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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2023
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___ to ___
Commission file number 1-5837
THE NEW YORK TIMES COMPANY
(Exact name of registrant as specified in its charter) 
New York 13-1102020
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
620 Eighth Avenue, New York, New York 10018
(Address and zip code of principal executive offices)
Registrant’s telephone number, including area code 212-556-1234
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common StockNYTNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x      No   o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   x     No  o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐Non-accelerated filer☐
Smaller reporting company☐Emerging growth company☐
If an emerging growth company, indicate by the check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to section 13(a) of the Exchange Act. ☐
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to § 240.10D-1(b). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   ☐     No  x
Number of shares of each class of the registrant’s common stock outstanding as of August 4, 2023 (exclusive of treasury shares):
 
Class A Common Stock163,558,450 shares
Class B Common Stock780,724 shares



THE NEW YORK TIMES COMPANY
INDEX
  
PART IFinancial Information
Item1Financial Statements
Condensed Consolidated Balance Sheets as of June 30, 2023 (unaudited) and December 31, 2022
Condensed Consolidated Statements of Operations (unaudited) for the quarters and six months ended June 30, 2023 and June 26, 2022
Condensed Consolidated Statements of Comprehensive Income (unaudited) for the quarters and six months ended June 30, 2023 and June 26, 2022
Condensed Consolidated Statements of Changes In Stockholders’ Equity (unaudited) for the quarters and six months ended June 30, 2023 and June 26, 2022
Condensed Consolidated Statements of Cash Flows (unaudited) for the six months ended June 30, 2023 and June 26, 2022
Notes to the Condensed Consolidated Financial Statements
Item2Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item3Quantitative and Qualitative Disclosures About Market Risk
Item4Controls and Procedures
PART IIOther Information
Item1Legal Proceedings
Item1ARisk Factors
Item2Unregistered Sales of Equity Securities and Use of Proceeds
Item5Other Information
Item6Exhibits





PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
THE NEW YORK TIMES COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
June 30, 2023December 31, 2022
(Unaudited)
Assets
Current assets
Cash and cash equivalents$245,630 $221,385 
Short-term marketable securities171,223 125,972 
Accounts receivable (net of allowances of $11,011 in 2023 and $12,260 in 2022)
158,991 217,533 
Prepaid expenses60,904 54,859 
Other current assets38,026 35,926 
Total current assets674,774 655,675 
Other assets
Long-term marketable securities93,520 138,917 
Property, plant and equipment (less accumulated depreciation and amortization of $848,849 in 2023 and $823,024 in 2022)
531,117 553,698 
Goodwill415,181 414,046 
Intangible assets, net302,652 317,314 
Deferred income taxes115,887 96,363 
Miscellaneous assets345,938 357,739 
Total assets$2,479,069 $2,533,752 
 See Notes to Condensed Consolidated Financial Statements.
1

THE NEW YORK TIMES COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS-(Continued)
(In thousands, except share and per share data)
June 30, 2023December 31, 2022
(Unaudited)
Liabilities and stockholders’ equity
Current liabilities
Accounts payable$110,830 $114,646 
Accrued payroll and other related liabilities138,907 164,564 
Unexpired subscriptions revenue156,996 155,945 
Accrued expenses and other
125,319 136,055 
Total current liabilities532,052 571,210 
Other liabilities
Pension benefits obligation
219,521 225,300 
Postretirement benefits obligation
26,930 26,455 
Other
93,346 110,815 
Total other liabilities339,797 362,570 
Stockholders’ equity
Common stock of $.10 par value:
Class A – authorized: 300,000,000 shares; issued: 2023 – 176,724,250; 2022 – 176,288,596 (including treasury shares: 2023 – 13,165,882; 2022 – 12,004,865)
17,673 17,629 
Class B – convertible – authorized and issued shares: 2022 – 780,724; 2021 – 780,724
78 78 
Additional paid-in capital
267,975 255,515 
Retained earnings
1,991,029 1,958,859 
Common stock held in treasury, at cost
(319,858)(276,267)
Accumulated other comprehensive loss, net of income taxes:
Foreign currency translation adjustments
358 (510)
Funded status of benefit plans
(346,663)(348,947)
Net unrealized loss on available-for-sale securities(5,377)(8,390)
Total accumulated other comprehensive loss, net of income taxes
(351,682)(357,847)
Total New York Times Company stockholders’ equity
1,605,215 1,597,967 
Noncontrolling interest
2,005 2,005 
Total stockholders’ equity1,607,220 1,599,972 
Total liabilities and stockholders’ equity$2,479,069 $2,533,752 
 See Notes to Condensed Consolidated Financial Statements.

