Edgar Filing: NEW YORK TIMES CO

NYT 10-Q 6.30.2013

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2013

Commission file number 1-5837

THE NEW YORK TIMES COMPANY

(Exact name of registrant as specified in its charter)



NEW YORK		13-1102020
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

620 EIGHTH AVENUE, NEW YORK, NEW YORK

(Address of principal executive offices)

10018

(Zip Code)

Registrant’s telephone number, including area code 212-556-1234

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.



Large accelerated filer x	Accelerated filer o	Non-accelerated filer o	Smaller reporting company o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes o No x

Number of shares of each class of the registrant’s common stock outstanding as of August 2, 2013 (exclusive of treasury shares):



Class A Common Stock	148,633,764	shares
Class B Common Stock	818,061	shares

THE NEW YORK TIMES COMPANY

INDEX



	ITEM NO.
PART I		Financial Information	1
Item	1	Financial Statements	1
		Condensed Consolidated Balance Sheets as of June 30, 2013 (unaudited) and December 30, 2012	1
		Condensed Consolidated Statements of Operations (unaudited) for the quarter and six months ended June 30, 2013 and June 24, 2012	3
		Consolidated Statements of Comprehensive Income/(Loss) (unaudited) for the quarter and six months ended June 30, 2013 and June 24, 2012	4
		Consolidated Statements of Cash Flows (unaudited) for the six months ended June 30, 2013 and June 24, 2012	5
		Notes to the Condensed Consolidated Financial Statements	6
Item	2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	25
Item	3	Quantitative and Qualitative Disclosures about Market Risk	36
Item	4	Controls and Procedures	36

PART II		Other Information	38
Item	1A	Risk Factors	38
Item	2	Unregistered Sales of Equity Securities and Use of Proceeds	38
Item	6	Exhibits	38

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

THE NEW YORK TIMES COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)



	June 30, 2013		December 30, 2012
	(Unaudited)
Assets
Current assets
Cash and cash equivalents	$	358,601	$	820,489
Short-term marketable securities	388,370		134,820
Accounts receivable (net of allowances of $14,369 in 2013 and $17,390 in 2012)	191,869		237,932
Inventories:
Newsprint and magazine paper	7,434		8,038
Other inventory	1,931		2,376
Total inventories	9,365		10,414
Deferred income taxes	58,214		58,214
Other current assets	47,088		46,539
Total current assets	1,053,507		1,308,408
Other assets
Long-term marketable securities	170,990		4,444
Investments in joint ventures	39,243		42,702
Property, plant and equipment (less accumulated depreciation and amortization of $984,190 in 2013 and $941,728 in 2012)	822,414		860,385
Goodwill (less accumulated impairment losses of $805,218 in 2013 and 2012)	121,433		122,691
Deferred income taxes	276,253		280,523
Miscellaneous assets	163,781		166,627
Total assets	$	2,647,621	$	2,785,780

See Notes to Condensed Consolidated Financial Statements.

THE NEW YORK TIMES COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS-(Continued)

(In thousands, except share and per share data)



	June 30, 2013			December 30, 2012
	(Unaudited)
Liabilities and stockholders’ equity
Current liabilities
Accounts payable	$	79,944		$	96,962
Accrued payroll and other related liabilities	73,119			95,180
Unexpired subscriptions	67,280			66,850
Accrued expenses and other	119,403			124,653
Accrued income taxes	13,355			38,932
Total current liabilities	353,101			422,577
Other liabilities
Long-term debt and capital lease obligations	694,158			696,914
Pension benefits obligation	642,276			737,889
Postretirement benefits obligation	108,089			110,347
Other	145,258			152,418
Total other liabilities	1,589,781			1,697,568
Stockholders’ equity
Common stock of $.10 par value:
Class A – authorized 300,000,000 shares; issued: 2013 – 150,472,065; 2012 – 150,270,975 (including treasury shares: 2013 – 2,305,554; 2012 – 2,483,537)	15,047			15,027
Class B – convertible – authorized and issued shares: 2013 – 818,061; 2012 – 818,385 (including treasury shares: 2013 – none; 2012 – none)	82			82
Additional paid-in capital	27,818			25,610
Retained earnings	1,254,155			1,230,450
Common stock held in treasury, at cost	(90,391		)	(96,278		)
Accumulated other comprehensive loss, net of income taxes:
Foreign currency translation adjustments	10,091			11,327
Unrealized loss on available-for-sale security	(498		)	(431		)
Funded status of benefit plans	(514,633		)	(523,463		)
Total accumulated other comprehensive loss, net of income taxes	(505,040		)	(512,567		)
Total New York Times Company stockholders’ equity	701,671			662,324
Noncontrolling interest	3,068			3,311
Total stockholders’ equity	704,739			665,635
Total liabilities and stockholders’ equity	$	2,647,621		$	2,785,780

