NEW YORK TIMES CO, 10-K filed on 2/27/2025
Annual Report
v3.25.0.1
Cover Page - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2024
Feb. 19, 2025
Jun. 28, 2024
Entity Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 1-5837    
Entity Registrant Name THE NEW YORK TIMES COMPANY    
Entity Incorporation, State or Country Code NY    
Entity Tax Identification Number 13-1102020    
Entity Address, Address Line One 620 Eighth Avenue,    
Entity Address, City or Town New York,    
Entity Address, State or Province NY    
Entity Address, Postal Zip Code 10018    
City Area Code 212    
Local Phone Number 556-1234    
Title of 12(b) Security Class A Common Stock of $.10 par value    
Trading Symbol NYT    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 8.3
Documents Incorporated by Reference
Portions of the Proxy Statement relating to the registrant’s 2025 Annual Meeting of Stockholders, to be held on April 30, 2025, are incorporated by reference into Part III of this report.
    
Entity Central Index Key 0000071691    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Amendment Flag false    
Common Class A      
Entity Information [Line Items]      
Entity Common Stock, Shares Outstanding   162,522,382  
Common Class B      
Entity Information [Line Items]      
Entity Common Stock, Shares Outstanding   780,724  
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Audit Information
 12 Months Ended
Dec. 31, 2024
Audit Information [Abstract]  
Auditor Firm ID 42
Auditor Name Ernst & Young LLP
Auditor Location New York, New York
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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current assets    
Cash and cash equivalents $ 199,448 $ 289,472
Short-term marketable securities 366,474 162,094
Accounts receivable (net of allowances of $12,118 in 2024 and $12,800 in 2023) 249,530 242,488
Prepaid expenses 49,869 59,712
Other current assets 71,001 27,887
Total current assets 936,322 781,653
Long-term marketable securities 345,946 257,633
Property, plant and equipment, net 488,816 514,245
Goodwill 412,173 416,098
Intangible assets, net 258,006 285,490
Deferred income taxes 111,397 114,505
Right of use assets 32,315 35,374
Pension assets 71,303 83,016
Miscellaneous assets 185,201 226,581
Total assets 2,841,479 2,714,595
Current liabilities    
Accounts payable 123,606 116,942
Accrued payroll and other related liabilities 177,859 174,316
Unexpired subscriptions revenue 187,082 172,772
Accrued expenses and other 124,982 147,529
Total current liabilities 613,529 611,559
Other liabilities    
Pension and postretirement benefits obligation 214,641 238,853
Other 86,100 100,964
Total other liabilities 300,741 339,817
Common stock of $.10 par value:    
Additional paid-in capital 356,450 301,287
Retained earnings 2,325,142 2,117,839
Common stock held in treasury, at cost (406,446) (320,820)
Accumulated other comprehensive loss, net of income taxes:    
Foreign currency translation adjustments (2,762) 910
Funded status of benefit plans (363,874) (353,286)
Unrealized gain/(loss) on available-for-sale securities 830 (486)
Total accumulated other comprehensive loss, net of income taxes (365,806) (352,862)
Total stockholders’ equity 1,927,209 1,763,219
Total liabilities and stockholders’ equity 2,841,479 2,714,595
Class A Common Stock    
Common stock of $.10 par value:    
Common stock value 17,791 17,697
Class B Common Stock    
Common stock of $.10 par value:    
Common stock value $ 78 $ 78
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CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Accounts receivable, allowances $ 12,118 $ 12,800
Common stock of $.10 par value:    
Common stock, par value (in USD per share) $ 0.10 $ 0.10
Class A Common Stock    
Common stock of $.10 par value:    
Authorized shares (in shares) 300,000,000 300,000,000
Issued shares (in shares) 177,883,703 176,951,162
Treasury shares (in shares) 14,896,012 13,189,925
Class B Common Stock    
Common stock of $.10 par value:    
Authorized shares (in shares) 780,724 780,724
Issued shares (in shares) 780,724 780,724
Treasury shares (in shares) 0 0
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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues      
Total revenues $ 2,585,919 $ 2,426,152 $ 2,308,321
Operating costs      
Cost of revenue (excluding depreciation and amortization) 1,309,514 1,249,061 1,208,933
Sales and marketing 278,425 260,227 267,553
Product development 248,198 228,804 204,185
General and administrative 307,930 311,039 289,259
Depreciation and amortization 82,936 86,115 82,654
Generative AI Litigation Costs 10,800 0 0
Acquisition-related costs 0 0 34,712
Impairment charges 0 15,239 4,069
Multiemployer pension plan liability adjustment (2,980) (605) 14,989
Total operating costs 2,234,823 2,149,880 2,106,354
Operating profit 351,096 276,272 201,967
Other components of net periodic benefit (costs)/income (4,158) 2,737 (6,659)
Gain from joint ventures   2,477 0
Interest income and other, net 36,485 21,102 40,691
Income before income taxes 383,423 302,588 235,999
Income tax expense 89,598 69,836 62,094
Net income 293,825 232,752 173,905
Net income attributable to the noncontrolling interest 0 (365) 0
Net income attributable to The New York Times Company common stockholders $ 293,825 $ 232,387 $ 173,905
Average number of common shares outstanding:      
Basic (in shares) 164,425 164,721 166,871
Diluted (in shares) 165,802 165,663 167,141
Basic earnings per share attributable to The New York Times Company common stockholders (in USD per share) $ 1.79 $ 1.41 $ 1.04
Diluted earnings per share attributable to The New York Times Company common stockholders (in USD per share) 1.77 1.40 1.04
Dividends declared per share (in USD per share) $ 0.52 $ 0.44 $ 0.36
Subscription      
Revenues      
Total revenues $ 1,788,207 $ 1,656,153 $ 1,552,362
Advertising      
Revenues      
Total revenues 506,311 505,206 523,288
Other      
Revenues      
Total revenues $ 291,401 $ 264,793 $ 232,671
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net income $ 293,825 $ 232,752 $ 173,905
Other comprehensive income/(loss), before tax:      
Foreign currency translation adjustments (loss)/income (4,980) 1,885 (5,759)
Pension and postretirement benefits obligation (loss)/gain (14,327) (5,908) 49,966
Net unrealized gain/(loss) on available-for-sale securities 1,784 10,754 (9,675)
Other comprehensive (loss)/income, before tax (17,523) 6,731 34,532
Income tax (benefit)/expense (4,579) 1,746 9,177
Other comprehensive (loss)/income, net of tax (12,944) 4,985 25,355
Comprehensive income 280,881 237,737 199,260
Comprehensive income attributable to the noncontrolling interest 0 (365) 0
Comprehensive income attributable to The New York Times Company common stockholders $ 280,881 $ 237,372 $ 199,260
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CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Total New York Times Company Stockholders’ Equity
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
Non- controlling Interest
Beginning balance at Dec. 26, 2021 $ 1,540,725 $ 1,538,720 $ 17,675 $ 230,115 $ 1,845,343 $ (171,211) $ (383,202) $ 2,005
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income 173,905 173,905     173,905      
Dividends (60,389) (60,389)     (60,389)      
Other comprehensive income (loss) 25,355 25,355         25,355  
Issuance of shares:                
Stock options - Class A shares 3 3   3        
Restricted stock units vested - Class A shares (4,320) (4,320) 16 (4,336)        
Performance-based awards - Class A shares (5,557) (5,557) 16 (5,573)        
Stock Repurchases Class A shares (105,056) (105,056)       (105,056)    
Stock-based compensation 35,306 35,306   35,306        
Ending balance at Dec. 31, 2022 1,599,972 1,597,967 17,707 255,515 1,958,859 (276,267) (357,847) 2,005
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income 232,752 232,387     232,387     365
Dividends (73,407) (73,407)     (73,407)      
Other comprehensive income (loss) 4,985 4,985         4,985  
Issuance of shares:                
Restricted stock units vested - Class A shares (11,803) (11,803) 46 (11,849)        
Performance-based awards - Class A shares (3,098) (3,098) 10 (3,108)        
Employee stock purchase plan – Class A shares 3,950 3,950 12 3,938        
Stock Repurchases Class A shares (44,553) (44,553)       (44,553)    
Stock-based compensation 54,776 54,776   54,776        
Purchase of noncontrolling interest (355) 2,015   2,015       (2,370)
Ending balance at Dec. 31, 2023 1,763,219 1,763,219 17,775 301,287 2,117,839 (320,820) (352,862)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income 293,825 293,825     293,825     0
Dividends (86,522) (86,522)     (86,522)      
Other comprehensive income (loss) (12,944) (12,944)         (12,944)  
Issuance of shares:                
Restricted stock units vested - Class A shares (19,113) (19,113) 62 (19,175)        
Performance-based awards - Class A shares (2,687) (2,687) 9 (2,696)        
Employee stock purchase plan – Class A shares 9,558 9,558 23 9,535        
Stock Repurchases Class A shares (85,626) (85,626)       (85,626)    
Stock-based compensation 67,499 67,499   67,499        
Ending balance at Dec. 31, 2024 $ 1,927,209 $ 1,927,209 $ 17,869 $ 356,450 $ 2,325,142 $ (406,446) $ (365,806) $ 0
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CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]      
Stock options (in shares) 0 0 400
Restricted stock unit vested (in shares) 620,390 439,421 151,877
Performance-based awards (in shares) 85,703 106,419 163,518
Employee stock purchase plan – Class A shares (in shares) 226,448 116,726  
Share repurchases (in shares) 1,706,087 1,185,060 3,134,064
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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Net income $ 293,825 $ 232,752 $ 173,905
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 82,936 86,115 82,654
Amortization of right of use asset 9,088 9,232 9,923
Stock-based compensation expense 67,499 54,776 35,306
Multiemployer pension plan liability adjustment (2,980) (605) 14,989
Impairment charges 0 15,239 4,069
Gain on the sale of land 0 0 (34,227)
Gain from joint ventures 0 (2,477) 0
Change in long-term retirement benefit obligations (25,051) (29,528) (29,049)
Fair market value adjustment on life insurance products (1,923) (1,648) 1,081
Other – net (7,446) 3,932 2,739
Changes in operating assets and liabilities:      
Accounts receivable – net (7,042) (24,955) 20,889
Other current assets 2,403 (2,154) (23,220)
Accounts payable, accrued payroll and other liabilities (21,031) (7,321) (111,216)
Unexpired subscriptions 14,310 16,827 8,588
Other noncurrent assets and liabilities 5,924 10,433 (5,744)
Net cash provided by operating activities 410,512 360,618 150,687
Cash flows from investing activities      
Purchases of marketable securities (479,975) (286,448) (6,648)
Maturities/disposals of marketable securities 190,592 142,161 484,984
Business acquisitions 0 0 (515,586)
(Purchases of)/proceeds from investments (42) 2,512 (1,832)
Capital expenditures (29,173) (22,669) (36,961)
Other – net 12,512 4,754 2,482
Net cash used in investing activities (306,086) (159,690) (73,561)
Long-Term Debt and Lease Obligation [Abstract]      
Dividends paid (82,855) (69,464) (56,790)
Payment of contingent consideration (3,017) (3,448) (2,586)
Purchase of noncontrolling interest 0 (356) 0
Capital shares:      
Stock issuances 0 0 3
Repurchases (85,043) (44,553) (105,056)
Share-based compensation tax withholding (21,800) (14,889) (9,877)
Net cash used in financing activities (192,715) (132,710) (174,306)
Net (decrease)/increase in cash, cash equivalents and restricted cash (88,289) 68,218 (97,180)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (1,026) (219) (1,953)
Cash, cash equivalents and restricted cash at the beginning of the year 303,172 235,173 334,306
Cash, cash equivalents and restricted cash at the end of the year 213,857 303,172 235,173
Cash payments      
Interest, net of capitalized interest 716 708 1,583
Income tax payments – net $ 113,091 $ 71,814 $ 110,161
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Basis of Presentation
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation Basis of Presentation
Nature of Operations
The New York Times Company is a global media organization that includes newspaper, digital and print products and related businesses. Unless the context otherwise requires, The New York Times Company and its consolidated subsidiaries are referred to collectively as the “Company,” “we,” “our” and “us.” Our major sources of revenue are subscriptions and advertising.
Principles of Consolidation
The accompanying Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and include the accounts of the Company and its wholly and majority-owned subsidiaries after elimination of all significant intercompany transactions.
The portion of the net income or loss and equity of a subsidiary attributable to the owners of a subsidiary other than the Company (a noncontrolling interest) is included as a component of consolidated stockholders‘ equity in our Consolidated Balance Sheets, within net income or loss in our Consolidated Statements of Operations, within comprehensive income or loss in our Consolidated Statements of Comprehensive Income/(Loss) and as a component of consolidated stockholders’ equity in our Consolidated Statements of Changes in Stockholders’ Equity.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in our Consolidated Financial Statements. Actual results could differ from these estimates.
Fiscal Year
Fiscal year 2022 was composed of 52 weeks and five additional days and ended as of December 31, 2022, while fiscal years 2024 and 2023 each comprised the calendar year ended as of December 31, 2024, and December 31, 2023, respectively.
In December 2021, the Board of Directors approved a change in 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, was extended from December 25, 2022, to December 31, 2022, and subsequent fiscal years begin on January 1 and end on December 31 of each year. The change was made on a prospective basis and prior periods were not adjusted. This change was not considered a change in a fiscal year under the rules of the Securities and Exchange Commission as the new fiscal year commenced within seven days of the prior fiscal year-end and the new fiscal year commenced with the end of the prior fiscal year. As a result, a transition report is not required.
The Athletic
On February 1, 2022, we acquired The Athletic Media Company (“The Athletic”), a global digital subscription-based sports media business. The results of The Athletic have been included in our Consolidated Financial Statements beginning February 1, 2022. The Athletic is a separate reportable segment of the Company.
Segments
Beginning in the first quarter of 2022, the Company has two reportable segments: The New York Times Group (“NYTG”) and The Athletic.
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Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Cash and Cash Equivalents
We consider all highly liquid debt instruments with original maturities of three months or less to be cash equivalents. We classify amounts in transit from credit and debit payment processors as cash and cash equivalents on our consolidated balance sheets.
Marketable Securities
We have investments in marketable debt securities. We determine the appropriate classification of our investments at the date of purchase and reevaluate the classifications at the balance sheet date. Marketable debt securities with maturities of 12 months or less are classified as short-term. Marketable debt securities with maturities greater than 12 months are classified as long-term, unless we identified specific securities we intend to sell within the next 12 months. The Company’s marketable securities are accounted for as available for sale (“AFS”).
AFS securities are reported at fair value. We assess AFS securities on a quarterly basis or more often if a potential loss-triggering event occurs. For AFS securities in an unrealized loss position, we first assess whether we intend to sell, or if it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For AFS securities that do not meet the aforementioned criteria, we evaluate whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, we consider the extent to which fair value is less than amortized cost, creditworthiness of the security, and adverse conditions specifically related to the security. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income.
Concentration of Risk
Financial instruments, which potentially subject us to concentration of risk, are cash and cash equivalents and marketable securities. Cash is placed with major financial institutions. As of December 31, 2024, we had cash balances at financial institutions in excess of federal insurance limits. We periodically evaluate the credit standing of these financial institutions as part of our ongoing investment strategy.
Our marketable securities portfolio consists of investment-grade securities diversified among security types, issuers and industries. Our cash equivalents and marketable securities are primarily managed by third-party investment managers who are required to adhere to investment policies designed to mitigate risk and approved by our Board of Directors.
Accounts Receivable
Credit is extended to our advertisers and our subscribers based upon an evaluation of the customer’s financial condition, and collateral is not required from such customers. Allowances for estimated credit losses, rebates, returns, rate adjustments and discounts are generally established based on historical experience and include consideration of relevant significant current events, reasonable and supportable forecasts and their implications for expected credit losses.
Investments
We elected the fair value measurement alternative for our investment interests below 20% and account for these non-marketable equity securities at cost less impairments, adjusted by observable price changes in orderly transactions for the identical or similar investments of the same issuer given our equity instruments are without readily determinable fair values.
We evaluate whether there has been an impairment of our investments annually or in an interim period if circumstances indicate that a possible impairment may exist.
Property, Plant and Equipment
Property, plant and equipment are stated at cost. Depreciation is computed by the straight-line method over the shorter of estimated asset service lives or lease terms as follows: buildings, building equipment and improvements—10 to 40 years; equipment—three to 30 years; and software—two to five years. We capitalize certain staffing costs as part of the cost of major projects.
We evaluate whether there has been an impairment of long-lived assets, primarily property, plant and equipment, if certain circumstances indicate that a possible impairment may exist. These assets are tested for impairment at the asset group level associated with the lowest level of cash flows. An impairment exists if the carrying value of the asset (i) is not recoverable (the carrying value of the asset is greater than the sum of undiscounted cash flows) and (ii) is greater than its fair value. See Note 7 for more information regarding material impairments of property, plant and equipment.
Leases
Lessee activities    
We enter into operating leases for office space and equipment. We determine if an arrangement is a lease at inception. Certain office space leases provide for rent adjustments relating to changes in real estate taxes and other operating costs. Options to extend the term of operating leases are not recognized as part of the right-of-use asset until we are reasonably certain that the option will be exercised. We may terminate our leases with the notice required under the lease and upon the payment of a termination fee, if required. Our leases do not include substantial variable payments based on index or rate. We have elected the practical expedient not to separate the lease and non-lease components in the contract for our office space and equipment leases.
Our leases do not provide a readily determinable implicit discount rate. Therefore, we estimate our incremental borrowing rate to discount the lease payments based on the information available at lease commencement.
We recognize a single lease cost on a straight-line basis over the term of the lease and we classify all cash payments within operating activities in the statement of cash flows. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.
We evaluate right-of-use assets for impairment consistent with our property, plant and equipment policy. See Note 16 for more information regarding material impairments of right-of-use assets.
Lessor activities
Our leases to third parties predominantly relate to office space in our leasehold condominium interest in our headquarters building located at 620 Eighth Avenue, New York, N.Y. (the “Company Headquarters”). We determine if an arrangement is a lease at inception. Office space leases are operating leases and generally include options to extend the term of the lease. Our leases do not include variable payments based on index or rate. We do not separate the lease and non-lease components in a contract. The non-lease components predominantly include charges for utilities usage and other operating expenses estimated based on the proportionate share of the rental space of each lease. We have elected the practical expedient not to separate the lease and non-lease components in the contract for office space we lease to third parties.
For our office space operating leases, we recognize rental revenue on a straight-line basis over the term of the lease and we classify all cash payments within operating activities in the statement of cash flows.
Residual value risk is not a primary risk resulting from our office space operating leases because of the long-lived nature of the underlying real estate assets, which generally hold their value or appreciate in the long term.
We evaluate assets leased to third parties for impairment consistent with our property, plant and equipment policy. There were no impairments of assets leased to third parties in 2024.
Goodwill and Intangibles
Goodwill is the excess of cost over the fair value of tangible and intangible net assets acquired. Goodwill is not amortized but tested for impairment annually or in an interim period if certain circumstances indicate a possible impairment may exist. Our annual impairment testing date is the first day of our fiscal fourth quarter.
We test goodwill for impairment at a reporting unit level. We have an option to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. The qualitative assessment includes, but is not limited to, the results of our most recent quantitative impairment test, consideration of industry, market and macroeconomic conditions, cost factors, cash flows, changes in key management personnel and our share price. The result of this assessment determines whether it is necessary to perform the goodwill impairment test (formerly “Step 1”).
If we elect to bypass the qualitative assessment or if the qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying value, then we are required to perform a quantitative assessment for impairment by comparing the fair value of a reporting unit with its carrying amount, including goodwill. Fair value is calculated by a combination of a discounted cash flow model and a market approach model. If the fair value of a reporting unit exceeds its carrying amount, goodwill of that reporting unit is not considered impaired. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss would be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit.
We test indefinite-lived intangible assets for impairment at the asset level. Our annual impairment testing date is the first day of our fiscal fourth quarter. We have an option to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of the asset is less than its carrying value. If we elect to bypass the qualitative assessment or if the qualitative assessment indicates that it is more likely than not that the intangible asset is impaired, we are required to perform a quantitative assessment by comparing the fair value of the asset with its carrying amount. If the fair value, which is based on future cash flows, exceeds the carrying value, the asset is not considered impaired. If the carrying amount exceeds the fair value, an impairment loss would be recognized in an amount equal to the excess of the carrying amount of the asset over the fair value of the asset.
Intangible assets that are amortized are tested for impairment at the asset level associated with the lowest level of cash flows whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. An impairment exists if the carrying value of the asset (1) is not recoverable (the carrying value of the asset is greater than the sum of undiscounted cash flows) and (2) is greater than its fair value.
The discounted cash flow model requires us to make various judgments, estimates and assumptions, many of which are interdependent, about future revenues, operating margins, growth rates, capital expenditures, working capital, discount rates and royalty rates. The starting point for the assumptions used in our discounted cash flow model is the annual long-range financial forecast. The annual planning process that we undertake to prepare the long-range financial forecast takes into consideration a multitude of factors, including historical growth rates and operating performance, related industry trends, macroeconomic conditions and marketplace data, among others. Assumptions are also made for perpetual growth rates for periods beyond the long-range financial forecast period. Our estimates of fair value are sensitive to changes in all of these variables, certain of which relate to broader macroeconomic conditions outside our control.
The market approach analysis includes applying a multiple, based on comparable market transactions, to certain operating metrics of a reporting unit.
The significant estimates and assumptions used by management in assessing the recoverability of goodwill acquired and intangibles are estimated future cash flows, discount rates, growth rates and other factors. Any changes in these estimates or assumptions could result in an impairment charge. The estimates, based on reasonable and supportable assumptions and projections, require management’s subjective judgment. Depending on the assumptions and estimates used, the estimated results of the impairment tests can vary within a range of outcomes.
In addition to annual testing, management uses certain indicators to evaluate whether the carrying value of a reporting unit or intangibles may not be recoverable and an interim impairment test may be required. These indicators include (1) current-period operating results or cash flow declines combined with a history of operating results or cash flow declines or a projection/forecast that demonstrates continuing declines in the cash flow or the inability to improve our operations to forecasted levels; (2) a significant adverse change in the business climate, whether structural or technological; (3) significant impairments; and (4) a decline in our stock price and market capitalization.
Self-Insurance
We self-insure for workers’ compensation costs, automobile and general liability claims, up to certain deductible limits, as well as for certain employee medical and disability benefits. Employee medical costs above a certain threshold are insured by a third party. The recorded liabilities for self-insured risks are primarily calculated using actuarial methods. The liabilities include amounts for actual claims, claim growth and claims incurred but not yet reported. The recorded liabilities for self-insured risks were approximately $27.6 million and $28 million as of December 31, 2024, and December 31, 2023, respectively.
Pension and Other Postretirement Benefits
Our single-employer pension and other postretirement benefit costs are accounted for using actuarial valuations. We recognize the funded status of these plans—measured as the difference between plan assets, if funded, and the benefit obligation—on the balance sheet and recognize changes in the funded status that arise during the period but are not recognized as components of net periodic pension cost, within other comprehensive income/(loss), net of income taxes. The service cost component of net periodic pension cost is recognized in Total operating costs while the other components are recognized within Other components of net periodic benefit costs/(income) in our Consolidated Statements of Operations below Operating profit.
The assets related to our funded pension plans are measured at fair value.
We make significant subjective judgments about a number of actuarial assumptions, which include discount rates, long-term return on plan assets and mortality rates. Depending on the assumptions and estimates used, the impact from our pension and other postretirement benefits could vary within a range of outcomes and could have a material effect on our Consolidated Financial Statements.
We also recognize the present value of pension liabilities associated with the withdrawal from multiemployer pension plans. We record liabilities for obligations related to complete, and partial withdrawals from multiemployer pension plans. The actual liability for withdrawals is not known until each plan completes a final assessment of the withdrawal liability and issues a demand to us. Therefore, we adjust the estimate of our multiemployer pension plan liability as more information becomes available that allows us to refine our estimates.
See Note 9 for additional information regarding pension and other postretirement benefits.
Revenue Recognition
Revenue is recognized when a performance obligation is satisfied by transferring a promised good or service to a customer. A good or service is considered transferred when the customer obtains control, which is when the customer has the ability to direct the use of and/or obtain substantially all of the benefits of an asset.
Proceeds from subscription revenues are deferred at the time of sale and are recognized on a pro rata basis over the terms of the subscriptions. Payment is typically due upfront and the revenue is recognized ratably over the subscription period. The deferred proceeds are recorded within Unexpired subscriptions revenue in the Consolidated Balance Sheet. Revenue from single-copy sales of our print products is recognized based on date of publication, net of provisions for related returns. Payment for single-copy sales is typically due upon complete satisfaction of our performance obligations. The Company does not have significant financing components or significant payment terms as we only offer industry standard payment terms to our customers.
When our subscriptions are sold through third parties, we are a principal in the transaction and, therefore, revenues and related costs to third parties for these sales are reported on a gross basis. We are considered a principal if we control a promised good or service before transferring that good or service to the customer. The Company considers several factors to determine if it controls the good or service and therefore is the principal. These factors include (1) if we have primary responsibility for fulfilling the promise; and (2) if we have discretion in establishing the price for the specified good or service.
Advertising revenues are recognized when advertisements are published in newspapers or placed on digital platforms when impressions are delivered or when the ad is displayed over the contractual fixed period of time with respect to certain digital advertising or, each time a user clicks on certain advertisements, net of provisions for estimated rebates and rate adjustments. Creative services fees, including those associated with our branded content studio, are recognized as revenue based on the nature of the services provided.
Payment for advertising is due upon complete satisfaction of our performance obligations. The Company has a formal credit checking policy, procedures and controls in place that evaluate collectability prior to ad publication. Our advertising contracts do not include a significant financing component.
Other revenues are recognized when the delivery occurs, services are rendered or purchases are made.
Performance Obligations
Our contracts with customers may include multiple performance obligations. For such arrangements, we allocate revenue to each performance obligation based on its relative standalone selling price.
In the case of our licensing contracts, the transaction price is allocated among the performance obligations, which can consist of (i) the archival content and (ii) the updated content, based on the Company’s estimate of the standalone selling price of each of the performance obligations.
In the case of our advertising contracts, we may have performance obligations for future services that have not been recognized in our financial statements. The performance obligations are satisfied over time with revenue recognized over the contract term as the advertising services are provided to the customer.
Contract Assets
We record revenue from customers when performance obligations are satisfied. For our licensing revenue, we record revenue related to the portion of performance obligation when the customer obtains control of the content. We receive payments from customers based upon contractual billing schedules. As the transfer of control represents a right to the contract consideration, we record a contract asset in Other current assets for short-term contract assets and Miscellaneous assets for long-term contract assets on the Consolidated Balance Sheet for any amounts not yet invoiced to the customer. The contract asset is reclassified to Accounts receivable when the customer is invoiced based on the contractual billing schedule.
Significant Judgments
Our contracts with customers sometimes include promises to transfer multiple products and services to a customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. We use an observable price to determine the standalone selling price for separate performance obligations if available or, when not available, an estimate that maximizes the use of observable inputs and faithfully depicts the selling price of the promised goods or services if we sold those goods or services separately to a similar customer in similar circumstances.
Practical Expedients and Exemptions
We expense the cost to obtain or fulfill a contract as incurred because the amortization period of the asset that the entity otherwise would have recognized is one year or less. We also apply the practical expedient for the significant financing component when the difference between the payment and the transfer of the products and services is one year or less.
Income Taxes
Income taxes are recognized for the following: (1) the amount of taxes payable for the current year and (2) deferred tax assets and liabilities for the future tax consequences of events that have been recognized differently in the financial statements than for tax purposes. Deferred tax assets and liabilities are established using statutory tax rates and are adjusted for tax rate changes in the period of enactment.
We assess whether our deferred tax assets should be reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized. Our process includes collecting positive (i.e., sources of taxable income) and negative (i.e., recent historical losses) evidence and assessing, based on the evidence, whether it is more likely than not that the deferred tax assets will not be realized.
We release tax effects from accumulated other comprehensive income/(loss) for pension and other postretirement benefits on a plan-by-plan approach.
We recognize in our financial statements the impact of a tax position if that tax position is more likely than not of being sustained on audit, based on the technical merits of the tax position. This involves the identification of potential uncertain tax positions, the evaluation of tax law and an assessment of whether a liability for uncertain tax positions is necessary. Different conclusions reached in this assessment can have a material impact on our Consolidated Financial Statements.
We operate within multiple taxing jurisdictions and are subject to audit in these jurisdictions. These audits can involve complex issues, which could require an extended period to resolve. Until formal resolutions are reached between us and the taxing authorities, determining the timing and amount of possible audit settlements relating to uncertain tax positions is not practicable.
Stock-Based Compensation
We establish fair value based on market data for our stock-based awards to determine our cost and recognize the related expense over the appropriate vesting period. We recognize stock-based compensation expense for outstanding stock-settled long-term performance awards, restricted stock units and our Company’s Employee Stock Purchase Plan (“ESPP”), net of estimated forfeitures. See Note 13 for additional information related to stock-based compensation expense.
Earnings Per Share
We compute earnings per share based upon the treasury stock method. Basic earnings per share is calculated by dividing net earnings available to common stockholders by the weighted-average number of shares of common stock outstanding. Diluted earnings per share is calculated similarly, except that it includes the dilutive effect of the assumed exercise of securities and the effect of shares issuable under our Company’s stock-based incentive plans if such effect is dilutive.
Foreign Currency Translation
The assets and liabilities of foreign companies are translated at period-end exchange rates. Results of operations are translated at average rates of exchange in effect during the year. The resulting translation adjustment is included as a separate component in the Stockholders’ Equity section of our Consolidated Balance Sheets, in the caption Accumulated other comprehensive loss, net of income taxes.
Recently Adopted Accounting Pronouncements
Accounting Standard Update(s)TopicEffective PeriodSummary
2023-07Segment Reporting (Topic 280): Improvements to Reportable Segment DisclosuresFiscal years, beginning after December 15, 2023. Early adoption is permitted.Requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items to reconcile to segment profit or loss, and the title and position of the entity’s CODM. The amendments in this update also expand the interim segment disclosure requirements. The Company adopted ASU 2023-07 on January 1, 2024, and included additional applicable disclosures in Note 15.
Recently Issued Accounting Pronouncements
The Financial Accounting Standards Board issued authoritative guidance on the following topics:
Accounting Standard Update(s)TopicEffective PeriodSummary
2023-09Income Taxes (Topic 740): Improvements to Income Tax DisclosuresFiscal years, beginning after December 15, 2025. Early adoption is permitted.Requires entities to provide disaggregated income tax disclosures on the rate reconciliation and income taxes paid. We are currently in the process of evaluating the impact of this guidance on the Company’s disclosures.
2024-03
2025-01		Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures: Disaggregation of Income Statement ExpensesFiscal years, beginning after December 15, 2026, and for interim periods beginning after December 15, 2027. Early adoption is permitted.Requires entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. We are currently in the process of evaluating the impact of this guidance on the Company’s disclosures.
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 not expected to have a material effect on our financial condition or results of operations.
v3.25.0.1
Revenue
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue 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 Audio, Cooking, Games and Wirecutter products), and single-copy and bulk sales of our print products. Subscription revenues are based on both the number of digital-only subscriptions and copies of the printed newspaper sold, and the rates charged to the respective customers.
Advertising revenue is principally from advertisers (such as luxury goods, technology and financial companies) promoting products, services or brands on digital platforms in the form of display, audio and video ads; in print in the form of column-inch ads; and at live events. 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 or column inches), rate and mix of advertisements. Digital advertising includes our core digital advertising business and other digital advertising. Our core digital advertising consists of direct-sold display (which includes website and mobile applications), podcast, email and video advertisements that are sold directly to marketers by our advertising sales teams. Other digital advertising includes programmatic advertising and creative services fees. NYTG and The Athletic has revenue from all categories discussed above. Print advertising includes revenue from column-inch ads and classified advertising, as well as preprinted advertising, also known as freestanding inserts. There is no print advertising revenue generated from The Athletic, which does not have a print product.
