XML 24 R10.htm IDEA: XBRL DOCUMENT
v3.24.3

INVESTMENTS IN ASSOCIATED COMPANIES | 12 Months Ended
--- | ---
Sep. 29, 2024
Equity Method Investments and Joint Ventures [Abstract] |
INVESTMENTS 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 29 2024 |  | September 24 2023
ASSETS |  |  |
Current assets | 1,648 |  |  | 1,901 |
Investments and other assets | 1,020 |  |  | 1,240 |
Total assets | 2,668 |  |  | 3,141 |
LIABILITIES AND MEMBERS' EQUITY (DEFICIT) |  |  |
Liabilities | 3,512 |  |  | 3,837 |
Members' equity (deficit) | (844) |  |  | (696) |
Total liabilities and members' equity (deficit) | 2,668 |  |  | 3,141 |
Summarized results of TNI are as follows:
(Thousands of Dollars) | 2024 |  | 2023 |  | 2022
Operating revenue | 27,360 |  |  | 31,076 |  |  | 34,153 |
Operating expenses | 20,609 |  |  | 24,446 |  |  | 25,445 |
Operating income | 6,751 |  |  | 6,630 |  |  | 8,708 |
Net income | 6,655 |  |  | 7,142 |  |  | 8,708 |
Equity in earnings of TNI | 3,328 |  |  | 3,571 |  |  | 4,354 |
TNI makes periodic distributions of its earnings. We received $3.2 million, $3.6 million, and $3.8 million in distributions in 2024, 2023 and 2022, respectively. At September 29, 2024 and September 24, 2023, the carrying value of the Company's 50% investment in TNI is $15.1 million and $15.1 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. See Note 4. TNI provides editorial services to the Company. Editorial service costs are included in other operating expenses in the Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income and totaled $3.9 million, $4.4 million, and $5.2 million in 2024, 2023 and 2022, 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 29 2024 |  | September 24 2023
ASSETS |  |  |
Current assets | 8,192 |  |  | 8,916 |
Investments and other assets | 28,816 |  |  | 29,267 |
Total assets | 37,008 |  |  | 38,183 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |
Current liabilities | 5,296 |  |  | 6,352 |
Other liabilities | 6,088 |  |  | 6,303 |
Stockholders' equity | 25,624 |  |  | 25,528 |
Total liabilities and stockholders' equity | 37,008 |  |  | 38,183 |
Summarized results of MNI are as follows:
(Thousands of Dollars) | 2024 |  | 2023 |  | 2022
Operating revenue | 41,323 |  |  | 44,109 |  |  | 47,621 |
Operating expenses, excluding restructuring costs, depreciation and amortization | 31,619 |  |  | 30,654 |  |  | 37,922 |
Restructuring costs | 221 |  |  | 143 |  |  | 169 |
Depreciation and amortization | 483 |  |  | 539 |  |  | 672 |
Operating income | 9,000 |  |  | 12,773 |  |  | 8,858 |
Net income | 2,488 |  |  | 5,911 |  |  | 2,605 |
Equity in earnings of MNI | 1,244 |  |  | 2,956 |  |  | 1,303 |
MNI makes periodic distributions of its earnings. We received $1.2 million, $2.2 million, and $1.3 million in distributions in 2024, 2023 and 2022, respectively. We provide editorial services to MNI. Editorial service fees are included in other revenue in the Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income and totaled $5.5 million, $5.4 million, and $5.6 million in 2024, 2023 and 2022, respectively. At September 29, 2024 and September 24, 2023, the carrying value of the Company's 50% investment in MNI is $12.8 million and $12.8 million, respectively.

X
- References No definition available. + Details
Name: | us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract
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/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: 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 3: 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 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
Name: | us-gaap_EquityMethodInvestmentsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration