Company Quick10K Filing
New York Times
Price28.91 EPS1
Shares168 P/E38
MCap4,844 P/FCF40
Net Debt-55 EBIT169
TEV4,789 TEV/EBIT28
TTM 2019-09-29, in MM, except price, ratios
10-Q 2020-06-28 Filed 2020-08-06
10-Q 2020-03-29 Filed 2020-05-07
10-K 2019-12-29 Filed 2020-02-27
10-Q 2019-09-29 Filed 2019-11-06
10-Q 2019-06-30 Filed 2019-08-07
10-Q 2019-03-31 Filed 2019-05-08
10-K 2018-12-30 Filed 2019-02-26
10-Q 2018-09-30 Filed 2018-11-02
10-Q 2018-07-01 Filed 2018-08-08
10-Q 2018-04-01 Filed 2018-05-04
10-K 2017-12-31 Filed 2018-02-27
10-Q 2017-09-24 Filed 2017-11-01
10-Q 2017-06-25 Filed 2017-08-01
10-Q 2017-03-26 Filed 2017-05-03
10-K 2016-12-25 Filed 2017-02-22
10-Q 2016-09-25 Filed 2016-11-03
10-Q 2016-06-26 Filed 2016-07-29
10-Q 2016-03-27 Filed 2016-05-05
10-K 2015-12-27 Filed 2016-02-24
10-Q 2015-09-27 Filed 2015-11-04
10-Q 2015-06-28 Filed 2015-08-06
10-Q 2015-03-29 Filed 2015-05-06
10-K 2014-12-28 Filed 2015-02-24
10-Q 2014-09-28 Filed 2014-11-05
10-Q 2014-06-29 Filed 2014-08-05
10-Q 2014-03-30 Filed 2014-05-06
10-K 2013-12-29 Filed 2014-02-26
10-Q 2013-09-29 Filed 2013-11-07
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-09
10-K 2012-12-30 Filed 2013-02-28
10-Q 2012-09-23 Filed 2012-11-02
10-Q 2012-06-24 Filed 2012-08-03
10-Q 2012-03-25 Filed 2012-05-03
10-K 2011-12-25 Filed 2012-02-23
10-Q 2011-09-25 Filed 2011-11-03
10-Q 2011-06-26 Filed 2011-08-04
10-Q 2011-03-27 Filed 2011-05-05
10-K 2010-12-26 Filed 2011-02-22
10-Q 2010-09-26 Filed 2010-10-28
10-Q 2010-06-27 Filed 2010-08-05
10-Q 2010-03-28 Filed 2010-04-30
10-K 2009-12-27 Filed 2010-02-22
8-K 2020-08-05 Earnings, Exhibits
8-K 2020-07-22 Other Events, Exhibits
8-K 2020-07-21 Officers, Exhibits
8-K 2020-05-06
8-K 2020-04-22
8-K 2020-04-22
8-K 2020-04-10
8-K 2020-03-02
8-K 2020-02-06
8-K 2020-01-14
8-K 2019-11-06
8-K 2019-09-10
8-K 2019-09-07
8-K 2019-08-07
8-K 2019-05-08
8-K 2019-05-02
8-K 2019-02-06
8-K 2018-11-01
8-K 2018-09-21
8-K 2018-08-08
8-K 2018-05-03
8-K 2018-04-19
8-K 2018-04-19
8-K 2018-02-14
8-K 2018-02-08
8-K 2018-01-30
8-K 2018-01-11

NYT 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1. Basis of Presentation
Note 2. Summary of Significant Accounting Policies
Note 3. Revenue
Note 4. Marketable Securities
Note 5. Goodwill and Intangibles
Note 6. Investments
Note 7. Other
Note 8. Fair Value Measurements
Note 9. Pension and Other Postretirement Benefits
Note 10. Income Taxes
Note 11. Earnings per Share
Note 12. Supplemental Stockholders' Equity Information
Note 13. Segment Information
Note 14. Contingent Liabilities
Note 15. Reclassification
Note 16. Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 ex3116282020.htm
EX-31.2 ex3126282020.htm
EX-32.1 ex3216282020.htm
EX-32.2 ex3226282020.htm

New York Times Earnings 2020-06-28

Balance SheetIncome StatementCash Flow
2.92.31.71.20.60.02012201420172020
Assets, Equity
0.60.50.30.20.0-0.12012201420172020
Rev, G Profit, Net Income
0.70.50.2-0.0-0.3-0.52012201420172020
Ops, Inv, Fin