2

THE NEW YORK TIMES COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share data)
 For the Quarters EndedFor the Six Months Ended
June 30, 2023June 26, 2022June 30, 2023June 26, 2022
Revenues
Subscription$409,590 $383,619 $807,132 $755,598 
Advertising117,770 117,379 224,011 233,649 
Other63,493 54,682 120,449 103,858 
Total revenues
590,853 555,680 1,151,592 1,093,105 
Operating costs
Cost of revenue (excluding depreciation and amortization)309,923 300,583 616,775 581,948 
Sales and marketing62,241 62,769 129,275 140,357 
Product development56,047 50,822 113,109 98,255 
General and administrative72,273 69,141 153,324 140,498 
Depreciation and amortization21,858 20,704 42,698 39,390 
Total operating costs522,342 504,019 1,055,181 1,000,448 
Acquisition-related costs— — — 34,712 
Lease-related impairment charge12,736 — 12,736 — 
Operating profit55,775 51,661 83,675 57,945 
Other components of net periodic benefit (income)/costs(684)1,624 (1,369)3,146 
Interest income and other, net4,517 35,604 7,690 36,679 
Income before income taxes60,976 85,641 92,734 91,478 
Income tax expense14,402 23,864 23,839 24,976 
Net income$46,574 $61,777 $68,895 $66,502 
Average number of common shares outstanding:
Basic164,714 167,636 164,844 167,816 
Diluted 165,037 167,636 165,325 167,816 
Basic earnings per share attributable to common stockholders$0.28 $0.37 $0.42 $0.40 
Diluted earnings per share attributable to common stockholders$0.28 $0.37 $0.42 $0.40 
Dividends declared per share$0.11 $— $0.22 $0.09 
See Notes to Condensed Consolidated Financial Statements.



3

THE NEW YORK TIMES COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
(Unaudited)
(In thousands)
 For the Quarters EndedFor the Six Months Ended
June 30, 2023June 26, 2022June 30, 2023June 26, 2022
Net income$46,574 $61,777 $68,895 $66,502 
Other comprehensive income/(loss), before tax:
Gain/(Loss) on foreign currency translation adjustments286 (3,407)1,134 (5,616)
Pension and postretirement benefits obligation1,553 5,114 3,106 10,124 
Net unrealized gain/(loss) on available-for-sale securities1,496 (1,911)4,098 (9,827)
Other comprehensive income/(loss), before tax3,335 (204)8,338 (5,319)
Income tax expense/(benefit)879 (104)2,173 (1,484)
Other comprehensive income/(loss), net of tax2,456 (100)6,165 (3,835)
Comprehensive income attributable to common stockholders$49,030 $61,677 $75,060 $62,667 
 See Notes to Condensed Consolidated Financial Statements.
4

THE NEW YORK TIMES COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
For the Quarters Ended June 30, 2023 and June 26, 2022
(Unaudited)
(In thousands, except share data)

