Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | ||
Sep. 27, 2015 | Nov. 30, 2015 | Mar. 29, 2015 | |
Entity Information [Line Items] | |||
Entity Registrant Name | Lee Enterprises, Inc. | ||
Entity Central Index Key | 58,361 | ||
Current Fiscal Year End Date | --09-27 | ||
Entity Filer Category | Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Sep. 27, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 54,649,374 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 156,747,000 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Thousands | Sep. 27, 2015 | Sep. 28, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 11,134 | $ 16,704 |
Accounts receivable, net | 58,899 | 62,343 |
Income taxes receivable | 413 | 620 |
Inventory, Net | 3,914 | 6,655 |
Deferred income taxes | 15,659 | 1,228 |
Other | 8,304 | 8,585 |
Total current assets | 98,323 | 96,135 |
Investments: | ||
Associated companies | 35,069 | 37,790 |
Other | 9,083 | 10,661 |
Total investments | 44,152 | 48,451 |
Property and equipment: | ||
Land and improvements | 22,257 | 23,645 |
Buildings and improvements | 179,731 | 180,570 |
Equipment | 290,127 | 292,209 |
Construction in process | 997 | 4,548 |
Property, plant and equipment, gross | 493,112 | 500,972 |
Less accumulated depreciation | 349,343 | 343,601 |
Property and equipment, net | 143,769 | 157,371 |
Goodwill | 243,729 | 243,729 |
Other intangible assets, net | 185,962 | 212,657 |
Postretirement assets, net | 13,421 | 14,136 |
Other | 34,128 | 38,796 |
Total assets | 763,484 | 811,275 |
Current liabilities: | ||
Current maturities of long-term debt | 25,000 | 31,400 |
Accounts payable | 20,113 | 27,245 |
Compensation and other accrued liabilities | 27,055 | 24,348 |
Accrued Interest | 4,184 | 4,812 |
Unearned revenue | 28,929 | 30,903 |
Total current liabilities | 105,281 | 118,708 |
Long-term debt, net of current maturities | 700,872 | 773,350 |
Pension obligations | 52,522 | 50,170 |
Postretirement and postemployment benefit obligations | 11,060 | 10,359 |
Deferred income taxes | 37,796 | 14,766 |
Income taxes payable | 4,856 | 5,097 |
Other | 9,680 | 16,369 |
Total liabilities | 922,067 | 988,819 |
Stockholders' equity (deficit): | ||
Serial convertible preferred stock, no par value; authorized 500 shares; none issued | 0 | 0 |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Additional paid-in capital | 247,302 | 245,323 |
Accumulated deficit | (390,966) | (414,282) |
Accumulated other comprehensive income | (16,276) | (9,831) |
Total stockholders' deficit | (159,393) | (178,253) |
Non-controlling interests | 810 | 709 |
Total deficit | (158,583) | (177,544) |
Total liabilities and deficit | 763,484 | 811,275 |
Common Stock [Member] | ||
Stockholders' equity (deficit): | ||
Common Stock | 547 | 537 |
Common Class B [Member] | ||
Stockholders' equity (deficit): | ||
Common Stock | $ 0 | $ 0 |
Consolidated Balance Sheet Pare
Consolidated Balance Sheet Parentheticals (Parentheticals) - USD ($) $ in Thousands | Sep. 27, 2015 | Sep. 28, 2014 |
Allowance for Doubtful Accounts Receivable | $ 4,194 | $ 4,526 |
Preferred Stock, Par or Stated Value Per Share | $ 0 | $ 0 |
Preferred Stock, Shares Authorized | 500,000 | 500,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Common Class A [Member] | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 120,000,000 | 120,000,000 |
Common Stock, Shares, Issued | 54,679,000 | 53,747,000 |
Common Class B [Member] | ||
Common Stock, Par or Stated Value Per Share | $ 2 | $ 2 |
Common Stock, Shares Authorized | 30,000,000 | 30,000,000 |
Common Stock, Shares, Issued | 0 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) | 12 Months Ended | ||
Sep. 27, 2015 | Sep. 28, 2014 | Sep. 29, 2013 | |
Operating revenue: | |||
Advertising | $ 412,099,000 | $ 443,247,000 | $ 461,069,000 |
Subscription | 194,474,000 | 176,826,000 | 177,056,000 |
Other | 41,970,000 | 40,804,000 | 39,649,000 |
Total operating revenue | 648,543,000 | 660,877,000 | 677,774,000 |
Operating expenses: | |||
Compensation | 239,028,000 | 243,054,000 | 254,831,000 |
Newsprint and ink | 30,263,000 | 37,994,000 | 43,481,000 |
Other operating expenses | 229,165,000 | 223,509,000 | 216,055,000 |
Depreciation | 18,418,000 | 20,920,000 | 21,302,000 |
Amortization of intangible assets | 27,145,000 | 27,591,000 | 34,225,000 |
Impairment of intangible and other assets | 0 | 2,980,000 | 171,094,000 |
Loss (gain) on sales of assets, net | 106,000 | (1,338,000) | 110,000 |
Workforce adjustments | 3,304,000 | 1,265,000 | 2,680,000 |
Total operating expenses | 547,429,000 | 555,975,000 | 743,778,000 |
Equity in earnings of associated companies | 8,254,000 | 8,297,000 | 8,685,000 |
Operating income (loss) | 109,368,000 | 113,199,000 | (57,319,000) |
Non-operating income (expense): | |||
Financial income | 337,000 | 385,000 | 300,000 |
Interest expense | (72,409,000) | (79,724,000) | (89,447,000) |
Debt financing and administrative costs | (5,433,000) | (22,927,000) | (646,000) |
Other, net | 6,049,000 | 3,028,000 | 7,889,000 |
Total non-operating expense, net | (71,456,000) | (99,238,000) | (81,904,000) |
Income (loss) before income taxes | 37,912,000 | 13,961,000 | (139,223,000) |
Income tax expense (benefit) | 13,594,000 | 6,290,000 | (62,745,000) |
Income (loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 24,318,000 | 7,671,000 | (76,478,000) |
Discontinued Operations, Net of Tax | 0 | 0 | (1,246,000) |
Net income (loss) | 24,318,000 | 7,671,000 | (77,724,000) |
Net income attributable to non-controlling interests | (1,002,000) | (876,000) | (593,000) |
Loss attributable to Lee Enterprises, Incorporated | 23,316,000 | 6,795,000 | (78,317,000) |
Other comprehensive income (loss), net | (6,445,000) | (17,497,000) | 21,101,000 |
Comprehensive loss | 16,871,000 | (10,702,000) | (57,216,000) |
Income (Loss) from Continuing Operations Attributable to Parent | $ 23,316,000 | $ 6,795,000 | $ (77,071,000) |
Earnings (loss) per common share: | |||
Income (Loss) from Continuing Operations, Per Basic Share | $ 0.44 | $ 0.13 | $ (1.49) |
Income (Loss) from Discontinued Operations, Net of Tax, Per Basic Share | 0 | 0 | (0.02) |
Basic | 0.44 | 0.13 | (1.51) |
Income (Loss) from Continuing Operations, Per Diluted Share | 0.43 | 0.13 | (1.49) |
Income (Loss) from Discontinued Operations, Net of Tax, Per Diluted Share | 0 | 0 | (0.02) |
Diluted | $ 0.43 | $ 0.13 | $ (1.51) |
Statement of Cash Flows
Statement of Cash Flows - USD ($) | 12 Months Ended | ||
Sep. 27, 2015 | Sep. 28, 2014 | Sep. 29, 2013 | |
Income (loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | $ 24,318,000 | $ 7,671,000 | $ (76,478,000) |
Cash provided by (required for) operating activities: | |||
Net income (loss) | 24,318,000 | 7,671,000 | (77,724,000) |
Discontinued Operations, Net of Tax | 0 | 0 | (1,246,000) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation and amortization | 45,563,000 | 47,173,000 | 55,637,000 |
Impairment of intangible and other assets | 0 | 2,980,000 | 171,094,000 |
Distributions greater than current earnings of MNI | 2,084,000 | 1,366,000 | 1,742,000 |
Stock compensation expense | 1,971,000 | 1,481,000 | 1,261,000 |
Amortization of debt present value adjustment | 0 | 2,394,000 | 5,117,000 |
Debt financing and administrative costs | 5,433,000 | 22,927,000 | 594,000 |
Gain on Sale of Investments | 0 | 0 | (7,093,000) |
Deferred income tax benefit | 12,764,000 | 6,425,000 | (54,807,000) |
Changes in operating assets and liabilities: | |||
Decrease in receivables | 3,444,000 | 872,000 | 4,710,000 |
Decrease in inventories and other | 3,122,000 | 217,000 | 904,000 |
Decrease in accounts payable, accrued expenses and unearned revenue | (9,587,000) | (5,315,000) | (2,280,000) |
Decrease in pension, postretirement and post employment benefits | (7,204,000) | (6,078,000) | (9,602,000) |
Change in income taxes receivable or payable | (34,000) | 5,854,000 | 1,117,000 |
Other, net | (7,398,000) | (5,892,000) | (1,849,000) |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 74,476,000 | 82,075,000 | 90,067,000 |
Cash provided by (required for) investing activities: | |||
Purchases of property and equipment | (9,707,000) | (13,661,000) | (9,740,000) |
Decrease in restricted cash | 441,000 | (441,000) | 0 |
Proceeds from sales of assets | 8,871,000 | 4,485,000 | 7,802,000 |
Distributions greater than current earnings of TNI | 637,000 | 333,000 | 972,000 |
Other, net | (450,000) | 0 | (330,000) |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (208,000) | (9,284,000) | (1,296,000) |
Cash provided by (required for) financing activities: | |||
Proceeds from long-term debt | 5,000,000 | 805,000,000 | 94,000,000 |
Payments on long-term debt | (83,878,000) | (847,750,000) | (192,350,000) |
Debt financing and reorganization costs paid | (733,000) | (31,587,000) | (1,071,000) |
Common stock transactions net | (227,000) | 688,000 | 103,000 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | (79,838,000) | (73,649,000) | (99,318,000) |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 0 | 0 | (552,000) |
Cash Provided by (Used in) Investing Activities, Discontinued Operations | 0 | 0 | 14,741,000 |
Net increase in cash and cash equivalents | (5,570,000) | (858,000) | 3,642,000 |
Cash and cash equivalents: | |||
End of period | $ 11,134,000 | $ 16,704,000 | $ 17,562,000 |
Statement of Stockholders' Equi
Statement of Stockholders' Equity (Deficit) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Common Stock, Shares, Outstanding | 52,291 | |||||
Beginning balance at Sep. 30, 2012 | $ 523 | $ 241,039 | $ (342,760) | $ (13,435) | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | 35,764 | |||||
Other Comprehensive Income (Loss), Tax | (14,663) | |||||
Net Income (Loss) | $ (77,724) | (77,724) | ||||
Net Income (Loss) Attributable to Noncontrolling Interest | 593 | (593) | ||||
Share-based Compensation | 1,261 | |||||
Stock Issued During Period, Value, New Issues | 1 | 237 | ||||
Stock Issued During Period, Shares, New Issues | 143 | |||||
Ending balance at Sep. 29, 2013 | 524 | 242,537 | (421,077) | 7,666 | ||
Stockholders' Equity Attributable to Parent | $ (170,350) | |||||
Common Stock, Shares, Outstanding | 52,434 | 52,434 | ||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | (29,591) | |||||
Other Comprehensive Income (Loss), Tax | 12,094 | |||||
Net Income (Loss) | $ 7,671 | 7,671 | ||||
Net Income (Loss) Attributable to Noncontrolling Interest | 876 | (876) | ||||
Share-based Compensation | 1,481 | |||||
Stock Issued During Period, Value, New Issues | 13 | 1,305 | ||||
Stock Issued During Period, Shares, New Issues | 1,313 | |||||
Ending balance at Sep. 28, 2014 | (177,544) | 537 | 245,323 | (414,282) | (9,831) | |
Stockholders' Equity Attributable to Parent | $ (178,253) | |||||
Common Stock, Shares, Outstanding | 53,747 | 53,747 | ||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | (10,973) | |||||
Other Comprehensive Income (Loss), Tax | 4,528 | |||||
Net Income (Loss) | $ 24,318 | 24,318 | ||||
Net Income (Loss) Attributable to Noncontrolling Interest | 1,002 | (1,002) | ||||
Share-based Compensation | 1,971 | |||||
Stock Issued During Period, Value, New Issues | 10 | 8 | ||||
Stock Issued During Period, Shares, New Issues | 932 | |||||
Ending balance at Sep. 27, 2015 | (158,583) | $ 547 | $ 247,302 | $ (390,966) | $ (16,276) | |
Stockholders' Equity Attributable to Parent | $ (159,393) | |||||
Common Stock, Shares, Outstanding | 54,679 | 54,679 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Sep. 27, 2015 | |
Discontinues Operations [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | DISCONTINUED OPERATIONS In March 2013, we sold The Garden Island newspaper and digital operations in Lihue, HI for $2,000,000 in cash, plus an adjustment for working capital. The transaction resulted in a loss of $2,170,000 , after income taxes, and was recorded in discontinued operations in the Consolidated Statements of Operations and Comprehensive Income (Loss) in the 13 weeks ended March 31, 2013. Operating results of The Garden Island have been classified as discontinued operations for all periods presented. In October 2012, we sold the North County Times in Escondido, CA for $11,950,000 in cash, plus an adjustment for working capital. The transaction resulted in a gain of $1,168,000 , after income taxes, and was recorded in discontinued operations in the Consolidated Statements of Operations and Comprehensive Income (Loss). Operating results of the North County Times have been classified as discontinued operations for all periods presented. Results of discontinued operations consist of the following: (Thousands of Dollars) 2013 Operating revenue 1,321 Costs and expenses (1,697 ) Gain on sale of the North County Times 1,801 Loss on sale of The Garden Island (3,340 ) Loss from discontinued operations, before income taxes (1,915 ) Income tax benefit (669 ) Loss (1,246 ) |
Investments in Associated Compa
Investments in Associated Companies | 12 Months Ended |
Sep. 27, 2015 | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 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 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 (before income taxes) is allocated equally to Star Publishing and Citizen. Summarized financial information of TNI is as follows: (Thousands of Dollars) September 27 September 28 ASSETS Cash and cash equivalents 126 176 Accounts receivable, net 4,563 4,749 Inventories 899 1,582 Other current assets 173 125 Investments and other assets 33 78 Total assets 5,794 6,710 LIABILITIES AND MEMBERS' EQUITY Accrued expenses and other current liabilities 1,650 2,160 Unearned revenue 3,137 3,036 Total liabilities 4,787 5,196 Members' equity 1,007 1,514 Total liabilities and members' equity 5,794 6,710 Summarized results of TNI are as follows: (Thousands of Dollars) 2015 2014 2013 52 Weeks 52 Weeks 53 Weeks Operating revenue: Advertising and marketing services 33,782 36,957 40,166 Subscription 19,227 17,525 18,248 Other 2,917 3,410 3,576 Total operating revenue 55,926 57,892 61,990 Operating expenses: Compensation 17,509 18,505 19,799 Newsprint and ink 6,775 8,123 9,626 Other operating expenses 21,129 20,672 20,971 Workforce adjustments — (71 ) — Net income 10,513 10,663 11,594 Company's 50% share 5,256 5,331 5,797 Less amortization of intangible assets 418 418 621 Equity in earnings of TNI 4,838 4,913 5,176 Summarized cash flows of TNI are as follows: (Thousands of Dollars) 2015 2014 2013 52 Weeks 52 Weeks 53 Weeks Net income 10,513 10,663 11,594 Cash provided by (required for) operating activities (458 ) (442 ) 1,351 Cash required for financing activities (partner distributions) (10,105 ) (10,276 ) (12,851 ) Net increase (decrease) in cash and cash equivalents (50 ) (55 ) 94 Cash and cash equivalents: Beginning of year 176 231 137 End of year 126 176 231 Star Publishing's 50% share of TNI depreciation and certain general and administrative expenses associated with its share of the operation and administration of TNI are reported as operating expenses (benefit) in our Consolidated Statements of Operations and Comprehensive Income (Loss). These amounts totaled $(254,000) , $(60,000) ,and $(488,000) , in 2015, 2014 and 2013, respectively. Fees for editorial services provided to TNI by Star Publishing totaled $5,492,000 , $5,908,000 , and $6,041,000 in 2015, 2014 and 2013, respectively. At September 27, 2015 , the carrying value of the Company's 50% investment in TNI is $17,508,000 . The difference between our carrying value and our 50% share of the members' equity of TNI relates principally to goodwill of $12,366,000 and other identified intangible assets of $4,972,000 , certain of which are being amortized over their estimated useful lives through 2020. See Note 4. Annual amortization of intangible assets is estimated to be $418,000 in 2016, 2017, 2018, 2019 and $314,000 in 2020. 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 operates their 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 27 September 28 ASSETS Cash and cash equivalents 9,406 12,245 Accounts receivable, net 5,632 5,794 Other current assets 3,217 2,656 Current assets 18,255 20,695 Investments and other assets 2,871 2,871 Property and equipment, net 5,665 6,758 Goodwill and other intangible assets 25,673 26,118 Total assets 52,464 56,442 LIABILITIES AND STOCKHOLDERS' EQUITY Accrued expenses and other current liabilities 3,120 3,502 Unearned revenue 4,980 5,226 Deferred income taxes 9,235 8,425 Total liabilities 17,335 17,153 Stockholders' equity 35,129 39,289 Total liabilities and stockholders' equity 52,464 56,442 Summarized results of MNI are as follows: (Thousands of Dollars) 2015 2014 2013 Operating revenue: Advertising and marketing services 41,443 44,357 46,373 Subscription 24,372 21,578 17,421 Other 1,449 1,543 1,674 Total operating revenue 67,264 67,478 65,468 Operating expenses: Compensation 21,106 21,750 23,282 Newsprint and ink 4,409 5,166 5,871 Other operating expenses 29,280 28,477 24,046 Workforce adjustments 459 244 308 Depreciation and amortization 1,630 1,626 1,530 Total operating expenses 56,884 57,263 55,037 Operating income 10,380 10,215 10,431 Non-operating income, net 424 408 415 Income before income taxes 10,804 10,623 10,846 Income tax expense 3,972 3,855 3,895 Net income 6,832 6,768 6,951 Equity in earnings of MNI 3,416 3,384 3,509 Summarized cash flows of MNI are as follows: (Thousands of Dollars) 2015 2014 2013 Net income 6,832 6,768 6,951 Cash provided by operating activities 8,593 9,448 8,643 Cash required for investing activities (432 ) (255 ) (155 ) Cash required for financing activities (dividends paid) (11,000 ) (9,500 ) (11,500 ) Net decrease in cash and cash equivalents (2,839 ) (307 ) (3,012 ) Cash and cash equivalents: Beginning of year 12,245 12,552 15,564 End of year 9,406 12,245 12,552 Fees for editorial services provided to MNI by us are included in other revenue in the Consolidated Statements of Operations and Comprehensive Income (Loss) and totaled $7,242,000 , $7,050,000 and $7,346,000 , in 2015, 2014 and 2013, respectively. At September 27, 2015 , the carrying value of the Company's 50% investment in MNI is $17,561,000 . |
Goodwill and other Intangible A
Goodwill and other Intangible Assets | 12 Months Ended |
Sep. 27, 2015 | |
Goodwill And Other Intangible Assets [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | GOODWILL AND OTHER INTANGIBLE ASSETS Changes in the carrying amount of goodwill related to continuing operations are as follows: (Thousands of Dollars) 2015 2014 Goodwill, gross amount 1,532,458 1,532,458 Accumulated impairment losses (1,288,729 ) (1,288,729 ) Goodwill, end of year 243,729 243,729 Identified intangible assets related to continuing operations consist of the following: (Thousands of Dollars) September 27 September 28 Non-amortized intangible assets: Mastheads 25,102 25,102 Amortizable intangible assets: Customer and newspaper subscriber lists 687,182 686,732 Less accumulated amortization 526,322 499,178 160,860 187,554 Non-compete and consulting agreements 28,524 28,524 Less accumulated amortization 28,524 28,523 — 1 185,962 212,657 In 2014 we performed a qualitative analysis to test our goodwill for impairment and concluded that the likelihood of an impairment was less than 50%. In 2015 and 2013, we performed additional quantitative analysis of the carrying value of our goodwill and concluded the implied fair value of goodwill was in excess of its carrying value. As a result no goodwill impairment was recorded. In 2014 and 2013, due to continuing revenue declines, we recorded non-cash charges to reduce the carrying value of non-amortized intangible assets. In 2013 we determined that the cash flows from amortizable intangible assets were not sufficient to recover their carrying values. As a result, we recorded non-cash charges to reduce the carrying values of such assets to fair value. We also recorded pretax, non-cash charges to reduce the carrying value of property and equipment in 2014 and 2013. We recorded deferred income tax benefits related to these charges. A summary of impairment charges is included in the table below: (Thousands of Dollars) 2015 2014 2013 Continuing operations: Non-amortized intangible assets — 1,936 1,567 Amortizable intangible assets — — 169,041 Property and equipment — 1,044 486 — 2,980 171,094 Annual amortization of intangible assets for the years ending September 2016 to September 2020 is estimated to be $26,059,000 , $25,030,000 , $16,653,000 , $15,972,000 , and $15,249,000 , respectively. |
Debt
Debt | 12 Months Ended |
Sep. 27, 2015 | |
Debt [Abstract] | |
Debt Disclosure [Text Block] | DEBT On March 31, 2014, we completed a comprehensive refinancing of our debt (the “2014 Refinancing”), which includes the following: • $400,000,000 aggregate principal amount of 9.5% Senior Secured Notes (the “Notes”), pursuant to an Indenture dated as of March 31, 2014 (the “Indenture”). • $250,000,000 first lien term loan (the "1 st Lien Term Loan") and $40,000,000 revolving facility (the "Revolving Facility") under a First Lien Credit Agreement dated as of March 31, 2014 (together, the “1 st Lien Credit Facility”). • $150,000,000 second lien term loan under a Second Lien Loan Agreement dated as of March 31, 2014 (the “ 2 nd Lien Term Loan”). The Notes, 1 st Lien Credit Facility and 2 nd Lien Term Loan enabled us to repay in full, including accrued interest, and terminate, on March 31, 2014: (i) the remaining principal balance of $593,000,000 under our previous 1 st lien agreement and (ii) the remaining principal balance of $175,000,000 under our previous 2 nd lien agreement. We also used the proceeds of the refinancing to pay fees and expenses totaling $30,931,000 related to the 2014 Refinancing. In May 2013, we refinanced the $94,000,000 remaining balance of notes secured by Pulitzer and its subsidiaries (the “New Pulitzer Notes”). On June 25, 2015 (the "Pulitzer Debt Satisfaction Date"), we repaid the remaining balance of the New Pulitzer Notes triggering certain changes to the collateral of our remaining debt as discussed more fully below. Notes The Notes are senior secured obligations of the Company and mature on March 15, 2022. Interest The Notes require payment of interest semiannually on March 15 and September 15 of each year, at a fixed annual rate of 9.5% . Redemption We may redeem some, or all, of the principal amount of the Notes at any time on or after March 15, 2018 as follows: Period Beginning Percentage of Principal Amount March 15, 2018 104.75 March 15, 2019 102.38 March 15, 2020 100.00 We may redeem up to 35% of the Notes prior to March 15, 2017 at 109.5% of the principal amount using the proceeds of certain future equity offerings. If we sell certain of our assets or experience specific types of changes of control, we must, subject to certain exceptions, offer to purchase the Notes at 101% of the principal amount. Any redemption of the Notes must also satisfy any accrued and unpaid interest thereon. Covenants and Other Matters The Indenture and 1 st Lien Credit Facility contains restrictive covenants as discussed more fully below. However, certain of these covenants will cease to apply if the Notes are rated investment grade by either Moody’s Investors Service, Inc. or Standard & Poor’s Ratings Group and there is no default or event of default under the Indenture. 1 st Lien Credit Facility The 1 st Lien Credit Facility consists of the $250,000,000 1 st Lien Term Loan that matures in March 2019 and the $40,000,000 Revolving Facility that matures in December 2018. The 1 st Lien Credit Facility documents the primary terms of the 1 st Lien Term Loan and the Revolving Facility. The Revolving Facility may be used for working capital and general corporate purposes (including letters of credit). At September 27, 2015 , after consideration of letters of credit, we have approximately $32,935,000 available for future use under the Revolving Facility. Interest Interest on the 1 st Lien Term Loan, which has a principal balance of $180,872,000 at September 27, 2015 , accrues, at our option, at either (A) LIBOR plus 6.25% (with a LIBOR floor of 1.0%) or (B) 5.25% plus the higher of (i) the prime rate at the time, (ii) the federal funds rate plus 0.5% , or (iii) one month LIBOR plus 1.0% (with a floor of 2.0% ). Interest is payable quarterly. The 1 st Lien Term Loan was funded with an original issue discount of 2.0%, or $5,000,000 , which is being amortized as interest expense over the life of the 1 st Lien Term Loan. Interest on the Revolving Facility, which has a principal balance of zero at September 27, 2015 , accrues, at our option, at either (A) LIBOR plus 5.5% , or (B) 4.5% plus the higher of (i) the prime rate at the time, (ii) the federal funds rate plus 0.5% , or (iii) one month LIBOR plus 1.0%. Principal Payments Quarterly principal payments of $6,250,000 are required under the 1 st Lien Term Loan, with other payments made based on 90% of excess cash flow of Lee Legacy ("Lee Legacy Excess Cash Flow), as defined, or from proceeds of asset sales, as defined, from our subsidiaries other than the Pulitzer Subsidiaries. We may voluntarily prepay principal amounts outstanding or reduce commitments under the 1 st Lien Credit Facility at any time without premium or penalty, upon proper notice and subject to certain limitations as to minimum amounts of prepayments. Following the Pulitzer Debt Satisfaction Date, the excess cash flow of Pulitzer, as defined ("Pulitzer Excess Cash Flow"), may be used to pay down the 1 st Lien Term Loan if not accepted by the 2nd Lien Term Loan lenders, as discussed more fully below under the heading "2 nd Lien Term Loan". 