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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 28, 2020
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___ to ___
Commission file number 1-5837
THE NEW YORK TIMES COMPANY
(Exact name of registrant as specified in its charter)
 
New York
 
13-1102020
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
620 Eighth Avenue, New York, New York 10018
(Address and zip code of principal executive offices)
Registrant’s telephone number, including area code 212-556-1234
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Class A Common Stock
 
NYT
 
New 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 31, 2020 (exclusive of treasury shares):  
Class A Common Stock
165,953,189

shares
Class B Common Stock
801,884

shares
 




THE NEW YORK TIMES COMPANY
INDEX

 
 
 
 
 
PART I
 
 
 
Financial Information
 
Item
1
 
Financial Statements
 
 
 
 
Condensed Consolidated Balance Sheets as of June 28, 2020 (unaudited) and December 29, 2019
 
 
 
 
Condensed Consolidated Statements of Operations (unaudited) for the quarters and six months ended June 28, 2020 and June 30, 2019
 
 
 
 
Condensed Consolidated Statements of Comprehensive Income (unaudited) for the quarters and six months ended June 28, 2020 and June 30, 2019
 
 
 
 
Condensed Consolidated Statements of Changes In Stockholders’ Equity (unaudited) for the quarters and six months ended June 28, 2020 and June 30, 2019
 
 
 
 
Condensed Consolidated Statements of Cash Flows (unaudited) for the six months ended June 28, 2020 and June 30, 2019
 
 
 
 
Notes to the Condensed Consolidated Financial Statements
 
Item
2
 
Management’s Discussion and Analysis of Financial Condition and Results of Operations
 
Item
3
 
Quantitative and Qualitative Disclosures about Market Risk
 
Item
4
 
Controls and Procedures
 
 
 
PART II
 
 
 
Other Information
 
Item
1
 
Legal Proceedings
 
Item
1A
 
Risk Factors
 
Item
2
 
Unregistered Sales of Equity Securities and Use of Proceeds
 
Item
6
 
Exhibits
 






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 28, 2020


December 29, 2019

 
 
(Unaudited)
 
 
Assets
 
 
 
 
Current assets
 
 
 
 
Cash and cash equivalents
 
$
249,312

 
$
230,431

Short-term marketable securities
 
240,400

 
201,785

Accounts receivable (net of allowances of $13,646 in 2020 and $14,358 in 2019)
 
122,092

 
213,402

Prepaid expenses
 
28,382

 
29,089

Other current assets
 
42,331

 
42,124

Total current assets
 
682,517

 
716,831

Other assets
 
 
 
 
Long-term marketable securities
 
266,946

 
251,696

Property, plant and equipment (less accumulated depreciation and amortization of $978,828 in 2020 and $950,881 in 2019)
 
611,998

 
627,121

Goodwill
 
144,767

 
138,674

Deferred income taxes
 
111,355

 
115,229

Miscellaneous assets
 
240,774

 
239,587

Total assets
 
$
2,058,357

 
$
2,089,138

 See Notes to Condensed Consolidated Financial Statements.

1



THE NEW YORK TIMES COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS-(Continued)
(In thousands, except share and per share data)
 
 
June 28, 2020

 
December 29, 2019

 
 
(Unaudited)
 
 
Liabilities and stockholders’ equity
 
 
 
 
Current liabilities
 
 
 
 
Accounts payable
 
$
70,692

 
$
116,571

Accrued payroll and other related liabilities
 
66,004

 
108,865

Unexpired subscriptions revenue
 
99,674

 
88,419

Accrued expenses and other
 
134,742

 
123,840

Total current liabilities
 
371,112

 
437,695

Other liabilities
 
 
 
 
Pension benefits obligation
 
294,470

 
313,655

Postretirement benefits obligation
 
35,935

 
37,688

Other
 
125,809

 
126,237

Total other liabilities
 
456,214

 
477,580

Stockholders’ equity
 
 
 
 
Common stock of $.10 par value:
 
 
 
 
Class A – authorized: 300,000,000 shares; issued: 2020 – 174,820,777; 2019 – 174,242,668 (including treasury shares: 2020 – 8,870,801; 2019 – 8,870,801)
 
17,482

 
17,424

Class B – convertible – authorized and issued shares: 2020 – 803,404; 2019 – 803,404
 