Capital Stock -
Class A
and
Class B Common		Additional
Paid-in
Capital		Retained
Earnings		Common
Stock
Held in
Treasury,
at Cost		Accumulated
Other
Comprehensive
Loss, Net of
Income
Taxes		Total
New York
Times
Company
Stockholders’
Equity		Non-
controlling
Interest		Total
Stock-
holders’
Equity
Balance, March 27, 2022$17,704 $227,815 $1,834,734 $(200,245)$(386,937)$1,493,071 $2,005 $1,495,076 
Net income— — 61,777 — — 61,777 — 61,777 
Dividends— — 135 — — 135 — 135 
Other comprehensive loss— — — — (100)(100)— (100)
Issuance of stock-based awards, net of withholding taxes:
Restricted stock units vested – 10,769 Class A shares
1 (302)— — — (301)— (301)
Share repurchases – 781,530 Class A shares
— — — (25,435)— (25,435)— (25,435)
Stock-based compensation— 8,982 — — — 8,982 — 8,982 
Balance, June 26, 2022$17,705 $236,495 $1,896,646 $(225,680)$(387,037)$1,538,129 $2,005 $1,540,134 
Balance, March 31, 2023$17,744 $255,361 $1,962,805 $(306,987)$(354,138)$1,574,785 $2,005 $1,576,790 
Net income— — 46,574 — — 46,574 — 46,574 
Dividends— — (18,350)— — (18,350)— (18,350)
Other comprehensive income— — — — 2,456 2,456 — 2,456 
Issuance of stock-based awards, net of withholding taxes:
Restricted stock units vested – 62,142 Class A shares
7 (639)— — — (632)— (632)
Share repurchases – 357,488 Class A shares
— — — (12,871)— (12,871)— (12,871)
Stock-based compensation— 13,253 — — — 13,253 — 13,253 
Balance, June 30, 2023$17,751 $267,975 $1,991,029 $(319,858)$(351,682)$1,605,215 $2,005 $1,607,220 
5

THE NEW YORK TIMES COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
For the Six Months Ended June 30, 2023 and June 26, 2022
(Unaudited)
(In thousands, except share data)

Capital Stock -
Class A
and
Class B Common		Additional
Paid-in
Capital		Retained
Earnings		Common
Stock
Held in
Treasury,
at Cost		Accumulated
Other
Comprehensive
Loss, Net of
Income
Taxes		Total
New York
Times
Company
Stockholders’
Equity		Non-
controlling
Interest		Total
Stock-
holders’
Equity
Balance, December 26, 2021$17,675 $230,115 $1,845,343 $(171,211)$(383,202)$1,538,720 $2,005 $1,540,725 
Net income— — 66,502 — — 66,502 — 66,502 
Dividends— — (15,199)— — (15,199)— (15,199)
Other comprehensive loss(3,835)(3,835)(3,835)
Issuance of stock-based awards, net of withholding taxes:
Stock options – 400 Class A shares
— 3 — — — 3 — 3 
Restricted stock units vested – 138,219 Class A shares
14 (4,086)— — — (4,072)— (4,072)
Performance-based awards – 163,518 Class A shares
16 (5,573)— — — (5,557)— (5,557)
Share repurchases – 1,474,330 Class A shares
— — — (54,469)— (54,469)— (54,469)
Stock-based compensation— 16,036 — — — 16,036 — 16,036 
Balance, June 26, 2022$17,705 $236,495 $1,896,646 $(225,680)$(387,037)$1,538,129 $2,005 $1,540,134 
Balance, December 31, 2022$17,707 $255,515 $1,958,859 $(276,267)$(357,847)$1,597,967 $2,005 $1,599,972 
Net income— — 68,895 — — 68,895 — 68,895 
Dividends— — (36,725)— — (36,725)— (36,725)
Other comprehensive income— — — — 6,165 6,165 — 6,165 
Issuance of stock-based awards, net of withholding taxes:
Restricted stock units vested – 329,235 Class A shares
34 (8,585)— — — (8,551)— (8,551)
Performance-based awards – 106,419 Class A shares
10 (3,108)— — — (3,098)— (3,098)
Share repurchases – 1,161,017 Class A shares
— — — (43,591)— (43,591)— (43,591)
Stock-based compensation— 24,153 — — — 24,153 — 24,153 
Balance, June 30, 2023$17,751 $267,975 $1,991,029 $(319,858)$(351,682)$1,605,215 $2,005 $1,607,220 
6

