Fair Value of Financial Instruments Level 1 (Notes)

12 Months Ended

Sep. 25, 2011

Fair Value of Financial Instruments [Abstract]

Fair Value Disclosures [Text Block]

12 FAIR VALUE OF FINANCIAL INSTRUMENTS

The following methods and assumptions are used to estimate the fair value of each class of financial instruments for which it is practicable to estimate value. The carrying amounts of cash equivalents, accounts receivable, and accounts payable approximate fair value because of the short maturity of those instruments. The carrying value of other investments, consisting of debt and equity securities in a deferred compensation trust, is carried at fair value based upon quoted market prices. Investments totaling $8,155,000, consisting primarily of our 17% ownership of the nonvoting common stock of TCT, are carried at cost. The fair value of floating rate debt cannot be determined as an active market for such debt does not exist. Our fixed rate debt consists of the $138,500,000 principal amount of Pulitzer Notes, as discussed more fully in Note 4, which is not traded on an active market and is held by a small group of Noteholders. Coupled with the volatility of substantially all domestic credit markets that exists in the current recession, we are unable, as of September 25, 2011 and September 26, 2010, to determine the fair value of such debt. The value, if determined, would likely be less than the carrying amount. The determination of the amount of the Herald Value is based on an estimate of fair value using both market and income-based approaches. See Note 16.

The following table summarizes the financial instruments measured at fair value in the accompanying Consolidated Financial Statements at September 25, 2011 and September 26, 2010:

(Thousands of Dollars)	September 25 2011	September 26 2010
Level 1	—	—
Level 2	—	—
Level 3 - Herald Value - liability	300	2,300

In 2011, we reduced the Herald Value from $2,300,000 as of September 26, 2010 to $300,000 based on the most recent estimate of fair value. There were no realized or unrealized gains or losses, purchases, sales, or transfers related to the Herald Value in 2010 or 2009.

In 2011, 2010 and 2009, we reduced the carrying value of equipment no longer in use by $700,000, $3,290,000 and $4,579,000, respectively, based on estimates of the related fair value in the current market. Based on age, condition and marketability we estimated the equipment had no value.