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Goodwill and Other Intangible Assets
 12 Months Ended
Sep. 28, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets GOODWILL AND OTHER INTANGIBLE ASSETS
Changes in the carrying amount of goodwill are as follows:
(Thousands of Dollars)20252024
Goodwill, gross amount1,616,769 1,618,233 
Accumulated impairment losses(1,288,729)(1,288,729)
Goodwill, beginning of year328,040 329,504 
Disposal(4,182)(1,464)
Goodwill, end of year323,858 328,040 
Identified intangible assets related to continuing operations consist of the following:
(Thousands of Dollars)September 28
2025		September 29
2024
Non-amortized intangible assets:
Mastheads3,946 10,917 
Amortizable intangible assets:
Customer and newspaper subscriber lists262,146 262,242 
Less accumulated amortization(214,166)(203,084)
47,980 59,158 
Identified intangible assets51,926 70,075 
As discussed in Note 1, we review goodwill and non-amortized intangible assets for impairment annually on the first day of the fourth quarter, or more frequently if events or changes in circumstances indicate that an asset may be impaired in accordance with ASC Topic 350.
All of our goodwill is attributed to the single reporting unit, which has a negative carrying value as of September 28, 2025. When evaluating these assets for impairment, we may first perform a qualitative assessment to determine whether it is more likely than not that a reporting unit is impaired, known as Step 0. If we do not perform a qualitative assessment, or if we determine that it is not more likely than not that the fair value of the reporting unit exceeds its carrying amount, we would calculate the estimated fair value of the reporting unit using discounted cash flows or a combination of discounted cash flow and market approaches. We performed its annual assessment on the first day of our fourth fiscal quarter, and determined the fair value of our single reporting unit was in excess of carrying value and as such, there was no impairment in 2025, 2024 and 2023. In 2025 and 2024 we sold certain non-core operations. Goodwill was allocated to these operations, which totaled $4.2 million and $1.3 million, respectively.
Due to the continued declining print revenues, we regularly assess mastheads for impairment. The calculated masthead fair value includes Level 3 inputs that were determined using the relief from royalty method. The key assumptions used in the fair value estimates under the relief from royalty method are revenue and market growth, royalty rates for newspaper mastheads (the royalty rates utilized a range from 0.0% to 1.0%), estimated tax rates, and appropriate risk-adjusted weighted-average cost of capital (for 2025, 2024 and 2023, the weighted-average cost of capital used was 13.00%, 12.50% and 13.00%, respectively). These assumptions reflect our best estimates, but these items involve inherent uncertainties based on market conditions generally outside of our control. A 50-basis point decrease in royalty rates would result in an additional $1.5 million of impairment. Increasing the discount rate by 100 basis points would result in an additional $0.1 million of impairment. In 2025, 2024, and 2023, we recorded impairment charges to reduce the carrying value of mastheads. Such charges are recorded in assets loss on sales, impairments and other in the Consolidated Statements of Loss and Comprehensive Loss. We recorded deferred income tax benefits related to these charges. Changes in market conditions and declines in revenue lead to the impairment charges noted above.
A summary of the pretax impairment charges is included in the table below:
(Thousands of Dollars)202520242023
Mastheads6,971 7,758 7,671 
Property, equipment and other assets— — — 
6,971 7,758 7,671 
Amortization expense for 2025, 2024, and 2023 was $11.2 million, $17.2 million, and $19.0 million, respectively.
Annual amortization of intangible assets for the years ending September 2026 to September 2030 is estimated to be $7.1 million, $6.5 million, $5.8 million, $5.4 million, and $4.7 million, respectively.