See Notes to Condensed Consolidated Financial Statements.

THE NEW YORK TIMES COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except per share data)



	For the Quarters Ended						For the Six Months Ended
	June 30, 2013			June 24, 2012			June 30, 2013			June 24, 2012
	(13 weeks)						(26 weeks)
Revenues
Circulation	$	245,132		$	233,291		$	486,921		$	460,285
Advertising	207,454			220,228			398,621			435,462
Other	32,777			36,283			65,754			69,487
Total revenues	485,363			489,802			951,296			965,234
Operating costs
Production costs:
Raw materials	28,854			33,596			58,947			66,959
Wages and benefits	106,090			107,153			215,219			215,786
Other	57,452			61,829			114,496			122,540
Total production costs	192,396			202,578			388,662			405,285
Selling, general and administrative costs	217,928			220,236			442,131			449,360
Depreciation and amortization	21,608			22,920			43,408			53,036
Total operating costs	431,932			445,734			874,201			907,681
Operating profit	53,431			44,068			77,095			57,553
Gain on sale of investment	—			37,797			—			55,645
Impairment of investments	—			—			—			4,900
(Loss)/income from joint ventures	(459		)	1,079			(3,399		)	1,050
Interest expense, net	14,646			15,464			28,720			30,916
Income from continuing operations before income taxes	38,326			67,480			44,976			78,432
Income tax expense	18,189			29,440			21,516			31,233
Income from continuing operations	20,137			38,040			23,460			47,199
Loss from discontinued operations, net of income taxes	—			(125,689		)	—			(92,298		)
Net income/(loss)	20,137			(87,649		)	23,460			(45,099		)
Net (income)/loss attributable to the noncontrolling interest	(6		)	27			243			80
Net income/(loss) attributable to The New York Times Company common stockholders	$	20,131		$	(87,622	)	$	23,703		$	(45,019	)
Amounts attributable to The New York Times Company common stockholders:
Income from continuing operations	$	20,131		$	38,067		$	23,703		$	47,279
Loss from discontinued operations, net of income taxes	—			(125,689		)	—			(92,298		)
Net income/(loss)	$	20,131		$	(87,622	)	$	23,703		$	(45,019	)
Average number of common shares outstanding:
Basic	148,797			148,005			148,754			147,936
Diluted	156,511			149,799			156,101			150,669
Basic earnings/(loss) per share attributable to The New York Times Company common stockholders:
Income from continuing operations	$	0.14		$	0.26		$	0.16		$	0.32
Loss from discontinued operations, net of income taxes	—			(0.85		)	—			(0.62		)
Net income/(loss)	$	0.14		$	(0.59	)	$	0.16		$	(0.30	)
Diluted earnings/(loss) per share attributable to The New York Times Company common stockholders:
Income from continuing operations	$	0.13		$	0.25		$	0.15		$	0.31
Loss from discontinued operations, net of income taxes	—			(0.83		)	—			(0.61		)
Net income/(loss)	$	0.13		$	(0.58	)	$	0.15		$	(0.30	)

See Notes to Condensed Consolidated Financial Statements.