Other revenues primarily consist of revenues from Wirecutter affiliate referrals, licensing, commercial printing, the leasing of floors in our Company Headquarters, our live events business, retail commerce, books, television and film and our student subscription sponsorship program.
Subscription, advertising and other revenues were as follows:
Years Ended
(In thousands)December 31, 2024As %
of total		December 31, 2023As %
of total		December 31, 2022As %
of total
Subscription$1,788,207 69.2 %$1,656,153 68.3 %$1,552,362 67.3 %
Advertising506,311 19.6 %505,206 20.8 %523,288 22.7 %
Other(1)
291,401 11.2 %264,793 10.9 %232,671 10.0 %
Total$2,585,919 100.0 %$2,426,152 100.0 %$2,308,321 100.0 %
(1)Other revenue includes building rental revenue, which is not under the scope of Revenue from Contracts with Customers (Topic 606). Building rental revenue was approximately $27 million in both years ended December 31, 2024, and December 31, 2023, and $29 million for the year ended December 31, 2022.
The following table summarizes digital and print subscription revenues, which are components of subscription revenues above, for the years ended December 31, 2024, December 31, 2023, and December 31, 2022:
Years Ended
(In thousands)December 31, 2024As %
of total		December 31, 2023As %
of total		December 31, 2022As %
of total
Digital-only subscription revenues(1)
$1,254,592 70.2 %$1,099,439 66.4 %$978,574 63.0 %
Print subscription revenues(2)
533,615 29.8 %556,714 33.6 %573,788 37.0 %
Total subscription revenues$1,788,207 100.0 %$1,656,153 100.0 %$1,552,362 100.0 %
(1)Includes revenue from bundled and standalone subscriptions to our news product, as well as to The Athletic and our Audio, Cooking, Games and Wirecutter products.
(2)Includes domestic home-delivery subscriptions, which include access to our digital products. Also includes single-copy, NYT International and Other subscription revenues.
The following table summarizes digital and print advertising revenues for the years ended December 31, 2024, December 31, 2023, and December 31, 2022:
Years Ended
(In thousands)December 31, 2024As %
of total		December 31, 2023As %
of total		December 31, 2022As %
of total
Digital advertising revenues$342,092 67.6 %$317,744 62.9 %$318,440 60.9 %
Print advertising revenues164,219 32.4 %187,462 37.1 %204,848 39.1 %
Total advertising revenues$506,311 100.0 %$505,206 100.0 %$523,288 100.0 %
Performance Obligations
We have remaining performance obligations related to digital archive and other licensing and certain advertising contracts. As of December 31, 2024, the aggregate amount of the transaction price allocated to the remaining performance obligations for contracts with a duration greater than one year was approximately $148 million. The Company will recognize this revenue as performance obligations are satisfied. We expect that approximately $95 million, $28 million, and $25 million will be recognized in 2025, 2026 and thereafter through 2030, respectively.
Unexpired Subscriptions
Payments for subscriptions are typically due upfront and the revenue is recognized ratably over the subscription period. The proceeds are recorded within Unexpired subscriptions revenue in the Consolidated Balance Sheet. Total unexpired subscriptions as of December 31, 2023, were $172.8 million, substantially all of which was recognized as revenues during the year ended December 31, 2024.
Contract Assets
As of December 31, 2024, and December 31, 2023, the Company had $5.2 million and $3.5 million, respectively, in contract assets recorded in the Consolidated Balance Sheets related to licensing revenue. The contract asset is reclassified to Accounts receivable when the customer is invoiced based on the contractual billing schedule.
v3.25.0.1
Marketable Securities
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities Marketable Securities
The Company accounts for its marketable securities as AFS. The Company recorded $1.1 million and $0.7 million of pre-tax net unrealized gains and losses, respectively, in Accumulated Other Comprehensive Income (“AOCI”) as of December 31, 2024, and December 31, 2023, respectively.
The following tables present the amortized cost, gross unrealized gains and losses, and fair market value of our AFS securities as of December 31, 2024, and December 31, 2023:
December 31, 2024
(In thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term AFS securities
U.S. Treasury securities$203,238 $511 $(20)$203,729 
Corporate debt securities153,988 415 (28)154,375 
Certificates of deposit4,400 — — 4,400 
U.S. governmental agency securities3,974 — (4)3,970 
Total short-term AFS securities$365,600 $926 $(52)$366,474 
Long-term AFS securities
Corporate debt securities$190,772 $544 $(303)$191,013 
U.S. Treasury securities154,936 258 (261)154,933 
Total long-term AFS securities$345,708 $802 $(564)$345,946 
December 31, 2023
(In thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term AFS securities
U.S. Treasury securities$48,721 $55 $(667)$48,109 
Corporate debt securities109,891 6 (1,828)108,069 
U.S. governmental agency securities6,000 — (84)5,916 
Total short-term AFS securities$164,612 $61 $(2,579)$162,094 
Long-term AFS securities
Corporate debt securities$103,061 $886 $(5)$103,942 
U.S. Treasury securities148,878 1,023 (42)149,859 
U.S. governmental agency securities3,857 — (25)3,832 
Total long-term AFS securities$255,796 $1,909 $(72)$257,633 
The following tables present the AFS securities as of December 31, 2024, and December 31, 2023, 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 loss position:
December 31, 2024
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$13,023 $(18)$1,297 $(2)$14,320 $(20)
Corporate debt securities28,741 (28)249 — 28,990 (28)
U.S. governmental agency securities— — 3,971 (4)3,971 (4)
Total short-term AFS securities$41,764 $(46)$5,517 $(6)$47,281 $(52)
Long-term AFS securities
Corporate debt securities$68,163 $(303)$— $— $68,163 $(303)
U.S. Treasury securities64,325 (261)— — 64,325 (261)
Total long-term AFS securities$132,488 $(564)$— $— $132,488 $(564)
December 31, 2023
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$995 $(1)$24,978 $(666)$25,973 $(667)
Corporate debt securities5,819 (5)99,504 (1,823)105,323 (1,828)
U.S. governmental agency securities— — 5,916 (84)5,916 (84)
Total short-term AFS securities$6,814 $(6)$130,398 $(2,573)$137,212 $(2,579)
Long-term AFS securities
Corporate debt securities$2,451 $— $245 $(5)$2,696 $(5)
U.S. Treasury securities14,792 (36)290 (6)15,082 (42)
U.S. governmental agency securities3,832 (25)— — 3,832 (25)
Total long-term AFS securities$21,075 $(61)$535 $(11)$21,610 $(72)
We assess our AFS securities for impairment on a quarterly basis or more often if a potential loss-triggering event occurs. See Note 2 for factors we consider when assessing AFS securities for recognition of losses or allowance for credit losses.
As of December 31, 2024, and December 31, 2023, 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 December 31, 2024, and December 31, 2023, we have no impairment losses or allowance for credit losses related to AFS securities.
As of December 31, 2024, our short-term and long-term marketable securities had remaining maturities of less than one month to 12 months, and 13 months to 27 months, respectively. See Note 8 for additional information regarding the fair value hierarchy of our marketable securities.
v3.25.0.1
Goodwill and Intangibles
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangibles Goodwill and Intangibles
The changes in the carrying amount of goodwill as of December 31, 2024, and since December 31, 2022, were as follows:
(In thousands)The New York Times GroupThe AthleticTotal Company
Balance as of December 31, 2022$162,686 $251,360 $414,046 
Foreign currency translation(1)
2,052 — 2,052 
Balance as of December 31, 2023164,738 251,360 416,098 
Foreign currency translation(1)
(3,925)— (3,925)
Balance as of December 31, 2024$160,813 $251,360 $412,173 
(1)The foreign currency translation line item reflects changes in goodwill resulting from fluctuating exchange rates related to the consolidation of certain international subsidiaries.
For the 2024 and 2023 annual impairment testing, based on our assessments, we concluded that goodwill is not impaired.
The aggregate carrying amount of intangible assets of $258.0 million, which includes an indefinite-lived intangible of $2.5 million, is included in Intangible Assets, net in our Consolidated Balance Sheet as of December 31, 2024. As of December 31, 2024, and December 31, 2023, the gross book value and accumulated amortization of the intangible assets with definite lives were as follows:
December 31, 2024
(In thousands)Gross book valueAccumulated amortizationNet book valueWeighted-Average Useful Life (Years)
Trademark$162,618 $(25,951)$136,667 17.3
Existing subscriber base136,500 (34,313)102,187 9.2
Developed technology38,401 (22,719)15,682 2.2
Content archive5,751 (4,758)993 1.6
Total$343,270 $(87,741)$255,529 13.1
December 31, 2023
(In thousands)Gross book valueAccumulated amortizationNet book valueWeighted-Average Useful Life (Years)
Trademark$162,618 $(17,767)$144,851 18.3
Existing subscriber base136,500 (23,062)113,438 10.2
Developed technology38,401 (15,381)23,020 3.2
Content archive5,751 (4,047)1,704 2.5
Total$343,270 $(60,257)$283,013 13.7
During 2023 and 2022, we recorded impairment charges related to our indefinite-lived intangible asset. As a result of reduced long-term advertising and subscription revenue expectations for our Serial podcasts during the quarter ended September 30, 2023, and a decrease in advertiser demand, slower production of shows as well as the macroeconomic environment during the quarter ended December 31, 2022, we performed quantitative impairment tests for the Serial indefinite-lived intangible asset. We compared the fair value of the Serial trademark, calculated using a discounted cash flow model, to its carrying value and recorded impairment charges of approximately $2.5 million and $4.1 million for the years ended December 31, 2023, and December 31, 2022, respectively. These charges are included in Impairment charges in our Consolidated Statement of Operations within the NYTG operating segment. The 2024 annual impairment test did not identify any impairments. See Note 2 for factors that the Company considers when assessing indefinite-lived intangible assets for impairment.
Amortization expense for intangible assets included in Depreciation and amortization in our Consolidated Statements of Operations for the years ended December 31, 2024, December 31, 2023, and December 31, 2022 were $27.5 million, $29.3 million and $27.1 million, respectively.
In 2024 and 2023, we did not identify any impairments related to intangible assets with definite lives.
The estimated aggregate amortization expense for each of the following fiscal years ending December 31 is presented below:
(In thousands)
2025$27,213 
202626,960 
202720,171 
202819,335 
202919,250 
Thereafter142,600 
Total amortization expense$255,529 
v3.25.0.1
Investments
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
Investments in Joint Ventures
Madison
The Company and UPM-Kymmene Corporation (“UPM”), a Finnish paper manufacturing company, were partners through subsidiary companies in Madison. The Company’s 40% ownership of Madison was through an 80%-owned consolidated subsidiary that owned 50% of Madison. UPM owned 60% of Madison, including a 10% interest through a 20% noncontrolling interest in the consolidated subsidiary of the Company. In 2016, the paper mill closed and the Company’s joint venture in Madison was fully liquidated in December 2023.
In 2023, we had a gain from joint ventures of $2.5 million. The gain was due to our proportionate share of a distribution received from the final liquidation of Madison. In conjunction with this distribution, the Company purchased UPM’s 20% noncontrolling interest in the Company’s consolidated subsidiary and the Madison joint venture was dissolved.
As of December 31, 2024, and December 31, 2023, the value of our investments in joint ventures was zero. Our proportionate shares of distributions of our investments are recorded in Gain from joint ventures in our Consolidated Statements of Operations.
Non-Marketable Equity Securities
Our non-marketable equity securities are investments in privately held companies/funds without readily determinable market values. Gains and losses on non-marketable equity securities sold or impaired are recognized in Interest income and other, net in our Consolidated Statement of Operations.
As of December 31, 2024, and December 31, 2023, non-marketable equity securities included in Miscellaneous assets in our Consolidated Balance Sheets had a carrying value of $29.5 million and $29.7 million, respectively. The carrying value includes $15.1 million of unrealized gains as of December 31, 2024.
v3.25.0.1
Property, Plant and Equipment, net
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment, net Property, Plant and Equipment, net
The following table presents the detail of property, plant and equipment, net as of December 31, 2024, and December 31, 2023:
(in thousands)December 31, 2024December 31, 2023
Equipment$452,081 $447,324 
Buildings, building equipment and improvements736,608 729,559 
Software(1)
78,244 80,710 
Land106,767 106,648 
Assets in progress20,628 20,333 
Total, at cost1,394,328 1,384,574 
Less: accumulated depreciation and amortization(905,512)(870,329)
Property, plant and equipment, net$488,816 $514,245 
(1)Unamortized computer software costs were $10.9 million and $13.4 million as of December 31, 2024, and December 31, 2023, respectively.
Depreciation expense for property, plant and equipment assets included in Depreciation and amortization in our Consolidated Statements of Operations for the years ended December 31, 2024, December 31, 2023, and December 31, 2022, were $55.5 million, $56.8 million and $55.6 million, respectively. This includes amortization of capitalized computer software costs of $7.0 million, $7.8 million and $7.9 million for the years ended December 31, 2024, December 31, 2023, and December 31, 2022, respectively.
Asset Retirements
During the years ended December 31, 2024, and December 31, 2023, as part of its annual assets review, the Company retired assets that were no longer in use with a cost of approximately $20.9 million and $10.0 million, respectively. The retirements in 2024 and 2023 were composed of mostly equipment and software. As a result of the retirements, the Company recorded $0.9 million in write-offs for the year ended December 31, 2024, which are reflected in General and administrative costs in our Consolidated Statements of Operations. For the years ended December 31, 2023, and December 31, 2022, the Company recorded de minimis write-offs.
v3.25.0.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Fair value is the price that would be received upon the sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date. The transaction would be in the principal or most advantageous market for the asset or liability, based on assumptions that a market participant would use in pricing the asset or liability. The fair value hierarchy consists of three levels:
Level 1–quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date;
Level 2–inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
Level 3–unobservable inputs for the asset or liability.
Assets/Liabilities Measured and Recorded at Fair Value on a Recurring Basis
As of December 31, 2024, and December 31, 2023, we had assets related to our qualified pension plans measured at fair value. The required disclosures regarding such assets are presented in Note 9.
The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2024, and December 31, 2023:
(In thousands)December 31, 2024December 31, 2023
TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Assets:
Short-term AFS securities(1)
U.S. Treasury securities$203,729 $— $203,729 $— 48,109 — 48,109 — 
Corporate debt securities154,375 — 154,375 — 108,069 — 108,069 — 
Certificates of deposit4,400 — 4,400 — — — — — 
U.S. governmental agency securities3,970 — 3,970 — 5,916 — 5,916 — 
Total short-term AFS securities$366,474 $— $366,474 $— $162,094 $— $162,094 $— 
Long-term AFS securities(1)
Corporate debt securities$191,013 $— $191,013 $— $103,942 $— $103,942 $— 
U.S. Treasury securities154,933 — 154,933 — 149,859 — 149,859 — 
U.S. governmental agency securities— — — — 3,832 — 3,832 — 
Total long-term AFS securities$345,946 $— $345,946 $— $257,633 $— $257,633 $— 
Liabilities:
Deferred compensation(2)(3)
$13,230 $13,230 $— $— $13,752 $13,752 $— $— 
Contingent consideration$1,608 $— $— $1,608 $4,991 $— $— $4,991 
(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 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 Consolidated Balance Sheets, and were $45.0 million as of December 31, 2024, and $52.3 million as of December 31, 2023. The fair value of these assets is measured using the net asset value (“NAV”) per share (or its equivalent) and has not been classified in the fair value hierarchy.
Level 3 Liabilities
The contingent consideration liability is related to the 2020 acquisition of substantially all the assets and certain liabilities of Serial Productions, LLC, and represents contingent payments based on the achievement of certain operational targets, as defined in the acquisition agreement, over the five years following the acquisition. The Company estimated the fair value using a probability-weighted discounted cash flow model. The estimate of the fair value of contingent consideration requires subjective assumptions to be made regarding probabilities assigned to operational targets and the discount rate. As the fair value is based on significant unobservable inputs, this is a Level 3 liability.
The following table presents the changes in the balance of the contingent consideration during the year ended December 31, 2024, and December 31, 2023:
(In thousands)December 31, 2024December 31, 2023
Balance at the beginning of the period$4,991 $5,324 
Payments(3,017)(3,448)
Fair value adjustments(1)
(366)3,115 
Contingent consideration at the end of the period$1,608 $4,991 
(1)Fair value adjustments are included in General and administrative expenses in our Consolidated Statements of Operations.
The remaining contingent consideration balances as of December 31, 2024, and December 31, 2023, are $1.6 million and $5.0 million, respectively. For the year-ended December 31, 2024, the remaining contingent consideration is included in Accrued expenses and other, in our Consolidated Balance Sheets. For the year-ended December 31, 2023, the remaining contingent consideration is included in Accrued expenses and other, for the current portion of the liability and Other liabilities — Other, for the long-term portion of the liability, in our Consolidated Balance Sheets.
Assets Measured and Recorded at Fair Value on a Non-Recurring Basis
Certain non-financial assets, such as goodwill, intangible assets, property, plant and equipment and certain investments are recognized at fair value on a non-recurring basis. These assets are measured at fair value if an impairment charge is recognized. We classified all of these measurements as Level 3, as we used unobservable inputs within the valuation methodologies that were significant to the fair value measurements, and the valuations required management’s judgment due to the absence of quoted market prices.
v3.25.0.1
Pension and Other Postretirement Benefits
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Pension and Other Postretirement Benefits Pension and Other Postretirement Benefits
Pension Benefits
Single-Employer Plans
We maintain The New York Times Companies Pension Plan (the “Pension Plan”), a frozen single-employer defined benefit pension plan. The Company also jointly sponsors a defined benefit plan with The NewsGuild of New York (the “Guild”) known as the Guild-Times Adjustable Pension Plan (the “APP”) that continues to accrue active benefits.
We also have a foreign-based pension plan for certain employees (the “foreign plan”). The information for the foreign plan is combined with the information for U.S. non-qualified plans. The benefit obligation of the foreign plan is immaterial to our total benefit obligation.
Net Periodic Pension Cost
The components of net periodic pension cost were as follows:
 December 31, 2024December 31, 2023December 31, 2022
(In thousands)Qualified
Plans		Non-
Qualified
Plans		All
Plans		Qualified
Plans		Non-
Qualified
Plans		All
Plans		Qualified
Plans		Non-
Qualified
Plans		All
Plans
Service cost$6,163 $73 $6,236 $5,669 $73 $5,742 $11,526 $105 $11,631 
Interest cost53,503 8,856 62,359 56,793 9,218 66,011 35,350 5,142 40,492 
Expected return on plan assets(72,432)— (72,432)(76,489)— (76,489)(55,229)— (55,229)
Amortization and other costs10,413 3,970 14,383 2,654 3,538 6,192 13,065 6,572 19,637 
Amortization of prior service (credit)/cost(1,945)47 (1,898)(1,945)50 (1,895)(1,945)48 (1,897)
Effect of settlement— (40)(40)— — — — — — 
Net periodic pension (credit)/cost$(4,298)$12,906 $8,608 $(13,318)$12,879 $(439)$2,767 $11,867 $14,634 
Other changes in plan assets and benefit obligations recognized in other comprehensive income were as follows:
(In thousands)December 31, 2024December 31, 2023December 31, 2022
Net actuarial loss/(gain)$31,829 $19,100 $(22,500)
Amortization of loss(14,383)(6,192)(19,637)
Amortization of prior service credit1,898 1,895 1,897 
Effect of settlement40 — — 
Total recognized in other comprehensive income19,384 14,803 (40,240)
Net periodic pension (credit)/cost8,608 (439)14,634 
Total recognized in net periodic pension benefit cost and other comprehensive income$27,992 $14,364 $(25,606)
Actuarial gains and losses are amortized using a corridor approach. The gain or loss corridor is equal to 10% of the greater of the projected benefit obligation and the market-related value of assets. Gains and losses in excess of the corridor are generally amortized over the future working lifetime for the ongoing plans and average life expectancy for the frozen plans.
We also contribute to defined contribution benefit plans. The amount of cost recognized for defined contribution benefit plans was approximately $43 million for 2024, $39 million for 2023 and $29 million for 2022, respectively.
Benefit Obligation and Plan Assets
The changes in the benefit obligation and plan assets and other amounts recognized in other comprehensive loss were as follows:
December 31, 2024December 31, 2023
(In thousands)Qualified
Plans		Non-
Qualified
Plans		All PlansQualified
Plans		Non-
Qualified
Plans		All Plans
Change in benefit obligation
Benefit obligation at beginning of year$1,068,489 $180,556 $1,249,045 $1,076,412 $179,608 $1,256,020 
Service cost6,163 73 6,236 5,669 73 5,742 
Interest cost53,503 8,856 62,359 56,793 9,218 66,011 
Actuarial (gain)/loss(27,816)(5,843)(33,659)39,116 8,089 47,205 
Benefits paid(74,013)(16,793)(90,806)(109,501)(16,463)(125,964)
Effects of change in currency conversion— (68)(68)— 31 31 
Benefit obligation at end of year1,026,326 166,781 1,193,107 1,068,489 180,556 1,249,045 
Change in plan assets
Fair value of plan assets at beginning of year1,151,505 — 1,151,505 1,145,933 — 1,145,933 
Actual return on plan assets6,944 — 6,944 104,595 — 104,595 
Employer contributions13,192 16,793 29,985 10,478 16,463 26,941 
Benefits paid(74,013)(16,793)(90,806)(109,501)(16,463)(125,964)
Fair value of plan assets at end of year1,097,628 — 1,097,628 1,151,505 — 1,151,505 
Net amount recognized$71,302 $(166,781)$(95,479)$83,016 $(180,556)$(97,540)
Amount recognized in the Consolidated Balance Sheets
Pension assets$71,302 $— $71,302 $83,016 $— $83,016 
Current liabilities— (16,002)(16,002)— (16,672)(16,672)
Noncurrent liabilities— (150,779)(150,779)— (163,884)(163,884)
Net amount recognized$71,302 $(166,781)$(95,479)$83,016 $(180,556)$(97,540)
Amount recognized in accumulated other comprehensive loss
Actuarial loss$473,759 $64,031 $537,790 $446,500 $73,804 $520,304 
Prior service credit(7,117)442 (6,675)(9,062)489 (8,573)
Total$466,642 $64,473 $531,115 $437,438 $74,293 $511,731 
Benefit obligations decreased from $1.25 billion at December 31, 2023, to $1.19 billion at December 31, 2024, primarily due to benefit payments of $90.8 million and actuarial gains of $33.7 million driven by an increase in the discount rate.
Benefit obligations decreased from $1.26 billion at December 31, 2022, to $1.25 billion at December 31, 2023, primarily due to benefit payments of $126.0 million. Benefit payments include a lump-sum offer, completed in the fourth quarter of 2023, extended to certain former employees who participated in the Pension Plan. This completed lump-sum offer did not result in a settlement charge.
The accumulated benefit obligation for all pension plans was $1.18 billion and $1.24 billion as of December 31, 2024, and December 31, 2023, respectively.
Information for pension plans with an accumulated benefit obligation and projected benefit obligation in excess of plan assets was as follows:
(In thousands)December 31, 2024December 31, 2023
Projected benefit obligation$166,781 $180,556 
Accumulated benefit obligation$166,486 $180,269 
Fair value of plan assets$— $— 
Assumptions
Weighted-average assumptions used in the actuarial computations to determine benefit obligations for qualified pension plans were as follows:
December 31, 2024December 31, 2023
Discount rate5.73 %5.25 %
Rate of increase in compensation levels(1)
7.28 %3.00 %
(1)7.28% for 2024, 3.04% for 2025 and 3.00% thereafter
The rate of increase in compensation levels is applicable only for the APP that has not been frozen.
Weighted-average assumptions used in the actuarial computations to determine net periodic pension cost for qualified plans were as follows:
December 31, 2024December 31, 2023December 31, 2022
Discount rate for determining projected benefit obligation5.25 %5.66 %2.94 %
Discount rate in effect for determining service cost5.41 %5.59 %3.14 %
Discount rate in effect for determining interest cost5.19 %5.46 %2.45 %
Rate of increase in compensation levels3.00 %3.00 %3.00 %
Expected long-term rate of return on assets5.93 %5.61 %3.75 %
Weighted-average assumptions used in the actuarial computations to determine benefit obligations for non-qualified plans were as follows:
December 31, 2024December 31, 2023
Discount rate5.62 %5.21 %
Rate of increase in compensation levels3.00 %3.00 %
The rate of increase in compensation levels is applicable only for the foreign plan that has not been frozen.
Weighted-average assumptions used in the actuarial computations to determine net periodic pension cost for non-qualified plans were as follows:
December 31, 2024December 31, 2023December 31, 2022
Discount rate for determining projected benefit obligation5.21 %5.64 %2.81 %
Discount rate in effect for determining interest cost5.16 %5.39 %2.24 %
Rate of increase in compensation levels3.00 %3.00 %2.50 %
We determined our discount rate using a Ryan ALM, Inc. Curve (the “Ryan Curve”). The Ryan Curve provides the bonds included in the curve and allows adjustments for certain outliers (i.e., bonds on “watch”). We believe the Ryan Curve allows us to calculate an appropriate discount rate.
To determine our discount rate, we project a cash flow based on annual accrued benefits. The projected plan cash flow is discounted to the measurement date, which is the last day of our fiscal year, using the annual spot rates provided in the Ryan Curve.
In determining the expected long-term rate of return on assets, we evaluated input from our investment consultants, actuaries and investment management firms, including our review of asset class return expectations, as well as long-term historical asset class returns. Projected returns by such consultants and economists are based on broad equity and bond indices. Our objective is to select an average rate of earnings expected on existing plan assets and expected contributions to the plan during the year, less expense expected to be incurred by the plan during the year.
The market-related value of plan assets is multiplied by the expected long-term rate of return on assets to compute the expected return on plan assets, a component of net periodic pension cost. The market-related value of plan assets is a calculated value that recognizes changes in fair value over three years.
Plan Assets
The Pension Plan
The assets underlying the Pension Plan are managed by professional investment managers. These investment managers are selected and monitored by the pension investment committee, composed of certain senior executives, who are appointed by the Finance Committee of the Board of Directors of the Company. The Finance Committee is responsible for adopting our investment policy, which includes rules regarding the selection and retention of qualified advisors and investment managers. The pension investment committee is responsible for implementing and monitoring compliance with our investment policy, selecting and monitoring investment managers and communicating the investment guidelines and performance objectives to the investment managers.
Our contributions are made on a basis determined by the actuaries in accordance with the funding requirements and limitations of the Employee Retirement Income Security Act (“ERISA”) and the Internal Revenue Code. There were no minimum funding requirements during the years ended December 31, 2024, or December 31, 2023.
Investment Policy and Strategy
The primary long-term investment objective is to allocate assets in a manner that produces a total rate of return that meets or exceeds the growth of our pension liabilities. An additional investment objective is to utilize the asset mix to hedge liabilities and minimize volatility in the funded status of the Pension Plan.
Asset Allocation Guidelines
In accordance with our asset allocation strategy, investments are categorized into liability-hedging assets whose value is highly correlated to that of the Pension Plan’s obligations (“Liability-Hedging Assets”) or other investments, such as equities and high-yield fixed income securities, whose return over time is expected to exceed the rate of growth in the Pension Plan’s obligations (“Return-Seeking Assets”).
The proportional allocation of assets between Liability-Hedging Assets and Return-Seeking Assets is dependent on the funded status of the Pension Plan. Under our policy, for example, a funded status at 102.5% requires an allocation of total assets of 85.5% to 90.5% to Liability-Hedging Assets and 9.5% to 14.5% to Return-Seeking Assets. As the Pension Plan’s funded status increases, the allocation to Liability-Hedging Assets will increase and the allocation to Return-Seeking Assets will decrease.
The following asset allocation guidelines apply to the Return-Seeking Assets as of December 31, 2024:
Asset CategoryPercentage RangeActual
Public Equity70%-90%85 %
Growth Fixed Income0%-15%0 %
Alternatives 0%-15%3 %
Cash(1)
0%-10%12 %
(1)Cash balances exceeded targets as of December 31, 2024 due to immediate cash needs.
The asset allocations by asset category for both Liability-Hedging and Return-Seeking Assets, as of December 31, 2024, were as follows:
Asset CategoryPercentage RangeActual
Liability-Hedging85.5%-90.5%88 %
Public Equity6.7%-13.1%10 %
Growth Fixed Income0%-2%0 %
Alternatives0%-2%1 %
Cash0%-1%1 %
The specified target allocation of assets and ranges set forth above are maintained and reviewed on a periodic basis by the pension investment committee. The pension investment committee may direct the transfer of assets between investment managers in order to rebalance the portfolio in accordance with approved asset allocation ranges to accomplish the investment objectives for the Pension Plan’s assets.
The APP
The assets underlying the joint Company and The NewsGuild of New York sponsored plan are managed by professional investment managers. These investment managers are selected and monitored by the APP’s Board of Trustees (the “APP Trustees”). The APP Trustees are responsible for adopting an investment policy, implementing and monitoring compliance with that policy, selecting and monitoring investment managers, and communicating the investment guidelines and performance objectives to the investment managers.
Our contributions are made on a basis determined by the actuaries in accordance with the funding requirements and limitations of ERISA and the Internal Revenue Code as well as the collective bargaining agreement with the Guild.
Investment Policy and Strategy
The investment objective is to allocate investment assets in a manner that satisfies the funding objectives of the APP and to maximize the probability of maintaining a 100% funded status.
Asset Allocation Guidelines
In accordance with the asset allocation guidelines, investments are segmented into hedging assets whose value is highly correlated to that of the APP’s obligations (“Hedging Assets”) or other investments, such as equities and high-yield fixed income securities, whose return over time is expected to exceed the rate of growth in the APP’s obligations (“Return-Seeking Assets”).
The asset allocations by asset category as of December 31, 2024, were as follows:
Asset CategoryPercentage RangeActual
Hedging Assets75%-90%78 %
Return-Seeking Assets10%-25%20 %
Cash and Equivalents0%-5%2 %
The specified target allocation of assets and ranges set forth above are maintained and reviewed on a periodic basis by the APP Trustees. The APP Trustees may direct the transfer of assets between investment managers in order to rebalance the portfolio in accordance with approved asset allocation ranges to accomplish the investment objectives for the APP’s assets.
Fair Value of Plan Assets
The fair value of the assets underlying the Pension Plan and the joint-sponsored APP by asset category are as follows:
December 31, 2024
(In thousands)Quoted Prices
Markets for
Identical Assets		Significant
Observable
Inputs		Significant
Unobservable
Inputs
Investment
Measured at Net
Asset Value(2)
 
Asset Category(Level 1)(Level 2)(Level 3)Total
Equity Securities:
U.S. Equities$523 $— $— $— $523 
International Equities16,654 — — — 16,654 
Registered Investment Companies71,309 — — — 71,309 
Common/Collective Funds(1)
— — — 249,033 249,033 
Fixed Income Securities:
Corporate Bonds— 534,310 — — 534,310 
U.S. Treasury and Other Government Securities— 105,135 — — 105,135 
Municipal and Provincial Bonds— 24,155 — — 24,155 
Other— 31,441 — — 31,441 
Cash and Cash Equivalents— — — 61,413 61,413 
Private Equity— — — 2,811 2,811 
Hedge Fund— — — 845 845 
Assets at Fair Value$88,486 $695,041 $— $314,102 $1,097,629 
(1)The underlying assets of the common/collective funds primarily consist of equity and fixed income securities. The fair value in the above table represents our ownership share of the NAV of the underlying funds.
(2)Certain investments that are measured at fair value using the NAV per share (or its equivalent) have not been classified in the fair value hierarchy.
