Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Sep. 29, 2019 | Nov. 30, 2019 | Mar. 31, 2019 | |
Document Information [Line Items] | |||
Entity Registrant Name | LEE ENTERPRISES, INC | ||
Entity Central Index Key | 0000058361 | ||
Trading Symbol | lee | ||
Current Fiscal Year End Date | --09-29 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Common Stock, Shares Outstanding (in shares) | 57,609,582 | ||
Entity Public Float | $ 174,880,560 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Sep. 29, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common Stock - $0.01 par value |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 24, 2017 | |
Operating revenue: | |||
Operating revenue | $ 509,854 | $ 543,955 | $ 566,943 |
Operating expenses: | |||
Compensation | 182,869 | 199,164 | 213,109 |
Newsprint and ink | 22,237 | 24,949 | 24,904 |
Other operating expenses | 193,709 | 199,653 | 199,754 |
Depreciation and amortization | 29,332 | 31,766 | 41,282 |
Assets loss (gain) on sales, impairments and other | 2,464 | 6,429 | (1,150) |
Restructuring costs and other | 11,635 | 5,550 | 7,523 |
Total operating expenses | 442,246 | 467,511 | 485,422 |
Equity in earnings of associated companies | 7,121 | 9,249 | 7,609 |
Operating income | 74,729 | 85,693 | 89,130 |
Non-operating income (expense): | |||
Interest expense | (47,488) | (52,842) | (57,573) |
Debt financing and administrative costs | (7,214) | (5,311) | (4,818) |
Other, net | 3,813 | 3,280 | 13,477 |
Total non-operating expense, net | (50,889) | (54,873) | (48,914) |
Income before income taxes | 23,840 | 30,820 | 40,216 |
Income tax expense (benefit) | 7,931 | (16,228) | 11,611 |
Net income | 15,909 | 47,048 | 28,605 |
Net income attributable to non-controlling interests | (1,641) | (1,282) | (1,124) |
Income attributable to Lee Enterprises, Incorporated | 14,268 | 45,766 | 27,481 |
Other comprehensive income (loss), net of income taxes | (17,368) | 4,322 | 6,710 |
Comprehensive (loss) income attributable to Lee Enterprises, Incorporated | $ (3,100) | $ 50,088 | $ 34,191 |
Earnings per common share: | |||
Basic: (in dollars per share) | $ 0.26 | $ 0.84 | $ 0.51 |
Diluted: (in dollars per share) | $ 0.25 | $ 0.82 | $ 0.50 |
Advertising and Marketing Services [Member] | |||
Operating revenue: | |||
Operating revenue | $ 265,933 | $ 303,446 | $ 331,360 |
Subscription and Circulation [Member] | |||
Operating revenue: | |||
Operating revenue | 186,691 | 195,108 | 191,922 |
Product and Service, Other [Member] | |||
Operating revenue: | |||
Operating revenue | $ 57,230 | $ 45,401 | $ 43,661 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 29, 2019 | Sep. 30, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 8,645,000 | $ 5,380,000 |
Accounts receivable, less allowance for doubtful accounts: 2019 $6,434; 2018 $4,806 | 42,536,000 | 43,711,000 |
Inventories | 3,769,000 | 5,684,000 |
Prepaids and other | 5,353,000 | 4,567,000 |
Total current assets | 60,303,000 | 59,342,000 |
Investments: | ||
Associated companies | 28,742,000 | 29,216,000 |
Other | 10,684,000 | 10,958,000 |
Total investments | 39,426,000 | 40,174,000 |
Property and equipment: | ||
Land and improvements | 16,979,000 | 17,432,000 |
Buildings and improvements | 148,514,000 | 150,376,000 |
Equipment | 237,289,000 | 276,332,000 |
Construction in process | 1,980,000 | 1,710,000 |
404,762,000 | 445,850,000 | |
Less accumulated depreciation | 322,723,000 | 353,522,000 |
Property and equipment, net | 82,039,000 | 92,328,000 |
Goodwill | 250,309,000 | 246,176,000 |
Other intangible assets, net | 107,393,000 | 119,819,000 |
Medical plan assets, net | 14,338,000 | 16,157,000 |
Other | 1,394,000 | 1,415,000 |
Total assets | 555,202,000 | 575,411,000 |
Current liabilities: | ||
Current maturities of long-term debt | 2,954,000 | 7,027,000 |
Accounts payable | 16,750,000 | 12,747,000 |
Compensation and other accrued liabilities | 17,711,000 | 19,641,000 |
Accrued interest | 1,903,000 | 2,031,000 |
Unearned revenue | 21,720,000 | 23,895,000 |
Total current liabilities | 61,038,000 | 65,341,000 |
Long-term debt, net of current maturities | 429,391,000 | 460,777,000 |
Pension obligations | 47,037,000 | 26,745,000 |
Postretirement and postemployment benefit obligations | 2,550,000 | 2,580,000 |
Deferred income taxes | 29,806,000 | 39,108,000 |
Income taxes payable | 8,742,000 | 6,559,000 |
Warrants and other | 13,469,000 | 10,561,000 |
Total liabilities | 592,033,000 | 611,671,000 |
Stockholders' equity (deficit): | ||
Serial convertible preferred stock, no par value; authorized 500 shares; none issued | ||
Additional paid-in capital | 255,476,000 | 253,511,000 |
Accumulated deficit | (265,423,000) | (279,691,000) |
Accumulated other comprehensive loss | (29,114,000) | (11,746,000) |
Total stockholders' deficit | (38,484,000) | (37,354,000) |
Non-controlling interests | 1,653,000 | 1,094,000 |
Total deficit | (36,831,000) | (36,260,000) |
Total liabilities and deficit | 555,202,000 | 575,411,000 |
Common Class A [Member] | ||
Stockholders' equity (deficit): | ||
Common Stock | 577,000 | 572,000 |
Common Class B [Member] | ||
Stockholders' equity (deficit): | ||
Common Stock |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Sep. 29, 2019 | Sep. 30, 2018 |
Accounts receivable, allowance for doubtful accounts | $ 6,434,000 | $ 4,806,000 |
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authoritzed (in shares) | 500,000 | 500,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | |
Common Class A [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 120,000,000 | 120,000,000 |
Common stock, shares issued (in shares) | 57,646,000 | 57,141,000 |
Common stock, shares outstanding (in shares) | 57,646,000 | 57,141,000 |
Common Class B [Member] | ||
Common stock, par value (in dollars per share) | $ 2 | $ 2 |
Common stock, shares authorized (in shares) | 30,000 | 30,000 |
Common stock, shares issued (in shares) | 0 | 0 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Retained Earnings Including Noncontrolling Interests [Member] | AOCI Attributable to Parent [Member] | Total |
Balance, beginning of year at Sep. 25, 2016 | $ 558 | $ 249,740 | $ (356,005) | $ (22,778) | ||
Balance, beginning of year (in shares) at Sep. 25, 2016 | 55,771 | |||||
Shares issued | $ 9 | (38) | ||||
Shares issued (in shares) | 941 | |||||
Balance, end of year at Sep. 24, 2017 | $ 567 | 251,790 | (328,524) | (16,068) | $ (92,235) | |
Balance, end of year (in shares) at Sep. 24, 2017 | 56,712 | 56,712 | ||||
Stock compensation | 2,088 | |||||
Net income | $ 28,605 | $ 28,605 | ||||
Net income attributable to non-controlling interests | (1,124) | 1,124 | ||||
Cumulative effect of accounting change | ||||||
Change in pension and postretirement benefits | 11,439 | |||||
Deferred income taxes, net | (4,729) | |||||
Cumulative effect of accounting change | ||||||
Shares issued | $ 5 | (318) | ||||
Shares issued (in shares) | 429 | |||||
Balance, end of year at Sep. 30, 2018 | $ 572 | 253,511 | (279,691) | (11,746) | $ (37,354) | |
Balance, end of year (in shares) at Sep. 30, 2018 | 57,141 | 57,141 | ||||
Stock compensation | 2,039 | |||||
Net income | 47,048 | $ 47,048 | ||||
Net income attributable to non-controlling interests | (1,282) | 1,282 | ||||
Cumulative effect of accounting change | 3,067 | |||||
Change in pension and postretirement benefits | 10,477 | |||||
Deferred income taxes, net | (3,088) | |||||
Cumulative effect of accounting change | (3,067) | |||||
Shares issued | $ 5 | (75) | ||||
Shares issued (in shares) | 505 | |||||
Balance, end of year at Sep. 29, 2019 | $ 577 | 255,476 | (265,423) | (29,114) | $ (38,484) | |
Balance, end of year (in shares) at Sep. 29, 2019 | 57,646 | 57,646 | ||||
Stock compensation | $ 2,040 | |||||
Net income | $ 15,909 | $ 15,909 | ||||
Net income attributable to non-controlling interests | (1,641) | $ 1,641 | ||||
Cumulative effect of accounting change | ||||||
Change in pension and postretirement benefits | (24,667) | |||||
Deferred income taxes, net | 7,299 | |||||
Cumulative effect of accounting change |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 24, 2017 | |
Cash provided by operating activities: | |||
Net income | $ 15,909 | $ 47,048 | $ 28,605 |
Adjustments to reconcile income to net cash provided by operating activities: | |||
Depreciation and amortization | 29,332 | 31,766 | 41,282 |
Non-operating losses | 7,213 | 3,547 | 3,594 |
Stock compensation expense | 1,638 | 1,857 | 2,088 |
Distributions greater (less) than earnings of MNI | 465 | (1,229) | 546 |
Deferred income taxes | (2,003) | (17,378) | 10,360 |
Pension contributions | (650) | (4,990) | |
Other, net | 1,968 | 6,907 | (967) |
Changes in operating assets and liabilities: | |||
Decrease in receivables and contract sales | 1,697 | 4,418 | 2,854 |
Decrease (increase) in inventories and other | 2,759 | (1,926) | 687 |
Decrease in accounts payable and other accrued liabilities | (3,676) | (8,587) | (6,393) |
Increase (decrease) in pension, postretirement and postemployment benefit obligations | 1,900 | (2,482) | (3,473) |
Change in income taxes payable | 1,495 | 687 | (1) |
Other, including warrants | (371) | (342) | (6,901) |
Net cash provided by operating activities | 57,676 | 59,296 | 72,281 |
Cash provided by (required for) investing activities: | |||
Purchases of property and equipment | (5,901) | (6,025) | (4,078) |
Proceeds from sales of assets | 1,502 | 6,623 | 2,582 |
Acquisitions | (6,543) | (7,450) | |
Distributions greater (less) than earnings of TNI | 9 | 1,194 | (11) |
Other, net | (1,864) | (498) | |
Net cash required for investing activities | (10,933) | (72) | (9,455) |
Cash provided by (required for) financing activities: | |||
Proceeds from long-term debt | 600 | 10,000 | 5,000 |
Payments on long-term debt | 41,832 | 73,526 | 73,782 |
Debt financing and administrative costs paid | (1,773) | (437) | (373) |
Common stock transactions, net | (473) | (502) | (34) |
Net cash required for financing activities | (43,478) | (64,465) | (69,189) |
Net increase (decrease) in cash and cash equivalents | 3,265 | (5,241) | (6,363) |
Cash and cash equivalents: | |||
Beginning of year | 5,380 | 10,621 | 16,984 |
End of year | $ 8,645 | $ 5,380 | $ 10,621 |
Note 1 - Significant Accounting
Note 1 - Significant Accounting Policies | 12 Months Ended |
