GOODWILL AND OTHER INTANGIBLE ASSETS

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

(Thousands of Dollars)	2019			2018

Goodwill, gross amount		1,534,905			1,535,155
Accumulated impairment losses		(1,288,729	)		(1,288,729	)
Goodwill, beginning of year		246,176			246,426
Goodwill acquired in business combinations		4,133			—
Goodwill allocated to disposed businesses		—			(250	)
Goodwill, end of year		250,309			246,176

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

	September 29		September 30
(Thousands of Dollars)	2019		2018

Non-amortized intangible assets:
Mastheads		21,883		21,883
Amortizable intangible assets:
Customer and newspaper subscriber lists		697,145		692,886
Less accumulated amortization		611,786		594,950
		85,359		97,936
Non-compete and consulting agreements		28,675		28,524
Less accumulated amortization		28,524		28,524
		151		—
		107,393		119,819

January 2017,

the FASB issued a new standard simplifying the assessment of a goodwill impairment. The new standard maintains a qualitative and quantitative assessment but eliminates the Step

of the quantitative assessment. The new standard also changes the way a goodwill impairment is calculated. For companies that have reporting units with

zero

or negative carrying value, the new standard requires disclosure of the amount of goodwill for those reporting units.

All of the Company’s goodwill is attributed to the single reporting unit with negative carrying value. The Company performed its annual assessment on the

first

day of our

fourth

fiscal quarter, and determined the fair value of our single reporting unit was significantly in excess of carrying value and as such, there was

impairment in

2019

2018

2017

, due to continuing revenue declines, we recorded non-cash charges to reduce the carrying value of non-amortized intangible assets. We also recorded pretax charges to reduce the carrying value of other assets in

2019,

2018

and

2017

. Such charges are recorded in assets loss (gain) on sales, impairments and other in the Consolidated Statements of Income and Comprehensive Income (Loss). We recorded deferred income tax benefits related to these charges.

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

(Thousands of Dollars)	2019		2018		2017

Continuing operations:
Non-amortized intangible assets		—		—		2,035
Property, equipment and other assets		—		267		482
		—		267		2,517

January 2019,

we purchased the businesses of Kenosha News and Lake Geneva Regional News. In

February 2019,

TownNews purchased the content management system ("CMS") business from GTxcel. The transactions were funded with cash on the balance sheet. As part of initial estimates

$3,433,000

was recorded in goodwill and

$3,650,000

was recorded in other intangible assets, net. The

$3,650,000

of other intangible assets, net relate to acquired customer lists, which will be amortized over a

year period.

These initial estimates will be reviewed in subsequent quarters as more information becomes available and finalized in the

weeks ended

March 29, 2020.

Annual amortization of intangible assets for the years ending

September 2020

September 2024

is estimated to be

$16,016,000,

$14,853,000,

$12,673,000,

$12,052,000,

and

$10,325,000,

respectively.