December 31, 2023
(In thousands)Quoted Prices
Markets for
Identical Assets		Significant
Observable
Inputs		Significant
Unobservable
Inputs
Investment
Measured at Net
Asset Value(2)
 
Asset Category(Level 1)(Level 2)(Level 3)Total
Equity Securities:
U.S. Equities$395 $— $— $— $395 
International Equities15,776 — — — 15,776 
Registered Investment Companies174,024 — — — 174,024 
Common/Collective Funds(1)
— — — 285,387 285,387 
Fixed Income Securities:
Corporate Bonds— 537,032 — — 537,032 
U.S. Treasury and Other Government Securities— 48,993 — — 48,993 
Municipal and Provincial Bonds— 27,702 — — 27,702 
Other— 14,711 — — 14,711 
Cash and Cash Equivalents— — — 27,516 27,516 
Private Equity— — — 4,305 4,305 
Hedge Fund— — — 15,664 15,664 
Assets at Fair Value$190,195 $628,438 $— $332,872 $1,151,505 
(1)The underlying assets of the common/collective funds primarily consist of equity and fixed income securities. The fair value in the above table represents our ownership share of the NAV of the underlying funds.
(2)Certain investments that are measured at fair value using the NAV per share (or its equivalent) have not been classified in the fair value hierarchy.
Level 1 and Level 2 Investments
Where quoted prices are available in an active market for identical assets, such as equity securities traded on an exchange, transactions for the asset occur with such frequency that the pricing information is available on an ongoing/daily basis. We classify these types of investments as Level 1 where the fair value represents the closing/last trade price for these particular securities.
For our investments where pricing data may not be readily available, fair values are estimated by using quoted prices for similar assets, in both active and inactive markets, and observable inputs, other than quoted prices, such as interest rates and credit risk. We classify these types of investments as Level 2 because we are able to reasonably estimate the fair value through inputs that are observable, either directly or indirectly. There are no restrictions on our ability to sell any of our Level 1 and Level 2 investments.
Cash Flows
In 2024, we made contributions to the APP in the amount of $13.2 million. We expect contributions made to satisfy the greater of minimum funding or collective bargaining agreement requirements to total approximately $13 million in 2025.
The following benefit payments, which reflect future service for plans that have not been frozen, are expected to be paid:
 Plans 
(In thousands)QualifiedNon-
Qualified		Total
2025$89,640 $16,406 $106,046 
202677,745 16,089 93,834 
202778,831 15,931 94,762 
202879,756 15,799 95,555 
202980,481 15,564 96,045 
2030-2034(1)
397,757 68,960 466,717 
(1)While benefit payments under these plans are expected to continue beyond 2034, we have presented in this table only those benefit payments estimated over the next 10 years.
Multiemployer Plans
We contribute to a number of multiemployer defined benefit pension plans under the terms of various collective bargaining agreements that cover our union-represented employees. Certain events, such as amendments to various collective bargaining agreements, the sale of the New England Media Group, a reduction in covered employees and the election by the Company to withdraw from certain plans, resulted in withdrawal liabilities due to multiemployer pension plans.
Our multiemployer pension plan withdrawal liability was approximately $61 million and $68 million as of December 31, 2024, and December 31, 2023, respectively. This liability represents the present value of the obligations related to complete and partial withdrawals that have already occurred. For those plans that have yet to provide us with a demand letter, the actual liability will not be fully known until such plans complete a final assessment of the withdrawal liability and issue a demand to us. Therefore, the estimate of our multiemployer pension plan liability will be adjusted as more information becomes available that allows us to refine our estimates.
In 2024, the Company recorded a $2.9 million gain related to reductions in our multiemployer pension plan liabilities. This was recorded in Multiemployer pension plan liability adjustment in our Consolidated Statement of Operations for the year ended December 31, 2024.
In 2023, the Company recorded a $2.3 million gain related to a multiemployer pension plan liability adjustment, which was partially offset by a $1.7 million charge in connection with the Company’s withdrawal from a plan. These were recorded in Multiemployer pension plan liability adjustment in our Consolidated Statement of Operations for the year ended December 31, 2023.
The risks of participating in multiemployer plans are different from single-employer plans in the following aspects:
•Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers.
•If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers.
•If we elect to withdraw from these plans or if we trigger a partial withdrawal due to declines in contribution base units or a partial cessation of our obligation to contribute, we may be assessed a withdrawal liability based on a calculated share of the underfunded status of the plan.
•If a multiemployer plan from which we have withdrawn subsequently experiences a mass withdrawal, we may be required to make additional contributions under applicable law.
Our participation in significant plans for the fiscal period ended December 31, 2024, is outlined in the table below. The “EIN/Pension Plan Number” column provides the Employer Identification Number (“EIN”) and the three-digit plan number. The zone status is based on the latest information we received from the plan and is certified by the plan’s actuary. A plan is generally classified in critical status if a funding deficiency is projected within four years to five years, depending on other criteria. A plan in critical status is classified in critical and declining status if it is projected to become insolvent in the next 15 to 20 years, depending on other criteria.
A plan is classified in endangered status if its funded percentage is less than 80% or a funding deficiency is projected within seven years. If the plan satisfies both of these triggers, it is classified in seriously endangered status. A plan not classified in any other status is classified in the green zone. The “FIP/RP Status Pending/Implemented” column indicates plans for which a funding improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented. The “Surcharge Imposed” column includes plans in a red zone status that are required to pay a surcharge in excess of regular contributions. The last column lists the expiration date(s) of the collective bargaining agreement(s) to which the plans are subject.
EIN/Pension Plan Number Pension Protection Act Zone StatusFIP/RP Status Pending/Implemented(In thousands) Contributions of the CompanySurcharge Imposed Collective Bargaining Agreement Expiration Date
Pension Fund202420232024
2023(4)
2022
CWA/ITU Negotiated Pension Plan13-6212879-001Critical and Declining as of 1/01/24Critical and Declining as of 1/01/23Implemented$233 $263 $328 No(1)
Newspaper and Mail Deliverers’-Publishers’ Pension Fund(2)
13-6122251-001Green as of 6/01/24Green as of 6/01/23N/A702 703 804 No3/30/2026
GCIU-Employer Retirement Benefit Plan(5)
91-6024903-001Critical and Declining as of 1/01/24Critical and Declining as of 1/01/23Implemented47 54 56 No3/30/2026
Pressmen’s Publishers’ Pension Fund(4)
13-6121627-001
N/A(3)
N/A(3)
N/A— 41 1,447  No3/30/2027
Paper Handlers’-Publishers’ Pension Fund(4)
13-6104795-001
N/A(6)
Critical and Declining as of 4/01/23N/A— 95 96 Yes3/30/2026
Contributions for individually significant plans$982 $1,156 $2,731 
Contributions for a plan not individually significant$22 $29 $36 
Total Contributions$1,004 $1,185 $2,767 
(1)There are two collective bargaining agreements requiring contributions to this plan: Mailers, which expires March 30, 2027, and Typographers, which expires March 30, 2025.
(2)Elections under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010: Extended Amortization of Net Investment Losses (IRC Section 431(b)(8)(A)) and the Expanded Smoothing Period (IRC Section 431(b)(8)(B)).
(3)The plan terminated by mass withdrawal prior to the start of the 2023 plan year.
(4)The Company withdrew from the Pressmen’s Publishers’ Pension Fund and the Paper Handlers’ - Publishers’ Pension Fund during calendar year 2023.
(5)The Company withdrew from the GCIU-Employer Retirement Benefit Plan during calendar year 2024.
(6)The plan terminated by mass withdrawal prior to the start of the 2024 plan year.
The rehabilitation plan for the GCIU-Employer Retirement Benefit Plan includes minimum annual contributions no less than the total annual contribution made by us from September 1, 2008, through August 31, 2009.
The Company was listed in the plans’ respective Forms 5500 as providing more than 5% of the total contributions for the following plans and plan years:
Pension FundYear Contributions to Plan Exceeded More Than 5% of Total Contributions (as of Plan’s Year-End)
Newspaper and Mail Deliverers’-Publishers’ Pension Fund
5/31/2023 & 5/31/2022(1)
Pressmen’s Publisher’s Pension Fund3/31/2023 & 3/31/2022
Paper Handlers’-Publishers’ Pension Fund3/31/2024, 3/31/2023 & 3/31/2022
(1) Form 5500 for the plan year ended 5/31/2024 was not available as of the date we filed our financial statements.
Other Postretirement Benefits
We provide health benefits to certain primarily grandfathered retired employee groups (and their eligible dependents) who meet the definition of an eligible participant and certain age and service requirements, as outlined in the plan document. There is a de minimis liability for retiree health benefits for active employees. While we offer pre-age 65 retiree medical coverage to employees who meet certain retiree medical eligibility requirements, we do not provide post-age 65 retiree medical benefits for employees who retired on or after March 1, 2009. We accrue the costs of postretirement benefits during the employees’ active years of service and our policy is to pay our portion of insurance premiums and claims from general corporate assets.
Net Periodic Other Postretirement Benefit Cost
The components of net periodic postretirement benefit cost were as follows:
(In thousands)December 31, 2024December 31, 2023December 31, 2022
Service cost$16 $33 $46 
Interest cost1,088 1,500 731 
Amortization and other costs695 1,945 3,293 
Amortization of prior service credit— — (368)
Net periodic postretirement benefit cost$1,799 $3,478 $3,702 
The changes in the benefit obligations recognized in other comprehensive loss were as follows:
(In thousands)December 31, 2024December 31, 2023December 31, 2022
Net actuarial gain$(4,362)$(6,916)$(6,801)
Amortization of loss(695)(1,945)(3,293)
Amortization of prior service credit— — 368 
Total recognized in other comprehensive (income)/loss(5,057)(8,861)(9,726)
Net periodic postretirement benefit cost1,799 3,478 3,702 
Total recognized in net periodic postretirement benefit cost and other comprehensive (income)/loss$(3,258)$(5,383)$(6,024)
Actuarial gains and losses are amortized using a corridor approach. The gain or loss corridor is equal to 10% of the accumulated postretirement benefit obligation. Gains and losses in excess of the corridor are generally amortized over the average remaining service period to expected retirement of active participants.
In connection with collective bargaining agreements, we contribute to several multiemployer welfare plans. These plans provide medical benefits to active and retired employees covered under the respective collective bargaining agreement. Contributions are made in accordance with the formula in the relevant agreement. Postretirement costs related to these plans are not reflected above and were approximately $21 million in 2024, $20 million in 2023 and $19 million in 2022.
The changes in the benefit obligation and plan assets and other amounts recognized in other comprehensive loss were as follows:
(In thousands)December 31, 2024December 31, 2023
Change in benefit obligation
Benefit obligation at beginning of year$22,912 $30,696 
Service cost16 33 
Interest cost1,088 1,500 
Plan participants’ contributions1,980 2,060 
Actuarial gain(4,362)(6,916)
Benefits paid(4,220)(4,461)
Benefit obligation at the end of year17,414 22,912 
Change in plan assets
Employer contributions2,240 2,401 
Plan participants’ contributions1,980 2,060 
Benefits paid(4,220)(4,461)
Fair value of plan assets at end of year— — 
Net amount recognized$(17,414)$(22,912)
Amount recognized in the Consolidated Balance Sheets
Current liabilities$(2,707)$(3,510)
Noncurrent liabilities(14,707)(19,402)
Net amount recognized$(17,414)$(22,912)
Amount recognized in accumulated other comprehensive loss
Actuarial loss$1,619 $6,676 
Prior service credit— — 
Total$1,619 $6,676 
Benefit obligations decreased from $22.9 million at December 31, 2023, to $17.4 million at December 31, 2024, primarily due to the actuarial gain of $4.4 million, driven by a decrease in assumed costs and benefit payments, net of participation contributions of $2.2 million.
Benefit obligations decreased from $30.7 million at December 31, 2022, to $22.9 million at December 31, 2023, primarily due to the actuarial gain of $6.9 million, driven by an increase in the discount rate and benefit payments, net of participation contributions of $2.4 million.
Information for postretirement plans with accumulated benefit obligations in excess of plan assets was as follows:
(In thousands)December 31, 2024December 31, 2023
Accumulated benefit obligation$17,414 $22,912 
Fair value of plan assets$— $— 
Weighted-average assumptions used in the actuarial computations to determine the postretirement benefit obligations were as follows:
December 31, 2024December 31, 2023
Discount rate5.42 %5.16 %
Estimated increase in compensation level3.50 %3.50 %
Weighted-average assumptions used in the actuarial computations to determine net periodic postretirement cost were as follows:
December 31, 2024December 31, 2023December 31, 2022
Discount rate for determining projected benefit obligation5.16 %5.55 %2.55 %
Discount rate in effect for determining service cost5.22 %5.55 %2.58 %
Discount rate in effect for determining interest cost5.15 %5.26 %1.91 %
Estimated increase in compensation level3.50 %3.50 %3.50 %
The assumed health-care cost trend rates were as follows:
December 31, 2024December 31, 2023
Health-care cost trend rate6.58 %6.71 %
Rate to which the cost trend rate is assumed to decline (ultimate trend rate)4.75 %4.75 %
Year that the rate reaches the ultimate trend rate20332030
Because our health-care plans are capped for most participants, the assumed health-care cost trend rates do not have a significant effect on the amounts reported for the health-care plans.
The following benefit payments (net of plan participant contributions) under our Company’s postretirement plans, which reflect expected future services, are expected to be paid:
(In thousands)Amount
2025$2,819 
20262,564 
20272,335 
20282,134 
20291,915 
2030-2034(1)
6,688 
(1)While benefit payments under these plans are expected to continue beyond 2034, we have presented in this table only those benefit payments estimated over the next 10 years.
We accrue the cost of certain benefits provided to former or inactive employees after employment, but before retirement. The cost is recognized only when it is probable and can be estimated. Benefits include life insurance, disability benefits and health-care continuation coverage. The accrued obligation for these benefits was $5.5 million as of December 31, 2024, and $7.8 million as of December 31, 2023.
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Other
 12 Months Ended
Dec. 31, 2024
Other Income and Expenses [Abstract]  
Other Other
The components of the Other liabilities — Other balance in our Consolidated Balance Sheets were as follows:
(In thousands)December 31, 2024December 31, 2023
Deferred compensation$13,230 $13,752 
Noncurrent operating lease liabilities37,255 42,905 
Contingent consideration— 3,195 
Other liabilities35,615 41,112 
Total$86,100 $100,964 
See Note 8 for detail related to deferred compensation.
See Note 16 for detail related to noncurrent operating lease liabilities.
See Note 8 for detail related to contingent consideration.
Other liabilities in the preceding table primarily included our post-employment liabilities, our contingent tax liability for uncertain tax positions, and self-insurance liabilities as of December 31, 2024, and December 31, 2023.
Marketing Expenses
Marketing expense, the cost to promote our brand and our products, was $152.5 million, $138.3 million and $151.1 million for the fiscal years ended December 31, 2024, December 31, 2023, and December 31, 2022, respectively. Media expense, the primary component of marketing expense, which represents the cost to promote our subscription business, was $138.8 million, $117.7 million and $134.1 million for the fiscal years ended December 31, 2024, December 31, 2023, and December 31, 2022, respectively. We expense these costs as incurred.
Interest income and other, net
Interest income and other, net, as shown in the accompanying Consolidated Statements of Operations, was as follows:
(In thousands)December 31, 2024December 31, 2023December 31, 2022
Interest income and other, net(1)
$37,502 $22,116 $7,264 
Gain on the sale of land (1)
— — 34,227 
Interest expense(1,017)(1,014)(800)
Total interest income and other, net$36,485 $21,102 $40,691 
(1)On December 9, 2020, we entered into an agreement to lease and subsequently sell approximately four acres of land at our printing and distribution facility in College Point, N.Y., subject to certain conditions. The lease commenced on April 11, 2022. At the time of the lease expiration in February 2025, we will sell the parcel to the lessee for approximately $36 million. The transaction is accounted for as a sales-type lease and, as a result, we recognized a gain of approximately $34 million (net of commissions) at the time of lease commencement. Interest income related to this lease was $1.8 million in 2024 and 2023, respectively.
Restricted Cash
A reconciliation of cash, cash equivalents and restricted cash as of December 31, 2024, and December 31, 2023, from the Consolidated Balance Sheets to the Consolidated Statements of Cash Flows is as follows:
(In thousands)December 31, 2024December 31, 2023
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents$199,448 $289,472 
Restricted cash included within miscellaneous assets14,409 13,700 
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows$213,857 $303,172 
Substantially all of the amount included in restricted cash is set aside to collateralize workers’ compensation obligations.
Revolving Credit Facility
In September 2019, the Company entered into a $250.0 million five-year unsecured revolving credit facility (the “2019 Credit Facility”). On July 27, 2022, the Company entered into an amendment and restatement of the 2019 Credit Facility that, among other changes, increased the committed amount to $350.0 million and extended the maturity date to July 27, 2027 (as amended and restated, the “Credit Facility”). Certain of the Company’s domestic subsidiaries have guaranteed the Company’s obligations under the Credit Facility. Borrowings under the Credit Facility bear interest at specified rates based on our utilization and consolidated leverage ratio. The Credit Facility contains various customary affirmative and negative covenants. In addition, the Company is obligated to pay a quarterly unused commitment fee of 0.20%.
As of December 31, 2024, there were no outstanding borrowings under the Credit Facility and the Company was in compliance with the financial covenants contained in the Credit Facility.
Severance Costs
We recognized severance costs of $7.5 million, $7.6 million and $4.7 million for the fiscal years ended December 31, 2024, December 31, 2023, and December 31, 2022, respectively. These costs are recorded in General and administrative costs in our Consolidated Statements of Operations.
We had a severance liability of $4.8 million and $4.4 million included in Accrued expenses and other in our Consolidated Balance Sheets as of December 31, 2024, and December 31, 2023, respectively. We anticipate the payments related to the 2024 liability will be made within the next twelve months.
Generative AI Litigation Costs
During the year ended December 31, 2024, the Company recorded $10.8 million of pre-tax litigation-related costs in connection with a lawsuit against Microsoft Corporation (“Microsoft”) and Open AI Inc. and various of its corporate affiliates (collectively, “OpenAI”), alleging unlawful and unauthorized copying and use of the Company’s journalism and other content in connection with their development of generative artificial intelligence products (“Generative AI Litigation Costs”). See Note 17 for additional information.
Acquisition Related Costs
During the year-ended December 31, 2022, the Company acquired The Athletic Media Company. As part of the transaction, the Company incurred one-time $34.7 million acquisition-related costs, which primarily included expenses paid in connection with the acceleration of The Athletic Media Company stock options, as well as legal, accounting, financial advisory and integration planning expenses. The stock options acceleration is included in Acquisition-related costs in our Consolidated Statements of Operations for the year ended December 31, 2022.
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Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Reconciliations between the effective tax rate on income from continuing operations before income taxes and the federal statutory rate are presented below.
 December 31, 2024December 31, 2023December 31, 2022
(In thousands)Amount% of
Pre-tax		Amount% of
Pre-tax		Amount% of
Pre-tax
Tax at federal statutory rate$80,519 21.0 $63,544 21.0 $49,560 21.0 
State and local taxes, net21,043 5.5 18,445 6.1 16,855 7.1 
(Decrease)/increase in uncertain tax positions(1,728)(0.5)1,763 0.6 (220)(0.1)
(Gain)/loss on company-owned life insurance(675)(0.2)(735)(0.2)857 0.4 
Nondeductible expense1,960 0.5 1,492 0.5 780 0.3 
Nondeductible executive compensation2,154 0.6 2,175 0.7 3,985 1.7 
Stock-based awards expense/(benefit)154 — 478 0.2 (1,119)(0.5)
Deduction for foreign-derived intangible income(4,706)(1.2)(3,985)(1.3)(3,166)(1.3)
Research and experimentation credit(9,518)(2.5)(12,683)(4.2)(6,699)(2.8)
Other, net395 0.2 (658)(0.2)1,261 0.5 
Income tax expense$89,598 23.4 $69,836 23.2 $62,094 26.3 
The components of income tax expense as shown in our Consolidated Statements of Operations were as follows:
(In thousands)December 31, 2024December 31, 2023December 31, 2022
Current tax expense/(benefit)
Federal$54,547 $56,139 $75,495 
Foreign2,360 2,590 1,897 
State and local24,751 30,901 30,855 
Total current tax expense81,658 89,630 108,247 
Deferred tax expense/(benefit)
Federal4,713 (12,715)(36,344)
State and local3,227 (7,079)(9,809)
Total deferred tax expense7,940 (19,794)(46,153)
Income tax expense$89,598 $69,836 $62,094 
The components of the net deferred tax assets and liabilities recognized in our Consolidated Balance Sheets were as follows:
(In thousands)December 31, 2024December 31, 2023
Deferred tax assets
Retirement, postemployment and deferred compensation plans$54,464 $60,398 
Accruals for other employee benefits, compensation, insurance and other17,482 36,968 
Net operating losses(1)
35,837 42,944 
Operating lease liabilities12,643 14,144 
Capitalized research and development costs94,930 68,113 
Other27,919 36,387 
Gross deferred tax assets$243,275 $258,954 
Valuation allowance(5,332)(3,240)
Net deferred tax assets$237,943 $255,714 
Deferred tax liabilities
Property, plant and equipment$31,401 $37,950 
Intangible assets73,536 79,718 
Operating lease right-of-use assets8,774 9,626 
Other12,835 13,915 
Gross deferred tax liabilities$126,546 $141,209 
Net deferred tax asset$111,397 $114,505 
(1)Includes federal tax operating loss carryforwards acquired in connection with The Athletic Media Company acquisition.
Federal tax operating loss carryforwards acquired in connection with The Athletic Media Company acquisition totaled $29 million as of December 31, 2024. Such losses have remaining lives of up to 13 years. State tax operating loss carryforwards totaled $6.9 million as of December 31, 2024, and $6.8 million as of December 31, 2023. Such loss carryforwards expire in accordance with provisions of applicable tax laws and have remaining lives of up to 17 years. Foreign tax operating loss carryforwards totaled $1.3 million as of December 31, 2024, most of which have an indefinite carryforward period.
We assess whether a valuation allowance should be established against deferred tax assets based on the consideration of both positive and negative evidence using a “more likely than not” standard. In making such judgments, significant weight is given to evidence that can be objectively verified. We evaluated our deferred tax assets for recoverability using a consistent approach that considers our three-year historical cumulative income/(loss), including an assessment of the degree to which any such losses were due to items that are unusual in nature (i.e., impairments of nondeductible goodwill and intangible assets).
We had a valuation allowance totaling $5.3 million as of December 31, 2024, and $3.2 million as of December 31, 2023, for deferred tax assets primarily associated with a deferred benefit on unrealized foreign exchange loss and net operating losses of U.S. subsidiaries, as we determined these assets were not realizable on a more-likely-than-not basis.
We had prepaid income taxes of $5.6 million as of December 31, 2024, compared with an income tax payable of $23.2 million as of December 31, 2023.
Income tax benefits related to the exercise or vesting of equity awards reduced current taxes payable by $14.3 million, $10.0 million and $6.1 million in 2024, 2023 and 2022, respectively.
As of December 31, 2024, and December 31, 2023, Accumulated other comprehensive loss, net of income taxes in our Consolidated Balance Sheets and for the years then ended in our Consolidated Statements of Changes in Stockholders’ Equity was net of deferred tax assets of approximately $140 million and $137 million, respectively.
A reconciliation of unrecognized tax benefits is as follows:
(In thousands)December 31, 2024December 31, 2023December 31, 2022
Balance at beginning of year$7,074 $5,528 $5,891 
Gross additions to tax positions taken during the current year840 2,466 1,504 
Gross additions to tax positions taken during the prior year1,630 877 73 
Gross reductions to tax positions taken during the prior year(2,305)(8)— 
Reductions from settlements with taxing authorities(1,924)(1,185)(1,116)
Reductions from lapse of applicable statutes of limitations(383)(604)(824)
Balance at end of year$4,932 $7,074 $5,528 
The total amount of unrecognized tax benefits that would, if recognized, affect the effective income tax rate was approximately $4 million and $6 million as of December 31, 2024, and December 31, 2023, respectively.
In 2024 and 2023, we recorded a $5.7 million and a $1.9 million income tax benefit, respectively, due to a reduction in the Company’s reserve for uncertain tax positions.
We also recognize accrued interest expense and penalties related to the unrecognized tax benefits within income tax expense or benefit. The total amount of accrued interest and penalties was $2.5 million and $1.9 million as of December 31, 2024, and December 31, 2023, respectively. The total amount of accrued interest and penalties was a net benefit of $0.5 million in 2024, $0.3 million in 2023 and $0.1 million in 2022.
With few exceptions, we are no longer subject to U.S. federal, state and local or non-U.S. income tax examinations by tax authorities for years prior to 2013. Management believes that our accrual for tax liabilities is adequate for all open audit years. This assessment relies on estimates and assumptions and may involve a series of complex judgments about future events.
It is reasonably possible that certain income tax examinations may be concluded, or statutes of limitation may lapse, during the next twelve months, which could result in a decrease in unrecognized tax benefits of $1.9 million that would, if recognized, reduce the effective tax rate.
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Earnings Per Share
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
We compute earnings per share based upon the treasury stock method. Earnings per share is computed using both basic shares and diluted shares. The difference between basic and diluted shares is that diluted shares include the dilutive effect of the assumed exercise or vesting of outstanding securities. Our stock-settled long-term performance awards, restricted stock units and ESPP could impact the diluted shares. The difference between basic and diluted shares was approximately 1.4 million, 0.9 million and 0.3 million as of December 31, 2024, December 31, 2023, and December 31, 2022, respectively. In 2024, 2023 and 2022, dilution resulted primarily from the dilutive effect of our stock-based awards.
Securities that could potentially be dilutive are excluded from the computation of diluted earnings per share when a loss from continuing operations exists or when the exercise price exceeds the market value of our Class A Common Stock because their inclusion would result in an anti-dilutive effect on per share amounts.
There were no anti-dilutive stock options, stock-settled long-term performance awards and restricted stock units excluded from the computation of diluted earnings per share for the years ended 2024, 2023 and 2022.
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Stock-Based Awards
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Awards Stock-Based Awards
As of December 31, 2024, the Company was authorized to grant stock-based compensation under its 2020 Incentive Compensation Plan (the “2020 Incentive Plan”), which became effective April 22, 2020. The 2020 Incentive Plan replaced the 2010 Incentive Compensation Plan (the “2010 Incentive Plan”).
The Company’s long-term incentive compensation program provides executives the opportunity to earn shares of Class A Common Stock at the end of three-year performance cycles based in part on the achievement of financial goals tied to financial metrics and in part on stock price performance relative to companies in the Standard & Poor’s 500 Stock Index. In addition, the Company grants time-vested restricted stock units annually to a number of employees. These are settled in shares of Class A Common Stock.
Each non-employee director of the Company receives an annual grant of restricted stock units under the 2020 Incentive Plan. Restricted stock units are awarded on the date of the annual meeting of stockholders and vest on the date of the subsequent year’s annual meeting, with the shares to be delivered upon a director’s cessation of membership on the Board of Directors. Each non-employee director is credited with additional restricted stock units with a value equal to the amount of all dividends paid on the Company’s Class A Common Stock. The Company’s directors are considered employees for purposes of stock-based compensation.
We recognize stock-based compensation expense for our outstanding stock-settled long-term performance awards, restricted stock units and Class A Common Stock issued under our Company’s ESPP, to which we refer as “Stock-Based Awards.”
Stock-based compensation expense is recognized over the period from the date of grant to the date when the award is no longer contingent on the employee providing additional service. Awards vest over a stated vesting period.
Total stock-based compensation expense included in the Consolidated Statement of Operations is as follows:
(In thousands)December 31, 2024December 31, 2023December 31, 2022
Cost of revenue$16,829 $12,804 $8,031 
Marketing1,598 1,604 1,243 
Product development25,953 20,188 10,875 
General and administrative23,119 20,180 15,157 
Total stock-based compensation expense$67,499 $54,776 $35,306 
Stock Options
The 2010 Incentive Plan provided, and the 2020 Incentive Plan provides, for grants of both incentive and non-qualified stock options at an exercise price equal to the fair market value (as defined in each plan, respectively) of our Class A Common Stock on the date of grant. No grants of stock options have been made since 2012. Stock options were generally granted with a three-year vesting period and a 10-year term and vest in equal annual installments.
There were no stock options outstanding as of December 31, 2024, and December 31, 2023. There were no stock options exercised in 2024 or 2023. The total intrinsic value for stock options exercised in 2022 was de minimis.
Restricted Stock Units
The 2010 Incentive Plan provided, and 2020 Incentive Plan provides, for grants of other stock-based awards, including restricted stock units.
Outstanding stock-settled restricted stock units have been granted with a stated vesting period up to five years. Each restricted stock unit represents our obligation to deliver to the holder one share of Class A Common Stock upon vesting. The fair value of stock-settled restricted stock units is the average market price on the grant date. Changes in our Company’s stock-settled restricted stock units in 2024 were as follows:
December 31, 2024
(Shares in thousands)Restricted
Stock
Units		Weighted-Average
Grant-Date
Fair Value
Outstanding at beginning of period2,602 $40 
Granted1,363 44 
Vested(1,044)41 
Forfeited(290)41 
Outstanding at end of period2,631 $41 
Exercisable at end of period199 $32 
Unvested stock-settled restricted stock units at beginning of period2,430 $40 
Unvested stock-settled restricted stock units at end of period2,432 $42 
Unvested stock-settled restricted stock units expected to vest at end of period2,209 $42 
The intrinsic value of stock-settled restricted stock units vested was $45.8 million in 2024, $28.0 million in 2023 and $10.4 million in 2022. The intrinsic value of stock-settled restricted stock units outstanding was $137.0 million in 2024.
ESPP
In 2023, the Company adopted the 2023 ESPP, which provides eligible participating employees with the opportunity to purchase Class A Common Stock at a discounted price through payroll deductions of up to 5% of their base salary. Employees may withdraw from the offering no later than 15 days prior to the purchase date and obtain a refund of any accrued contributions withheld through payroll deductions. The purchase price of the Class A Common Stock under the ESPP for each offering is equal to 85% of the lower of the closing selling price per share of Class A Common Stock on the first day of the purchase period or on the last day of the purchase period. The fair value of the offering is estimated on the grant date using a Black-Scholes valuation model.
In 2024, there were two six-month ESPP offerings with a purchase price set at a 15% discount of the closing selling price per share of Class A Common Stock on January 2, 2024, or July 1, 2024, for the first offering and, June 28, 2024, or December 31, 2024, for the second offering, whichever was lower for each offering. For the first 2024 offering, the purchase price was $40.68 and approximately 113,000 shares were issued. For the second 2024 offering, the purchase price was $43.72 and approximately 114,000 shares were issued.
In 2023, there was one six-month ESPP offering with a purchase price set at a 15% discount of the closing selling price per share of Class A Common Stock on July 3, 2023, or December 29, 2023, whichever was lower. For the 2023 offering, the purchase price was $33.84. Approximately 117,000 shares were issued under the 2023 ESPP offering.
Long-Term Incentive Compensation
The 2010 Incentive Plan provided, and 2020 Incentive Plan provides, for grants of cash and stock-settled long-term incentive compensation awards to key executives payable at the end of three-year cycles based on the achievement of financial goals tied to financial metrics, on stock price performance relative to companies in the Standard & Poor’s 500 Stock Index and on fulfilling the service condition. Cash-settled awards are classified as a liability in our Consolidated Balance Sheets. Stock-settled awards are payable in Class A Common Stock and are classified within equity. These awards include service, market and performance conditions.
Prior to 2022, cash-settled awards were granted with three-year performance cycles and are based on the achievement of a specified financial performance measure. There were payments of approximately $6 million in 2024, $5 million in 2023 and $4 million in 2022.
