NEW YORK TIMES CONYT
NEW YORK TIMES CO Leases Disclosure
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, 2025, 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 Sheet | December 31, 2025 | December 31, 2024 | |||||||||||||||||
| Operating lease right-of-use assets | Right of use assets | $ | 33,429 | $ | 32,315 | |||||||||||||||
| Accrued expenses and other | $ | 12,125 | $ | 10,520 | ||||||||||||||||
| Other | 36,596 | 37,255 | ||||||||||||||||||
| Total operating lease liabilities | $ | 48,721 | $ | 47,775 | ||||||||||||||||
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, 2025 | December 31, 2024 | December 31, 2023 | |||||||||||||||||
| Operating lease cost | $ | 12,459 | $ | 11,593 | $ | 12,026 | ||||||||||||||
| Short-term and variable lease cost | 1,969 | 2,111 | 1,645 | |||||||||||||||||
| Total lease cost | $ | 14,428 | $ | 13,704 | $ | 13,671 | ||||||||||||||
The table below presents supplemental cash flow information:
| For the Twelve Months Ended | ||||||||||||||||||||
| (In thousands) | December 31, 2025 | December 31, 2024 | December 31, 2023 | |||||||||||||||||
| Cash paid for amounts included in the measurement of lease liabilities | $ | 14,178 | $ | 13,679 | $ | 13,476 | ||||||||||||||
| Right-of-use assets obtained in exchange for new operating lease liabilities | $ | 12,657 | $ | 6,298 | $ | 2,850 | ||||||||||||||
The table below presents additional information regarding operating leases:
| December 31, 2025 | December 31, 2024 | |||||||||||||
| Weighted-average remaining lease term | 4.7 years | 5.6 years | ||||||||||||
| Weighted-average discount rate | 5.02 | % | 5.10 | % | ||||||||||
Maturities of lease liabilities on an annual basis for the Company’s operating leases as of December 31, 2025, were as follows:
| (In thousands) | Amount | |||||||
| 2026 | $ | 14,010 | ||||||
| 2027 | 11,770 | |||||||
| 2028 | 9,808 | |||||||
| 2029 | 6,759 | |||||||
| 2030 | 6,592 | |||||||
| Later years | 6,234 | |||||||
| Total lease payments | $ | 55,173 | ||||||
| Less: Interest | (6,452) | |||||||
| Present value of lease liabilities | $ | 48,721 | ||||||
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. In December 2025, we recorded a non-cash impairment charge of $2.9 million for the remaining value of the right-of-use assets and fixed assets. 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 in our Consolidated Statements of Operations.
Lessor activities
Our leases to third parties predominantly relate to office space in the Company Headquarters.
As of December 31, 2025, and December 31, 2024, the cost and accumulated depreciation related to the Company Headquarters included in Property, plant and equipment, net in our Consolidated Balance Sheet was approximately $529 million and $313 million, and $523 million and $294 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 excess land at our printing and distribution facility in College Point, N.Y. The transaction was accounted for as a sales-type lease and, as a result, we recognized a gain at the time of the lease commencement on April 11, 2022. On February 21, 2025, we finalized the sale and received net proceeds of approximately $33 million, which were recorded in Net cash provided by operating activities – Other assets in the Consolidated Statements of Cash Flows for the year ended December 31, 2025.
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, 2025 | December 31, 2024 | December 31, 2023 | |||||||||||||||||
| Building rental revenue | $ | 26,761 | $ | 26,605 | $ | 27,163 | ||||||||||||||
Maturities of lease payments to be received on an annual basis for the Company’s office space operating leases as of December 31, 2025, were as follows:
| (In thousands) | Amount | |||||||
| 2026 | $ | 29,344 | ||||||
| 2027 | 29,337 | |||||||
| 2028 | 14,708 | |||||||
| 2029 | 10,620 | |||||||
| 2030 | 10,873 | |||||||
| Later Years | 36,242 | |||||||
| Total building lease payments from operating leases | $ | 131,124 | ||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 20, 2024 | |
| 2022 | Feb 28, 2023 | |
| 2021 | Feb 23, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 27, 2020 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.