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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 June 26, 2022
☐ 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 filer☒Accelerated filer☐Non-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 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 July 29, 2022 (exclusive of treasury shares):  
Class A Common Stock165,469,429 shares
Class B Common Stock780,724 shares



THE NEW YORK TIMES COMPANY
INDEX
  
PART IFinancial Information
Item1Financial Statements
Condensed Consolidated Balance Sheets as of June 26, 2022 (unaudited) and December 26, 2021
Condensed Consolidated Statements of Operations (unaudited) for the quarters and six months ended June 26, 2022 and June 27, 2021
Condensed Consolidated Statements of Comprehensive Income (unaudited) for the quarters and six months ended June 26, 2022 and June 27, 2021
Condensed Consolidated Statements of Changes In Stockholders’ Equity (unaudited) for the quarters and six months ended June 26, 2022 and June 27, 2021
Condensed Consolidated Statements of Cash Flows (unaudited) for the six months ended June 26, 2022 and June 27, 2021
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)
June 26, 2022December 26, 2021
(Unaudited)
Assets
Current assets
Cash and cash equivalents$161,342 $319,973 
Short-term marketable securities61,911 341,075 
Accounts receivable (net of allowances of $11,170 in 2022 and $12,374 in 2021)
175,984 232,908 
Prepaid expenses46,228 33,199 
Other current assets27,873 25,553 
Total current assets473,338 952,708 
Other assets
Long-term marketable securities230,173 413,380 
Property, plant and equipment (less accumulated depreciation and amortization of $804,106 in 2022 and $777,637 in 2021)
566,442 574,952 
Goodwill411,525 166,360 
Intangible assets, net336,126 14,246 
Deferred income taxes
107,697 95,800 
Miscellaneous assets
387,560 346,662 
Total assets$2,512,861 $2,564,108 
 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)
June 26, 2022December 26, 2021
(Unaudited)
Liabilities and stockholders’ equity
Current liabilities
Accounts payable$113,982 $127,073 
Accrued payroll and other related liabilities122,731 166,464 
Unexpired subscriptions revenue148,511 119,296 
Accrued expenses and other
149,053 146,319 
Total current liabilities534,277 559,152 
Other liabilities
Pension benefits obligation
286,514 295,104 
Postretirement benefits obligation
34,642 36,086 
Other
117,294 133,041 
Total other liabilities438,450 464,231 
Stockholders’ equity
Common stock of $.10 par value:
Class A – authorized: 300,000,000 shares; issued: 2022 – 176,273,938; 2021 – 175,971,801 (including treasury shares: 2022 – 10,345,131; 2021 – 8,870,801)
17,627 17,597 
Class B – convertible – authorized and issued shares: 2022 – 781,724; 2021 – 781,724
78 78 
Additional paid-in capital
236,495 230,115 
Retained earnings
1,896,646 1,845,343 
Common stock held in treasury, at cost
(225,680)(171,211)
Accumulated other comprehensive loss, net of income taxes:
Foreign currency translation adjustments
(298)3,754 
Funded status of benefit plans
(378,273)(385,680)
Net unrealized loss on available-for-sale securities(8,466)(1,276)
Total accumulated other comprehensive loss, net of income taxes
(387,037)(383,202)
Total New York Times Company stockholders’ equity
1,538,129 1,538,720 
Noncontrolling interest
2,005 2,005 
Total stockholders’ equity1,540,134 1,540,725 
Total liabilities and stockholders’ equity$2,512,861 $2,564,108 
 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 Six Months Ended
June 26, 2022June 27, 2021June 26, 2022June 27, 2021
(13 weeks)(26 weeks)
Revenues
Subscription$383,619 $339,217 $755,598 $668,301 
Advertising117,379 112,774 233,649 209,890 
Other54,682 46,506 103,858 93,351 
Total revenues
555,680 498,497 1,093,105 971,542 
Operating costs
Cost of revenue (excluding depreciation and amortization)300,583 251,358 581,948 502,355 
Sales and marketing62,769 53,555 140,357 113,708 
Product development50,822 39,699 98,255 78,642 
General and administrative69,141 62,283 140,498 118,860 
Depreciation and amortization20,704 14,486 39,390 29,203 
Total operating costs504,019 421,381 1,000,448 842,768 
Acquisition-related costs— — 34,712 — 
Lease termination charge— 3,831 — 3,831 
Operating profit51,661 73,285 57,945 124,943 