THE NEW YORK TIMES COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
For the Six Months Ended
June 30, 2023June 26, 2022
Cash flows from operating activities
Net income$68,895 $66,502 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization42,698 39,390 
Amortization of right of use asset4,989 4,979 
Stock-based compensation expense24,153 16,036 
Lease-related impairment charge12,736 — 
Gain on sale of land— (34,227)
Change in long-term retirement benefit obligations(13,760)(9,823)
Other – net2,301 2,872 
Changes in operating assets and liabilities, net of business acquisitions:
Accounts receivable – net58,542 62,438 
Other assets(2,517)(12,287)
Accounts payable, accrued payroll and other liabilities(79,306)(120,886)
Unexpired subscriptions1,051 1,154 
Net cash provided by operating activities119,782 16,148 
Cash flows from investing activities
Purchases of marketable securities(43,643)(6,649)
Maturities of marketable securities47,103 458,306 
Business acquisitions, net of cash acquired— (515,299)
Capital expenditures(10,792)(19,005)
Other – net2,302 1,457 
Net cash used in investing activities(5,030)(81,190)
Cash flows from financing activities
Long-term obligations:
Dividends paid(33,195)(26,895)
Payment of contingent consideration(1,724)(1,724)
Capital shares:
Proceeds from stock option exercises— 3 
Repurchases(43,591)(54,469)
Share-based compensation tax withholding(11,649)(9,629)
Net cash used in financing activities(90,159)(92,714)
Net increase/(decrease) in cash, cash equivalents and restricted cash24,593 (157,756)
Effect of exchange rate changes on cash(29)(812)
Cash, cash equivalents and restricted cash at the beginning of the period235,173 334,306 
Cash, cash equivalents and restricted cash at the end of the period$259,737 $175,738 
 See Notes to Condensed Consolidated Financial Statements.