The long-term incentive compensation awards consist of restricted stock units (starting with the 2022 program) and performance-based awards. The performance-based awards are based on (i) relative Total Shareholder Return (“TSR”) (calculated as stock appreciation, plus deemed reinvested dividends), a market condition, and (ii) financial metrics (such as adjusted operating profit and digital subscription revenue), the performance condition.
The fair value of the portion of the performance awards based on TSR is determined at the date of grant using a Monte Carlo simulation model and expensed over the service period on a straight-line basis, irrespective of the probability of the market condition being achieved. The cumulative expense is not reversed if the market condition is not met.
The fair value of the portion of the performance awards based on financial metrics is determined by the average market price on the grant date, expensed on a straight-line basis over the service period and adjusted at each reporting date based on the probable outcome of the performance conditions. A cumulative adjustment is recorded in periods in which there is a change in the Company’s estimate of the number of shares expected to vest.
The fair value of the restricted stock units is determined by the average market price on the grant date and expensed on a straight-line basis over the vesting period of the award.
Unrecognized Compensation Expense
As of December 31, 2024, unrecognized compensation expense related to the unvested portion of our Stock-Based Awards was approximately $78 million and is expected to be recognized over a weighted-average period of 1.41 years.
Reserved Shares
Any shares issued for the exercise of stock options, vesting of stock-settled restricted stock units and stock-settled performance awards have generally been from unissued reserved shares.
Shares of Class A Common Stock reserved for issuance were as follows:
(Shares in thousands)December 31, 2024December 31, 2023
Stock options, stock–settled restricted stock units and stock-settled performance awards
Stock options and stock-settled restricted stock units2,6312,602
Stock-settled performance awards(1)
1,7381,403
Outstanding4,3694,005
Available10,61811,688
Employee Stock Purchase Plan
Available7,6577,883
Total Outstanding4,3694,005
Total Available(2)
18,27519,571
(1)The number of shares actually earned at the end of the multi-year performance period will vary, based on actual performance, from 0% to 200% of the target number of performance awards granted. The maximum number of shares that could be issued is included in the table above.
(2)As of December 31, 2024, the 2020 Incentive Plan had approximately 11 million shares of Class A Common Stock available for issuance upon the grant, exercise or other settlement of stock-based awards. This amount includes shares subject to awards under the 2010 Incentive Plan that were canceled, forfeited or otherwise terminated, or withheld to satisfy the tax withholding requirements, in accordance with the terms of the 2020 Incentive Plan.
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Stockholders' Equity
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
Shares of our Company’s Class A and Class B Common Stock are entitled to equal participation in the event of liquidation and in dividend declarations. The Class B Common Stock is convertible at the holders’ option on a share-for-share basis into Class A Common Stock. Upon conversion, the previously outstanding shares of Class B Common Stock that were converted are automatically and immediately retired, resulting in a reduction of authorized Class B Common Stock. As provided for in our Company’s Certificate of Incorporation, the Class A Common Stock has limited voting rights, including the right to elect 30% of the Board of Directors, and the Class A and Class B Common Stock have the right to vote together on the reservation of our Company shares for stock options and other stock-based plans, on the ratification of the selection of a registered public accounting firm and, in certain circumstances, on acquisitions of the stock or assets of other companies. Otherwise, except as provided by the laws of the State of New York, all voting power is vested solely and exclusively in the holders of the Class B Common Stock.
As of both December 31, 2024, and December 31, 2023, there were 780,724 shares, of Class B Common Stock issued and outstanding that may be converted into shares of Class A Common Stock.
The Adolph Ochs family trust holds approximately 95% of the Class B Common Stock and, as a result, has the ability to elect 70% of the Board of Directors and to direct the outcome of any matter that does not require a vote of the Class A Common Stock.
The Board of Directors approved Class A share repurchase programs in February 2022 ($150.0 million) and February 2023 ($250.0 million). In February 2025, in addition to the remaining authorizations, the Board of Directors approved a $350.0 million Class A share repurchase program. The authorizations provide that shares of Class A Common Stock may be purchased from time to time as market conditions warrant, through open market purchases, privately negotiated transactions or other means, including Rule 10b5-1 trading plans. We expect to repurchase shares to offset the impact of dilution from our equity compensation program and to return capital to our stockholders. There is no expiration date with respect to these authorizations.
As of December 31, 2024, repurchases under these authorizations totaled approximately $234.5 million (excluding commissions and excise taxes), fully utilizing the 2022 authorization and leaving approximately $165.5 million remaining under the 2023 authorization. During the year ended December 31, 2024, repurchases under these authorizations totaled approximately $85.0 million.
We may issue preferred stock in one or more series. The Board of Directors is authorized to set the distinguishing characteristics of each series of preferred stock prior to issuance, including the granting of limited or full voting rights; however, the consideration received must be at least $100 per share. No shares of preferred stock were issued or outstanding as of December 31, 2024.
The following table summarizes the changes in AOCI by component as of December 31, 2024:
(In thousands)Foreign Currency Translation AdjustmentsFunded Status of Benefit PlansNet Unrealized Gain on Available-for-Sale SecuritiesTotal Accumulated Other Comprehensive Loss
Balance as of December 31, 2023$910 $(353,286)$(486)$(352,862)
Other comprehensive (loss)/income before reclassifications, before tax(4,980)(27,467)1,784 (30,663)
Amounts reclassified from accumulated other comprehensive loss, before tax— 13,140 — 13,140 
Income tax (benefit)/expense(1,308)(3,739)468 (4,579)
Net current-period other comprehensive (loss)/income, net of tax(3,672)(10,588)1,316 (12,944)
Balance as of December 31, 2024$(2,762)$(363,874)$830 $(365,806)
The following table summarizes the reclassifications from AOCI for the period ended December 31, 2024:
(In thousands)
Detail about accumulated other comprehensive loss components
Amounts reclassified from accumulated other comprehensive lossAffected line item in the statement where net income is presented
Funded status of benefit plans:
Amortization of prior service credit(1)
$(1,898)Other components of net periodic benefit (costs)/income
Amortization of actuarial loss(1)
15,078 Other components of net periodic benefit (costs)/income
Pension settlement charge (40)Other components of net periodic benefit (costs)/income
Total reclassification, before tax13,140 
Income tax expense(3,453)Income tax expense
Total reclassification, net of tax$16,593 
(1)These AOCI components are included in the computation of net periodic benefit cost for pension and other retirement benefits. See Note 9 for additional information.
v3.25.0.1
Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company identifies a business as an operating segment if: (i) it engages in business activities from which it may earn revenues and incur expenses; (ii) its operating results are regularly reviewed by the Company’s President and Chief Executive Officer (who is the Company’s Chief Operating Decision Maker) to make decisions about resources to be allocated to the segment and assess its performance; and (iii) it has available discrete financial information.
The Company has two reportable segments: NYTG and The Athletic. These segments are evaluated regularly by the Company’s Chief Operating Decision Maker in assessing performance and allocating resources. Management uses adjusted operating profit (loss) by segment in assessing performance and allocating resources. The Company’s Chief Operating Decision Maker uses adjusted operating profit (loss) by segment to allocate resources during the annual budgeting and forecasting process and to assess the performance of each segment. Adjusted operating profit is defined as operating profit before depreciation and amortization, severance, multiemployer pension plan withdrawal costs and special items. Adjusted operating profit for NYTG and The Athletic is presented below, along with a reconciliation to consolidated income before taxes. Asset information by segment is not a measure of performance used by the Company’s Chief Operating Decision Maker. Accordingly, we have not disclosed asset information by segment.
Subscription revenues from and expenses associated with our digital subscription package (or “bundle”) are allocated to NYTG and The Athletic.
We allocate 10% of bundle revenues to The Athletic based on management’s view of The Athletic’s relative value to the bundle, which is derived based on analysis of various metrics, and allocate the remaining bundle revenues to NYTG.
We allocate 10% of product development, marketing and subscriber servicing expenses (including direct variable expenses such as credit card fees, third party fees and sales taxes) associated with the bundle to The Athletic, and the remaining costs are allocated to NYTG, in each case, in line with the revenues allocations.
The results of The Athletic have been included in our Consolidated Financial Statements beginning February 1, 2022, the date of the acquisition. Results for the twelve months of 2022 included The Athletic for approximately eleven months, while results for the twelve months of 2024 and 2023 included The Athletic for the full twelve months.
The following tables present segment information:
Year ended December 31, 2024
(in thousands)NYTGThe Athletic
I/E(1)
Total
Revenues
Subscription$1,667,948 $120,259 $— $1,788,207 
Advertising472,947 33,364 — 506,311 
Other275,189 18,462 (2,250)291,401 
Total revenues$2,416,084 $172,085 $(2,250)$2,585,919 
Less:
Cost of revenue (excluding depreciation and amortization)$1,209,078 $102,686 $(2,250)$1,309,514 
Sales and marketing248,300 30,125 — 278,425 
Product development213,947 34,251 — 248,198 
Adjusted general and administrative(2)
284,374 10,006 294,380 
Total adjusted operating profit (loss)$460,385 $(4,983)$— $455,402 
Less:
Other components of net periodic benefit costs4,158 
Depreciation and amortization82,936 
Severance7,512 
Multiemployer pension plan withdrawal costs6,038 
Generative AI Litigation Costs10,800 
Multiemployer pension plan liability adjustment(2,980)
Add:
Interest income and other, net36,485 
Income before income taxes$383,423 
(1)Intersegment eliminations (“I/E”) related to content licensing recorded in Other revenues and Cost of revenues (excluding depreciation and amortization).
(2)Excludes severance and multiemployer pension plan withdrawal costs.
Year ended December 31, 2023
(in thousands)NYTGThe Athletic
I/E(1)
Total
Revenues
Subscription$1,555,705 $100,448 $— $1,656,153 
Advertising477,261 27,945 — 505,206 
Other262,571 2,878 (656)264,793 
Total Revenues$2,295,537 $131,271 $(656)$2,426,152 
Less:
Cost of revenue (excluding depreciation and amortization)$1,157,527 $92,190 $(656)$1,249,061 
Sales and marketing223,464 36,763 — 260,227 
Product development203,813 24,991 — 228,804 
Adjusted general and administrative(2)
289,452 8,757 — 298,209 
Total adjusted operating profit (loss)$421,281 $(31,430)$— $389,851 
Less:
Other components of net periodic benefit income(2,737)
Depreciation and amortization86,115 
Severance7,582 
Multiemployer pension plan withdrawal costs5,248 
Impairment charges15,239 
Multiemployer pension plan liability adjustment(605)
Add:
Gain from joint ventures2,477 
Interest income and other, net21,102 
Income before income taxes$302,588 
(1)Intersegment eliminations (“I/E”) related to content licensing recorded in Other revenues and Cost of revenues (excluding depreciation and amortization).
(2)Excludes severance and multiemployer pension plan withdrawal costs.
Year ended December 31, 2022
(52 weeks and five days)(1)
(in thousands)NYTGThe Athletic
I/E(2)
Total
Revenues
Subscription$1,480,295 $72,067 $— $1,552,362 
Advertising511,321 11,967 — 523,288 
Other232,060 611 — 232,671 
Total Revenues$2,223,676 $84,645 $— $2,308,321 
Less:
Cost of revenue (excluding depreciation and amortization)$1,134,553 $74,380 $— $1,208,933 
Sales and marketing242,333 25,220 — 267,553 
Product development187,434 16,751 — 204,185 
Adjusted general and administrative(3)
270,307 9,412 — 279,719 
Total adjusted operating profit (loss)$389,049 $(41,118)$— $347,931 
Less:
Other components of net periodic benefit costs6,659 
Depreciation and amortization82,654 
Severance4,669 
Multiemployer pension plan withdrawal costs4,871 
Acquisition-related costs34,712 
Impairment charges4,069 
Multiemployer pension plan liability adjustment14,989 
Add:
Interest income and other, net40,691 
Income before income taxes$235,999 
(1)The results of The Athletic have been included in our Consolidated Financial Statements beginning February 1, 2022.
(2)Intersegment eliminations (“I/E”) related to content licensing recorded in Other revenues and Cost of revenues (excluding depreciation and amortization).
(3)Excludes severance and multiemployer pension plan withdrawal costs.
v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases Leases
Lessee activities
Operating leases
We have operating leases for office space and equipment. For all leases, a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, are recognized in the Consolidated Balance Sheets as of December 31, 2024, as described below.
The table below presents the lease-related assets and liabilities recorded on the balance sheet:
(In thousands)Classification in the Consolidated Balance SheetDecember 31, 2024December 31, 2023
Operating lease right-of-use assetsRight of use assets$32,315 $35,374 
Current operating lease liabilitiesAccrued expenses and other$10,520 $10,081 
Noncurrent operating lease liabilitiesOther37,255 42,905 
Total operating lease liabilities$47,775 $52,986 
The total lease cost for operating leases included in operating costs in our Consolidated Statement of Operations was as follows:
For the Twelve Months Ended
(In thousands)December 31, 2024December 31, 2023December 31, 2022
Operating lease cost$11,593 $12,026 $13,553 
Short term and variable lease cost2,111 1,645 1,714 
Total lease cost$13,704 $13,671 $15,267 
The table below presents supplemental cash flow information:
For the Twelve Months Ended
(In thousands)December 31, 2024December 31, 2023December 31, 2022
Cash paid for amounts included in the measurement of operating lease liabilities$13,679 $13,476 $12,881 
Right-of-use assets obtained in exchange for operating lease liabilities$6,298 $2,850 $5,970 
The table below presents additional information regarding operating leases:
December 31, 2024December 31, 2023
Weighted-average remaining lease term5.6 years6.4 years
Weighted-average discount rate5.10 %5.04 %
Maturities of lease liabilities on an annual basis for the Company’s operating leases as of December 31, 2024, were as follows:
(In thousands)Amount
2025$12,413 
20269,466 
20277,909 
20287,348 
20295,575 
Later years12,577 
Total lease payments$55,288 
Less: Interest(7,513)
Present value of lease liabilities$47,775 
In June 2023, we ceased using certain leased office space in Long Island City, New York. As a result, we recorded non-cash impairment charges of $7.6 million and $5.1 million to the right-of-use assets and fixed assets, respectively. The impairment amount was determined by comparing the fair value of the impacted asset group to its carrying value as of the measurement date, as required by ASC 360, Property, Plant and Equipment. The fair value of the asset group was based on estimated sublease income for the affected property, taking into consideration the time we expect it will take to obtain a sublease tenant and the expected applicable discount rates. The impairment is presented in Impairment charges in our Consolidated Statements of Operations within the New York Times Group operating segment.
Lessor activities
Our leases to third parties predominantly relate to office space in the Company Headquarters.
As of December 31, 2024, and December 31, 2023, the cost and accumulated depreciation related to the Company Headquarters included in Property, plant and equipment, net in our Consolidated Balance Sheet was approximately $523 million and $294 million, and $518 million and $277 million, respectively. Office space leased to third parties represents approximately 36% of gross square feet of the Company Headquarters.
On December 9, 2020, we entered into an agreement to lease and subsequently sell approximately four acres of land at our printing and distribution facility in College Point, N.Y., subject to certain conditions. The lease commenced on April 11, 2022. At the time of the lease expiration in February 2025, we will sell the parcel to the lessee for approximately $36 million. The transaction is accounted for as a sales-type lease and as a result, we recognized a gain of approximately $34 million (net of commissions) at the time of lease commencement, and recorded a lease receivable of approximately $36 million in Miscellaneous assets in our Consolidated Balance Sheet as of December 31, 2022. This receivable is included in Other current assets and Miscellaneous assets in our Consolidated Balance Sheets as of December 31, 2024, and December 31, 2023, respectively. The payments associated with the lease are recorded in Interest income and other, net in our Consolidated Statements of Operations.
We generate building rental revenue from the floors in the Company Headquarters that we lease to third parties. The building rental revenue was as follows:
For the Twelve Months Ended
(In thousands)December 31, 2024December 31, 2023December 31, 2022
Building rental revenue$26,605 $27,163 $28,516 
Maturities of lease payments to be received on an annual basis for the Company’s office space operating leases as of December 31, 2024, were as follows:
(In thousands)Amount
2025$29,344 
202629,344 
202729,337 
202814,708 
202910,620 
Later years47,115 
Total building rental payments from operating leases$160,468 
Leases Leases
Lessee activities
Operating leases
We have operating leases for office space and equipment. For all leases, a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, are recognized in the Consolidated Balance Sheets as of December 31, 2024, as described below.
The table below presents the lease-related assets and liabilities recorded on the balance sheet:
(In thousands)Classification in the Consolidated Balance SheetDecember 31, 2024December 31, 2023
Operating lease right-of-use assetsRight of use assets$32,315 $35,374 
Current operating lease liabilitiesAccrued expenses and other$10,520 $10,081 
Noncurrent operating lease liabilitiesOther37,255 42,905 
Total operating lease liabilities$47,775 $52,986 
The total lease cost for operating leases included in operating costs in our Consolidated Statement of Operations was as follows:
For the Twelve Months Ended
(In thousands)December 31, 2024December 31, 2023December 31, 2022
Operating lease cost$11,593 $12,026 $13,553 
Short term and variable lease cost2,111 1,645 1,714 
Total lease cost$13,704 $13,671 $15,267 
The table below presents supplemental cash flow information:
For the Twelve Months Ended
(In thousands)December 31, 2024December 31, 2023December 31, 2022
Cash paid for amounts included in the measurement of operating lease liabilities$13,679 $13,476 $12,881 
Right-of-use assets obtained in exchange for operating lease liabilities$6,298 $2,850 $5,970 
The table below presents additional information regarding operating leases:
December 31, 2024December 31, 2023
Weighted-average remaining lease term5.6 years6.4 years
Weighted-average discount rate5.10 %5.04 %
Maturities of lease liabilities on an annual basis for the Company’s operating leases as of December 31, 2024, were as follows:
(In thousands)Amount
2025$12,413 
20269,466 
20277,909 
20287,348 
20295,575 
Later years12,577 
Total lease payments$55,288 
Less: Interest(7,513)
Present value of lease liabilities$47,775 
In June 2023, we ceased using certain leased office space in Long Island City, New York. As a result, we recorded non-cash impairment charges of $7.6 million and $5.1 million to the right-of-use assets and fixed assets, respectively. The impairment amount was determined by comparing the fair value of the impacted asset group to its carrying value as of the measurement date, as required by ASC 360, Property, Plant and Equipment. The fair value of the asset group was based on estimated sublease income for the affected property, taking into consideration the time we expect it will take to obtain a sublease tenant and the expected applicable discount rates. The impairment is presented in Impairment charges in our Consolidated Statements of Operations within the New York Times Group operating segment.
Lessor activities
Our leases to third parties predominantly relate to office space in the Company Headquarters.
As of December 31, 2024, and December 31, 2023, the cost and accumulated depreciation related to the Company Headquarters included in Property, plant and equipment, net in our Consolidated Balance Sheet was approximately $523 million and $294 million, and $518 million and $277 million, respectively. Office space leased to third parties represents approximately 36% of gross square feet of the Company Headquarters.
On December 9, 2020, we entered into an agreement to lease and subsequently sell approximately four acres of land at our printing and distribution facility in College Point, N.Y., subject to certain conditions. The lease commenced on April 11, 2022. At the time of the lease expiration in February 2025, we will sell the parcel to the lessee for approximately $36 million. The transaction is accounted for as a sales-type lease and as a result, we recognized a gain of approximately $34 million (net of commissions) at the time of lease commencement, and recorded a lease receivable of approximately $36 million in Miscellaneous assets in our Consolidated Balance Sheet as of December 31, 2022. This receivable is included in Other current assets and Miscellaneous assets in our Consolidated Balance Sheets as of December 31, 2024, and December 31, 2023, respectively. The payments associated with the lease are recorded in Interest income and other, net in our Consolidated Statements of Operations.
We generate building rental revenue from the floors in the Company Headquarters that we lease to third parties. The building rental revenue was as follows:
For the Twelve Months Ended
(In thousands)December 31, 2024December 31, 2023December 31, 2022
Building rental revenue$26,605 $27,163 $28,516 
Maturities of lease payments to be received on an annual basis for the Company’s office space operating leases as of December 31, 2024, were as follows:
(In thousands)Amount
2025$29,344 
202629,344 
202729,337 
202814,708 
202910,620 
Later years47,115 
Total building rental payments from operating leases$160,468 
v3.25.0.1
Commitments and Contingent Liabilities
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingent Liabilities Commitments and Contingent Liabilities
Restricted Cash
We were required to maintain $14.4 million and $13.7 million of restricted cash as of December 31, 2024, and December 31, 2023, respectively, the majority of which is set aside to collateralize workers’ compensation obligations.
Legal Proceedings
We are involved in various legal actions incidental to our business that are now pending against us. These actions generally assert damages claims that are greatly in excess of the amount, if any, that we would be liable to pay if we lost or settled the cases. We record a liability for legal claims when a loss is probable and the amount can be reasonably estimated. Although the Company cannot predict the outcome of these matters, no amount of loss in excess of recorded amounts as of December 31, 2024, is believed to be reasonably possible.
On December 27, 2023, we filed a lawsuit against Microsoft Corporation (“Microsoft”), Open AI Inc. and various of its corporate affiliates (collectively, “OpenAI”) in the United States District Court for the Southern District of New York, alleging copyright infringement, unfair competition, trademark dilution and violations of the Digital Millennium Copyright Act, related to their unlawful and unauthorized copying and use of our journalism and other content. We are seeking monetary relief, injunctive relief preventing Microsoft and OpenAI from continuing their unlawful, unfair and infringing conduct and other relief. We intend to vigorously pursue all of our legal remedies in this litigation, but there is no guarantee that we will be successful in our efforts.
v3.25.0.1
Subsequent Events
 12 Months Ended
Dec. 31, 2024
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Quarterly Dividend and New Share Repurchase Program
In February 2025, our Board of Directors approved a quarterly dividend of $0.18 per share on our Class A and Class B Common Stock, an increase of $0.05 per share from the previous quarter. The dividend is payable on April 17, 2025, to stockholders of record as of the close of business on April 1, 2025.
The Board of Directors also approved a new $350.0 million Class A share repurchase program in February 2025. Shares of Class A Common Stock may be purchased from time to time as market conditions warrant, through open market purchases, privately negotiated transactions or other means, including Rule 10b5-1 trading plans. There is no expiration date with respect to this authorization. This 2025 authorization is in addition to the amount remaining under the 2023 authorization – see Note 14 for more details.
College Point Land Sale
On February 21, 2025, we finalized the sale of approximately four acres of land at our printing and distribution facility in College Point, N.Y., and collected net proceeds of approximately $33 million – see Note 16 for more details.
v3.25.0.1
Schedule II - Valuation and Qualifying Accounts
 12 Months Ended
Dec. 31, 2024
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
Schedule II - Valuation and Qualifying Accounts
SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS
For the years ended December 31, 2024, December 31, 2023, and December 31, 2022:
(In thousands)Balance at
beginning
of period
Additions
charged to
operating
costs and other(1)
Deductions(2)
Balance at
end of period
Accounts receivable allowances:
Year ended December 31, 2024$12,800 $3,919 $4,601 $12,118 
Year ended December 31, 2023$12,260 $4,809 $4,269 $12,800 
Year ended December 31, 2022$12,374 $11,973 $12,087 $12,260 
Valuation allowance for deferred tax assets:
Year ended December 31, 2024$3,240 $2,092 $1 $5,332 
Year ended December 31, 2023$4,258 $— $1,018 $3,240 
Year ended December 31, 2022$261 $4,000 $3 $4,258 
(1)Includes valuation allowance acquired as a result of acquisition of The Athletic.
(2)Includes write-offs, net of recoveries.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net Income (Loss) $ 293,825 $ 232,387 $ 173,905
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Trust underpins our mission and values and we believe that cybersecurity is important to our success. We are susceptible to a number of cybersecurity threats, including those common to most industries as well as those we face as a global media organization whose systems store and process confidential subscriber, user, employee and other personal and Company data. We, and third parties with which we work and on which we rely, regularly face attempts to breach our security and compromise our information technology systems from a broad range of actors. A cybersecurity incident impacting us or any such third party could disrupt our services, result in the compromise of confidential information; result in theft or misuse of our intellectual property; divert management’s attention; require us to expend resources to mitigate the effects of such a security incident; subject us to litigation, regulatory or other government inquiries or investigations and/or liability; harm our reputation; or otherwise adversely affect our business, financial condition or results of operations.
Under the oversight of our Board of Directors, and the Audit Committee of the Board, we have developed and maintain an information security program that includes technical, administrative and physical measures designed to safeguard our information and information systems. Cybersecurity risk management is integrated into our broader risk management framework. Our approach includes elements that are proactive and adaptive, using security assessments, employee training and continuous improvement of our cybersecurity infrastructure. We work to align our practices with industry and regulatory standards. Our information security program includes response procedures to be followed in the event of a cybersecurity incident that outline steps to be followed from detection to assessment to notification and recovery, including internal notifications to management, the Audit Committee and the Board, as appropriate. Business continuity and disaster recovery plans are used to prepare for the potential for a disruption to systems or processes we rely on.
Our Board of Directors recognizes the importance of managing risks associated with cybersecurity threats and provides oversight of the Company’s information security program. Risk is an integral part of the Board’s deliberations throughout the year and the Board exercises its oversight responsibility both directly and through its committees. In particular, the Audit Committee oversees risks relating to information security, including cybersecurity risks. Members of management, including the Company’s Chief Information Security Officer (“CISO”), provide the Audit Committee with updates on cybersecurity and information technology matters at least twice a year, and the Audit Committee and management also provide updates to the Board. In addition to reporting to the Audit Committee and Board, the CISO provides periodic reports to our Chief Executive Officer and other members of our senior management as appropriate. The Audit Committee, or the Board, is notified by the CISO of cybersecurity incidents, as appropriate, in accordance with the Company’s incident response processes.
The Board’s risk oversight is enabled by an enterprise risk management program designed to identify, prioritize and assess a broad range of risks, including risks related to cybersecurity, that may affect the Company’s ability to execute its corporate strategy and fulfill its business objectives, and to formulate plans to mitigate their effects.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] Cybersecurity risk management is integrated into our broader risk management framework
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block] Our Board of Directors recognizes the importance of managing risks associated with cybersecurity threats and provides oversight of the Company’s information security program. Risk is an integral part of the Board’s deliberations throughout the year and the Board exercises its oversight responsibility both directly and through its committees.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] In particular, the Audit Committee oversees risks relating to information security, including cybersecurity risks.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] Members of management, including the Company’s Chief Information Security Officer (“CISO”), provide the Audit Committee with updates on cybersecurity and information technology matters at least twice a year, and the Audit Committee and management also provide updates to the Board.
Cybersecurity Risk Role of Management [Text Block] Members of management, including the Company’s Chief Information Security Officer (“CISO”), provide the Audit Committee with updates on cybersecurity and information technology matters at least twice a year, and the Audit Committee and management also provide updates to the Board. In addition to reporting to the Audit Committee and Board, the CISO provides periodic reports to our Chief Executive Officer and other members of our senior management as appropriate. The Audit Committee, or the Board, is notified by the CISO of cybersecurity incidents, as appropriate, in accordance with the Company’s incident response processes.
The Board’s risk oversight is enabled by an enterprise risk management program designed to identify, prioritize and assess a broad range of risks, including risks related to cybersecurity, that may affect the Company’s ability to execute its corporate strategy and fulfill its business objectives, and to formulate plans to mitigate their effects.
Our cybersecurity department, led by our CISO, has primary responsibility for our enterprise-wide information security program, and our risk management team works closely with our cybersecurity department to evaluate and address cybersecurity risks in alignment with our business objectives and operational needs on an ongoing basis. Our current CISO has held that position since 2022 and has broad information technology experience as a result of that role and past work experience. Our CISO manages a team with broad cybersecurity experience, including in cybersecurity threat management, cybersecurity training and education, incident response, cyber forensics, insider threats and regulatory compliance. The cybersecurity department receives support to maintain the information security program from other functions, such as information technology, corporate security, internal audit and legal. Our CISO is informed about and monitors prevention, detection, mitigation and remediation efforts through regular communication and reporting from the internal team.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Our cybersecurity department, led by our CISO, has primary responsibility for our enterprise-wide information security program, and our risk management team works closely with our cybersecurity department to evaluate and address cybersecurity risks in alignment with our business objectives and operational needs on an ongoing basis.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our current CISO has held that position since 2022 and has broad information technology experience as a result of that role and past work experience.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] Members of management, including the Company’s Chief Information Security Officer (“CISO”), provide the Audit Committee with updates on cybersecurity and information technology matters at least twice a year, and the Audit Committee and management also provide updates to the Board. In addition to reporting to the Audit Committee and Board, the CISO provides periodic reports to our Chief Executive Officer and other members of our senior management as appropriate. The Audit Committee, or the Board, is notified by the CISO of cybersecurity incidents, as appropriate, in accordance with the Company’s incident response processes.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Principles of Consolidation
Principles of Consolidation
The accompanying Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and include the accounts of the Company and its wholly and majority-owned subsidiaries after elimination of all significant intercompany transactions.
The portion of the net income or loss and equity of a subsidiary attributable to the owners of a subsidiary other than the Company (a noncontrolling interest) is included as a component of consolidated stockholders‘ equity in our Consolidated Balance Sheets, within net income or loss in our Consolidated Statements of Operations, within comprehensive income or loss in our Consolidated Statements of Comprehensive Income/(Loss) and as a component of consolidated stockholders’ equity in our Consolidated Statements of Changes in Stockholders’ Equity.
Use of Estimates
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in our Consolidated Financial Statements. Actual results could differ from these estimates.
Fiscal Year
Fiscal Year
Fiscal year 2022 was composed of 52 weeks and five additional days and ended as of December 31, 2022, while fiscal years 2024 and 2023 each comprised the calendar year ended as of December 31, 2024, and December 31, 2023, respectively.
In December 2021, the Board of Directors approved a change in 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, was extended from December 25, 2022, to December 31, 2022, and subsequent fiscal years begin on January 1 and end on December 31 of each year. The change was made on a prospective basis and prior periods were not adjusted. This change was not considered a change in a fiscal year under the rules of the Securities and Exchange Commission as the new fiscal year commenced within seven days of the prior fiscal year-end and the new fiscal year commenced with the end of the prior fiscal year. As a result, a transition report is not required.
Cash and Cash Equivalents
Cash and Cash Equivalents
We consider all highly liquid debt instruments with original maturities of three months or less to be cash equivalents. We classify amounts in transit from credit and debit payment processors as cash and cash equivalents on our consolidated balance sheets.
Marketable Securities
Marketable Securities
We have investments in marketable debt securities. We determine the appropriate classification of our investments at the date of purchase and reevaluate the classifications at the balance sheet date. Marketable debt securities with maturities of 12 months or less are classified as short-term. Marketable debt securities with maturities greater than 12 months are classified as long-term, unless we identified specific securities we intend to sell within the next 12 months. The Company’s marketable securities are accounted for as available for sale (“AFS”).
AFS securities are reported at fair value. We assess AFS securities on a quarterly basis or more often if a potential loss-triggering event occurs. For AFS securities in an unrealized loss position, we first assess whether we intend to sell, or if it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For AFS securities that do not meet the aforementioned criteria, we evaluate whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, we consider the extent to which fair value is less than amortized cost, creditworthiness of the security, and adverse conditions specifically related to the security. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income.
Concentration of Risk
Concentration of Risk
Financial instruments, which potentially subject us to concentration of risk, are cash and cash equivalents and marketable securities. Cash is placed with major financial institutions. As of December 31, 2024, we had cash balances at financial institutions in excess of federal insurance limits. We periodically evaluate the credit standing of these financial institutions as part of our ongoing investment strategy.