Sep. 29, 2019 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | NOTES TO CONSOLIDATED FINANCIAL STATEMENTS References to "we", "our", "us" and the like throughout the Consolidated Financial Statements refer to Lee Enterprises, Incorporated and subsidiaries (the "Company"). References to " 2019 ", " 2018 ", " 2017 " and the like refer to the fiscal years ended the last Sunday in September. 2019 2017 52 2018 53 Lee Enterprises, Incorporated is a leading provider of high quality, trusted, local news and information, and a major platform for advertising in the markets we serve. We operate 50 20 1. 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% 50% 82.5% In February 2018, "2017 first 2018, $3,067,000 no In March 2016, 2018 not Fiscal Year All of our enterprises use period accounting with the fiscal year ending on the last Sunday in September. Subsequent Events We have evaluated subsequent events through December 13, 2019. No September 29, 2019 that require disclosure or recognition in these financial statements. 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 t not may 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 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 and other inventories are priced at the lower of cost or net realizable value. LIFO newsprint inventories at September 29, 2019 September 30, 2018 $1,661,000 and $2 ,333,00 0 The components of inventory by cost method are as follows: (Thousands of Dollars) September 29, 2019 September 30, 2018 Newsprint - FIFO method 1,498 2,079 Newsprint - LIFO method 1,296 2,071 Other inventory - FIFO method 975 1,534 3,769 5,684 Other Investments Other investments primarily consist of marketable securities held in trust under a deferred compensation arrangement and investments for which no 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 4 54 Printing presses and insertion equipment 5 28 Other 3 17 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. The cost of asset retirements and related accruals was not 2019, 2018 2017. Goodwill and Other Intangible Assets Intangible assets include covenants not Years Customer lists 15 23 Newspaper subscriber lists 10 33 We review goodwill for impairment on an annual basis by performing a qualitative and quantitative assessment. Companies with reporting units with zero The Company's goodwill is all attributable to single reporting unit entity with negative carrying value. In 2019 2018 $250,309,000 $246,176,000 first fourth We review non-amortizing intangibles for impairment on an annual basis. Should we determine that a non-amortized intangible asset impairment is more likely than not, 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 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 not We also periodically evaluate the useful lives of amortizable intangible assets. Any resulting changes in the useful lives of such intangible assets will not 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 On October 1, 2018, not October 1, 2018 not not October 1, 2018 Recognition principles: Advertising and marketing services revenue: • Print advertising revenue is recognized at the point in time the associated publication has been delivered. • Digital advertising revenue is recognized at the point in time that impressions are delivered. • Digital marketing services revenue is recognized over the period of time which the service is performed. Advertising and marketing services contract transaction prices consist of fixed consideration. We recognize revenue when control of the related performance obligation transfers to the customer. Payments for advertising revenue is due upon completion of our performance obligations at previously agreed upon rates. In instances where the timing of revenue recognition differs from the timing of invoicing, such timing differences are not not Subscription revenue: one Other revenue: third not Digital services revenues, which are primarily delivered through TownNews, are primarily comprised of contractual agreements to provide webhosting and content management services. As such, digital services revenue is recognized over the contract period. Prices for digital services are agreed upon in advance of the contract beginning and are typically billed in arrears on a monthly basis, with the exception of implementation fees which are recognized as deferred revenue and amortized over the contract period. Arrangements with multiple performance obligations: 2. Advertising Costs A substantial amount of our advertising and promotion consists of advertising placed in our own publications and digital platforms, using available space. The incremental cost of such advertising is not not not Restructuring Costs and Other We incur severance related costs on an ongoing basis in response to overall industry trends. We accrue for severance related items generally as part of planned business transformation efforts when the impacted employees can be identified and the amounts are estimable. We did not September 29, 2019 September 30, 2019. Other costs included in Restructuring Costs and Other include estimated impacts of withdrawals from our multiemployer plans. Multiemployer plans are discussed in Note 8. 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. 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 tax assets are recognized for deductible temporary differences and loss carryforwards and deferred income tax liabilities are recognized for taxable temporary differences which 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 not We recognize the effect of income tax positions only if those positions are more likely than not 50% Fair Value of Financial Instruments We utilize FASB ASC Topic 820, Fair Value Measurements and Disclosures 820 820 three Level 1 Level 2 not Level 3 one Investments measured at net asset value, as a practical expedient for fair value, are excluded from the fair value hierarchy. Valuation methodologies used for pension and postretirement assets measured at fair value are as follows: Cash and cash equivalents c 1. Treasury Inflation-Protected Securities 1. Equity securities 1. 2. Debt securities 1. 2. Hedge funds 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 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 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 four We also have 6,000,000 5, 9 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 $3,901,000 September 29, 2019 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. Recently Issued Accounting Standards - Standards Adopted in 2019 In March 2017, $2,847,000, $2,830,000 $3,417,000 2019, 2018 2017, In August 2016, 2019 not In May 2014, No. 2014 09 2015, 2016, 2017 No. 2015 14, 2016 08, 2016 10, 2016 11, 2016 12, 2016 20 2017 05 606 606 605 December 15, 2017. 606 five 2019 not 2 Recently Issued Accounting Standards - Standards Not In February 2016, not twelve not not not not To date, we reviewed all existing leases and contracts, completed data entry for in-scope leases into our selected software solution which is compatible with our current financial reporting and control environment and quantified a range of expected financial impacts. We will adopt the new standard effective September 30, 2019, first 2020. $9,600,000 $12,600,000. not In June 2016, September 29, 2020 |
Note 2 - Revenue
Note 2 - Revenue | 12 Months Ended |
Sep. 29, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 2 On October 1, 2018, not October 1, 2018 not not October 1, 2018 The following table presents our revenue disaggregated by source: (Thousands of Dollars) September 29, 2019 September 30, 2018 September 24, 2017 Advertising and marketing services revenue 265,933 303,446 331,360 Subscription Revenue 186,691 195,108 191,922 TownNews and other digital services revenue 19,637 16,328 14,008 Other revenue 37,593 29,073 29,653 Total operating revenue 509,854 543,955 566,943 Recognition principles: Arrangements with multiple performance obligations: Contract Assets and Liabilities: twelve 21,720,000 September 29, 2019 23,895,000 September 30, 2018 52 September 29, 2019 September 30, 2018 $23,130,000. Contract asset balances relate to our Management Agreement revenue and were $1,107,000 as of September 29, 2019 and $0 as of September 30, 2018 T no $47,863,000 $48,517,000 September 29, 2019 September 30, 2018 6,434,000 4,806,000 September 29, 2019 September 30, 2018 Practical expedients: one one |
Note 3 - Investments in Associa
Note 3 - Investments in Associated Companies | 12 Months Ended |
Sep. 29, 2019 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 3 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, Summarized financial information of TNI is as follows: September 29 September 30 (Thousands of Dollars) 2019 2018 ASSETS Current assets 3,484 3,615 Investments and other assets 1,350 — Total assets 4,834 3,615 LIABILITIES AND MEMBERS' EQUITY Current liabilities 5,924 5,213 Members' equity (1,090 ) (1,598 ) Total liabilities and members' equity 4,834 3,615 Summarized results of TNI are as follows: (Thousands of Dollars) 2019 2018 2017 Operating revenue 43,532 47,165 48,297 Operating expenses 34,224 37,090 38,150 Net income 9,308 10,075 10,147 Company's 50% share 4,654 5,038 5,073 Less amortization of intangible assets 418 418 418 Equity in earnings of TNI 4,236 4,620 4,655 TNI makes weekly distributions of its earnings. We received $ 4,245,000 5,814,000 4,644,000 2019, 2018 2017 At September 29, 2019 50% 14,741,000 50% 12,366,000 3,299,000 2020. 4. Madison Newspapers, Inc. We have a 50% Summarized financial information of MNI is as follows: September 29 September 30 (Thousands of Dollars) 2019 2018 ASSETS Current assets 8,796 10,173 Investments and other assets 31,134 33,295 Total assets 39,930 43,468 LIABILITIES AND MEMBERS' EQUITY Current liabilities 5,912 7,274 Other liabilities 6,064 7,261 Stockholders' equity 27,954 28,933 Total liabilities and stockholders' equity 39,930 43,468 Summarized results of MNI are as follows: (Thousands of Dollars) 2019 2018 2017 Operating revenue 56,790 59,670 61,396 Operating expenses, excluding restructuring costs, depreciation and amortization 48,121 49,598 51,392 Restructuring costs 355 383 296 Depreciation and amortization 1,018 1,149 1,295 Operating income 7,296 8,540 8,413 Net income 5,770 9,257 5,908 Equity in earnings of MNI 2,885 4,629 2,954 MNI makes quarterly distributions of its earnings. We received $ 3,350,000 3,400,000 3,500,000 2019, 2018 2017 We provide editorial services to MNI. Editorial service fees are included in other revenue in the Consolidated Statements of Income and Comprehensive Income and totaled $ 6,636,000 6,718,000 7,021,000 2019, 2018 2017 At September 29, 2019 50% 14,001,000 |
Note 4 - Goodwill and Other Int
Note 4 - Goodwill and Other Intangible Assets | 12 Months Ended |
Sep. 29, 2019 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 4 Changes in the carrying amount of goodwill related to continuing operations are as follows: (Thousands of Dollars) 2019 2018 Goodwill, gross amount 1,534,905 1,535,155 Accumulated impairment losses (1,288,729 ) (1,288,729 ) Goodwill, beginning of year 246,176 246,426 Goodwill acquired in business combinations 4,133 — Goodwill allocated to disposed businesses — (250 ) Goodwill, end of year 250,309 246,176 Identified intangible assets related to continuing operations consist of the following: September 29 September 30 (Thousands of Dollars) 2019 2018 Non-amortized intangible assets: Mastheads 21,883 21,883 Amortizable intangible assets: Customer and newspaper subscriber lists 697,145 692,886 Less accumulated amortization 611,786 594,950 85,359 97,936 Non-compete and consulting agreements 28,675 28,524 Less accumulated amortization 28,524 28,524 151 — 107,393 119,819 In January 2017, 2 zero All of the Company’s goodwill is attributed to the single reporting unit with negative carrying value. The Company performed its annual assessment on the first fourth no 2019 2018 In 2017 2019, 2018 2017 A summary of the pretax impairment charges is included in the table below: (Thousands of Dollars) 2019 2018 2017 Continuing operations: Non-amortized intangible assets — — 2,035 Property, equipment and other assets — 267 482 — 267 2,517 In January 2019, February 2019, $3,433,000 $3,650,000 $3,650,000 10 These initial estimates will be reviewed in subsequent quarters as more information becomes available and finalized in the 13 March 29, 2020. Annual amortization of intangible assets for the years ending September 2020 September 2024 $16,016,000, $14,853,000, $12,673,000, $12,052,000, $10,325,000, |
Note 5 - Debt
Note 5 - Debt | 12 Months Ended |
