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Investments in Associated Companies | 12 Months Ended
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Sep. 24, 2023
Equity Method Investments and Joint Ventures [Abstract] |
Investment in Associated Companies | 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 records 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:
(Thousands of Dollars) | September 24 2023 |  | September 25 2022
ASSETS |  |  |
Current assets | 1,901 |  |  | 2,801 |
Investments and other assets | 1,240 |  |  | 1,584 |
Total assets | 3,141 |  |  | 4,385 |
LIABILITIES AND MEMBERS' EQUITY (DEFICIT) |  |  |
Liabilities | 3,837 |  |  | 5,005 |
Members' equity | (696) |  |  | (620) |
Total liabilities and members' equity (deficit) | 3,141 |  |  | 4,385 |
Summarized results of TNI are as follows:
(Thousands of Dollars) | 2023 |  | 2022 |  | 2021
Operating revenue | 31,076 |  |  | 34,153 |  |  | 34,782 |
Operating expenses | 24,446 |  |  | 25,445 |  |  | 25,320 |
Operating income | 6,630 |  |  | 8,708 |  |  | 9,462 |
Net income | 7,142 |  |  | 8,708 |  |  | 9,462 |
Company's 50% share | 3,571 |  |  | 4,354 |  |  | 4,731 |
Less amortization of intangible assets | — |  |  | — |  |  | — |
Equity in earnings of TNI | 3,571 |  |  | 4,354 |  |  | 4,731 |
TNI makes periodic distributions of its earnings. We received $3.6 million, $3.8 million, and $5.2 million in distributions in 2023, 2022 and 2021, respectively. At September 24, 2023 and September 25, 2022, the carrying value of the Company's 50% investment in TNI is $15.1 million and $15.3 million, respectively. The difference between our carrying value and our 50% share of the members' equity of TNI relates principally to goodwill of $12.4 million and other identified intangible assets of $2.3 million, certain of which have been amortized over their estimated useful lives through 2020. See Note 4. TNI provides editorial services to the Company. Editorial service costs are included in other operating expenses in the Consolidated Statements of Income and Comprehensive Income and totaled $4.4 million, $5.2 million, and $4.5 million in 2023, 2022 and 2021, respectively. 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:
(Thousands of Dollars) | September 24 2023 |  | September 25 2022
ASSETS |  |  |
Current assets | 8,916 |  |  | 5,837 |
Investments and other assets | 29,267 |  |  | 29,903 |
Total assets | 38,183 |  |  | 35,740 |
LIABILITIES AND MEMBERS' EQUITY |  |  |
Current liabilities | 6,352 |  |  | 5,922 |
Other liabilities | 6,303 |  |  | 5,696 |
Stockholders' equity | 25,528 |  |  | 24,122 |
Total liabilities and members' equity | 38,183 |  |  | 35,740 |
Summarized results of MNI are as follows:
(Thousands of Dollars) | 2023 |  | 2022 |  | 2021
Operating revenue | 44,109 |  |  | 47,621 |  |  | 46,015 |
Operating expenses, excluding restructuring costs, depreciation and amortization | 30,654 |  |  | 37,922 |  |  | 35,583 |
Restructuring costs | 143 |  |  | 169 |  |  | 107 |
Depreciation and amortization | 539 |  |  | 672 |  |  | 711 |
Operating income | 12,773 |  |  | 8,858 |  |  | 9,614 |
Net income | 5,911 |  |  | 2,605 |  |  | 3,362 |
Equity in earnings of MNI | 2,956 |  |  | 1,303 |  |  | 1,681 |
MNI makes periodic distributions of its earnings. We received $2.2 million, $1.3 million, and $2.3 million in distributions in 2023, 2022 and 2021, 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 $5.4 million, $5.6 million, and $5.6 million in 2023, 2022 and 2021, respectively. At September 24, 2023 and September 25, 2022, the carrying value of the Company's 50% investment in MNI is $12.8 million and $12.0 million, respectively.

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- 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 -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 323 -SubTopic 740 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481543/323-740-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org//323/tableOfContent + Details
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