Our marketable securities portfolio consists of investment-grade securities diversified among security types, issuers and industries. Our cash equivalents and marketable securities are primarily managed by third-party investment managers who are required to adhere to investment policies designed to mitigate risk and approved by our Board of Directors.
Accounts Receivable
Accounts Receivable
Credit is extended to our advertisers and our subscribers based upon an evaluation of the customer’s financial condition, and collateral is not required from such customers. Allowances for estimated credit losses, rebates, returns, rate adjustments and discounts are generally established based on historical experience and include consideration of relevant significant current events, reasonable and supportable forecasts and their implications for expected credit losses.
Investments
Investments
We elected the fair value measurement alternative for our investment interests below 20% and account for these non-marketable equity securities at cost less impairments, adjusted by observable price changes in orderly transactions for the identical or similar investments of the same issuer given our equity instruments are without readily determinable fair values.
We evaluate whether there has been an impairment of our investments annually or in an interim period if circumstances indicate that a possible impairment may exist.
Property, Plant and Equipment
Property, Plant and Equipment
Property, plant and equipment are stated at cost. Depreciation is computed by the straight-line method over the shorter of estimated asset service lives or lease terms as follows: buildings, building equipment and improvements—10 to 40 years; equipment—three to 30 years; and software—two to five years. We capitalize certain staffing costs as part of the cost of major projects.
We evaluate whether there has been an impairment of long-lived assets, primarily property, plant and equipment, if certain circumstances indicate that a possible impairment may exist. These assets are tested for impairment at the asset group level associated with the lowest level of cash flows. An impairment exists if the carrying value of the asset (i) is not recoverable (the carrying value of the asset is greater than the sum of undiscounted cash flows) and (ii) is greater than its fair value.
Lessee activities
Lessee activities    
We enter into operating leases for office space and equipment. We determine if an arrangement is a lease at inception. Certain office space leases provide for rent adjustments relating to changes in real estate taxes and other operating costs. Options to extend the term of operating leases are not recognized as part of the right-of-use asset until we are reasonably certain that the option will be exercised. We may terminate our leases with the notice required under the lease and upon the payment of a termination fee, if required. Our leases do not include substantial variable payments based on index or rate. We have elected the practical expedient not to separate the lease and non-lease components in the contract for our office space and equipment leases.
Our leases do not provide a readily determinable implicit discount rate. Therefore, we estimate our incremental borrowing rate to discount the lease payments based on the information available at lease commencement.
We recognize a single lease cost on a straight-line basis over the term of the lease and we classify all cash payments within operating activities in the statement of cash flows. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.
We evaluate right-of-use assets for impairment consistent with our property, plant and equipment policy.
Lessor activities
Lessor activities
Our leases to third parties predominantly relate to office space in our leasehold condominium interest in our headquarters building located at 620 Eighth Avenue, New York, N.Y. (the “Company Headquarters”). We determine if an arrangement is a lease at inception. Office space leases are operating leases and generally include options to extend the term of the lease. Our leases do not include variable payments based on index or rate. We do not separate the lease and non-lease components in a contract. The non-lease components predominantly include charges for utilities usage and other operating expenses estimated based on the proportionate share of the rental space of each lease. We have elected the practical expedient not to separate the lease and non-lease components in the contract for office space we lease to third parties.
For our office space operating leases, we recognize rental revenue on a straight-line basis over the term of the lease and we classify all cash payments within operating activities in the statement of cash flows.
Residual value risk is not a primary risk resulting from our office space operating leases because of the long-lived nature of the underlying real estate assets, which generally hold their value or appreciate in the long term.
We evaluate assets leased to third parties for impairment consistent with our property, plant and equipment policy.
Goodwill and Intangibles
Goodwill and Intangibles
Goodwill is the excess of cost over the fair value of tangible and intangible net assets acquired. Goodwill is not amortized but tested for impairment annually or in an interim period if certain circumstances indicate a possible impairment may exist. Our annual impairment testing date is the first day of our fiscal fourth quarter.
We test goodwill for impairment at a reporting unit level. We have an option to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. The qualitative assessment includes, but is not limited to, the results of our most recent quantitative impairment test, consideration of industry, market and macroeconomic conditions, cost factors, cash flows, changes in key management personnel and our share price. The result of this assessment determines whether it is necessary to perform the goodwill impairment test (formerly “Step 1”).
If we elect to bypass the qualitative assessment or if the qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying value, then we are required to perform a quantitative assessment for impairment by comparing the fair value of a reporting unit with its carrying amount, including goodwill. Fair value is calculated by a combination of a discounted cash flow model and a market approach model. If the fair value of a reporting unit exceeds its carrying amount, goodwill of that reporting unit is not considered impaired. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss would be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit.
We test indefinite-lived intangible assets for impairment at the asset level. Our annual impairment testing date is the first day of our fiscal fourth quarter. We have an option to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of the asset is less than its carrying value. If we elect to bypass the qualitative assessment or if the qualitative assessment indicates that it is more likely than not that the intangible asset is impaired, we are required to perform a quantitative assessment by comparing the fair value of the asset with its carrying amount. If the fair value, which is based on future cash flows, exceeds the carrying value, the asset is not considered impaired. If the carrying amount exceeds the fair value, an impairment loss would be recognized in an amount equal to the excess of the carrying amount of the asset over the fair value of the asset.
Intangible assets that are amortized are tested for impairment at the asset level associated with the lowest level of cash flows whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. An impairment exists if the carrying value of the asset (1) is not recoverable (the carrying value of the asset is greater than the sum of undiscounted cash flows) and (2) is greater than its fair value.
The discounted cash flow model requires us to make various judgments, estimates and assumptions, many of which are interdependent, about future revenues, operating margins, growth rates, capital expenditures, working capital, discount rates and royalty rates. The starting point for the assumptions used in our discounted cash flow model is the annual long-range financial forecast. The annual planning process that we undertake to prepare the long-range financial forecast takes into consideration a multitude of factors, including historical growth rates and operating performance, related industry trends, macroeconomic conditions and marketplace data, among others. Assumptions are also made for perpetual growth rates for periods beyond the long-range financial forecast period. Our estimates of fair value are sensitive to changes in all of these variables, certain of which relate to broader macroeconomic conditions outside our control.
The market approach analysis includes applying a multiple, based on comparable market transactions, to certain operating metrics of a reporting unit.
The significant estimates and assumptions used by management in assessing the recoverability of goodwill acquired and intangibles are estimated future cash flows, discount rates, growth rates and other factors. Any changes in these estimates or assumptions could result in an impairment charge. The estimates, based on reasonable and supportable assumptions and projections, require management’s subjective judgment. Depending on the assumptions and estimates used, the estimated results of the impairment tests can vary within a range of outcomes.
In addition to annual testing, management uses certain indicators to evaluate whether the carrying value of a reporting unit or intangibles may not be recoverable and an interim impairment test may be required. These indicators include (1) current-period operating results or cash flow declines combined with a history of operating results or cash flow declines or a projection/forecast that demonstrates continuing declines in the cash flow or the inability to improve our operations to forecasted levels; (2) a significant adverse change in the business climate, whether structural or technological; (3) significant impairments; and (4) a decline in our stock price and market capitalization.
Self-Insurance
Self-Insurance
We self-insure for workers’ compensation costs, automobile and general liability claims, up to certain deductible limits, as well as for certain employee medical and disability benefits. Employee medical costs above a certain threshold are insured by a third party. The recorded liabilities for self-insured risks are primarily calculated using actuarial methods. The liabilities include amounts for actual claims, claim growth and claims incurred but not yet reported.
Pension and Other Postretirement Benefits
Pension and Other Postretirement Benefits
Our single-employer pension and other postretirement benefit costs are accounted for using actuarial valuations. We recognize the funded status of these plans—measured as the difference between plan assets, if funded, and the benefit obligation—on the balance sheet and recognize changes in the funded status that arise during the period but are not recognized as components of net periodic pension cost, within other comprehensive income/(loss), net of income taxes. The service cost component of net periodic pension cost is recognized in Total operating costs while the other components are recognized within Other components of net periodic benefit costs/(income) in our Consolidated Statements of Operations below Operating profit.
The assets related to our funded pension plans are measured at fair value.
We make significant subjective judgments about a number of actuarial assumptions, which include discount rates, long-term return on plan assets and mortality rates. Depending on the assumptions and estimates used, the impact from our pension and other postretirement benefits could vary within a range of outcomes and could have a material effect on our Consolidated Financial Statements.
We also recognize the present value of pension liabilities associated with the withdrawal from multiemployer pension plans. We record liabilities for obligations related to complete, and partial withdrawals from multiemployer pension plans. The actual liability for withdrawals is not known until each plan completes a final assessment of the withdrawal liability and issues a demand to us. Therefore, we adjust the estimate of our multiemployer pension plan liability as more information becomes available that allows us to refine our estimates.
Revenue Recognition
Revenue Recognition
Revenue is recognized when a performance obligation is satisfied by transferring a promised good or service to a customer. A good or service is considered transferred when the customer obtains control, which is when the customer has the ability to direct the use of and/or obtain substantially all of the benefits of an asset.
Proceeds from subscription revenues are deferred at the time of sale and are recognized on a pro rata basis over the terms of the subscriptions. Payment is typically due upfront and the revenue is recognized ratably over the subscription period. The deferred proceeds are recorded within Unexpired subscriptions revenue in the Consolidated Balance Sheet. Revenue from single-copy sales of our print products is recognized based on date of publication, net of provisions for related returns. Payment for single-copy sales is typically due upon complete satisfaction of our performance obligations. The Company does not have significant financing components or significant payment terms as we only offer industry standard payment terms to our customers.
When our subscriptions are sold through third parties, we are a principal in the transaction and, therefore, revenues and related costs to third parties for these sales are reported on a gross basis. We are considered a principal if we control a promised good or service before transferring that good or service to the customer. The Company considers several factors to determine if it controls the good or service and therefore is the principal. These factors include (1) if we have primary responsibility for fulfilling the promise; and (2) if we have discretion in establishing the price for the specified good or service.
Advertising revenues are recognized when advertisements are published in newspapers or placed on digital platforms when impressions are delivered or when the ad is displayed over the contractual fixed period of time with respect to certain digital advertising or, each time a user clicks on certain advertisements, net of provisions for estimated rebates and rate adjustments. Creative services fees, including those associated with our branded content studio, are recognized as revenue based on the nature of the services provided.
Payment for advertising is due upon complete satisfaction of our performance obligations. The Company has a formal credit checking policy, procedures and controls in place that evaluate collectability prior to ad publication. Our advertising contracts do not include a significant financing component.
Other revenues are recognized when the delivery occurs, services are rendered or purchases are made.
Performance Obligations
Our contracts with customers may include multiple performance obligations. For such arrangements, we allocate revenue to each performance obligation based on its relative standalone selling price.
In the case of our licensing contracts, the transaction price is allocated among the performance obligations, which can consist of (i) the archival content and (ii) the updated content, based on the Company’s estimate of the standalone selling price of each of the performance obligations.
In the case of our advertising contracts, we may have performance obligations for future services that have not been recognized in our financial statements. The performance obligations are satisfied over time with revenue recognized over the contract term as the advertising services are provided to the customer.
Contract Assets
We record revenue from customers when performance obligations are satisfied. For our licensing revenue, we record revenue related to the portion of performance obligation when the customer obtains control of the content. We receive payments from customers based upon contractual billing schedules. As the transfer of control represents a right to the contract consideration, we record a contract asset in Other current assets for short-term contract assets and Miscellaneous assets for long-term contract assets on the Consolidated Balance Sheet for any amounts not yet invoiced to the customer. The contract asset is reclassified to Accounts receivable when the customer is invoiced based on the contractual billing schedule.
Significant Judgments
Our contracts with customers sometimes include promises to transfer multiple products and services to a customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. We use an observable price to determine the standalone selling price for separate performance obligations if available or, when not available, an estimate that maximizes the use of observable inputs and faithfully depicts the selling price of the promised goods or services if we sold those goods or services separately to a similar customer in similar circumstances.
Practical Expedients and Exemptions
We expense the cost to obtain or fulfill a contract as incurred because the amortization period of the asset that the entity otherwise would have recognized is one year or less. We also apply the practical expedient for the significant financing component when the difference between the payment and the transfer of the products and services is one year or less.
Income Taxes
Income Taxes
Income taxes are recognized for the following: (1) the amount of taxes payable for the current year and (2) deferred tax assets and liabilities for the future tax consequences of events that have been recognized differently in the financial statements than for tax purposes. Deferred tax assets and liabilities are established using statutory tax rates and are adjusted for tax rate changes in the period of enactment.
We assess whether our deferred tax assets should be reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized. Our process includes collecting positive (i.e., sources of taxable income) and negative (i.e., recent historical losses) evidence and assessing, based on the evidence, whether it is more likely than not that the deferred tax assets will not be realized.
We release tax effects from accumulated other comprehensive income/(loss) for pension and other postretirement benefits on a plan-by-plan approach.
We recognize in our financial statements the impact of a tax position if that tax position is more likely than not of being sustained on audit, based on the technical merits of the tax position. This involves the identification of potential uncertain tax positions, the evaluation of tax law and an assessment of whether a liability for uncertain tax positions is necessary. Different conclusions reached in this assessment can have a material impact on our Consolidated Financial Statements.
We operate within multiple taxing jurisdictions and are subject to audit in these jurisdictions. These audits can involve complex issues, which could require an extended period to resolve. Until formal resolutions are reached between us and the taxing authorities, determining the timing and amount of possible audit settlements relating to uncertain tax positions is not practicable.
Stock-Based Compensation
Stock-Based Compensation
We establish fair value based on market data for our stock-based awards to determine our cost and recognize the related expense over the appropriate vesting period. We recognize stock-based compensation expense for outstanding stock-settled long-term performance awards, restricted stock units and our Company’s Employee Stock Purchase Plan (“ESPP”), net of estimated forfeitures.
Earnings Per Share
Earnings Per Share
We compute earnings per share based upon the treasury stock method. Basic earnings per share is calculated by dividing net earnings available to common stockholders by the weighted-average number of shares of common stock outstanding. Diluted earnings per share is calculated similarly, except that it includes the dilutive effect of the assumed exercise of securities and the effect of shares issuable under our Company’s stock-based incentive plans if such effect is dilutive.
Foreign Currency Translation
Foreign Currency Translation
The assets and liabilities of foreign companies are translated at period-end exchange rates. Results of operations are translated at average rates of exchange in effect during the year. The resulting translation adjustment is included as a separate component in the Stockholders’ Equity section of our Consolidated Balance Sheets, in the caption Accumulated other comprehensive loss, net of income taxes.
Recently Adopted and Issued Accounting Pronouncements
Recently Adopted Accounting Pronouncements
Accounting Standard Update(s)TopicEffective PeriodSummary
2023-07Segment Reporting (Topic 280): Improvements to Reportable Segment DisclosuresFiscal years, beginning after December 15, 2023. Early adoption is permitted.Requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items to reconcile to segment profit or loss, and the title and position of the entity’s CODM. The amendments in this update also expand the interim segment disclosure requirements. The Company adopted ASU 2023-07 on January 1, 2024, and included additional applicable disclosures in Note 15.
Recently Issued Accounting Pronouncements
The Financial Accounting Standards Board issued authoritative guidance on the following topics:
Accounting Standard Update(s)TopicEffective PeriodSummary
2023-09Income Taxes (Topic 740): Improvements to Income Tax DisclosuresFiscal years, beginning after December 15, 2025. Early adoption is permitted.Requires entities to provide disaggregated income tax disclosures on the rate reconciliation and income taxes paid. We are currently in the process of evaluating the impact of this guidance on the Company’s disclosures.
2024-03
2025-01		Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures: Disaggregation of Income Statement ExpensesFiscal years, beginning after December 15, 2026, and for interim periods beginning after December 15, 2027. Early adoption is permitted.Requires entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. We are currently in the process of evaluating the impact of this guidance on the Company’s disclosures.
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 not expected to have a material effect on our financial condition or results of operations.
Fair Value Measurement Fair Value Measurements
Fair value is the price that would be received upon the sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date. The transaction would be in the principal or most advantageous market for the asset or liability, based on assumptions that a market participant would use in pricing the asset or liability. The fair value hierarchy consists of three levels:
Level 1–quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date;
Level 2–inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
Level 3–unobservable inputs for the asset or liability.
v3.25.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Schedule of Recently Adopted and Issued Accounting Pronouncements
Recently Adopted Accounting Pronouncements
Accounting Standard Update(s)TopicEffective PeriodSummary
2023-07Segment Reporting (Topic 280): Improvements to Reportable Segment DisclosuresFiscal years, beginning after December 15, 2023. Early adoption is permitted.Requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items to reconcile to segment profit or loss, and the title and position of the entity’s CODM. The amendments in this update also expand the interim segment disclosure requirements. The Company adopted ASU 2023-07 on January 1, 2024, and included additional applicable disclosures in Note 15.
Recently Issued Accounting Pronouncements
The Financial Accounting Standards Board issued authoritative guidance on the following topics:
Accounting Standard Update(s)TopicEffective PeriodSummary
2023-09Income Taxes (Topic 740): Improvements to Income Tax DisclosuresFiscal years, beginning after December 15, 2025. Early adoption is permitted.Requires entities to provide disaggregated income tax disclosures on the rate reconciliation and income taxes paid. We are currently in the process of evaluating the impact of this guidance on the Company’s disclosures.
2024-03
2025-01		Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures: Disaggregation of Income Statement ExpensesFiscal years, beginning after December 15, 2026, and for interim periods beginning after December 15, 2027. Early adoption is permitted.Requires entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. We are currently in the process of evaluating the impact of this guidance on the Company’s disclosures.
v3.25.0.1
Revenue (Tables)
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
Subscription, advertising and other revenues were as follows:
Years Ended
(In thousands)December 31, 2024As %
of total		December 31, 2023As %
of total		December 31, 2022As %
of total
Subscription$1,788,207 69.2 %$1,656,153 68.3 %$1,552,362 67.3 %
Advertising506,311 19.6 %505,206 20.8 %523,288 22.7 %
Other(1)
291,401 11.2 %264,793 10.9 %232,671 10.0 %
Total$2,585,919 100.0 %$2,426,152 100.0 %$2,308,321 100.0 %
(1)Other revenue includes building rental revenue, which is not under the scope of Revenue from Contracts with Customers (Topic 606). Building rental revenue was approximately $27 million in both years ended December 31, 2024, and December 31, 2023, and $29 million for the year ended December 31, 2022.
The following table summarizes digital and print subscription revenues, which are components of subscription revenues above, for the years ended December 31, 2024, December 31, 2023, and December 31, 2022:
Years Ended
(In thousands)December 31, 2024As %
of total		December 31, 2023As %
of total		December 31, 2022As %
of total
Digital-only subscription revenues(1)
$1,254,592 70.2 %$1,099,439 66.4 %$978,574 63.0 %
Print subscription revenues(2)
533,615 29.8 %556,714 33.6 %573,788 37.0 %
Total subscription revenues$1,788,207 100.0 %$1,656,153 100.0 %$1,552,362 100.0 %
(1)Includes revenue from bundled and standalone subscriptions to our news product, as well as to The Athletic and our Audio, Cooking, Games and Wirecutter products.
(2)Includes domestic home-delivery subscriptions, which include access to our digital products. Also includes single-copy, NYT International and Other subscription revenues.
The following table summarizes digital and print advertising revenues for the years ended December 31, 2024, December 31, 2023, and December 31, 2022:
Years Ended
(In thousands)December 31, 2024As %
of total		December 31, 2023As %
of total		December 31, 2022As %
of total
Digital advertising revenues$342,092 67.6 %$317,744 62.9 %$318,440 60.9 %
Print advertising revenues164,219 32.4 %187,462 37.1 %204,848 39.1 %
Total advertising revenues$506,311 100.0 %$505,206 100.0 %$523,288 100.0 %
v3.25.0.1
Marketable Securities (Tables)
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost, Gross Unrealized Gains and Losses, and Fair Market Value of AFS Securities
The following tables present the amortized cost, gross unrealized gains and losses, and fair market value of our AFS securities as of December 31, 2024, and December 31, 2023:
December 31, 2024
(In thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term AFS securities
U.S. Treasury securities$203,238 $511 $(20)$203,729 
Corporate debt securities153,988 415 (28)154,375 
Certificates of deposit4,400 — — 4,400 
U.S. governmental agency securities3,974 — (4)3,970 
Total short-term AFS securities$365,600 $926 $(52)$366,474 
Long-term AFS securities
Corporate debt securities$190,772 $544 $(303)$191,013 
U.S. Treasury securities154,936 258 (261)154,933 
Total long-term AFS securities$345,708 $802 $(564)$345,946 
December 31, 2023
(In thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term AFS securities
U.S. Treasury securities$48,721 $55 $(667)$48,109 
Corporate debt securities109,891 6 (1,828)108,069 
U.S. governmental agency securities6,000 — (84)5,916 
Total short-term AFS securities$164,612 $61 $(2,579)$162,094 
Long-term AFS securities
Corporate debt securities$103,061 $886 $(5)$103,942 
U.S. Treasury securities148,878 1,023 (42)149,859 
U.S. governmental agency securities3,857 — (25)3,832 
Total long-term AFS securities$255,796 $1,909 $(72)$257,633 
Schedule of AFS Securities in Unrealized Loss Position
The following tables present the AFS securities as of December 31, 2024, and December 31, 2023, 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 loss position:
December 31, 2024
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$13,023 $(18)$1,297 $(2)$14,320 $(20)
Corporate debt securities28,741 (28)249 — 28,990 (28)
U.S. governmental agency securities— — 3,971 (4)3,971 (4)
Total short-term AFS securities$41,764 $(46)$5,517 $(6)$47,281 $(52)
Long-term AFS securities
Corporate debt securities$68,163 $(303)$— $— $68,163 $(303)
U.S. Treasury securities64,325 (261)— — 64,325 (261)
Total long-term AFS securities$132,488 $(564)$— $— $132,488 $(564)
December 31, 2023
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$995 $(1)$24,978 $(666)$25,973 $(667)
Corporate debt securities5,819 (5)99,504 (1,823)105,323 (1,828)
U.S. governmental agency securities— — 5,916 (84)5,916 (84)
Total short-term AFS securities$6,814 $(6)$130,398 $(2,573)$137,212 $(2,579)
Long-term AFS securities
Corporate debt securities$2,451 $— $245 $(5)$2,696 $(5)
U.S. Treasury securities14,792 (36)290 (6)15,082 (42)
U.S. governmental agency securities3,832 (25)— — 3,832 (25)
Total long-term AFS securities$21,075 $(61)$535 $(11)$21,610 $(72)
v3.25.0.1
Goodwill and Intangibles (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill Balances
The changes in the carrying amount of goodwill as of December 31, 2024, and since December 31, 2022, were as follows:
(In thousands)The New York Times GroupThe AthleticTotal Company
Balance as of December 31, 2022$162,686 $251,360 $414,046 
Foreign currency translation(1)
2,052 — 2,052 
Balance as of December 31, 2023164,738 251,360 416,098 
Foreign currency translation(1)
(3,925)— (3,925)
Balance as of December 31, 2024$160,813 $251,360 $412,173 
(1)The foreign currency translation line item reflects changes in goodwill resulting from fluctuating exchange rates related to the consolidation of certain international subsidiaries.
Schedule of Finite-Lived Intangible Assets As of December 31, 2024, and December 31, 2023, the gross book value and accumulated amortization of the intangible assets with definite lives were as follows:
December 31, 2024
(In thousands)Gross book valueAccumulated amortizationNet book valueWeighted-Average Useful Life (Years)
Trademark$162,618 $(25,951)$136,667 17.3
Existing subscriber base136,500 (34,313)102,187 9.2
Developed technology38,401 (22,719)15,682 2.2
Content archive5,751 (4,758)993 1.6
Total$343,270 $(87,741)$255,529 13.1
December 31, 2023
(In thousands)Gross book valueAccumulated amortizationNet book valueWeighted-Average Useful Life (Years)
Trademark$162,618 $(17,767)$144,851 18.3
Existing subscriber base136,500 (23,062)113,438 10.2
Developed technology38,401 (15,381)23,020 3.2
Content archive5,751 (4,047)1,704 2.5
Total$343,270 $(60,257)$283,013 13.7
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
The estimated aggregate amortization expense for each of the following fiscal years ending December 31 is presented below:
(In thousands)
2025$27,213 
202626,960 
202720,171 
202819,335 
202919,250 
Thereafter142,600 
Total amortization expense$255,529 
v3.25.0.1
Property, Plant and Equipment, net (Tables)
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment, Net
The following table presents the detail of property, plant and equipment, net as of December 31, 2024, and December 31, 2023:
(in thousands)December 31, 2024December 31, 2023
Equipment$452,081 $447,324 
Buildings, building equipment and improvements736,608 729,559 
Software(1)
78,244 80,710 
Land106,767 106,648 
Assets in progress20,628 20,333 
Total, at cost1,394,328 1,384,574 
Less: accumulated depreciation and amortization(905,512)(870,329)
Property, plant and equipment, net$488,816 $514,245 
(1)Unamortized computer software costs were $10.9 million and $13.4 million as of December 31, 2024, and December 31, 2023, respectively.
v3.25.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2024, and December 31, 2023:
(In thousands)December 31, 2024December 31, 2023
TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Assets:
Short-term AFS securities(1)
U.S. Treasury securities$203,729 $— $203,729 $— 48,109 — 48,109 — 
Corporate debt securities154,375 — 154,375 — 108,069 — 108,069 — 
Certificates of deposit4,400 — 4,400 — — — — — 
U.S. governmental agency securities3,970 — 3,970 — 5,916 — 5,916 — 
Total short-term AFS securities$366,474 $— $366,474 $— $162,094 $— $162,094 $— 
Long-term AFS securities(1)
Corporate debt securities$191,013 $— $191,013 $— $103,942 $— $103,942 $— 
U.S. Treasury securities154,933 — 154,933 — 149,859 — 149,859 — 
U.S. governmental agency securities— — — — 3,832 — 3,832 — 
Total long-term AFS securities$345,946 $— $345,946 $— $257,633 $— $257,633 $— 
Liabilities:
Deferred compensation(2)(3)
$13,230 $13,230 $— $— $13,752 $13,752 $— $— 
Contingent consideration$1,608 $— $— $1,608 $4,991 $— $— $4,991 
(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 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 Consolidated Balance Sheets, and were $45.0 million as of December 31, 2024, and $52.3 million as of December 31, 2023. The fair value of these assets is measured using the net asset value (“NAV”) 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 the changes in the balance of the contingent consideration during the year ended December 31, 2024, and December 31, 2023:
(In thousands)December 31, 2024December 31, 2023
Balance at the beginning of the period$4,991 $5,324 
Payments(3,017)(3,448)
Fair value adjustments(1)
(366)3,115 
Contingent consideration at the end of the period$1,608 $4,991 
(1)Fair value adjustments are included in General and administrative expenses in our Consolidated Statements of Operations.
v3.25.0.1
Pension and Other Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2024
Pension Benefits  
Schedule of Allocation of Plan Assets
The asset allocations by asset category as of December 31, 2024, were as follows:
Asset CategoryPercentage RangeActual
Hedging Assets75%-90%78 %
Return-Seeking Assets10%-25%20 %
Cash and Equivalents0%-5%2 %
Pension Plan  
Pension Benefits  
Schedule of Components of Net Periodic Benefit Cost
The components of net periodic pension cost were as follows:
 December 31, 2024December 31, 2023December 31, 2022
(In thousands)Qualified
Plans		Non-
Qualified
Plans		All
Plans		Qualified
Plans		Non-
Qualified
Plans		All
Plans		Qualified
Plans		Non-
Qualified
Plans		All
Plans
Service cost$6,163 $73 $6,236 $5,669 $73 $5,742 $11,526 $105 $11,631 
Interest cost53,503 8,856 62,359 56,793 9,218 66,011 35,350 5,142 40,492 
Expected return on plan assets(72,432)— (72,432)(76,489)— (76,489)(55,229)— (55,229)
Amortization and other costs10,413 3,970 14,383 2,654 3,538 6,192 13,065 6,572 19,637 
Amortization of prior service (credit)/cost(1,945)47 (1,898)(1,945)50 (1,895)(1,945)48 (1,897)
Effect of settlement— (40)(40)— — — — — — 
Net periodic pension (credit)/cost$(4,298)$12,906 $8,608 $(13,318)$12,879 $(439)$2,767 $11,867 $14,634 
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)
Other changes in plan assets and benefit obligations recognized in other comprehensive income were as follows:
(In thousands)December 31, 2024December 31, 2023December 31, 2022
Net actuarial loss/(gain)$31,829 $19,100 $(22,500)
Amortization of loss(14,383)(6,192)(19,637)
Amortization of prior service credit1,898 1,895 1,897 
Effect of settlement40 — — 
Total recognized in other comprehensive income19,384 14,803 (40,240)
Net periodic pension (credit)/cost8,608 (439)14,634 
Total recognized in net periodic pension benefit cost and other comprehensive income$27,992 $14,364 $(25,606)
Schedule of Changes in Projected Benefit Obligations and Plan Assets
The changes in the benefit obligation and plan assets and other amounts recognized in other comprehensive loss were as follows:
December 31, 2024December 31, 2023
(In thousands)Qualified
Plans		Non-
Qualified
Plans		All PlansQualified
Plans		Non-
Qualified
Plans		All Plans
Change in benefit obligation
Benefit obligation at beginning of year$1,068,489 $180,556 $1,249,045 $1,076,412 $179,608 $1,256,020 
Service cost6,163 73 6,236 5,669 73 5,742 
Interest cost53,503 8,856 62,359 56,793 9,218 66,011 
Actuarial (gain)/loss(27,816)(5,843)(33,659)39,116 8,089 47,205 
Benefits paid(74,013)(16,793)(90,806)(109,501)(16,463)(125,964)
Effects of change in currency conversion— (68)(68)— 31 31 
Benefit obligation at end of year1,026,326 166,781 1,193,107 1,068,489 180,556 1,249,045 
Change in plan assets
Fair value of plan assets at beginning of year1,151,505 — 1,151,505 1,145,933 — 1,145,933 
Actual return on plan assets6,944 — 6,944 104,595 — 104,595 
Employer contributions13,192 16,793 29,985 10,478 16,463 26,941 
Benefits paid(74,013)(16,793)(90,806)(109,501)(16,463)(125,964)
Fair value of plan assets at end of year1,097,628 — 1,097,628 1,151,505 — 1,151,505 
Net amount recognized$71,302 $(166,781)$(95,479)$83,016 $(180,556)$(97,540)
Amount recognized in the Consolidated Balance Sheets
Pension assets$71,302 $— $71,302 $83,016 $— $83,016 
Current liabilities— (16,002)(16,002)— (16,672)(16,672)
Noncurrent liabilities— (150,779)(150,779)— (163,884)(163,884)
Net amount recognized$71,302 $(166,781)$(95,479)$83,016 $(180,556)$(97,540)
Amount recognized in accumulated other comprehensive loss
Actuarial loss$473,759 $64,031 $537,790 $446,500 $73,804 $520,304 
Prior service credit(7,117)442 (6,675)(9,062)489 (8,573)
Total$466,642 $64,473 $531,115 $437,438 $74,293 $511,731 
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
Information for pension plans with an accumulated benefit obligation and projected benefit obligation in excess of plan assets was as follows:
(In thousands)December 31, 2024December 31, 2023
Projected benefit obligation$166,781 $180,556 
Accumulated benefit obligation$166,486 $180,269 
Fair value of plan assets$— $— 
Schedule of Assumptions Used
Weighted-average assumptions used in the actuarial computations to determine benefit obligations for qualified pension plans were as follows:
December 31, 2024December 31, 2023
Discount rate5.73 %5.25 %
Rate of increase in compensation levels(1)
7.28 %3.00 %
(1)7.28% for 2024, 3.04% for 2025 and 3.00% thereafter
The rate of increase in compensation levels is applicable only for the APP that has not been frozen.