Sep. 29, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 5 On March 31, 2014, "2014 • $400,000,000 9.5% March 31, 2014 • $250,000,000 first "1 st $40,000,000 March 31, 2014 “1 st • $150,000,000 second March 31, 2014 “2 nd In November 2018, 1 st In November 2019, 1 st $23,120,000 December 28, 2020. Debt is summarized as follows: Interest Rates (%) September 29 September 30 September 29 (Thousands of Dollars) 2019 2018 2019 Revolving Facility — — 6.13 1st Lien Term Loan — 6,303 8.54 Notes 363,420 385,000 9.50 2nd Lien Term Loan 80,207 93,556 12.00 443,627 484,859 Unamortized debt issue costs (11,282 ) (17,055 ) Less current maturities of long-term debt 2,954 7,027 Total long-term debt 429,391 460,777 Our weighted average cost of debt, excluding amortization of debt financing costs at September 29, 2019 10.0%. At September 29, 2019 2,954,000 2020, zero 2021, 363,420,000 2022 77,253,000 2023. Notes The Notes are senior secured obligations of the Company and mature on March 15, 2022. September 29, 2019 363,420,000 Interest The Notes require payment of interest semiannually on March 15 September 15 9.5%. Redemption We may Period Beginning Percentage of Principal Amount March 15, 2019 102.38 March 15, 2020 100.00 If we sell certain of our assets or experience specific kinds of changes of control, we must, subject to certain exceptions, offer to purchase the Notes at 101% We may 52 September 29, 2019 21,580,000 333,000 52 September 29, 2019 Covenants and Other Matters The Indenture and the 1 st no 1 st Lien Credit Facility The 1 st November 2018 no September 29, 2019 The 1 st 1 st 23,120,000 December 28, 2020 may September 29, 2019 17,644,000 Interest Interest on the Revolving Facility, which is undrawn at September 29, 2019 5.5%, 4.5% 0.5%, one 1.0%. Covenants and Other Matters The 1 st The 1 st no 3.25x 4.19x September 29, 2019. 1 st 1 st may 1 st 2 nd 2 nd Lien Term Loan The 2 nd 80,207,000 September 29, 2019 12.0%, December 2022. Principal Payments Excluding excess cash flow payments, there are no 2 nd Quarterly, we are required to prepare a calculation of excess cash flow of the Pulitzer Subsidiaries ("Pulitzer Excess Cash Flow"). Pulitzer Excess Cash Flow is generally determined as the cash earnings of the Pulitzer Subsidiaries including adjustments for changes in working capital, capital spending, pension contributions, debt principal payments and income tax payments. Pulitzer Excess Cash Flow also includes a deduction for interest costs incurred under the 2 nd Pulitzer Excess Cash Flow is used to prepay the 2 nd 45 Payments will also be made on the 2 nd not For September 29, 2019 no , September 30, 2018 4,000,000, 2 nd Lien Term Loan, at par, with net proceeds from the sale of Pulitzer assets. During the 13 52 September 29, 2019 2 nd 3,931,000 13,349,000 13 September 29, 2019 2,954,000 2 nd November 2019, Voluntary payments under the 2 nd no 2 nd Prior to March 31, 2017, 2 nd 2 nd 2 nd March 31, 2017, 2 nd not 2 nd 45 Pulitzer Excess Cash Flow and the related payments on the 2 nd four For the Period Ending (Thousands of Dollars) Pulitzer Excess Cash Flow Payment Payment Date September 30, 2018 724 Q1 2019 December 30, 2018 1,377 Q2 2019 March 31, 2019 7,317 Q3 2019 June 30, 2019 3,931 Q4 2019 Covenants and Other Matters The 2 nd 1 st 2 nd may 2 nd 1 st In connection with the 2 nd March 31, 2014 2 nd March 31, 2014 6,000,000 10.1% March 30, 2014 $4.19 The Warrant Agreement contains provisions requiring the Warrants to be measured at fair value and included in warrants and other liabilities in our Consolidated Balance Sheets. We re-measure the fair value of the liability each reporting period, with changes reported in other, net non-operating income (expense). The initial fair value of the Warrants was $16,930,000. 9 12. In connection with the issuance of the Warrants, we entered into a Registration Rights Agreement dated as of March 31, 2014 Security The Notes and the 1 st first first March 31, 2014 ( "1 st The Notes, the 1 st first Also, the Notes and the 1 st first 1 st March 31, 2014. The Notes, the 1 st second June 2015 1 st second Also, the Notes and the 1 st second The 2 nd first March 31, 2014 “2 nd 2 nd Under the 2 nd first first 2 nd Also, under the 2 nd second second 2 nd 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 In connection with the 2014 $37,819,000 5,773,103 4,769,000 4,447,000 2019, 2018 2017 to total $ 4,105,000 2020, 4,275,000 2021, 2,675,000 2022 $227,000 in 2023 . At September 29, 2019 , we have $ 11,282,000 During the 52 September 29, 2019, $1,309,000 $1,309,000 52 September 29, 2019 $1,309,000 not 52 September 29, 2019 not Liquidity At September 29, 2019 17,644,000 September 29, 2019 26,289,000 twelve p to $25,140,000 may 1 st There are numerous potential consequences under the Notes, 1 st 2 nd not one 1 st 2 nd 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, 1 st 2 nd September 29, 2019 |
Note 6 - Pension Plans
Note 6 - Pension Plans | 12 Months Ended |
Sep. 29, 2019 | |
Pension Plan [Member] | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 6 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, The net periodic cost (benefit) components of our pension plans are as follows: (Thousands of Dollars) 2019 2018 2017 Service cost for benefits earned during the year 36 48 84 Interest cost on projected benefit obligation 6,563 5,754 5,394 Expected return on plan assets (8,073 ) (7,933 ) (7,878 ) Amortization of net loss 1,135 2,025 2,947 Amortization of prior service benefit (100 ) (136 ) (136 ) Net periodic pension cost (benefit) (439 ) (242 ) 411 Changes in benefit obligations and plan assets are as follows: (Thousands of Dollars) 2019 2018 Benefit obligation, beginning of year 176,531 191,645 Service cost 36 48 Interest cost 6,563 5,754 Actuarial loss (gain) 20,687 (9,464 ) Benefits paid (11,448 ) (11,452 ) Benefit obligation, end of year 192,369 176,531 Fair value of plan assets, beginning of year: 151,255 149,762 Actual return on plan assets 8,705 10,576 Benefits paid (11,448 ) (11,452 ) Administrative expenses paid (2,163 ) (2,571 ) Employer contributions 650 4,940 Fair value of plan assets, end of year 146,999 151,255 Funded status (45,370 ) (25,276 ) Disaggregated amounts recognized in the Consolidated Balance Sheets are as follows: September 29 September 30 (Thousands of Dollars) 2019 2018 Pension obligations (45,370 ) (25,276 ) Accumulated other comprehensive loss (before income taxes) (53,066 ) (31,882 ) Amounts recognized in accumulated other comprehensive income (loss) are as follows: September 29 September 30 (Thousands of Dollars) 2019 2018 Unrecognized net actuarial loss (53,072 ) (31,988 ) Unrecognized prior service benefit 6 106 (53,066 ) (31,882 ) We expect to recognize $3,166,000 $6,000 2020. The accumulated benefit obligation for the plans total $192,369,000 September 29, 2019 $176,531,000 September 30, 2018 $192,369,000, $192,369,000 $146,999,000, September 29, 2019 Assumptions Weighted-average assumptions used to determine benefit obligations are as follows: September 29 September 30 (Percent) 2019 2018 Discount rate 3.1 4.2 Weighted-average assumptions used to determine net periodic benefit cost are as follows: (Percent) 2019 2018 2017 Discount rate - service cost 4.2 3.7 3.5 Discount rate - interest cost 3.9 3.1 2.8 Expected long-term return on plan assets 5.5 5.5 5.5 For 2020, 5.5%. 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 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 September 29 September 29 September 30 Asset Class 2019 2019 2018 Equity securities 50 49 50 Debt securities 35 34 32 TIPS 5 5 4 Hedge fund investments 10 10 10 Cash and cash equivalents — 2 4 Plan assets include no Fair Value Measurements The fair value hierarchy of pension assets at September 29, 2019 (Thousands of Dollars) NAV Level 1 Level 2 Level 3 Cash and cash equivalents — 2,970 — — Domestic equity securities 9,524 8,971 40,593 — International equity securities — 6,525 7,283 — TIPS — 6,918 — — Debt securities — 26,392 24,190 — Hedge fund investments 15,733 — — — The fair value hierarchy of pension assets at September 30, 2018 (Thousands of Dollars) NAV Level 1 Level 2 Level 3 Cash and cash equivalents — 5,537 — — Domestic equity securities 10,045 12,573 40,083 — International equity securities — 7,070 7,560 — TIPS — 6,535 — — Debt securities — 25,673 22,523 — Hedge fund investments 15,767 — — — There were no 3 2019 2018 three • U.S. small cap value equity common/collective fund for which fund prices are not $9,524,000 $10,045,000 9/29/2019 9/30/2018, • Global equity long/short common/collective hedge fund-of-funds for which fund prices are established on a monthly basis. The balance of this investment is $7,923,000 $8,116,000 9/29/2019 9/30/2019, 90% 90 120 • Global equity long/short common/collective hedge fund-of-funds for which fund prices are established on a monthly basis. The balance of this investment is $7,810,000 $7,651,000 9/29/2019 9/30/2018, 50% Cash Flows Based on our forecast at September 29, 2019 $6,718,000 2020. We anticipate future benefit payments to be paid from the pension trust as follows: (Thousands of Dollars) 2020 12,452 2021 11,770 2022 11,711 2023 11,725 2024 11,679 2025-2029 56,172 Other Plans We are obligated under an unfunded plan to provide fixed retirement payments to certain former employees. The plan is frozen and no $1,667,000 $1,469,000 September 29, 2019 September 30, 2018 |
Note 7 - Postretirement and Pos
Note 7 - Postretirement and Postemployment Benefits | 12 Months Ended |
Sep. 29, 2019 | |
Other Postretirement Benefits Plan [Member] | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 7 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, St. Louis Post Dispatch LLC provides postemployment disability benefits to certain employee groups prior to retirement . The net periodic postretirement benefit cost (benefit) components for our postretirement plans are as follows: (Thousands of Dollars) 2019 2018 2017 Service cost for benefits earned during the year — — 13 Interest cost on projected benefit obligation 412 365 412 Expected return on plan assets (1,082 ) (1,080 ) (1,056 ) Amortization of net actuarial gain (976 ) (984 ) (987 ) Amortization of prior service benefit (723 ) (785 ) (1,459 ) Curtailment gains 0 (2,031 ) (3,741 ) Net periodic postretirement benefit (2,369 ) (4,515 ) (6,818 ) In March 2017, one December 31, 2017. $2,031,000 $3,741,000 2018 2017, $7,036,000 $106,000 $1,417,000 2018 2017, Changes in benefit obligations and plan assets are as follows: (Thousands of Dollars) 2019 2018 Benefit obligation, beginning of year 11,756 15,667 Service cost — — Interest cost 412 365 Actuarial loss (gain) 1,033 (1,054 ) Benefits paid, net of premiums received (1,507 ) (1,399 ) Curtailment — (1,924 ) Medicare Part D subsidies 58 101 Benefit obligation, end of year 11,752 11,756 Fair value of plan assets, beginning of year 24,647 24,626 Actual return on plan assets 2,097 2,106 Employer contributions 222 422 Benefits paid, net of premiums and Medicare Part D subsidies received (1,449 ) (1,298 ) Benefits paid for active employees (1,382 ) (1,209 ) Fair value of plan assets at measurement date 24,135 24,647 Funded status 12,383 12,891 Disaggregated amounts recognized in the Consolidated Balance Sheets are as follows: September 29 September 30 (Thousands of Dollars) 2019 2018 Non-current assets 12,383 12,891 Postretirement benefit obligations — — Accumulated other comprehensive income (before income tax benefit) 14,818 17,917 Amounts recognized in accumulated other comprehensive income are as follows: September 29 September 30 (Thousands of Dollars) 2019 2018 Unrecognized net actuarial gain 4,970 12,224 Unrecognized prior service benefit 9,848 5,693 14,818 17,917 We expect to recognize $743,000 $647,000 2020. Assumptions Weighted-average assumptions used to determine postretirement benefit obligations are as follows: September 29 September 30 (Percent) 2019 2018 Discount rate 2.8 4.0 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) 2019 2018 2017 Discount rate - service cost 4.0 3.4 3.1 Discount rate - interest cost 3.7 2.8 2.4 Expected long-term return on plan assets 4.5 4.5 4.5 For 2019 4.5%. Assumed health care cost trend rates are as follows: September 29 September 30 (Percent) 2019 2018 Health care cost trend rates 8.5 9.0 Rate to which the cost trend rate is assumed to decline (the “Ultimate Trend Rate”) 4.5 4.5 Year in which the rate reaches the Ultimate