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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 27, 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 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 29, 2022 (exclusive of treasury shares):  
Class A Common Stock166,699,568 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 27, 2022 (unaudited) and December 26, 2021
Condensed Consolidated Statements of Operations (unaudited) for the quarters ended March 27, 2022 and March 28, 2021
Condensed Consolidated Statements of Comprehensive Income (unaudited) for the quarters ended March 27, 2022 and March 28, 2021
Condensed Consolidated Statements of Changes In Stockholders’ Equity (unaudited) for the quarters ended March 27, 2022 and March 28, 2021
Condensed Consolidated Statements of Cash Flows (unaudited) for the quarters ended March 27, 2022 and March 28, 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)
March 27, 2022December 26, 2021
(Unaudited)
Assets
Current assets
Cash and cash equivalents$169,171 $319,973 
Short-term marketable securities52,788 341,075 
Accounts receivable (net of allowances of $12,234 in 2022 and $12,374 in 2021)
197,492 232,908 
Prepaid expenses41,766 33,199 
Other current assets
25,798 25,553 
Total current assets487,015 952,708 
Other assets
Long-term marketable securities
252,815 413,380 
Property, plant and equipment (less accumulated depreciation and amortization of $790,884 in 2022 and $777,637 in 2021)
570,803 574,952 
Goodwill414,200 166,360 
Intangible assets, net343,351 14,246 
Deferred income taxes
110,628 95,800 
Miscellaneous assets
350,454 346,662 
Total assets$2,529,266 $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)
March 27, 2022December 26, 2021
(Unaudited)
Liabilities and stockholders’ equity
Current liabilities
Accounts payable$146,152 $127,073 
Accrued payroll and other related liabilities111,568 166,464 
Unexpired subscriptions revenue154,360 119,296 
Accrued expenses and other
180,933 146,319 
Total current liabilities593,013 559,152 
Other liabilities
Pension benefits obligation
291,035 295,104 
Postretirement benefits obligation
35,413 36,086 
Other
114,729 133,041 
Total other liabilities441,177 464,231 
Stockholders’ equity
Common stock of $.10 par value:
Class A – authorized: 300,000,000 shares; issued: 2022 – 176,263,169; 2021 – 175,971,801 (including treasury shares: 2022 – 9,563,601; 2021 – 8,870,801)
17,626 17,597 
Class B – convertible – authorized and issued shares: 2022 – 781,724; 2021 – 781,724
78 78 
Additional paid-in capital
227,815 230,115 
Retained earnings
1,834,734 1,845,343 
Common stock held in treasury, at cost
(200,245)(171,211)
Accumulated other comprehensive loss, net of income taxes:
Foreign currency translation adjustments
2,146 3,754 
Funded status of benefit plans
(382,014)(385,680)
Net unrealized loss on available-for-sale securities(7,069)(1,276)
Total accumulated other comprehensive loss, net of income taxes
(386,937)(383,202)
Total New York Times Company stockholders’ equity
1,493,071 1,538,720 
Noncontrolling interest
2,005 2,005 
Total stockholders’ equity1,495,076 1,540,725 
Total liabilities and stockholders’ equity$2,529,266 $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 Ended
March 27, 2022March 28, 2021
(13 weeks)
Revenues
Subscription$371,979 $329,084 
Advertising116,270 97,116 
Other49,176 46,845 
Total revenues
537,425 473,045 
Operating costs
Cost of revenue (excluding depreciation and amortization)281,365 250,997 
Sales and marketing77,588 60,153 
Product development47,433 38,943 
General and administrative71,357 56,577 
Depreciation and amortization18,686 14,717 
Total operating costs496,429 421,387 
Acquisition-related costs34,712  
Operating profit6,284 51,658 
Other components of net periodic benefit costs1,522 2,599 
Interest income and other, net1,075 1,511 
Income from continuing operations before income taxes5,837 50,570 
Income tax expense1,112 9,461 
Net income4,725 41,109 
Net income attributable to The New York Times Company common stockholders$4,725 $41,109 
Average number of common shares outstanding:
Basic167,866 167,647 
Diluted 168,257 168,165 
Basic earnings per share attributable to The New York Times Company common stockholders$0.03 $0.25 
Diluted earnings per share attributable to The New York Times Company common stockholders$0.03 $0.24 
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 Ended
March 27, 2022March 28, 2021
(13 weeks)
Net income$4,725 $41,109 
Other comprehensive (loss)/income, before tax:
Loss on foreign currency translation adjustments(2,209)(2,702)
Pension and postretirement benefits obligation5,010 6,406 
Net unrealized loss on available-for-sale securities(7,916)(1,067)
Other comprehensive (loss)/income, before tax(5,115)2,637 
Income tax (benefit)/expense(1,380)709 
Other comprehensive (loss)/income, net of tax(3,735)1,928 
Comprehensive income attributable to The New York Times Company common stockholders$990 $43,037 
 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 27, 2022 and March 28, 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— — 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 
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— — 4,725 — — 4,725 — 4,725 
Dividends— — (15,334)— — (15,334)— (15,334)
Other comprehensive loss— — — — (3,735)(3,735)— (3,735)
Issuance of shares:
Stock options – 400 Class A shares
— 3 — — — 3 — 3 
Restricted stock units vested – 127,450 Class A shares
13 (3,784)— — — (3,771)— (3,771)
Performance-based awards – 163,518 Class A shares
16 (5,573)— — — (5,557)— (5,557)
Share Repurchases - 692,800 Class A shares
— — — (29,034)— (29,034)— (29,034)
Stock-based compensation— 7,054 — — — 7,054 — 7,054 
Balance, March 27, 2022$17,704 $227,815 $1,834,734 $(200,245)$(386,937)$1,493,071 $2,005 $1,495,076 

