummary
2019-12Simplifying 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. The Company adopted this guidance on December 28, 2020. The adoption did not have a material impact on the Company’s consolidated financial statements.
Recently Issued Accounting Pronouncements
The Company considers the applicability and impact of all recently issued accounting pronouncements. Recent accounting pronouncements not specifically identified in our disclosures are either not applicable to the Company or are not expected to have a material effect on our financial condition or results of operations.
NOTE 3. REVENUE
We generate revenues principally from subscriptions and advertising. Subscription revenues consist of revenues from subscriptions to our digital and print products (which include our news product, as well as our Games, Cooking and Audm products) and single-copy and bulk sales of our print products. Subscription revenues are based on both the number of copies of the printed newspaper sold and digital-only subscriptions, and the rates charged to the respective customers.
Advertising revenue is principally from advertisers (such as technology, financial and luxury goods companies) promoting products, services or brands on digital platforms in the form of display ads, audio and video, and in print, in the form of column-inch ads. Advertising revenue is primarily derived from offerings sold directly to marketers by our advertising sales teams. A smaller proportion of our total advertising revenues is generated through programmatic auctions run by third-party ad exchanges. Advertising revenue is primarily determined by the volume (e.g., impressions), rate and mix of advertisements. Digital advertising includes our core digital advertising business and other digital advertising. Our core digital advertising business includes direct-sold website, mobile application, podcast, email and video advertisements. Direct-sold display
7

THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
advertising, a component of core digital advertising, includes offerings on websites and mobile applications sold directly to marketers by our advertising sales teams. Other digital advertising includes open-market programmatic advertising and creative services fees. Print advertising includes revenue from column-inch ads and classified advertising, including line-ads as well as preprinted advertising, also known as freestanding inserts.
Other revenues primarily consist of revenues from licensing, Wirecutter affiliate referrals, the leasing of floors in the New York headquarters building located at 620 Eighth Avenue, New York, New York (the “Company Headquarters”), commercial printing, retail commerce, television and film and our live events business.
Subscription, advertising and other revenues were as follows:
For the Quarters Ended
(In thousands)March 28, 2021As % of totalMarch 29, 2020As % of total
Subscription$329,084 69.6 %$285,434 64.4 %
Advertising97,116 20.5 %106,137 23.9 %
Other (1)
46,845 9.9 %52,065 11.7 %
Total
$473,045 100.0 %$443,636 100.0 %
(1) Other revenues includes building rental revenue, which is not under the scope of Revenue from Contracts with Customers (Topic 606). Building rental revenue was approximately $6 million and $8 million for the quarters ended March 28, 2021, and March 29, 2020, respectively.
The following table summarizes digital and print subscription revenues, which are components of subscription revenues above, for the quarters ended March 28, 2021, and March 29, 2020:
For the Quarters Ended
(In thousands)March 28, 2021March 29, 2020
Digital-only subscription revenues:
News product subscription revenues(1)
$161,287 $118,958 
Other product subscription revenues(2)
18,312 11,052 
 Subtotal digital-only subscriptions179,599 130,010 
Print subscription revenues:
Domestic home delivery subscription revenues(3)
134,395 133,736 
Single-copy, NYT International and other subscription revenues(4)
15,090 21,688 
   Subtotal print subscription revenues149,485 155,424 
Total subscription revenues$329,084 $285,434 
(1) Includes revenues from subscriptions to the Company’s news product. News product subscription packages that include access to the Company’s Games and Cooking products are also included in this category.
(2) Includes revenues from standalone subscriptions to the Company’s Games, Cooking and Audm products.
(3) Includes free access to some of the Company’s digital products.
(4) NYT International is the international edition of our print newspaper.
The following table summarizes digital and print advertising revenues for the quarters ended March 28, 2021, and March 29, 2020:
For the Quarters Ended
(In thousands)March 28, 2021March 29, 2020
Advertising revenues:
Digital$59,496 $51,158 
Print37,620 54,979 
Total advertising$97,116 $106,137 
8

THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Performance Obligations
We have remaining performance obligations related to digital archive and other licensing and certain advertising contracts. As of March 28, 2021, the aggregate amount of the transaction price allocated to the remaining performance obligations for contracts with a duration greater than one year was approximately $112 million. The Company will recognize this revenue as performance obligations are satisfied. We expect that approximately $37 million, $34 million and $41 million will be recognized in the remainder of 2021, 2022 and thereafter, respectively.
Contract Assets
As of March 28, 2021, and December 27, 2020, the Company had $1.7 million and $1.8 million, respectively, in contract assets recorded in the Condensed Consolidated Balance Sheets related to digital archiving licensing revenue. The contract asset is reclassified to Accounts receivable when the customer is invoiced based on the contractual billing schedule.
NOTE 4. MARKETABLE SECURITIES
The Company accounts for its marketable securities as available for sale (“AFS”). The Company recorded $3.2 million and $4.3 million of net unrealized gains in Accumulated other comprehensive income (“AOCI”) as of March 28, 2021, and December 27, 2020, respectively.
9

THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following tables present the amortized cost, gross unrealized gains and losses, and fair market value of our AFS securities as of March 28, 2021, and December 27, 2020:
March 28, 2021
(In thousands)Amortized CostGross unrealized gainsGross unrealized lossesFair Value
Short-term AFS securities
Corporate debt securities$125,933 $417 $(19)$126,331 
Certificates of deposit59,083   59,083 
U.S. Treasury securities51,225 27 (1)51,251 
U.S. governmental agency securities39,362 42  39,404 
Commercial paper21,385   21,385 
Total short-term AFS securities$296,988 $486 $(20)$297,454 
Long-term AFS securities
Corporate debt securities$150,272 $1,125 $(119)$151,278 
U.S. Treasury securities101,222 1,751 (8)102,965 
U.S. governmental agency securities51,588 15 (13)51,590 
Municipal securities12,161 1 (7)12,155 
Total long-term AFS securities$315,243 $2,892 $(147)$317,988 
December 27, 2020
(In thousands)Amortized CostGross unrealized gainsGross unrealized lossesFair Value
Short-term AFS securities
Corporate debt securities$129,805 $504 $(8)$130,301 
Certificates of deposit36,525   36,525 
U.S. Treasury securities79,467 39 (3)79,503 
U.S. governmental agency securities25,113 61 (3)25,171 
Commercial paper37,580   37,580 
Total short-term AFS securities$308,490 $604 $(14)$309,080 
Long-term AFS securities
Corporate debt securities$134,296 $1,643 $(5)$135,934 
U.S. Treasury securities95,511 2,054  97,565 
U.S. governmental agency securities48,342 19 (13)48,348 
Municipal securities4,994  (10)4,984 
Total long-term AFS securities$283,143 $3,716 $(28)$286,831 
10

THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following tables represent the AFS securities as of March 28, 2021, and December 27, 2020, that were in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position:
March 28, 2021
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$50,264 $(19)$ $ $50,264 $(19)
U.S. Treasury securities10,563 (1)  10,563 (1)
Total short-term AFS securities$60,827 $(20)$ $ $60,827 $(20)
Long-term AFS securities
Corporate debt securities$42,532 $(119)$ $ $42,532 $(119)
U.S. Treasury securities9,493 (8)  9,493 (8)
U.S. governmental agency securities21,235 (13)  21,235 (13)
Municipal securities7,161 (7)  7,161 (7)
Total long-term AFS securities$80,421 $(147)$ $ $80,421 $(147)
    
December 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$33,735 $(8)$ $ $33,735 $(8)
U.S. Treasury securities20,133 (3)  20,133 (3)
U.S. governmental agency securities4,999 (2)8,749 (1)13,748 (3)
Total short-term AFS securities$58,867 $(13)$8,749 $(1)$67,616 $(14)
Long-term AFS securities
Corporate debt securities$6,717 $(5)$ $ $6,717 $(5)
U.S. governmental agency securities26,236 (13)  26,236 (13)
Municipal securities4,984 (10)  4,984 (10)
Total long-term AFS securities$37,937 $(28)$ $ $37,937 $(28)
We assess AFS securities on a quarterly basis or more often if a potential loss-triggering event occurs.
As of March 28, 2021, and December 27, 2020, we did not intend to sell and it was not likely that we would be required to sell these investments before recovery of their amortized cost basis, which may be at maturity. Unrealized losses related to these investments are primarily due to interest rate fluctuations as opposed to changes in credit quality. Therefore, as of March 28, 2021, and December 27, 2020, we have recognized no losses or allowance for credit losses related to AFS securities.
As of March 28, 2021, and December 27, 2020, our short-term and long-term marketable securities had remaining maturities of less than one month to 12 months and 13 months to 36 months, respectively. See Note 8 for more information regarding the fair value of our marketable securities.
11

THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 5. GOODWILL AND INTANGIBLES
The changes in the carrying amount of goodwill as of March 28, 2021, and since December 27, 2020, were as follows:
(In thousands)Total Company
Balance as of December 27, 2020$171,657 
Foreign currency translation(2,362)
Balance as of March 28, 2021$169,295 
The foreign currency translation line item reflects changes in goodwill resulting from fluctuating exchange rates related to the consolidation of certain international subsidiaries.
The aggregate carrying amount of intangible assets of $15.8 million is included in Miscellaneous assets in our Condensed Consolidated Balance Sheets as of March 28, 2021.
NOTE 6. INVESTMENTS
Non-Marketable Equity Securities
Our non-marketable equity securities are investments in privately held companies/funds without readily determinable market values. Gains and losses on non-marketable securities sold or impaired are recognized in Interest income and other, net.
As of March 28, 2021, and December 27, 2020, non-marketable equity securities included in Miscellaneous assets in our Condensed Consolidated Balance Sheets had a carrying value of $21.0 million and $20.9 million, respectively. During the first quarter of 2020, we recorded a $10.1 million gain related to a non-marketable equity investment transaction. The gain is comprised of $2.5 million realized gain due to the partial sale of the investment and a $7.6 million unrealized gain due to the mark to market of the remaining investment, and is included in Interest income and other, net in our Condensed Consolidated Statements of Operations.
NOTE 7. OTHER
Capitalized Computer Software Costs
Amortization of capitalized computer software costs included in Depreciation and amortization in our Condensed Consolidated Statements of Operations were $2.6 million and $3.8 million in the first quarters of 2021 and 2020, respectively.
Interest income and other, net
Interest income and other, net, as shown in the accompanying Condensed Consolidated Statements of Operations was as follows:
For the Quarters Ended
(In thousands)March 28, 2021March 29, 2020
Interest income and other expense, net (1)
$1,689 $14,039 
Interest expense(178)(185)
Total interest income and other, net$1,511 $13,854 
(1) The quarter ended March 29, 2020 includes a $10.1 million gain related to a non-marketable equity investment transaction.
12

THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Restricted Cash
A reconciliation of cash, cash equivalents and restricted cash as of March 28, 2021, and December 27, 2020, from the Condensed Consolidated Balance Sheets to the Condensed Consolidated Statements of Cash Flows is as follows:
(In thousands)March 28, 2021December 27, 2020
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents$275,242 $286,079 
Restricted cash included within other current assets664 686 
Restricted cash included within miscellaneous assets14,330 15,199 
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows$290,236 $301,964 
Substantially all of the amount included in restricted cash is set aside to collateralize workers’ compensation obligations.
Revolving Credit Facility
In September 2019, the Company entered into a $250.0 million five-year unsecured revolving credit facility (the “Credit Facility”). Certain of the Company’s domestic subsidiaries have guaranteed the Company’s obligations under the Credit Facility. Borrowings under the Credit Facility bear interest at specified rates based on our utilization and consolidated leverage ratio. The Credit Facility contains various customary affirmative and negative covenants. In addition, the Company is obligated to pay a quarterly unused commitment fee of 0.20%.
As of March 28, 2021, there were no outstanding borrowings under the Credit Facility and the Company was in compliance with the financial covenants contained in the documents governing the Credit Facility.
Severance Costs
We recognized $0.4 million in severance costs in each of the first quarters of 2021 and 2020, respectively. These costs are recorded in General and administrative costs in our Condensed Consolidated Statements of Operations.
We had a severance liability of $3.3 million and $5.0 million included in Accrued expenses and other in our Condensed Consolidated Balance Sheets as of March 28, 2021, and December 27, 2020, respectively.
NOTE 8. FAIR VALUE MEASUREMENTS
Fair value is the price that would be received upon the sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date. The transaction would be in the principal or most advantageous market for the asset or liability, based on assumptions that a market participant would use in pricing the asset or liability. The fair value hierarchy consists of three levels:
Level 1–quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date;
Level 2–inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
Level 3–unobservable inputs for the asset or liability.
13

THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Assets/Liabilities Measured and Recorded at Fair Value on a Recurring Basis
The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis as of March 28, 2021, and December 27, 2020:
(In thousands)March 28, 2021December 27, 2020
TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Assets:
Short-term AFS securities (1)
Corporate debt securities$126,331 $ $126,331 $ $130,301 $ $130,301 $ 
Certificates of deposit59,083  59,083  36,525  36,525  
U.S. Treasury securities51,251  51,251  79,503  79,503  
U.S. governmental agency securities39,404  39,404  25,171  25,171  
Commercial paper21,385  21,385  37,580  37,580  
Total short-term AFS securities$297,454 $ $297,454 $ $309,080 $ $309,080 $ 
Long-term AFS securities (1)
Corporate debt securities$151,278 $ $151,278 $ $135,934 $ $135,934 $ 
U.S. Treasury securities102,965  102,965  97,565  97,565  
U.S. governmental agency securities