2015 payments made under the 1 st Lien Term Loan are summarized by quarter and fiscal year as follows: (Thousands of Dollars) December 28 March 29 June 28 September 27 2015 Mandatory 6,250 6,250 6,250 6,250 25,000 Voluntary 5,000 4,000 4,000 — 13,000 Asset sales — — — — — Excess cash flow — — — 7,878 7,878 11,250 10,250 10,250 14,128 45,878 Covenants and Other Matters The 1 st Lien Credit Facility requires that we comply with certain affirmative and negative covenants customary for financing of this nature, including a maximum total leverage ratio, which is only applicable to the Revolving Facility. The 1 st Lien Credit Facility restricts us from paying dividends on our Common Stock. It also restricts us from repurchasing Common Stock in excess of $5 million per year. These restrictions no longer apply if Lee Legacy leverage is below 3.25x before and after such payments. Further, the 1 st Lien Credit Facility restricts or limits, among other things, subject to certain exceptions, the ability of the Company and its subsidiaries to: (i) incur indebtedness, (ii) enter into mergers, acquisitions and asset sales, (iii) incur or create liens and (iv) enter into transactions with certain affiliates. The 1 st Lien Credit Facility contains various representations and warranties and may be terminated upon occurrence of certain events of default. The 1 st Lien Credit Facility also contains cross-default provisions tied to the terms of each of the Indenture and 2 nd Lien Term Loan. 2 nd Lien Term Loan The 2 nd Lien Term Loan, which has a balance of $145,000,000 at September 27, 2015 , bears interest at a fixed annual rate of 12.0% , payable quarterly, and matures in December 2022. Principal Payments There are no scheduled mandatory amortization payments required under the 2 nd Lien Term Loan. Under the 2 nd Lien Term Loan, subject to certain other conditions, Pulitzer Excess Cash Flow must be used, (a) prior to March 31, 2017, to make an offer to the 2 nd Lien Lenders to prepay amounts under the 2 nd Lien Term Loan at par (which offer the 2 nd Lien Lenders may accept or reject; if rejected, we may use the Pulitzer Excess Cash Flow to prepay amounts under the 1 st Lien Credit Facility or repurchase Notes in the open market), and (b) after March 31, 2017, to pay such amounts under the 2 nd Lien Term Loan at par. In November 2015, $3,326,000 of the September 2015 excess cash flow payment was not rejected and according to the 2 nd Lien Term Loan was prepaid at par. Pulitzer Excess Cash Flow includes a deduction for interest costs incurred under the 2 nd Lien Term Loan after the Pulitzer Debt Satisfaction Date. In addition, other changes to settlement of certain intercompany costs between the Company and Pulitzer will be affected, with the net result being a reduction in the excess cash flows of Pulitzer from historically reported levels. Subject to certain other conditions in the 2 nd Lien Term Loan, the balance of the 2 nd Lien Term Loan will be repaid at par from proceeds from asset sales by Pulitzer or the Pulitzer Subsidiaries that are not reinvested. For the 13 weeks ended September 27, 2015, we repaid $5,000,000 of the 2 nd Lien Term Loan, at par, due to the sale of real estate at one of our Pulitzer properties. Subsequent to September 27, 2015 an additional $2,300,000 was repaid at par with net proceeds from the sale of Pulitzer assets. Voluntary payments under the 2 nd Lien Term Loan are subject to call premiums as follows: Period Beginning Percentage of Principal Amount March 31, 2014 112 March 31, 2017 106 March 31, 2018 103 March 31, 2019 100 Covenants and Other Matters The 2 nd Lien Term Loan requires that we comply with certain affirmative and negative covenants customary for financing of this nature, including the negative covenants under the 1 st Lien Credit Facility discussed above. The 2 nd Lien Term Loan contains various representations and warranties and may be terminated upon occurrence of certain events of default. The 2 nd Lien Term Loan also contains cross-default provisions tied to the terms of the Indenture and 1 st Lien Credit Facility. In connection with the 2 nd Lien Term Loan, we entered into a Warrant Agreement dated as of March 31, 2014 (the “Warrant Agreement”) between the Company and Wells Fargo Bank, National Association. Under the Warrant Agreement, certain affiliates or designees of the 2 nd Lien Lenders received on March 31, 2014 their pro rata share of warrants to purchase, in cash, an initial aggregate of 6,000,000 shares of Common Stock, subject to adjustment pursuant to anti-dilution provisions (the “Warrants”). The Warrants represent, when fully exercised, approximately 10.1% of shares of Common Stock outstanding at March 30, 2014 on a fully diluted basis. The exercise price of the Warrants is $4.19 per share. The Warrant Agreement contains a cash settlement provision in the event of a change of control prior to March 31, 2018 as well as other provisions requiring the Warrants be measured at fair value and included in other liabilities in our Consolidated Balance Sheets. We remeasure the fair value of the liability each reporting period, with changes reported in other non-operating income (expense). The initial fair value of the Warrants was $ 16,930,000 . See Notes 1, 9 and 12. In connection with the issuance of the Warrants, we entered into a Registration Rights Agreement dated as of March 31, 2014 (the “Registration Rights Agreement”). The Registration Rights Agreement requires, among other matters, that we use our commercially reasonable efforts to maintain the effectiveness for certain specified periods a shelf registration statement related to the shares of Common Stock to be issued upon exercise of the Warrants. Pulitzer Notes In May 2013, we refinanced the $94,000,000 then outstanding balance of the Pulitzer Notes (the “ New Pulitzer Notes ” ) with BH Finance LLC ("Berkshire") a subsidiary of Berkshire Hathaway Inc. The New Pulitzer Notes bore interest at 9%, payable quarterly. On the Pulitzer Debt Satisfaction Date of June 25, 2015, we repaid the remaining balance of the New Pulitzer Notes in full. Security The Notes and the 1 st Lien Credit Facility are fully and unconditionally guaranteed on a first-priority basis by each of the Company's material domestic subsidiaries, excluding MNI, Pulitzer Inc. ("Pulitzer") and its subsidiaries (collectively, the "Pulitzer Subsidiaries") and TNI (the "Lee Legacy Assignors"). The Notes, the 1 st Lien Credit Facility and the subsidiary guarantees are secured, subject to certain exceptions, priorities and limitations, by perfected security interests in all property and assets, including certain real estate, of the Lee Legacy Assignors, other than the capital stock of MNI and any property and assets of MNI (the “Lee Legacy Collateral”), on a first-priority basis, equally and ratably with all of the Lee Legacy Assignors' existing and future obligations. The Lee Legacy Collateral includes, among other things, equipment, inventory, accounts receivables, depository accounts, intellectual property and certain of their other tangible and intangible assets. Also, the Notes and the 1 st Lien Credit Facility are secured, subject to certain exceptions, priorities and limitations in the various agreements, by first-priority security interests in the capital stock of, and other equity interests owned by, the Lee Legacy Assignors (excluding the capital stock of MNI). The Notes and 1 st Lien Credit Facility are subject to a Pari Passu Intercreditor Agreement dated March 31, 2014. Following the Pulitzer Debt Satisfaction Date, the Notes, the 1 st Lien Credit Facility and the subsidiary guarantees are also secured, subject to permitted liens, by a second-priority security interest in the property and assets of the Pulitzer Subsidiaries other than assets of or used in the operations or business of TNI (collectively, the “Pulitzer Collateral”) that become subsidiary guarantors (the "Pulitzer Assignors"). On the Pulitzer Debt Satisfaction Date, the Pulitzer Assignors became a party to the 1 st Lien Guarantee and Collateral Agreement on a second lien basis. Also, the Notes and the 1 st Lien Credit Facility are secured, subject to certain exceptions, priorities, and limitations in the various agreements, by second-priority security interests in the capital stock of, and other equity interests in, the Pulitzer Assignors and Star Publishing’s interest in TNI. Following the Pulitzer Debt Satisfaction Date, the 2 nd Lien Term Loan is fully and unconditionally guaranteed on a joint and several first-priority basis by the Pulitzer Assignors, pursuant to a Second Lien Guarantee and Collateral Agreement dated as of March 31, 2014 (the “2 nd Lien Guarantee and Collateral Agreement”) among the Pulitzer Assignors and the 2 nd Lien collateral agent. Under the 2 nd Lien Guarantee and Collateral Agreement, the Pulitzer Assignors have granted (i) first-priority security interests, subject to certain priorities and limitations in the various agreements, in the Pulitzer Collateral and (ii) have granted first-priority lien mortgages or deeds of trust covering certain real estate, as collateral for the payment and performance of their obligations under the 2 nd Lien Term Loan. Also, under the 2 nd Lien Guarantee and Collateral Agreement, the Lee Legacy Assignors have granted (i) second-priority security interests, subject to certain priorities and limitations in the various agreements, in the Lee Legacy Collateral, and (ii) have granted second-priority lien mortgages or deeds of trust covering certain real estate, as collateral for the payment and performance of their obligations under the 2 nd Lien Term Loan. Assets of, or used in the operations or business of, MNI are excluded. The rights of each of the collateral agents with respect to the Lee Legacy Collateral and the Pulitzer Collateral are subject to customary intercreditor and intercompany agreements. Other We incurred $30,931,000 of fees and expenses related to the 2014 Refinancing, including a $1,750,000 premium (1% of the principal amount) related to the redemption of the previous 2 nd lien agreement and $5,000,000 original issue discount on the 1 st Lien Term Loan. In addition, at the date of the 2014 Refinancing we had $10,549,000 of unamortized present value adjustments related to the previous 1 st lien agreement and previous 2 nd lien agreement. We also recognized original issue discount of $16,930,000 on the 2 nd Lien Term Loan related to the Warrants. Certain of the unamortized present value adjustments, the new fees and expenses and a portion of the value of the Warrants were charged to expense upon completion of the 2014 Refinancing while the remainder of such costs have been capitalized and are being amortized over the lives of the respective debt agreements. Debt financing costs are summarized as follows: (Thousands of Dollars) Prepayment premium - previous 2 nd lien agreement 1,750 Unamortized loan fees from previous credit agreements 10,549 Fees paid in cash to arrangers, lenders, attorneys and others 24,181 Original issue discount - 1 st Lien Term Loan 5,000 Fair value of Warrants granted to 2nd Lien Lenders 16,930 58,410 Charged to expense as a result of debt extinguishment 20,591 Capitalized debt financing costs 37,819 Amortization of debt financing costs totaled $4,693,000 and $2,145,000 in 2015 and 2014, respectively. Amortization of such costs is estimated to total $4,198,000 in 2016, $4,380,000 in 2017, $4,500,000 in 2018, $4,262,000 in 2019 and $4,200,000 in 2020. At September 27, 2015 we have $31,793,000 of unamortized debt financing costs included in other assets in our Consolidated Balance Sheets. Debt is summarized as follows: Interest Rates (%) (Thousands of Dollars) September 27 September 28 September 27 Revolving Facility — 5,000 5.65 1st Lien Term Loan 180,872 226,750 7.25 Notes 400,000 400,000 9.50 2 nd Lien Term Loan 145,000 150,000 12.00 New Pulitzer Notes — 23,000 9.00 725,872 804,750 Less current maturities of long-term debt 25,000 31,400 Total long-term debt 700,872 773,350 At September 27, 2015 , our weighted average cost of debt, excluding amortization of debt financing costs, is 9.4% . Aggregate minimum required maturities of debt excluding amounts required to be paid from excess cash flow requirements total $ 25,000,000 in 2016, $ 25,000,000 in 2017, $ 25,000,000 in 2018, $ 105,872,000 in 2019, $0 in 2020 and $ 545,000,000 thereafter. Liquidity At September 27, 2015 , after consideration of letters of credit, we have approximately $32,935,000 available for future use under our Revolving Facility. Including cash, our liquidity at September 27, 2015 totals $44,069,000 . This liquidity amount excludes any future cash flows. We expect all interest and principal payments due in the next twelve months will be satisfied by our cash flows, which will allow us to maintain an adequate level of liquidity. The Warrants, if and when exercised, would provide additional liquidity in an amount up to $25,140,000 subject to a reduction for any amounts the Company may elect to use to repay our 1 st Lien Term Loan and/or the Notes. The 2014 Refinancing significantly improved our debt maturity profile. Final maturities of our debt have been extended to dates from December 2018 through December 2022. As a result, we believe refinancing risk has been substantially reduced for the next several years. There are numerous potential consequences under the Notes, 1st Lien Credit Facility and 2nd Lien Term Loan, if an event of default, as defined, occurs and is not remedied. Many of those consequences are beyond our control. The occurrence of one or more events of default would give rise to the right of the applicable lender(s) to exercise their remedies under the Notes, 1st Lien Credit Facility and 2nd Lien Term Loan, respectively, including, without limitation, the right to accelerate all outstanding debt and take actions authorized in such circumstances under applicable collateral security documents. Our ability to operate as a going concern is dependent on our ability to remain in compliance with debt covenants and to repay, refinance or amend our debt agreements as they become due. The Notes, 1st Lien Credit Facility and 2nd Lien Term Loan have only limited affirmative covenants with which we are required to maintain compliance. We are in compliance with our debt covenants at September 27, 2015 . |
Pensions
Pensions | 12 Months Ended |
Sep. 27, 2015 | |
Pension Disclosure [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | PENSION PLANS We have several non-contributory defined benefit pension plans that together cover selected employees. Benefits under the plans were generally based on salary and years of service. Effective in 2012, substantially all benefits are frozen and only a small amount of additional benefits are being accrued. Our liability and related expense for benefits under the plans are recorded over the service period of employees based upon annual actuarial calculations. Plan funding strategies are influenced by government regulations. Plan assets consist primarily of domestic and foreign corporate equity securities, government and corporate bonds, hedge fund investments and cash. The net periodic cost (benefit) components of our pension plans are as follows: (Thousands of Dollars) 2015 2014 2013 Service cost for benefits earned during the year 232 156 216 Interest cost on projected benefit obligation 8,122 7,996 7,529 Expected return on plan assets (9,863 ) (9,932 ) (9,838 ) Amortization of net loss 1,682 423 2,287 Amortization of prior service benefit (136 ) (136 ) (136 ) Net periodic pension cost (benefit) 37 (1,493 ) 58 Net periodic pension benefit of $56,000 is allocated to TNI in 2015, 2014 and 2013. Changes in benefit obligations and plan assets are as follows: (Thousands of Dollars) 2015 2014 Benefit obligation, beginning of year 199,197 175,771 Service cost 232 156 Interest cost 8,122 7,996 Actuarial loss (gain) (2,543 ) 26,526 Benefits paid (11,257 ) (11,252 ) Benefit obligation, end of year 193,751 199,197 Fair value of plan assets, beginning of year: 151,013 147,265 Actual return on plan assets 1,817 15,074 Benefits paid (11,257 ) (11,252 ) Administrative expenses paid (1,862 ) (1,509 ) Employer contributions 3,577 1,435 Fair value of plan assets, end of year 143,288 151,013 Funded status - benefit obligation in excess of plan assets 50,463 48,184 Disaggregated amounts recognized in the Consolidated Balance Sheets are as follows: (Thousands of Dollars) September 27 September 28 Pension obligations 50,463 48,184 Accumulated other comprehensive loss (before income taxes) (47,515 ) (41,695 ) Amounts recognized in accumulated other comprehensive income (loss) are as follows: (Thousands of Dollars) September 27 September 28 Unrecognized net actuarial loss (48,031 ) (42,348 ) Unrecognized prior service benefit 516 653 (47,515 ) (41,695 ) We expect to recognize $2,396,000 and $137,000 of unrecognized net actuarial loss and unrecognized prior service benefit, respectively, in net periodic pension cost in 2016. The accumulated benefit obligation for the plans total $193,751,000 at September 27, 2015 and $199,197,000 at September 28, 2014 . The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the pension plans with accumulated benefit obligations in excess of plan assets are $193,751,000 , $193,751,000 and $143,288,000 , respectively, at September 27, 2015 . Assumptions Weighted-average assumptions used to determine benefit obligations are as follows: (Percent) September 27 September 28 Discount rate 4.2 4.2 Weighted-average assumptions used to determine net periodic benefit cost are as follows: (Percent) 2015 2014 2013 Discount rate 4.2 4.7 3.85 Expected long-term return on plan assets 6.8 7.0 7.5 For 2016, the expected long-term return on plan assets is 6.25% . The assumptions related to the expected long-term return on plan assets are developed through an analysis of historical market returns, current market conditions and composition of plan assets. In October 2014, the Society of Actuaries released new mortality tables. The new tables generally result in increases in life expectancy. We used the new mortality tables to value our pension and postretirement liabilities at September 28, 2014, which increased such liabilities, in total, by approximately $18,515,000 , with a corresponding decrease in accumulated other comprehensive income in our Consolidated Balance Sheet as of that date. Plan Assets The primary objective of our investment strategy is to satisfy our pension obligations at a reasonable cost. Assets are actively invested to balance real growth of capital through appreciation and reinvestment of dividend and interest income and safety of invested funds. Our investment policy outlines the governance structure for decision making, sets investment objectives and restrictions and establishes criteria for selecting and evaluating investment managers. The use of derivatives is strictly prohibited, except on a case-by-case basis where the manager has a proven capability, and only to hedge quantifiable risks such as exposure to foreign currencies. An investment committee, consisting of certain of our executives and supported by independent consultants, is responsible for monitoring compliance with the investment policy. Assets are periodically redistributed to maintain the appropriate policy allocation. The weighted-average asset allocation of our pension assets is as follows: (Percent) Policy Allocation Actual Allocation Asset Class September 27 2015 September 27 September 28 Equity securities 50 46 48 Debt securities 35 37 20 TIPS 5 4 4 Hedge fund investments 10 11 10 Cash and cash equivalents — 2 18 Plan assets include no Company securities. Assets include cash and cash equivalents and receivables from time to time due to the need to reallocate assets within policy guidelines. At September 28, 2014, certain plan assets were in process of reallocation. In October 2014, plan assets were within the policy allocation. Fair Value Measurements The fair value hierarchy of pension assets at September 27, 2015 is as follows: (Thousands of Dollars) Level 1 Level 2 Level 3 Cash and cash equivalents 2,407 — — Domestic equity securities 8,153 44,470 — International equity securities 6,286 7,389 — TIPS 6,450 — — Debt securities 31,196 21,370 — Hedge fund investments — 8,463 8,881 In 2015, in connection with the allocation to hedge funds and debt securities, certain of our plan assets were classified as Level 3. Following is a rollfoward of Level 3 plan assets in 2015: (Thousands of Dollars) Level 3 Balance, beginning of year 8,351 Purchases, issuances, sales, settlements — Unrealized gains 530 Balance, end of year 8,881 There were no purchases, sales or transfers of assets classified as Level 3 in 2015. Cash Flows Based on our forecast at September 27, 2015 , we expect to make contributions totaling $5,782,000 to our pension trust in 2016. We anticipate future benefit payments to be paid from the pension trust as follows: (Thousands of Dollars) 2015 11,880 2016 11,717 2017 11,750 2018 11,776 2019 11,760 2020-2024 58,883 Other Plans We are obligated under an unfunded plan to provide fixed retirement payments to certain former employees. The plan is frozen and no additional benefits are being accrued. The accrued liability under the plan is $2,337,000 and $2,264,000 at September 27, 2015 and September 28, 2014 , respectively, of which $279,000 is included in compensation and other accrued liabilities in the Consolidated Balance Sheet at September 27, 2015 . |
Postretirement Obligations
Postretirement Obligations | 12 Months Ended |
Sep. 27, 2015 | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | POSTRETIREMENT AND POSTEMPLOYMENT BENEFITS We provide retiree medical and life insurance benefits under postretirement plans at several of our operating locations. The level and adjustment of participant contributions vary depending on the specific plan. In addition, PD LLC provides postemployment disability benefits to certain employee groups prior to retirement . Our liability and related expense for benefits under the postretirement plans are recorded over the service period of active employees based upon annual actuarial calculations. We accrue postemployment disability benefits when it becomes probable that such benefits will be paid and when sufficient information exists to make reasonable estimates of the amounts to be paid. Plan assets may also be used to fund medical costs of certain active employees. The net periodic postretirement benefit cost (benefit) components for our postretirement plans are as follows: (Thousands of Dollars) 2015 2014 2013 Service cost for benefits earned during the year 76 596 728 Interest cost on projected benefit obligation 922 911 1,125 Expected return on plan assets (1,445 ) (1,483 ) (1,474 ) Amortization of net actuarial gain (1,386 ) (1,819 ) (1,324 ) Amortization of prior service benefit (1,459 ) (1,459 ) (1,459 ) Net periodic postretirement benefit (3,292 ) (3,254 ) (2,404 ) Changes in benefit obligations and plan assets are as follows: (Thousands of Dollars) 2015 2014 Benefit obligation, beginning of year 25,506 23,432 Service cost 76 596 Interest cost 922 911 Actuarial loss (gain) (1,149 ) 2,298 Benefits paid, net of premiums received (1,541 ) (1,905 ) Medicare Part D subsidies (2 ) 174 Benefit obligation, end of year 23,812 25,506 Fair value of plan assets, beginning of year 32,881 33,920 Actual return on plan assets (547 ) 1,167 Employer contributions 745 597 Benefits paid, net of premiums and Medicare Part D subsidies received (1,544 ) (1,731 ) Benefits paid for active employees (1,412 ) (1,072 ) Fair value of plan assets at measurement date 30,123 32,881 Funded status - benefit obligation less than plan assets (6,311 ) (7,375 ) The accumulated benefit obligation for plans with benefit obligations in excess of plan assets included in the table above was $7,109,000 at September 27, 2015 . These plans are unfunded. Disaggregated amounts recognized in the Consolidated Balance Sheets are as follows: (Thousands of Dollars) September 27 September 28 Non-current assets 13,420 14,136 Postretirement benefit obligations 7,109 6,761 Accumulated other comprehensive income (before income tax benefit) 22,551 27,250 Amounts recognized in accumulated other comprehensive income are as follows: (Thousands of Dollars) September 27 September 28 Unrecognized net actuarial gain 13,155 16,394 Unrecognized prior service benefit 9,396 10,856 22,551 27,250 We expect to recognize $1,146,000 and $1,459,000 of unrecognized net actuarial gain and unrecognized prior service benefit, respectively, in net periodic postretirement benefit in 2016. Assumptions Weighted-average assumptions used to determine post retirement benefit obligations are as follows: (Percent) September 27 September 28 Discount rate 3.7 3.7 Expected long-term return on plan assets 4.5 4.5 The assumptions related to the expected long-term return on plan assets are developed through an analysis of historical market returns, current market conditions and composition of plan assets. Weighted-average assumptions used to determine net periodic benefit cost are as follows: (Percent) 2015 2014 2013 Discount rate 3.7 4.0 3.85 Expected long-term return on plan assets 4.5 4.5 4.5 Assumed health care cost trend rates are as follows: (Percent) September 27 September 28 Health care cost trend rates 9.0 7.5 Rate to which the cost trend rate is assumed to decline (the “Ultimate Trend Rate”) 4.5 5.0 Year in which the rate reaches the Ultimate Trend Rate 2025 2018 Administrative costs related to indemnity plans are assumed to increase at the health care cost trend rates noted above. Assumed health care cost trend rates have an effect on the amounts reported for the postretirement plans. A one percentage point change in assumed health care cost trend rates would have the following annualized effects on reported amounts for 2015: One Percentage Point (Thousands of Dollars) Increase Decrease Effect on net periodic postretirement benefit 29 (26 ) Effect on postretirement benefit obligation 831 (748 ) Plan Assets The primary objective of our investment strategy is to satisfy our postretirement obligations at a reasonable cost. Assets are actively invested to balance real growth of capital through appreciation and reinvestment of dividend and interest income and safety of invested funds. Our investment policy outlines the governance structure for decision making, sets investment objectives and restrictions, and establishes criteria for selecting and evaluating investment managers. The use of derivatives is strictly prohibited, except on a case-by-case basis where the manager has a proven capability, and only to hedge quantifiable risks such as exposure to foreign currencies. An investment committee, consisting of certain of our executives and supported by independent consultants, is responsible for monitoring compliance with the investment policy. Assets are periodically redistributed to maintain the appropriate policy allocation. The weighted-average asset allocation of our postretirement assets is as follows: (Percent) Policy Allocation Actual Allocation Asset Class September 27 2015 September 27 September 28 Equity securities 20 19 22 Debt securities 70 68 74 Hedge fund investment 10 10 Cash and cash equivalents — 3 4 Plan assets include no Company securities. Assets include cash and cash equivalents and receivables from time to time due to the need to reallocate assets within policy guidelines. Fair Value Measurements The fair value hierarchy of postretirement assets at September 27, 2015 is as follows: (Thousands of Dollars) Level 1 Level 2 Level 3 Cash and cash equivalents 790 — — Domestic equity securities 2,896 1,372 — International equity securities 645 857 — Debt securities 13,910 6,581 — Hedge fund investment — 3,072 — There were no purchases, sales or transfers of assets classified as Level 3 in 2015, 2014 or 2013. Cash Flows Based on our forecast at September 27, 2015 , we do not expect to contribute to our postretirement plans in 2016. The Medicare Prescription Drug, Improvement and Modernization Act of 2003 (the “Modernization Act”) introduced a prescription drug benefit under Medicare (“Medicare Part D”) and a federal subsidy to sponsors of retiree health care benefit plans (“Subsidy”) that provide a benefit at least actuarially equivalent (as that term is defined in the Modernization Act) to Medicare Part D. We concluded we qualify for the Subsidy under the Modernization Act since the prescription drug benefits provided under our postretirement health care plans generally require lower premiums from covered retirees and have lower deductibles than the benefits provided in Medicare Part D and, accordingly, are actuarially equivalent to or better than, the benefits provided under the Modernization Act. We anticipate future benefit payments to be paid either with future contributions to the plan or directly from plan assets, as follows: (Thousands of Dollars) Gross Payments Less Medicare Part D Subsidy Net Payments 2015 3,320 (260 ) 3,060 2016 2,130 (260 ) 1,870 2017 2,040 (260 ) 1,780 2018 2,070 (260 ) 1,810 2019 2,040 (260 ) 1,780 2020-2024 9,180 (1,140 ) 8,040 Postemployment Plan Our postemployment benefit obligation, representing certain disability benefits , is $3,951,000 at September 27, 2015 and $3,597,000 at September 28, 2014 . |