5


THE NEW YORK TIMES COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
For the Three Months Ended
March 27, 2022March 28, 2021
(13 weeks)
Cash flows from operating activities
Net income$4,725 $41,109 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization18,685 14,717 
Amortization of right of use asset5,400 2,166 
Stock-based compensation expense7,054 4,185 
Change in long-term retirement benefit obligations(4,555)(4,004)
Fair market value adjustment on life insurance products514 208 
Other – net(12,198)(1,277)
Changes in operating assets and liabilities, net of business acquisitions:
Accounts receivable – net40,930 38,522 
Other assets(6,646)(3,768)
Accounts payable, accrued payroll and other liabilities(75,571)(68,428)
Unexpired subscriptions7,003 9,499 
Net cash provided by operating activities(14,659)32,929 
Cash flows from investing activities
Purchases of marketable securities(2,492)(177,543)
Maturities of marketable securities442,895 155,782 
Business acquisitions, net of cash acquired(515,299) 
Sales of investments – net(958)(70)
Capital expenditures(8,580)(6,394)
Other-net425 2,017 
Net cash used in investing activities(84,009)(26,208)
Cash flows from financing activities
Long-term obligations:
Dividends paid(11,839)(10,072)
Payment of contingent consideration(1,724) 
Capital shares:
Proceeds from stock option exercises3 2,447 
Repurchases(29,034) 
Share-based compensation tax withholding(9,328)(10,483)
Net cash used in financing activities(51,922)(18,108)
Net decrease in cash, cash equivalents and restricted cash(150,590)(11,387)
Effect of exchange rate changes on cash(164)(341)
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$183,552 $290,236 

 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 27, 2022, and December 26, 2021, and the results of operations, changes in stockholders’ equity and cash flows of the Company for the periods ended March 27, 2022, and March 28, 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 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 weeks for the first quarter.
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. For the first quarter of 2022, 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, we have 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 March 27, 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.
7