80

 
80

Additional paid-in capital
 
205,618

 
208,028

Retained earnings
 
1,659,158

 
1,612,658

Common stock held in treasury, at cost
 
(171,211
)
 
(171,211
)
Accumulated other comprehensive loss, net of income taxes:
 
 
 
 
Foreign currency translation adjustments
 
3,706

 
3,438

Funded status of benefit plans
 
(489,748
)
 
(498,986
)
Net unrealized gain on available-for-sale securities
 
4,086

 
572

Total accumulated other comprehensive loss, net of income taxes
 
(481,956
)
 
(494,976
)
Total New York Times Company stockholders’ equity
 
1,229,171

 
1,172,003

Noncontrolling interest
 
1,860

 
1,860

Total stockholders’ equity
 
1,231,031

 
1,173,863

Total liabilities and stockholders’ equity
 
$
2,058,357

 
$
2,089,138

 See Notes to Condensed Consolidated Financial Statements.


2



THE NEW YORK TIMES COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share data)
 
 
For the Quarters Ended
 
For the Six Months Ended
 
 
June 28, 2020


June 30, 2019

 
June 28, 2020

 
June 30, 2019

 
 
(13 weeks)
 
(26 weeks)
Revenues
 
 
 
 
 
 
 
 
Subscription
 
$
293,189

 
$
270,456

 
$
578,623

 
$
541,266

Advertising
 
67,760

 
120,761

 
173,897

 
245,849

Other
 
42,801

 
45,041

 
94,866

 
88,205

Total revenues
 
403,750

 
436,258

 
847,386

 
875,320

Operating costs
 
 
 
 
 
 
 
 
Cost of revenue (excluding depreciation and amortization)
 
230,147

 
245,195

 
473,819

 
484,554

Sales and marketing
 
39,617

 
62,289

 
113,413

 
137,109

Product development
 
30,737

 
25,261

 
61,539

 
48,989

General and administrative
 
58,812

 
50,400

 
111,673

 
102,039

Depreciation and amortization
 
15,631

 
15,180

 
30,816

 
30,098

Total operating costs
 
374,944

 
398,325

 
791,260

 
802,789

Operating profit
 
28,806

 
37,933

 
56,126

 
72,531

Other components of net periodic benefit costs
 
2,149

 
1,833

 
4,463

 
3,668

Interest income/(expense) and other, net
 
2,786

 
(1,514
)
 
16,640

 
(2,817
)
Income from continuing operations before income taxes
 
29,443

 
34,586

 
68,303

 
66,046

Income tax expense
 
5,781

 
9,415

 
11,787

 
10,719

Net income
 
23,662

 
25,171

 
56,516

 
55,327

Net income attributable to The New York Times Company common stockholders
 
$
23,662

 
$
25,171

 
$
56,516

 
$
55,327

Average number of common shares outstanding:
 
 
 
 
 
 
 
 
Basic
 
166,869

 
166,152

 
166,725

 
165,915

Diluted
 
168,083

 
167,549

 
167,968

 
167,322

Basic earnings per share attributable to The New York Times Company common stockholders
 
$
0.14

 
$
0.15

 
$
0.34

 
$
0.33

Diluted earnings per share attributable to The New York Times Company common stockholders
 
$
0.14

 
$
0.15

 
$
0.34

 
$
0.33

Dividends declared per share
 
$

 
$
0.05

 
$
0.06

 
$
0.10

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
 
For the Six Months Ended
 
 
June 28, 2020

 
June 30, 2019

 
June 28, 2020

 
June 30, 2019

 
 
(13 weeks)
 
(26 weeks)
Net income
 
$
23,662

 
$
25,171

 
$
56,516

 
$
55,327

Other comprehensive income, before tax:
 
 
 
 
 
 
 
 
Income/(loss) on foreign currency translation adjustments
 
619

 
1,522

 
365

 
(127
)
Pension and postretirement benefits obligation
 
6,231

 
4,896

 
12,628

 
9,792

Net unrealized gain on available-for-sale securities
 
4,075

 
1,415

 
4,790

 
3,489

Other comprehensive income, before tax
 
10,925

 
7,833

 
17,783

 
13,154

Income tax expense
 
2,848

 
2,015

 
4,763

 
3,414

Other comprehensive income, net of tax
 
8,077

 
5,818

 
13,020

 
9,740

Comprehensive income attributable to The New York Times Company common stockholders
 