Other Retirement Plans
Other Retirement Plans | 12 Months Ended |
Sep. 27, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Other Retirement Plans [Text Block] | OTHER RETIREMENT PLANS Substantially all of our employees are eligible to participate in a qualified defined contribution retirement plan. We also have a non-qualified plan for employees whose incomes exceed qualified plan limits. Retirement and compensation plan costs, including costs related to stock based compensation and interest on deferred compensation costs, charged to continuing operations are $4,125,000 in 2015, $3,963,000 in 2014 and $3,739,000 in 2013. Multiemployer Pension Plans We contribute to three multiemployer defined benefit pension plans under the terms of collective-bargaining agreements ("CBAs"). The risks of participating in these multiemployer plans are different from our company-sponsored plans in the following aspects: • We do not manage the plan investments or any other aspect of plan administration; • Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers; • If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers; and • If we choose to stop participating in one or more multiemployer plans, we may be required to fund over time an amount based on the unfunded status of the plan at the time of withdrawal, referred to as "withdrawal liability". Information related to these plans is outlined in the table below: (Thousands of Dollars) Zone Status September 30 Funding Improvement Plan/Rehabilitation Plan Status Contributions Pension Plan 2015 2014 Status 2015 2014 2013 Surcharge Imposed Expiration Dates of CBAs GCIU- Employer Retirement Fund 91-6024903/001 Red Red Implemented 145 265 246 No 1/13/2017 8/31/2017 CWA/ITU Negotiated Pension Plan 13-6212879/001 Red Red Implemented 122 133 143 No 5/12/2016 12/31/2015 4/1/2016 8/31/2017 District No. 9, International Association of Machinists and Aerospace Workers Pension Trust 43-0736847/001 Green Green N/A 34 37 40 N/A 2/29/2016 Multiemployer plans in red zone status are generally less well funded than plans in green zone status. One of our enterprise's bargaining units withdrew from representation, and as a result we are subject to a future claim from the multiemployer pension plan for a withdrawal liability. The amount and timing of such liability will be dependent on actions taken, or not taken, by the Company and the pension plan, as well as the future investment performance and funding status of the pension plan. Any withdrawal liability determined to be due under this plan will be funded over a period of 20 years. |
Common Stock and Class B Common
Common Stock and Class B Common Stock | 12 Months Ended |
Sep. 27, 2015 | |
Common Stock And Class B Common Stock [Abstract] | |
Schedule of Stock by Class [Text Block] | COMMON STOCK, CLASS B COMMON STOCK AND PREFERRED SHARE PURCHASE RIGHTS Common Stock Under the Plan, the par value of our Common Stock was changed from $2.00 per share to $0.01 per share effective January 30, 2012. Holders of our previous 2 nd lien agreement shared in the issuance of 6,743,640 shares of our Common Stock, an amount equal to 13% of outstanding shares on a pro forma basis as of January 30, 2012. In connection with the currently outstanding 2nd Lien Term Loan, we entered into the Warrant Agreement. Under the Warrant Agreement, certain affiliates or designees of the 2nd Lien Lenders received on March 31, 2014 their pro rata share of Warrants to purchase, in cash, 6,000,000 shares of Common Stock, subject to adjustment pursuant to anti-dilution provisions. The Warrants represent, when fully exercised, approximately 10.1% of shares of Common Stock outstanding at March 30, 2014 on a fully diluted basis. The exercise price of the Warrants is $4.19 per share. The Warrant Agreement contains a cash settlement provision in the event of a change of control prior to March 31, 2018, as well as other provisions requiring the Warrants be measured at fair value and classified as other liabilities in our Consolidated Balance Sheets. We remeasure the liability to fair value each reporting period, with changes reported in other non-operating income (expense). The initial fair value of the Warrants was $ 16,930,000 . At September 27, 2015 , the fair value of the Warrants is $4,240,000 . In connection with the issuance of the Warrants, we entered into the Registration Rights Agreement. The Registration Rights Agreement requires, among other matters, that we use our commercially reasonable efforts to file and maintain the effectiveness for certain specified periods of a shelf registration statement covering the shares of Common Stock upon exercise of the Warrants. Under the New York Stock Exchange ("NYSE") listing standards, if our Common Stock fails to maintain an adequate per share price and total market capitalization of less than $50,000,000, our Common Stock could be removed from the NYSE and traded in the over-the-counter market. In July 2011, the NYSE notified us that our Common Stock did not meet the NYSE continued listing standards due to the failure to maintain an adequate share price. Under the NYSE rules, our Common Stock was allowed to continue to be listed during a cure period. In February 2012, the NYSE notified us that we were again in compliance with the minimum closing price standard. In January 2013, the NYSE notified us that we had returned to full compliance with all continued listing standards. Class B Common Stock In 1986, one share of Class B Common Stock was issued as a dividend for each share of Common Stock held by stockholders of record at the time. The transfer of Class B Common Stock was restricted. As originally anticipated, the number of outstanding Class B shares decreased over time through trading and reached the sunset level of 5,600,000 shares in March 2011. In March 2011, in accordance with the sunset provisions established in 1986, we effected conversion of all outstanding shares of Class B Common Stock to Common Stock. As a result, all stockholders have one vote per share on all future matters. Class B shares formerly had ten votes per share. Preferred Share Purchase Rights In 1998, the Board of Directors adopted a Shareholder Rights Plan (the “Rights Plan”). Under the Rights Plan, the Board of Directors declared a dividend of one Preferred Share Purchase Right (“Right”) for each outstanding share of our Common Stock and Class B Common Stock (collectively “Common Shares”). Rights are attached to, and automatically trade with, our Common Shares. In 2008, the Board of Directors approved an amendment to the Rights Plan. The amendment increased the beneficial ownership threshold to 25% from 20% for stockholders purchasing Common Stock for passive investment only and decreased the threshold to 15% for all other investors. In addition, the amendment extended the expiration of the Rights Plan to May 31, 2018 from May 31, 2008. Rights become exercisable only in the event that any person or group of affiliated persons other than a passive investor becomes a holder of 15% or more of our outstanding Common Shares, or commences a tender or exchange offer which, if consummated, would result in that person or group of affiliated persons owning at least 15% of our outstanding Common Shares. Once the Rights become exercisable, they entitle all other stockholders to purchase, by payment of a $150 exercise price, one one-thousandth of a share of Series A Participating Preferred Stock, subject to adjustment, with a value of twice the exercise price. In addition, at any time after a 15% position is acquired and prior to the acquisition of a 50% position, the Board of Directors may require, in whole or in part, each outstanding Right (other than Rights held by the acquiring person or group of affiliated persons) to be exchanged for one share of Common Stock or one one-thousandth of a share of Series A Preferred Stock. The Rights may be redeemed at a price of $0.001 per Right at any time prior to their expiration. |
Stock Ownership Plans
Stock Ownership Plans | 12 Months Ended |
Sep. 27, 2015 | |
Stock Ownership Plans [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | STOCK OWNERSHIP PLANS Total non-cash stock compensation expense is $1,971,000 , $1,481,000 and $1,261,000 , in 2015, 2014 and 2013, r espectively. At September 27, 2015 , we have reserved 5,492,191 shares of Common Stock for issuance to employees under an incentive and nonstatutory stock option and restricted stock plan approved by stockholders. At September 27, 2015 , 3,621,136 shares are available for granting of non-qualified stock options or issuance of restricted Common Stock. Stock Options Options are granted at a price equal to the fair market value on the date of the grant and are exercisable, upon vesting, over a ten-year period. A summary of stock option activity is as follows: (Thousands of Shares) 2015 2014 2013 Under option, beginning of year 2,333 2,769 3,102 Granted — 15 51 Exercised (289 ) (342 ) (62 ) Canceled (173 ) (109 ) (322 ) Under option, end of year 1,871 2,333 2,769 Exercisable, end of year 1,840 1,786 1,791 Weighted average prices of stock options are as follows: (Dollars) 2015 2014 2013 Granted — 2.99 1.20 Exercised 1.27 2.01 1.65 Cancelled 5.02 10.98 5.18 Under option, end of year 2.71 2.70 2.94 The following assumptions were used to estimate the fair value of 2014 and 2013 option awards: 2014 2013 Volatility (Percent) 91 121 Risk-free interest rate (Percent) 1.24 0.68 Expected term (Years) 4.5 4.7 Estimated fair value (Dollars) 2.02 0.98 A summary of stock options outstanding at September 27, 2015 is as follows: (Dollars) Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding (Thousands) Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Number Exercisable (Thousands) Weighted Average Exercise Price 1 - 5 1,813 5.7 1.79 1,782 1.79 25 - 50 58 0.9 31.64 58 31.64 1,871 5.5 2.71 1,840 2.72 Total unrecognized compensation expense for unvested stock options at September 27, 2015 is $15,000 , which will be recognized over a weighted average period of 0.6 years. The aggregate intrinsic value of stock options outstanding at September 27, 2015 is $834,000 . Restricted Common Stock A summary of restricted Common Stock activity follows: (Thousands of Shares) 2015 2014 2013 Outstanding, beginning of year 1,291 500 500 Granted 786 817 — Vested (500 ) — — Forfeited (31 ) (26 ) — Outstanding, end of year 1,546 1,291 500 Weighted average grant date fair values of restricted Common Stock are as follows: (Dollars) 2015 2014 2013 Outstanding, beginning of year 2.72 1.31 1.31 Granted 3.62 3.61 — Vested 1.31 — — Forfeited 3.62 3.61 — Outstanding, end of year 3.62 2.72 1.31 Total unrecognized compensation expense for unvested restricted Common Stock at September 27, 2015 is $3,173,000 , which will be recognized over a weighted average period of 1.7 years. In December 2015, we issued 890,000 shares of restricted Common Stock to employees. The grant date fair value was $1.53 per share. All restrictions lapse in December 2018 with respect to these shares. Stock Purchase Plans We have 270,000 shares of Common Stock available for issuance pursuant to our Employee Stock Purchase Plan. We also have 8,700 shares of Common Stock available for issuance under our Supplemental Employee Stock Purchase Plan. There has been no activity under these plans in 2015, 2014 or 2013. |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 27, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | INCOME TAXES Income tax expense (benefit) consists of the following: (Thousands of Dollars) 2015 2014 2013 Current: Federal 720 451 (7,915 ) State (92 ) (571 ) (693 ) Deferred 12,966 6,410 (54,806 ) 13,594 6,290 (63,414 ) Continuing operations 13,594 6,290 (62,745 ) Discontinued operations — — (669 ) 13,594 6,290 (63,414 ) Income tax expense (benefit) related to continuing operations differs from the amounts computed by applying the U.S. federal income tax rate to income (loss) before income taxes. The reasons for these differences are as follows: (Percent of Income (Loss) Before Income Taxes) 2015 2014 2013 Computed “expected” income tax expense (benefit) 35.0 35.0 (35.0 ) State income tax expense (benefit), net of federal tax impact (7.1 ) 11.0 (2.6 ) Net income of associated companies taxed at dividend rates (5.2 ) (9.3 ) (0.8 ) Domestic production deduction — — 0.4 Resolution of tax matters 0.5 3.6 0.1 Non-deductible expenses 2.8 7.9 0.4 Valuation allowance 15.9 (4.5 ) (2.1 ) Warrant valuation (6.1 ) (15.1 ) — CODI tax attribute reduction — 18.3 (4.8 ) Other 0.1 (1.8 ) (0.7 ) 35.9 45.1 (45.1 ) Net deferred income tax liabilities consist of the following components: (Thousands of Dollars) September 27 September 28 Deferred income tax liabilities: Property and equipment (35,593 ) (40,549 ) Identified intangible assets (51,380 ) (54,819 ) Long-term debt (15,176 ) (13,440 ) (102,149 ) (108,808 ) Deferred income tax assets: Investments 17,521 20,765 Accrued compensation 4,551 5,182 Allowance for doubtful accounts and losses on loans 1,184 1,258 Pension and postretirement benefits 5,719 5,210 Net operating loss carryforwards 81,228 87,867 Accrued expenses 572 809 Other 1,720 618 112,495 121,709 Valuation allowance (32,483 ) (26,439 ) Net deferred income tax liabilities (22,137 ) (13,538 ) Net deferred income tax liabilities are classified as follows: (Thousands of Dollars) September 27 September 28 Current assets 15,659 1,228 Non-current liabilities (37,796 ) (14,766 ) Net deferred income tax liabilities (22,137 ) (13,538 ) A reconciliation of 2015 and 2014 changes in gross unrecognized tax benefits is as follows: (Thousands of Dollars) 2015 2014 Balance, beginning of year 13,520 12,671 Decreases in tax positions for prior years (1,861 ) (1,592 ) Increases in tax positions for the current year 1,098 3,580 Lapse in statute of limitations (958 ) (1,139 ) Balance, end of year 11,799 13,520 Approximately $7,475,000 and $9,045,000 of the gross unrecognized tax benefit balances for 2015 and 2014, respectively, relate to state net operating losses which are netted against deferred taxes on our balance sheet. The total amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate was $7,786,000 at September 27, 2015 . We recognize interest and penalties related to unrecognized tax benefits as a component of income tax expense. The amount of accrued interest related to unrecognized tax benefits was, net of tax, $330,000 at September 27, 2015 and $385,000 at September 28, 2014 . There were no amounts provided for penalties at September 27, 2015 or September 28, 2014 . At September 27, 2015 , we had approximately $1,072,922,000 of net operating loss ("NOL") carryforwards for state tax purposes that expire between 2016 and 2034 . Such NOL carryforwards result in a deferred income tax asset of $34,263,000 at September 27, 2015 , substantially all of which is offset by a valuation allowance. In the current period, $6,043,000 of additional valuation allowance was recorded related to the recoverability of certain deferred tax assets. $2,615,000 of this amount pertains to prior periods. Amounts related to prior periods were determined to be immaterial. The valuation allowance not related to NOL carryforwards is $4,294,000 at September 27, 2015 and $1,337,000 at September 28, 2014 . A 2012 Federal NOL was carried back to 2010, resulting in a cash refund of $9,500,000 , which was received in 2013. A Federal NOL based on 2013 results was carried back to 2011, resulting in a refund of $6,244,000 . The refund was received in 2014. In connection with the Chapter 11 Proceedings in 2012, we realized substantial cancellation of debt income (“CODI”) for income tax purposes. This income was not immediately taxable for Federal income tax purposes because the CODI resulted from our reorganization under the U.S. Bankruptcy Code. For U.S. income tax reporting purposes, we were required to reduce certain tax attributes, including any net operating loss carryforwards, capital losses, certain tax credit carryforwards, and the tax basis in certain assets and liabilities, including debt, in a total amount equal to the tax gain on the extinguishment of debt. The reduction in the basis of certain assets also resulted in reduced depreciation and amortization expense for income tax purposes beginning in 2013. As a result of the reduction in the tax basis of debt noted above, we have been recognizing additional interest expense for income tax purposes, beginning in 2012. This additional interest expense was scheduled to be recognized through the maturity date of the debt ending in 2017. The 2014 Refinancing resulted in additional interest expense related to the CODI basis adjustment being deductible for income tax purposes in 2014. We reported a Federal NOL of approximately $165,489,000 for our 2014 year, a substantial portion of which is due to this additional interest expense. We expect to report taxable income in 2015 which will reduce the Federal NOL to $134,186,000 , resulting in a deferred income tax asset balance of $46,965,100, which is not offset by a valuation allowance because sufficient tax planning strategies are available to us before expiration of the NOL in 2034. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Sep. 27, 2015 | |
Fair Value Measurements [Abstract] | |
Fair Value Disclosures [Text Block] | 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. Investments totaling $6,359,000 , including our 17% ownership of the non-voting common stock of TCT and a private equity investment, are carried at cost. As of September 27, 2015, the approximate fair value of our private equity investment is $7,200,000 , which is a level 3 fair value measurement. The fair value of floating rate debt, which consists of our 1 st Lien Term Loan, is $175,446,000 , based on an average of private market price quotations. Our fixed rate debt consists of $400,000,000 principal amount of the Notes and, $145,000,000 principal amount under the 2 nd Lien Term Loan. At September 27, 2015 , based on an average of private market price quotations, the fair values were $392,000,000 and $150,981,000 for the Notes and 2nd Lien Term Loan, respectively. As discussed more fully in Notes 5 and 9, we recorded a liability for the Warrants issued in connection with the Warrant Agreement. The liability was initially measured at its fair value. We will remeasure the liability to fair value each reporting period, with changes reported in other non-operating income (expense). The initial fair value of the Warrants was $ 16,930,000 . The fair value of the Warrants at September 27, 2015 and September 28, 2014 is $4,240,000 and $10,808,000 , respectively. Income of $6,568,000 and $6,122,000 was recognized in other, net in the Consolidated Statements of Operations and Comprehensive Income (Loss) for 2015 and 2014, respectively. The following assumptions were used to estimate the fair value of the Warrants in 2015 and 2014: 2015 2014 Volatility (Percent) 61 55 Risk-free interest rate (Percent) 1.75 2.34 Expected term (Years) 6.5 7.5 Estimated fair value (Dollars) 0.71 1.80 In 2014 and 2013, we reduced the carrying value of equipment no longer in use by $1,044,000 and $486,000 , 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. |
Earnings per Common Share
Earnings per Common Share | 12 Months Ended |
Sep. 27, 2015 | |
Earnings Loss Per Common Share [Abstract] | |
Earnings Per Share [Text Block] | EARNINGS (LOSS) PER COMMON SHARE The following table sets forth the computation of basic and diluted earnings (loss) per common share: (Thousands of Dollars and Shares, Except Per Common Share Data) 2015 2014 2013 Income (loss) attributable to Lee Enterprises, Incorporated: Continuing operations 23,316 6,795 (77,071 ) Discontinued operations — — (1,246 ) 23,316 6,795 (78,317 ) Weighted average Common Stock 54,430 53,438 52,333 Less non-vested restricted Common Stock (1,790 ) (1,165 ) (500 ) Basic average Common Stock 52,640 52,273 51,833 Dilutive stock options and restricted Common Stock 1,291 1,463 — Diluted average Common Stock 53,931 53,736 51,833 Earnings (loss) per common share: Basic: Continuing operations 0.44 0.13 (1.49 ) Discontinued operations — — (0.02 ) 0.44 0.13 (1.51 ) Diluted: Continuing operations 0.43 0.13 (1.49 ) Discontinued operations — — (0.02 ) 0.43 0.13 (1.51 ) For 2015, 2014 and 2013, we had 6,620,000 , 3,121,000 and 1,700,000 weighted average shares, respectively, not considered in the computation of diluted earnings (loss) per common share because the exercise prices of the related stock options and Warrants were in excess of the fair market value of our Common Stock. |
Allowance For Doubtful Accounts
Allowance For Doubtful Accounts | 12 Months Ended |
Sep. 27, 2015 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ALLOWANCE FOR DOUBTFUL ACCOUNTS Valuation and qualifying account information related to the allowance for doubtful accounts receivable related to continuing operations is as follows: (Thousands of Dollars) 2015 2014 2013 Balance, beginning of year 4,526 4,501 4,872 Additions charged to expense 1,307 1,754 1,481 Deductions from reserves (1,639 ) (1,729 ) (1,852 ) Balance, end of year 4,194 4,526 4,501 |
Other Information
Other Information | 12 Months Ended |
Sep. 27, 2015 | |
Payables and Accruals [Abstract] | |
Other Information [Text Block] | OTHER INFORMATION Compensation and other accrued liabilities consist of the following: (Thousands of Dollars) September 27 September 28 Compensation 12,454 11,187 Retirement plans 3,459 3,952 Other 11,142 9,209 27,055 24,348 Cash payments are as follows: (Thousands of Dollars) 2015 2014 2013 Interest 72,937 81,363 84,479 Debt financing and reorganization costs 733 31,587 1,071 Income tax (payments) refunds, net (485 ) 6,022 9,126 Accumulated other comprehensive income (loss), net of deferred income taxes at September 27, 2015 and September 28, 2014 , is related to pension and postretirement benefits. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Sep. 27, 2015 | |