Other components of net periodic benefit costs1,624 2,598 3,146 5,197 
Interest income and other, net35,604 1,873 36,679 3,384 
Income from continuing operations before income taxes85,641 72,560 91,478 123,130 
Income tax expense23,864 18,243 24,976 27,704 
Net income61,777 54,317 66,502 95,426 
Net income attributable to The New York Times Company common stockholders$61,777 $54,317 $66,502 $95,426 
Average number of common shares outstanding:
Basic167,636 168,012 167,816 167,828 
Diluted 167,636 168,346 167,816 168,312 
Basic earnings per share attributable to The New York Times Company common stockholders$0.37 $0.32 $0.40 $0.57 
Diluted earnings per share attributable to The New York Times Company common stockholders$0.37 $0.32 $0.40 $0.57 
Dividends declared per share$— $— $0.09 $0.07 
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 Six Months Ended
June 26, 2022June 27, 2021June 26, 2022June 27, 2021
(13 weeks)(26 weeks)
Net income$61,777 $54,317 $66,502 $95,426 
Other comprehensive (loss)/income, before tax:
(Loss)/gain on foreign currency translation adjustments(3,407)935 (5,616)(1,767)
Pension and postretirement benefits obligation5,114 6,409 10,124 12,815 
Net unrealized loss on available-for-sale securities(1,911)(779)(9,827)(1,846)
Other comprehensive (loss)/income, before tax(204)6,565 (5,319)9,202 
Income tax (benefit)/expense(104)1,756 (1,484)2,465 
Other comprehensive (loss)/income, net of tax(100)4,809 (3,835)6,737 
Comprehensive income attributable to The New York Times Company common stockholders$61,677 $59,126 $62,667 $102,163 
 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 June 26, 2022 and June 27, 2021
(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, March 28, 2021$17,670 $212,802 $1,701,860 $(171,211)$(408,253)$1,352,868 $2,594 $1,355,462 
Net income— — 54,317 — — 54,317 — 54,317 
Dividends— — 21 — — 21 — 21 
Other comprehensive income— — — — 4,809 4,809 — 4,809 
Issuance of shares:
Restricted stock units vested – 45,280 Class A shares
4 (390)— — — (386)— (386)
Stock-based compensation— 5,153 — — — 5,153 — 5,153 
Distributions— -— — — — (589)(589)
Balance, June 27, 2021$17,674 $217,565 $1,756,198 $(171,211)$(403,444)$1,416,782 $2,005 $1,418,787 
Balance, March 27, 2022$17,704 $227,815 $1,834,734 $(200,245)$(386,937)$1,493,071 $2,005 $1,495,076 
Net income— — 61,777 — — 61,777 — 61,777 
Dividends— — 135 — — 135 — 135 
Other comprehensive loss— — — — (100)(100)— (100)
Issuance of shares:
Restricted stock units vested – 10,769 Class A shares
1 (302)— — — (301)— (301)
Share Repurchases - 781,530 Class A shares
— — — (25,435)— (25,435)— (25,435)
Stock-based compensation— 8,982 — — — 8,982 — 8,982 
Balance, June 26, 2022$17,705 $236,495 $1,896,646 $(225,680)$(387,037)$1,538,129 $2,005 $1,540,134 

5

THE NEW YORK TIMES COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
For the Six Months Ended June 26, 2022 and June 27, 2021
(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 27, 2020$17,609 $216,714 $1,672,586 $(171,211)$(410,181)$1,325,517 $2,594 $1,328,111 
Net income— — 95,426 — — 95,426 — 95,426 
Dividends— — (11,814)— — (11,814)— (11,814)
Other comprehensive income— — — — 6,737 6,737 — 6,737 
Issuance of shares:
Stock options – 323,360 Class A shares
33 2,414 — — — 2,447 — 2,447 
Restricted stock units vested – 187,987 Class A shares
18 (4,954)— — — (4,936)— (4,936)
Performance-based awards - 142,253 Class A shares
14 (5,947)— — — (5,933)— (5,933)
Stock-based compensation— 9,338 — — — 9,338 9,338 
Distributions— — — — — — (589)(589)
Balance, June 27, 2021$17,674 $217,565 $1,756,198 $(171,211)$(403,444)$1,416,782 $2,005 $1,418,787 
Balance, December 26, 2021$17,675 $230,115 $1,845,343 $(171,211)$(383,202)$1,538,720 $2,005 $1,540,725 
Net income— — 66,502 — — 66,502 — 66,502 
Dividends— — (15,199)— — (15,199)— (15,199)
Other comprehensive income— — — — (3,835)(3,835)— (3,835)
Issuance of shares:
Stock options – 400 Class A shares
— 3 — — — 3 — 3 
Restricted stock units vested –138,219 Class A shares
14 (4,086)— — — (4,072)— (4,072)
Performance-based awards - 163,518 Class A shares
16 (5,573)— — — (5,557)— (5,557)
Share Repurchases - 1,474,330 Class A shares
(54,469)(54,469)— (54,469)
Stock-based compensation— 16,036 — — — 16,036 — 16,036 
Balance, June 26, 2022$17,705 $236,495 $1,896,646 $(225,680)$(387,037)$1,538,129 $2,005 $1,540,134 
