INTANGIBLE ASSETS AND GOODWILL

12 Months Ended

Dec. 27, 2015

4. INTANGIBLE ASSETS AND GOODWILL

Changes in identifiable intangible assets and goodwill consisted of the following:


	December 28,		Acquired		Disposition		Impairment		Amortization		December 27,
(in thousands)	2014		Adjustment		Adjustment		Charges		Expense		2015
Intangible assets subject to amortization	$	833,254	$	—	$	—	$	—	$	—	$	833,254
Accumulated amortization		(615,378)		—		—		—		(48,357)		(663,735)
		217,876		—		—		—		(48,357)		169,519
Mastheads		193,039		—		—		(13,907)		—		179,132
Goodwill		996,115		—		—		(290,941)		—		705,174
Total	$	1,407,030	$	—	$	—	$	(304,848)	$	(48,357)	$	1,053,825


	December 29,		Acquired		Disposition		Impairment		Amortization		December 28,
(in thousands)	2013		Adjustment		Adjustment		Charges		Expense		2014
Intangible assets subject to amortization	$	835,461	$	3,100	$	(5,307)	$	—	$	—	$	833,254
Accumulated amortization		(567,737)		—		5,307		—		(52,948)		(615,378)
		267,724		3,100		—		—		(52,948)		217,876
Mastheads		198,242		—		—		(5,203)		—		193,039
Goodwill		1,013,002		—		(16,887)		—		—		996,115
Total	$	1,478,968	$	3,100	$	(16,887)	$	(5,203)	$	(52,948)	$	1,407,030

During the quarter ended June 28, 2015, we performed interim tests of impairment of goodwill and intangible newspaper mastheads due to the continuing challenging business conditions and the resulting weakness in our stock price. The fair values of our reporting units for goodwill impairment testing and individual newspaper mastheads were estimated using the present value of expected future cash flows, using estimates, judgments and assumptions (see Note 1) that we believe were appropriate in the circumstances. As a result, we recorded an impairment charge related to goodwill of $290.9 million and an intangible newspaper masthead impairment charge of $9.5 million in the quarter ended June 28, 2015, which were recorded in the goodwill and other asset impairments line item on our consolidated statements of operations. In addition, based on our annual impairment testing of goodwill and intangible newspaper mastheads at December 27, 2015, we recorded an additional $4.4 million in masthead impairments, which was recorded in the goodwill and other asset impairment line item on our consolidated statements of operations.

Based on our annual impairment testing of goodwill and intangible newspaper mastheads at December 28, 2014, we recorded $5.2 million in masthead impairments, which was recorded in the goodwill and other asset impairment line item on our consolidated statements of operations.

During 2014, we sold Anchorage, resulting in the removal of the applicable intangible assets subject to amortization, accumulated amortization and goodwill from our consolidated balance sheet. In addition, in 2014 we acquired an intangible asset related to an agreement we entered into with MCT under which we will receive MCT newswire content, at no cost, over approximately 10 years.

Accumulated changes in indefinite lived intangible assets and goodwill as of December 27, 2015, and December 28, 2014, consisted of the following:


	December 27, 2015						December 28, 2014
	Original Gross		Accumulated		Carrying		Original Gross		Accumulated		Carrying
(in thousands)	Amount		Impairment		Amount		Amount		Impairment		Amount
Mastheads	$	683,000	$	(503,868)	$	179,132	$	683,000	$	(489,961)	$	193,039
Goodwill		3,571,111		(2,865,937)		705,174		3,571,111		(2,574,996)		996,115
Total	$	4,254,111	$	(3,369,805)	$	884,306	$	4,254,111	$	(3,064,957)	$	1,189,154

Amortization expense was $48.4 million, $52.9 million and $57.2 million in 2015, 2014 and 2013, respectively. The estimated amortization expense for the five succeeding fiscal years is as follows:


	Amortization
	Expense
Year	(in thousands)
2016	$	47,986
2017		48,907
2018		47,275
2019		23,769
2020		418

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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