Commitments And Contingent Liabilities [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | COMMITMENTS AND CONTINGENT LIABILITIES Operating Leases We have operating lease commitments for certain of our office, production and distribution facilities. Management expects that in the normal course of business, existing leases will be renewed or replaced. Minimum lease payments during the five years ending September 2020 and thereafter are $2,804,000 , $2,485,000 , $2,305,000 , $1,179,000 , $675,000 and $4,345,000 , respectively. Total operating lease expense is $3,415,000 , $3,735,000 and $3,605,000 , in 2015, 2014 and 2013, respectively. Capital Expenditures At September 27, 2015 , we had construction and equipment purchase commitments totaling approximately $1,156,000 . Redemption of PD LLC Non-controlling Interest In February 2009, in conjunction with the Notes Amendment, PD LLC redeemed the 5% interest in PD LLC and STL Distribution Services LLC ("DS LLC") owned by The Herald Publishing Company, LLC ("Herald") pursuant to a Redemption Agreement and adopted conforming amendments to the Operating Agreement. As a result, the value of Herald's former interest (the “Herald Value”) was to be settled, based on a calculation of 10% of the fair market value of PD LLC and DS LLC at the time of settlement, less the balance, as adjusted, of the Pulitzer Notes or the equivalent successor debt, if any. We recorded a liability of $2,300,000 in 2009 as an estimate of the amount of the Herald Value to be disbursed. In 2011, we reduced the liability related to the Herald Value to $300,000 based on the current estimate of fair value. In 2014, we issued 100,000 shares of Common Stock in full satisfaction of the Herald Value. Such shares had a fair value of $298,000 on the date of issuance. The redemption of Herald's interest in PD LLC and DS LLC may generate significant tax benefits to us as a consequence of the resulting increase in the tax basis of the assets owned by PD LLC and DS LLC and the related depreciation and amortization deductions. The increase in basis to be amortized for income tax purposes over a 15 year period beginning in February 2009 is approximately $258,000,000 . Income Taxes Commitments exclude unrecognized tax benefits to be recorded in accordance with FASB ASC Topic 740, Income Taxes . We are unable to reasonably estimate the ultimate amount or timing of cash settlements with the respective taxing authorities for such matters. See Note 11. We file income tax returns with the Internal Revenue Service ("IRS") and various state tax jurisdictions. From time to time, we are subject to routine audits by those agencies, and those audits may result in proposed adjustments. We have considered the alternative interpretations that may be assumed by the various taxing agencies, believe our positions taken regarding our filings are valid, and that adequate tax liabilities have been recorded to resolve such matters. However, the actual outcome cannot be determined with certainty and the difference could be material, either positively or negatively, to the Consolidated Statements of Operations and Comprehensive Income (Loss) in the periods in which such matters are ultimately determined. We do not believe the final resolution of such matters will be material to our consolidated financial position or cash flows. We have various income tax examinations ongoing and at various stages of completion, but generally our income tax returns have been audited or closed to audit through 2009. Legal Proceedings We are involved in a variety of other legal actions that arise in the normal course of business. Insurance coverage mitigates potential loss for certain of these other matters. While we are unable to predict the ultimate outcome of these other legal actions, it is our opinion that the disposition of these matters will not have a material adverse effect on our Consolidated Financial Statements, taken as a whole. |
Impact of Recently Issued Accou
Impact of Recently Issued Accounting Standards (Notes) | 12 Months Ended |
Sep. 27, 2015 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | IMPACT OF RECENTLY ADOPTED ACCOUNTING STANDARDS In July 2015, the Financial Accounting Standards Board issued a practical expedient that allows companies to measure defined benefit plan assets on a month-end date that is nearest to their fiscal year-end when the two do not coincide. In 2015, we elected to use the alternate measurement date, which did not have a material impact on our Consolidated Financial Statements taken as a whole. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Sep. 27, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | QUARTERLY FINANCIAL DATA (UNAUDITED) Quarter Ended (Thousands of Dollars, Except Per Common Share Data) December March June September 2015 Operating revenue 177,210 156,557 158,677 156,099 Net income 10,007 2,042 2,135 10,134 Income attributable to Lee Enterprises, Incorporated 9,753 1,800 1,882 9,881 Earnings per common share: Basic 0.19 0.03 0.04 0.18 Diluted 0.18 0.03 0.03 0.18 2014 Operating revenue 178,379 155,118 164,207 163,173 Net income 12,102 1,705 (9,511 ) 3,375 Income attributable to Lee Enterprises, Incorporated 11,893 1,486 (9,746 ) 3,162 Earnings (loss) per common share: Basic 0.23 0.03 (0.19 ) 0.06 Diluted 0.22 0.03 (0.19 ) 0.06 In the fourth fiscal quarter of 2015, we reclassified certain costs as operating expenses that were previously recorded as reductions to revenue. The reclassification was necessary to correct an error in the accounting treatment of these costs and is deemed immaterial to the previously issued consolidated financial statements. Results of operations for the September quarter of 2014 include non-cash impairment charges of $2,644,000 . |
Basis of Presentation Accountin
Basis of Presentation Accounting Policies (Policies) | 12 Months Ended |
Sep. 27, 2015 | |
Accounting Policies [Abstract] | |
Non-controlling Interest Policy [Policy Text Block] | Non-controlling Interest Non-controlling interest in earnings of TownNews is recognized in the Consolidated Financial Statements. |
Uninsured Risks Policy [Policy Text Block] | Uninsured Risks We are self-insured for health care, workers compensation and certain long-term disability costs of our employees, subject to stop loss insurance, which limits our losses in the event of large claims. We accrue our estimated health care costs in the period in which such costs are incurred, including an estimate of incurred but not reported claims. Other risks are insured and carry deductible losses of varying amounts. Letters of credit and performance bonds totaling $5,490,000 at September 27, 2015 are outstanding in support of our insurance program. Our accrued reserves for health care and workers compensation claims are based upon estimates of the remaining liability for retained losses made by consulting actuaries. The amount of workers compensation reserve has been determined based upon historical patterns of incurred and paid loss development factors from the insurance industry. |
Significant Accounting Policies [Text Block] | SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Consolidated Financial Statements include our accounts and those of our subsidiaries, all of which are wholly-owned, except for our 50% interest in TNI, 50% interest in MNI and 82.5% interest in TownNews. TNI and MNI are accounted for under the equity method. In 2015, we reclassified certain costs as operating expenses that were previously recorded as reductions to revenue. As a result of the reclassification, both revenue and expenses in total increased by $4,180,000 and $3,034,000 in 2014 and 2013, respectively, compared to their previously reported amounts. Operating income and net income were not affected. The reclassification was necessary to correct an error in the accounting treatment of these costs and is deemed immaterial to the previously issued consolidated financial statements. Fiscal Year All of our enterprises use period accounting with the fiscal year ending on the last Sunday in September. 2015, 2014 and 2013 include 52 weeks of business operations for the Company and MNI. TNI has 52 weeks of operations in 2015 and 2014 and a 53rd week of business operations in 2013. Subsequent Events We have evaluated subsequent events through December 11, 2015. No events have occurred subsequent to September 27, 2015 that require disclosure or recognition in these financial statements, except as included herein. Accounting Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. We evaluate our estimates on an on-going basis. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. Principles of Consolidation All significant intercompany transactions and balances have been eliminated. Investments in TNI and MNI are accounted for using the equity method and are reported at cost, plus our share of undistributed earnings since acquisition less, for TNI, amortization of, and reductions in the value of, intangible assets. Cash and Cash Equivalents We consider all highly liquid debt instruments purchased with an original maturity of three months or less at date of acquisition to be cash equivalents. Outstanding checks in excess of funds on deposit are included in accounts payable and are classified as financing activities in the Consolidated Statements of Cash Flows. Accounts Receivable We evaluate our allowance for doubtful accounts receivable based on historical credit experience, payment trends and other economic factors. Delinquency is determined based on timing of payments in relation to billing dates. Accounts considered to be uncollectible are written off. Inventories Newsprint inventories are priced at the lower of cost or market, with cost being determined by the first-in, first-out or last-in, first-out methods. Newsprint inventories at September 27, 2015 and September 28, 2014 are less than replacement cost by $1,780,000 and $2,761,000 , respectively. The components of newsprint inventory by cost method are as follows: (Thousands of Dollars) September 27 2015 September 28 2014 First-in, first-out 786 2,297 Last-in, first-out 1,547 2,404 2,333 4,701 Other inventories consisting of ink, plates and film are priced at the lower of cost or market, with cost being determined by the first-in, first-out method. Other Investments Other investments primarily consist of marketable securities held in trust under a deferred compensation arrangement and investments for which no established market exists. Marketable securities are classified as trading securities and carried at fair value with gains and losses reported in earnings. Non-marketable securities are carried at cost. Property and Equipment Property and equipment are carried at cost. Equipment, except for printing presses and preprint insertion equipment, is depreciated primarily by declining-balance methods. The straight-line method is used for all other assets. The estimated useful lives are as follows: Years Buildings and improvements 5 - 54 Printing presses and insertion equipment 3 - 28 Other 3 - 17 We capitalize interest as a component of the cost of constructing major facilities. At September 27, 2015 and September 28, 2014 , capitalized interest is not significant. We recognize the fair value of a liability for a legal obligation to perform an asset retirement activity when such activity is a condition of a future event and the fair value of the liability can be estimated. Goodwill and Other Intangible Assets Intangible assets include covenants not to compete, consulting agreements, customer lists, newspaper subscriber lists and mastheads. Intangible assets subject to amortization are being amortized using the straight-line method as follows: Years Customer lists 15 - 23 Newspaper subscriber lists 11 - 33 Non-compete and consulting agreements 15 In assessing the recoverability of goodwill and other non-amortized intangible assets, we annually assess qualitative factors affecting our business to determine if the probability of a goodwill impairment is more likely than not. Our assessment includes reviewing internal and external factors affecting our business, such as cash flow projections, stock price and other industry or market considerations. This assessment is made on the first day of our fourth fiscal quarter of each year. We analyze goodwill and other non-amortized intangible assets for impairment more frequently if impairment indicators are present. Such indicators of impairment include, but are not limited to, changes in business climate and operating or cash flow losses related to such assets. Should we determine that a goodwill impairment is more likely than not, we make a determination of the fair value of our business. Fair value is determined using a combination of an income approach, which estimates fair value based upon future revenue, expenses and cash flows discounted to their present value, and a market approach, which estimates fair value using market multiples of various financial measures compared to a set of comparable public companies in the publishing industry. Fair value is allocated to our assets and liabilities to determine an implied goodwill fair value. A non-cash impairment charge will generally be recognized when the book value of goodwill exceeds its implied fair value. Should we determine that a non-amortized intangible asset impairment is more likely than not, we make a determination of the individual asset's fair value. Fair value is determined using the relief from royalty method, which estimates fair value based upon appropriate royalties of future revenue discounted to their present value. The impairment amount, if any, is calculated based on the excess of the carrying amount over the fair value of such asset. We review our amortizable intangible assets for impairment when indicators of impairment are present. We assess recoverability of these assets by comparing the estimated undiscounted cash flows associated with the asset group with their carrying amount. The impairment amount, if any, is calculated based on the excess of the carrying amount over the fair value of those asset groups. The required valuation methodology and underlying financial information that are used to determine fair value require significant judgments to be made by us and represent a Level 3 fair value measurement. These judgments include, but are not limited to, long term projections of future financial performance and the selection of appropriate discount rates used to determine the present value of future cash flows. Changes in such estimates or the application of alternative assumptions could produce significantly different results. We also periodically evaluate the useful lives of amortizable intangible assets. Any resulting changes in the useful lives of such intangible assets will not impact our cash flows. However, a decrease in the useful lives of such intangible assets would increase future amortization expense and decrease future reported operating results and earnings per common share. Future decreases in our market value, or significant differences in revenue, expenses or cash flows from estimates used to determine fair value, could result in impairment charges in the future. See Note 4. Non-controlling Interest Non-controlling interest in earnings of TownNews is recognized in the Consolidated Financial Statements. Revenue Recognition Advertising revenue is recorded when advertisements are placed in the publication or on the related digital platform. Subscription revenue is recorded over the print or digital subscription term or as newspapers are individually sold. Other revenue is recognized when the related product or service has been delivered. Unearned revenue arises in the ordinary course of business from advance subscription payments for print or digital products or advance payments for advertising. Advertising Costs A substantial amount of our advertising and promotion expense consists of advertising placed in our own publications and digital platforms, using available space. The incremental cost of such advertising is not significant and is not measured separately by us. External advertising costs are not significant and are expensed as incurred. Pension, Postretirement and Postemployment Benefit Plans We evaluate our liabilities for pension, postretirement and postemployment benefit plans based upon computations made by consulting actuaries, incorporating estimates and actuarial assumptions of future plan service costs, future interest costs on projected benefit obligations, rates of compensation increases, when applicable, employee turnover rates, anticipated mortality rates, expected investment returns on plan assets, asset allocation assumptions of plan assets and other factors. If we used different estimates and assumptions regarding these plans, the funded status of the plans could vary significantly, resulting in recognition of different amounts of expense over future periods. We use a fiscal year end measurement date for all our pension and postretirement obligations in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 715, Retirement Plans . Income Taxes Deferred income taxes are provided using the asset and liability method, whereby deferred income tax assets are recognized for deductible temporary differences and loss carryforwards and deferred income tax liabilities are recognized for taxable temporary differences. Temporary differences are the difference between the reported amounts of assets and liabilities and their tax basis. Deferred income tax assets are reduced by a valuation allowance when, in our opinion, it is more likely than not some portion or all of the deferred income tax assets will not be realized. Deferred income tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. We recognize the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. We record interest and penalties related to unrecognized tax benefits as a component of income tax expense. Fair Value of Financial Instruments We utilize FASB ASC Topic 820, Fair Value Measurements and Disclosures , to measure and report fair value. FASB ASC Topic 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. FASB ASC Topic 820 establishes a three-level hierarchy of fair value measurements based on whether the inputs to those measurements are observable or unobservable, which consists of the following levels: Level 1 - Quoted prices for identical instruments in active markets. Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. Level 3 - Valuations derived from valuation techniques in which one or more significant inputs are unobservable. Valuation methodologies used for pension and postretirement assets measured at fair value are as follows: Cash and cash equivalents c onsist of short term deposits valued based on quoted prices in active markets. Such investments are classified as Level 1. Treasury Inflation-Protected Securities ("TIPS") consist of low yield mutual funds and are valued by quoted market prices. Such investments are classified as Level 1. Equity securities are valued based on the closing market price in an active market and are classified as Level 1. Certain investments in commingled funds are valued at the net asset value of units held at the end of the period based upon the value of the underlying investments as determined by quoted market prices. Such investments are classified as Level 2. Debt securities consist of corporate bonds and government securities that are valued based upon quoted market prices. Such investments are classified as Level 1. Certain investments in commingled funds are valued at the net asset value of units held at the end of the period based upon the value of the underlying investments as determined by quoted market prices. Such investments are classified as Level 2. Hedge funds consist of a long/short equity fund and a diversified fund of funds. These funds are valued at the net asset value of units held at the end of the period based upon the value of the underlying investments, which is determined using multiple approaches including by quoted market prices and by private market quotations. Such investments are classified as Level 2 and Level 3. Stock Compensation and Warrants We have several active stock-based compensation plans. We account for grants under those plans under the fair value expense recognition provisions of FASB ASC Topic 718, Compensation-Stock Compensation . We determine the fair value of stock options using the Black-Scholes option pricing formula. Key inputs to this formula include expected term, expected volatility and the risk-free interest rate. The expected term represents the period that our stock-based awards are expected to be outstanding, and is determined based on historical experience of similar awards, giving consideration to contractual terms of the awards, vesting schedules and expectations of future employee behavior. The volatility factor is calculated using historical market data for our Common Stock. The time frame used is equal to the expected term. We base the risk-free interest rate on the yield to maturity at the time of the stock option grant on zero-coupon U.S. government bonds having a remaining term equal to the option's expected term. When estimating forfeitures, we consider voluntary termination behavior as well as actual option forfeitures. We amortize as compensation expense the value of stock options and restricted Common Stock using the straight-line method over the vesting or restriction period, which is generally one to three years. We also have 6,000,000 warrants outstanding to purchase shares of our Common Stock. Warrants are recorded at fair value determined using the Black-Scholes option pricing formula. See Notes 5, 9 and 12. Uninsured Risks We are self-insured for health care, workers compensation and certain long-term disability costs of our employees, subject to stop loss insurance, which limits our losses in the event of large claims. We accrue our estimated health care costs in the period in which such costs are incurred, including an estimate of incurred but not reported claims. Other risks are insured and carry deductible losses of varying amounts. Letters of credit and performance bonds totaling $5,490,000 at September 27, 2015 are outstanding in support of our insurance program. Our accrued reserves for health care and workers compensation claims are based upon estimates of the remaining liability for retained losses made by consulting actuaries. The amount of workers compensation reserve has been determined based upon historical patterns of incurred and paid loss development factors from the insurance industry. Discontinued Operations In accordance with the provisions of FASB ASC Topic 360, Property, Land and Equipment, the operations and related losses on businesses sold, or identified as held for sale, have been presented as discontinued operations in the Consolidated Statements of Operations and Comprehensive Income (Loss) for all years presented. Gains are recognized when realized. |
Fiscal Period, Policy [Policy Text Block] | Fiscal Year All of our enterprises use period accounting with the fiscal year ending on the last Sunday in September. 2015, 2014 and 2013 include 52 weeks of business operations for the Company and MNI. TNI has 52 weeks of operations in 2015 and 2014 and a 53rd week of business operations in 2013. |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events We have evaluated subsequent events through December 11, 2015. No events have occurred subsequent to September 27, 2015 that require disclosure or recognition in these financial statements, except as included herein. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Advertising revenue is recorded when advertisements are placed in the publication or on the related digital platform. Subscription revenue is recorded over the print or digital subscription term or as newspapers are individually sold. Other revenue is recognized when the related product or service has been delivered. Unearned revenue arises in the ordinary course of business from advance subscription payments for print or digital products or advance payments for advertising. |
Advertising Costs, Policy [Policy Text Block] | Advertising Costs A substantial amount of our advertising and promotion expense consists of advertising placed in our own publications and digital platforms, using available space. The incremental cost of such advertising is not significant and is not measured separately by us. External advertising costs are not significant and are expensed as incurred. |
Schedule of Inventory, Current [Table Text Block] | The components of newsprint inventory by cost method are as follows: (Thousands of Dollars) September 27 2015 September 28 2014 First-in, first-out 786 2,297 Last-in, first-out 1,547 2,404 2,333 4,701 Other inventories consisting of ink, plates and film are priced at the lower of cost or market, with cost being determined by the first-in, first-out method. |
Investment, Policy [Policy Text Block] | Other Investments Other investments primarily consist of marketable securities held in trust under a deferred compensation arrangement and investments for which no established market exists. Marketable securities are classified as trading securities and carried at fair value with gains and losses reported in earnings. Non-marketable securities are carried at cost. |
Discontinued Operations, Policy [Policy Text Block] | Discontinued Operations In accordance with the provisions of FASB ASC Topic 360, Property, Land and Equipment, the operations and related losses on businesses sold, or identified as held for sale, have been presented as discontinued operations in the Consolidated Statements of Operations and Comprehensive Income (Loss) for all years presented. Gains are recognized when realized. |
Use of Estimates, Policy [Policy Text Block] | Accounting Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. We evaluate our estimates on an on-going basis. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation All significant intercompany transactions and balances have been eliminated. Investments in TNI and MNI are accounted for using the equity method and are reported at cost, plus our share of undistributed earnings since acquisition less, for TNI, amortization of, and reductions in the value of, intangible assets. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Other Intangible Assets Intangible assets include covenants not to compete, consulting agreements, customer lists, newspaper subscriber lists and mastheads. Intangible assets subject to amortization are being amortized using the straight-line method as follows: Years Customer lists 15 - 23 Newspaper subscriber lists 11 - 33 Non-compete and consulting agreements 15 In assessing the recoverability of goodwill and other non-amortized intangible assets, we annually assess qualitative factors affecting our business to determine if the probability of a goodwill impairment is more likely than not. Our assessment includes reviewing internal and external factors affecting our business, such as cash flow projections, stock price and other industry or market considerations. This assessment is made on the first day of our fourth fiscal quarter of each year. We analyze goodwill and other non-amortized intangible assets for impairment more frequently if impairment indicators are present. Such indicators of impairment include, but are not limited to, changes in business climate and operating or cash flow losses related to such assets. Should we determine that a goodwill impairment is more likely than not, we make a determination of the fair value of our business. Fair value is determined using a combination of an income approach, which estimates fair value based upon future revenue, expenses and cash flows discounted to their present value, and a market approach, which estimates fair value using market multiples of various financial measures compared to a set of comparable public companies in the publishing industry. Fair value is allocated to our assets and liabilities to determine an implied goodwill fair value. A non-cash impairment charge will generally be recognized when the book value of goodwill exceeds its implied fair value. Should we determine that a non-amortized intangible asset impairment is more likely than not, we make a determination of the individual asset's fair value. Fair value is determined using the relief from royalty method, which estimates fair value based upon appropriate royalties of future revenue discounted to their present value. The impairment amount, if any, is calculated based on the excess of the carrying amount over the fair value of such asset. We review our amortizable intangible assets for impairment when indicators of impairment are present. We assess recoverability of these assets by comparing the estimated undiscounted cash flows associated with the asset group with their carrying amount. The impairment amount, if any, is calculated based on the excess of the carrying amount over the fair value of those asset groups. The required valuation methodology and underlying financial information that are used to determine fair value require significant judgments to be made by us and represent a Level 3 fair value measurement. These judgments include, but are not limited to, long term projections of future financial performance and the selection of appropriate discount rates used to determine the present value of future cash flows. Changes in such estimates or the application of alternative assumptions could produce significantly different results. We also periodically evaluate the useful lives of amortizable intangible assets. Any resulting changes in the useful lives of such intangible assets will not impact our cash flows. However, a decrease in the useful lives of such intangible assets would increase future amortization expense and decrease future reported operating results and earnings per common share. Future decreases in our market value, or significant differences in revenue, expenses or cash flows from estimates used to determine fair value, could result in impairment charges in the future. See Note 4. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are carried at cost. Equipment, except for printing presses and preprint insertion equipment, is depreciated primarily by declining-balance methods. The straight-line method is used for all other assets. The estimated useful lives are as follows: Years Buildings and improvements 5 - 54 Printing presses and insertion equipment 3 - 28 Other 3 - 17 We capitalize interest as a component of the cost of constructing major facilities. At September 27, 2015 and September 28, 2014 , capitalized interest is not significant. We recognize the fair value of a liability for a legal obligation to perform an asset retirement activity when such activity is a condition of a future event and the fair value of the liability can be estimated. |
Property, Plant and Equipment [Table Text Block] | The estimated useful lives are as follows: Years Buildings and improvements 5 - 54 Printing presses and insertion equipment 3 - 28 Other 3 - 17 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments We utilize FASB ASC Topic 820, Fair Value Measurements and Disclosures , to measure and report fair value. FASB ASC Topic 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. FASB ASC Topic 820 establishes a three-level hierarchy of fair value measurements based on whether the inputs to those measurements are observable or unobservable, which consists of the following levels: Level 1 - Quoted prices for identical instruments in active markets. Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. Level 3 - Valuations derived from valuation techniques in which one or more significant inputs are unobservable. Valuation methodologies used for pension and postretirement assets measured at fair value are as follows: Cash and cash equivalents c onsist of short term deposits valued based on quoted prices in active markets. Such investments are classified as Level 1. Treasury Inflation-Protected Securities ("TIPS") consist of low yield mutual funds and are valued by quoted market prices. Such investments are classified as Level 1. Equity securities are valued based on the closing market price in an active market and are classified as Level 1. Certain investments in commingled funds are valued at the net asset value of units held at the end of the period based upon the value of the underlying investments as determined by quoted market prices. Such investments are classified as Level 2. Debt securities consist of corporate bonds and government securities that are valued based upon quoted market prices. Such investments are classified as Level 1. Certain investments in commingled funds are valued at the net asset value of units held at the end of the period based upon the value of the underlying investments as determined by quoted market prices. Such investments are classified as Level 2. Hedge funds consist of a long/short equity fund and a diversified fund of funds. These funds are valued at the net asset value of units held at the end of the period based upon the value of the underlying investments, which is determined using multiple approaches including by quoted market prices and by private market quotations. Such investments are classified as Level 2 and Level 3. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents We consider all highly liquid debt instruments purchased with an original maturity of three months or less at date of acquisition to be cash equivalents. Outstanding checks in excess of funds on deposit are included in accounts payable and are classified as financing activities in the Consolidated Statements of Cash Flows. |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Basis of Presentation The Consolidated Financial Statements include our accounts and those of our subsidiaries, all of which are wholly-owned, except for our 50% interest in TNI, 50% interest in MNI and 82.5% interest in TownNews. TNI and MNI are accounted for under the equity method. In 2015, we reclassified certain costs as operating expenses that were previously recorded as reductions to revenue. As a result of the reclassification, both revenue and expenses in total increased by $4,180,000 and $3,034,000 in 2014 and 2013, respectively, compared to their previously reported amounts. Operating income and net income were not affected. The reclassification was necessary to correct an error in the accounting treatment of these costs and is deemed immaterial to the previously issued consolidated financial statements. |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | Pension, Postretirement and Postemployment Benefit Plans We evaluate our liabilities for pension, postretirement and postemployment benefit plans based upon computations made by consulting actuaries, incorporating estimates and actuarial assumptions of future plan service costs, future interest costs on projected benefit obligations, rates of compensation increases, when applicable, employee turnover rates, anticipated mortality rates, expected investment returns on plan assets, asset allocation assumptions of plan assets and other factors. If we used different estimates and assumptions regarding these plans, the funded status of the plans could vary significantly, resulting in recognition of different amounts of expense over future periods. We use a fiscal year end measurement date for all our pension and postretirement obligations in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 715, Retirement Plans . |
Income Tax, Policy [Policy Text Block] | Income Taxes Deferred income taxes are provided using the asset and liability method, whereby deferred income tax assets are recognized for deductible temporary differences and loss carryforwards and deferred income tax liabilities are recognized for taxable temporary differences. Temporary differences are the difference between the reported amounts of assets and liabilities and their tax basis. Deferred income tax assets are reduced by a valuation allowance when, in our opinion, it is more likely than not some portion or all of the deferred income tax assets will not be realized. Deferred income tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. We recognize the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. We record interest and penalties related to unrecognized tax benefits as a component of income tax expense. |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Accounts Receivable We evaluate our allowance for doubtful accounts receivable based on historical credit experience, payment trends and other economic factors. Delinquency is determined based on timing of payments in relation to billing dates. Accounts considered to be uncollectible are written off. |
Inventory, Policy [Policy Text Block] | Inventories Newsprint inventories are priced at the lower of cost or market, with cost being determined by the first-in, first-out or last-in, first-out methods. Newsprint inventories at September 27, 2015 and September 28, 2014 are less than replacement cost by $1,780,000 and $2,761,000 , respectively. The components of newsprint inventory by cost method are as follows: (Thousands of Dollars) September 27 2015 September 28 2014 First-in, first-out 786 2,297 Last-in, first-out 1,547 2,404 2,333 4,701 Other inventories consisting of ink, plates and film are priced at the lower of cost or market, with cost being determined by the first-in, first-out method. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock Compensation and Warrants We have several active stock-based compensation plans. We account for grants under those plans under the fair value expense recognition provisions of FASB ASC Topic 718, Compensation-Stock Compensation . We determine the fair value of stock options using the Black-Scholes option pricing formula. Key inputs to this formula include expected term, expected volatility and the risk-free interest rate. The expected term represents the period that our stock-based awards are expected to be outstanding, and is determined based on historical experience of similar awards, giving consideration to contractual terms of the awards, vesting schedules and expectations of future employee behavior. The volatility factor is calculated using historical market data for our Common Stock. The time frame used is equal to the expected term. We base the risk-free interest rate on the yield to maturity at the time of the stock option grant on zero-coupon U.S. government bonds having a remaining term equal to the option's expected term. When estimating forfeitures, we consider voluntary termination behavior as well as actual option forfeitures. We amortize as compensation expense the value of stock options and restricted Common Stock using the straight-line method over the vesting or restriction period, which is generally one to three years. We also have 6,000,000 warrants outstanding to purchase shares of our Common Stock. Warrants are recorded at fair value determined using the Black-Scholes option pricing formula. See Notes 5, 9 and 12. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 12 Months Ended |
Sep. 27, 2015 | |
Basis of Presentation [Abstract] | |
Property, Plant and Equipment [Table Text Block] | The estimated useful lives are as follows: Years Buildings and improvements 5 - 54 Printing presses and insertion equipment 3 - 28 Other 3 - 17 |
Schedule of Inventory, Current [Table Text Block] | The components of newsprint inventory by cost method are as follows: (Thousands of Dollars) September 27 2015 September 28 2014 First-in, first-out 786 2,297 Last-in, first-out 1,547 2,404 2,333 4,701 Other inventories consisting of ink, plates and film are priced at the lower of cost or market, with cost being determined by the first-in, first-out method. |
Intangible Asset Useful Life Table [Table Text Block] | Intangible assets subject to amortization are being amortized using the straight-line method as follows: Years Customer lists 15 - 23 Newspaper subscriber lists 11 - 33 Non-compete and consulting agreements 15 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Sep. 27, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | Results of discontinued operations consist of the following: (Thousands of Dollars) 2013 Operating revenue 1,321 Costs and expenses (1,697 ) Gain on sale of the North County Times 1,801 Loss on sale of The Garden Island (3,340 ) Loss from discontinued operations, before income taxes (1,915 ) Income tax benefit (669 ) Loss (1,246 ) |
Investments in Associated Com27
Investments in Associated Companies (Tables) | 12 Months Ended |
Sep. 27, 2015 | |
Equity Method Investee- TNI [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investments, Summarized Balance Sheet [Table Text Block] | (Thousands of Dollars) September 27 September 28 ASSETS Cash and cash equivalents 126 176 Accounts receivable, net 4,563 4,749 Inventories 899 1,582 Other current assets 173 125 Investments and other assets 33 78 Total assets 5,794 6,710 LIABILITIES AND MEMBERS' EQUITY Accrued expenses and other current liabilities 1,650 2,160 Unearned revenue 3,137 3,036 Total liabilities 4,787 5,196 Members' equity 1,007 1,514 Total liabilities and members' equity 5,794 6,710 |
Equity Method Investments, Summarized Income Statement [Table Text Block] | (Thousands of Dollars) 2015 2014 2013 52 Weeks 52 Weeks 53 Weeks Operating revenue: Advertising and marketing services 33,782 36,957 40,166 Subscription 19,227 17,525 18,248 Other 2,917 3,410 3,576 Total operating revenue 55,926 57,892 61,990 Operating expenses: Compensation 17,509 18,505 19,799 Newsprint and ink 6,775 8,123 9,626 Other operating expenses 21,129 20,672 20,971 Workforce adjustments — (71 ) — Net income 10,513 10,663 11,594 Company's 50% share 5,256 5,331 5,797 Less amortization of intangible assets 418 418 621 Equity in earnings of TNI 4,838 4,913 5,176 |
Equity Method Investment, Summarized Financial Information, Statement of Cash Flows [Table Text Block] | Summarized cash flows of TNI are as follows: (Thousands of Dollars) 2015 2014 2013 52 Weeks 52 Weeks 53 Weeks Net income 10,513 10,663 11,594 Cash provided by (required for) operating activities (458 ) (442 ) 1,351 Cash required for financing activities (partner distributions) (10,105 ) (10,276 ) (12,851 ) Net increase (decrease) in cash and cash equivalents (50 ) (55 ) 94 Cash and cash equivalents: Beginning of year 176 231 137 End of year 126 176 231 |
Equity Method Investee- MNI [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investments, Summarized Balance Sheet [Table Text Block] | (Thousands of Dollars) September 27 September 28 ASSETS Cash and cash equivalents 9,406 12,245 Accounts receivable, net 5,632 5,794 Other current assets 3,217 2,656 Current assets 18,255 20,695 Investments and other assets 2,871 2,871 Property and equipment, net 5,665 6,758 Goodwill and other intangible assets 25,673 26,118 Total assets 52,464 56,442 LIABILITIES AND STOCKHOLDERS' EQUITY Accrued expenses and other current liabilities 3,120 3,502 Unearned revenue 4,980 5,226 Deferred income taxes 9,235 8,425 Total liabilities 17,335 17,153 Stockholders' equity 35,129 39,289 Total liabilities and stockholders' equity 52,464 56,442 |
Equity Method Investments, Summarized Income Statement [Table Text Block] | (Thousands of Dollars) 2015 2014 2013 Operating revenue: Advertising and marketing services 41,443 44,357 46,373 Subscription 24,372 21,578 17,421 Other 1,449 1,543 1,674 Total operating revenue 67,264 67,478 65,468 Operating expenses: Compensation 21,106 21,750 23,282 Newsprint and ink 4,409 5,166 5,871 Other operating expenses 29,280 28,477 24,046 Workforce adjustments 459 244 308 Depreciation and amortization 1,630 1,626 1,530 Total operating expenses 56,884 57,263 55,037 Operating income 10,380 10,215 10,431 Non-operating income, net 424 408 415 Income before income taxes 10,804 10,623 10,846 Income tax expense 3,972 3,855 3,895 Net income 6,832 6,768 6,951 Equity in earnings of MNI 3,416 3,384 3,509 |
Equity Method Investment, Summarized Financial Information, Statement of Cash Flows [Table Text Block] | Summarized cash flows of MNI are as follows: (Thousands of Dollars) 2015 2014 2013 Net income 6,832 6,768 6,951 Cash provided by operating activities 8,593 9,448 8,643 Cash required for investing activities (432 ) (255 ) (155 ) Cash required for financing activities (dividends paid) (11,000 ) (9,500 ) (11,500 ) Net decrease in cash and cash equivalents (2,839 ) (307 ) (3,012 ) Cash and cash equivalents: Beginning of year 12,245 12,552 15,564 End of year 9,406 12,245 12,552 |
Goodwill and other Intangible28
Goodwill and other Intangible Assets (Tables) | 12 Months Ended |
Sep. 27, 2015 | |
Goodwill [Line Items] | |
Schedule of Goodwill [Table Text Block] | Changes in the carrying amount of goodwill related to continuing operations are as follows: (Thousands of Dollars) 2015 2014 Goodwill, gross amount 1,532,458 1,532,458 Accumulated impairment losses (1,288,729 ) (1,288,729 ) Goodwill, end of year 243,729 243,729 |
Schedule of Intangible Assets [Table Text Block] | Identified intangible assets related to continuing operations consist of the following: (Thousands of Dollars) September 27 September 28 Non-amortized intangible assets: Mastheads 25,102 25,102 Amortizable intangible assets: Customer and newspaper subscriber lists 687,182 686,732 Less accumulated amortization 526,322 499,178 160,860 187,554 Non-compete and consulting agreements 28,524 28,524 Less accumulated amortization 28,524 28,523 — 1 185,962 212,657 |
Asset Impairment Charges [Table Text Block] | A summary of impairment charges is included in the table below: (Thousands of Dollars) 2015 2014 2013 Continuing operations: Non-amortized intangible assets — 1,936 1,567 Amortizable intangible assets — — 169,041 Property and equipment — 1,044 486 — 2,980 171,094 |
Debt Schedule Of Debt Payments
Debt Schedule Of Debt Payments (Tables) | 12 Months Ended | ||
Sep. 27, 2015 | Sep. 28, 2014 | Sep. 29, 2013 | |
Schedule of Payments [Line Items] | |||
Schedule of Long-term Debt Instruments [Table Text Block] | Debt is summarized as follows: Interest Rates (%) (Thousands of Dollars) September 27 September 28 September 27 Revolving Facility — 5,000 5.65 1st Lien Term Loan 180,872 226,750 7.25 Notes 400,000 400,000 9.50 2 nd Lien Term Loan 145,000 150,000 12.00 New Pulitzer Notes — 23,000 9.00 725,872 804,750 Less current maturities of long-term debt 25,000 31,400 Total long-term debt 700,872 773,350 | ||
1st Lien Agreement [Member] | |||
Schedule of Payments [Line Items] | |||
Schedule Of Debt Payments [Table Text Block] | (Thousands of Dollars) December 28 March 29 June 28 September 27 2015 Mandatory 6,250 6,250 6,250 6,250 25,000 Voluntary 5,000 4,000 4,000 — 13,000 Asset sales — — — — — Excess cash flow — — — 7,878 7,878 11,250 10,250 10,250 14,128 45,878 | ||
New Pulitzer Notes [Member] | |||
Schedule of Payments [Line Items] | |||
Schedule Of Debt Payments [Table Text Block] | . | ||
Pulitzer Notes [Member] | |||
Schedule of Payments [Line Items] | |||
Schedule Of Debt Payments [Table Text Block] | . |
Debt Debt Call Provisions (Tabl
Debt Debt Call Provisions (Tables) | 12 Months Ended |
Sep. 27, 2015 | |
Debt Instrument [Line Items] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Debt is summarized as follows: Interest Rates (%) (Thousands of Dollars) September 27 September 28 September 27 Revolving Facility — 5,000 5.65 1st Lien Term Loan 180,872 226,750 7.25 Notes 400,000 400,000 9.50 2 nd Lien Term Loan 145,000 150,000 12.00 New Pulitzer Notes — 23,000 9.00 725,872 804,750 Less current maturities of long-term debt 25,000 31,400 Total long-term debt 700,872 773,350 |
Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Schedule of Prepayment Premium [Table Text Block] | We may redeem some, or all, of the principal amount of the Notes at any time on or after March 15, 2018 as follows: Period Beginning Percentage of Principal Amount March 15, 2018 104.75 March 15, 2019 102.38 March 15, 2020 100.00 |
New Second Lien Loan [Member] | |
Debt Instrument [Line Items] | |
Schedule of Prepayment Premium [Table Text Block] | Voluntary payments under the 2 nd Lien Term Loan are subject to call premiums as follows: Period Beginning Percentage of Principal Amount March 31, 2014 112 March 31, 2017 106 March 31, 2018 103 March 31, 2019 100 |
Debt Schedule of Debt Financing
Debt Schedule of Debt Financing Costs (Tables) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 30, 2014 | Sep. 27, 2015 | Sep. 28, 2014 | |
Schedule Of Debt Payments [Line Items] | |||
Refinancing Costs Table [Table Text Block] | Debt financing costs are summarized as follows: (Thousands of Dollars) Prepayment premium - previous 2 nd lien agreement 1,750 Unamortized loan fees from previous credit agreements 10,549 Fees paid in cash to arrangers, lenders, attorneys and others 24,181 Original issue discount - 1 st Lien Term Loan 5,000 Fair value of Warrants granted to 2nd Lien Lenders 16,930 58,410 Charged to expense as a result of debt extinguishment 20,591 Capitalized debt financing costs 37,819 | ||
Amortization of Debt Issue Costs- Refinance | $ 10,549 | $ 10,549 |
Pensions (Tables)
Pensions (Tables) - Pension Plans, Defined Benefit [Member] | 12 Months Ended |
Sep. 27, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Expected Benefit Payments [Table Text Block] | We anticipate future benefit payments to be paid from the pension trust as follows: (Thousands of Dollars) 2015 11,880 2016 11,717 2017 11,750 2018 11,776 2019 11,760 2020-2024 58,883 |
Schedule of Allocation of Plan Assets [Table Text Block] | The weighted-average asset allocation of our pension assets is as follows: (Percent) Policy Allocation Actual Allocation Asset Class September 27 2015 September 27 September 28 Equity securities 50 46 48 Debt securities 35 37 20 TIPS 5 4 4 Hedge fund investments 10 11 10 Cash and cash equivalents — 2 18 |