6

THE NEW YORK TIMES COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
For the Six Months Ended
June 26, 2022June 27, 2021
(26 weeks)
Cash flows from operating activities
Net income$66,502 $95,426 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization39,390 29,203 
Lease termination charge— 3,831 
Amortization of right of use asset4,979 4,442 
Stock-based compensation expense16,036 9,338 
Gain on the sale of land(34,227)— 
Change in long-term retirement benefit obligations(9,823)(8,866)
Fair market value adjustment on life insurance products1,364 221 
Other – net1,508 (510)
Changes in operating assets and liabilities, net of business acquisitions:
Accounts receivable – net62,438 30,152 
Other assets(12,287)(8,027)
Accounts payable, accrued payroll and other liabilities(120,886)(54,170)
Unexpired subscriptions1,154 9,394 
Net cash provided by operating activities16,148 110,434 
Cash flows from investing activities
Purchases of marketable securities(6,649)(326,996)
Maturities of marketable securities458,306 293,053 
Business acquisitions, net of cash acquired(515,299)— 
Sales of investments – net(556)271 
Capital expenditures(19,005)(14,677)
Other-net2,013 2,017 
Net cash used in investing activities(81,190)(46,332)
Cash flows from financing activities
Long-term obligations:
Dividends paid(26,895)(21,825)
Payment of contingent consideration(1,724)— 
Capital shares:
Proceeds from stock option exercises3 2,441 
Repurchases(54,469)— 
Share-based compensation tax withholding(9,629)(10,901)
Net cash used in financing activities(92,714)(30,285)
Net (decrease)/increase in cash, cash equivalents and restricted cash(157,756)33,817 
Effect of exchange rate changes on cash(812)(280)
Cash, cash equivalents and restricted cash at the beginning of the period334,306 301,964 
Cash, cash equivalents and restricted cash at the end of the period$175,738 $335,501 

 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 June 26, 2022, and December 26, 2021, and the results of operations, changes in stockholders’ equity and cash flows of the Company for the periods ended June 26, 2022, and June 27, 2021. 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 United States 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 26, 2021. 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 and 26 weeks for the second quarter and first six months, respectively.
In December 2021, the Board of Directors approved a resolution to change the Company’s fiscal year from a 52/53 week fiscal year ending the last Sunday of December to a calendar year. Accordingly, the Company’s 2022 fiscal year, which commenced December 27, 2021, will be extended from December 25, 2022, to December 31, 2022, and subsequent fiscal years will begin on January 1 and end on December 31 of each year.
On February 1, 2022, we acquired The Athletic Media Company (“The Athletic”), a global digital subscription-based sports media business that provides national and local coverage of more than 200 clubs and teams in the U.S. and around the world. The results of The Athletic have been included in our Condensed Consolidated Financial Statements beginning February 1, 2022. The Athletic is a separate reportable segment of the Company. As a result, beginning in the first quarter of 2022, the Company has two reportable segments: The New York Times Group and The Athletic. Management, including the Company’s President and Chief Executive Officer (who is the Company’s Chief Operating Decision Maker), uses adjusted operating profit by segment (as defined below) in assessing performance and allocating resources. The Company includes in its presentation revenues and adjusted operating costs (as defined below) to arrive at adjusted operating profit by segment.
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.
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Except as described herein, as of June 26, 2022, our significant accounting policies, which are detailed in our Annual Report on Form 10-K for the year ended December 26, 2021, have not changed materially.
Recently Adopted Accounting Pronouncements
Accounting Standard Update(s)TopicEffective PeriodSummary
2021-08Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with CustomersFiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Early adoption is permitted.
Requires entities to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 2014-09, Revenue from Contracts with Customers (Topic 606). The update will generally result in an entity recognizing contract assets and contract liabilities at amounts consistent with those recorded by the acquiree immediately before the acquisition date rather than at fair value. The Company adopted this guidance on December 27, 2021. As a result of The Athletic acquisition, the Company assumed unexpired subscriptions revenue of $28.1 million.
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.
8
THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
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 The Athletic and our Games, Cooking, Audm and Wirecutter 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 generated 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 generated primarily 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. Advertising revenue from The Athletic is primarily podcast revenue and therefore is reflected in this category. 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 as well as preprinted advertising, also known as freestanding inserts.
Other revenues primarily consist of revenues from licensing, Wirecutter affiliate referrals, commercial printing, the leasing of floors in the New York headquarters building located at 620 Eighth Avenue, New York, New York (the “Company Headquarters”), retail commerce, our live events business, our student subscription sponsorship program, and television and film.
Subscription, advertising and other revenues were as follows for the second quarters and first six months ended June 26, 2022, and June 27, 2021:
For the Quarters EndedFor the Six Months Ended
(In thousands)June 26, 2022As % of totalJune 27, 2021As % of totalJune 26, 2022As % of totalJune 27, 2021As % of total
Subscription$383,619 69.0 %$339,217 68.1 %$755,598 69.2 %$668,301 68.8 %
Advertising117,379 21.0 %112,774 22.6 %233,649 21.3 %209,890 21.6 %
Other (1)
54,682 10.0 %46,506 9.3 %103,858 9.5 %93,351 9.6 %
Total
$555,680 100.0 %$498,497 100.0 %$1,093,105 100.0 %$971,542 100.0 %
(1) Other revenues include building rental revenue, which is not under the scope of Revenue from Contracts with Customers (Topic 606). Building rental revenue was approximately $7 million for the second quarters of 2022 and 2021, respectively, and approximately $14 million and $13 million for the first six months of 2022 and 2021, respectively.
9
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 second quarters and first six months ended June 26, 2022, and June 27, 2021:
For the Quarters EndedFor the Six Months Ended
(In thousands)June 26, 2022As % of totalJune 27, 2021As % of totalJune 26, 2022As % of totalJune 27, 2021As % of total
Digital-only subscription revenues (1)
$238,727 62.2 %$190,145 56.1 %$465,489 61.6 %$369,745 55.3 %
Print subscription revenues:
Domestic home delivery subscription revenues (2)
131,080 34.2 %134,755 39.7 %262,472 34.7 %269,150 40.3 %
Single-copy, NYT International and Other subscription revenues (3)
13,812 3.6 %14,317 4.2 %27,637 3.7 %29,406 4.4 %
Subtotal print subscription revenues144,892 37.8 %149,072 43.9 %290,109 38.4 %298,556 44.7 %
Total subscription revenues$383,619 100.0 %$339,217 100.0 %$755,598 100.0 %$668,301 100.0 %
(1) Includes revenue from digital-only bundled and standalone subscriptions to our news product, as well as The Athletic and our Games, Cooking, Audm and Wirecutter products.
(2) Domestic home delivery subscriptions include access to our digital news product, as well as our Games, Cooking and Wirecutter products.
(3) NYT International is the international edition of our print newspaper.
The following table summarizes digital and print advertising revenues, which are components of advertising revenues above, for the second quarters and first six months ended June 26, 2022, and June 27, 2021:
For the Quarters EndedFor the Six Months Ended
(In thousands)June 26, 2022As % of totalJune 27, 2021As % of totalJune 26, 2022As % of totalJune 27, 2021As % of total
Advertising revenues:
Digital$69,292 59.0 %$70,995 63.0 %$136,306 58.3 %$130,491 62.2 %
Print48,087 41.0 %41,779 37.0 %97,343 41.7 %79,399 37.8 %
Total advertising$117,379 100.0 %$112,774 100.0 %$233,649 100.0 %$209,890 100.0 %
Performance Obligations
We have remaining performance obligations related to digital archive and other licensing and certain advertising contracts. As of June 26, 2022, the aggregate amount of the transaction price allocated to the remaining performance obligations for contracts with a duration greater than one year was approximately $105 million. The Company will recognize this revenue as performance obligations are satisfied. We expect that approximately $21 million, $22 million and $62 million will be recognized in the remainder of 2022, 2023 and thereafter through 2028, respectively.
Contract Assets
As of June 26, 2022, and December 26, 2021, the Company had $3.7 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.
NOTE 4.