THE NEW YORK TIMES COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)

(Unaudited)

(In thousands)



	For the Quarters Ended						For the Six Months Ended
	June 30, 2013			June 24, 2012			June 30, 2013			June 24, 2012
	(13 weeks)						(26 weeks)
Net income/(loss)	$	20,137		$	(87,649	)	$	23,460		$	(45,099	)
Other comprehensive income/(loss), before tax:
Foreign currency translation adjustments	713			(6,712		)	(1,764		)	(4,399		)
Unrealized derivative gain on cash-flow hedge of equity method investment	—			—			—			1,143
Unrealized gain/(loss) on available-for-sale security	1,260			(3,425		)	(114		)	3,589
Pension and postretirement benefits obligation	6,598			5,817			14,857			(4,461		)
Other comprehensive income/(loss), before tax	8,571			(4,320		)	12,979			(4,128		)
Income tax expense/(benefit)	3,672			(1,647		)	5,452			(1,807		)
Other comprehensive income/(loss), net of tax	4,899			(2,673		)	7,527			(2,321		)
Comprehensive income/(loss)	25,036			(90,322		)	30,987			(47,420		)
Comprehensive (income)/loss attributable to the noncontrolling interest	(6		)	27			243			80
Comprehensive income/(loss) attributable to The New York Times Company common stockholders	$	25,030		$	(90,295	)	$	31,230		$	(47,340	)

See Notes to Condensed Consolidated Financial Statements.

THE NEW YORK TIMES COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)



	For the Six Months Ended
	June 30, 2013			June 24, 2012
	(26 weeks)
Cash flows from operating activities
Net income/(loss)	$	23,460		$	(45,099	)
Adjustments to reconcile net income/(loss) to net cash (used in)/provided by operating activities:
Impairment of assets	—			194,732
Gain on sale of investment	—			(55,645		)
Impairment of investments	—			4,900
Loss on sale of Regional Media Group	—			4,717
Depreciation and amortization	43,408			57,811
Stock-based compensation expense	5,201			4,144
Undistributed loss of equity method investments	3,399			4,769
Long-term retirement benefit obligations	(82,503		)	(21,925		)
Other–net	9,581			4,934
Changes in operating assets and liabilities–net of dispositions:
Accounts receivable–net	46,063			35,954
Inventories	1,049			814
Other current assets	2,079			(3,085		)
Accounts payable and other liabilities	(78,729		)	(116,028		)
Unexpired subscriptions	430			2,878
Net cash (used in)/provided by operating activities	(26,562		)	73,871
Cash flows from investing activities
Purchases of marketable securities	(584,600		)	(284,856		)
Maturities of marketable securities	160,262			109,844
Capital expenditures	(6,983		)	(19,215		)
Change in restricted cash	2,000			3,287
(Purchase of)/proceeds from investments–net	(541		)	92,525
Proceeds from sale of Regional Media Group	—			140,044
Net cash (used in)/provided by investing activities	(429,862		)	41,629
Cash flows from financing activities
Long-term obligations:
Repayment of debt and capital lease obligations	(5,925		)	(280		)
Capital shares:
Issuances from stock option exercises	611			207
Net cash used in financing activities	(5,314		)	(73		)
(Decrease)/increase in cash and cash equivalents	(461,738		)	115,427
Effect of exchange rate changes on cash and cash equivalents	(150		)	(286		)
Cash and cash equivalents at the beginning of the year	820,489			175,151
Cash and cash equivalents at the end of the quarter	$	358,601		$	290,292

See Notes to Condensed Consolidated Financial Statements.

THE NEW YORK TIMES COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 1. BASIS OF PRESENTATION

In the opinion of The New York Times Company’s (the “Company”) management, the Condensed Consolidated Financial Statements present fairly the financial position of the Company as of June 30, 2013 and December 30, 2012, and the results of operations and cash flows of the Company for the periods ended June 30, 2013 and June 24, 2012. The Company and its consolidated subsidiaries are referred to collectively as “we,” “us” or “our.” All adjustments necessary for a fair presentation have been included and are of a normal and recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation. The financial statements were prepared in accordance with the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain notes or other financial information that are normally required by accounting principles generally accepted in the United States of America have been condensed or omitted from these interim financial statements. These financial statements, therefore, should be read in conjunction with the Consolidated Financial Statements and related Notes included in our Annual Report on Form 10-K for the year ended December 30, 2012. Due to the seasonal nature of our business, operating results for the interim periods are not necessarily indicative of a full year’s operations. The fiscal periods included herein comprise 13 weeks for the second-quarter periods and 26 weeks for the full six-month periods.

