We have continued to strengthen our liquidity position and our debt profile. There is no expiration date with respect to this authorization. The deferred amounts are invested at the executives' option in various mutual funds. The fair value of deferred compensation was $22.2 million as of December 27, 2020. Therefore, we do not include this obligation in the table of contractual obligations. See Note 5 for more information. We test for goodwill impairment at a reporting unit level. Any changes in these estimates or assumptions could result in an impairment charge. The assets related to our funded pension plans are measured at fair value. The Guild-Times Plan was previously joint trusteed between the Guild and the Company. The benefit obligation of the foreign plan is immaterial to our total benefit obligation. Our methodology in selecting these actuarial assumptions is discussed below. Our funding requirements would not have been materially affected. We believe the Ryan Curve allows us to calculate an appropriate discount rate. To determine our discount rate, we project a cash flow based on annual accrued benefits. There is a de minimis liability for retiree health benefits for active employees. Earnings/(Loss) Per Share10314. Commitments and Contingent Liabilities11019. We believe that our audit provides a reasonable basis for our opinion. Our major sources of revenue are subscriptions and advertising. Actual results could differ from these estimates. Cash is placed with major financial institutions. Inventories are stated at the lower of cost or net realizable value. We determine if an arrangement is a lease at inception. Our leases do not include variable payments based on index or rate. We do not separate the lease and non-lease components in a contract. Intangible assets that are amortized (i.e., customer lists, non-competes, etc.) Employee medical costs above a certain threshold are insured by a third party. Revenue Recognition We generate revenues principally from subscriptions and advertising. Payment for advertising is due upon complete satisfaction of our performance obligations. Our advertising contracts do not include a significant financing component. We receive payments from customers based upon contractual billing schedules. Clarifies the accounting for implementation costs in cloud computing arrangements. The Company adopted this ASU on December 30, 2019. The Company will recognize this revenue as performance obligations are satisfied. Marketable SecuritiesThe Company accounts for its marketable securities as AFS. We did not have any material fair value adjustments in 2019 and 2018.7. We capitalized less than $1 million for the fiscal year ended December 29, 2019. The Credit Facility contains various customary affirmative and negative covenants. We anticipate the 2020 payments will be made within the next twelve months. The required disclosures regarding such assets are presented in Note 9. We also have a foreign-based pension plan for certain employees (the "foreign plan"). Cash FlowsIn 2020, we made contributions to the APP of $9.5 million. This election includes smoothing 2008 investment losses over ten years. ( The cost is recognized only when it is probable and can be estimated. These are settled in shares of Class A Common Stock. No grants of stock options have been made since 2012. No shares of preferred stock were issued or outstanding as of December 27, 2020. THE NEW YORK TIMES COMPANY – P. 11120. P. 116 &