7
THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

NOTE 1. BASIS OF PRESENTATION
In the opinion of management of The New York Times Company (the “Company”), the Condensed Consolidated Financial Statements present fairly the financial position of the Company as of June 30, 2023, and December 31, 2022, and the results of operations, changes in stockholders’ equity and cash flows of the Company for the periods ended June 30, 2023, and June 26, 2022. 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 United States Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain notes or other financial information that are normally required by accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted from these interim financial statements. These financial statements, therefore, should be read in conjunction with the Consolidated Financial Statements and related Notes included in our Annual Report on Form 10-K for the year ended December 31, 2022. 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 first six months of 2022 included an additional day compared with the first six months of 2023 as a result of the change in the Company’s fiscal year to the calendar year.
The Company has two reportable segments: The New York Times Group (“NYTG”) and The Athletic.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in our Condensed Consolidated Financial Statements. Actual results could differ from these estimates.
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
As of June 30, 2023, our significant accounting policies, which are detailed in our Annual Report on Form 10-K for the year ended December 31, 2022, have not changed.
Recently Issued Accounting Pronouncements
The Company considers the applicability and impact of all recently issued accounting pronouncements. Recent accounting pronouncements not specifically identified in our disclosures are either not applicable to the Company or are not expected to have a material effect on our financial condition or results of operations.
NOTE 3. REVENUE
We generate revenues principally from subscriptions and advertising.
Subscription revenues consist of revenues from subscriptions to our digital and print products (which include our news product, as well as The Athletic and our Cooking, Games and Wirecutter products), and single-copy and bulk sales of our print products. Subscription revenues are based on both the number of copies of the printed newspaper sold and digital-only subscriptions, and the rates charged to the respective customers.
Advertising revenue is generated principally from advertisers (such as technology, financial and luxury goods companies) promoting products, services or brands on digital platforms in the form of display ads, audio and video, and in print in the form of column-inch ads. Advertising revenue is generated primarily from offerings sold directly to marketers by our advertising sales teams. A smaller proportion of our total advertising revenues is generated through programmatic auctions run by third-party ad exchanges. Advertising revenue is primarily determined by the volume (e.g., impressions), rate and mix of advertisements. Digital advertising includes our core digital advertising business and other digital advertising. Our core digital advertising business includes direct-sold website, mobile application, podcast, email and video advertisements. Direct-sold display advertising, a component of core digital advertising, includes offerings on websites and mobile applications sold directly to marketers by our advertising sales teams. Other digital advertising includes open-market programmatic advertising and creative services fees. Print advertising includes revenue from column-inch ads and classified advertising as well as preprinted advertising, also known as freestanding inserts. NYTG has revenue from all categories discussed above. The Athletic has revenue from direct-sold display advertising, podcast, email and video advertisements and open-market programmatic advertising. There is no print advertising revenue generated from The Athletic.
Other revenues primarily consist of revenues from licensing, Wirecutter affiliate referrals, commercial printing, the leasing of floors in the New York headquarters building located at 620 Eighth Avenue, New York, New York (the “Company Headquarters”), television and film, retail commerce, our live events business and our student subscription sponsorship program.
8
THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Subscription, advertising and other revenues were as follows:
For the Quarters EndedFor the Six Months Ended
(In thousands)June 30, 2023As % of totalJune 26, 2022As % of totalJune 30, 2023As % of totalJune 26, 2022As % of total
Subscription$409,590 69.3 %$383,619 69.0 %$807,132 70.0 %$755,598 69.2 %
Advertising117,770 19.8 %117,379 21.0 %224,011 19.5 %233,649 21.3 %
Other (1)
63,493 10.9 %54,682 10.0 %120,449 10.5 %103,858 9.5 %
Total
$590,853 100.0 %$555,680 100.0 %$1,151,592 100.0 %$1,093,105 100.0 %
(1) Other revenues include building rental revenue, which is not under the scope of Revenue from Contracts with Customers (Topic 606). Building rental revenue was $6.5 million and $7.2 million for the second quarters of 2023 and 2022, respectively, and $13.7 million and $14.3 million for the first six months of 2023 and 2022, respectively.
The following table summarizes digital and print subscription revenues, which are components of subscription revenues above, for the second quarters and first six months ended June 30, 2023, and June 26, 2022:
For the Quarters EndedFor the Six Months Ended
(In thousands)June 30, 2023As % of totalJune 26, 2022As % of totalJune 30, 2023As % of totalJune 26, 2022As % of total
Digital-only subscription revenues (1)
$269,774 65.9 %$238,727 62.2 %$528,541 65.5 %$465,489 61.6 %
Print subscription revenues:
Domestic home-delivery subscription revenues (2)
126,024 30.8 %131,080 34.2 %251,901 31.2 %262,472 34.7 %
Single-copy, NYT International and Other subscription revenues (3)
13,792 3.4 %13,812 3.6 %26,690 3.3 %27,637 3.7 %
Subtotal print subscription revenues139,816 34.1 %144,892 37.8 %278,591 34.5 %290,109 38.4 %
Total subscription revenues$409,590 100.0 %$383,619 100.0 %$807,132 100.0 %$755,598 100.0 %
(1) Includes revenue from bundled and standalone subscriptions to our news product, as well as to The Athletic and to our Cooking, Games and Wirecutter products.
(2) Domestic home-delivery subscriptions include access to our digital products.
(3) NYT International is the international edition of our print newspaper.
The following table summarizes digital and print advertising revenues, which are components of advertising revenues above, for the second quarters and first six months ended June 30, 2023, and June 26, 2022:
For the Quarters EndedFor the Six Months Ended
(In thousands)June 30, 2023As % of totalJune 26, 2022As % of totalJune 30, 2023As % of totalJune 26, 2022As % of total
Advertising revenues:
Digital$73,804 62.7 %$69,292 59.0 %$135,075 60.3 %$136,306 58.3 %
Print43,966 37.3 %48,087 41.0 %88,936 39.7 %97,343 41.7 %
Total advertising$117,770 100.0 %$117,379 100.0 %$224,011 100.0 %$233,649 100.0 %
Performance Obligations
We have remaining performance obligations related to digital archive and other licensing and certain advertising contracts. As of June 30, 2023, the aggregate amount of the transaction price allocated to the remaining performance obligations for contracts with a duration greater than one year was approximately $207 million. The Company will recognize this revenue as performance obligations are satisfied. We expect that approximately $40 million, $76 million and $91 million will be recognized in the remainder of 2023, 2024 and thereafter through 2028, respectively.
9
THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
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 Condensed Consolidated Balance Sheet. Total unexpired subscriptions as of December 31, 2022, were $155.9 million, of which approximately $132 million was recognized as revenues during the six months ended June 30, 2023.
Contract Assets
As of June 30, 2023, and December 31, 2022, the Company had $3.8 million, respectively, in contract assets recorded in the Condensed Consolidated Balance Sheets related to digital archiving licensing revenue. The contract asset is reclassified to Accounts receivable when the customer is invoiced based on the contractual billing schedule.
NOTE 4. MARKETABLE SECURITIES
The Company accounts for its marketable securities as available for sale (“AFS”). The Company recorded $7.3 million and $11.4 million of pre-tax net unrealized losses in Accumulated other comprehensive income (“AOCI”) as of June 30, 2023, and December 31, 2022, respectively.
The following tables present the amortized cost, gross unrealized gains and losses, and fair market value of our AFS securities as of June 30, 2023, and December 31, 2022:
June 30, 2023
(In thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term AFS securities
Corporate debt securities$115,753 $— $(3,130)$112,623 
U.S. governmental agency securities27,805 — (414)27,391 
U.S. Treasury securities27,844 — (498)27,346 
Municipal securities3,890 — (27)3,863 
Total short-term AFS securities$175,292 $— $(4,069)$171,223 
Long-term AFS securities
U.S. Treasury securities$52,413 $— $(1,321)$51,092 
Corporate debt securities39,576 — (1,827)37,749 
U.S. governmental agency securities4,798 — (119)4,679 
Total long-term AFS securities$96,787 $— $(3,267)$93,520 
December 31, 2022
(In thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Short-term AFS securities
Corporate debt securities$52,315 $— $(1,286)$51,029 
U.S. governmental agency securities22,806 — (722)22,084 
U.S. Treasury securities45,096 — (963)44,133 
Municipal securities8,903 — (177)8,726 
Total short-term AFS securities$129,120 $— $(3,148)$125,972 
Long-term AFS securities
U.S. Treasury securities$25,990 $— $(1,576)$24,414 
Corporate debt securities115,207 — (6,377)108,830 
U.S. governmental agency securities5,999 — (326)5,673 
Total long-term AFS securities$147,196 $— $(8,279)$138,917 
10
THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following tables represent the AFS securities as of June 30, 2023, and December 31, 2022, that were in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position:
June 30, 2023
Less than 12 Months12 Months or GreaterTotal
(In thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Short-term AFS securities
Corporate debt securities$5,621 $(4)$107,002 $(3,126)$112,623 $(3,130)
U.S. governmental agency securities— — 27,391 (414)27,391 (414)
U.S. Treasury securities— — 27,346 (498)27,346 (498)
Municipal securities— — 3,863 (27)3,863 (27)
Total short-term AFS securities$5,621 $(4)$165,602 $(4,065)$171,223 $(4,069)
Long-term AFS securities
U.S. Treasury securities$32,487 $(249)$18,605 $(1,072)$51,092 $(1,321)
Corporate debt securities7,116 (22)30,633 (1,805)37,749 (1,827)
U.S. governmental agency securities3,738 (61)941 (58)4,679 (119)
Total long-term AFS securities$43,341 $(332)$50,179 $(2,935)$93,520 $(3,267)