Schedule of Assumptions Used [Table Text Block] | Weighted-average assumptions used to determine net periodic benefit cost are as follows: (Percent) 2015 2014 2013 Discount rate 4.2 4.7 3.85 Expected long-term return on plan assets 6.8 7.0 7.5 Weighted-average assumptions used to determine benefit obligations are as follows: (Percent) September 27 September 28 Discount rate 4.2 4.2 |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The net periodic cost (benefit) components of our pension plans are as follows: (Thousands of Dollars) 2015 2014 2013 Service cost for benefits earned during the year 232 156 216 Interest cost on projected benefit obligation 8,122 7,996 7,529 Expected return on plan assets (9,863 ) (9,932 ) (9,838 ) Amortization of net loss 1,682 423 2,287 Amortization of prior service benefit (136 ) (136 ) (136 ) Net periodic pension cost (benefit) 37 (1,493 ) 58 |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | Changes in benefit obligations and plan assets are as follows: (Thousands of Dollars) 2015 2014 Benefit obligation, beginning of year 199,197 175,771 Service cost 232 156 Interest cost 8,122 7,996 Actuarial loss (gain) (2,543 ) 26,526 Benefits paid (11,257 ) (11,252 ) Benefit obligation, end of year 193,751 199,197 Fair value of plan assets, beginning of year: 151,013 147,265 Actual return on plan assets 1,817 15,074 Benefits paid (11,257 ) (11,252 ) Administrative expenses paid (1,862 ) (1,509 ) Employer contributions 3,577 1,435 Fair value of plan assets, end of year 143,288 151,013 Funded status - benefit obligation in excess of plan assets 50,463 48,184 |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | Disaggregated amounts recognized in the Consolidated Balance Sheets are as follows: (Thousands of Dollars) September 27 September 28 Pension obligations 50,463 48,184 Accumulated other comprehensive loss (before income taxes) (47,515 ) (41,695 ) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Amounts recognized in accumulated other comprehensive income (loss) are as follows: (Thousands of Dollars) September 27 September 28 Unrecognized net actuarial loss (48,031 ) (42,348 ) Unrecognized prior service benefit 516 653 (47,515 ) (41,695 ) |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | The fair value hierarchy of pension assets at September 27, 2015 is as follows: (Thousands of Dollars) Level 1 Level 2 Level 3 Cash and cash equivalents 2,407 — — Domestic equity securities 8,153 44,470 — International equity securities 6,286 7,389 — TIPS 6,450 — — Debt securities 31,196 21,370 — Hedge fund investments — 8,463 8,881 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Following is a rollfoward of Level 3 plan assets in 2015: (Thousands of Dollars) Level 3 Balance, beginning of year 8,351 Purchases, issuances, sales, settlements — Unrealized gains 530 Balance, end of year 8,881 |
Postretirement Obligations (Tab
Postretirement Obligations (Tables) - Other Postretirement Benefit Plans, Defined Benefit [Member] | 12 Months Ended |
Sep. 27, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The net periodic postretirement benefit cost (benefit) components for our postretirement plans are as follows: (Thousands of Dollars) 2015 2014 2013 Service cost for benefits earned during the year 76 596 728 Interest cost on projected benefit obligation 922 911 1,125 Expected return on plan assets (1,445 ) (1,483 ) (1,474 ) Amortization of net actuarial gain (1,386 ) (1,819 ) (1,324 ) Amortization of prior service benefit (1,459 ) (1,459 ) (1,459 ) Net periodic postretirement benefit (3,292 ) (3,254 ) (2,404 ) |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | Changes in benefit obligations and plan assets are as follows: (Thousands of Dollars) 2015 2014 Benefit obligation, beginning of year 25,506 23,432 Service cost 76 596 Interest cost 922 911 Actuarial loss (gain) (1,149 ) 2,298 Benefits paid, net of premiums received (1,541 ) (1,905 ) Medicare Part D subsidies (2 ) 174 Benefit obligation, end of year 23,812 25,506 Fair value of plan assets, beginning of year 32,881 33,920 Actual return on plan assets (547 ) 1,167 Employer contributions 745 597 Benefits paid, net of premiums and Medicare Part D subsidies received (1,544 ) (1,731 ) Benefits paid for active employees (1,412 ) (1,072 ) Fair value of plan assets at measurement date 30,123 32,881 Funded status - benefit obligation less than plan assets (6,311 ) (7,375 ) |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | Disaggregated amounts recognized in the Consolidated Balance Sheets are as follows: (Thousands of Dollars) September 27 September 28 Non-current assets 13,420 14,136 Postretirement benefit obligations 7,109 6,761 Accumulated other comprehensive income (before income tax benefit) 22,551 27,250 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Amounts recognized in accumulated other comprehensive income are as follows: (Thousands of Dollars) September 27 September 28 Unrecognized net actuarial gain 13,155 16,394 Unrecognized prior service benefit 9,396 10,856 22,551 27,250 |
Schedule of Assumptions Used [Table Text Block] | Weighted-average assumptions used to determine post retirement benefit obligations are as follows: (Percent) September 27 September 28 Discount rate 3.7 3.7 Expected long-term return on plan assets 4.5 4.5 Weighted-average assumptions used to determine net periodic benefit cost are as follows: (Percent) 2015 2014 2013 Discount rate 3.7 4.0 3.85 Expected long-term return on plan assets 4.5 4.5 4.5 |
Schedule of Health Care Cost Trend Rates [Table Text Block] | Assumed health care cost trend rates are as follows: (Percent) September 27 September 28 Health care cost trend rates 9.0 7.5 Rate to which the cost trend rate is assumed to decline (the “Ultimate Trend Rate”) 4.5 5.0 Year in which the rate reaches the Ultimate Trend Rate 2025 2018 |
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | A one percentage point change in assumed health care cost trend rates would have the following annualized effects on reported amounts for 2015: One Percentage Point (Thousands of Dollars) Increase Decrease Effect on net periodic postretirement benefit 29 (26 ) Effect on postretirement benefit obligation 831 (748 ) |
Schedule of Allocation of Plan Assets [Table Text Block] | The weighted-average asset allocation of our postretirement assets is as follows: (Percent) Policy Allocation Actual Allocation Asset Class September 27 2015 September 27 September 28 Equity securities 20 19 22 Debt securities 70 68 74 Hedge fund investment 10 10 Cash and cash equivalents — 3 4 |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | The fair value hierarchy of postretirement assets at September 27, 2015 is as follows: (Thousands of Dollars) Level 1 Level 2 Level 3 Cash and cash equivalents 790 — — Domestic equity securities 2,896 1,372 — International equity securities 645 857 — Debt securities 13,910 6,581 — Hedge fund investment — 3,072 — |
Schedule of Expected Benefit Payments [Table Text Block] | We anticipate future benefit payments to be paid either with future contributions to the plan or directly from plan assets, as follows: (Thousands of Dollars) Gross Payments Less Medicare Part D Subsidy Net Payments 2015 3,320 (260 ) 3,060 2016 2,130 (260 ) 1,870 2017 2,040 (260 ) 1,780 2018 2,070 (260 ) 1,810 2019 2,040 (260 ) 1,780 2020-2024 9,180 (1,140 ) 8,040 |
Other Retirement Plans (Tables)
Other Retirement Plans (Tables) | 12 Months Ended |
Sep. 27, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Multiemployer Plans [Table Text Block] | these plans is outlined in the table below: (Thousands of Dollars) Zone Status September 30 Funding Improvement Plan/Rehabilitation Plan Status Contributions Pension Plan 2015 2014 Status 2015 2014 2013 Surcharge Imposed Expiration Dates of CBAs GCIU- Employer Retirement Fund 91-6024903/001 Red Red Implemented 145 265 246 No 1/13/2017 8/31/2017 CWA/ITU Negotiated Pension Plan 13-6212879/001 Red Red Implemented 122 133 143 No 5/12/2016 12/31/2015 4/1/2016 8/31/2017 District No. 9, International Association of Machinists and Aerospace Workers Pension Trust 43-0736847/001 Green Green N/A 34 37 40 N/A 2/29/2016 |
Stock Ownership Plans (Tables)
Stock Ownership Plans (Tables) | 12 Months Ended |
Sep. 27, 2015 | |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of stock option activity is as follows: (Thousands of Shares) 2015 2014 2013 Under option, beginning of year 2,333 2,769 3,102 Granted — 15 51 Exercised (289 ) (342 ) (62 ) Canceled (173 ) (109 ) (322 ) Under option, end of year 1,871 2,333 2,769 Exercisable, end of year 1,840 1,786 1,791 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value [Table Text Block] | Weighted average prices of stock options are as follows: (Dollars) 2015 2014 2013 Granted — 2.99 1.20 Exercised 1.27 2.01 1.65 Cancelled 5.02 10.98 5.18 Under option, end of year 2.71 2.70 2.94 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The following assumptions were used to estimate the fair value of 2014 and 2013 option awards: 2014 2013 Volatility (Percent) 91 121 Risk-free interest rate (Percent) 1.24 0.68 Expected term (Years) 4.5 4.7 Estimated fair value (Dollars) 2.02 0.98 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block] | A summary of stock options outstanding at September 27, 2015 is as follows: (Dollars) Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding (Thousands) Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Number Exercisable (Thousands) Weighted Average Exercise Price 1 - 5 1,813 5.7 1.79 1,782 1.79 25 - 50 58 0.9 31.64 58 31.64 1,871 5.5 2.71 1,840 2.72 |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of restricted Common Stock activity follows: (Thousands of Shares) 2015 2014 2013 Outstanding, beginning of year 1,291 500 500 Granted 786 817 — Vested (500 ) — — Forfeited (31 ) (26 ) — Outstanding, end of year 1,546 1,291 500 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value [Table Text Block] | Weighted average grant date fair values of restricted Common Stock are as follows: (Dollars) 2015 2014 2013 Outstanding, beginning of year 2.72 1.31 1.31 Granted 3.62 3.61 — Vested 1.31 — — Forfeited 3.62 3.61 — Outstanding, end of year 3.62 2.72 1.31 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 27, 2015 | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Income tax expense (benefit) consists of the following: (Thousands of Dollars) 2015 2014 2013 Current: Federal 720 451 (7,915 ) State (92 ) (571 ) (693 ) Deferred 12,966 6,410 (54,806 ) 13,594 6,290 (63,414 ) Continuing operations 13,594 6,290 (62,745 ) Discontinued operations — — (669 ) 13,594 6,290 (63,414 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The reasons for these differences are as follows: (Percent of Income (Loss) Before Income Taxes) 2015 2014 2013 Computed “expected” income tax expense (benefit) 35.0 35.0 (35.0 ) State income tax expense (benefit), net of federal tax impact (7.1 ) 11.0 (2.6 ) Net income of associated companies taxed at dividend rates (5.2 ) (9.3 ) (0.8 ) Domestic production deduction — — 0.4 Resolution of tax matters 0.5 3.6 0.1 Non-deductible expenses 2.8 7.9 0.4 Valuation allowance 15.9 (4.5 ) (2.1 ) Warrant valuation (6.1 ) (15.1 ) — CODI tax attribute reduction — 18.3 (4.8 ) Other 0.1 (1.8 ) (0.7 ) 35.9 45.1 (45.1 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Net deferred income tax liabilities consist of the following components: (Thousands of Dollars) September 27 September 28 Deferred income tax liabilities: Property and equipment (35,593 ) (40,549 ) Identified intangible assets (51,380 ) (54,819 ) Long-term debt (15,176 ) (13,440 ) (102,149 ) (108,808 ) Deferred income tax assets: Investments 17,521 20,765 Accrued compensation 4,551 5,182 Allowance for doubtful accounts and losses on loans 1,184 1,258 Pension and postretirement benefits 5,719 5,210 Net operating loss carryforwards 81,228 87,867 Accrued expenses 572 809 Other 1,720 618 112,495 121,709 Valuation allowance (32,483 ) (26,439 ) Net deferred income tax liabilities (22,137 ) (13,538 ) |
Deferred Tax Asset/Liability Classification [Table Text Block] | Net deferred income tax liabilities are classified as follows: (Thousands of Dollars) September 27 September 28 Current assets 15,659 1,228 Non-current liabilities (37,796 ) (14,766 ) Net deferred income tax liabilities (22,137 ) (13,538 ) |
Summary of Income Tax Contingencies [Table Text Block] | A reconciliation of 2015 and 2014 changes in gross unrecognized tax benefits is as follows: (Thousands of Dollars) 2015 2014 Balance, beginning of year 13,520 12,671 Decreases in tax positions for prior years (1,861 ) (1,592 ) Increases in tax positions for the current year 1,098 3,580 Lapse in statute of limitations (958 ) (1,139 ) Balance, end of year 11,799 13,520 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Sep. 27, 2015 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | The following assumptions were used to estimate the fair value of the Warrants in 2015 and 2014: 2015 2014 Volatility (Percent) 61 55 Risk-free interest rate (Percent) 1.75 2.34 Expected term (Years) 6.5 7.5 Estimated fair value (Dollars) 0.71 1.80 |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 12 Months Ended |
Sep. 27, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the computation of basic and diluted earnings (loss) per common share: (Thousands of Dollars and Shares, Except Per Common Share Data) 2015 2014 2013 Income (loss) attributable to Lee Enterprises, Incorporated: Continuing operations 23,316 6,795 (77,071 ) Discontinued operations — — (1,246 ) 23,316 6,795 (78,317 ) Weighted average Common Stock 54,430 53,438 52,333 Less non-vested restricted Common Stock (1,790 ) (1,165 ) (500 ) Basic average Common Stock 52,640 52,273 51,833 Dilutive stock options and restricted Common Stock 1,291 1,463 — Diluted average Common Stock 53,931 53,736 51,833 Earnings (loss) per common share: Basic: Continuing operations 0.44 0.13 (1.49 ) Discontinued operations — — (0.02 ) 0.44 0.13 (1.51 ) Diluted: Continuing operations 0.43 0.13 (1.49 ) Discontinued operations — — (0.02 ) 0.43 0.13 (1.51 ) |
Allowance For Doubtful Accoun39
Allowance For Doubtful Accounts (Tables) | 12 Months Ended |
Sep. 27, 2015 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Valuation and qualifying account information related to the allowance for doubtful accounts receivable related to continuing operations is as follows: (Thousands of Dollars) 2015 2014 2013 Balance, beginning of year 4,526 4,501 4,872 Additions charged to expense 1,307 1,754 1,481 Deductions from reserves (1,639 ) (1,729 ) (1,852 ) Balance, end of year 4,194 4,526 4,501 |
Other Information (Tables)
Other Information (Tables) | 12 Months Ended |
Sep. 27, 2015 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Compensation and other accrued liabilities consist of the following: (Thousands of Dollars) September 27 September 28 Compensation 12,454 11,187 Retirement plans 3,459 3,952 Other 11,142 9,209 27,055 24,348 |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Cash payments are as follows: (Thousands of Dollars) 2015 2014 2013 Interest 72,937 81,363 84,479 Debt financing and reorganization costs 733 31,587 1,071 Income tax (payments) refunds, net (485 ) 6,022 9,126 |
Quarterly Financial Data (Una41
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Sep. 27, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | Quarter Ended (Thousands of Dollars, Except Per Common Share Data) December March June September 2015 Operating revenue 177,210 156,557 158,677 156,099 Net income 10,007 2,042 2,135 10,134 Income attributable to Lee Enterprises, Incorporated 9,753 1,800 1,882 9,881 Earnings per common share: Basic 0.19 0.03 0.04 0.18 Diluted 0.18 0.03 0.03 0.18 2014 Operating revenue 178,379 155,118 164,207 163,173 Net income 12,102 1,705 (9,511 ) 3,375 Income attributable to Lee Enterprises, Incorporated 11,893 1,486 (9,746 ) 3,162 Earnings (loss) per common share: Basic 0.23 0.03 (0.19 ) 0.06 Diluted 0.22 0.03 (0.19 ) 0.06 |
Debt Schedule of Debt Instrumen
Debt Schedule of Debt Instruments (Tables) | 12 Months Ended |
Sep. 27, 2015 | |
Debt Instrument [Line Items] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Debt is summarized as follows: Interest Rates (%) (Thousands of Dollars) September 27 September 28 September 27 Revolving Facility — 5,000 5.65 1st Lien Term Loan 180,872 226,750 7.25 Notes 400,000 400,000 9.50 2 nd Lien Term Loan 145,000 150,000 12.00 New Pulitzer Notes — 23,000 9.00 725,872 804,750 Less current maturities of long-term debt 25,000 31,400 Total long-term debt 700,872 773,350 |
Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Schedule of Prepayment Premium [Table Text Block] | We may redeem some, or all, of the principal amount of the Notes at any time on or after March 15, 2018 as follows: Period Beginning Percentage of Principal Amount March 15, 2018 104.75 March 15, 2019 102.38 March 15, 2020 100.00 |
New Second Lien Loan [Member] | |
Debt Instrument [Line Items] | |
Schedule of Prepayment Premium [Table Text Block] | Voluntary payments under the 2 nd Lien Term Loan are subject to call premiums as follows: Period Beginning Percentage of Principal Amount March 31, 2014 112 March 31, 2017 106 March 31, 2018 103 March 31, 2019 100 |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) | 12 Months Ended | ||
Sep. 28, 2014 | Sep. 27, 2015 | Sep. 29, 2013 | |
Variable Interest Entity [Line Items] | |||
Class of Warrant or Right, Outstanding | 6,000,000 | ||
Inventory, LIFO Reserve | $ 1,780,000 | $ 2,761,000 | |
FIFO Inventory Amount | 786,000 | 2,297,000 | |
LIFO Inventory Amount | 1,547,000 | 2,404,000 | |
Newsprint Inventory | $ 2,333,000 | $ 4,701,000 | |
Buildings and improvements low-end | 5 years | ||
Buildings and improvements high-end | 54 years | ||
Printing presses and insertion equipment low-end | 3 years | ||
Printing presses and insertion equipment high-end | 28 years | ||
Other low-end | 3 years | ||
Other high-end | 17 years | ||
Customer Lists [Member] | |||
Variable Interest Entity [Line Items] | |||
Intangible Assets Useful Life - Minimum | 15 years | ||
Intangible Assets Useful Life - Maximum | 23 years | ||
Subscriber Lists [Member] | |||
Variable Interest Entity [Line Items] | |||
Intangible Assets Useful Life - Minimum | 11 years | ||
Intangible Assets Useful Life - Maximum | 33 years | ||
Noncompete Agreements [Member] | |||
Variable Interest Entity [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 15 years |
Basis of Presentation Schedule
Basis of Presentation Schedule of Less than 100% Subsidiaries (Details) | 12 Months Ended | |
Sep. 27, 2015 | Sep. 28, 2014 | |
Equity Method Investee- TNI [Member] | ||
Schedule Of Less Than 100% Owned Subsidiaries [Line Items] | ||
Less Than 100% Owned Subsidiaries, Percentage Owned | 50.00% | 50.00% |
Equity Method Investee- MNI [Member] | ||
Schedule Of Less Than 100% Owned Subsidiaries [Line Items] | ||
Less Than 100% Owned Subsidiaries, Percentage Owned | 50.00% | 50.00% |
INN Partners [Member] | ||
Schedule Of Less Than 100% Owned Subsidiaries [Line Items] | ||
Less Than 100% Owned Subsidiaries, Percentage Owned | 83.00% |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2013 | Dec. 30, 2012 | Sep. 27, 2015 | Sep. 28, 2014 | Sep. 29, 2013 | Feb. 28, 2013 | Oct. 31, 2012 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Disposal Group, Including Discontinued Operation, Revenue | $ 1,321,000 | ||||||
Disposal Group, Including Discontinued Operation, Operating Expense | (1,697,000) | ||||||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | (1,915,000) | ||||||
Discontinued Operation, Tax Effect of Discontinued Operation | $ 0 | $ 0 | (669,000) | ||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (1,246,000) | ||||||
The Garden Island [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Contract Price Of Disposal Group | $ 2,000,000 | ||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $ 2,170,000 | ||||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | (3,340,000) | ||||||
North County Times [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Contract Price Of Disposal Group | $ 11,950,000 | ||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $ 1,168,000 | ||||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | $ 1,801,000 |
Investments in Associated Com46
Investments in Associated Companies Summarized Financial Information (Details) - USD ($) | 12 Months Ended | |||
Sep. 27, 2015 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 30, 2012 | |
Schedule of Equity Method Investments [Line Items] | ||||
Equity in earnings of associated companies | $ 8,254,000 | $ 8,297,000 | $ 8,685,000 | |
Associated companies | 35,069,000 | 37,790,000 | ||
Equity Method Investee- TNI [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Summarized Financial Information, Advertising Revenue | 33,782,000 | 36,957,000 | 40,166,000 | |
Equity Method Investment, Summarized Financial Information, Subscription Revenue | 19,227,000 | 17,525,000 | 18,248,000 | |
Equity Method Investment, Summarized Financial Information, Other Revenue | 2,917,000 | 3,410,000 | 3,576,000 | |
Equity method Investment, Summarized Financial Information, Cash and cash equivalents | 126,000 | 176,000 | 231,000 | $ 137,000 |
Equity Method Investment, Summarized Financial Information, Accounts Receivable, Net | 4,563,000 | 4,749,000 | ||
Equity Method Investment, Summarized Financial Information, Inventory | 899,000 | 1,582,000 | ||
Equity Method Investments, Summarized Financial Information, Other Current Assets | 173,000 | 125,000 | ||
Share of TNI Operating Expenses | (254,000) | (60,000) | (488,000) | |
Editorial Fees | 5,492,000 | 5,908,000 | 6,041,000 | |
Equity Method Investment, Summarized Financial Information, Revenue | 55,926,000 | 57,892,000 | 61,990,000 | |
Equity Method Investment, Summarized Financial Information, Compensation Expense | 17,509,000 | 18,505,000 | 19,799,000 | |
Equity Method Investment, Summarized Financial Information, Newsprint and Ink Expense | 6,775,000 | 8,123,000 | 9,626,000 | |
Equity Method Investment, Summarized Financial Information, Other Operating Expenses | 21,129,000 | 20,672,000 | 20,971,000 | |
Equity Method Investment, Summarized Financial Information, Workforce Adjustments | 0 | (71,000) | 0 | |
Equity Method Investment, Summarized Financial Information, Operating Income | 10,513,000 | |||
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | 10,663,000 | 11,594,000 | ||
Equity Method Investment, Summarized Financial Information, Cash provided by operating activities | (458,000) | (442,000) | 1,351,000 | |
Equity Method Investment, Summarized Financial Information, Cash required for Financing Activities | (10,105,000) | (10,276,000) | (12,851,000) | |
Equity Method Investment, Summarized Financial Information, Increase (decrease) in cash and cash equivalents | (50,000) | (55,000) | 94,000 | |
Income (Loss) From Equity Method Investments Before Amortization | 5,256,000 | 5,331,000 | 5,797,000 | |
Amortization Of Intangible Assets- TNI | 418,000 | 418,000 | 621,000 | |
Equity in earnings of associated companies | 4,838,000 | 4,913,000 | 5,176,000 | |
Associated companies | 17,508,000 | |||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 418,000 | |||
Finite-Lived Intangible Assets, Amortization Expense, Rolling Year Two | 418,000 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 418,000 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 418,000 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 314,000 | |||
Equity Method Investment, Summarized Financial Information, Noncurrent Assets | 33,000 | 78,000 | ||
Equity Method Investment, Summarized Financial Information, Assets | 5,794,000 | 6,710,000 | ||
Equity Method Investment, Summarized Financial Information, Current Liabilities | 1,650,000 | 2,160,000 | ||
Equity Method Investment, Summarized Financial Information, Noncurrent Liabilities | 3,137,000 | 3,036,000 | ||
Equity Method Investment, Summarized Financial Information, Liabilities | 4,787,000 | 5,196,000 | ||
Equity Method Investment Summarized Financial Information, Equity | 1,007,000 | 1,514,000 | ||
Equity Method Investment, Summarized Financial Information, Liabilities and Equity | 5,794,000 | 6,710,000 | ||
Equity Method Investee- MNI [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Summarized Financial Information, Advertising Revenue | 41,443,000 | 44,357,000 | 46,373,000 | |
Equity Method Investment, Summarized Financial Information, Subscription Revenue | 24,372,000 | 21,578,000 | 17,421,000 | |
Equity Method Investment, Summarized Financial Information, Other Revenue | 1,449,000 | 1,543,000 | 1,674,000 | |
Equity method Investment, Summarized Financial Information, Cash and cash equivalents | 9,406,000 | 12,245,000 | 12,552,000 | $ 15,564,000 |
Equity Method Investment, Summarized Financial Information, Accounts Receivable, Net | 5,632,000 | 5,794,000 | ||
Equity Method Investments, Summarized Financial Information, Other Current Assets | 3,217,000 | 2,656,000 | ||
Equity Method Investment, Summarized Financial Information, Current Assets | 18,255,000 | 20,695,000 | ||
Editorial Fees | 7,242,000 | 7,050,000 | 7,346,000 | |
Equity Method Investment, Summarized Financial Information, Revenue | 67,264,000 | 67,478,000 | 65,468,000 | |
Equity Method Investment, Summarized Financial Information, Compensation Expense | 21,106,000 | 21,750,000 | 23,282,000 | |
Equity Method Investment, Summarized Financial Information, Newsprint and Ink Expense | 4,409,000 | 5,166,000 | 5,871,000 | |
Equity Method Investment, Summarized Financial Information, Other Operating Expenses | 29,280,000 | 28,477,000 | 24,046,000 | |
Equity Method Investment, Summarized Financial Information, Workforce Adjustments | 459,000 | 244,000 | 308,000 | |
Equity Method Investment, Summarized Financial Information, Depreciation And Amortization | 1,630,000 | 1,626,000 | 1,530,000 | |
Equity Method Investment, Summarized Financial Information, Cost of Sales | 56,884,000 | 57,263,000 | 55,037,000 | |
Equity Method Investment, Summarized Financial Information, Operating Income | 10,380,000 | 10,215,000 | 10,431,000 | |
Equity Method Investment, Summarized Financial Information, Nonoperating Income, net | 424,000 | 408,000 | 415,000 | |
Equity Method Investment, Summarized Financial Information, Pretax Income | 10,804,000 | 10,623,000 | 10,846,000 | |
Equity Method Investment, Summarized Financial Information, Income Tax Expense | 3,972,000 | 3,855,000 | 3,895,000 | |
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | 6,832,000 | 6,768,000 | 6,951,000 | |
Equity Method Investment, Summarized Financial Information, Cash provided by operating activities | 8,593,000 | 9,448,000 | 8,643,000 | |
Equity Method Investment, Summarized Financial Information, Cash Provided By Investing Activities | (432,000) | (255,000) | (155,000) | |