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 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. 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 student subscription sponsorship program, our live events business and television and film.
Subscription, advertising and other revenues were as follows:
For the Quarters Ended
(In thousands)March 27, 2022As % of totalMarch 28, 2021As % of total
Subscription$371,979 69.2 %$329,084 69.6 %
Advertising116,270 21.5 %97,116 20.5 %
Other (1)
49,176 9.3 %46,845 9.9 %
Total
$537,425 100.0 %$473,045 100.0 %
(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 and $6 million for the first quarters of 2022 and 2021, respectively.
The following table summarizes digital and print subscription revenues, which are components of subscription revenues above, for the quarters ended March 27, 2022, and March 28, 2021:
For the Quarters Ended
(In thousands)March 27, 2022As % of totalMarch 28, 2021As % of total
Digital-only subscription revenues (1)
$226,763 61.0 %$179,599 54.6 %
Print subscription revenues:
Domestic home delivery subscription revenues (2)
131,391 35.3 %134,395 40.8 %
Single-copy, NYT International and Other subscription revenues (3)
13,825 3.7 %15,090 4.6 %
Subtotal print subscription revenues145,216 39.0 %149,485 45.4 %
Total subscription revenues$371,979 100.0 %$329,084 100.0 %
(1) Includes revenue from digital-only bundled and standalone subscriptions to the Company’s news product, as well as The Athletic and our Games, Cooking, Audm and Wirecutter products.
(2) Domestic home delivery subscriptions include access to digital news, Games, Cooking and Wirecutter products.
(3) NYT International is the international edition of our print newspaper.
8

THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following table summarizes digital and print advertising revenues, which are components of advertising revenues above, for the quarters ended March 27, 2022, and March 28, 2021:
For the Quarters Ended
(In thousands)March 27, 2022As % of totalMarch 28, 2021As % of total
Advertising revenues:
Digital$67,014 57.6 %$59,496 61.3 %
Print49,256 42.4 %37,620 38.7 %
Total advertising$116,270 100.0 %$97,116 100.0 %
Performance Obligations
We have remaining performance obligations related to digital archive and other licensing and certain advertising contracts. As of March 27, 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 $128 million. The Company will recognize this revenue as performance obligations are satisfied. We expect that approximately $35 million, $25 million and $68 million will be recognized in the remainder of 2022, 2023 and thereafter through 2028, respectively.
Contract Assets
As of March 27, 2022, and December 26, 2021, the Company had $3.6 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. MARKETABLE SECURITIES
The Company accounts for its marketable securities as available for sale (“AFS”). The Company recorded $9.7 million and $1.7 million of net unrealized losses in Accumulated other comprehensive income (“AOCI”) as of March 27, 2022, and December 26, 2021, 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 27, 2022, and December 26, 2021:
March 27, 2022
(In thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term AFS securities
U.S. Treasury securities$28,481 $4 $(217)$28,268 
Corporate debt securities22,681 12 (157)22,536 
Municipal securities2,000  (16)1,984 
Total short-term AFS securities$53,162 $16 $(390)$52,788 
Long-term AFS securities
Corporate debt securities$167,793 $ $(6,365)$161,428 
U.S. Treasury securities56,576  (1,892)54,684 
U.S. governmental agency securities28,804  (850)27,954 
Municipal securities8,932  (183)8,749 
Total long-term AFS securities$262,105 $ $(9,290)$252,815 
December 26, 2021
(In thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term AFS securities
U.S. Treasury securities$148,899 $692 $(43)$149,548 
Corporate debt securities107,158 245 (69)107,334 
Certificates of deposit55,551   55,551 
Commercial paper21,145   21,145 
Municipal securities3,999  (2)3,997 
U.S. governmental agency securities3,500  — 3,500 
Total short-term AFS securities$340,252 $937 $(114)$341,075 
Long-term AFS securities
Corporate debt securities$242,764 $149 $(1,858)$241,055 
U.S. Treasury securities119,695  (549)119,146 
U.S. governmental agency securities39,498  (252)39,246 
Municipal securities13,994  (61)13,933 
Total long-term AFS securities$415,951 $149 $(2,720)$413,380 
10

THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following tables represent the AFS securities as of March 27, 2022, and December 26, 2021, 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 27, 2022
Less than 12 Months12 Months or GreaterTotal
(In thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Short-term AFS securities
U.S. Treasury securities$24,589 $(217)$ $ $24,589 $(217)
Corporate debt securities13,887 (157)  13,887 (157)
Municipal securities1,984 (16)  1,984 (16)
Total short-term AFS securities$40,460 $(390)$ $ $40,460 $(390)
Long-term AFS securities
Corporate debt securities$154,995 $(6,253)$6,433 $(112)$161,428 $(6,365)
U.S. Treasury securities51,923 (1,805)2,761 (87)54,684 (1,892)
U.S. governmental agency securities27,954 (850)  27,954 (850)
Municipal securities8,749 (183)  8,749 (183)
Total long-term AFS securities$243,621 $(9,091)$9,194 $(199)$252,815 $(9,290)
    