For comparability, certain prior-year amounts have been reclassified to conform with the current period presentation.

See Note 3 for information regarding adjustments to prior period financial statements.

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

As of June 30, 2013, our significant accounting policies, which are detailed in our Annual Report on Form 10-K for the year ended December 30, 2012, have not changed. In the first quarter of 2013, we added a significant accounting policy related to our investments in marketable securities.

Marketable securities

We have investments in marketable debt and equity 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. We have the intent and ability to hold our marketable debt securities until maturity; therefore they are accounted for as held-to-maturity and stated at amortized cost. Our marketable equity security is accounted for as available-for-sale and stated at fair value. Changes in the fair value of our available-for-sale security are recognized as unrealized gains or losses, net of taxes, as a component of accumulated other comprehensive income/(loss) (“AOCI”).

Recently adopted accounting pronouncements

At the beginning of our 2013 fiscal year, we adopted new guidance for the presentation of amounts reclassified from AOCI. The guidance specifically required, either on the face of the financial statements or in the notes, presentation of significant amounts reclassified from AOCI by component for the respective line items of net income. We adopted the new guidance and present the reclassifications in the notes to the financial statements. See Note 14 for additional information regarding amounts reclassified from AOCI.

NOTE 3. PRIOR PERIOD ADJUSTMENTS

During the second quarter of 2013, we determined that due to an error in the actuarial valuation of accrued benefits for approximately 800 participants primarily in The New York Times Companies Pension Plan, our pension benefit obligation was overstated by approximately $50.4 million as of December 31, 2012 and $50.9 million as of March 31, 2013. The New York Times Companies Pension Plan (which was frozen as of December 31, 2009) provides for certain offsetting credits for plan participants who are also entitled to benefits under another qualified pension plan to which we contribute, primarily from The New York Times Newspaper Guild Pension Plan or the Boston Globe Retirement Plan for employees represented by the Boston Newspaper Guild. We determined that those offsetting credits were not properly recorded in prior interim and annual periods, on our balance sheet from December 30, 2007 through March 31, 2013 and on our income statement from the fiscal year ended December 28, 2008 through the quarter ended March 31, 2013.

THE NEW YORK TIMES COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(Unaudited)

In accordance with the provisions of SEC Staff Accounting Bulletin No. 108, we assessed the impact of these adjustments on prior period financial statements and concluded that these errors were not material individually or in the aggregate to any of the prior reporting periods from an income statement and balance sheet perspective. However, the correction of the error in the current period would be considered material and would impact comparisons to prior periods.

Accordingly, we have adjusted our consolidated financial statements for the periods ended December 25, 2011 through March 31, 2013 to correct the errors and will make adjustments for future Form 10-Q and 10-K filings that include financial statements for the periods affected. The adjustment primarily resulted in a reduction in pension expense, other comprehensive income and pension liability in each of the periods presented.

The cumulative effect, net of tax, on the opening retained earnings and opening accumulated comprehensive income as of December 27, 2010 were $6.0 million and $14.5 million, respectively. There was no impact on cash flows for the periods indicated. The following tables show the adjusted financial statements for those periods indicated:

THE NEW YORK TIMES COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(Unaudited)