Trend Rate 2027 2026 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 2019 One Percentage Point (Thousands of Dollars) Increase Decrease Effect on net periodic postretirement benefit 11 (10 ) Effect on postretirement benefit obligation 425 (389 ) Plan Assets Assets of the retiree medical plan are invested in a master trust. The master trust also pays benefits of active employee medical plans for the same union employees. The fair value of master trust assets allocated to the active employee medical plans at September 29, 2019 September 30, 2018 $1,955,000 $3,266,000, 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 September 29 September 30 Asset Class September 29 2019 2019 2018 Equity securities 20 18 18 Debt securities 70 68 69 Hedge fund investment 10 14 13 Cash and cash equivalents — — — Plan assets include no Fair Value Measurements The fair value hierarchy of postretirement assets at September 29, 2019 (Thousands of Dollars) NAV Level 1 Level 2 Level 3 Cash and cash equivalents — — — — Domestic equity securities 778 2,640 — — International equity securities — 628 750 — Debt securities — 17,707 — — Hedge fund investment 3,587 — — — The fair value hierarchy of postretirement assets at September 30, 2018 (Thousands of Dollars) NAV Level 1 Level 2 Level 3 Cash and cash equivalents — 242 — — Domestic equity securities 820 2,589 — — International equity securities — 681 780 — Debt securities — 19,185 — — Hedge fund investment 3,616 — — — There were no 3 2019 2018 two • U.S. small cap value equity common/collective fund for which fund prices are not $778,000 $820,000 9/29/2019 9/30/2018, • Global equity long/short common/collective hedge fund-of-funds for which fund prices are established on a monthly basis. The balance of this investment is $3,587,000 $3,616,000 9/29/2019 9/30/20018, 90% 90 120 Cash Flows Based on our forecast at September 29, 2019 not 2019 The Medicare Prescription Drug, Improvement and Modernization Act of 2003 We anticipate future benefit payments to be paid either with future contributions to the plan or directly from plan assets, as follows: Less Medicare Gross Part D Net (Thousands of Dollars) Payments Subsidy Payments 2020 1,241 (66 ) 1,175 2021 1,201 (65 ) 1,136 2022 1,154 (63 ) 1,091 2023 1,099 (60 ) 1,039 2024 1,039 (57 ) 982 2025-2029 4,185 (221 ) 3964 Postemployment Plan Our postemployment benefit obligation, which represents certain disability benefits , $2,550,000 September 29, 2019 $2,580,000 September 30, 2018 |
Note 8 - Other Retirement Plans
Note 8 - Other Retirement Plans | 12 Months Ended |
Sep. 29, 2019 | |
Notes to Financial Statements | |
Other Retirement Plans [Text Block] | 8 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 the defined contribution retirement plan, charged to continuing operations are $3,849,000 2019 $4,430,000 2018 $4,396,000 2017 Multiemployer Pension Plans We contributed to three • We do not • Assets contributed to the multiemployer plan by one may • If a participating employer stops contributing to the plan, the unfunded obligations of the plan may • If we choose to stop participating in one may 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 Expiration Dates of Pension Plan 2019 2018 Status 2019 2018 2017 Surcharge Imposed CBAs GCIU- Employer Retirement Fund 91-6024903/001 Critical Red Implemented 98 107 123 No 3/24/2020 District No. 9, International Association of Machinists and Aerospace Workers Pension Trust 43-0736847/001 Endangered Green N/A 30 29 31 N/A 2/28/2021 The GCIU unit at one $2,600,000 2017 2019 $3,181,000. The District 9 April 2019 not The Company has effectuated a total withdrawal from the CWA/ITU Pension plan in 2019 September 30, 2019. one $3,255,000 2019 |
Note 9 - Common Stock and Class
Note 9 - Common Stock and Class B Common Stock | 12 Months Ended |
Sep. 29, 2019 | |
Notes to Financial Statements | |
Schedule of Stock by Class [Table Text Block] | 9 Common Stock The par value of our Common Stock was changed from $2.00 $0.01 January 30, 2012. 2 nd 6,743,640 13% January 30, 2012. In connection with the currently outstanding 2nd 2nd March 31, 2014 6,000,000 10.1% March 30, 2014 $4.19 The Warrant Agreement contains a cash settlement provision in the event of a change of control prior to March 31, 2018, $16,930,000. September 29, 2019 1,195,000 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. Class B Common Stock In 1986, one 5,600,000 March 2011. March 2011, 1986, one ten |
Note 10 - Stock Ownership Plans
Note 10 - Stock Ownership Plans | 12 Months Ended |
Sep. 29, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 10 Total non-cash stock compensation expense is $ 1,638,000 1,857,000 2,088,000 2019, 2018 2017 At September 29, 2019 2,805,000 1,600,000 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 A summary of stock option activity is as follows: (Thousands of Shares) 2019 2018 2017 Under option, beginning of year 1,100 1,271 1,698 Exercised (93 ) (131 ) (339 ) Canceled (198 ) (40 ) (88 ) Under option, end of year 809 1,100 1,271 Exercisable, end of year 809 1,100 1,271 Weighted average prices of stock options are as follows: (Dollars) 2019 2018 2017 Exercised 2.06 1.42 1.53 Cancelled 2.08 2.49 14.02 Under option, end of year 1.82 1.88 1.86 A summary of stock options outstanding at September 29, 2019 (Dollars) Options Outstanding Options Exercisable Range of Number Outstanding (Thousands) Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Number Exercisable (Thousands) Weighted Average Exercise Price 1 - 2 425 2.7 1.14 425 1.14 2 - 3 384 1.0 2.57 384 2.57 809 1.9 1.82 809 1.82 There is no September 29, 2019 The aggregate intrinsic value of stock options outstanding at September 29, 2019 $ 179,000 Restricted Common Stock A summary of restricted Common Stock activity follows: (Thousands of Shares) 2019 2018 2017 Outstanding, beginning of year 2,059 2,478 2,462 Granted 788 587 837 Vested (1,337 ) (936 ) (751 ) Forfeited (33 ) (70 ) (70 ) Outstanding, end of year 1,477 2,059 2,478 Weighted average grant date fair values of restricted Common Stock are as follows: (Dollars) 2019 2018 2017 Outstanding, beginning of year 2.31 2.69 2.74 Granted 2.18 2.33 3.34 Vested 2.03 3.31 3.59 Forfeited 2.13 2.85 2.98 Outstanding, end of year 2.49 2.31 2.69 Total unrecognized compensation expense for unvested restricted Common Stock at September 29, 2019 1,350,000 1.2 In December 2019 724,300 r December 2022. Stock Purchase Plans We have 270,000 8,700 no 2019 2018 2017 |
Note 11 - Income Taxes
Note 11 - Income Taxes | 12 Months Ended |
Sep. 29, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 11 On December 22, 2017, 2017 2017 35% 21%. 21%. $24,872,000 13 December 24, 2017. The Securities Exchange Commission issued rules that allow for a measurement period of up to one 2017 September 29, 2019 not 52 September 29, 2019 Income tax expense (benefit) consists of the following: (Thousands of Dollars) 2019 2018 2017 Current: Federal 8,763 275 394 State 1,171 875 819 Deferred (2,003 ) (17,378 ) 10,398 7,931 (16,228 ) 11,611 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) 2019 2018 2017 Computed “expected” income tax expense (benefit) 21.0 24.7 35.0 State income tax expense (benefit), net of federal tax impact 1.3 2.6 2.3 Net income of associated companies taxed at dividend rates (3.9 ) (5.1 ) (3.7 ) Resolution of tax matters 1.7 (8.4 ) 2.2 Non-deductible expenses 3.4 2.9 1.5 Valuation allowance 10.8 9.9 2.6 Warrant valuation (0.6 ) 0.2 (10.2 ) Revaluation of deferred income taxes due to law charges — (79.1 ) — Other (0.4 ) (0.4 ) (0.8 ) 33.3 (52.7 ) 28.9 Net deferred income tax liabilities consist of the following components: September 29 September 30 (Thousands of Dollars) 2019 2018 Deferred income tax liabilities: Property and equipment (14,424 ) (16,506 ) Identified intangible assets (15,358 ) (18,486 ) Long-term debt (6,647 ) (11,074 ) Accrued compensation (189 ) 2,402 Investments (3,164 ) (6,472 ) (39,782 ) (50,136 ) Deferred income tax assets: Allowance for doubtful accounts and losses on loans 1,279 910 Pension and postretirement benefits 4,048 2,305 Operating loss carryforwards 41,610 41,663 Accrued expenses 426 424 Other 2,526 3,075 49,889 48,377 Valuation allowance (39,913 ) (37,349 ) Net deferred income tax liabilities (29,806 ) (39,108 ) All deferred taxes are categorized as non-current. A reconciliation of 2019 2018 (Thousands of Dollars) 2019 2018 Balance, beginning of year 16,104 13,915 Increases (decreases) in tax positions for prior years 33 132 Increases in tax positions for the current year 2,472 2,567 Lapse in statute of limitations (357 ) (510 ) Balance, end of year 18,252 16,104 Approximately $10,665,000 $10,312,000 2019 2018 $14,019,000 September 29, 2019 $848,000 September 29, 2019 $563,000 September 30, 2018 no September 29, 2019 September 30, 2018 At September 29, 2019, $4,255,000 No not September 29, 2013 September 29, 2014 At September 29, 2019 $63,338,000 2020 2039. $50,037,000 September 29, 2019 As expected, we reported a taxable income in 2018 no 2019. |
Note 12 - Fair Value of Financi
Note 12 - Fair Value of Financial Instruments | 12 Months Ended |
Sep. 29, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 12 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 $6,068,000, 16.7% 0.7% 8.7% September 29, 2019, $10,268,000 3 At September 29, 2019 we had no 363,420,000 principal amount of the Notes and, $ 80,207,000 principal amount under the 2 nd September 29, 2019 , based on an average of private market price quotations, the fair values were $ 364,328,550 and $ 80,207,214 for the Notes and 2 nd 2 As discussed more fully in Notes 5 9, 16,930,000 . The fair value of the Warrants at September 29, 2019 , September 30, 2018 September 24, 2017 are $ 1,195,000 , $ 1,807,000 and $ 1,580,000 , respectively. In other, net non-operating income (expense) in the Consolidated Statements of Income and Comprehensive Income, we recognized income of $612,000 2019 , expense of $ 226,000 in 2018 and income of $ 10,181,000 in 2017 , for adjustments in the fair value of the Warrants. The following assumptions were used to estimate the fair value of the Warrants: 2019 2018 2017 Volatility (Percent) 48 31 37 Risk-free interest rate (Percent) 1.58 2.91 1.81 Expected term (Years) 2.5 3.5 4.5 Estimated fair value (Dollars) 0.20 0.30 0.26 |
Note 13 - Earnings Per Common S
Note 13 - Earnings Per Common Share | 12 Months Ended |
Sep. 29, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 13 The following table sets forth the computation of basic and diluted earnings per common share: (Thousands of Dollars and Shares, Except Per Common Share Data) 2019 2018 2017 Income attributable to Lee Enterprises, Incorporated: 14,268 45,766 27,481 Weighted average Common Stock 57,648 57,009 56,481 Less non-vested restricted Common Stock (2,083 ) (2,307 ) (2,491 ) Basic average Common Stock 55,565 54,702 53,990 Dilutive stock options and restricted Common Stock 1,319 1,246 1,402 Diluted average Common Stock 56,884 55,948 55,392 Earnings per common share: Basic: 0.26 0.84 0.51 Diluted 0.25 0.82 0.50 For 2019, 2018 2017 6,384,000, 7,206,000 7,577,000 not |
Note 14 - Allowance for Doubtfu
Note 14 - Allowance for Doubtful Accounts | 12 Months Ended |
Sep. 29, 2019 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 14 Valuation and qualifying account information related to the allowance for doubtful accounts receivable related to continuing operations is as follows: (Thousands of Dollars) 2019 2018 2017 Balance, beginning of year 4,806 4,796 4,327 Additions charged to expense 2,751 1,952 1,696 Deductions from reserves (1,123 ) (1,942 ) (1,227 ) Balance, end of year 6,434 4,806 4,796 |
Note 15 - Other Information
Note 15 - Other Information | 12 Months Ended |
Sep. 29, 2019 | |
Notes to Financial Statements | |
