NEW YORK TIMES CO
For the period ended Dec 31, 2024. Filed Feb 27, 2025.
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FY2024 · Filed Feb 27, 2025
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7. 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, 2024 | December 31, 2023 |
|---|---|---|
| Equipment | $452,081 | $447,324 |
| Buildings, building equipment and improvements | 736,608 | 729,559 |
| Software(1) | 78,244 | 80,710 |
| Land | 106,767 | 106,648 |
| Assets in progress | 20,628 | 20,333 |
| 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 |
(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 recordedde minimis write-offs.
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