(In thousands)	March 31, 2013			2012 by quarter												December 25, 2011
				December 30, 2012			September 23, 2012			June 24, 2012			March 25, 2012
As previously reported:
Condensed Consolidated Balance Sheets
Assets
Current assets
Cash and cash equivalents	$	308,014		$	820,489		$	334,374		$	290,292		$	206,468		$	175,151
Short-term marketable securities	366,805			134,820			279,740			279,858			224,878			104,846
Accounts receivable (net of allowances)	190,813			237,932			195,489			227,932			230,042			247,436
Inventories:
Newsprint and magazine paper	9,235			8,038			11,536			13,589			16,643			14,567
Other inventory	2,213			2,376			2,373			2,817			3,144			3,213
Total inventories	11,448			10,414			13,909			16,406			19,787			17,780
Deferred income taxes	58,214			58,214			73,055			73,055			73,055			73,055
Other current assets	56,038			46,539			49,883			50,556			66,743			55,665
Assets held for sale	—			—			223,887			—			—			590,002
Total current assets	991,332			1,308,408			1,170,337			938,099			820,973			1,263,935
Other assets
Long-term marketable securities	190,841			4,444			—			—			—			—
Investments in joint ventures	40,169			42,702			43,151			43,541			45,138			82,019
Property, plant and equipment (less accumulated depreciation and amortization)	842,383			860,385			877,883			896,093			912,338			937,140
Goodwill (less accumulated impairment losses)	120,275			122,691			121,251			306,087			506,160			121,618
Deferred income taxes	300,364			301,078			344,062			348,101			295,373			280,283
Miscellaneous assets	165,613			166,627			168,881			184,885			237,798			198,455
Total assets	$	2,650,977		$	2,806,335		$	2,725,565		$	2,716,806		$	2,817,780		$	2,883,450

Liabilities and stockholders’ equity
Current liabilities
Accounts payable	$	88,513		$	96,962		$	94,315		$	90,616		$	93,126		$	98,385
Accrued payroll and other related liabilities	60,959			95,180			97,401			81,920			80,945			112,024
Unexpired subscriptions	69,114			66,850			66,537			65,776			67,863			63,103
Accrued expenses and other	119,405			124,653			204,847			205,414			205,993			240,464
Accrued income taxes	—			38,932			—			—			—			—
Total current liabilities	337,991			422,577			463,100			443,726			447,927			513,976
Other liabilities
Long-term debt and capital lease obligations	698,071			696,914			701,678			700,820			699,349			698,220
Pension benefits obligation	714,505			788,268			830,868			848,669			860,836			880,504
Postretirement benefits obligation	109,500			110,347			100,248			101,397			102,689			104,192
Other	144,576			152,418			154,537			155,353			151,048			177,049
Total other liabilities	1,666,652			1,747,947			1,787,331			1,806,239			1,813,922			1,859,965
Stockholders’ equity
Common stock of $.10 par value:
Class A	15,045			15,027			15,023			15,009			15,005			15,001
Class B	82			82			82			82			82			82
Additional paid-in capital	27,656			25,610			31,181			34,278			35,820			32,024
Retained earnings	1,222,936			1,219,798			1,042,888			1,040,606			1,128,755			1,086,625
Common stock held in treasury, at cost	(93,506		)	(96,278		)	(102,690		)	(107,572		)	(110,827		)	(110,974		)
Accumulated other comprehensive loss, net of income taxes:
Foreign currency translation adjustments	9,858			11,327			10,418			8,286			12,382			10,928
Unrealized (loss)/gain on available-for-sale security	(1,242		)	(431		)	732			2,102			4,109			(652		)
Funded status of benefit plans	(537,557		)	(542,635		)	(525,548		)	(529,019		)	(532,491		)	(526,674		)
Total accumulated other comprehensive loss, net of income taxes	(528,941		)	(531,739		)	(514,398		)	(518,631		)	(516,000		)	(516,398		)
Total New York Times Company stockholders’ equity	643,272			632,500			472,086			463,772			552,835			506,360
Noncontrolling interest	3,062			3,311			3,048			3,069			3,096			3,149
Total stockholders’ equity	646,334			635,811			475,134			466,841			555,931			509,509
Total liabilities and stockholders’ equity	$	2,650,977		$	2,806,335		$	2,725,565		$	2,716,806		$	2,817,780		$	2,883,450

THE NEW YORK TIMES COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(Unaudited)