Other Information [Text Block] | 15 Compensation and other accrued liabilities consist of the following: September 29 September 30 (Thousands of Dollars) 2019 2018 Compensation 9,170 10,363 Retirement plans 2,637 2,673 Other 5,904 6,605 17,711 19,641 Supplemental cash flow information includes the following cash payments: (Thousands of Dollars) 2019 2018 2017 Interest 47,555 52,180 58,844 Debt financing and reorganization costs 1,773 437 373 Income tax payments, net 8,439 464 1,214 Accumulated other comprehensive income (loss), net of deferred income taxes at September 29, 2019 September 30, 2018 |
Note 16 - Commitments and Conti
Note 16 - Commitments and Contingent Liabilities | 12 Months Ended |
Sep. 29, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 16 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 September 2024 $3,403,000, $2,290,000, $2,238,000, $1,637,000, $1,367,000 $4,991,000, 2019, 2018 2017 $4,993,000, $4,064,000 $3,866,000, Capital Expenditures At September 29, 2019 $1,642,000. Income Taxes Commitments exclude unrecognized tax benefits to be recorded in accordance with FASB ASC Topic 740, Income Taxes 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 may not 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 2013. Legal Proceedings We are involved in a variety of legal actions that arise in the normal course of business. Insurance coverage mitigates potential loss for certain of these matters. While we are unable to predict the ultimate outcome of these legal actions, it is our opinion that the disposition of these matters will not Multiemployer Pension Plans We effectuated a total withdrawal from the CWA/ITU plan in 2019 8. not 2019, $3,255,000 20 |
Note 17 - Quarterly Financial D
Note 17 - Quarterly Financial Data (Unaudited) | 12 Months Ended |
Sep. 29, 2019 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 17 Per share amounts may not Quarter Ended (Thousands of Dollars, Except Per Common Share Data) December March June September 2019 Operating revenue 136,201 122,704 127,284 123,665 Net income 10,719 (2,327 ) 6,172 1,345 Income attributable to Lee Enterprises, Incorporated 10,361 (2,678 ) 5,766 819 Earnings per common share: Basic 0.19 (0.05 ) 0.10 0.01 Diluted 0.18 (0.05 ) 0.10 0.01 2018 Operating revenue 143,786 127,805 132,618 139,746 Net income 35,327 2,533 4,750 4,438 Income attributable to Lee Enterprises, Incorporated 35,003 2,239 4,458 4,066 Earnings (loss) per common share: Basic 0.64 0.04 0.08 0.07 Diluted 0.63 0.04 0.08 0.07 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 29, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy 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% 50% 82.5% In February 2018, "2017 first 2018, $3,067,000 no In March 2016, 2018 not |
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. |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events We have evaluated subsequent events through December 13, 2019. No September 29, 2019 that require disclosure or recognition in these financial statements. |
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 t not may |
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. |
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 |
Accounts Receivable [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 and other inventories are priced at the lower of cost or net realizable value. LIFO newsprint inventories at September 29, 2019 September 30, 2018 $1,661,000 and $2 ,333,00 0 The components of inventory by cost method are as follows: (Thousands of Dollars) September 29, 2019 September 30, 2018 Newsprint - FIFO method 1,498 2,079 Newsprint - LIFO method 1,296 2,071 Other inventory - FIFO method 975 1,534 3,769 5,684 |
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 |
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 4 54 Printing presses and insertion equipment 5 28 Other 3 17 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. The cost of asset retirements and related accruals was not 2019, 2018 2017. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Other Intangible Assets Intangible assets include covenants not Years Customer lists 15 23 Newspaper subscriber lists 10 33 We review goodwill for impairment on an annual basis by performing a qualitative and quantitative assessment. Companies with reporting units with zero The Company's goodwill is all attributable to single reporting unit entity with negative carrying value. In 2019 2018 $250,309,000 $246,176,000 first fourth We review non-amortizing intangibles for impairment on an annual basis. Should we determine that a non-amortized intangible asset impairment is more likely than not, 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 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 not We also periodically evaluate the useful lives of amortizable intangible assets. Any resulting changes in the useful lives of such intangible assets will not 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. |
Noncontrolling Interest [Policy Text Block] | Non-controlling Interest Non-controlling interest in earnings of TownNews is recognized in the Consolidated Financial Statements. |
Revenue [Policy Text Block] | Revenue Recognition On October 1, 2018, not October 1, 2018 not not October 1, 2018 Recognition principles: Advertising and marketing services revenue: • Print advertising revenue is recognized at the point in time the associated publication has been delivered. • Digital advertising revenue is recognized at the point in time that impressions are delivered. • Digital marketing services revenue is recognized over the period of time which the service is performed. Advertising and marketing services contract transaction prices consist of fixed consideration. We recognize revenue when control of the related performance obligation transfers to the customer. Payments for advertising revenue is due upon completion of our performance obligations at previously agreed upon rates. In instances where the timing of revenue recognition differs from the timing of invoicing, such timing differences are not not Subscription revenue: one Other revenue: third not Digital services revenues, which are primarily delivered through TownNews, are primarily comprised of contractual agreements to provide webhosting and content management services. As such, digital services revenue is recognized over the contract period. Prices for digital services are agreed upon in advance of the contract beginning and are typically billed in arrears on a monthly basis, with the exception of implementation fees which are recognized as deferred revenue and amortized over the contract period. Arrangements with multiple performance obligations: 2. |
Advertising Cost [Policy Text Block] | Advertising Costs A substantial amount of our advertising and promotion consists of advertising placed in our own publications and digital platforms, using available space. The incremental cost of such advertising is not not not |
Restructuring Costs and Other, Policy [Policy Text Block] | Restructuring Costs and Other We incur severance related costs on an ongoing basis in response to overall industry trends. We accrue for severance related items generally as part of planned business transformation efforts when the impacted employees can be identified and the amounts are estimable. We did not September 29, 2019 September 30, 2019. Other costs included in Restructuring Costs and Other include estimated impacts of withdrawals from our multiemployer plans. Multiemployer plans are discussed in Note 8. |
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. 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 tax assets are recognized for deductible temporary differences and loss carryforwards and deferred income tax liabilities are recognized for taxable temporary differences which 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 not We recognize the effect of income tax positions only if those positions are more likely than not 50% |
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 820 820 three Level 1 Level 2 not Level 3 one Investments measured at net asset value, as a practical expedient for fair value, are excluded from the fair value hierarchy. Valuation methodologies used for pension and postretirement assets measured at fair value are as follows: Cash and cash equivalents c 1. Treasury Inflation-Protected Securities 1. Equity securities 1. 2. Debt securities 1. 2. Hedge funds |
Share-based Payment Arrangement [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 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 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 four We also have 6,000,000 5, 9 12. |
Uninsured Risks [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 $3,901,000 September 29, 2019 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. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Standards - Standards Adopted in 2019 In March 2017, $2,847,000, $2,830,000 $3,417,000 2019, 2018 2017, In August 2016, 2019 not In May 2014, No. 2014 09 2015, 2016, 2017 No. 2015 14, 2016 08, 2016 10, 2016 11, 2016 12, 2016 20 2017 05 606 606 605 December 15, 2017. 606 five 2019 not 2 Recently Issued Accounting Standards - Standards Not In February 2016, not twelve not not not not To date, we reviewed all existing leases and contracts, completed data entry for in-scope leases into our selected software solution which is compatible with our current financial reporting and control environment and quantified a range of expected financial impacts. We will adopt the new standard effective September 30, 2019, first 2020. $9,600,000 $12,600,000. not In June 2016, September 29, 2020 |
Note 1 - Significant Accounti_2
Note 1 - Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 29, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | (Thousands of Dollars) September 29, 2019 September 30, 2018 Newsprint - FIFO method 1,498 2,079 Newsprint - LIFO method 1,296 2,071 Other inventory - FIFO method 975 1,534 3,769 5,684 |
Property, Plant and Equipment [Table Text Block] | Years Buildings and improvements 4 54 Printing presses and insertion equipment 5 28 Other 3 17 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Years Customer lists 15 23 Newspaper subscriber lists 10 33 |
Note 2 - Revenue (Tables)
Note 2 - Revenue (Tables) | 12 Months Ended |
Sep. 29, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | (Thousands of Dollars) September 29, 2019 September 30, 2018 September 24, 2017 Advertising and marketing services revenue 265,933 303,446 331,360 Subscription Revenue 186,691 195,108 191,922 TownNews and other digital services revenue 19,637 16,328 14,008 Other revenue 37,593 29,073 29,653 Total operating revenue 509,854 543,955 566,943 |
Note 3 - Investments in Assoc_2
Note 3 - Investments in Associated Companies (Tables) | 12 Months Ended |
Sep. 29, 2019 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | September 29 September 30 (Thousands of Dollars) 2019 2018 ASSETS Current assets 3,484 3,615 Investments and other assets 1,350 — Total assets 4,834 3,615 LIABILITIES AND MEMBERS' EQUITY Current liabilities 5,924 5,213 Members' equity (1,090 ) (1,598 ) Total liabilities and members' equity 4,834 3,615 (Thousands of Dollars) 2019 2018 2017 Operating revenue 43,532 47,165 48,297 Operating expenses 34,224 37,090 38,150 Net income 9,308 10,075 10,147 Company's 50% share 4,654 5,038 5,073 Less amortization of intangible assets 418 418 418 Equity in earnings of TNI 4,236 4,620 4,655 September 29 September 30 (Thousands of Dollars) 2019 2018 ASSETS Current assets 8,796 10,173 Investments and other assets 31,134 33,295 Total assets 39,930 43,468 LIABILITIES AND MEMBERS' EQUITY Current liabilities 5,912 7,274 Other liabilities 6,064 7,261 Stockholders' equity 27,954 28,933 Total liabilities and stockholders' equity 39,930 43,468 (Thousands of Dollars) 2019 2018 2017 Operating revenue 56,790 59,670 61,396 Operating expenses, excluding restructuring costs, depreciation and amortization 48,121 49,598 51,392 Restructuring costs 355 383 296 Depreciation and amortization 1,018 1,149 1,295 Operating income 7,296 8,540 8,413 Net income 5,770 9,257 5,908 Equity in earnings of MNI 2,885 4,629 2,954 |
Note 4 - Goodwill and Other I_2
Note 4 - Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Sep. 29, 2019 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | (Thousands of Dollars) 2019 2018 Goodwill, gross amount 1,534,905 1,535,155 Accumulated impairment losses (1,288,729 ) (1,288,729 ) Goodwill, beginning of year 246,176 246,426 Goodwill acquired in business combinations 4,133 — Goodwill allocated to disposed businesses — (250 ) Goodwill, end of year 250,309 246,176 |
Schedule of Intangible Assets [Table Text Block] | September 29 September 30 (Thousands of Dollars) 2019 2018 Non-amortized intangible assets: Mastheads 21,883 21,883 Amortizable intangible assets: Customer and newspaper subscriber lists 697,145 692,886 Less accumulated amortization 611,786 594,950 85,359 97,936 Non-compete and consulting agreements 28,675 28,524 Less accumulated amortization 28,524 28,524 151 — 107,393 119,819 |
Asset Impairment Charges [Table Text Block] | (Thousands of Dollars) 2019 2018 2017 Continuing operations: Non-amortized intangible assets — — 2,035 Property, equipment and other assets — 267 482 — 267 2,517 |
Note 5 - Debt (Tables)
Note 5 - Debt (Tables) | 12 Months Ended |
Sep. 29, 2019 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | Interest Rates (%) September 29 September 30 September 29 (Thousands of Dollars) 2019 2018 2019 Revolving Facility — — 6.13 1st Lien Term Loan — 6,303 8.54 Notes 363,420 385,000 9.50 2nd Lien Term Loan 80,207 93,556 12.00 443,627 484,859 Unamortized debt issue costs (11,282 ) (17,055 ) Less current maturities of long-term debt 2,954 7,027 Total long-term debt 429,391 460,777 |
Debt Instrument Redemption [Table Text Block] | Period Beginning Percentage of Principal Amount March 15, 2019 102.38 March 15, 2020 100.00 |
Schedule of Debt Payments [Table Text Block] | For the Period Ending (Thousands of Dollars) Pulitzer Excess Cash Flow Payment Payment Date September 30, 2018 724 Q1 2019 December 30, 2018 1,377 Q2 2019 March 31, 2019 7,317 Q3 2019 June 30, 2019 3,931 Q4 2019 |
Note 6 - Pension Plans (Tables)
Note 6 - Pension Plans (Tables) - Pension Plan [Member] | 12 Months Ended |
Sep. 29, 2019 | |
Notes Tables | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | (Thousands of Dollars) 2019 2018 2017 Service cost for benefits earned during the year 36 48 84 Interest cost on projected benefit obligation 6,563 5,754 5,394 Expected return on plan assets (8,073 ) (7,933 ) (7,878 ) Amortization of net loss 1,135 2,025 2,947 Amortization of prior service benefit (100 ) (136 ) (136 ) Net periodic pension cost (benefit) (439 ) (242 ) 411 |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] | (Thousands of Dollars) 2019 2018 Benefit obligation, beginning of year 176,531 191,645 Service cost 36 48 Interest cost 6,563 5,754 Actuarial loss (gain) 20,687 (9,464 ) Benefits paid (11,448 ) (11,452 ) Benefit obligation, end of year 192,369 176,531 Fair value of plan assets, beginning of year: 151,255 149,762 Actual return on plan assets 8,705 10,576 Benefits paid (11,448 ) (11,452 ) Administrative expenses paid (2,163 ) (2,571 ) Employer contributions 650 4,940 Fair value of plan assets, end of year 146,999 151,255 Funded status (45,370 ) (25,276 ) |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | September 29 September 30 (Thousands of Dollars) 2019 2018 Pension obligations (45,370 ) (25,276 ) Accumulated other comprehensive loss (before income taxes) (53,066 ) (31,882 ) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | September 29 September 30 (Thousands of Dollars) 2019 2018 Unrecognized net actuarial loss (53,072 ) (31,988 ) Unrecognized prior service benefit 6 106 (53,066 ) (31,882 ) |
Defined Benefit Plan, Assumptions [Table Text Block] | September 29 September 30 (Percent) 2019 2018 Discount rate 3.1 4.2 (Percent) 2019 2018 2017 Discount rate - service cost 4.2 3.7 3.5 Discount rate - interest cost 3.9 3.1 2.8 Expected long-term return on plan assets 5.5 5.5 5.5 |
Defined Benefit Plan, Plan Assets, Allocation [Table Text Block] | (Percent) Policy Allocation Actual Allocation September 29 September 29 September 30 Asset Class 2019 2019 2018 Equity securities 50 49 50 Debt securities 35 34 32 TIPS 5 5 4 Hedge fund investments 10 10 10 Cash and cash equivalents — 2 4 |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | (Thousands of Dollars) NAV Level 1 Level 2 Level 3 Cash and cash equivalents — 2,970 — — Domestic equity securities 9,524 8,971 40,593 — International equity securities — 6,525 7,283 — TIPS — 6,918 — — Debt securities — 26,392 24,190 — Hedge fund investments 15,733 — — — (Thousands of Dollars) NAV Level 1 Level 2 Level 3 Cash and cash equivalents — 5,537 — — Domestic equity securities 10,045 12,573 40,083 — International equity securities — 7,070 7,560 — TIPS — 6,535 — — Debt securities — 25,673 22,523 — Hedge fund investments 15,767 — — — |
Schedule of Expected Benefit Payments [Table Text Block] | (Thousands of Dollars) 2020 12,452 2021 11,770 2022 11,711 2023 11,725 2024 11,679 2025-2029 56,172 |
Note 7 - Postretirement and P_2
Note 7 - Postretirement and Postemployment Benefits (Tables) | 12 Months Ended |
Sep. 29, 2019 | |
Notes Tables | |
Schedule of Health Care Cost Trend Rates [Table Text Block] | September 29 September 30 (Percent) 2019 2018 Health care cost trend rates 8.5 9.0 Rate to which the cost trend rate is assumed to decline (the “Ultimate Trend Rate”) 4.5 4.5 Year in which the rate reaches the Ultimate Trend Rate 2027 2026 |
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | One Percentage Point (Thousands of Dollars) Increase Decrease Effect on net periodic postretirement benefit 11 (10 ) Effect on postretirement benefit obligation 425 (389 ) |
Other Postretirement Benefits Plan [Member] | |
Notes Tables | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | (Thousands of Dollars) 2019 2018 2017 Service cost for benefits earned during the year — — 13 Interest cost on projected benefit obligation 412 365 412 Expected return on plan assets (1,082 ) (1,080 ) (1,056 ) Amortization of net actuarial gain (976 ) (984 ) (987 ) Amortization of prior service benefit (723 ) (785 ) (1,459 ) Curtailment gains 0 (2,031 ) (3,741 ) Net periodic postretirement benefit (2,369 ) (4,515 ) (6,818 ) |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] | (Thousands of Dollars) 2019 2018 Benefit obligation, beginning of year 11,756 15,667 Service cost — — Interest cost 412 365 Actuarial loss (gain) 1,033 (1,054 ) Benefits paid, net of premiums received (1,507 ) (1,399 ) Curtailment — (1,924 ) Medicare Part D subsidies 58 101 Benefit obligation, end of year 11,752 11,756 Fair value of plan assets, beginning of year 24,647 24,626 Actual return on plan assets 2,097 2,106 Employer contributions 222 422 Benefits paid, net of premiums and Medicare Part D subsidies received (1,449 ) (1,298 ) Benefits paid for active employees (1,382 ) (1,209 ) Fair value of plan assets at measurement date 24,135 24,647 Funded status 12,383 12,891 |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | September 29 September 30 (Thousands of Dollars) 2019 2018 Non-current assets 12,383 12,891 Postretirement benefit obligations — — Accumulated other comprehensive income (before income tax benefit) 14,818 17,917 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | September 29 September 30 (Thousands of Dollars) 2019 2018 Unrecognized net actuarial gain 4,970 12,224 Unrecognized prior service benefit 9,848 5,693 14,818 17,917 |
Defined Benefit Plan, Assumptions [Table Text Block] | September 29 September 30 (Percent) 2019 2018 Discount rate 2.8 4.0 Expected long-term return on plan assets 4.5 4.5 (Percent) 2019 2018 2017 Discount rate - service cost 4.0 3.4 3.1 Discount rate - interest cost 3.7 2.8 2.4 Expected long-term return on plan assets 4.5 4.5 4.5 |
Schedule of Allocation of Plan Assets [Table Text Block] | (Percent) Policy Allocation Actual Allocation September 29 September 30 Asset Class September 29 2019 2019 2018 Equity securities 20 18 18 Debt securities 70 68 69 Hedge fund investment 10 14 13 Cash and cash equivalents — — — |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | (Thousands of Dollars) NAV Level 1 Level 2 Level 3 Cash and cash equivalents — — — — Domestic equity securities 778 2,640 — — International equity securities — 628 750 — Debt securities — 17,707 — — Hedge fund investment 3,587 — — — (Thousands of Dollars) NAV Level 1 Level 2 Level 3 Cash and cash equivalents — 242 — — Domestic equity securities 820 2,589 — — International equity securities — 681 780 — Debt securities — 19,185 — — Hedge fund investment 3,616 — — — |
Schedule of Expected Benefit Payments [Table Text Block] | Less Medicare Gross Part D Net (Thousands of Dollars) Payments Subsidy Payments 2020 1,241 (66 ) 1,175 2021 1,201 (65 ) 1,136 2022 1,154 (63 ) 1,091 2023 1,099 (60 ) 1,039 2024 1,039 (57 ) 982 2025-2029 4,185 (221 ) 3964 |
Note 8 - Other Retirement Pla_2
Note 8 - Other Retirement Plans (Tables) | 12 Months Ended |
Sep. 29, 2019 | |
Notes Tables | |
Schedule of Multiemployer Plans [Table Text Block] | (Thousands of Dollars) Zone Status September 30 Funding Improvement Plan/Rehabilitation Plan Status Contributions Expiration Dates of Pension Plan 2019 2018 Status 2019 2018 2017 Surcharge Imposed CBAs GCIU- Employer Retirement Fund 91-6024903/001 Critical Red Implemented 98 107 123 No 3/24/2020 District No. 9, International Association of Machinists and Aerospace Workers Pension Trust 43-0736847/001 Endangered Green N/A 30 29 31 N/A 2/28/2021 |
Note 10 - Stock Ownership Pla_2
Note 10 - Stock Ownership Plans (Tables) | 12 Months Ended |
Sep. 29, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | (Thousands of Shares) 2019 2018 2017 Under option, beginning of year 1,100 1,271 1,698 Exercised (93 ) (131 ) (339 ) Canceled (198 ) (40 ) (88 ) Under option, end of year 809 1,100 1,271 Exercisable, end of year 809 1,100 1,271 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value [Table Text Block] | (Dollars) 2019 2018 2017 Exercised 2.06 1.42 1.53 Cancelled 2.08 2.49 14.02 Under option, end of year 1.82 1.88 1.86 |
Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | (Dollars) Options Outstanding Options Exercisable Range of Number Outstanding (Thousands) Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Number Exercisable (Thousands) Weighted Average Exercise Price 1 - 2 425 2.7 1.14 425 1.14 2 - 3 384 1.0 2.57 384 2.57 809 1.9 1.82 809 1.82 |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | (Thousands of Shares) 2019 2018 2017 Outstanding, beginning of year 2,059 2,478 2,462 Granted 788 587 837 Vested (1,337 ) (936 ) (751 ) Forfeited (33 ) (70 ) (70 ) Outstanding, end of year 1,477 2,059 2,478 (Dollars) 2019 2018 2017 Outstanding, beginning of year 2.31 2.69 2.74 Granted 2.18 2.33 3.34 Vested 2.03 3.31 3.59 Forfeited 2.13 2.85 2.98 Outstanding, end of year 2.49 2.31 2.69 |
Note 11 - Income Taxes (Tables)
Note 11 - Income Taxes (Tables) | 12 Months Ended |
