Goodwill and Other Intangible Assets Level 1 (Notes)

12 Months Ended

Sep. 25, 2011

Goodwill And Other Intangible Assets [Abstract]

Goodwill and Intangible Assets Disclosure [Text Block]



3	GOODWILL AND OTHER INTANGIBLE ASSETS

Changes in the carrying amount of goodwill related to continuing operations are as follows:



(Thousands of Dollars)	2011		2010

Goodwill, gross amount	1,536,000		1,536,000
Accumulated impairment losses	(1,102,448	)	(1,102,448	)
Goodwill, beginning of year	433,552		433,552
Impairment	(186,281	)	—
Goodwill, end of year	247,271		433,552

Identified intangible assets related to continuing operations consist of the following:



(Thousands of Dollars)	September 25 2011	September 26 2010

Nonamortized intangible assets:
Mastheads	30,795	44,754
Amortizable intangible assets:
Customer and newspaper subscriber lists	881,164	885,713
Less accumulated amortization	416,457	372,337
	464,707	513,376
Noncompete and consulting agreements	28,524	28,658
Less accumulated amortization	28,517	28,648
	7	10
	495,509	558,140

Due primarily to the difference between our stock price and the per share carrying value of our net assets, we analyzed the carrying value of our net assets in 2009 and again in 2011. Continued deterioration in our revenue and the weak economic environment were also factors in the timing of the analyses. We concluded the fair value of our business did not exceed the carrying value of our net assets in 2009 and 2011.

As a result, we recorded pretax, non-cash charges to reduce the carrying value of goodwill, nonamortized and amortizable intangible assets in 2009 and 2011. Additional pretax, non-cash charges were recorded to reduce the carrying value of TNI. We also recorded pretax, non-cash charges to reduce the carrying value of property and equipment in 2009, 2010 and 2011. We recorded deferred income tax benefits related to these charges.

A summary of impairment charges is included in the table below:



(Thousands of Dollars)	2011	2010	2009

Goodwill	186,281	—	193,471
Nonamortized intangible assets	13,959	—	14,055
Amortizable intangible assets	4,199	—	33,848
Property and equipment	700	3,290	4,579
	205,139	3,290	245,953
Reduction in investment in TNI	11,900	—	19,951
	217,039	3,290	265,904

Future decreases in our market value, or significant differences in revenue, expenses or cash flows from estimates used to determine fair value, could result in additional impairment charges in the future.

Annual amortization of intangible assets for the five years ending September 2016 is estimated to be $42,294,000, $38,716,000, $38,564,000, $38,131,000, and $36,979,000, respectively.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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