(In thousands)	March 31, 2013			2012 by quarter												December 25, 2011
				December 30, 2012			September 23, 2012			June 24, 2012			March 25, 2012
Adjustments:
Condensed Consolidated Balance Sheets
Assets
Current assets
Cash and cash equivalents	$	—		$	—		$	—		$	—		$	—		$	—
Short-term marketable securities	—			—			—			—			—			—
Accounts receivable (net of allowances)	—			—			—			—			—			—
Inventories:
Newsprint and magazine paper	—			—			—			—			—			—
Other inventory	—			—			—			—			—			—
Total inventories	—			—			—			—			—			—
Deferred income taxes	—			—			—			—			—			—
Other current assets	—			—			—			—			—			—
Assets held for sale	—			—			—			—			—			—
Total current assets	—			—			—			—			—			—
Other assets
Long-term marketable securities	—			—			—			—			—			—
Investments in joint ventures	—			—			—			—			—			—
Property, plant and equipment (less accumulated depreciation and amortization)	—			—			—			—			—			—
Goodwill (less accumulated impairment losses)	—			—			—			—			—			—
Deferred income taxes	(20,438		)	(20,555		)	(19,862		)	(19,493		)	(19,185		)	(18,820		)
Miscellaneous assets	—			—			—			—			—			—
Total assets	$	(20,438	)	$	(20,555	)	$	(19,862	)	$	(19,493	)	$	(19,185	)	$	(18,820	)

Liabilities and stockholders’ equity
Current liabilities
Accounts payable	$	—		$	—		$	—		$	—		$	—		$	—
Accrued payroll and other related liabilities	—			—			—			—			—			—
Unexpired subscriptions	—			—			—			—			—			—
Accrued expenses and other	—			—			—			—			—			—
Accrued income taxes	360			—			—			—			—			—
Total current liabilities	360			—			—			—			—			—
Other liabilities
Long-term debt and capital lease obligations	—			—			—			—			—			—
Pension benefits obligation	(50,888		)	(50,379		)	(48,515		)	(47,723		)	(46,931		)	(46,138		)
Postretirement benefits obligation	—			—			—			—			—			—
Other	—			—			—			—			—			—
Total other liabilities	(50,888		)	(50,379		)	(48,515		)	(47,723		)	(46,931		)	(46,138		)
Stockholders’ equity
Common stock of $.10 par value:
Class A	—			—			—			—			—			—
Class B	—			—			—			—			—			—
Additional paid-in capital	—			—			—			—			—			—
Retained earnings	11,087			10,652			9,439			8,974			8,448			7,978
Common stock held in treasury, at cost	—			—			—			—			—			—
Accumulated other comprehensive gain, net of income taxes:
Foreign currency translation adjustments	—			—			—			—			—			—
Unrealized (loss)/gain on available-for-sale security	—			—			—			—			—			—
Funded status of benefit plans	19,003			19,172			19,214			19,256			19,298			19,340
Total accumulated other comprehensive gain, net of income taxes	19,003			19,172			19,214			19,256			19,298			19,340
Total New York Times Company stockholders’ equity	30,090			29,824			28,653			28,230			27,746			27,318
Noncontrolling interest	—			—			—			—			—			—
Total stockholders’ equity	30,090			29,824			28,653			28,230			27,746			27,318
Total liabilities and stockholders’ equity	$	(20,438	)	$	(20,555	)	$	(19,862	)	$	(19,493	)	$	(19,185	)	$	(18,820	)

THE NEW YORK TIMES COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(Unaudited)



