119. Income statements and balance sheets follow for The New York Times Company. Refer to these financial statements to answer the requirements. THE NEW YORK TIMES COMPANY Consolidated Statements of Income Fiscal year ended Dec. 29, 2016 Dec. 30, 2015 $ 880,543 580,732 94,067 1,555,342 $ 851,790 638,709 88,716 1,579,215 (in thousands) Revenues Circulation Advertising Other Total revenues Production costs Wages and benefits Raw materials Other Total production costs Selling, general and administrative costs Depreciation and amortization Total operating costs Restructuring charge Multiemployer pension plan withdrawal expense Pension settlement charges Early termination charge Operating profit Loss from joint ventures Interest expense, net Income from continuing operations before income taxes Income tax expense/(benefit) Income from continuing operations Loss from discontinued operations, net of income taxes Net income Net loss attributable to the noncontrolling interest Net income attributable to The New York Times Company common stockholders 363,051 72,325 192.728 628, 104 721,083 61,723 1,410,910 14,804 6,730 21,294 0 101,604 (36,273) 34,805 30,526 4,421 26,105 (2,273) 23,832 5,236 354,516 77,176 186,120 617,812 713,837 61,597 1,393,246 0 9,055 40,329 0 136,585 (783) 39,050 96,752 33,910 62,842 0 62,842 404 $29,068 $63,246 THE NEW YORK TIMES COMPANY Consolidated Balance Sheets As of Dec. 29, 2016 C. 29, 2016 (in thousands) Cash and cash equivalents Short-term investments Accounts receivable, net Prepaid assets Other current assets Total current assets Long-term marketable securities $ 100,692 449,535 197,355 15,948 32,648 796,178 187,299 Dec. 30, 2015 $ 105,776 507,639 207,180 19,430 22,507 862,532 291,136 Investments in joint ventures Property plant and equipment, net Goodwill Deferred income taxes Miscellaneous assets Total assets 15,614 596,743 134,517 301,342 153,702 $2,185,395 22,815 632,439 109,085 309,142 190,541 $2,417,690 $ $ 104,463 96,463 66,686 Accounts payable Accrued payroll and other related liabilities Unexpired subscriptions Current portion of long-term debt Accrued expenses and other Total current liabilities 96,082 98,256 60,184 188,377 120,686 563,585 131,125 398,737 Long-term debt and capital lease obligations Pension benefits obligation Postretirement benefits obligation Other 246,978 558,790 57,999 78,647 242,851 627,697 62,879 92,223 Total other liabilities 942,414 1,025,650 Stockholders' equity Common stock of $0.10 par value Class A common stock Class B convertible stock Additional paid-in capital Retained earnings Common stock held in treasury, at cost Accumulated other comprehensive loss, net of tax Total New York Times Company stockholders' equity Noncontrolling interest Total stockholders' equity Total liabilities and stockholders' equity 16,921 82 149,928 1,331,911 (171,211) (479,816) 847,815 (3,571) 844,244 $2,185,395 16,826 82 146,348 1,328,744 (156,155) (509,094) 826,751 1,704 828,455 $2,417,690 Required: a. Compute net operating profit after tax (NOPAT) for 2016 and 2015. Assume that combined federal and state statutory tax rates are 37% for both years. b. Compute net operating assets (NOA) for 2016 and 2015. c. Compute return on net operating assets (RNOA) for 2016 and 2015. Net operating assets are $397,299 thousand in 2014. d. Compute return on common shareholders equity (ROE) for 2016 and 2015. Stockholders' equity attributable to New York Times Company in 2014 is $726,328 thousand. e. What is nonoperating return component of ROE for 2016 and 2015