$
31,739

 
$
30,989

 
$
69,536

 
$
65,067

 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 28, 2020 and June 30, 2019
(Unaudited)
(In thousands, except share data)
 

Capital Stock -
Class A
and
Class B Common
Additional
Paid-in
Capital
Retained
Earnings
Common
Stock
Held in
Treasury,
at Cost
Accumulated
Other
Comprehensive
Loss, Net of
Income
Taxes
Total
New York
Times
Company
Stockholders’
Equity
Non-
controlling
Interest
Total
Stock-
holders’
Equity
 
 
Balance, March 31, 2019
$
17,482

$
197,626

$
1,527,859

$
(171,211
)
$
(513,802
)
$
1,057,954

$
1,860

$
1,059,814

 
Net income


25,171



25,171


25,171

 
Dividends


(8,336
)


(8,336
)

(8,336
)
 
Other comprehensive income




5,818

5,818


5,818

 
Issuance of shares:
















 
Restricted stock units vested – 59,967 Class A shares
6

(279
)



(273
)

(273
)
 
Stock-based compensation

3,009




3,009


3,009

 
Balance, June 30, 2019
$
17,488

$
200,356

$
1,544,694

$
(171,211
)
$
(507,984
)
$
1,083,343

$
1,860

$
1,085,203

 

















 
Balance, March 29, 2020
$
17,552

$
199,933

$
1,635,473

$
(171,211
)
$
(490,033
)
$
1,191,714

$
1,860

$
1,193,574

 
Net income


23,662



23,662


23,662

 
Dividends


23



23


23

 
Other comprehensive income




8,077

8,077


8,077

 
Issuance of shares:
















 
Stock options – 90,735 Class A shares
9

933




942


942

 
Restricted stock units vested – 6,516 Class A shares
1

(275
)



(274
)

(274
)
 
Stock-based compensation

5,027




5,027


5,027

 
Balance, June 28, 2020
$
17,562

$
205,618

$
1,659,158

$
(171,211
)
$
(481,956
)
$
1,229,171

$
1,860

$
1,231,031











5



THE NEW YORK TIMES COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
For the Six Months Ended June 28, 2020 and June 30, 2019
(Unaudited)
(In thousands, except share data)
 
 
Capital Stock -
Class A
and
Class B Common
Additional
Paid-in
Capital
Retained
Earnings
Common
Stock
Held in
Treasury,
at Cost
Accumulated
Other
Comprehensive
Loss, Net of
Income
Taxes
Total
New York
Times
Company
Stockholders’
Equity
Non-
controlling
Interest
Total
Stock-
holders’
Equity
 
 
Balance, December 30, 2018
$
17,396

$
206,316

$
1,506,004

$
(171,211
)
$
(517,724
)
$
1,040,781

$
1,860

$
1,042,641

 
Net income


55,327



55,327


55,327

 
Dividends


(16,637
)


(16,637
)

(16,637
)
 
Other comprehensive income




9,740

9,740


9,740

 
Issuance of shares:
 
 
 
 
 
 
 
 
 
Stock options – 279,510 Class A shares
28

2,937




2,965


2,965

 
Restricted stock units vested – 221,087 Class A shares
22

(3,747
)



(3,725
)

(3,725
)
 
Performance-based awards – 418,491 Class A shares
42

(11,966
)



(11,924
)

(11,924
)
 
Stock-based compensation

6,816




6,816


6,816

 
Balance, June 30, 2019
$
17,488

$
200,356

$
1,544,694

$
(171,211
)
$
(507,984
)
$
1,083,343

$
1,860

$
1,085,203

 
 
 
 
 
 
 
 
 
 
 
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


56,516



56,516


56,516

 
Dividends


(10,016
)


(10,016
)

(10,016
)
 
Other comprehensive income




13,020

13,020


13,020

 
Issuance of shares:
 
 
 
 
 
 
 
 
 
Stock options – 179,510 Class A shares
18

1,855




1,873


1,873

 
Restricted stock units vested – 141,501 Class A shares
14

(3,897
)



(3,883
)

(3,883
)
 
Performance-based awards – 257,098 Class A shares
26

(7,850
)



(7,824
)

(7,824
)
 
Stock-based compensation

7,482




7,482


7,482

 
Balance, June 28, 2020
$
17,562

$
205,618

$
1,659,158

$
(171,211
)
$
(481,956
)
$
1,229,171

$
1,860

$
1,231,031













6



THE NEW YORK TIMES COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
 
 
For the Six Months Ended
 
 
June 28, 2020

 
June 30, 2019

 
 