Equity Method Investment, Summarized Financial Information, Cash required for Financing Activities | (11,000,000) | (9,500,000) | (11,500,000) | |
Equity Method Investment, Summarized Financial Information, Increase (decrease) in cash and cash equivalents | (2,839,000) | (307,000) | (3,012,000) | |
Equity in earnings of associated companies | 3,416,000 | 3,384,000 | $ 3,509,000 | |
Associated companies | 17,561,000 | |||
Equity Method Investment, Summarized Financial Information, Noncurrent Assets | 2,871,000 | 2,871,000 | ||
Equity Method Investment, Summarized Financial Information, PPE | 5,665,000 | 6,758,000 | ||
Equity Method Investment, Summarized Financial Information, Goodwill and other intangible assets | 25,673,000 | 26,118,000 | ||
Equity Method Investment, Summarized Financial Information, Assets | 52,464,000 | 56,442,000 | ||
Equity Method Investment, Summarized Financial Information, Current Liabilities | 3,120,000 | 3,502,000 | ||
Equity Method Investment, Summarized Financial Information, Unearned Revenue | 4,980,000 | 5,226,000 | ||
Equity Method Investment, Summarized Financial Information, Deferred income taxes | 9,235,000 | 8,425,000 | ||
Equity Method Investment, Summarized Financial Information, Liabilities | 17,335,000 | 17,153,000 | ||
Equity Method Investment Summarized Financial Information, Equity | 35,129,000 | 39,289,000 | ||
Equity Method Investment, Summarized Financial Information, Liabilities and Equity | $ 52,464,000 | $ 56,442,000 | ||
Equity Method Investee- MNI [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Less Than 100% Owned Subsidiaries, Percentage Owned | 50.00% | 50.00% | ||
Goodwill [Member] | Equity Method Investee- TNI [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | $ 12,366,000,000 | |||
Finite Lived Intangible Assets [Member] | Equity Method Investee- TNI [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | $ 4,972,000 |
Goodwill and other Intangible47
Goodwill and other Intangible Assets Schedule of Goodwill (Details) - USD ($) $ in Thousands | Sep. 27, 2015 | Sep. 28, 2014 |
Goodwill [Line Items] | ||
Goodwill, Gross | $ 1,532,458 | $ 1,532,458 |
Goodwill, Impaired, Accumulated Impairment Loss | $ (1,288,729) | $ (1,288,729) |
Goodwill and other Intangible48
Goodwill and other Intangible Assets Schedule of Intangible Assets (Details) - USD ($) | Sep. 27, 2015 | Sep. 28, 2014 |
Schedule of Intangible Assets [Line Items] | ||
Mastheads | $ 25,102,000 | $ 25,102,000 |
Other intangible assets, net | 185,962,000 | 212,657,000 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 26,059,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Rolling Year Two | 25,030,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 16,653,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 15,972,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 15,249,000 | |
Customer Lists [Member] | ||
Schedule of Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 687,182,000 | 686,732,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | 526,322,000 | 499,178,000 |
Finite-Lived Intangible Assets, Net | 160,860,000 | 187,554,000 |
Noncompete Agreements [Member] | ||
Schedule of Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 28,524,000 | 28,524,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | 28,524,000 | 28,523,000 |
Finite-Lived Intangible Assets, Net | $ 0 | $ 1,000 |
Goodwill and other Intangible49
Goodwill and other Intangible Assets Schedule of Asset Impairment Charges (Details) - USD ($) | 12 Months Ended | ||
Sep. 27, 2015 | Sep. 28, 2014 | Sep. 29, 2013 | |
Asset Impairment Charges [Line Items] | |||
Impairment Of Goodwill And Other Assets (Including Equity Method Investments) | $ 0 | $ 2,980,000 | $ 171,094,000 |
Indefinite-lived Intangible Assets, Impairment Losses | 0 | 1,936,000 | 1,567,000 |
Impairment of Intangible Assets, Finite-lived | 0 | 0 | 169,041,000 |
Tangible Asset Impairment Charges | $ 0 | $ 1,044,000 | $ 486,000 |
Debt Schedule of Long-Term Debt
Debt Schedule of Long-Term Debt Instruments (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Sep. 27, 2015 | Sep. 28, 2014 | Sep. 29, 2013 | Mar. 31, 2014 | May. 01, 2013 | |
Debt Instrument [Line Items] | ||||||||||||
Unamortized Debt Issuance Expense | $ 31,793,000 | $ 31,793,000 | ||||||||||
Payments of Financing Costs | $ 733,000 | $ 31,587,000 | $ 1,071,000 | |||||||||
Debt, Weighted Average Interest Rate | 9.40% | 9.40% | ||||||||||
Debt, Long-term and Short-term, Combined Amount | $ 725,872,000 | $ 804,750,000 | $ 725,872,000 | 804,750,000 | ||||||||
Debt Financing and Reorganization Costs Paid | $ 30,931,000 | 733,000 | 31,587,000 | 1,071,000 | ||||||||
Refinancing fee, Prepayment Penalty | $ 1,750,000 | 1,750,000 | ||||||||||
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | 25,000,000 | 25,000,000 | ||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 25,000,000 | 25,000,000 | ||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 25,000,000 | 25,000,000 | ||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 105,872,000 | 105,872,000 | ||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 0 | 0 | ||||||||||
Debt Instrument, Unamortized Discount | $ 5,000,000 | |||||||||||
Amortization of Debt Issue Costs- Refinance | 10,549,000 | 10,549,000 | ||||||||||
Long-term Debt, Current Maturities | 25,000,000 | 31,400,000 | 25,000,000 | 31,400,000 | ||||||||
Long-term Debt | 700,872,000 | 773,350,000 | 700,872,000 | 773,350,000 | ||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 545,000,000 | 545,000,000 | ||||||||||
Liquidity | $ 44,069,000 | 44,069,000 | ||||||||||
Repayments of Long-term Debt | $ 83,878,000 | 847,750,000 | $ 192,350,000 | |||||||||
Class of Warrant or Right, Outstanding | 6,000,000 | 6,000,000 | ||||||||||
Investment Warrants, Exercise Price | $ 4.19 | |||||||||||
Warrant liability fair value | $ 4,240,000 | 10,808,000 | 16,930,000 | 16,930,000 | $ 4,240,000 | 10,808,000 | 16,930,000 | |||||
Amortization of Financing Costs | 2,145,000 | 4,693,000 | ||||||||||
Future Liquidity- Warrant Exercise Proceeds | 25,140,000 | |||||||||||
Senior Notes [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Face Amount | $ 400,000,000 | $ 400,000,000 | ||||||||||
Debt Instrument, Interest Rate at Period End | 9.50% | 9.50% | ||||||||||
Debt, Long-term and Short-term, Combined Amount | $ 400,000,000 | 400,000,000 | $ 400,000,000 | 400,000,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.50% | 9.50% | ||||||||||
New 1st Lien Term Loan [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Face Amount | $ 250,000,000 | $ 250,000,000 | ||||||||||
Debt, Long-term and Short-term, Combined Amount | $ 180,872,000 | 226,750,000 | $ 180,872,000 | 226,750,000 | ||||||||
Debt Financing and Reorganization Costs Paid | 30,931,000 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | 7.25% | ||||||||||
Debt Instrument, Unamortized Discount | 5,000,000 | |||||||||||
Repayments of Long-term Debt | $ 14,128,000 | $ 10,250,000 | $ 45,878,000 | |||||||||
Line of Credit [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Face Amount | 40,000,000 | 40,000,000 | ||||||||||
New Second Lien Loan [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Face Amount | $ 150,000,000 | $ 150,000,000 | ||||||||||
Debt Instrument, Interest Rate at Period End | 12.00% | 12.00% | ||||||||||
Debt, Long-term and Short-term, Combined Amount | $ 145,000,000 | 150,000,000 | $ 145,000,000 | $ 145,000,000 | $ 145,000,000 | 150,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | 12.00% | ||||||||||
Common Stock Issued In Refinancing, Percent of Total On A Pro Forma Basis | 10.00% | 10.00% | ||||||||||
Class of Warrant or Right, Outstanding | 6,000,000 | 6,000,000 | ||||||||||
1st Lien Agreement [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt, Long-term and Short-term, Combined Amount | 593,000,000 | |||||||||||
Repayments of Long-term Debt | $ 10,250,000 | $ 11,250,000 | ||||||||||
Revolving Line Of Credit [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt, Long-term and Short-term, Combined Amount | $ 0 | 5,000,000 | $ 0 | 5,000,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.65% | 5.65% | ||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 32,935,000 | $ 32,935,000 | ||||||||||
2nd Lien Agreement [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt, Long-term and Short-term, Combined Amount | $ 175,000,000 | |||||||||||
Common Stock Issued In Refinancing, Percent of Total On A Pro Forma Basis | 13.00% | 13.00% | ||||||||||
Class of Warrant or Right, Outstanding | 6,743,640 | 6,743,640 | ||||||||||
New Pulitzer Notes [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Face Amount | $ 94,000,000 | $ 94,000,000 | $ 94,000,000 | |||||||||
Debt, Long-term and Short-term, Combined Amount | $ 0 | $ 23,000,000 | $ 0 | $ 23,000,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | 9.00% | ||||||||||
Federal Funds Rate [Member] | New 1st Lien Term Loan [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Base Interest Rate | 0.50% | 0.50% | ||||||||||
Interest Rate Margin | 5.25% | 5.25% | ||||||||||
Federal Funds Rate [Member] | Revolving Line Of Credit [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest Rate Margin | 4.50% | 4.50% | ||||||||||
Prime Lending Rate [Member] | New 1st Lien Term Loan [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Base Interest Rate | 2.00% | 2.00% | ||||||||||
30 Day LIBOR [Member] | New 1st Lien Term Loan [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Base Interest Rate | 1.00% | 1.00% | ||||||||||
Interest Rate Margin | 6.25% | 6.25% | ||||||||||
30 Day LIBOR [Member] | Line of Credit [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Base Interest Rate | 0.50% | 0.50% | ||||||||||
30 Day LIBOR [Member] | Revolving Line Of Credit [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest Rate Margin | 5.50% | 5.50% | ||||||||||
Until March 31, 2017 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 112.00% | |||||||||||
March 16, 2018 through March 15, 2019 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 104.75% | |||||||||||
Prior to March 15, 2018 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 109.50% | |||||||||||
March 15, 2019 through March 14, 2020 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 102.375% | |||||||||||
After March 15, 2020 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 100.00% | |||||||||||
March 31, 2017 through March 31, 2018 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 0.00% | |||||||||||
March 31, 2018 through March 31, 2019 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 103.00% | |||||||||||
After March 31, 2019 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 0.00% | |||||||||||
Mandatory Payment [Member] | New 1st Lien Term Loan [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Repayments of Long-term Debt | $ 6,250,000 | $ 6,250,000 | $ 6,250,000 | $ 6,250,000 | $ 25,000,000 | |||||||
Mandatory Payment [Member] | 1st Lien Agreement [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 6,250,000 |
Debt Schedule of Payments (Deta
Debt Schedule of Payments (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||
Dec. 27, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 28, 2014 | Sep. 27, 2015 | Sep. 28, 2014 | Sep. 29, 2013 | |
Schedule Of Debt Payments [Line Items] | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | $ 0 | $ 0 | ||||||
Repayments of Long-term Debt | 83,878,000 | $ 847,750,000 | $ 192,350,000 | |||||
1st Lien Agreement [Member] | ||||||||
Schedule Of Debt Payments [Line Items] | ||||||||
Repayments of Long-term Debt | $ 10,250,000 | $ 11,250,000 | ||||||
New 1st Lien Term Loan [Member] | ||||||||
Schedule Of Debt Payments [Line Items] | ||||||||
Repayments of Long-term Debt | 14,128,000 | $ 10,250,000 | 45,878,000 | |||||
Mandatory Payment [Member] | New 1st Lien Term Loan [Member] | ||||||||
Schedule Of Debt Payments [Line Items] | ||||||||
Repayments of Long-term Debt | 6,250,000 | 6,250,000 | 6,250,000 | 6,250,000 | 25,000,000 | |||
Voluntary Payment [Member] | New 1st Lien Term Loan [Member] | ||||||||
Schedule Of Debt Payments [Line Items] | ||||||||
Repayments of Long-term Debt | 0 | 4,000,000 | 4,000,000 | 5,000,000 | 13,000,000 | |||
Payment Due To Asset Sale [Member] | New 1st Lien Term Loan [Member] | ||||||||
Schedule Of Debt Payments [Line Items] | ||||||||
Repayments of Long-term Debt | 0 | 0 | 0 | 0 | 0 | |||
Payment Due To Asset Sale [Member] | 2nd Lien Agreement [Member] | ||||||||
Schedule Of Debt Payments [Line Items] | ||||||||
Repayments of Long-term Debt | $ 2,300,000 | 5,000,000 | ||||||
Excess Cash Flow Sweep [Member] | New 1st Lien Term Loan [Member] | ||||||||
Schedule Of Debt Payments [Line Items] | ||||||||
Repayments of Long-term Debt | $ 7,878,000 | $ 0 | $ 0 | $ 0 | $ 7,878,000 | |||
Excess Cash Flow Sweep [Member] | 2nd Lien Agreement [Member] | ||||||||
Schedule Of Debt Payments [Line Items] | ||||||||
Repayments of Long-term Debt | $ 3,326,000 |
Debt Schedule Of Financing Fees
Debt Schedule Of Financing Fees (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Sep. 28, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Sep. 27, 2015 | Sep. 28, 2014 | Sep. 29, 2013 | Mar. 31, 2014 | |
Schedule Of Financing Fees [Line Items] | |||||||
Amortization of Financing Costs | $ 2,145,000 | $ 4,693,000 | |||||
Debt Financing and Reorganization Costs Paid | $ 30,931,000 | 733,000 | $ 31,587,000 | $ 1,071,000 | |||
Refinancing fee, Prepayment Penalty | $ 1,750,000 | 1,750,000 | |||||
Payments of Financing Costs | 733,000 | 31,587,000 | $ 1,071,000 | ||||
Unamortized Debt Issuance Expense | 31,793,000 | ||||||
Amortization Of Present Value Discount- Current Fiscal Year | 4,198,000 | ||||||
Amortization Of Present Value Discount- Next Fiscal Year | 4,380,000 | ||||||
Amortization Of Present Value Discount- Year 3 | 4,500,000 | ||||||
Amortization Of Present Value Discount- Year 4 | 4,262,000 | ||||||
Amortization Of Present Value Discount- Year 5 | 4,200,000 | ||||||
Amortization of Debt Issue Costs- Refinance | 10,549,000 | 10,549,000 | |||||
Refinancing Costs- Cash Fees Paid | 24,181,000 | ||||||
Debt Instrument, Unamortized Discount | $ 5,000,000 | ||||||
Warrant liability fair value | $ 10,808,000 | $ 16,930,000 | 16,930,000 | $ 4,240,000 | 10,808,000 | 16,930,000 | |
Gains (Losses) on Extinguishment of Debt | $ 20,591,000 | ||||||
Deferred Finance Costs, Gross | 37,819,000 | ||||||
New 1st Lien Term Loan [Member] | |||||||
Schedule Of Financing Fees [Line Items] | |||||||
Debt Financing and Reorganization Costs Paid | $ 30,931,000 | ||||||
Debt Instrument, Unamortized Discount | $ 5,000,000 |
Pensions (Details)
Pensions (Details) - USD ($) | 12 Months Ended | |||
Sep. 25, 2016 | Sep. 27, 2015 | Sep. 28, 2014 | Sep. 29, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 8,881,000 | $ 8,351,000 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Period Increase (Decrease) | 530,000 | |||
Pension Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | $ 12,000 | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.00% | 5.00% | 4.00% | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.00% | 4.00% | ||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Gain (Loss), before Tax | $ 2,396,000 | $ (48,031,000) | $ (42,348,000) | |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | 50,463,000 | 48,184,000 | ||
Defined Benefit Plan, Benefit Obligation | 193,751,000 | 199,197,000 | $ 175,771,000 | |
Defined Benefit Plan, Accumulated Benefit Obligation | 199,197,000 | |||
Defined Benefit Plan, Service Cost | 232,000 | 156,000 | 216,000 | |
Defined Benefit Plan, Interest Cost | 8,122,000 | 7,996,000 | 7,529,000 | |
Defined Benefit Plan, Actuarial Gain (Loss) | (2,543,000) | 26,526,000 | ||
Defined Benefit Plan, Benefits Paid | (11,257,000) | (11,252,000) | ||
Defined Benefit Plan, Administration Expenses | (1,862,000) | (1,509,000) | ||
Defined Benefit Plan, Contributions by Employer | 5,782,000 | 3,577,000 | 1,435,000 | |
Defined Benefit Plan, Expected Return on Plan Assets | (9,863,000) | (9,932,000) | (9,838,000) | |
Defined Benefit Plan, Amortization of Net Gains (Losses) | (1,682,000) | 423,000 | 2,287,000 | |
Defined Benefit Plan, Amortization of Net Prior Service Cost (Credit) | (136,000) | (136,000) | (136,000) | |
Defined Benefit Plan, Net Periodic Benefit Cost | 37,000 | (1,493,000) | 58,000 | |
Defined Benefit Plan, Fair Value of Plan Assets | 143,288,000 | 151,013,000 | $ 147,265,000 | |
Defined Benefit Plan, Actual Return on Plan Assets | 1,817,000 | 15,074,000 | ||
Defined Benefit Plan, Funded Status of Plan | 50,463,000 | 48,184,000 | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | (47,515,000) | (41,695,000) | ||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Prior Service Cost, before Tax | $ (137,000) | 516,000 | 653,000 | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | $ (47,515,000) | $ (41,695,000) | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 0.00% | 7.00% | 7.00% | 8.00% |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | $ 12,000 | |||
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 12,000 | |||
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 12,000 | |||
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 12,000 | |||
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 59,000 | |||
Change in PBO due to new mortality tables | $ 18,515,000 | |||
Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Actual Plan Asset Allocations | 46.00% | 48.00% | ||
Defined Benefit Plan, Target Plan Asset Allocations | 5000.00% | |||
Pension Plans, Defined Benefit [Member] | Fixed Income Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Actual Plan Asset Allocations | 37.00% | 20.00% | ||
Defined Benefit Plan, Target Plan Asset Allocations | 3500.00% | |||
Pension Plans, Defined Benefit [Member] | Fixed Income Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 31,195,592 | |||
Pension Plans, Defined Benefit [Member] | Fixed Income Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 21,370,261 | |||
Pension Plans, Defined Benefit [Member] | Fixed Income Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0 | |||
Pension Plans, Defined Benefit [Member] | US Treasury Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Actual Plan Asset Allocations | 4.00% | 4.00% | ||
Defined Benefit Plan, Target Plan Asset Allocations | 500.00% | |||
Pension Plans, Defined Benefit [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 6,450,421 | |||
Pension Plans, Defined Benefit [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||
Pension Plans, Defined Benefit [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0 | |||
Pension Plans, Defined Benefit [Member] | Hedge Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Actual Plan Asset Allocations | 11.00% | 10.00% | ||
Defined Benefit Plan, Target Plan Asset Allocations | 1000.00% | |||
Pension Plans, Defined Benefit [Member] | Hedge Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0 | |||
Pension Plans, Defined Benefit [Member] | Hedge Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 8,463,283 | |||
Pension Plans, Defined Benefit [Member] | Hedge Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 8,881,433 | |||
Pension Plans, Defined Benefit [Member] | Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Actual Plan Asset Allocations | 2.00% | 18.00% | ||
Defined Benefit Plan, Target Plan Asset Allocations | 0.00% | |||
Pension Plans, Defined Benefit [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 2,407,063 | |||
Pension Plans, Defined Benefit [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||
Pension Plans, Defined Benefit [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | $ 3,320,000 | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.00% | 4.00% | 4.00% | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.00% | 4.00% | ||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Gain (Loss), before Tax | $ 13,155,000 | $ 16,394,000 | ||
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | 7,109,000 | 6,761,000 | ||
Defined Benefit Plan, Benefit Obligation | 23,812,000 | 25,506,000 | $ 23,432,000 | |
Defined Benefit Plan, Service Cost | 76,000 | 596,000 | 1,000 | |
Defined Benefit Plan, Interest Cost | 922,000 | 911,000 | 1,000 | |
Defined Benefit Plan, Actuarial Gain (Loss) | (1,149,000) | 2,298,000 | ||
Defined Benefit Plan, Benefits Paid | (1,541,000) | (1,905,000) | ||
Defined Benefit Plan, Contributions by Employer | 745,000 | 597,000 | ||
Defined Benefit Plan, Expected Return on Plan Assets | (1,445,000) | (1,483,000) | (1,000) | |
Defined Benefit Plan, Amortization of Net Gains (Losses) | 1,386,000 | (1,819,000) | (1,000) | |
Defined Benefit Plan, Amortization of Net Prior Service Cost (Credit) | (1,459,000) | (1,459,000) | (1,000) | |
Defined Benefit Plan, Net Periodic Benefit Cost | (3,292,000) | (3,254,000) | (2,000) | |
Defined Benefit Plan, Fair Value of Plan Assets | 30,123,000 | 32,881,000 | $ 33,920,000 | |
Defined Benefit Plan, Actual Return on Plan Assets | (547,000) | 1,167,000 | ||
Defined Benefit Plan, Funded Status of Plan | (6,311,000) | (7,375,000) | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | 22,551,000 | 27,250,000 | ||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Prior Service Cost, before Tax | 9,396,000 | 10,856,000 | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | $ 22,551,000 | $ 27,250,000 | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 5.00% | 5.00% | 5.00% | |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | $ 2,130,000 | |||
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 2,040,000 | |||
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 2,070,000 | |||
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 2,040,000 | |||
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | $ 9,180,000 | |||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Actual Plan Asset Allocations | 0.00% | 0.00% | ||
Defined Benefit Plan, Target Plan Asset Allocations | 2000.00% | |||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Fixed Income Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Actual Plan Asset Allocations | 100.00% | 100.00% | ||
Defined Benefit Plan, Target Plan Asset Allocations | 7000.00% | |||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Fixed Income Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 13,910,089 | |||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Fixed Income Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 6,581,087 | |||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Fixed Income Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Hedge Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Hedge Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 3,072,410 | |||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Hedge Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0 | |||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Actual Plan Asset Allocations | 0.00% | 0.00% | ||
Defined Benefit Plan, Target Plan Asset Allocations | 0.00% | |||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 790,112 | |||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||
Other Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Funded Status of Plan | $ 2,337,000 | 2,264,000 | ||
Funded Status of Other Plans Recognized In Other Liabilities | 279,000 | |||
Domestic Equity Securities [Member] | Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 8,153,243 | |||
Domestic Equity Securities [Member] | Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 44,470,336 | |||
Domestic Equity Securities [Member] | Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||
Domestic Equity Securities [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 2,895,969 | |||
Domestic Equity Securities [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 1,371,502 | |||
Domestic Equity Securities [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | |||
International Equity Securities [Member] | Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 6,286,382 | |||
International Equity Securities [Member] | Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 7,389,381 | |||
International Equity Securities [Member] | Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0 | |||
International Equity Securities [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 645,192 | |||
International Equity Securities [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 857,424 | |||
International Equity Securities [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0 |
Pension, Postretirement, and Po
Pension, Postretirement, and Postemployement Obligations (Details) - USD ($) | 12 Months Ended | ||
Sep. 27, 2015 | Sep. 28, 2014 | Sep. 29, 2013 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Projected Benefit Obligation | $ 7,109,000 | ||
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Service Cost | 232,000 | $ 156,000 | $ 216,000 |
Defined Benefit Plan, Interest Cost | 8,122,000 | 7,996,000 | 7,529,000 |
Defined Benefit Plan, Expected Return on Plan Assets | (9,863,000) | (9,932,000) | (9,838,000) |
Defined Benefit Plan, Amortization of Net Gains (Losses) | (1,682,000) | 423,000 | 2,287,000 |
Defined Benefit Plan, Amortization of Net Prior Service Cost (Credit) | 136,000 | 136,000 | 136,000 |
Defined Benefit Plan, Net Periodic Benefit Cost | 37,000 | (1,493,000) | 58,000 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Service Cost | 76,000 | 596,000 | 1,000 |
Defined Benefit Plan, Interest Cost | 922,000 | 911,000 | 1,000 |
Defined Benefit Plan, Expected Return on Plan Assets | (1,445,000) | (1,483,000) | (1,000) |
Defined Benefit Plan, Amortization of Net Gains (Losses) | 1,386,000 | (1,819,000) | (1,000) |
Defined Benefit Plan, Amortization of Net Prior Service Cost (Credit) | 1,459,000 | 1,459,000 | 1,000 |
Defined Benefit Plan, Net Periodic Benefit Cost | $ (3,292,000) | $ (3,254,000) | $ (2,000) |
Postretirement Obligations (Det
Postretirement Obligations (Details) - USD ($) | 12 Months Ended | ||
Sep. 27, 2015 | Sep. 28, 2014 | Sep. 29, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Net Actuarial Gains/Losses, Amortization Next Twelve Months | $ 1,146,000 | ||
Postretirement assets, net | 13,421,000 | $ 14,136,000 | |
Prior Service Cost, Amortization Next Twelve Months | 1,459,000 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 3,320,000 | ||
Prescription Drug Subsidy Receipts, Next Twelve Months | (260,000) | ||
Defined Benefit Plan, Expected Future Benefit Payments Net of Subsidy, Next Twelve Months | 3,060,000 | ||
Defined Benefit Plan, Effect of One Percentage Point Increase on Service and Interest Cost Components | $ 29,000 | ||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 9.00% | 7.50% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.00% | 4.00% | 4.00% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.00% | 4.00% | |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Gain (Loss), before Tax | $ 13,155,000 | $ 16,394,000 | |
Postretirement assets, net | 13,420,000 | 14,136,000 | |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | 7,109,000 | 6,761,000 | |
Defined Benefit Plan, Benefit Obligation | 23,812,000 | 25,506,000 | $ 23,432,000 |
Defined Benefit Plan, Service Cost | 76,000 | 596,000 | 1,000 |
Defined Benefit Plan, Interest Cost | 922,000 | 911,000 | 1,000 |
Defined Benefit Plan, Expected Return on Plan Assets | (1,445,000) | (1,483,000) | (1,000) |
Defined Benefit Plan, Amortization of Net Gains (Losses) | (1,386,000) | 1,819,000 | 1,000 |
Defined Benefit Plan, Amortization of Net Prior Service Cost (Credit) | (1,459,000) | (1,459,000) | (1,000) |
Defined Benefit Plan, Net Periodic Benefit Cost | (3,292,000) | (3,254,000) | (2,000) |
Defined Benefit Plan, Actuarial Gain (Loss) | (1,149,000) | 2,298,000 | |
Defined Benefit Plan, Benefits Paid | (1,541,000) | (1,905,000) | |
Defined Benefit Plan, Benefits Paid For Non-Participants | (1,412,000) | (1,072,000) | |
Prescription Drug Benefit, Effect of Subsidy on Net Periodic Postretirement Benefit Cost | (2,000) | 174,000 | |
Defined Benefit Plan, Fair Value of Plan Assets | 30,123,000 | 32,881,000 | $ 33,920,000 |
Defined Benefit Plan, Actual Return on Plan Assets | (547,000) | 1,167,000 | |
Defined Benefit Plan, Contributions by Employer | 745,000 | 597,000 | |
Defined Benefit Plan, Benefits Paid Net Of Subsidy | (1,544,000) | (1,731,000) | |
Defined Benefit Plan, Funded Status of Plan | (6,311,000) | (7,375,000) | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | 22,551,000 | 27,250,000 | |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Prior Service Cost, before Tax | 9,396,000 | 10,856,000 | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | $ 22,551,000 | $ 27,250,000 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Expected Long-term Return on Assets | 4.50% | 4.50% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 5.00% | 5.00% | 5.00% |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 4.50% | 5.00% | |
Defined Benefit Plan, Year that Rate Reaches Ultimate Trend Rate | 2,025 | 2,018 | |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Service and Interest Cost Components | $ (26,000) | ||
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 831,000 | ||
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | (748,000) | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 2,130,000 | ||
Prescription Drug Subsidy Receipts, Year Two | (260,000) | ||
Defined Benefit Plan, Expected Future Benefit Payments Net of Subsidy, Year 2 | 1,870,000 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 2,040,000 | ||
Prescription Drug Subsidy Receipts, Year Three | (260,000) | ||
Defined Benefit Plan, Expected Future Benefit Payments Net of Subsidy, Year 3 | 1,780,000 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 2,070,000 | ||
Prescription Drug Subsidy Receipts, Year Four | (260,000) | ||
Defined Benefit Plan, Expected Future Benefit Payments Net of Subsidy, Year 4 | 1,810,000 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 2,040,000 | ||
Prescription Drug Subsidy Receipts, Year Five | (260,000) | ||
Defined Benefit Plan, Expected Future Benefit Payments Net of Subsidy, Year 5 | 1,780,000 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 9,180,000 | ||
Prescription Drug Subsidy Receipts, after Year Five | (1,140,000) | ||
Defined Benefit Plan, Expected Future Benefit Payments Net of Subsidy, After Year 5 | $ 8,040,000 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 2000.00% | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 0.00% | 0.00% | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 7000.00% | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 100.00% | 100.00% | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | Fixed Income Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 13,910,089 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Fixed Income Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 6,581,087 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Fixed Income Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 0.00% | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 0.00% | 0.00% | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 790,112 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Hedge Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Hedge Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 3,072,410 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Hedge Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
LTD Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Funded Status of Plan | $ 3,951,000 | 3,597,000 | |
Domestic Equity Securities [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2,895,969 | ||
Domestic Equity Securities [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,371,502 | ||
Domestic Equity Securities [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
International Equity Securities [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 645,192 | ||
International Equity Securities [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 857,424 | ||
International Equity Securities [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0 |
Other Retirement Plans (Details
Other Retirement Plans (Details) - USD ($) | 12 Months Ended | ||
Sep. 27, 2015 | Sep. 28, 2014 | Sep. 29, 2013 | |
Other Retirement Plans [Line Items] | |||
Cost Related to Other Retirement Plans | $ 4,125,000 | $ 3,963,000 | $ 3,739,000 |
GCIU- Employer Retirement Fund [Member] | Multiemployer Plans, Pension [Member] | |||
Other Retirement Plans [Line Items] | |||
Pension Contributions | 145,000 | 265,000 | 246,000 |
CWA/ITU Negotiated Pension Plan [Member] | Multiemployer Plans, Pension [Member] | |||
Other Retirement Plans [Line Items] | |||
Pension Contributions | 122,000 | 133,000 | 143,000 |
District No. 9 Pension Trust [Member] | Multiemployer Plans, Pension [Member] | |||
Other Retirement Plans [Line Items] | |||
Pension Contributions | $ 34,000 | $ 37,000 | $ 40,000 |
Common Stock and Class B Comm57
Common Stock and Class B Common Stock (Details) - USD ($) | 12 Months Ended | |||
Sep. 27, 2015 | Sep. 28, 2014 | Mar. 31, 2014 | Mar. 30, 2014 | |
Common Stock, Effect of Plan of Reorganization [Line Items] | ||||
Warrant liability fair value | $ 4,240,000 | $ 10,808,000 | $ 16,930,000 | $ 16,930,000 |
Sunset Level Provisions | 5,600,000 | |||
Investment Warrants, Exercise Price | $ 4.19 | |||
Class of Warrant or Right, Outstanding | 6,000,000 | |||
Before January 30, 2012 Refinancing [Member] | ||||
Common Stock, Effect of Plan of Reorganization [Line Items] | ||||
Common Stock, Par or Stated Value Per Share | $ 2 | |||
After January 30, 2012 Refinancing [Member] | ||||
Common Stock, Effect of Plan of Reorganization [Line Items] | ||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | |||
2nd Lien Agreement [Member] | ||||
Common Stock, Effect of Plan of Reorganization [Line Items] | ||||
Common Stock Issued In Refinancing, Percent of Total On A Pro Forma Basis | 13.00% | |||
Class of Warrant or Right, Outstanding | 6,743,640 | |||
New Second Lien Loan [Member] | ||||
Common Stock, Effect of Plan of Reorganization [Line Items] | ||||
Common Stock Issued In Refinancing, Percent of Total On A Pro Forma Basis | 10.00% | |||
Class of Warrant or Right, Outstanding | 6,000,000 |
Common Stock and Class B Comm58
Common Stock and Class B Common Stock Preferred Share Purchase Rights (Details) | Sep. 27, 2015USD ($)$ / shares |
Class of Warrant or Right [Line Items] | |
Preferred Share Purchase Rights- Exercise Price | $ | $ 150 |
Preferred Stock, Redemption Price Per Share | $ / shares | $ 0.001 |
2008 And After [Member] | |
Class of Warrant or Right [Line Items] | |
Beneficial OwnershipThreshold | 25.00% |
Beneficial Ownership Threshold | 15.00% |
Beneficial Ownership Percentage- Upper Limit | 50.00% |
Prior To 2008 [Member] | |
Class of Warrant or Right [Line Items] | |
Beneficial OwnershipThreshold | 20.00% |
Stock Ownership Plans (Details)
Stock Ownership Plans (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 27, 2015 | Sep. 27, 2015 | Sep. 28, 2014 | Sep. 29, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock compensation expense | $ 1,971,000 | $ 1,481,000 | $ 1,261,000 | |
Restricted Shares Issued, Subsequent Event | 890,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 5,492,191 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 5,492,191 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 3,621,136 | |||
Fair Value Per Share- Restricted Stock Award- Subsequent Event | $ 1.53 | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 3.62 | $ 3.61 | $ 0 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Other Share Increase (Decrease) in Period, Weighted Average Exercise Price | $ 0 | $ 0 | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | 31,000 | (26,000) | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,546,000 | 1,291,000 | 500,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,546,000 | 1,291,000 | 500,000 | 500,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 786,000 | 817,000 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (500,000) | 0 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 3.62 | $ 2.72 | $ 0 | $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 3.62 | 2.72 | 0 | |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Stock Options | $ 3,173,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 8 months 12 days | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $ 3.62 | 0 | 0 | |
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0 | $ 2.99 | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 0.00% | 12100.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | 173,000 | (109,000) | (322,000) | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,871,000 | 2,333,000 | 2,769,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,871,000 | 2,333,000 | 2,769,000 | 3,102,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 15,000 | 51,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 289,000 | (342,000) | (62,000) | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 1,840,000 | 1,786,000 | 1,791,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 2.71 | $ 2.70 | $ 2.94 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price | 5.02 | 10.98 | $ 5.18 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | 2.71 | $ 2.70 | $ 2.94 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 2.72 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 834,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Stock Options | $ 15,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 7 months 6 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.00% | 68.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 2.02 | $ 0.98 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 1.27 | $ 2.01 | $ 1.65 | |
Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee Stock Ownership Plan (ESOP), Shares in ESOP | 270,000 | |||
Supplemental Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee Stock Ownership Plan (ESOP), Shares in ESOP | 8,700 | |||
Exercise Price Range 1-5 [Member] | Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,813,365 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,813,365 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 1,782,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 1.79 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 1.79 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 1.79 | |||
Exercise Price Range- 25-50 [Member] | Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 57,690 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 57,690 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 58,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 31.64 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 31.64 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 31.64 |
Stock Ownership Plans Stock Opt
Stock Ownership Plans Stock Option Valuation Assumption (Details) - $ / shares | 12 Months Ended | ||
Sep. 27, 2015 | Sep. 28, 2014 | Sep. 29, 2013 | |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 7 months 6 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 0.00% | 12100.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.00% | 68.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 2.02 | $ 0.98 | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 8 months 12 days | ||
Exercise Price Range 1-5 [Member] | Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $ 1 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 5 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 5 years 8 months 12 days | ||
Exercise Price Range- 25-50 [Member] | Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $ 25 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 50 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 10 months 24 days |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | ||
Sep. 27, 2015 | Sep. 28, 2014 | Sep. 29, 2013 | |
Deferred income taxes | $ 15,659,000 | $ 1,228,000 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 7,786,000 | ||
Unrecognized Tax Benefits | 11,799,000 | 13,520,000 | $ 12,671,000 |
Unrecognized Tax Benefits, Decreases Resulting from Prior Period Tax Positions | (1,861,000) | (1,592,000) | |
Unrecognized Tax Benefits, Decreases Resulting from Current Period Tax Positions | 1,098,000 | 3,580,000 | |
Unrecognized Tax Benefits, Reductions Resulting from Lapse of Applicable Statute of Limitations | (958,000) | (1,139,000) | |
Deferred Tax Liabilities, Property, Plant and Equipment | 35,593,000 | 40,549,000 | |
Current Federal Tax Expense (Benefit) | $ 720,000 | $ 451,000 | $ (7,915,000) |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 35.00% | 35.00% | (35.00%) |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes | (7.00%) | 11.00% | (3.00%) |
Effective Income Tax Rate Reconciliation, Equity in Earnings (Losses) of Unconsolidated Subsidiary | (5.00%) | (9.00%) | (1.00%) |
Effective Income Tax Rate Reconciliation, Deductions, Qualified Production Activities | 0.00% | 0.00% | 0.00% |
Effective Income Tax Rate Reconciliation, Tax Settlements | 1.00% | 4.00% | 0.00% |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Percent | 3.00% | 8.00% | 0.00% |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance | 16.00% | (5.00%) | (2.00%) |
Effective Income Tax Rate Reconciliation, Tax Exempt Income, Percent | (6.10%) | 15.10% | (0.00%) |
Effective Income Tax Rate Reconciliation, Deductions, Other | (0.00%) | (18.00%) | (4.80%) |
Effective Income Tax Rate Reconciliation, Other Adjustments | 0.00% | (2.00%) | (1.00%) |
Effective Income Tax Rate, Continuing Operations | 36.00% | 45.00% | (45.00%) |
Current State and Local Tax Expense (Benefit) | $ (92,000) | $ (571,000) | $ (693,000) |
Deferred Tax Expense, Continuing and Discontinued Operations | 12,966,000 | 6,410,000 | (54,806,000) |
Income Tax Expense (Benefit), Including Continuing and Discontinued Operations | 13,594,000 | 6,290,000 | (63,414,000) |
Income tax expense (benefit) | 13,594,000 | 6,290,000 | (62,745,000) |
Discontinued Operation, Tax Effect of Discontinued Operation | 0 | 0 | (669,000) |
Deferred Tax Liabilities, Goodwill and Intangible Assets | 51,380,000 | 54,819,000 | |
Deferred Tax Liabilities, Other | 15,176,000 | 13,440,000 | |
Deferred Tax Liabilities, Gross | 102,149,000 | 108,808,000 | |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Compensation | 4,551,000 | 5,182,000 | |
Deferred Tax Assets, Allowance For Doubtful Accounts | 1,184,000 | 1,258,000 | |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Postretirement Benefits | 5,719,000 | 5,210,000 | |
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 81,228,000 | 87,867,000 | |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Other | 572,000 | 809,000 | |
Deferred Tax Assets, Investments | 17,521,000 | 20,765,000 | |
Deferred Tax Assets, Other | 1,720,000 | 618,000 | |
Deferred Tax Assets, Gross | 112,495,000 | 121,709,000 | |
Deferred Tax Assets, Valuation Allowance | (32,483,000) | (26,439,000) | |
Deferred Tax Liabilities, Net | (22,137,000) | (13,538,000) | |
Deferred Tax Assets, Net, Noncurrent | (37,796,000) | (14,766,000) | |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 330,000 | 385,000 | |
Operating Loss Carryforwards | 1,072,922,000 | ||
Deferred Tax Assets, Operating Loss Carryforwards | 34,263,000 | ||
Valuation Allowance Not Related To Operating Loss Carryforwards | 4,294,000 | 1,337,000 | |
Proceeds from Income Tax Refunds | 6,244,000 | $ 9,500,000 | |
Federal Net Operating Loss | $ 165,489,000 | ||
Deferred Tax Asset- Federal NOL | $ 134,186,000 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements (Details) - USD ($) $ / shares in Units, ratio in Thousands | 12 Months Ended | ||||
Sep. 27, 2015 | Sep. 28, 2014 | Sep. 29, 2013 | Mar. 31, 2014 | Mar. 30, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Estimate Not Practicable, Investments | $ 6,359,000 | ||||
Held-to-maturity Securities, Fair Value | 7,200,000 | ||||
Tangible Asset Impairment Charges | 0 | $ 1,044,000 | $ 486,000 | ||
Debt, Long-term and Short-term, Combined Amount | 725,872,000 | 804,750,000 | |||
Warrant liability fair value | 4,240,000 | 10,808,000 | $ 16,930,000 | $ 16,930,000 | |
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ (6,568,000) | $ (6,122,000) | |||
Warrant [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 0.00% | 0.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.00% | 0.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0.71 | $ 1.80 | |||
2nd Lien Agreement [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Long-term Debt, Fair Value | $ 150,981,000 | ||||
Debt, Long-term and Short-term, Combined Amount | 175,000,000 | ||||
1st Lien Agreement [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Long-term Debt, Fair Value | 175,446,000 | ||||
Debt, Long-term and Short-term, Combined Amount | $ 593,000,000 | ||||
Senior Notes [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Long-term Debt, Fair Value | 392,000,000 | ||||
Debt, Long-term and Short-term, Combined Amount | 400,000,000 | $ 400,000,000 | |||
New Second Lien Loan [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Debt, Long-term and Short-term, Combined Amount | $ 145,000,000 | $ 150,000,000 | $ 145,000,000 |
Fair Value Measurements Fair 63
Fair Value Measurements Fair Value Measurements Not Practicable (Details) | Sep. 27, 2015USD ($) |
Fair Value, Estimate Not Practicable, Financial Statement Captions [Line Items] | |
Fair Value, Estimate Not Practicable, Investments | $ 6,359,000 |
Earnings per Common Share (Deta
Earnings per Common Share (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 27, 2015 | Sep. 28, 2014 | Sep. 29, 2013 | |
Earnings Per Share Disclosure [Line Items] | |||||||||||
Income (Loss) from Continuing Operations Attributable to Parent | $ 23,316,000 | $ 6,795,000 | $ (77,071,000) | ||||||||
Discontinued Operations, Net of Tax | 0 | 0 | (1,246,000) | ||||||||
Loss attributable to Lee Enterprises, Incorporated | $ 9,881,000 | $ 1,882,000 | $ 1,800,000 | $ 9,753,000 | $ 3,162,000 | $ (9,746,000) | $ 1,486,000 | $ 11,893,000 | $ 23,316,000 | $ 6,795,000 | $ (78,317,000) |
Weighted Average Number of Shares Outstanding, Basic [Abstract] | |||||||||||
Weighted Average Common Shares | 54,430,000 | 53,438,000 | 52,333,000 | ||||||||
Less non-vested restricted Common Stock | (1,790,000) | (1,165,000) | (500,000) | ||||||||
Basic average common shares | 52,640,000 | 52,273,000 | 51,833,000 | ||||||||
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | |||||||||||
Weighted Average Number Diluted Shares Outstanding Adjustment | 1,291,000 | 1,463,000 | 0 | ||||||||
Weighted Average Number of Shares Outstanding, Diluted | 53,931,000 | 53,736,000 | 51,833,000 | ||||||||
Basic | $ 0.18 | $ 0.04 | $ 0.03 | $ 0.19 | $ 0.06 | $ (0.19) | $ 0.03 | $ 0.23 | $ 0.44 | $ 0.13 | $ (1.51) |
Diluted | $ 0.18 | $ 0.03 | $ 0.03 | $ 0.18 | $ 0.06 | $ (0.19) | $ 0.03 | $ 0.22 | 0.43 | $ 0.13 | $ (1.51) |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,121,000 | 1,700,000 | |||||||||
Income (Loss) from Continuing Operations, Per Basic Share | 0.44 | $ 0.13 | $ (1.49) | ||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Per Basic Share | 0 | 0 | (0.02) | ||||||||
Income (Loss) from Continuing Operations, Per Diluted Share | 0.43 | 0.13 | (1.49) | ||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Per Diluted Share | $ 0 | $ 0 | $ (0.02) |
Allowance For Doubtful Accoun65
Allowance For Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 27, 2015 | Sep. 28, 2014 | Sep. 29, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for Doubtful Accounts Receivable | $ 4,526 | $ 4,501 | $ 4,872 |
Provision for Doubtful Accounts | 1,307 | 1,754 | 1,481 |
Allowance for Doubtful Accounts Receivable, Recoveries | (1,639) | (1,729) | (1,852) |
Allowance for Doubtful Accounts Receivable | $ 4,194 | $ 4,526 | $ 4,501 |
Other Information (Details)
Other Information (Details) - USD ($) $ in Thousands | Sep. 27, 2015 | Sep. 28, 2014 |
Payables and Accruals [Abstract] | ||
Accrued Salaries, Current | $ 12,454 | $ 11,187 |
Accrued Employee Benefits, Current | 3,459 | 3,952 |
Other Liabilities | 11,142 | 9,209 |
Compensation and other accrued liabilities | $ 27,055 | $ 24,348 |
Other Information Supplemental
Other Information Supplemental Cash Payment (Details) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Mar. 30, 2014 | Sep. 27, 2015 | Sep. 28, 2014 | Sep. 29, 2013 | |
Supplemental Cash Flow Elements [Abstract] | ||||
Interest Paid | $ 72,937,000 | $ 81,363,000 | $ 84,479,000 | |
Debt Financing and Reorganization Costs Paid | $ 30,931,000 | 733,000 | 31,587,000 | 1,071,000 |
Income Taxes Paid, Net | $ (485,000) | $ 6,022,000 | $ 9,126,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Jun. 28, 2009 | Sep. 27, 2015 | Sep. 28, 2014 | Sep. 29, 2013 | Feb. 18, 2009 | |
Loss Contingencies [Line Items] | |||||
Operating Leases, Rent Expense | $ 3,415,000 | $ 3,735,000 | $ 3,605,000 | ||
Other Commitment | $ 1,156,000 | ||||
Noncontrolling Interest Redeemed PDLLC, Percent Redeemed | 5.00% | ||||
Heral Value Liability- Liability Input | 10.00% | ||||
Pulitzer Step Up Tax Benefit- Amortization Period | 15 years | ||||
Hearld Value- Increase in Amortizable Tax Basis | $ 258,000,000 | ||||
Fair Value, Inputs, Level 3 [Member] | |||||
Loss Contingencies [Line Items] | |||||
Obligations, Fair Value Disclosure | $ 300,000 | $ 2,300,000 | |||
Herald Value Settlement- Shares | 100,000 | ||||
Herald Value Settlement | $ 298,000 |
Commitments and Contingencies O
Commitments and Contingencies Operating Lease (Details) - USD ($) | 12 Months Ended | ||
Sep. 27, 2015 | Sep. 28, 2014 | Sep. 29, 2013 | |
Long-term Purchase Commitment [Line Items] | |||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 3,000,000 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 2,485,000 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 2,305,000 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 1,179,000 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 675,000 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 4,000,000 | ||
Operating Leases, Rent Expense | $ 3,415,000 | $ 3,735,000 | $ 3,605,000 |
Quarterly Financial Data (Una70
Quarterly Financial Data (Unaudited) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 27, 2015 | Sep. 28, 2014 | Sep. 29, 2013 | |
Quarterly Financial Data [Line Items] | |||||||||||
Impairment of intangible and other assets | $ 2,644,000 | $ 0 | $ 2,980,000 | $ 171,094,000 | |||||||
Revenues | $ 156,099,000 | $ 158,677,000 | $ 156,557,000 | $ 177,210,000 | $ 163,173,000 | 164,207,000 | $ 155,118,000 | $ 178,379,000 | 648,543,000 | 660,877,000 | 677,774,000 |
Net Income (Loss) | 10,134,000 | 2,135,000 | 2,042,000 | 10,007,000 | 3,375,000 | (9,511,000) | 1,705,000 | 12,102,000 | 24,318,000 | 7,671,000 | (77,724,000) |
Loss attributable to Lee Enterprises, Incorporated | $ 9,881,000 | $ 1,882,000 | $ 1,800,000 | $ 9,753,000 | $ 3,162,000 | $ (9,746,000) | $ 1,486,000 | $ 11,893,000 | $ 23,316,000 | $ 6,795,000 | $ (78,317,000) |
Basic | $ 0.18 | $ 0.04 | $ 0.03 | $ 0.19 | $ 0.06 | $ (0.19) | $ 0.03 | $ 0.23 | $ 0.44 | $ 0.13 | $ (1.51) |
Diluted | $ 0.18 | $ 0.03 | $ 0.03 | $ 0.18 | $ 0.06 | $ (0.19) | $ 0.03 | $ 0.22 | $ 0.43 | $ 0.13 | $ (1.51) |