NEW YORK TIMES CO

10. Other

The components of the Other liabilities — Other balance in our Consolidated Balance Sheets were as follows:

See Note 8 for detail related to deferred compensation.

See Note 16 for detail related to noncurrent operating lease liabilities.

Other liabilities in the preceding table primarily included our self-insurance liabilities, post-employment liabilities, and contingent tax liability for uncertain tax positions as of December 31, 2025, and December 31, 2024.

Marketing Expenses

Marketing expense, the cost to promote our brand and our products, was $164.5 million, $152.5 million and $138.3 million for the fiscal years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively. Media expense, the primary component of marketing expense, which represents the cost to promote our subscription business, was $151.6 million, $138.8 million and $117.7 million for the fiscal years ended December 31, 2025, December 31, 2024, and December 31, 2023, 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:

THE NEW YORK TIMES COMPANY – P. 93

A reconciliation of cash, cash equivalents and restricted cash as of December 31, 2025, and December 31, 2024, from the Consolidated Balance Sheets to the Consolidated Statements of Cash Flows is as follows:

Substantially all of the amount included in restricted cash is set aside to collateralize workers’ compensation obligations.

Revolving Credit Facility

On June 13, 2025, the Company entered into an amendment and restatement of its previous credit facility that, among other changes, increased the committed amount to $400.0 million and extended the maturity date to June 13, 2030 (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, 2025, there wereno borrowings and approximately $0.4 million in outstanding letters of credit, with the remaining committed amount available. As of December 31, 2025, the Company was in compliance with the financial covenants contained in the Credit Facility.

Severance Costs

We recognized severance costs of $9.5 million, $7.5 million and $7.6 million for the fiscal years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively. These costs are recorded in General and administrative costs in our Consolidated Statements of Operations.

We had a severance liability of $8.4 million and $4.8 million included in Accrued expenses and other in our Consolidated Balance Sheets as of December 31, 2025, and December 31, 2024, respectively. We anticipate that the payments related to the 2025 liability will be made within the next twelve months.

Generative AI Litigation Costs

During the years ended December 31, 2025 and December 31, 2024, the Company recorded $13.3 million and $10.8 million, respectively, of pre-tax litigation-related costs in connection with certain lawsuits alleging unlawful and unauthorized copying and use of the Company’s journalism and other content in connection with the development of generative artificial intelligence products (“Generative AI Litigation Costs”). See Note 17 for additional information.

P. 94 – THE NEW YORK TIMES COMPANY