December 26, 2021
Less than 12 Months12 Months or GreaterTotal
(In thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Short-term AFS securities
U.S. Treasury securities$61,018 $(43)$ $ $61,018 $(43)
Corporate debt securities53,148 (69)  53,148 (69)
Municipal securities1,998 (2)  1,998 (2)
Total short-term AFS securities$116,164 $(114)$ $ $116,164 $(114)
Long-term AFS securities
Corporate debt securities$224,022 $(1,858)$ $ $224,022 $(1,858)
U.S. Treasury securities119,146 (549)  119,146 (549)
U.S. governmental agency securities39,246 (252)  39,246 (252)
Municipal securities13,933 (61)  13,933 (61)
Total long-term AFS securities$396,347 $(2,720)$ $ $396,347 $(2,720)
We assess AFS securities on a quarterly basis or more often if a potential loss-triggering event occurs.
As of March 27, 2022, and December 26, 2021, 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 27, 2022, and December 26, 2021, we have recognized no losses or allowance for credit losses related to AFS securities.
11

THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
As of March 27, 2022, our short-term and long-term marketable securities had remaining maturities of less than one month to 12 months and 13 months to 32 months, respectively. See Note 8 for more information regarding the fair value of our marketable securities.
NOTE 5. BUSINESS COMBINATION
The Athletic Acquisition
The Company accounts for business combinations using the acquisition method of accounting. The purchase price is allocated to the assets acquired and liabilities assumed using the fair values determined by management as of the acquisition date. The excess of the purchase price over the estimated fair value of the net assets acquired is recorded as goodwill. The results of businesses acquired in a business combination are included in the Company’s consolidated financial statements from the date of acquisition.
On February 1, 2022, the Company acquired The Athletic in an all-cash transaction. The consideration paid of approximately $550 million was funded from cash on hand and included $523.5 million which we determined to be the purchase price for assets acquired and liabilities assumed, and $26.7 million paid in connection with the acceleration of The Athletic stock options. The stock options acceleration is included in Acquisition-related costs in our Condensed Consolidated Statements of Operations as of March 27, 2022.
The purchase price allocation has been prepared on a preliminary basis. As additional information becomes available, the Company may revise the allocation to certain assets and liabilities, including tax estimates. The Company will finalize the acquisition accounting within the required measurement period of one year.
The following table summarizes the preliminary allocation of the purchase price (at fair value) to the assets acquired and liabilities assumed of The Athletic as of February 1, 2022 (the date of acquisition):
(In thousands)Preliminary Purchase Price AllocationEstimated Useful Life (in years)
Total current assets$18,495 
Property, plant and equipment281 
3- 5
Right of use asset (1)
2,612 
Trademark (2)
160,000 20
Existing subscriber base (2)
135,000 12
Developed technology (2)
35,000 5
Content archive (2)
2,000 2
Goodwill249,792 Indefinite
Total current liabilities (3)
(41,107)
Other liabilities Other
(3,491)
Deferred tax liability, net (4)
(35,116)
Total purchase price$523,466 
(1) Included in Miscellaneous assets in our Condensed Consolidated Balance Sheets.
(2) Included in Intangible assets, net in our Condensed Consolidated Balance Sheets.
(3) Includes Unexpired subscriptions revenue of $28.1 million.
(4) Included in Deferred income taxes in our Condensed Consolidated Balance Sheets.

Goodwill is primarily attributable to future subscribers expected to be acquired both organically and through synergies from adding The Athletic to the Company’s products as well as the acquired assembled workforce. Goodwill is not expected to be deductible for tax purposes. The fair value of trademarks is estimated using a relief from royalty valuation method, the fair
12

THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
value of subscriber relationships is estimated using a multi-period excess earnings valuation method, and the fair value of developed technology and content archive is estimated using a replacement cost method.
The following unaudited pro forma summary presents consolidated information of the Company, including The Athletic, as if the business combination had occurred on December 27, 2021, the earliest period presented herein:
For the Quarters Ended
(In thousands)March 27, 2022March 28, 2021
Revenue$544,572 $487,167 
Net income/(loss)