Goodwill and other Intangible Assets

12 Months Ended

Sep. 29, 2013

Goodwill And Other Intangible Assets [Abstract]

Goodwill and Intangible Assets Disclosure [Text Block]

GOODWILL AND OTHER INTANGIBLE ASSETS

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



(Thousands of Dollars)	2013		2012

Goodwill, gross amount	1,536,000		1,536,000
Accumulated impairment losses	(1,288,729	)	(1,288,729	)
Goodwill, beginning of period, as previously reported	247,271		247,271
Goodwill allocated to discontinued operations	(3,542	)	(3,542	)
Goodwill, beginning of period, as reclassified	243,729		243,729
Goodwill, end of period	243,729		243,729

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



(Thousands of Dollars)	September 29 2013	September 30 2012

Nonamortized intangible assets:
Mastheads	27,038	28,605
Amortizable intangible assets:
Customer and newspaper subscriber lists	686,732	855,773
Less accumulated amortization	471,589	437,366
	215,143	418,407
Noncompete and consulting agreements	28,524	28,524
Less accumulated amortization	28,521	28,519
	3	5
	242,184	447,017

Due primarily to our stockholders' deficit in 2013 and to the difference between our stock price and the per share carrying value of our net assets in 2011, we analyzed the carrying value of our net assets in 2013 and 2011. Continued deterioration in our revenue and the weak economic environment were also factors in the timing of the analyses.

In 2013, we concluded the fair value of our business was in excess of the carrying value of our net assets. As a result, no goodwill impairment was recorded. However, it was determined that the cash flows from nonamortized and amortizable intangible assets were not sufficient to recover their carrying values. As a result, non-cash charges were recorded to reduce the carrying values of such assets.

In 2011, we concluded the fair value of our business did not exceed the carrying value of our net assets. As a result, we recorded pretax, non-cash charges to reduce the carrying values of goodwill, nonamortized and amortizable intangible assets. 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 2013, 2012 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)	2013	2012	2011

Continuing operations:
Goodwill	—	—	186,281
Nonamortized intangible assets	1,567	—	13,109
Amortizable intangible assets	169,041	—	4,199
Property and equipment	486	1,388	700
	171,094	1,388	204,289
Reduction in investment in TNI	—	—	11,900
	171,094	1,388	216,189

Discontinued operations	—	3,606	850

Annual amortization of intangible assets for the five years ending September 2018 is estimated to be $22,318,000, $21,885,000, $20,759,000, $19,730,000, and $19,480,000, 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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