XML 43 R9.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Note 3 - Investments in Associated Companies | 12 Months Ended
--- | ---
Sep. 29, 2019
Notes to Financial Statements |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 3 INVESTMENTS IN ASSOCIATED COMPANIES TNI Partners In Tucson, Arizona, TNI, acting as agent for our subsidiary, Star Publishing Company (“Star Publishing”) and Citizen Publishing Company (“Citizen”), a subsidiary of Gannett Co. Inc., is responsible for printing, delivery, advertising and subscription activities of the Arizona Daily Star, as well as the related digital platforms and specialty publications. TNI collects all receipts and income and pays substantially all operating expenses incident to the partnership's operations and publication of the newspaper and other media. Income or loss of TNI is allocated equally to Star Publishing and Citizen. Summarized financial information of TNI is as follows:
|  | September 29 |  |  | September 30 |
(Thousands of Dollars) |  | 2019 |  |  | 2018 |
ASSETS |  |  |  |  |  |  |  |
Current assets |  |  | 3,484 |  |  |  | 3,615 |
Investments and other assets |  |  | 1,350 |  |  |  | — |
Total assets |  |  | 4,834 |  |  |  | 3,615 |
LIABILITIES AND MEMBERS' EQUITY |  |  |  |  |  |  |  |
Current liabilities |  |  | 5,924 |  |  |  | 5,213 |
Members' equity |  |  | (1,090 | ) |  |  | (1,598 | )
Total liabilities and members' equity |  |  | 4,834 |  |  |  | 3,615 |
Summarized results of TNI are as follows:
(Thousands of Dollars) |  | 2019 |  |  | 2018 |  |  | 2017 |
Operating revenue |  |  | 43,532 |  |  |  | 47,165 |  |  |  | 48,297 |
Operating expenses |  |  | 34,224 |  |  |  | 37,090 |  |  |  | 38,150 |
Net income |  |  | 9,308 |  |  |  | 10,075 |  |  |  | 10,147 |
Company's 50% share |  |  | 4,654 |  |  |  | 5,038 |  |  |  | 5,073 |
Less amortization of intangible assets |  |  | 418 |  |  |  | 418 |  |  |  | 418 |
Equity in earnings of TNI |  |  | 4,236 |  |  |  | 4,620 |  |  |  | 4,655 |
TNI makes weekly distributions of its earnings. We received $ 4,245,000 , $ 5,814,000 and $ 4,644,000 in distributions in 2019, 2018 and 2017 , respectively. At September 29, 2019 , the carrying value of the Company's 50% investment in TNI is $ 14,741,000 . The difference between our carrying value and our 50% share of the members' equity of TNI relates principally to goodwill of $ 12,366,000 and other identified intangible assets of $ 3,299,000 , certain of which are being amortized over their estimated useful lives through 2020. See Note 4. Madison Newspapers, Inc. We have a 50% ownership interest in MNI, which publishes daily and Sunday newspapers, and other publications in Madison, Wisconsin, and other Wisconsin locations, and related digital sites. Net income or loss of MNI (after income taxes) is allocated equally to us and The Capital Times Company (“TCT”). MNI conducts its business under the trade name Capital Newspapers. Summarized financial information of MNI is as follows:
|  | September 29 |  |  | September 30 |
(Thousands of Dollars) |  | 2019 |  |  | 2018 |
ASSETS |  |  |  |  |  |  |  |
Current assets |  |  | 8,796 |  |  |  | 10,173 |
Investments and other assets |  |  | 31,134 |  |  |  | 33,295 |
Total assets |  |  | 39,930 |  |  |  | 43,468 |
LIABILITIES AND MEMBERS' EQUITY |  |  |  |  |  |  |  |
Current liabilities |  |  | 5,912 |  |  |  | 7,274 |
Other liabilities |  |  | 6,064 |  |  |  | 7,261 |
Stockholders' equity |  |  | 27,954 |  |  |  | 28,933 |
Total liabilities and stockholders' equity |  |  | 39,930 |  |  |  | 43,468 |
Summarized results of MNI are as follows:
(Thousands of Dollars) |  | 2019 |  |  | 2018 |  |  | 2017 |
Operating revenue |  |  | 56,790 |  |  |  | 59,670 |  |  |  | 61,396 |
Operating expenses, excluding restructuring costs, depreciation and amortization |  |  | 48,121 |  |  |  | 49,598 |  |  |  | 51,392 |
Restructuring costs |  |  | 355 |  |  |  | 383 |  |  |  | 296 |
Depreciation and amortization |  |  | 1,018 |  |  |  | 1,149 |  |  |  | 1,295 |
Operating income |  |  | 7,296 |  |  |  | 8,540 |  |  |  | 8,413 |
Net income |  |  | 5,770 |  |  |  | 9,257 |  |  |  | 5,908 |
Equity in earnings of MNI |  |  | 2,885 |  |  |  | 4,629 |  |  |  | 2,954 |
MNI makes quarterly distributions of its earnings. We received $ 3,350,000 , $ 3,400,000 and $ 3,500,000 in distributions in 2019, 2018 and 2017 , respectively. We provide editorial services to MNI. Editorial service fees are included in other revenue in the Consolidated Statements of Income and Comprehensive Income and totaled $ 6,636,000 , $ 6,718,000 and $ 7,021,000 , in 2019, 2018 and 2017 , respectively. At September 29, 2019 , the carrying value of the Company's 50% investment in MNI is $ 14,001,000 .

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SX 210.3A-04) -URI http://asc.fasb.org/extlink&oid=116822174&loc=d3e355119-122828 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
Name: | us-gaap_EquityMethodInvestmentsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration