NOTES TO THE CONSOLIDATED FINANCIALGLYPH<160>STATEMENTS 1. Basis of Presentation Nature of Operations Principles of Consolidation Use of Estimates Fiscal Year 2. Summary of Significant Accounting Policies Cash and Cash Equivalents Marketable Securities Concentration of Risk P. 66 – THE NEW YORK TIMES COMPANY Our investment portfolio consists of investment-grade securities diversified among security types, issuers and  industries. Our cash and investments are primarily managed by third-party investment managers who are required to  adhere to investment policies approved by our Board of Directors designed to mitigate risk.  Financial instruments, which potentially subject us to concentration of risk, are cash and cash equivalents and  investments. Cash and cash equivalents are placed with major financial institutions. As of December 28, 2014, we had  cash balances at financial institutions in excess of federal insurance limits. We periodically evaluate the credit  standing of these financial institutions as part of our ongoing investment strategy. We have investments in marketable debt securities. We determine the appropriate classification of our  investments at the date of purchase and reevaluate the classifications at the balance sheet date. Marketable debt  securities with maturities of 12 months or less are classified as short-term. Marketable debt securities with maturities  greater than 12 months are classified as long-term. We have the intent and ability to hold our marketable debt  securities until maturity; therefore, they are accounted for as held-to-maturity and stated at amortized cost. We had a  marketable equity security which was accounted for as available-for-sale and stated at fair value until the sale of the  investment in the fourth quarter of 2013 (see Note 3). Changes in the fair value of our available-for-sale security were  recognized as unrealized gains or losses, net of taxes, as a component of accumulated other comprehensive income/ (loss) (“AOCI”).  We consider all highly liquid debt instruments with original maturities of 3 months or less to be cash  equivalents. Our fiscal year end is the last Sunday in December. Fiscal years 2014 and 2013 each comprise 52 weeks and  fiscal year 2012 comprises 53 weeks. Our fiscal years ended as of December 28, 2014, December 29, 2013, and  December 30, 2012.  The preparation of financial statements in conformity with GAAP requires management to make estimates and  assumptions that affect the amounts reported in our Consolidated Financial Statements. Actual results could differ  from these estimates. The portion of the net income or loss and equity of a subsidiary attributable to the owners of a subsidiary other  than the Company (a noncontrolling interest) is included as a component of consolidated stockholders‘ equity in our  Consolidated Balance Sheets, within net income or loss in our Consolidated Statements of Operations, within  comprehensive income or loss in our Consolidated Statements of Comprehensive Income/(Loss) and as a component  of consolidated stockholders’ equity in our Consolidated Statements of Changes in Stockholders’ Equity. The accompanying Consolidated Financial Statements have been prepared in accordance with generally  accepted accounting principles in the United States of America (“GAAP”) and include the accounts of our Company  and our wholly and majority-owned subsidiaries after elimination of all significant intercompany transactions. The New York Times Company is a global media organization that includes newspapers, digital businesses,  investments in paper mills and other investments (see Note 5). The New York Times Company and its consolidated  subsidiaries are referred to collectively as the “Company,” “we,” “our” and “us.” Our major sources of revenue are  circulation and advertising.