Weighted-average assumptions used in the actuarial computations to determine net periodic pension cost for qualified plans were as follows:
December 31, 2024December 31, 2023December 31, 2022
Discount rate for determining projected benefit obligation5.25 %5.66 %2.94 %
Discount rate in effect for determining service cost5.41 %5.59 %3.14 %
Discount rate in effect for determining interest cost5.19 %5.46 %2.45 %
Rate of increase in compensation levels3.00 %3.00 %3.00 %
Expected long-term rate of return on assets5.93 %5.61 %3.75 %
Weighted-average assumptions used in the actuarial computations to determine benefit obligations for non-qualified plans were as follows:
December 31, 2024December 31, 2023
Discount rate5.62 %5.21 %
Rate of increase in compensation levels3.00 %3.00 %
The rate of increase in compensation levels is applicable only for the foreign plan that has not been frozen.
Weighted-average assumptions used in the actuarial computations to determine net periodic pension cost for non-qualified plans were as follows:
December 31, 2024December 31, 2023December 31, 2022
Discount rate for determining projected benefit obligation5.21 %5.64 %2.81 %
Discount rate in effect for determining interest cost5.16 %5.39 %2.24 %
Rate of increase in compensation levels3.00 %3.00 %2.50 %
Schedule of Allocation of Plan Assets
The following asset allocation guidelines apply to the Return-Seeking Assets as of December 31, 2024:
Asset CategoryPercentage RangeActual
Public Equity70%-90%85 %
Growth Fixed Income0%-15%0 %
Alternatives 0%-15%3 %
Cash(1)
0%-10%12 %
(1)Cash balances exceeded targets as of December 31, 2024 due to immediate cash needs.
The asset allocations by asset category for both Liability-Hedging and Return-Seeking Assets, as of December 31, 2024, were as follows:
Asset CategoryPercentage RangeActual
Liability-Hedging85.5%-90.5%88 %
Public Equity6.7%-13.1%10 %
Growth Fixed Income0%-2%0 %
Alternatives0%-2%1 %
Cash0%-1%1 %
The fair value of the assets underlying the Pension Plan and the joint-sponsored APP by asset category are as follows:
December 31, 2024
(In thousands)Quoted Prices
Markets for
Identical Assets		Significant
Observable
Inputs		Significant
Unobservable
Inputs
Investment
Measured at Net
Asset Value(2)
 
Asset Category(Level 1)(Level 2)(Level 3)Total
Equity Securities:
U.S. Equities$523 $— $— $— $523 
International Equities16,654 — — — 16,654 
Registered Investment Companies71,309 — — — 71,309 
Common/Collective Funds(1)
— — — 249,033 249,033 
Fixed Income Securities:
Corporate Bonds— 534,310 — — 534,310 
U.S. Treasury and Other Government Securities— 105,135 — — 105,135 
Municipal and Provincial Bonds— 24,155 — — 24,155 
Other— 31,441 — — 31,441 
Cash and Cash Equivalents— — — 61,413 61,413 
Private Equity— — — 2,811 2,811 
Hedge Fund— — — 845 845 
Assets at Fair Value$88,486 $695,041 $— $314,102 $1,097,629 
(1)The underlying assets of the common/collective funds primarily consist of equity and fixed income securities. The fair value in the above table represents our ownership share of the NAV of the underlying funds.
(2)Certain investments that are measured at fair value using the NAV per share (or its equivalent) have not been classified in the fair value hierarchy.
December 31, 2023
(In thousands)Quoted Prices
Markets for
Identical Assets		Significant
Observable
Inputs		Significant
Unobservable
Inputs
Investment
Measured at Net
Asset Value(2)
 
Asset Category(Level 1)(Level 2)(Level 3)Total
Equity Securities:
U.S. Equities$395 $— $— $— $395 
International Equities15,776 — — — 15,776 
Registered Investment Companies174,024 — — — 174,024 
Common/Collective Funds(1)
— — — 285,387 285,387 
Fixed Income Securities:
Corporate Bonds— 537,032 — — 537,032 
U.S. Treasury and Other Government Securities— 48,993 — — 48,993 
Municipal and Provincial Bonds— 27,702 — — 27,702 
Other— 14,711 — — 14,711 
Cash and Cash Equivalents— — — 27,516 27,516 
Private Equity— — — 4,305 4,305 
Hedge Fund— — — 15,664 15,664 
Assets at Fair Value$190,195 $628,438 $— $332,872 $1,151,505 
(1)The underlying assets of the common/collective funds primarily consist of equity and fixed income securities. The fair value in the above table represents our ownership share of the NAV of the underlying funds.
(2)Certain investments that are measured at fair value using the NAV per share (or its equivalent) have not been classified in the fair value hierarchy.
Schedule of Expected Benefit Payments
The following benefit payments, which reflect future service for plans that have not been frozen, are expected to be paid:
 Plans 
(In thousands)QualifiedNon-
Qualified		Total
2025$89,640 $16,406 $106,046 
202677,745 16,089 93,834 
202778,831 15,931 94,762 
202879,756 15,799 95,555 
202980,481 15,564 96,045 
2030-2034(1)
397,757 68,960 466,717 
(1)While benefit payments under these plans are expected to continue beyond 2034, we have presented in this table only those benefit payments estimated over the next 10 years.
Schedule of Multi Employer Plans
EIN/Pension Plan Number Pension Protection Act Zone StatusFIP/RP Status Pending/Implemented(In thousands) Contributions of the CompanySurcharge Imposed Collective Bargaining Agreement Expiration Date
Pension Fund202420232024
2023(4)
2022
CWA/ITU Negotiated Pension Plan13-6212879-001Critical and Declining as of 1/01/24Critical and Declining as of 1/01/23Implemented$233 $263 $328 No(1)
Newspaper and Mail Deliverers’-Publishers’ Pension Fund(2)
13-6122251-001Green as of 6/01/24Green as of 6/01/23N/A702 703 804 No3/30/2026
GCIU-Employer Retirement Benefit Plan(5)
91-6024903-001Critical and Declining as of 1/01/24Critical and Declining as of 1/01/23Implemented47 54 56 No3/30/2026
Pressmen’s Publishers’ Pension Fund(4)
13-6121627-001
N/A(3)
N/A(3)
N/A— 41 1,447  No3/30/2027
Paper Handlers’-Publishers’ Pension Fund(4)
13-6104795-001
N/A(6)
Critical and Declining as of 4/01/23N/A— 95 96 Yes3/30/2026
Contributions for individually significant plans$982 $1,156 $2,731 
Contributions for a plan not individually significant$22 $29 $36 
Total Contributions$1,004 $1,185 $2,767 
(1)There are two collective bargaining agreements requiring contributions to this plan: Mailers, which expires March 30, 2027, and Typographers, which expires March 30, 2025.
(2)Elections under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010: Extended Amortization of Net Investment Losses (IRC Section 431(b)(8)(A)) and the Expanded Smoothing Period (IRC Section 431(b)(8)(B)).
(3)The plan terminated by mass withdrawal prior to the start of the 2023 plan year.
(4)The Company withdrew from the Pressmen’s Publishers’ Pension Fund and the Paper Handlers’ - Publishers’ Pension Fund during calendar year 2023.
(5)The Company withdrew from the GCIU-Employer Retirement Benefit Plan during calendar year 2024.
(6)The plan terminated by mass withdrawal prior to the start of the 2024 plan year.
The rehabilitation plan for the GCIU-Employer Retirement Benefit Plan includes minimum annual contributions no less than the total annual contribution made by us from September 1, 2008, through August 31, 2009.
The Company was listed in the plans’ respective Forms 5500 as providing more than 5% of the total contributions for the following plans and plan years:
Pension FundYear Contributions to Plan Exceeded More Than 5% of Total Contributions (as of Plan’s Year-End)
Newspaper and Mail Deliverers’-Publishers’ Pension Fund
5/31/2023 & 5/31/2022(1)
Pressmen’s Publisher’s Pension Fund3/31/2023 & 3/31/2022
Paper Handlers’-Publishers’ Pension Fund3/31/2024, 3/31/2023 & 3/31/2022
(1) Form 5500 for the plan year ended 5/31/2024 was not available as of the date we filed our financial statements.
Other Postretirement Benefit Plans  
Pension Benefits  
Schedule of Components of Net Periodic Benefit Cost
The components of net periodic postretirement benefit cost were as follows:
(In thousands)December 31, 2024December 31, 2023December 31, 2022
Service cost$16 $33 $46 
Interest cost1,088 1,500 731 
Amortization and other costs695 1,945 3,293 
Amortization of prior service credit— — (368)
Net periodic postretirement benefit cost$1,799 $3,478 $3,702 
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)
The changes in the benefit obligations recognized in other comprehensive loss were as follows:
(In thousands)December 31, 2024December 31, 2023December 31, 2022
Net actuarial gain$(4,362)$(6,916)$(6,801)
Amortization of loss(695)(1,945)(3,293)
Amortization of prior service credit— — 368 
Total recognized in other comprehensive (income)/loss(5,057)(8,861)(9,726)
Net periodic postretirement benefit cost1,799 3,478 3,702 
Total recognized in net periodic postretirement benefit cost and other comprehensive (income)/loss$(3,258)$(5,383)$(6,024)
Schedule of Changes in Projected Benefit Obligations and Plan Assets
The changes in the benefit obligation and plan assets and other amounts recognized in other comprehensive loss were as follows:
(In thousands)December 31, 2024December 31, 2023
Change in benefit obligation
Benefit obligation at beginning of year$22,912 $30,696 
Service cost16 33 
Interest cost1,088 1,500 
Plan participants’ contributions1,980 2,060 
Actuarial gain(4,362)(6,916)
Benefits paid(4,220)(4,461)
Benefit obligation at the end of year17,414 22,912 
Change in plan assets
Employer contributions2,240 2,401 
Plan participants’ contributions1,980 2,060 
Benefits paid(4,220)(4,461)
Fair value of plan assets at end of year— — 
Net amount recognized$(17,414)$(22,912)
Amount recognized in the Consolidated Balance Sheets
Current liabilities$(2,707)$(3,510)
Noncurrent liabilities(14,707)(19,402)
Net amount recognized$(17,414)$(22,912)
Amount recognized in accumulated other comprehensive loss
Actuarial loss$1,619 $6,676 
Prior service credit— — 
Total$1,619 $6,676 
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
Information for postretirement plans with accumulated benefit obligations in excess of plan assets was as follows:
(In thousands)December 31, 2024December 31, 2023
Accumulated benefit obligation$17,414 $22,912 
Fair value of plan assets$— $— 
Schedule of Assumptions Used
Weighted-average assumptions used in the actuarial computations to determine the postretirement benefit obligations were as follows:
December 31, 2024December 31, 2023
Discount rate5.42 %5.16 %
Estimated increase in compensation level3.50 %3.50 %
Weighted-average assumptions used in the actuarial computations to determine net periodic postretirement cost were as follows:
December 31, 2024December 31, 2023December 31, 2022
Discount rate for determining projected benefit obligation5.16 %5.55 %2.55 %
Discount rate in effect for determining service cost5.22 %5.55 %2.58 %
Discount rate in effect for determining interest cost5.15 %5.26 %1.91 %
Estimated increase in compensation level3.50 %3.50 %3.50 %
Schedule of Health Care Cost Trend Rates
The assumed health-care cost trend rates were as follows:
December 31, 2024December 31, 2023
Health-care cost trend rate6.58 %6.71 %
Rate to which the cost trend rate is assumed to decline (ultimate trend rate)4.75 %4.75 %
Year that the rate reaches the ultimate trend rate20332030
Schedule of Expected Benefit Payments
The following benefit payments (net of plan participant contributions) under our Company’s postretirement plans, which reflect expected future services, are expected to be paid:
(In thousands)Amount
2025$2,819 
20262,564 
20272,335 
20282,134 
20291,915 
2030-2034(1)
6,688 
(1)While benefit payments under these plans are expected to continue beyond 2034, we have presented in this table only those benefit payments estimated over the next 10 years.
v3.25.0.1
Other (Tables)
 12 Months Ended
Dec. 31, 2024
Other Income and Expenses [Abstract]  
Schedule of Other Liabilities
The components of the Other liabilities — Other balance in our Consolidated Balance Sheets were as follows:
(In thousands)December 31, 2024December 31, 2023
Deferred compensation$13,230 $13,752 
Noncurrent operating lease liabilities37,255 42,905 
Contingent consideration— 3,195 
Other liabilities35,615 41,112 
Total$86,100 $100,964 
Schedule of Interest Income and Other, Net
Interest income and other, net, as shown in the accompanying Consolidated Statements of Operations, was as follows:
(In thousands)December 31, 2024December 31, 2023December 31, 2022
Interest income and other, net(1)
$37,502 $22,116 $7,264 
Gain on the sale of land (1)
— — 34,227 
Interest expense(1,017)(1,014)(800)
Total interest income and other, net$36,485 $21,102 $40,691 
(1)On December 9, 2020, we entered into an agreement to lease and subsequently sell approximately four acres of land at our printing and distribution facility in College Point, N.Y., subject to certain conditions. The lease commenced on April 11, 2022. At the time of the lease expiration in February 2025, we will sell the parcel to the lessee for approximately $36 million. The transaction is accounted for as a sales-type lease and, as a result, we recognized a gain of approximately $34 million (net of commissions) at the time of lease commencement. Interest income related to this lease was $1.8 million in 2024 and 2023, respectively.
Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash
A reconciliation of cash, cash equivalents and restricted cash as of December 31, 2024, and December 31, 2023, from the Consolidated Balance Sheets to the Consolidated Statements of Cash Flows is as follows:
(In thousands)December 31, 2024December 31, 2023
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents$199,448 $289,472 
Restricted cash included within miscellaneous assets14,409 13,700 
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows$213,857 $303,172 
Schedule of Restrictions on Cash and Cash Equivalents
A reconciliation of cash, cash equivalents and restricted cash as of December 31, 2024, and December 31, 2023, from the Consolidated Balance Sheets to the Consolidated Statements of Cash Flows is as follows:
(In thousands)December 31, 2024December 31, 2023
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents$199,448 $289,472 
Restricted cash included within miscellaneous assets14,409 13,700 
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows$213,857 $303,172 
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation
Reconciliations between the effective tax rate on income from continuing operations before income taxes and the federal statutory rate are presented below.
 December 31, 2024December 31, 2023December 31, 2022
(In thousands)Amount% of
Pre-tax		Amount% of
Pre-tax		Amount% of
Pre-tax
Tax at federal statutory rate$80,519 21.0 $63,544 21.0 $49,560 21.0 
State and local taxes, net21,043 5.5 18,445 6.1 16,855 7.1 
(Decrease)/increase in uncertain tax positions(1,728)(0.5)1,763 0.6 (220)(0.1)
(Gain)/loss on company-owned life insurance(675)(0.2)(735)(0.2)857 0.4 
Nondeductible expense1,960 0.5 1,492 0.5 780 0.3 
Nondeductible executive compensation2,154 0.6 2,175 0.7 3,985 1.7 
Stock-based awards expense/(benefit)154 — 478 0.2 (1,119)(0.5)
Deduction for foreign-derived intangible income(4,706)(1.2)(3,985)(1.3)(3,166)(1.3)
Research and experimentation credit(9,518)(2.5)(12,683)(4.2)(6,699)(2.8)
Other, net395 0.2 (658)(0.2)1,261 0.5 
Income tax expense$89,598 23.4 $69,836 23.2 $62,094 26.3 
Schedule of Components of Income Tax Expense (Benefit)
The components of income tax expense as shown in our Consolidated Statements of Operations were as follows:
(In thousands)December 31, 2024December 31, 2023December 31, 2022
Current tax expense/(benefit)
Federal$54,547 $56,139 $75,495 
Foreign2,360 2,590 1,897 
State and local24,751 30,901 30,855 
Total current tax expense81,658 89,630 108,247 
Deferred tax expense/(benefit)
Federal4,713 (12,715)(36,344)
State and local3,227 (7,079)(9,809)
Total deferred tax expense7,940 (19,794)(46,153)
Income tax expense$89,598 $69,836 $62,094 
Schedule of Deferred Tax Assets and Liabilities
The components of the net deferred tax assets and liabilities recognized in our Consolidated Balance Sheets were as follows:
(In thousands)December 31, 2024December 31, 2023
Deferred tax assets
Retirement, postemployment and deferred compensation plans$54,464 $60,398 
Accruals for other employee benefits, compensation, insurance and other17,482 36,968 
Net operating losses(1)
35,837 42,944 
Operating lease liabilities12,643 14,144 
Capitalized research and development costs94,930 68,113 
Other27,919 36,387 
Gross deferred tax assets$243,275 $258,954 
Valuation allowance(5,332)(3,240)
Net deferred tax assets$237,943 $255,714 
Deferred tax liabilities
Property, plant and equipment$31,401 $37,950 
Intangible assets73,536 79,718 
Operating lease right-of-use assets8,774 9,626 
Other12,835 13,915 
Gross deferred tax liabilities$126,546 $141,209 
Net deferred tax asset$111,397 $114,505 
(1)Includes federal tax operating loss carryforwards acquired in connection with The Athletic Media Company acquisition.
Schedule of Unrecognized Tax Benefits
A reconciliation of unrecognized tax benefits is as follows:
(In thousands)December 31, 2024December 31, 2023December 31, 2022
Balance at beginning of year$7,074 $5,528 $5,891 
Gross additions to tax positions taken during the current year840 2,466 1,504 
Gross additions to tax positions taken during the prior year1,630 877 73 
Gross reductions to tax positions taken during the prior year(2,305)(8)— 
Reductions from settlements with taxing authorities(1,924)(1,185)(1,116)
Reductions from lapse of applicable statutes of limitations(383)(604)(824)
Balance at end of year$4,932 $7,074 $5,528 
v3.25.0.1
Stock-Based Awards (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-based Compensation Expense
Total stock-based compensation expense included in the Consolidated Statement of Operations is as follows:
(In thousands)December 31, 2024December 31, 2023December 31, 2022
Cost of revenue$16,829 $12,804 $8,031 
Marketing1,598 1,604 1,243 
Product development25,953 20,188 10,875 
General and administrative23,119 20,180 15,157 
Total stock-based compensation expense$67,499 $54,776 $35,306 
Schedule of Share-based Compensation, Restricted Stock Units Award Activity Changes in our Company’s stock-settled restricted stock units in 2024 were as follows:
December 31, 2024
(Shares in thousands)Restricted
Stock
Units		Weighted-Average
Grant-Date
Fair Value
Outstanding at beginning of period2,602 $40 
Granted1,363 44 
Vested(1,044)41 
Forfeited(290)41 
Outstanding at end of period2,631 $41 
Exercisable at end of period199 $32 
Unvested stock-settled restricted stock units at beginning of period2,430 $40 
Unvested stock-settled restricted stock units at end of period2,432 $42 
Unvested stock-settled restricted stock units expected to vest at end of period2,209 $42 
Schedule of Common Stock Reserved For Issuance
Shares of Class A Common Stock reserved for issuance were as follows:
(Shares in thousands)December 31, 2024December 31, 2023
Stock options, stock–settled restricted stock units and stock-settled performance awards
Stock options and stock-settled restricted stock units2,6312,602
Stock-settled performance awards(1)
1,7381,403
Outstanding4,3694,005
Available10,61811,688
Employee Stock Purchase Plan
Available7,6577,883
Total Outstanding4,3694,005
Total Available(2)
18,27519,571
(1)The number of shares actually earned at the end of the multi-year performance period will vary, based on actual performance, from 0% to 200% of the target number of performance awards granted. The maximum number of shares that could be issued is included in the table above.
(2)As of December 31, 2024, the 2020 Incentive Plan had approximately 11 million shares of Class A Common Stock available for issuance upon the grant, exercise or other settlement of stock-based awards. This amount includes shares subject to awards under the 2010 Incentive Plan that were canceled, forfeited or otherwise terminated, or withheld to satisfy the tax withholding requirements, in accordance with the terms of the 2020 Incentive Plan.
v3.25.0.1
Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)
The following table summarizes the changes in AOCI by component as of December 31, 2024:
(In thousands)Foreign Currency Translation AdjustmentsFunded Status of Benefit PlansNet Unrealized Gain on Available-for-Sale SecuritiesTotal Accumulated Other Comprehensive Loss
Balance as of December 31, 2023$910 $(353,286)$(486)$(352,862)
Other comprehensive (loss)/income before reclassifications, before tax(4,980)(27,467)1,784 (30,663)
Amounts reclassified from accumulated other comprehensive loss, before tax— 13,140 — 13,140 
Income tax (benefit)/expense(1,308)(3,739)468 (4,579)
Net current-period other comprehensive (loss)/income, net of tax(3,672)(10,588)1,316 (12,944)
Balance as of December 31, 2024$(2,762)$(363,874)$830 $(365,806)
Schedule of Reclassification out of Accumulated Other Comprehensive Income
The following table summarizes the reclassifications from AOCI for the period ended December 31, 2024:
(In thousands)
Detail about accumulated other comprehensive loss components
Amounts reclassified from accumulated other comprehensive lossAffected line item in the statement where net income is presented
Funded status of benefit plans:
Amortization of prior service credit(1)
$(1,898)Other components of net periodic benefit (costs)/income
Amortization of actuarial loss(1)
15,078 Other components of net periodic benefit (costs)/income
Pension settlement charge (40)Other components of net periodic benefit (costs)/income
Total reclassification, before tax13,140 
Income tax expense(3,453)Income tax expense
Total reclassification, net of tax$16,593 
(1)These AOCI components are included in the computation of net periodic benefit cost for pension and other retirement benefits. See Note 9 for additional information.
v3.25.0.1
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Segment Information
The following tables present segment information:
Year ended December 31, 2024
(in thousands)NYTGThe Athletic
I/E(1)
Total
Revenues
Subscription$1,667,948 $120,259 $— $1,788,207 
Advertising472,947 33,364 — 506,311 
Other275,189 18,462 (2,250)291,401 
Total revenues$2,416,084 $172,085 $(2,250)$2,585,919 
Less:
Cost of revenue (excluding depreciation and amortization)$1,209,078 $102,686 $(2,250)$1,309,514 
Sales and marketing248,300 30,125 — 278,425 
Product development213,947 34,251 — 248,198 
Adjusted general and administrative(2)
284,374 10,006 294,380 
Total adjusted operating profit (loss)$460,385 $(4,983)$— $455,402 
Less:
Other components of net periodic benefit costs4,158 
Depreciation and amortization82,936 
Severance7,512 
Multiemployer pension plan withdrawal costs6,038 
Generative AI Litigation Costs10,800 
Multiemployer pension plan liability adjustment(2,980)
Add:
Interest income and other, net36,485 
Income before income taxes$383,423 
(1)Intersegment eliminations (“I/E”) related to content licensing recorded in Other revenues and Cost of revenues (excluding depreciation and amortization).
(2)Excludes severance and multiemployer pension plan withdrawal costs.
Year ended December 31, 2023
(in thousands)NYTGThe Athletic
I/E(1)
Total
Revenues
Subscription$1,555,705 $100,448 $— $1,656,153 
Advertising477,261 27,945 — 505,206 
Other262,571 2,878 (656)264,793 
Total Revenues$2,295,537 $131,271 $(656)$2,426,152 
Less:
Cost of revenue (excluding depreciation and amortization)$1,157,527 $92,190 $(656)$1,249,061 
Sales and marketing223,464 36,763 — 260,227 
Product development203,813 24,991 — 228,804 
Adjusted general and administrative(2)
289,452 8,757 — 298,209 
Total adjusted operating profit (loss)$421,281 $(31,430)$— $389,851 
Less:
Other components of net periodic benefit income(2,737)
Depreciation and amortization86,115 
Severance7,582 
Multiemployer pension plan withdrawal costs5,248 
Impairment charges15,239 
Multiemployer pension plan liability adjustment(605)
Add:
Gain from joint ventures2,477 
Interest income and other, net21,102 
Income before income taxes$302,588 
(1)Intersegment eliminations (“I/E”) related to content licensing recorded in Other revenues and Cost of revenues (excluding depreciation and amortization).
(2)Excludes severance and multiemployer pension plan withdrawal costs.
Year ended December 31, 2022
(52 weeks and five days)(1)
(in thousands)NYTGThe Athletic
I/E(2)
Total
Revenues
Subscription$1,480,295 $72,067 $— $1,552,362 
Advertising511,321 11,967 — 523,288 
Other232,060 611 — 232,671 
Total Revenues$2,223,676 $84,645 $— $2,308,321 
Less:
Cost of revenue (excluding depreciation and amortization)$1,134,553 $74,380 $— $1,208,933 
Sales and marketing242,333 25,220 — 267,553 
Product development187,434 16,751 — 204,185 
Adjusted general and administrative(3)
270,307 9,412 — 279,719 
Total adjusted operating profit (loss)$389,049 $(41,118)$— $347,931 
Less:
Other components of net periodic benefit costs6,659 
Depreciation and amortization82,654 
Severance4,669 
Multiemployer pension plan withdrawal costs4,871 
Acquisition-related costs34,712 
Impairment charges4,069 
Multiemployer pension plan liability adjustment14,989 
Add:
Interest income and other, net40,691 
Income before income taxes$235,999 
(1)The results of The Athletic have been included in our Consolidated Financial Statements beginning February 1, 2022.
(2)Intersegment eliminations (“I/E”) related to content licensing recorded in Other revenues and Cost of revenues (excluding depreciation and amortization).
(3)Excludes severance and multiemployer pension plan withdrawal costs.
