Fair Value Measurements (Tables)

9 Months Ended

Sep. 25, 2022

Fair Value Disclosures [Abstract]

Schedule of Financial Liabilities Measured 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 September 25, 2022, and December 26, 2021:

(In thousands)	September 25, 2022								December 26, 2021
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Short-term AFS securities (1)
U.S. Treasury securities	$	40,424	$	—	$	40,424	$	—	$	149,548	$	—	$	149,548	$	—
Corporate debt securities	37,289		—		37,289		—		107,334		—		107,334		—
Certificates of deposit	—		—		—		—		55,551		—		55,551		—
U.S. governmental agency securities	16,230		—		16,230		—		3,500		—		3,500		—
Municipal securities	8,677		—		8,677		—		3,997		—		3,997		—
Commercial paper	—		—		—		—		21,145		—		21,145		—
Total short-term AFS securities	$	102,620	$	—	$	102,620	$	—	$	341,075	$	—	$	341,075	$	—
Long-term AFS securities (1)
Corporate debt securities	$	125,993	$	—	$	125,993	$	—	$	241,055	$	—	$	241,055	$	—
U.S. Treasury securities	38,543		—		38,543		—		119,146		—		119,146		—
U.S. governmental agency securities	11,409		—		11,409		—		39,246		—		39,246		—
Municipal securities	—		—		—		—		13,933		—		13,933		—
Total long-term AFS securities	$	175,945	$	—	$	175,945	$	—	$	413,380	$	—	$	413,380	$	—
Liabilities:
Deferred compensation (2)(3)	$	13,609	$	13,609	$	—	$	—	$	21,101	$	21,101	$	—	$	—
Contingent consideration	$	5,858	$	—	$	—	$	5,858	$	7,450	$	—	$	—	$	7,450

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

(2) The deferred compensation liability, included in Other liabilities—other in our Condensed Consolidated Balance Sheets, consists of deferrals under The New York Times Company Deferred Executive Compensation Plan (the “DEC”), which 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. Participation in the DEC was frozen effective December 31, 2015.

(3) The Company invests the assets associated with the deferred compensation liability in life insurance products. Our investments in life insurance products are included in Miscellaneous assets in our Condensed Consolidated Balance Sheets, and were $47.0 million as of September 25, 2022, and $52.5 million as of December 26, 2021. The fair value of these assets is measured using the net asset value per share (or its equivalent) and has not been classified in the fair value hierarchy.

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

The following table presents changes in the contingent consideration balances for the quarters and nine months ended September 25, 2022, and September 26, 2021:

	Quarters Ended				Nine Months Ended
(In thousands)	September 25, 2022		September 26, 2021		September 25, 2022		September 26, 2021
Balance at the beginning of the period	$	5,858	$	7,450	$	7,450	$	8,431
Payments	—		—		(1,724)		(862)
Fair value adjustments (1)	—		—		132		(119)
Contingent consideration at the end of the period	$	5,858	$	7,450	$	5,858	$	7,450
(1) Fair value adjustments are included in General and administrative costs in our Condensed Consolidated Statements of Operations.