(26 weeks)
Cash flows from operating activities
 
 
 
 
Net income
 
$
56,516

 
$
55,327

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
Depreciation and amortization
 
30,816

 
30,098

Amortization of right of use asset
 
4,645

 
3,520

Stock-based compensation expense
 
7,482

 
6,826

Deferred income taxes
 
(1,209
)
 

Gain on non-marketable equity investment
 
(10,074
)
 
(1,886
)
Long-term retirement benefit obligations
 
(8,524
)
 
(11,574
)
Fair market value adjustment on life insurance products
 
170

 
(2,048
)
Other-net
 
1,514

 
(7,801
)
Changes in operating assets and liabilities:
 
 
 
 
Accounts receivable-net
 
91,310

 
59,673

Other assets
 
(1,292
)
 
(14,555
)
Accounts payable, accrued payroll and other liabilities
 
(64,019
)
 
(57,217
)
Unexpired subscriptions
 
11,255

 
3,637

Net cash provided by operating activities
 
118,590

 
64,000

Cash flows from investing activities
 
 
 
 
Purchases of marketable securities
 
(278,773
)
 
(225,765
)
Maturities of marketable securities
 
228,938

 
223,327

Business acquisitions
 
(8,055
)
 

Proceeds from sale of investments – net
 
4,074

 
110

Capital expenditures
 
(21,510
)
 
(23,065
)
Other-net
 
2,388

 
1,872

Net cash used in investing activities
 
(72,938
)
 
(23,521
)
Cash flows from financing activities
 
 
 
 
Long-term obligations:
 
 
 
 
Repayment of debt and finance lease obligations
 

 
(230
)
Dividends paid
 
(18,359
)
 
(14,936
)
Capital shares:
 
 
 
 
Proceeds from stock option exercises
 
1,873

 
2,965

Share-based compensation tax withholding
 
(11,706
)
 
(15,649
)
Net cash used in financing activities
 
(28,192
)
 
(27,850
)
Net increase in cash, cash equivalents and restricted cash
 
17,460

 
12,629

Effect of exchange rate changes on cash
 
162

 
305

Cash, cash equivalents and restricted cash at the beginning of the period
 
247,518

 
259,799

Cash, cash equivalents and restricted cash at the end of the period
 
$
265,140

 
$
272,733


 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 28, 2020 and December 29, 2019, and the results of operations, changes in stockholders’ equity and cash flows of the Company for the periods ended June 28, 2020, and June 30, 2019. The Company and its consolidated subsidiaries are referred to collectively as “we,” “us” or “our.” All adjustments necessary for a fair presentation have been included and are of a normal and recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation. The financial statements were prepared in accordance with the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain notes or other financial information that are normally required by accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted from these interim financial statements. These financial statements, therefore, should be read in conjunction with the Consolidated Financial Statements and related Notes included in our Annual Report on Form 10-K for the year ended December 29, 2019. Due to the seasonal nature of our business, operating results for the interim periods are not necessarily indicative of a full year’s operations. The fiscal periods included herein comprise 13 weeks and 26 weeks for the second quarter and six months, respectively.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in our Condensed Consolidated Financial Statements. Actual results could differ from these estimates.
Reclassification
The Company has changed the expense captions on its Condensed Consolidated Statement of Operations effective for the quarter ended March 29, 2020. These changes were made in order to reflect how the Company manages its business and to communicate where the Company is investing resources and how this aligns with the Company’s strategy. The Company has reclassified expenses for the prior period in order to present comparable financial results. There is no change to consolidated operating income, operating expense, net income or cash flows as a result of this change in classification. See Note 15 for more detail.
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Except as described herein, as of June 28, 2020, our significant accounting policies, which are detailed in our Annual Report on Form 10-K for the year ended December 29, 2019, have not changed materially.

