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Note 5 - Goodwill and Other Intangible Assets | 12 Months Ended
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Sep. 27, 2020
Notes to Financial Statements |
Goodwill and Intangible Assets Disclosure [Text Block] | 5 GOODWILL AND OTHER INTANGIBLE ASSETS Changes in the carrying amount of goodwill related to continuing operations are as follows:
(Thousands of Dollars) |  | 2020 |  |  | 2019 |
Goodwill, gross amount |  |  | 1,539,038 |  |  |  | 1,534,905 |
Accumulated impairment losses |  |  | (1,288,729 | ) |  |  | (1,288,729 | )
Goodwill, beginning of year |  |  | 250,309 |  |  |  | 246,176 |
Goodwill acquired in business combinations |  |  | 78,136 |  |  |  | 4,133 |
Goodwill, end of year |  |  | 328,445 |  |  |  | 250,309 |
Identified intangible assets related to continuing operations consist of the following:
|  | September 27 |  |  | September 29 |
(Thousands of Dollars) |  | 2020 |  |  | 2019 |
Non-amortized intangible assets: |  |  |  |  |  |  |  |
Mastheads |  | 40,459 |  |  | 21,883 |
Amortizable intangible assets: |  |  |  |  |  |  |  |
Customer and newspaper subscriber lists |  | 774,604 |  |  | 697,145 |
Less accumulated amortization |  | 632,457 |  |  | 611,786 |
|  |  | 142,147 |  |  |  | 85,359 |
Non-compete and consulting agreements |  | 28,656 |  |  | 28,675 |
Less accumulated amortization |  | 28,582 |  |  | 28,524 |
|  |  | 74 |  |  |  | 151 |
|  |  | 182,680 |  |  |  | 107,393 |
In 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 2 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 no impairment in 2020 and 2019. In 2020, due to continuing revenue declines, cost of debt, and debt to equity weighting, 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 2018. No such charges occurred in 2019. 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) |  | 2020 |  |  | 2019 |  |  | 2018 |
Continuing operations: |  |  |  |  |  |  |  |  |  |  |  |
Non-amortized intangible assets |  |  | 972 |  |  |  | — |  |  |  | — |
Property, equipment and other assets |  |  | — |  |  |  | — |  |  |  | 267 |
|  |  | 972 |  |  |  | — |  |  |  | 267 |
The Company recognized $27,960,000 of advertiser relationships, $28,200,000 of subscriber relationships, $19,580,000 of commercial print relationships and $20,390,000 of indefinite-lived masthead assets as part of the Transactions. Annual amortization of intangible assets for the years ending September 2021 to September 2025 is estimated to be $22,617,000, $20,451,000, $19,654,000, $17,920,000, and $12,897,000, respectively. The weighted average amortization period for those amortizable assets acquired as part of the Transactions is 10.5 years. The Company recognized $78,136,000 of Goodwill as part of the Transactions. The value of the acquired Goodwill is primarily related to an assembled workforce and expected synergies from combining operations. For tax, purposes, the amount of Goodwill that is expected to be deductible is $41,734,000. Refer to Note 2 for more information regarding preliminary purchasing accounting for the Transactions.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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