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule of Assets And Liabilities
The table below presents the lease-related assets and liabilities recorded on the balance sheet:
(In thousands)Classification in the Consolidated Balance SheetDecember 31, 2024December 31, 2023
Operating lease right-of-use assetsRight of use assets$32,315 $35,374 
Current operating lease liabilitiesAccrued expenses and other$10,520 $10,081 
Noncurrent operating lease liabilitiesOther37,255 42,905 
Total operating lease liabilities$47,775 $52,986 
Schedule of Operating Lease Costs
The total lease cost for operating leases included in operating costs in our Consolidated Statement of Operations was as follows:
For the Twelve Months Ended
(In thousands)December 31, 2024December 31, 2023December 31, 2022
Operating lease cost$11,593 $12,026 $13,553 
Short term and variable lease cost2,111 1,645 1,714 
Total lease cost$13,704 $13,671 $15,267 
The table below presents supplemental cash flow information:
For the Twelve Months Ended
(In thousands)December 31, 2024December 31, 2023December 31, 2022
Cash paid for amounts included in the measurement of operating lease liabilities$13,679 $13,476 $12,881 
Right-of-use assets obtained in exchange for operating lease liabilities$6,298 $2,850 $5,970 
The table below presents additional information regarding operating leases:
December 31, 2024December 31, 2023
Weighted-average remaining lease term5.6 years6.4 years
Weighted-average discount rate5.10 %5.04 %
Schedule of Operating Lease Liability Maturity
Maturities of lease liabilities on an annual basis for the Company’s operating leases as of December 31, 2024, were as follows:
(In thousands)Amount
2025$12,413 
20269,466 
20277,909 
20287,348 
20295,575 
Later years12,577 
Total lease payments$55,288 
Less: Interest(7,513)
Present value of lease liabilities$47,775 
Schedule of Operating Lease, Lease Income
We generate building rental revenue from the floors in the Company Headquarters that we lease to third parties. The building rental revenue was as follows:
For the Twelve Months Ended
(In thousands)December 31, 2024December 31, 2023December 31, 2022
Building rental revenue$26,605 $27,163 $28,516 
Schedule of Cash Flows To Be Received
Maturities of lease payments to be received on an annual basis for the Company’s office space operating leases as of December 31, 2024, were as follows:
(In thousands)Amount
2025$29,344 
202629,344 
202729,337 
202814,708 
202910,620 
Later years47,115 
Total building rental payments from operating leases$160,468 
v3.25.0.1
Basis of Presentation (Details)
 12 Months Ended
Dec. 31, 2024
segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of reportable segments 2
v3.25.0.1
Summary of Significant Accounting Policies (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Impairment of leased assets $ 0  
Self insurance reserve $ 27,600,000 $ 28,000,000
Minimum | Building and Building Improvements    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Property, plant and equipment, useful life 10 years  
Minimum | Equipment    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Property, plant and equipment, useful life 3 years  
Minimum | Computer Software, Intangible Asset    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Property, plant and equipment, useful life 2 years  
Maximum | Building and Building Improvements    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Property, plant and equipment, useful life 40 years  
Maximum | Equipment    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Property, plant and equipment, useful life 30 years  
Maximum | Computer Software, Intangible Asset    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Property, plant and equipment, useful life 5 years  
v3.25.0.1
Revenue - Subscription, Advertising, and Other Revenues (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]      
Total revenues $ 2,585,919 $ 2,426,152 $ 2,308,321
Product and service benchmark | Product concentration risk      
Disaggregation of Revenue [Line Items]      
As % of total 100.00% 100.00% 100.00%
Subscription      
Disaggregation of Revenue [Line Items]      
Total revenues $ 1,788,207 $ 1,656,153 $ 1,552,362
Subscription | Product and service benchmark | Product concentration risk      
Disaggregation of Revenue [Line Items]      
As % of total 69.20% 68.30% 67.30%
Advertising      
Disaggregation of Revenue [Line Items]      
Total revenues $ 506,311 $ 505,206 $ 523,288
Advertising | Product and service benchmark | Product concentration risk      
Disaggregation of Revenue [Line Items]      
As % of total 19.60% 20.80% 22.70%
Other      
Disaggregation of Revenue [Line Items]      
Total revenues $ 291,401 $ 264,793 $ 232,671
Other | Product and service benchmark | Product concentration risk      
Disaggregation of Revenue [Line Items]      
As % of total 11.20% 10.90% 10.00%
Real Estate      
Disaggregation of Revenue [Line Items]      
Revenue not from contract with customer $ 27,000 $ 27,000 $ 29,000
v3.25.0.1
Revenue - Digital-only Subscription Revenue (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]      
Total revenues $ 2,585,919 $ 2,426,152 $ 2,308,321
Subscription      
Disaggregation of Revenue [Line Items]      
Total revenues $ 1,788,207 $ 1,656,153 $ 1,552,362
Subscription | Subscription revenue benchmark | Product concentration risk      
Disaggregation of Revenue [Line Items]      
As % of total 100.00% 100.00% 100.00%
Subscription | Digital advertising revenues      
Disaggregation of Revenue [Line Items]      
Total revenues $ 1,254,592 $ 1,099,439 $ 978,574
Subscription | Digital advertising revenues | Subscription revenue benchmark | Product concentration risk      
Disaggregation of Revenue [Line Items]      
As % of total 70.20% 66.40% 63.00%
Subscription | Print advertising revenues      
Disaggregation of Revenue [Line Items]      
Total revenues $ 533,615 $ 556,714 $ 573,788
Subscription | Print advertising revenues | Subscription revenue benchmark | Product concentration risk      
Disaggregation of Revenue [Line Items]      
As % of total 29.80% 33.60% 37.00%
v3.25.0.1
Revenue - Advertising Revenues (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]      
Acquired revenue $ 2,585,919 $ 2,426,152 $ 2,308,321
Advertising benchmark | Product concentration risk      
Disaggregation of Revenue [Line Items]      
As % of total 100.00% 100.00% 100.00%
Advertising      
Disaggregation of Revenue [Line Items]      
Acquired revenue $ 506,311 $ 505,206 $ 523,288
Digital advertising revenues | Advertising benchmark | Product concentration risk      
Disaggregation of Revenue [Line Items]      
As % of total 67.60% 62.90% 60.90%
Digital advertising revenues | Advertising      
Disaggregation of Revenue [Line Items]      
Acquired revenue $ 342,092 $ 317,744 $ 318,440
Print advertising revenues | Advertising benchmark | Product concentration risk      
Disaggregation of Revenue [Line Items]      
As % of total 32.40% 37.10% 39.10%
Print advertising revenues | Advertising      
Disaggregation of Revenue [Line Items]      
Acquired revenue $ 164,219 $ 187,462 $ 204,848
v3.25.0.1
Revenue - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligation   $ 148.0
Unexpired subscriptions $ 172.8  
Contract assets $ 3.5 5.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligation   $ 95.0
Remaining performance obligation, period   1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligation   $ 28.0
Remaining performance obligation, period   1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligation   $ 25.0
Remaining performance obligation, period   3 years
v3.25.0.1
Marketable Securities - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Line of Credit Facility [Line Items]    
Net unrealized gain (loss) in other comprehensive income $ 1,100,000 $ (700,000)
OTTI loss recognized $ 0 $ 0
Short-term Marketable Securities | Minimum    
Line of Credit Facility [Line Items]    
Remaining maturities on short-term and long-term marketable securities 1 month  
Short-term Marketable Securities | Maximum    
Line of Credit Facility [Line Items]    
Remaining maturities on short-term and long-term marketable securities 12 months  
Long-term Marketable Securities | Minimum    
Line of Credit Facility [Line Items]    
Remaining maturities on short-term and long-term marketable securities 13 months  
Long-term Marketable Securities | Maximum    
Line of Credit Facility [Line Items]    
Remaining maturities on short-term and long-term marketable securities 27 months  
v3.25.0.1
Marketable Securities - Available for Sale Securities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Short-term AFS securities    
Amortized cost, short-term AFS securities $ 365,600 $ 164,612
Gross unrealized gains, short-term AFS securities 926 61
Gross unrealized losses, short-term AFS securities (52) (2,579)
Fair value, short-term AFS securities 366,474 162,094
Long-term AFS securities    
Amortized cost, long-term AFS securities 345,708 255,796
Gross unrealized gains, long-term AFS securities 802 1,909
Gross unrealized losses, long-term AFS securities (564) (72)
Fair value, long-term AFS securities 345,946 257,633
U.S. Treasury securities    
Short-term AFS securities    
Amortized cost, short-term AFS securities 203,238 48,721
Gross unrealized gains, short-term AFS securities 511 55
Gross unrealized losses, short-term AFS securities (20) (667)
Fair value, short-term AFS securities 203,729 48,109
Long-term AFS securities    
Amortized cost, long-term AFS securities 154,936 148,878
Gross unrealized gains, long-term AFS securities 258 1,023
Gross unrealized losses, long-term AFS securities (261) (42)
Fair value, long-term AFS securities 154,933 149,859
Corporate debt securities    
Short-term AFS securities    
Amortized cost, short-term AFS securities 153,988 109,891
Gross unrealized gains, short-term AFS securities 415 6
Gross unrealized losses, short-term AFS securities (28) (1,828)
Fair value, short-term AFS securities 154,375 108,069
Long-term AFS securities    
Amortized cost, long-term AFS securities 190,772 103,061
Gross unrealized gains, long-term AFS securities 544 886
Gross unrealized losses, long-term AFS securities (303) (5)
Fair value, long-term AFS securities 191,013 103,942
Certificates of deposit    
Short-term AFS securities    
Amortized cost, short-term AFS securities 4,400  
Gross unrealized gains, short-term AFS securities 0  
Gross unrealized losses, short-term AFS securities 0  
Fair value, short-term AFS securities 4,400  
U.S. governmental agency securities    
Short-term AFS securities    
Amortized cost, short-term AFS securities 3,974 6,000
Gross unrealized gains, short-term AFS securities 0 0
Gross unrealized losses, short-term AFS securities (4) (84)
Fair value, short-term AFS securities $ 3,970 5,916
Long-term AFS securities    
Amortized cost, long-term AFS securities   3,857
Gross unrealized gains, long-term AFS securities   0
Gross unrealized losses, long-term AFS securities   (25)
Fair value, long-term AFS securities   $ 3,832
v3.25.0.1
Marketable Securities - Continuous Loss Position (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
U.S. Treasury securities    
Short-term AFS securities    
Fair value, less than 12 months, short-term AFS securities $ 13,023 $ 995
Gross unrealized losses, less than 12 months, short-term AFS securities (18) (1)
Fair value, 12 months or greater, short-term AFS securities 1,297 24,978
Gross unrealized losses, 12 months or greater, short-term AFS securities (2) (666)
Fair value, short-term AFS securities 14,320 25,973
Gross unrealized losses, short-term AFS securities (20) (667)
Long-term AFS securities    
Fair value, less than 12 months, long-term AFS securities 64,325 14,792
Gross unrealized losses, less than 12 months, long-term AFS securities (261) (36)
Fair value, 12 months or greater, long-term AFS securities 0 290
Gross unrealized losses, 12 months or greater, long-term AFS securities 0 (6)
Fair value, long-term AFS securities 64,325 15,082
Gross unrealized losses, long-term AFS securities (261) (42)
Corporate debt securities    
Short-term AFS securities    
Fair value, less than 12 months, short-term AFS securities 28,741 5,819
Gross unrealized losses, less than 12 months, short-term AFS securities (28) (5)
Fair value, 12 months or greater, short-term AFS securities 249 99,504
Gross unrealized losses, 12 months or greater, short-term AFS securities 0 (1,823)
Fair value, short-term AFS securities 28,990 105,323
Gross unrealized losses, short-term AFS securities (28) (1,828)
Long-term AFS securities    
Fair value, less than 12 months, long-term AFS securities 68,163 2,451
Gross unrealized losses, less than 12 months, long-term AFS securities (303) 0
Fair value, 12 months or greater, long-term AFS securities 0 245
Gross unrealized losses, 12 months or greater, long-term AFS securities 0 (5)
Fair value, long-term AFS securities 68,163 2,696
Gross unrealized losses, long-term AFS securities (303) (5)
U.S. governmental agency securities    
Short-term AFS securities    
Fair value, less than 12 months, short-term AFS securities 0 0
Gross unrealized losses, less than 12 months, short-term AFS securities 0 0
Fair value, 12 months or greater, short-term AFS securities 3,971 5,916
Gross unrealized losses, 12 months or greater, short-term AFS securities (4) (84)
Fair value, short-term AFS securities 3,971 5,916
Gross unrealized losses, short-term AFS securities (4) (84)
Long-term AFS securities    
Fair value, less than 12 months, long-term AFS securities   3,832
Gross unrealized losses, less than 12 months, long-term AFS securities   (25)
Fair value, 12 months or greater, long-term AFS securities   0
Gross unrealized losses, 12 months or greater, long-term AFS securities   0
Fair value, long-term AFS securities   3,832
Gross unrealized losses, long-term AFS securities   (25)
Total short-term AFS securities    
Short-term AFS securities    
Fair value, less than 12 months, short-term AFS securities 41,764 6,814
Gross unrealized losses, less than 12 months, short-term AFS securities (46) (6)
Fair value, 12 months or greater, short-term AFS securities 5,517 130,398
Gross unrealized losses, 12 months or greater, short-term AFS securities (6) (2,573)
Fair value, short-term AFS securities 47,281 137,212
Gross unrealized losses, short-term AFS securities (52) (2,579)
Total long-term AFS securities    
Long-term AFS securities    
Fair value, less than 12 months, long-term AFS securities 132,488 21,075
Gross unrealized losses, less than 12 months, long-term AFS securities (564) (61)
Fair value, 12 months or greater, long-term AFS securities 0 535
Gross unrealized losses, 12 months or greater, long-term AFS securities 0 (11)
Fair value, long-term AFS securities 132,488 21,610
Gross unrealized losses, long-term AFS securities $ (564) $ (72)
v3.25.0.1
Goodwill and Intangibles - Schedule of Goodwill Balances (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Goodwill [Roll Forward]    
Goodwill, beginning balance $ 416,098 $ 414,046
Foreign currency translation (3,925) 2,052
Goodwill, ending balance 412,173 416,098
The New York Times Group    
Goodwill [Roll Forward]    
Goodwill, beginning balance 164,738 162,686
Foreign currency translation (3,925) 2,052
Goodwill, ending balance 160,813 164,738
The Athletic    
Goodwill [Roll Forward]    
Goodwill, beginning balance 251,360 251,360
Foreign currency translation 0 0
Goodwill, ending balance $ 251,360 $ 251,360
v3.25.0.1
Goodwill and Intangibles - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]      
Goodwill impaired $ 0 $ 0  
Intangible assets, net 258,006,000 285,490,000  
Intangible assets (excluding goodwill) 2,500,000    
Impairment on indefinite-lived asset $ 0 2,500,000 $ 4,100,000
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration] Impairment charges    
Amortization expense $ 27,500,000 29,300,000 $ 27,100,000
Impairment of intangible assets $ 0 $ 0  
v3.25.0.1
Goodwill and Intangibles - Schedule of Finite-Lived Intangible Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]    
Gross book value $ 343,270 $ 343,270
Accumulated amortization (87,741) (60,257)
Total amortization expense $ 255,529 $ 283,013
Estimated useful life 13 years 1 month 6 days 13 years 8 months 12 days
Trademark    
Finite-Lived Intangible Assets [Line Items]    
Gross book value $ 162,618 $ 162,618
Accumulated amortization (25,951) (17,767)
Total amortization expense $ 136,667 $ 144,851
Estimated useful life 17 years 3 months 18 days 18 years 3 months 18 days
Existing subscriber base    
Finite-Lived Intangible Assets [Line Items]    
Gross book value $ 136,500 $ 136,500
Accumulated amortization (34,313) (23,062)
Total amortization expense $ 102,187 $ 113,438
Estimated useful life 9 years 2 months 12 days 10 years 2 months 12 days
Developed technology    
Finite-Lived Intangible Assets [Line Items]    
Gross book value $ 38,401 $ 38,401
Accumulated amortization (22,719) (15,381)
Total amortization expense $ 15,682 $ 23,020
Estimated useful life 2 years 2 months 12 days 3 years 2 months 12 days
Content archive    
Finite-Lived Intangible Assets [Line Items]    
Gross book value $ 5,751 $ 5,751
Accumulated amortization (4,758) (4,047)
Total amortization expense $ 993 $ 1,704
Estimated useful life 1 year 7 months 6 days 2 years 6 months
v3.25.0.1
Goodwill and Intangibles - Schedule of Future Amortization (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]    
2025 $ 27,213  
2026 26,960  
2027 20,171  
2028 19,335  
2029 19,250  
Thereafter 142,600  
Total amortization expense $ 255,529 $ 283,013
v3.25.0.1
Investments (Details) - USD ($)
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]      
Gain from joint ventures $ 0 $ 2,477,000 $ 0
Investments in joint ventures 0 0  
Non-marketable equity securities 29,500,000 $ 29,700,000  
Non-marketable equity securities, unrealized gains $ 15,100,000    
Madison Paper Industries      
Schedule of Equity Method Investments [Line Items]      
Equity method investment, ownership percentage 40.00%    
Madison Paper Industries Owned Consolidated Subsidiary      
Schedule of Equity Method Investments [Line Items]      
Equity method investment, ownership percentage 80.00%    
Ownership of Madison Paper Industries by Consolidated Subsidiary      
Schedule of Equity Method Investments [Line Items]      
Equity method investment, ownership percentage 50.00%    
UPM-Kymmene | Madison Paper Industries      
Schedule of Equity Method Investments [Line Items]      
Equity method investment, ownership percentage 60.00%    
Madison Paper Industries | Madison Paper Industries      
Schedule of Equity Method Investments [Line Items]      
Equity method investment, noncontrolling interest, ownership percentage 10.00%    
Madison Paper Industries | Madison Paper Industries Owned Consolidated Subsidiary      
Schedule of Equity Method Investments [Line Items]      
Equity method investment, noncontrolling interest, ownership percentage 20.00% 20.00%  
v3.25.0.1
Property, Plant and Equipment, net - Detail of Property, Plant and Equipment, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]    
Total, at cost $ 1,394,328 $ 1,384,574
Less: accumulated depreciation and amortization (905,512) (870,329)
Property, plant and equipment, net 488,816 514,245
Unamortized intangible assets 10,900 13,400
Equipment    
Property, Plant and Equipment [Line Items]    
Total, at cost 452,081 447,324
Buildings, building equipment and improvements    
Property, Plant and Equipment [Line Items]    
Total, at cost 736,608 729,559
Software    
Property, Plant and Equipment [Line Items]    
Total, at cost 78,244 80,710
Land    
Property, Plant and Equipment [Line Items]    
Total, at cost 106,767 106,648
Assets in progress    
Property, Plant and Equipment [Line Items]    
Total, at cost $ 20,628 $ 20,333
v3.25.0.1
Property, Plant and Equipment, net - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Abstract]      
Depreciation $ 55.5 $ 56.8 $ 55.6
Amortization of capitalized computer software 7.0 7.8 $ 7.9
Retired assets 20.9 $ 10.0  
Writeoff $ 0.9    
v3.25.0.1
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value, short-term AFS securities $ 366,474 $ 162,094
Fair value, long-term AFS securities 345,946 257,633
Deferred compensation plan assets 45,000 52,300
Recurring | Estimate of Fair Value Measurement    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Deferred compensation 13,230 13,752
Contingent consideration 1,608 4,991
Level 1 | Recurring | Estimate of Fair Value Measurement    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Deferred compensation 13,230 13,752
Contingent consideration 0 0
Level 2 | Recurring | Estimate of Fair Value Measurement    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Deferred compensation 0 0
Contingent consideration 0 0
Level 3 | Recurring | Estimate of Fair Value Measurement    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Deferred compensation 0 0
Contingent consideration 1,608 4,991
Debt Securities | Recurring | Estimate of Fair Value Measurement    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value, short-term AFS securities 366,474 162,094
Fair value, long-term AFS securities 345,946 257,633
Debt Securities | Level 1 | Recurring | Estimate of Fair Value Measurement    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value, short-term AFS securities 0 0
Fair value, long-term AFS securities 0 0
Debt Securities | Level 2 | Recurring | Estimate of Fair Value Measurement    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value, short-term AFS securities 366,474 162,094
Fair value, long-term AFS securities 345,946 257,633
Debt Securities | Level 3 | Recurring | Estimate of Fair Value Measurement    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value, short-term AFS securities 0 0
Fair value, long-term AFS securities 0 0
U.S. Treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value, short-term AFS securities 203,729 48,109
Fair value, long-term AFS securities 154,933 149,859
U.S. Treasury securities | Recurring | Estimate of Fair Value Measurement    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value, short-term AFS securities 203,729 48,109
Fair value, long-term AFS securities 154,933 149,859
U.S. Treasury securities | Level 1 | Recurring | Estimate of Fair Value Measurement    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value, short-term AFS securities 0 0
Fair value, long-term AFS securities 0 0
U.S. Treasury securities | Level 2 | Recurring | Estimate of Fair Value Measurement    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value, short-term AFS securities 203,729 48,109
Fair value, long-term AFS securities 154,933 149,859
U.S. Treasury securities | Level 3 | Recurring | Estimate of Fair Value Measurement    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value, short-term AFS securities 0 0
Fair value, long-term AFS securities 0 0
Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value, short-term AFS securities 154,375 108,069
Fair value, long-term AFS securities 191,013 103,942
Corporate debt securities | Recurring | Estimate of Fair Value Measurement    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value, short-term AFS securities 154,375 108,069
Fair value, long-term AFS securities 191,013 103,942
Corporate debt securities | Level 1 | Recurring | Estimate of Fair Value Measurement    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value, short-term AFS securities 0 0
Fair value, long-term AFS securities 0 0
Corporate debt securities | Level 2 | Recurring | Estimate of Fair Value Measurement    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value, short-term AFS securities 154,375 108,069
Fair value, long-term AFS securities 191,013 103,942
Corporate debt securities | Level 3 | Recurring | Estimate of Fair Value Measurement    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value, short-term AFS securities 0 0
Fair value, long-term AFS securities 0 0
Certificates of deposit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value, short-term AFS securities 4,400  
Certificates of deposit | Recurring | Estimate of Fair Value Measurement    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value, short-term AFS securities 4,400 0
Certificates of deposit | Level 1 | Recurring | Estimate of Fair Value Measurement    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value, short-term AFS securities 0 0
Certificates of deposit | Level 2 | Recurring | Estimate of Fair Value Measurement    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value, short-term AFS securities 4,400 0
Certificates of deposit | Level 3 | Recurring | Estimate of Fair Value Measurement    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value, short-term AFS securities 0 0
U.S. governmental agency securities | Recurring | Estimate of Fair Value Measurement    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value, short-term AFS securities 3,970 5,916
Fair value, long-term AFS securities 0 3,832
U.S. governmental agency securities | Level 1 | Recurring | Estimate of Fair Value Measurement    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value, short-term AFS securities 0 0
Fair value, long-term AFS securities 0 0
U.S. governmental agency securities | Level 2 | Recurring | Estimate of Fair Value Measurement    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value, short-term AFS securities 3,970 5,916
Fair value, long-term AFS securities 0 3,832
U.S. governmental agency securities | Level 3 | Recurring | Estimate of Fair Value Measurement    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair value, short-term AFS securities 0 0
Fair value, long-term AFS securities $ 0 $ 0
v3.25.0.1
Fair Value Measurements - Change in Balance of Contingent Consideration (Details) - Recurring - Contingent Consideration - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance at the beginning of the period $ 4,991 $ 5,324
Payments (3,017) (3,448)
Fair value adjustments (366) 3,115
Contingent consideration at the end of the period $ 1,608 $ 4,991
v3.25.0.1
Fair Value Measurements - Narrative (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Recurring | Estimate of Fair Value Measurement    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Contingent consideration $ 1,608 $ 4,991
v3.25.0.1
Pension and Other Postretirement Benefits - Net Periodic Pension Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pension Plan      
Pension Benefits      
Service cost $ 6,236 $ 5,742 $ 11,631
Interest cost 62,359 66,011 40,492
Expected return on plan assets (72,432) (76,489) (55,229)
Amortization and other costs 14,383 6,192 19,637
Amortization of prior service (credit)/cost (1,898) (1,895) (1,897)
Effect of settlement (40) 0 0
Net periodic pension (credit)/cost 8,608 (439) 14,634
Other Postretirement Benefit Plans      
Pension Benefits      
Service cost 16 33 46
Interest cost 1,088 1,500 731
Amortization and other costs 695 1,945 3,293
Amortization of prior service (credit)/cost 0 0 (368)
Net periodic pension (credit)/cost 1,799 3,478 3,702
Qualified Plans | Pension Plan      
Pension Benefits      
Service cost 6,163 5,669 11,526
Interest cost 53,503 56,793 35,350
Expected return on plan assets (72,432) (76,489) (55,229)
Amortization and other costs 10,413 2,654 13,065
Amortization of prior service (credit)/cost (1,945) (1,945) (1,945)
Effect of settlement 0 0 0
Net periodic pension (credit)/cost (4,298) (13,318) 2,767
Non- Qualified Plans | Pension Plan      
Pension Benefits      
Service cost 73 73 105
Interest cost 8,856 9,218 5,142
Expected return on plan assets 0 0 0
Amortization and other costs 3,970 3,538 6,572
Amortization of prior service (credit)/cost 47 50 48
Effect of settlement (40) 0 0
Net periodic pension (credit)/cost $ 12,906 $ 12,879 $ 11,867
v3.25.0.1
Pension and Other Postretirement Benefits - Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pension Plan      
Pension Benefits      
Net actuarial loss/(gain) $ 31,829 $ 19,100 $ (22,500)
Amortization of loss (14,383) (6,192) (19,637)
Amortization of prior service credit 1,898 1,895 1,897
Effect of settlement 40 0 0
Total recognized in other comprehensive income 19,384 14,803 (40,240)
Net periodic pension (credit)/cost 8,608 (439) 14,634
Total recognized in net periodic pension benefit cost and other comprehensive income 27,992 14,364 (25,606)
Other Postretirement Benefit Plans      
Pension Benefits      
Net actuarial loss/(gain) (4,362) (6,916) (6,801)
Amortization of loss (695) (1,945) (3,293)
Amortization of prior service credit 0 0 368
Total recognized in other comprehensive income (5,057) (8,861) (9,726)
Net periodic pension (credit)/cost 1,799 3,478 3,702
Total recognized in net periodic postretirement benefit cost and other comprehensive (income)/loss $ (3,258) $ (5,383) $ (6,024)
v3.25.0.1
Pension and Other Postretirement Benefits - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pension Benefits      
Pension contributions $ 13,200    
Pension Plan      
Pension Benefits      
Defined contribution plan, cost recognized 43,000 $ 39,000 $ 29,000
Benefit obligation 1,193,107 1,249,045 1,256,020
Benefits paid 90,806 125,964  
Actuarial gain 33,659 (47,205)  
Accumulated benefit obligation $ 1,180,000 1,240,000  
Calculation term, market-related value 3 years    
Percent of funded status policy maximum range 102.50%    
Future employer contributions in next fiscal year $ 13,000    
Multiemployer plan, withdrawal obligation 61,000 68,000  
Multiemployer plans, withdrawal (gain) charges (2,900) (2,300)  
Gain (loss) on liability adjustment   (1,700)  
Employer contributions 29,985 26,941  
Pension Plan | Qualified Plans      
Pension Benefits      
Benefit obligation 1,026,326 1,068,489 1,076,412
Benefits paid 74,013 109,501  
Actuarial gain 27,816 (39,116)  
Employer contributions $ 13,192 10,478  
Pension Plan | Long Duration Assets      
Pension Benefits      
Target allocation percentage of assets, range minimum 85.50%    
Target allocation percentage of assets, range maximum 90.50%    
Pension Plan | Return-Seeking Assets      
Pension Benefits      
Target allocation percentage of assets, range minimum 9.50%    
Target allocation percentage of assets, range maximum 14.50%    
Other Postretirement Benefit Plans      
Pension Benefits      
Benefit obligation $ 17,400 22,912 30,696
Benefits paid 4,220 4,461  
Actuarial gain 4,362 6,916  
Additional postretirement costs 21,000 20,000 $ 19,000
Employer contributions 2,240 2,401  
Postemployment benefits liability $ 5,500 $ 7,800  
v3.25.0.1
Pension and Other Postretirement Benefits - Changes in Benefit Obligation and Plan Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Amount recognized in the Consolidated Balance Sheets      
Pension assets $ 71,303 $ 83,016  
Pension Plan      
Change in benefit obligation      
Benefit obligation at beginning of year 1,249,045 1,256,020  
Service cost 6,236 5,742 $ 11,631
Interest cost 62,359 66,011 40,492
Actuarial (gain)/loss (33,659) 47,205  
Benefits paid (90,806) (125,964)  
Effects of change in currency conversion (68) 31  
Benefit obligation at end of year 1,193,107 1,249,045 1,256,020
Change in plan assets      
Fair value of plan assets at beginning of year 1,151,505 1,145,933  
Actual return on plan assets 6,944 104,595  
Employer contributions 29,985 26,941  
Benefits paid (90,806) (125,964)  
Fair value of plan assets at end of year 1,097,628 1,151,505 1,145,933
Net amount recognized (95,479) (97,540)  
Amount recognized in the Consolidated Balance Sheets      
Pension assets 71,302 83,016  
Current liabilities (16,002) (16,672)  
Noncurrent liabilities (150,779) (163,884)  
Net amount recognized (95,479) (97,540)  
Amount recognized in accumulated other comprehensive loss      
Actuarial loss 537,790 520,304  
Prior service credit (6,675) (8,573)  
Total 531,115 511,731  
Accumulated benefit obligation 166,486 180,269  
Other Postretirement Benefit Plans      
Change in benefit obligation      
Benefit obligation at beginning of year 22,912 30,696  
Service cost 16 33 46
Interest cost 1,088 1,500 731
Plan participants’ contributions 1,980 2,060  
Actuarial (gain)/loss (4,362) (6,916)  
Benefits paid (4,220) (4,461)  
Benefit obligation at end of year 17,400 22,912 30,696
Change in plan assets      
Fair value of plan assets at beginning of year 0    
Employer contributions 2,240 2,401  
Plan participants’ contributions 1,980 2,060  
Benefits paid (4,220) (4,461)  
Fair value of plan assets at end of year 0 0  
Net amount recognized (17,414) (22,912)  
Amount recognized in the Consolidated Balance Sheets      
Current liabilities (2,707) (3,510)  
Noncurrent liabilities (14,707) (19,402)  
Net amount recognized (17,414) (22,912)  
Amount recognized in accumulated other comprehensive loss      
Actuarial loss 1,619 6,676  
Prior service credit 0 0  
Total 1,619 6,676  
Accumulated benefit obligation 17,414 22,912  
Qualified Plans | Pension Plan      
Change in benefit obligation      
Benefit obligation at beginning of year 1,068,489 1,076,412  
Service cost 6,163 5,669 11,526
Interest cost 53,503 56,793 35,350
Actuarial (gain)/loss (27,816) 39,116  
Benefits paid (74,013) (109,501)  
Effects of change in currency conversion 0 0  
Benefit obligation at end of year 1,026,326 1,068,489 1,076,412
Change in plan assets      
Fair value of plan assets at beginning of year 1,151,505 1,145,933  
Actual return on plan assets 6,944 104,595  
Employer contributions 13,192 10,478  
Benefits paid (74,013) (109,501)  
Fair value of plan assets at end of year 1,097,628 1,151,505 1,145,933
Net amount recognized 71,302 83,016  
Amount recognized in the Consolidated Balance Sheets      
Pension assets 71,302 83,016  
Current liabilities 0 0  
Noncurrent liabilities 0 0  
Net amount recognized 71,302 83,016  
Amount recognized in accumulated other comprehensive loss      
Actuarial loss 473,759 446,500  
Prior service credit (7,117) (9,062)  
Total 466,642 437,438  
Non- Qualified Plans | Pension Plan      
Change in benefit obligation      
Benefit obligation at beginning of year 180,556 179,608  
Service cost 73 73 105
Interest cost 8,856 9,218 5,142
Actuarial (gain)/loss (5,843) 8,089  
Benefits paid (16,793) (16,463)  
Effects of change in currency conversion (68) 31  
Benefit obligation at end of year 166,781 180,556 179,608
Change in plan assets      
Fair value of plan assets at beginning of year 0 0  
Actual return on plan assets 0 0  
Employer contributions 16,793 16,463  
Benefits paid (16,793) (16,463)  
Fair value of plan assets at end of year 0 0 $ 0
Net amount recognized (166,781) (180,556)  
Amount recognized in the Consolidated Balance Sheets      
Pension assets 0 0  
Current liabilities (16,002) (16,672)  
Noncurrent liabilities (150,779) (163,884)  
Net amount recognized (166,781) (180,556)  
Amount recognized in accumulated other comprehensive loss      
Actuarial loss 64,031 73,804  
Prior service credit 442 489  
Total $ 64,473 $ 74,293  
v3.25.0.1
Pension and Other Postretirement Benefits - Schedule of Accumulated Benefit Obligations In Excess of Fair Value (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Pension Plan    
Pension Benefits    
Projected benefit obligation $ 166,781 $ 180,556
Accumulated benefit obligation 166,486 180,269
Fair value of plan assets 0 0
Other Postretirement Benefit Plans    
Pension Benefits    
Accumulated benefit obligation 17,414 22,912
Fair value of plan assets $ 0 $ 0
v3.25.0.1
Pension and Other Postretirement Benefits - Schedule of Assumptions Used (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pension Plan | Qualified Plans      
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]      
Discount rate 5.73% 5.25%  
Rate of increase in compensation levels 7.28% 3.00%  
2025 3.04%    
Thereafter 3.00%    
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]      
Discount rate for determining projected benefit obligation 5.25% 5.66% 2.94%
Discount rate in effect for determining service cost 5.41% 5.59% 3.14%
Discount rate in effect for determining interest cost 5.19% 5.46% 2.45%
Estimated increase in compensation level 3.00% 3.00% 3.00%
Expected long-term rate of return on assets 5.93% 5.61% 3.75%
Pension Plan | Non- Qualified Plans      
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]      
Discount rate 5.62% 5.21%  
Rate of increase in compensation levels 3.00% 3.00%  
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]      
Discount rate for determining projected benefit obligation 5.21% 5.64% 2.81%
Discount rate in effect for determining interest cost 5.16% 5.39% 2.24%
Estimated increase in compensation level 3.00% 3.00% 2.50%
Other Postretirement Benefit Plans      
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]      
Discount rate 5.42% 5.16%  
Rate of increase in compensation levels 3.50% 3.50%  
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]      
Discount rate for determining projected benefit obligation 5.16% 5.55% 2.55%
Discount rate in effect for determining service cost 5.22% 5.55% 2.58%
Discount rate in effect for determining interest cost 5.15% 5.26% 1.91%
Estimated increase in compensation level 3.50% 3.50% 3.50%
v3.25.0.1
Pension and Other Postretirement Benefits - Schedule of Allocation of Plan Assets (Details) - Pension Plan
Dec. 31, 2024
Public Equity  
Pension Benefits  
Asset allocation, actual percentage 85.00%
Growth Fixed Income  
Pension Benefits  
Asset allocation, actual percentage 0.00%
Alternatives  
Pension Benefits  
Asset allocation, actual percentage 3.00%
Cash  
Pension Benefits  
Asset allocation, actual percentage 12.00%
Liability-Hedging  
Pension Benefits  
Asset allocation, actual percentage 88.00%
Public Equity  
Pension Benefits  
Asset allocation, actual percentage 10.00%
Growth Fixed Income  
Pension Benefits  
Asset allocation, actual percentage 0.00%
Alternatives  
Pension Benefits  
Asset allocation, actual percentage 1.00%
Cash  
Pension Benefits  
Asset allocation, actual percentage 1.00%
Hedging Assets  
Pension Benefits  
Asset allocation, actual percentage 78.00%
Return-Seeking Assets  
Pension Benefits  
Asset allocation, actual percentage 20.00%
Cash and Cash Equivalents  
Pension Benefits  
Asset allocation, actual percentage 2.00%
Minimum | Public Equity  
Pension Benefits  
Asset allocation, target percentage range 70.00%
Minimum | Growth Fixed Income  
Pension Benefits  
Asset allocation, target percentage range 0.00%
Minimum | Alternatives  