8


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

Recently Adopted Accounting Pronouncements
Accounting Standard Update(s)
Topic
Effective Period
Summary
2018-15
Intangibles—Goodwill and Other—Internal-Use Software
Fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted.
Clarifies the accounting for implementation costs in cloud computing arrangements. The standard provides that implementation costs be evaluated for capitalization using the same criteria as that used for internal-use software development costs, with amortization expense being recorded in the same income statement expense line as the hosted service costs and over the expected term of the hosting arrangement. The Company adopted this ASU prospectively on December 30, 2019 and will include capitalized implementation costs in Miscellaneous assets in the Company’s Condensed Consolidated Balance Sheet and within Total operating costs in the Condensed Consolidated Statement of Operations. The adoption did not have a material impact on the Company’s consolidated financial statements.
2018-13
Fair Value Measurement (Topic 820) Disclosure Framework
Fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted.
Modifies the disclosure requirements on fair value measurements. The amendments of disclosures related to changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The Company adopted this ASU on December 30, 2019. The adoption did not have a material impact on the Company’s disclosures.
2016-13
2018-19
2019-04
Financial Instruments—Credit Losses
Fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years.
Amends guidance on reporting credit losses for assets, including trade receivables, available-for-sale marketable securities and any other financial assets not excluded from the scope that have the contractual right to receive cash. For trade receivables, ASU 2016-13 eliminates the probable initial recognition threshold in current generally accepted accounting standards, and, instead, requires an entity to reflect its current estimate of all expected credit losses. For available-for-sale marketable securities, credit losses should be measured in a manner similar to current generally accepted accounting standards; however, ASU 2016-13 will require that credit losses be presented as an allowance rather than as a write-down. The Company adopted this ASU on December 30, 2019 using a modified retrospective approach. The adoption did not have a material impact on the Company’s consolidated financial statements.
Recently Issued Accounting Pronouncements
The Financial Accounting Standards Board (the “FASB”) issued authoritative guidance on the following topics:
Accounting Standard Update(s)
Topic
Effective Period
Summary
2019-12
Simplifying the Accounting for Income Taxes (Topic 740)
Fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021. Early adoption is permitted.

Simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in Accounting Standards Codification (“ASC”) 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The standard also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. We do not expect this guidance to have a material impact on our consolidated financial statements.
2018-14
Compensation—Retirement Benefits—Defined Benefit Plans—General
Fiscal years ending after December 15, 2020. Early adoption is permitted.
Modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement benefit plans. The guidance removes disclosures, clarifies the specific requirements of disclosures and adds disclosure requirements identified as relevant. We are currently in the process of evaluating the impact on our consolidated financial statements.


9


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

The Company considers the applicability and impact of all recently issued accounting pronouncements. Recent accounting pronouncements not specifically identified in our disclosures are either not applicable to the Company or are not expected to have a material effect on our financial condition or results of operations.
NOTE 3. REVENUE
We generate revenues principally from subscriptions and advertising. Subscription revenues consist of revenues from subscriptions to our print and digital products (which include our news product, as well as our Crossword, Cooking and audio products) and single-copy and bulk sales of our print products. Subscription revenues are based on both the number of copies of the printed newspaper sold and digital-only subscriptions, and the rates charged to the respective customers.
Advertising revenues are primarily derived from offerings sold directly to marketers by our advertising sales team. A significantly smaller and diminishing proportion of our total advertising revenues is generated through programmatic auctions run by third-party ad exchanges. Advertising revenues are primarily determined by the volume, rate and mix of advertisements. Display advertising revenue is principally from advertisers promoting products, services or brands. Display advertising also includes advertisements that direct viewers to branded content on our platforms. Other print advertising revenue primarily includes classified advertising revenue. Other digital advertising revenue primarily includes creative services fees, including those associated with our branded content studio; advertising revenue from our podcasts; and advertising revenue generated by Wirecutter, our product review and recommendation website.
Other revenues primarily consist of revenues from licensing, affiliate referrals from Wirecutter, the leasing of floors in the New York headquarters building located at 620 Eighth Avenue, New York, New York (the “Company Headquarters”), commercial printing, television and film, retail commerce and NYT Live (our live events business).
Subscription, advertising and other revenues were as follows:
 
 
For the Quarters Ended
 
For the Six Months Ended
(In thousands)
 
June 28, 2020

 
As % of total
 
June 30, 2019

 
As % of total
 
June 28, 2020

 
As % of total
 
June 30, 2019

 
As % of total
Subscription
 
$
293,189

 
72.6
%
 
$
270,456

 
62.0
%
 
$
578,623

 
68.3
%
 
$
541,266

 
61.8
%
Advertising
 
67,760

 
16.8
%
 
120,761

 
27.7
%
 
173,897

 
20.5
%
 
245,849

 
28.1
%
Other (1)
 
42,801

 
10.6
%
 
45,041

 
10.3
%
 
94,866

 
11.2
%
 
88,205