LIQUIDITY AND CAPITAL RESOURCES Overview Financial Position Summary The following table presents information about our financial position. * Represents an increase in excess of 100%. Our primary sources of cash inflows from operations are circulation and advertising sales. Circulation and  advertising provided about 53% and 42%, respectively, of total revenues in 2014. The remaining cash inflows from  operations are from other revenue sources such as news services/syndication, digital archives, office rental income,  conferences/events and e-commerce. Our primary source of cash outflows are for employee compensation, pension  and other benefits, raw materials, services and supplies, interest and income taxes. Contributions to our qualified  pension plans can have a significant impact on cash flows. See “— Pensions and Other Postretirement Benefits” for  additional information regarding our pension plans. We believe our cash balance and cash provided by operations, in  combination with other sources of cash, will be sufficient to meet our financing needs over the next 12 months,  including the repayment at maturity of approximately $224 million aggregate principal amount of our 5.0% senior  notes due March 2015 (“5.0% Notes”).  We have continued to strengthen our liquidity position and our debt profile. As of December 28, 2014, we had  cash, cash equivalents and marketable securities of approximately $981 million and total debt and capital lease  obligations of approximately $650 million. Accordingly, our cash, cash equivalents and marketable securities  exceeded total debt and capital lease obligations by approximately $331 million. Our cash and investment balances  declined in 2014, primarily due to repurchases of our 5.0% Notes and our 6.625% senior notes due 2016 (“6.625%  Notes”) in the open market, the repayment of borrowings against the cash surrender value of corporate-owned life  insurance, and lump-sum payments made to certain former employees who participated in certain non-qualified  pension plans. In September 2013, we announced the initiation of a quarterly dividend in which both classes of our common  stock participate equally. Since then, we have paid quarterly dividends of $0.04 per share on the Class A and Class B  Common Stock. We currently expect to continue to pay comparable cash dividends in the future, although changes in  our dividend program will be considered by our Board of Directors in light of our earnings, capital requirements,  financial condition and other factors considered relevant. On October 27, 2014, the Society of Actuaries (“SOA”) released new mortality tables that increased life  expectancy assumptions. During the fourth quarter of 2014, we adopted the new mortality tables and revised the  mortality assumptions used in determining our pension and postretirement benefit obligations. The net impact to our  qualified and non-qualified pension and postretirement obligations resulting from the new mortality assumptions  was an increase of $117.0 million and $4.2 million, respectively. See Note 9 and Note 10 of our Consolidated Financial  Statements for additional information.  As part of the Company’s ongoing strategy to reduce the size of our legacy pension obligations, during the first  quarter of 2014, we offered to certain former employees who participate in certain non-qualified pension plans the  option to elect to receive a lump-sum payment equal to the present value of the participant’s pension benefit. The  election period for this voluntary offer closed on April 25, 2014, and thereafter we made a lump-sum payment of  approximately $24 million to those former employees who accepted the offer, reducing pension obligations by  P. 40 – THE NEW YORK TIMES COMPANY %GLYPH<160>Change (In thousands, except ratios) December 28, 2014 December 29, 2013 14-13 Cash and cash equivalents $ 176,607 $ 482,745 (63.4) Marketable securities 804,563 541,035 48.7 Current portion of long-term debt and capital lease obligations 223,662 21 * Long-term debt and capital lease obligations 426,458 684,142 (37.7) Total New York Times Company stockholdersGLYPH<146> equity 726,328 842,910 (13.8) Ratios: Total debt and capital lease obligations to total capitalization 47% 45% Current assets to current liabilities 1.91 3.36