Pension Benefits  
Asset allocation, target percentage range 0.00%
Minimum | Cash  
Pension Benefits  
Asset allocation, target percentage range 0.00%
Minimum | Liability-Hedging  
Pension Benefits  
Asset allocation, target percentage range 85.50%
Minimum | Public Equity  
Pension Benefits  
Asset allocation, target percentage range 6.70%
Minimum | Growth Fixed Income  
Pension Benefits  
Asset allocation, target percentage range 0.00%
Minimum | Alternatives  
Pension Benefits  
Asset allocation, target percentage range 0.00%
Minimum | Cash  
Pension Benefits  
Asset allocation, target percentage range 0.00%
Minimum | Hedging Assets  
Pension Benefits  
Asset allocation, target percentage range 75.00%
Minimum | Return-Seeking Assets  
Pension Benefits  
Asset allocation, target percentage range 10.00%
Minimum | Cash and Cash Equivalents  
Pension Benefits  
Asset allocation, target percentage range 0.00%
Maximum | Public Equity  
Pension Benefits  
Asset allocation, target percentage range 90.00%
Maximum | Growth Fixed Income  
Pension Benefits  
Asset allocation, target percentage range 15.00%
Maximum | Alternatives  
Pension Benefits  
Asset allocation, target percentage range 15.00%
Maximum | Cash  
Pension Benefits  
Asset allocation, target percentage range 10.00%
Maximum | Liability-Hedging  
Pension Benefits  
Asset allocation, target percentage range 90.50%
Maximum | Public Equity  
Pension Benefits  
Asset allocation, target percentage range 13.10%
Maximum | Growth Fixed Income  
Pension Benefits  
Asset allocation, target percentage range 2.00%
Maximum | Alternatives  
Pension Benefits  
Asset allocation, target percentage range 2.00%
Maximum | Cash  
Pension Benefits  
Asset allocation, target percentage range 1.00%
Maximum | Hedging Assets  
Pension Benefits  
Asset allocation, target percentage range 90.00%
Maximum | Return-Seeking Assets  
Pension Benefits  
Asset allocation, target percentage range 25.00%
Maximum | Cash and Cash Equivalents  
Pension Benefits  
Asset allocation, target percentage range 5.00%
v3.25.0.1
Pension and Other Postretirement Benefits - Schedule of Health Care Cost Trend Rates (Details) - Other Postretirement Benefit Plans
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Other Postretirement Benefits    
Health-care cost trend rate 6.58% 6.71%
Rate to which the cost trend rate is assumed to decline (ultimate trend rate) 4.75% 4.75%
Year that the rate reaches the ultimate trend rate 2033 2030
v3.25.0.1
Pension and Other Postretirement Benefits - Fair Value of Plan Assets (Details) - Pension Plan - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets $ 1,097,628 $ 1,151,505 $ 1,145,933
Recurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 1,097,629    
Recurring | Level 1      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 88,486 190,195  
Recurring | Level 2      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 695,041 628,438  
Recurring | Level 3      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 0 0  
Recurring | Investment Measured at Net Asset Value      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 314,102 332,872  
U.S. Equities | Recurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 523 395  
U.S. Equities | Recurring | Level 1      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 523 395  
U.S. Equities | Recurring | Level 2      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 0 0  
U.S. Equities | Recurring | Level 3      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 0 0  
U.S. Equities | Recurring | Investment Measured at Net Asset Value      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 0 0  
International Equities | Recurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 16,654 15,776  
International Equities | Recurring | Level 1      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 16,654 15,776  
International Equities | Recurring | Level 2      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 0 0  
International Equities | Recurring | Level 3      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 0 0  
International Equities | Recurring | Investment Measured at Net Asset Value      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 0 0  
Registered Investment Companies | Recurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 71,309 174,024  
Registered Investment Companies | Recurring | Level 1      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 71,309 174,024  
Registered Investment Companies | Recurring | Level 2      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 0 0  
Registered Investment Companies | Recurring | Level 3      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 0 0  
Registered Investment Companies | Recurring | Investment Measured at Net Asset Value      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 0 0  
Common/Collective Funds | Recurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 249,033 285,387  
Common/Collective Funds | Recurring | Level 1      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 0 0  
Common/Collective Funds | Recurring | Level 2      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 0 0  
Common/Collective Funds | Recurring | Level 3      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 0 0  
Common/Collective Funds | Recurring | Investment Measured at Net Asset Value      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 249,033 285,387  
Corporate Bonds | Recurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 534,310 537,032  
Corporate Bonds | Recurring | Level 1      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 0 0  
Corporate Bonds | Recurring | Level 2      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 534,310 537,032  
Corporate Bonds | Recurring | Level 3      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 0 0  
Corporate Bonds | Recurring | Investment Measured at Net Asset Value      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 0 0  
U.S. Treasury and Other Government Securities | Recurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 105,135 48,993  
U.S. Treasury and Other Government Securities | Recurring | Level 1      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 0 0  
U.S. Treasury and Other Government Securities | Recurring | Level 2      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 105,135 48,993  
U.S. Treasury and Other Government Securities | Recurring | Level 3      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 0 0  
U.S. Treasury and Other Government Securities | Recurring | Investment Measured at Net Asset Value      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 0 0  
Municipal securities | Recurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 24,155 27,702  
Municipal securities | Recurring | Level 1      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 0 0  
Municipal securities | Recurring | Level 2      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 24,155 27,702  
Municipal securities | Recurring | Level 3      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 0 0  
Municipal securities | Recurring | Investment Measured at Net Asset Value      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 0 0  
Other | Recurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 31,441 14,711  
Other | Recurring | Level 1      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 0 0  
Other | Recurring | Level 2      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 31,441 14,711  
Other | Recurring | Level 3      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 0 0  
Other | Recurring | Investment Measured at Net Asset Value      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 0 0  
Cash and Cash Equivalents | Recurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 61,413 27,516  
Cash and Cash Equivalents | Recurring | Level 1      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 0 0  
Cash and Cash Equivalents | Recurring | Level 2      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 0 0  
Cash and Cash Equivalents | Recurring | Level 3      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 0 0  
Cash and Cash Equivalents | Recurring | Investment Measured at Net Asset Value      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 61,413 27,516  
Private Equity | Recurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 2,811 4,305  
Private Equity | Recurring | Level 1      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 0 0  
Private Equity | Recurring | Level 2      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 0 0  
Private Equity | Recurring | Level 3      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 0 0  
Private Equity | Recurring | Investment Measured at Net Asset Value      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 2,811 4,305  
Hedge Fund | Recurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 845 15,664  
Hedge Fund | Recurring | Level 1      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 0 0  
Hedge Fund | Recurring | Level 2      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 0 0  
Hedge Fund | Recurring | Level 3      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets 0 0  
Hedge Fund | Recurring | Investment Measured at Net Asset Value      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Defined benefits plan, plan assets $ 845 $ 15,664  
v3.25.0.1
Pension and Other Postretirement Benefits - Contributions and Expected Benefit Payments (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Pension Plan  
Pension Benefits  
2025 $ 106,046
2026 93,834
2027 94,762
2028 95,555
2029 96,045
2029-2033 466,717
Other Postretirement Benefit Plans  
Pension Benefits  
2025 2,819
2026 2,564
2027 2,335
2028 2,134
2029 1,915
2029-2033 6,688
Qualified Plans | Pension Plan  
Pension Benefits  
2025 89,640
2026 77,745
2027 78,831
2028 79,756
2029 80,481
2029-2033 397,757
Non- Qualified Plans | Pension Plan  
Pension Benefits  
2025 16,406
2026 16,089
2027 15,931
2028 15,799
2029 15,564
2029-2033 $ 68,960
v3.25.0.1
Pension and Other Postretirement Benefits - Schedule of Multiemployer Plans (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
collective_bargaining_agreement
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Pension Benefits      
Total Contributions $ 6,038 $ 5,248 $ 4,871
Pension Plan      
Pension Benefits      
Contributions for individually significant plans 982 1,156 2,731
Contributions for a plan not individually significant 22 29 36
Total Contributions 1,004 1,185 2,767
Pension Plan | CWA/ITU Negotiated Pension Plan      
Pension Benefits      
Contributions for individually significant plans 233 263 328
Pension Plan | Newspaper and Mail Deliverers'-Publishers' Pension Fund      
Pension Benefits      
Contributions for individually significant plans $ 702 703 804
Number of collective bargaining arrangements | collective_bargaining_agreement 2    
Pension Plan | GCIU-Employer Retirement Benefit Plan      
Pension Benefits      
Contributions for individually significant plans $ 47 54 56
Pension Plan | Pressmen's Publishers' Pension Fund      
Pension Benefits      
Contributions for individually significant plans 0 41 1,447
Pension Plan | Paper Handlers’-Publishers’ Pension Fund      
Pension Benefits      
Contributions for individually significant plans $ 0 $ 95 $ 96
v3.25.0.1
Other - Narrative (Details) - USD ($)
 1 Months Ended 12 Months Ended
Jul. 27, 2022
Sep. 30, 2019
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Other Expense [Line Items]          
Marketing expense     $ 152,500,000 $ 138,300,000 $ 151,100,000
Media expense     138,800,000 117,700,000 134,100,000
Severance costs     7,512,000 7,582,000 4,669,000
Severance liability     4,800,000 4,400,000  
Pre-tax litigation related costs     10,800,000 0 0
Acquisition-related costs     0 0 34,712,000
The Athletic          
Other Expense [Line Items]          
Acquisition-related costs         34,700,000
Employee Severance | Selling, General and Administrative Expenses          
Other Expense [Line Items]          
Severance costs     7,500,000 $ 7,600,000 $ 4,700,000
Revolving Credit Facility          
Other Expense [Line Items]          
Long-term line of credit     $ 0    
Revolving Credit Facility | Amended Credit Facility          
Other Expense [Line Items]          
Unsecured revolving credit facility, maximum borrowing capacity $ 350,000,000 $ 250,000,000      
Line of credit facility, expiration period   5 years      
Unsecured revolving credit facility, unused commitment fee 0.20%        
v3.25.0.1
Other - Components of Other Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Other Income and Expenses [Abstract]    
Deferred compensation $ 13,230 $ 13,752
Noncurrent operating lease liabilities 37,255 42,905
Contingent consideration 0 3,195
Other liabilities 35,615 41,112
Total $ 86,100 $ 100,964
v3.25.0.1
Other - Interest Income and Other, Net (Details)
$ in Thousands
 12 Months Ended
Apr. 11, 2022
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 09, 2020
a
Other Income and Expenses [Abstract]          
Interest income and other, net   $ 37,502 $ 22,116 $ 7,264  
Gain on the sale of land   0 0 34,227  
Interest expense   (1,017) (1,014) (800)  
Total interest income and other, net   36,485 21,102 $ 40,691  
Area of land | a         4
Parcel to the lessor, amount $ 36,000        
Gain on lease commencement $ 34,000        
Interest income   $ 1,800 $ 1,800    
v3.25.0.1
Other - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 26, 2021
Reconciliation of cash, cash equivalents and restricted cash        
Cash and cash equivalents $ 199,448 $ 289,472    
Restricted cash included within miscellaneous assets 14,409 13,700    
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows $ 213,857 $ 303,172 $ 235,173 $ 334,306
v3.25.0.1
Income Taxes - Rate Reconciliation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Effective Income Tax Rate Reconciliation, Amount:      
Tax at federal statutory rate $ 80,519 $ 63,544 $ 49,560
State and local taxes, net 21,043 18,445 16,855
(Decrease)/increase in uncertain tax positions (1,728) 1,763 (220)
(Gain)/loss on company-owned life insurance (675) (735) 857
Nondeductible expense 1,960 1,492 780
Nondeductible executive compensation 2,154 2,175 3,985
Stock-based awards expense/(benefit) 154 478 (1,119)
Deduction for foreign-derived intangible income (4,706) (3,985) (3,166)
Research and experimentation credit (9,518) (12,683) (6,699)
Other, net 395 (658) 1,261
Income tax expense $ 89,598 $ 69,836 $ 62,094
Effective Income Tax Rate Reconciliation, Percent:      
Tax at federal statutory rate 21.00% 21.00% 21.00%
State and local taxes, net 5.50% 6.10% 7.10%
(Decrease)/increase in uncertain tax positions (0.50%) 0.60% (0.10%)
(Gain)/loss on company-owned life insurance (0.20%) (0.20%) 0.40%
Nondeductible expense 0.50% 0.50% 0.30%
Nondeductible executive compensation 0.60% 0.70% 1.70%
Stock-based awards expense/(benefit) 0.00% 0.20% (0.50%)
Deduction for foreign-derived intangible income (1.20%) (1.30%) (1.30%)
Research and experimentation credit (2.50%) (4.20%) (2.80%)
Other, net 0.20% (0.20%) 0.50%
Income tax expense 23.40% 23.20% 26.30%
v3.25.0.1
Income Taxes - Income Tax Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current tax expense/(benefit)      
Federal $ 54,547 $ 56,139 $ 75,495
Foreign 2,360 2,590 1,897
State and local 24,751 30,901 30,855
Total current tax expense 81,658 89,630 108,247
Deferred tax expense/(benefit)      
Federal 4,713 (12,715) (36,344)
State and local 3,227 (7,079) (9,809)
Total deferred tax expense 7,940 (19,794) (46,153)
Income tax expense $ 89,598 $ 69,836 $ 62,094
v3.25.0.1
Income Taxes - Net Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Deferred tax assets    
Retirement, postemployment and deferred compensation plans $ 54,464 $ 60,398
Accruals for other employee benefits, compensation, insurance and other 17,482 36,968
Net operating losses 35,837 42,944
Operating lease liabilities 12,643 14,144
Capitalized research and development costs 94,930 68,113
Other 27,919 36,387
Gross deferred tax assets 243,275 258,954
Valuation allowance (5,332) (3,240)
Net deferred tax assets 237,943 255,714
Deferred tax liabilities    
Property, plant and equipment 31,401 37,950
Intangible assets 73,536 79,718
Operating lease right-of-use assets 8,774 9,626
Other 12,835 13,915
Gross deferred tax liabilities 126,546 141,209
Net deferred tax asset $ 111,397 $ 114,505
v3.25.0.1
Income Taxes - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Tax Credit Carryforward [Line Items]      
Operating loss carryforwards, remaining life 17 years    
Operating loss carryforward, state and local $ 6,900 $ 6,800  
Operating loss carryforward, foreign $ 1,300    
Valuation allowance, period for recoverability measurement 3 years    
Valuation allowance $ 5,332 3,240  
Prepaid income taxes 5,600    
Income taxes payable   23,200  
Income tax benefits related to exercise or vesting of equity awards 14,300 10,000 $ 6,100
AOCI deferred tax assets 140,000 137,000  
Total amount of unrecognized tax benefit 4,000 6,000  
Income tax benefit due to reduction in reserve for uncertain tax positions 5,700 1,900  
Total amount of accrued interest and penalties 2,500 1,900  
Total amount of interest and penalties benefit 500 $ 300 $ 100
Total amount of unrecognized tax benefit which may be recognized in the next twelve months that would impact the effective tax rate 1,900    
The Athletic      
Tax Credit Carryforward [Line Items]      
Operating loss carryforwards, federal $ 29,000    
Operating loss carryforwards, remaining life 13 years    
v3.25.0.1
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Unrecognized Tax Benefits [Roll Forward]      
Balance at beginning of year $ 7,074 $ 5,528 $ 5,891
Gross additions to tax positions taken during the current year 840 2,466 1,504
Gross additions to tax positions taken during the prior year 1,630 877 73
Gross reductions to tax positions taken during the prior year (2,305) (8) 0
Reductions from settlements with taxing authorities (1,924) (1,185) (1,116)
Reductions from lapse of applicable statutes of limitations (383) (604) (824)
Balance at end of year $ 4,932 $ 7,074 $ 5,528
v3.25.0.1
Earnings Per Share (Details) - shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in shares) 1,400,000 900,000 300,000
Long-Term Incentive Compensation Stock-Settled Awards      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in shares) 0 0 0
v3.25.0.1
Stock-Based Awards - Narrative (Details)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
period
$ / shares
shares
Dec. 31, 2023
USD ($)
period
$ / shares
shares
Dec. 31, 2022
USD ($)
shares
Dec. 26, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Length of performance measurement period for long-term incentive compensation 3 years     3 years
Options outstanding (in shares) 0 0    
Stock options exercised (in shares) 0 0 400  
Payments under long term incentive plan based on total shareholder return during year | $ $ 6.0 $ 5.0 $ 4.0  
Unrecognized compensation expense related to the unvested portion of our stock-based awards | $ $ 78.0      
Weighted average years to be recognized over 1 year 4 months 28 days      
Stock Option        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Granted (in shares) 0      
Stock Option | 2020 Incentive Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period 3 years      
Term 10 years      
Stock-settled Restricted Stock Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Restricted stock units vested, intrinsic value | $ $ 45.8 $ 28.0 $ 10.4  
Restricted stock units, intrinsic value | $ $ 137.0      
Stock-settled Restricted Stock Units | Five-year vesting        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period 5 years      
Number of shares to be issued per share that vests 1      
Employee Stock | Employee Stock Purchase Plan 2024        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of purchase periods | period 2      
Purchase period 6 months      
ESPP offering with a purchase price 15.00%      
Employee Stock | Employee Stock Purchase Plan 2023        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Maximum payroll deduction percentage   5.00%    
Purchase price of common stock, percent   85.00%    
Number of purchase periods | period   1    
Purchase period   6 months    
ESPP offering with a purchase price   15.00%    
Purchase price (in dollars per share) | $ / shares   $ 33.84    
Stock issued on employee stock purchase plans (in shares)   117,000    
Employee Stock | First 2024 Offering        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Purchase price (in dollars per share) | $ / shares $ 40.68      
Stock issued on employee stock purchase plans (in shares) 113,000      
Employee Stock | Second 2024 Offering        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Purchase price (in dollars per share) | $ / shares $ 43.72      
Stock issued on employee stock purchase plans (in shares) 114,000      
v3.25.0.1
Stock-Based Awards - Stock-based Compensation Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense $ 67,499 $ 54,776 $ 35,306
Cost of revenue      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense 16,829 12,804 8,031
Marketing      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense 1,598 1,604 1,243
Product development      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense 25,953 20,188 10,875
General and administrative      
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]      
Stock-based compensation expense $ 23,119 $ 20,180 $ 15,157
v3.25.0.1
Stock-Based Awards - Stock-Settled Restricted Stock Units (Details) - Stock-settled Restricted Stock Units - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Restricted Stock Units    
Outstanding at beginning of period (in shares) 2,602  
Granted (in shares) 1,363  
Vested (in shares) (1,044)  
Forfeited (in shares) (290)  
Outstanding at end of period (in shares) 2,631  
Exercisable at end of period (in shares) 199  
Unvested stock-settled restricted stock units at beginning of period (in shares) 2,430  
Unvested stock-settled restricted stock units at end of period (in shares) 2,432  
Unvested stock settled restricted stock units expected to vest at end of period (in shares) 2,209  
Weighted-Average Grant-Date Fair Value    
Outstanding at beginning of period (in USD per share) $ 41 $ 40
Granted (in USD per share) 44  
Vested (in USD per share) 41  
Forfeited (in USD per share) 41  
Outstanding at end of period (in USD per share) 41  
Exercisable at end of period (in USD per share) 32  
Unvested stock-settled restricted stock units at end of period (in USD per share) 42  
Unvested stock-settled restricted stock units at beginning of period (in USD per share) 40  
Unvested stock-settled restricted stock units expected to vest at end of period (in USD per share) $ 42  
v3.25.0.1
Stock-Based Awards - Class A Common Stock Reserved for Issuance (Details) - shares
shares in Thousands
Dec. 31, 2024
Dec. 31, 2023
Minimum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Percentage of target number of performance awards granted 0.00%  
Maximum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Percentage of target number of performance awards granted 200.00%  
Class A Common Stock    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Shares, outstanding (in shares) 4,369 4,005
Shares, available for issuance (in shares) 18,275 19,571
Class A Common Stock | Incentive Plans    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Shares, available for issuance (in shares) 10,618 11,688
Class A Common Stock | 2020 Incentive Plan    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Shares, available for issuance (in shares) 11,000  
Stock Options and Stock-Settled Restricted Stock Units | Class A Common Stock    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Shares, outstanding (in shares) 2,631 2,602
Stock-Settled Performance Awards | Class A Common Stock    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Shares, outstanding (in shares) 1,738 1,403
Employee Stock | Class A Common Stock | Employee Stock Purchase Plan    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Shares, available for issuance (in shares) 7,657 7,883
v3.25.0.1
Stockholders' Equity - Narrative (Details) - USD ($)
 12 Months Ended 35 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2024
Feb. 27, 2025
Feb. 28, 2023
Feb. 28, 2022
Class of Stock [Line Items]              
Class A common stock, right to elect percentage of the board of directors 30.00%     30.00%      
Class B common stock, right to elect percentage of the board of directors 70.00%     70.00%      
Stock repurchased during the period $ 85,626,000 $ 44,553,000 $ 105,056,000        
Minimum consideration for each share of preferred stock (in USD per share) $ 100     $ 100      
Preferred stock issued (in shares) 0     0      
Preferred stock outstanding (in shares) 0     0      
Subsequent Event              
Class of Stock [Line Items]              
Authorized under repurchase program         $ 350,000,000.0    
Class B Common Stock              
Class of Stock [Line Items]              
Issued shares (in shares) 780,724 780,724   780,724      
Shares outstanding (in shares) 780,724 780,724   780,724      
Adolph Ochs Family Trust              
Class of Stock [Line Items]              
Class B common stock ownership percentage 95.00%     95.00%      
Class A Common Stock              
Class of Stock [Line Items]              
Issued shares (in shares) 177,883,703 176,951,162   177,883,703      
Authorized under repurchase program           $ 250,000,000 $ 150,000,000
Stock repurchased during the period $ 85,000,000.0     $ 234,500,000      
Amount remaining under share repurchase authorization $ 165,500,000     $ 165,500,000      
Class A Common Stock | Subsequent Event              
Class of Stock [Line Items]              
Authorized under repurchase program         $ 350,000,000    
v3.25.0.1
Stockholders' Equity - Changes in Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning balance $ 1,763,219 $ 1,599,972 $ 1,540,725
Other comprehensive (loss)/income before reclassifications, before tax (30,663)    
Amounts reclassified from accumulated other comprehensive loss, before tax 13,140    
Income tax (benefit)/expense (4,579) 1,746 9,177
Other comprehensive (loss)/income, net of tax (12,944) 4,985 25,355
Ending balance 1,927,209 1,763,219 1,599,972
Foreign Currency Translation Adjustments      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning balance 910    
Other comprehensive (loss)/income before reclassifications, before tax (4,980)    
Amounts reclassified from accumulated other comprehensive loss, before tax 0    
Income tax (benefit)/expense (1,308)    
Other comprehensive (loss)/income, net of tax (3,672)    
Ending balance (2,762) 910  
Funded Status of Benefit Plans      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning balance (353,286)    
Other comprehensive (loss)/income before reclassifications, before tax (27,467)    
Amounts reclassified from accumulated other comprehensive loss, before tax 13,140    
Income tax (benefit)/expense (3,739)    
Other comprehensive (loss)/income, net of tax (10,588)    
Ending balance (363,874) (353,286)  
Net Unrealized Gain on Available-for-Sale Securities      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning balance (486)    
Other comprehensive (loss)/income before reclassifications, before tax 1,784    
Amounts reclassified from accumulated other comprehensive loss, before tax 0    
Income tax (benefit)/expense 468    
Other comprehensive (loss)/income, net of tax 1,316    
Ending balance 830 (486)  
AOCI Attributable to Parent      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning balance (352,862) (357,847) (383,202)
Other comprehensive (loss)/income, net of tax (12,944) 4,985 25,355
Ending balance $ (365,806) $ (352,862) $ (357,847)
v3.25.0.1
Stockholders' Equity - Reclassifications Out of Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Other components of net periodic benefit (costs)/income $ 4,158 $ (2,737) $ 6,659
Total reclassification, before tax (383,423) (302,588) (235,999)
Income tax expense (89,598) (69,836) (62,094)
Total reclassification, net of tax (293,825) $ (232,752) $ (173,905)
Reclassification out of Accumulated Other Comprehensive Income      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Total reclassification, before tax 13,140    
Income tax expense (3,453)    
Total reclassification, net of tax 16,593    
Reclassification out of Accumulated Other Comprehensive Income | Amortization of prior service credit      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Other components of net periodic benefit (costs)/income (1,898)    
Reclassification out of Accumulated Other Comprehensive Income | Amortization of actuarial loss      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Other components of net periodic benefit (costs)/income 15,078    
Reclassification out of Accumulated Other Comprehensive Income | Pension settlement charge      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Other components of net periodic benefit (costs)/income $ (40)    
v3.25.0.1
Segment Information - Narrative (Details)
 12 Months Ended
Dec. 31, 2024
segment
Segment Reporting Information [Line Items]  
Number of reportable segments 2
The Athletic | Subscription  
Segment Reporting Information [Line Items]  
Percentage of revenue allocation 10.00%
The Athletic | Product Development, Marketing and Subscriber Servicing Expenses  
Segment Reporting Information [Line Items]  
Percentage of revenue allocation 10.00%
v3.25.0.1
Segment Information - Segment Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]        
Total revenues   $ 2,585,919 $ 2,426,152 $ 2,308,321
Cost of revenue (excluding depreciation and amortization)   1,309,514 1,249,061 1,208,933
Sales and marketing   278,425 260,227 267,553
Product development   248,198 228,804 204,185
Adjusted general and administrative   294,380 298,209 279,719
Total adjusted operating profit (loss)   455,402 389,851 347,931
Other components of net periodic benefit costs/income   4,158 (2,737) 6,659
Depreciation and amortization   82,936 86,115 82,654
Severance   7,512 7,582 4,669
Multiemployer pension plan withdrawal costs   6,038 5,248 4,871
Acquisition-related costs   0 0 34,712
Impairment charges   0 15,239 4,069
Generative AI Litigation Costs   10,800 0 0
Multiemployer pension plan liability adjustment   (2,980) (605) 14,989
Gain from joint ventures $ 0   2,477 0
Interest income and other, net   36,485 21,102 40,691
Income before income taxes   383,423 302,588 235,999
Intersegment Eliminations        
Segment Reporting Information [Line Items]        
Total revenues   (2,250) (656) 0
Cost of revenue (excluding depreciation and amortization)   (2,250) (656) 0
Sales and marketing   0 0 0
Product development   0 0 0
Adjusted general and administrative   0 0
Total adjusted operating profit (loss)   0 0 0
The New York Times Group | Operating Segments        
Segment Reporting Information [Line Items]        
Total revenues   2,416,084 2,295,537 2,223,676
Cost of revenue (excluding depreciation and amortization)   1,209,078 1,157,527 1,134,553
Sales and marketing   248,300 223,464 242,333
Product development   213,947 203,813 187,434
Adjusted general and administrative   284,374 289,452 270,307
Total adjusted operating profit (loss)   460,385 421,281 389,049
The Athletic | Operating Segments        
Segment Reporting Information [Line Items]        
Total revenues   172,085 131,271 84,645
Cost of revenue (excluding depreciation and amortization)   102,686 92,190 74,380
Sales and marketing   30,125 36,763 25,220
Product development   34,251 24,991 16,751
Adjusted general and administrative   10,006 8,757 9,412
Total adjusted operating profit (loss)   (4,983) (31,430) (41,118)
Subscription        
Segment Reporting Information [Line Items]        
Total revenues   1,788,207 1,656,153 1,552,362
Subscription | Intersegment Eliminations        
Segment Reporting Information [Line Items]        
Total revenues   0 0 0
Subscription | The New York Times Group | Operating Segments        
Segment Reporting Information [Line Items]        
Total revenues   1,667,948 1,555,705 1,480,295
Subscription | The Athletic | Operating Segments        
Segment Reporting Information [Line Items]        
Total revenues   120,259 100,448 72,067
Advertising        
Segment Reporting Information [Line Items]        
Total revenues   506,311 505,206 523,288
Advertising | Intersegment Eliminations        
Segment Reporting Information [Line Items]        
Total revenues   0 0 0
Advertising | The New York Times Group | Operating Segments        
Segment Reporting Information [Line Items]        
Total revenues   472,947 477,261 511,321
Advertising | The Athletic | Operating Segments        
Segment Reporting Information [Line Items]        
Total revenues   33,364 27,945 11,967
Other        
Segment Reporting Information [Line Items]        
Total revenues   291,401 264,793 232,671
Other | Intersegment Eliminations        
Segment Reporting Information [Line Items]        
Total revenues   (2,250) (656) 0
Other | The New York Times Group | Operating Segments        
Segment Reporting Information [Line Items]        
Total revenues   275,189 262,571 232,060
Other | The Athletic | Operating Segments        
Segment Reporting Information [Line Items]        
Total revenues   $ 18,462 $ 2,878 $ 611
v3.25.0.1
Leases - Assets And Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]    
Operating lease right-of-use assets $ 32,315 $ 35,374
Current operating lease liabilities 10,520 10,081
Noncurrent operating lease liabilities 37,255 42,905
Total operating lease liabilities $ 47,775 $ 52,986
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Accrued expenses and other Accrued expenses and other
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Other Other
v3.25.0.1
Leases - Operating Lease Costs (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Lease, Additional Information [Abstract]      
Cash paid for amounts included in the measurement of operating lease liabilities $ 13,679 $ 13,476 $ 12,881
Right-of-use assets obtained in exchange for operating lease liabilities $ 6,298 $ 2,850 5,970
Weighted-average remaining lease term 5 years 7 months 6 days 6 years 4 months 24 days  
Weighted-average discount rate 5.10% 5.04%  
Selling, General and Administrative Expenses      
Obligation with Joint and Several Liability Arrangement [Line Items]      
Operating lease cost $ 11,593 $ 12,026 13,553
Short term and variable lease cost 2,111 1,645 1,714
Total lease cost $ 13,704 $ 13,671 $ 15,267
v3.25.0.1
Leases - Operating Lease Liability Maturity (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]    
2025 $ 12,413  
2026 9,466  
2027 7,909  
2028 7,348  
2029 5,575  
Later years 12,577  
Total lease payments 55,288  
Less: Interest (7,513)  
Present value of lease liabilities $ 47,775 $ 52,986
v3.25.0.1
Leases - Narrative (Details)
$ in Millions
 1 Months Ended 12 Months Ended
Apr. 11, 2022
USD ($)
Jun. 30, 2023
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 09, 2020
a
Real Estate [Line Items]            
Impairment charges   $ 7.6        
Impairment of fixed assets   $ 5.1        
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]   Impairment charges        
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]     Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization    
Office space leased to third parties     36.00%      
Area of land | a           4
Parcel to the lessor, amount $ 36.0          
Gain on lease commencement $ 34.0          
Lease receivable         $ 36.0  
Headquarters Redesign and Consolidation            
Real Estate [Line Items]            
Cost     $ 523.0 $ 518.0    
Accumulated depreciation and amortization     $ 294.0 $ 277.0    
v3.25.0.1
Leases - Building Rental Revenue (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]      
Building rental revenue $ 26,605 $ 27,163 $ 28,516
v3.25.0.1
Leases - Maturities of Lease Payments (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Leases [Abstract]  
2025 $ 29,344
2026 29,344
2027 29,337
2028 14,708
2029 10,620
Later years 47,115
Total building rental payments from operating leases $ 160,468
v3.25.0.1
Commitments and Contingent Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]    
Restricted cash $ 14.4 $ 13.7
v3.25.0.1
Subsequent Events (Details)
 1 Months Ended 12 Months Ended
Feb. 21, 2025
USD ($)
a
Feb. 27, 2025
USD ($)
$ / shares
Dec. 31, 2024
$ / shares
Dec. 31, 2023
$ / shares
Dec. 31, 2022
$ / shares
Feb. 28, 2023
USD ($)
Feb. 28, 2022
USD ($)
Dec. 09, 2020
a
Subsequent Event [Line Items]                
Dividends approved (in USD per share) | $ / shares     $ 0.52 $ 0.44 $ 0.36      
Area of land | a               4
Subsequent Event                
Subsequent Event [Line Items]                
Increase in dividend per share of common stock (in USD per share) | $ / shares   $ 0.05            
Authorized under repurchase program | $   $ 350,000,000.0            
Area of land | a 4              
Net proceeds from sale of land | $ $ 33,000,000              
Class A Common Stock                
Subsequent Event [Line Items]                
Authorized under repurchase program | $           $ 250,000,000 $ 150,000,000  
Class A Common Stock | Subsequent Event                
Subsequent Event [Line Items]                
Dividends approved (in USD per share) | $ / shares   $ 0.18            
Authorized under repurchase program | $   $ 350,000,000            
Class B Common Stock | Subsequent Event                
Subsequent Event [Line Items]                
Dividends approved (in USD per share) | $ / shares   $ 0.18            
v3.25.0.1
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accounts Receivable Allowances      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at beginning of period $ 12,800 $ 12,260 $ 12,374
Additions charged to operating costs and other 3,919 4,809 11,973
Deductions 4,601 4,269 12,087
Balance at end of period 12,118 12,800 12,260
Valuation allowance for deferred tax assets      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at beginning of period 3,240 4,258 261
Additions charged to operating costs and other 2,092 0 4,000
Deductions 1 1,018 3
Balance at end of period $ 5,332 $ 3,240 $ 4,258