v3.25.2
FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and 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 June 30, 2025, and December 31, 2024:
(In thousands)June 30, 2025December 31, 2024
TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Assets:
Short-term AFS securities(1)
Corporate debt securities$202,678 $— $202,678 $— $154,375 $— $154,375 $— 
U.S. Treasury securities134,925 — 134,925 — 203,729 — 203,729 — 
Certificates of deposit4,400 — 4,400 — 4,400 — 4,400 — 
U.S. governmental agency securities— — — — 3,970 — 3,970 — 
Total short-term AFS securities$342,003 $— $342,003 $— $366,474 $— $366,474 $— 
Long-term AFS securities(1)
U.S. Treasury securities$249,256 $— $249,256 $— $154,933 $— $154,933 $— 
Corporate debt securities162,044 — 162,044 — 191,013 — 191,013 — 
Total long-term AFS securities$411,300 $— $411,300 $— $345,946 $— $345,946 $— 
Liabilities:
Deferred compensation(2)(3)
$10,661 $10,661 $— $— $13,230 $13,230 $— $— 
Contingent consideration$856 $— $— $856 $1,608 $— $— $1,608 
(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”), a frozen plan that 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 $39.0 million as of June 30, 2025, and $45.0 million as of December 31, 2024. 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.
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following table presents changes in the contingent consideration balances for the second quarters and first six months ended June 30, 2025, and June 30, 2024:
Quarters EndedSix Months Ended
(In thousands)June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Balance at the beginning of the period
$1,182 $5,528 $1,608 $4,991 
Payments— (1,724)— (1,724)
Fair value adjustments(1)
(326)(243)(752)294 
Contingent consideration at the end of the period$856 $3,561 $856 $3,561 
(1)Fair value adjustments are included in General and administrative costs in our Condensed Consolidated Statements of Operations.