December 31, 2022
Less than 12 Months12 Months or GreaterTotal
(In thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Short-term AFS securities
Corporate debt securities$3,799 $(11)$47,230 $(1,275)$51,029 $(1,286)
U.S. governmental agency securities— — 22,084 (722)22,084 (722)
U.S. Treasury securities— — 44,133 (963)44,133 (963)
Municipal securities— — 8,726 (177)8,726 (177)
Total short-term AFS securities$3,799 $(11)$122,173 $(3,137)$125,972 $(3,148)
Long-term AFS securities
U.S. Treasury securities$282 $(9)$24,132 $(1,567)$24,414 $(1,576)
Corporate debt securities2,004 (57)106,826 (6,320)108,830 (6,377)
U.S. governmental agency securities— — 5,673 (326)5,673 (326)
Total long-term AFS securities$2,286 $(66)$136,631 $(8,213)$138,917 $(8,279)
We assess AFS securities on a quarterly basis or more often if a potential loss-triggering event occurs.
As of June 30, 2023, and December 31, 2022, 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 June 30, 2023, and December 31, 2022, we have recognized no losses or allowance for credit losses related to AFS securities.
11
THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
As of June 30, 2023, our short-term and long-term marketable securities had remaining maturities of less than one month to 12 months and 13 months to 24 months, respectively. See Note 8 for more information regarding the fair value of our marketable securities.
NOTE 5. GOODWILL AND INTANGIBLES
Goodwill and Intangibles
The changes in the carrying amount of goodwill as of June 30, 2023, and since December 26, 2021, were as follows:
(In thousands)NYTGThe Athletic Total
Balance as of December 26, 2021$166,360 $— $166,360 
Foreign currency translation(3,674)— (3,674)
Acquisition of The Athletic Media Company— 249,792 249,792 
Measurement period adjustments— 1,568 1,568 
Balance as of December 31, 2022162,686 251,360 414,046 
Foreign currency translation1,135 — 1,135 
Balance as of June 30, 2023$163,821 $251,360 $415,181 
The foreign currency translation line item reflects changes in goodwill resulting from fluctuating exchange rates related to the consolidation of certain international subsidiaries.
As of June 30, 2023, the gross book value and accumulated amortization of the finite-lived intangible assets were as follows:
(In thousands)Gross Book ValueAccumulated AmortizationNet Book ValueRemaining Weighted-Average Useful Life (Years)
Trademark$162,618 $(13,207)$149,411 18.8
Existing subscriber base136,500 (17,438)119,062 10.7
Developed technology38,401 (11,712)26,689 3.7
Content archive5,751 (3,231)2,520 2.5
Total finite-lived intangibles$343,270 $(45,588)$297,682 14.1
Amortization expense for intangible assets included in Depreciation and amortization in our Condensed Consolidated Statements of Operations was $7.3 million and $5.0 million for the second quarters of 2023 and 2022, respectively, and $14.7 million and $11.4 million for the first six months of 2023 and 2022, respectively. The estimated aggregate amortization expense for the remainder of 2023 and each of the following fiscal years ending December 31 is presented below:
(In thousands)
Remainder of 2023$14,662 
202427,487 
202527,213 
202626,960 
202720,171 
Thereafter181,189 
Total amortization expense$297,682 
The aggregate carrying amount of intangible assets of $302.7 million, which includes an indefinite-lived intangible of $5.0 million, is included in Intangible assets, net in our Condensed Consolidated Balance Sheet as of June 30, 2023.
12
THE NEW YORK TIMES COMPANY
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
NOTE 6. INVESTMENTS
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 securities revalued, sold or impaired are recognized in Interest income and other, net in our Condensed Consolidated Statements of Operations.
As of June 30, 2023, and December 31, 2022, non-marketable equity securities included in Miscellaneous assets in our Condensed Consolidated Balance Sheets had a carrying value of $29.8 million.
NOTE 7. OTHER
Capitalized Computer Software Costs
Amortization of capitalized computer software costs included in Depreciation and amortization in our Condensed Consolidated Statements of Operations was $1.8 million and $1.9 million for the second quarters of 2023 and 2022, respectively, and $3.6 million and $3.9 million for the first six months of 2023 and 2022, respectively.
Interest income and other, net
Interest income and other, net, as shown in the accompanying Condensed Consolidated Statements of Operations, was as follows:
For the Quarters EndedFor the Six Months Ended
(In thousands)June 30, 2023June 26, 2022June 30, 2023June 26, 2022
Interest income$4,754 $1,535 $8,165 $2,757 
Gain on the sale of land