(In thousands)	March 31, 2013			2012 by quarter												December 25, 2011
				December 30, 2012			September 23, 2012			June 24, 2012			March 25, 2012
As adjusted:
Condensed Consolidated Balance Sheets
Assets
Current assets
Cash and cash equivalents	$	308,014		$	820,489		$	334,374		$	290,292		$	206,468		$	175,151
Short-term marketable securities	366,805			134,820			279,740			279,858			224,878			104,846
Accounts receivable (net of allowances)	190,813			237,932			195,489			227,932			230,042			247,436
Inventories:
Newsprint and magazine paper	9,235			8,038			11,536			13,589			16,643			14,567
Other inventory	2,213			2,376			2,373			2,817			3,144			3,213
Total inventories	11,448			10,414			13,909			16,406			19,787			17,780
Deferred income taxes	58,214			58,214			73,055			73,055			73,055			73,055
Other current assets	56,038			46,539			49,883			50,556			66,743			55,665
Assets held for sale	—			—			223,887			—			—			590,002
Total current assets	991,332			1,308,408			1,170,337			938,099			820,973			1,263,935
Other assets
Long-term marketable securities	190,841			4,444			—			—			—			—
Investments in joint ventures	40,169			42,702			43,151			43,541			45,138			82,019
Property, plant and equipment (less accumulated depreciation and amortization)	842,383			860,385			877,883			896,093			912,338			937,140
Goodwill (less accumulated impairment losses)	120,275			122,691			121,251			306,087			506,160			121,618
Deferred income taxes	279,926			280,523			324,200			328,608			276,188			261,463
Miscellaneous assets	165,613			166,627			168,881			184,885			237,798			198,455
Total assets	$	2,630,539		$	2,785,780		$	2,705,703		$	2,697,313		$	2,798,595		$	2,864,630

Liabilities and stockholders’ equity
Current liabilities
Accounts payable	$	88,513		$	96,962		$	94,315		$	90,616		$	93,126		$	98,385
Accrued payroll and other related liabilities	60,959			95,180			97,401			81,920			80,945			112,024
Unexpired subscriptions	69,114			66,850			66,537			65,776			67,863			63,103
Accrued expenses and other	119,405			124,653			204,847			205,414			205,993			240,464
Accrued income taxes	360			38,932			—			—			—			—
Total current liabilities	338,351			422,577			463,100			443,726			447,927			513,976
Other liabilities
Long-term debt and capital lease obligations	698,071			696,914			701,678			700,820			699,349			698,220
Pension benefits obligation	663,617			737,889			782,353			800,946			813,905			834,366
Postretirement benefits obligation	109,500			110,347			100,248			101,397			102,689			104,192
Other	144,576			152,418			154,537			155,353			151,048			177,049
Total other liabilities	1,615,764			1,697,568			1,738,816			1,758,516			1,766,991			1,813,827
Stockholders’ equity
Common stock of $.10 par value:
Class A	15,045			15,027			15,023			15,009			15,005			15,001
Class B	82			82			82			82			82			82
Additional paid-in capital	27,656			25,610			31,181			34,278			35,820			32,024
Retained earnings	1,234,023			1,230,450			1,052,327			1,049,580			1,137,203			1,094,603
Common stock held in treasury, at cost	(93,506		)	(96,278		)	(102,690		)	(107,572		)	(110,827		)	(110,974		)
Accumulated other comprehensive loss, net of income taxes:
Foreign currency translation adjustments	9,858			11,327			10,418			8,286			12,382			10,928
Unrealized (loss)/gain on available-for-sale security	(1,242		)	(431		)	732			2,102			4,109			(652		)
Funded status of benefit plans	(518,554		)	(523,463		)	(506,334		)	(509,763		)	(513,193		)	(507,334		)
Total accumulated other comprehensive loss, net of income taxes	(509,938		)	(512,567		)	(495,184		)	(499,375		)	(496,702		)	(497,058		)
Total New York Times Company stockholders’ equity	673,362			662,324			500,739			492,002			580,581			533,678
Noncontrolling interest	3,062			3,311			3,048			3,069			3,096			3,149
Total stockholders’ equity	676,424			665,635			503,787			495,071			583,677			536,827
Total liabilities and stockholders’ equity	$	2,630,539		$	2,785,780		$	2,705,703		$	2,697,313		$	2,798,595		$	2,864,630

THE NEW YORK TIMES COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(Unaudited)

(In thousands, except per share data)

March 31, 2013

Full Year 2012

2012 by quarter

Full Year 2011

December 30,
2012

September 23,
2012

June 24,
2012

March 25,
2012

As previously reported:

Condensed Consolidated Statements of Operations