Sep. 29, 2019 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | (Thousands of Dollars) 2019 2018 2017 Current: Federal 8,763 275 394 State 1,171 875 819 Deferred (2,003 ) (17,378 ) 10,398 7,931 (16,228 ) 11,611 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | (Percent of Income (Loss) Before Income Taxes) 2019 2018 2017 Computed “expected” income tax expense (benefit) 21.0 24.7 35.0 State income tax expense (benefit), net of federal tax impact 1.3 2.6 2.3 Net income of associated companies taxed at dividend rates (3.9 ) (5.1 ) (3.7 ) Resolution of tax matters 1.7 (8.4 ) 2.2 Non-deductible expenses 3.4 2.9 1.5 Valuation allowance 10.8 9.9 2.6 Warrant valuation (0.6 ) 0.2 (10.2 ) Revaluation of deferred income taxes due to law charges — (79.1 ) — Other (0.4 ) (0.4 ) (0.8 ) 33.3 (52.7 ) 28.9 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | September 29 September 30 (Thousands of Dollars) 2019 2018 Deferred income tax liabilities: Property and equipment (14,424 ) (16,506 ) Identified intangible assets (15,358 ) (18,486 ) Long-term debt (6,647 ) (11,074 ) Accrued compensation (189 ) 2,402 Investments (3,164 ) (6,472 ) (39,782 ) (50,136 ) Deferred income tax assets: Allowance for doubtful accounts and losses on loans 1,279 910 Pension and postretirement benefits 4,048 2,305 Operating loss carryforwards 41,610 41,663 Accrued expenses 426 424 Other 2,526 3,075 49,889 48,377 Valuation allowance (39,913 ) (37,349 ) Net deferred income tax liabilities (29,806 ) (39,108 ) |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | (Thousands of Dollars) 2019 2018 Balance, beginning of year 16,104 13,915 Increases (decreases) in tax positions for prior years 33 132 Increases in tax positions for the current year 2,472 2,567 Lapse in statute of limitations (357 ) (510 ) Balance, end of year 18,252 16,104 |
Note 12 - Fair Value of Finan_2
Note 12 - Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Sep. 29, 2019 | |
Notes Tables | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | 2019 2018 2017 Volatility (Percent) 48 31 37 Risk-free interest rate (Percent) 1.58 2.91 1.81 Expected term (Years) 2.5 3.5 4.5 Estimated fair value (Dollars) 0.20 0.30 0.26 |
Note 13 - Earnings Per Common_2
Note 13 - Earnings Per Common Share (Tables) | 12 Months Ended |
Sep. 29, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (Thousands of Dollars and Shares, Except Per Common Share Data) 2019 2018 2017 Income attributable to Lee Enterprises, Incorporated: 14,268 45,766 27,481 Weighted average Common Stock 57,648 57,009 56,481 Less non-vested restricted Common Stock (2,083 ) (2,307 ) (2,491 ) Basic average Common Stock 55,565 54,702 53,990 Dilutive stock options and restricted Common Stock 1,319 1,246 1,402 Diluted average Common Stock 56,884 55,948 55,392 Earnings per common share: Basic: 0.26 0.84 0.51 Diluted 0.25 0.82 0.50 |
Note 14 - Allowance for Doubt_2
Note 14 - Allowance for Doubtful Accounts (Tables) | 12 Months Ended |
Sep. 29, 2019 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (Thousands of Dollars) 2019 2018 2017 Balance, beginning of year 4,806 4,796 4,327 Additions charged to expense 2,751 1,952 1,696 Deductions from reserves (1,123 ) (1,942 ) (1,227 ) Balance, end of year 6,434 4,806 4,796 |
Note 15 - Other Information (Ta
Note 15 - Other Information (Tables) | 12 Months Ended |
Sep. 29, 2019 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | September 29 September 30 (Thousands of Dollars) 2019 2018 Compensation 9,170 10,363 Retirement plans 2,637 2,673 Other 5,904 6,605 17,711 19,641 |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | (Thousands of Dollars) 2019 2018 2017 Interest 47,555 52,180 58,844 Debt financing and reorganization costs 1,773 437 373 Income tax payments, net 8,439 464 1,214 |
Note 17 - Quarterly Financial_2
Note 17 - Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Sep. 29, 2019 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Quarter Ended (Thousands of Dollars, Except Per Common Share Data) December March June September 2019 Operating revenue 136,201 122,704 127,284 123,665 Net income 10,719 (2,327 ) 6,172 1,345 Income attributable to Lee Enterprises, Incorporated 10,361 (2,678 ) 5,766 819 Earnings per common share: Basic 0.19 (0.05 ) 0.10 0.01 Diluted 0.18 (0.05 ) 0.10 0.01 2018 Operating revenue 143,786 127,805 132,618 139,746 Net income 35,327 2,533 4,750 4,438 Income attributable to Lee Enterprises, Incorporated 35,003 2,239 4,458 4,066 Earnings (loss) per common share: Basic 0.64 0.04 0.08 0.07 Diluted 0.63 0.04 0.08 0.07 |
Note 1 - Significant Accounti_3
Note 1 - Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | ||||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 24, 2017 | Sep. 30, 2019 | Dec. 24, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | $ (29,114,000) | $ (11,746,000) | |||
Inventory, LIFO Reserve | 1,661,000 | 2,333,000 | |||
Goodwill, Ending Balance | $ 250,309,000 | 246,176,000 | $ 246,426,000 | ||
Class of Warrant or Right, Outstanding | 6,000,000 | ||||
Other Nonoperating Income (Expense), Total | $ 3,813,000 | 3,280,000 | 13,477,000 | ||
Retained Earnings (Accumulated Deficit), Ending Balance | (265,423,000) | (279,691,000) | |||
Uninsured Risk [Member] | |||||
Loss Contingency Accrual, Ending Balance | $ 3,901,000 | ||||
Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||||
Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||
Accounting Standards Update 2018-02 [Member] | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | $ (3,067,000) | ||||
Retained Earnings (Accumulated Deficit), Ending Balance | $ 3,067,000 | ||||
Accounting Standards Update 2017-07 [Member] | |||||
Other Nonoperating Income (Expense), Total | $ 2,847,000 | $ 2,830,000 | $ 3,417,000 | ||
Accounting Standards Update 2016-02 [Member] | Minimum [Member] | Subsequent Event [Member] | |||||
Operating Lease, Right-of-Use Asset | $ 9,600,000 | ||||
Operating Lease, Liability, Total | 9,600,000 | ||||
Accounting Standards Update 2016-02 [Member] | Maximum [Member] | Subsequent Event [Member] | |||||
Operating Lease, Right-of-Use Asset | 12,600,000 | ||||
Operating Lease, Liability, Total | $ 12,600,000 | ||||
TNI Partners [Member] | |||||
Noncontrolling Interest, Ownership Percentage by Parent | 50.00% | ||||
MNI [Member] | |||||
Noncontrolling Interest, Ownership Percentage by Parent | 50.00% | ||||
INN Partners, L.C. [Member] | |||||
Noncontrolling Interest, Ownership Percentage by Parent | 82.50% |
Note 1 - Significant Accounti_4
Note 1 - Significant Accounting Policies - Components of Inventory (Details) - USD ($) $ in Thousands | Sep. 29, 2019 | Sep. 30, 2018 |
LIFO inventory | $ 1,296 | $ 2,071 |
Inventories | 3,769 | 5,684 |
Newsprint [Member] | ||
FIFO inventory | 1,498 | 2,079 |
Other Inventory [Member] | ||
FIFO inventory | $ 975 | $ 1,534 |
Note 1 - Significant Accounti_5
Note 1 - Significant Accounting Policies - Estimated Useful Lives of Property and Equipment (Details) | 12 Months Ended |
Sep. 29, 2019 | |
Building Improvements [Member] | Minimum [Member] | |
Property and equipment, useful life (Year) | 4 years |
Building Improvements [Member] | Maximum [Member] | |
Property and equipment, useful life (Year) | 54 years |
Printing Press and Insertion Equipment [Member] | Minimum [Member] | |
Property and equipment, useful life (Year) | 5 years |
Printing Press and Insertion Equipment [Member] | Maximum [Member] | |
Property and equipment, useful life (Year) | 28 years |
Property, Plant and Equipment, Other Types [Member] | Minimum [Member] | |
Property and equipment, useful life (Year) | 3 years |
Property, Plant and Equipment, Other Types [Member] | Maximum [Member] | |
Property and equipment, useful life (Year) | 17 years |
Note 1 - Significant Accounti_6
Note 1 - Significant Accounting Policies - Intangible Assets Amortization Period (Details) | 12 Months Ended |
Sep. 29, 2019 | |
Minimum [Member] | Customer Lists [Member] | |
Intangible Assets, useful life (Year) | 15 years |
Minimum [Member] | Newspaper Subscriber Lists [Member] | |
Intangible Assets, useful life (Year) | 10 years |
Maximum [Member] | Customer Lists [Member] | |
Intangible Assets, useful life (Year) | 23 years |
Maximum [Member] | Newspaper Subscriber Lists [Member] | |
Intangible Assets, useful life (Year) | 33 years |
Note 2 - Revenue (Details Textu
Note 2 - Revenue (Details Textual) - USD ($) | 12 Months Ended | |||
Sep. 30, 2018 | Sep. 29, 2019 | Sep. 24, 2017 | Sep. 25, 2016 | |
Contract with Customer, Liability, Current | $ 23,895,000 | $ 21,720,000 | ||
Contract with Customer, Liability, Revenue Recognized | 23,130,000 | |||
Contract with Customer, Asset, Net, Current, Total | 0 | 1,107,000 | ||
Accounts Receivable, before Allowance for Credit Loss | 48,517,000 | 47,863,000 | ||
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 4,806,000 | $ 6,434,000 | $ 4,796,000 | $ 4,327,000 |
Note 2 - Revenue - Disaggregati
Note 2 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 29, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 30, 2018 | Sep. 30, 2018 | Jun. 24, 2018 | Mar. 25, 2018 | Dec. 24, 2017 | Sep. 29, 2019 | Sep. 30, 2018 | Sep. 24, 2017 | |
Operating revenue | $ 123,665 | $ 127,284 | $ 122,704 | $ 136,201 | $ 139,746 | $ 132,618 | $ 127,805 | $ 143,786 | $ 509,854 | $ 543,955 | $ 566,943 |
Advertising and Marketing Services [Member] | |||||||||||
Operating revenue | 265,933 | 303,446 | 331,360 | ||||||||
Subscription and Circulation [Member] | |||||||||||
Operating revenue | 186,691 | 195,108 | 191,922 | ||||||||
Digital Services Revenues [Member] | |||||||||||
Operating revenue | 19,637 | 16,328 | 14,008 | ||||||||
Other Revenues [Member] | |||||||||||
Operating revenue | $ 37,593 | $ 29,073 | $ 29,653 |
Note 3 - Investments in Assoc_3
Note 3 - Investments in Associated Companies (Details Textual) - USD ($) | 12 Months Ended | ||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 24, 2017 | |
Equity Method Investments | $ 28,742,000 | $ 29,216,000 | |
Goodwill, Ending Balance | $ 250,309,000 | 246,176,000 | $ 246,426,000 |
TNI Partners [Member] | |||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 50.00% | ||
MNI [Member] | |||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 50.00% | ||
TNI Partners [Member] | |||
Proceeds from Equity Method Investment, Distribution | $ 4,245,000 | 5,814,000 | 4,644,000 |
Equity Method Investments | 14,741,000 | ||
Goodwill, Ending Balance | 12,366,000 | ||
Other Intangible Assets, Net | 3,299,000 | ||
MNI [Member] | |||
Proceeds from Equity Method Investment, Distribution | 3,350,000 | 3,400,000 | 3,500,000 |
Equity Method Investments | 14,001,000 | ||
Editorial Service Fees | $ 6,636,000 | $ 6,718,000 | $ 7,021,000 |
Note 3 - Investments in Assoc_4
Note 3 - Investments in Associated Companies - Summarized Financial Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 24, 2017 | |
Equity in earnings | $ 7,121 | $ 9,249 | $ 7,609 |
TNI Partners [Member] | |||
Current assets | 3,484 | 3,615 | |
Investments and other assets | 1,350 | ||
Total assets | 4,834 | 3,615 | |
Current liabilities | 5,924 | 5,213 | |
Members' equity | (1,090) | (1,598) | |
Total liabilities and members' equity | 4,834 | 3,615 | |
Operating revenue | 43,532 | 47,165 | 48,297 |
Operating expenses | 34,224 | 37,090 | 38,150 |
Net income | 9,308 | 10,075 | 10,147 |
Company's 50% share | 4,654 | 5,038 | 5,073 |
Less amortization of intangible assets | 418 | 418 | 418 |
Equity in earnings | 4,236 | 4,620 | 4,655 |
MNI [Member] | |||
Current assets | 8,796 | 10,173 | |
Investments and other assets | 31,134 | 33,295 | |
Total assets | 39,930 | 43,468 | |
Current liabilities | 5,912 | 7,274 | |
Members' equity | 27,954 | 28,933 | |
Total liabilities and members' equity | 39,930 | 43,468 | |
Operating revenue | 56,790 | 59,670 | 61,396 |
Operating expenses | 48,121 | 49,598 | 51,392 |
Net income | 5,770 | 9,257 | 5,908 |
Equity in earnings | 2,885 | 4,629 | 2,954 |
Other liabilities | 6,064 | 7,261 | |
Restructuring costs | 355 | 383 | 296 |
Depreciation and amortization | 1,018 | 1,149 | 1,295 |
Operating income | $ 7,296 | $ 8,540 | $ 8,413 |
Note 4 - Goodwill and Other I_3
Note 4 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |
Feb. 28, 2019 | Sep. 29, 2019 | Sep. 30, 2018 | |
Goodwill, Acquired During Period | $ 3,433,000 | $ 4,133,000 | |
Finite-lived Intangible Assets Acquired | $ 3,650,000 | ||
Finite-Lived Intangible Assets, Remaining Amortization Period | 10 years | ||
Finite-Lived Intangible Assets, Amortization Expense, Next Rolling Twelve Months | 16,016,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Rolling Year Two | 14,853,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Rolling Year Three | 12,673,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Rolling Year Four | 12,052,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Rolling Year Five | $ 10,325,000 |
Note 4 - Goodwill and Other I_4
Note 4 - Goodwill and Other Intangible Assets - Changes in the Carrying Amount of Goodwill (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
Feb. 28, 2019 | Sep. 29, 2019 | Sep. 30, 2018 | |
Goodwill, gross amount | $ 1,534,905,000 | $ 1,535,155,000 | |
Accumulated impairment losses | (1,288,729,000) | (1,288,729,000) | |
Goodwill | 246,176,000 | 246,426,000 | |
Goodwill acquired in business combinations | $ 3,433,000 | 4,133,000 | |
Goodwill allocated to disposed businesses | (250,000) | ||
Goodwill | $ 250,309,000 | $ 246,176,000 |
Note 4 - Goodwill and Other I_5
Note 4 - Goodwill and Other Intangible Assets - Identified Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 29, 2019 | Sep. 30, 2018 |
Mastheads | $ 21,883 | $ 21,883 |
107,393 | 119,819 | |
Customer Lists [Member] | ||
Amortizable intangible assets, gross | 697,145 | 692,886 |
Less accumulated amortization | 611,786 | 594,950 |
Amortizable intangible assets, net | 85,359 | 97,936 |
Noncompete Agreements [Member] | ||
Amortizable intangible assets, gross | 28,675 | 28,524 |
Less accumulated amortization | 28,524 | 28,524 |
Amortizable intangible assets, net | $ 151 |
Note 4 - Goodwill and Other I_6
Note 4 - Goodwill and Other Intangible Assets - Pretax Impairment Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 24, 2017 | |
Non-amortized intangible assets | $ 2,035 | ||
Property, equipment and other assets | 267 | 482 | |
$ 267 | $ 2,517 |
Note 5 - Debt (Details Textual)
Note 5 - Debt (Details Textual) - USD ($) | Mar. 31, 2014 | Sep. 29, 2019 | Jun. 30, 2019 | Sep. 24, 2023 | Sep. 25, 2022 | Sep. 26, 2021 | Sep. 27, 2020 | Sep. 29, 2019 | Sep. 30, 2018 | Sep. 24, 2017 | Jul. 31, 2019 |
Weighted Average Cost of Debt, Excluding Amortization of Debt Financing Costs | 10.00% | 10.00% | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 2,954,000 | $ 2,954,000 | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 0 | 0 | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 363,420,000 | 363,420,000 | |||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 77,253,000 | 77,253,000 | |||||||||
Long-term Debt, Gross | 443,627,000 | 443,627,000 | $ 484,859,000 | ||||||||
Long-term Debt, Total | 429,391,000 | 429,391,000 | 460,777,000 | ||||||||
Repayments of Long-term Debt, Total | 41,832,000 | 73,526,000 | $ 73,782,000 | ||||||||
Amortization of Debt Issuance Costs | 5,773,103 | 4,769,000 | $ 4,447,000 | ||||||||
Debt Issuance Costs, Net, Total | 11,282,000 | 11,282,000 | 17,055,000 | ||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 17,644,000 | 17,644,000 | |||||||||
Liquidity | 26,289,000 | 26,289,000 | |||||||||
Future Liquidity Warrant Exercise Proceeds | 25,140,000 | ||||||||||
Debt Financing Costs that Should Have Been Recorded in Prior Periods [Member] | |||||||||||
Increase in Debt Financing and Other Costs | $ 1,309,000 | ||||||||||
Increase (Decrease) in Long-term Debt, Unamortized Debt Financing Costs | $ 1,309,000 | ||||||||||
Forecast [Member] | |||||||||||
Amortization of Debt Issuance Costs | $ 227,000 | $ 2,675,000 | $ 4,275,000 | $ 4,105,000 | |||||||
Warrants Issued in Connection with Second Lien Term Loan [Member] | |||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 6,000,000 | ||||||||||
Warrants, When Fully Exercised, Percentage of Common Stock Outstanding | 10.10% | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 4.19 | ||||||||||
Warrants and Rights Outstanding | $ 16,930,000 | ||||||||||
Senior Secured Notes [Member] | |||||||||||
Debt Instrument, Face Amount | $ 400,000,000 | $ 363,420,000 | $ 363,420,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.50% | 9.50% | 9.50% | ||||||||
Long-term Debt, Gross | $ 363,420,000 | $ 363,420,000 | 385,000,000 | ||||||||
Repurchase Price of Notes, Change of Control | 101.00% | 101.00% | |||||||||
Debt Instrument, Repurchased Face Amount | $ 21,580,000 | $ 21,580,000 | |||||||||
Gain (Loss) on Extinguishment of Debt, Total | $ 333,000 | ||||||||||
Debt Issuance Costs, Gross | $ 37,819,000 | ||||||||||
First Lien Credit Faclinty [Member] | Term Loan [Member] | |||||||||||
Debt Instrument, Face Amount | 250,000,000 | ||||||||||
First Lien Credit Faclinty [Member] | Term Loan [Member] | Federal Funds Rate Plus 0.5% [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.50% | ||||||||||
First Lien Credit Facility [Member] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.13% | 6.13% | |||||||||
Long-term Debt, Gross | |||||||||||
First Lien Credit Facility [Member] | Revolving Credit Facility [Member] | |||||||||||
Debt Instrument, Face Amount | $ 23,120,000 | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 40,000,000 | ||||||||||
Long-term Line of Credit, Total | 0 | 0 | |||||||||
Line of Credit Facility, Current Borrowing Capacity | 17,644,000 | $ 17,644,000 | |||||||||
First Lien Credit Facility [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 5.50% | ||||||||||
First Lien Credit Facility [Member] | Revolving Credit Facility [Member] | Federal Funds Rate Plus 0.5% [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.50% | ||||||||||
First Lien Credit Facility [Member] | Term Loan [Member] | Federal Funds Rate Plus 0.5% [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 5.25% | ||||||||||
First Lien Credit Facility [Member] | Term Loan [Member] | Prime Rate [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.19% | ||||||||||
First Lien Credit Facility [Member] | Term Loan [Member] | One Month LIBOR Plus 1.0% [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 5.25% | ||||||||||
Second Lien Credit Faclity [Member] | |||||||||||
Repayments of Long-term Debt, Total | $ 3,931,000 | $ 13,349,000 | |||||||||
Pulitzer Excess Cash Flow | $ 2,954,000 | ||||||||||
Second Lien Credit Faclity [Member] | Term Loan [Member] | |||||||||||
Debt Instrument, Face Amount | $ 150,000,000 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | 12.00% | |||||||||
Long-term Debt, Total | $ 80,207,000 | $ 80,207,000 | |||||||||
Repayments of Long-term Debt, Total | $ 0 | $ 4,000,000 |
Note 5 - Debt - Debt (Details)
Note 5 - Debt - Debt (Details) - USD ($) | Sep. 29, 2019 | Sep. 30, 2018 | Mar. 31, 2014 |
Long-term debt, gross | $ 443,627,000 | $ 484,859,000 | |
Unamortized debt issue costs | (11,282,000) | (17,055,000) | |
Less current maturities of long-term debt | 2,954,000 | 7,027,000 | |
Total long-term debt | 429,391,000 | 460,777,000 | |
First Lien Credit Facility [Member] | |||
Long-term debt, gross | |||
Interest rate | 6.13% | ||
First Lien Term Loan [Member] | |||
Long-term debt, gross | 6,303,000 | ||
Interest rate | 8.54% | ||
Senior Secured Notes [Member] | |||
Long-term debt, gross | $ 363,420,000 | 385,000,000 | |
Interest rate | 9.50% | 9.50% | |
Second Lien Term Loan [Member] | |||
Long-term debt, gross | $ 80,207,000 | $ 93,556,000 | |
Interest rate | 12.00% |
Note 5 - Debt - Payments (Detai
Note 5 - Debt - Payments (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Sep. 30, 2018 | Jun. 24, 2018 | Mar. 25, 2018 | Dec. 24, 2017 | |
Second Lien Term Loan [Member] | ||||
September 30, 2018 | $ 3,931 | $ 7,317 | $ 1,377 | $ 724 |
Note 6 - Pension Plans (Details
Note 6 - Pension Plans (Details Textual) - USD ($) | 12 Months Ended | |||
Sep. 27, 2020 | Sep. 29, 2019 | Sep. 30, 2018 | Sep. 24, 2017 | |
Pension Plan [Member] | ||||
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | $ (3,166,000) | |||
Defined Benefit Plan, Accumulated Benefit Obligation | 192,369,000 | $ 176,531,000 | ||
Defined Benefit Plan, Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation | 192,369,000 | |||
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation | 192,369,000 | |||
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Plan Assets | $ 146,999,000 | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 5.50% | 5.50% | 5.50% | |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 6,718,000 | |||
Liability, Defined Benefit Plan, Noncurrent, Total | 45,370,000 | $ 25,276,000 | ||
Defined Benefit Plan, Expected Amortization of Prior Service Cost (Credit), Next Fiscal Year | (6,000) | |||
Pension Plan [Member] | U.S. Small Cap Value Equity Common/Collective Fund [Member] | ||||
Equity Securities, FV-NI | 9,524,000 | 10,045,000 | ||
Pension Plan [Member] | Global Equity Long/Short Common/Collective Hedge Fund-of-funds 2 [Member] | ||||
Equity Securities, FV-NI | 7,810,000 | 7,651,000 | ||
Pension Plan [Member] | Global Equity Long/Short Common/Collective Hedge Fund-of-funds [Member] | ||||
Equity Securities, FV-NI | 7,923,000 | 8,116,000 | ||
Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase for Purchase | 0 | 0 | ||
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Decrease for Sale | 0 | 0 | ||
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Assets Transferred into (out of) Level 3 | 0 | 0 | ||
Pension Plan [Member] | Forecast [Member] | ||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 5.50% | |||
Other Pension Plan [Member] | ||||
Liability, Defined Benefit Plan, Noncurrent, Total | $ 1,667,000 | $ 1,469,000 |
Note 6 - Pension Plans - Net Pe
Note 6 - Pension Plans - Net Periodic Cost (Benefit) (Details) - Pension Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 24, 2017 | |
Service cost for benefits earned during the year | $ 36 | $ 48 | $ 84 |
Interest cost on projected benefit obligation | 6,563 | 5,754 | 5,394 |
Expected return on plan assets | (8,073) | (7,933) | (7,878) |
Amortization of net loss | 1,135 | 2,025 | 2,947 |
Amortization of prior service benefit | (100) | (136) | (136) |
Net periodic pension cost (benefit) | $ (439) | $ (242) | $ 411 |
Note 6 - Pension Plans - Benefi
Note 6 - Pension Plans - Benefit Obligations and Plan Assets (Details) - Pension Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 24, 2017 | |
Benefit obligation, beginning of year | $ 176,531 | $ 191,645 | |
Service cost | 36 | 48 | $ 84 |
Interest cost | 6,563 | 5,754 | 5,394 |
Actuarial loss (gain) | 20,687 | (9,464) | |
Benefits paid | (11,448) | (11,452) | |
Benefit obligation, end of year | 192,369 | 176,531 | 191,645 |
Fair value of plan assets, beginning of year: | 151,255 | 149,762 | |
Actual return on plan assets | 8,705 | 10,576 | |
Benefits paid | (11,448) | (11,452) | |
Administrative expenses paid | (2,163) | (2,571) | |
Employer contributions | 650 | 4,940 | |
Fair value of plan assets, end of year | 146,999 | 151,255 | $ 149,762 |
Funded status | $ (45,370) | $ (25,276) |
Note 6 - Pension Plans - Amount
Note 6 - Pension Plans - Amounts Recognized in the Consolidated Balance Sheets (Details) - Pension Plan [Member] - USD ($) $ in Thousands | Sep. 29, 2019 | Sep. 30, 2018 |
Pension obligations | $ 45,370 | $ 25,276 |
Accumulated other comprehensive loss (before income taxes) | $ (53,066) | $ (31,882) |
Note 6 - Pension Plans - Amou_2
Note 6 - Pension Plans - Amounts Recognized in Accumulated Other Comprehensive Income (Loss) (Details) - Pension Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 29, 2019 | Sep. 30, 2018 | |
Unrecognized net actuarial loss | $ (53,072) | $ (31,988) |
Unrecognized prior service benefit | 6 | 106 |
$ (53,066) | $ (31,882) |
Note 6 - Pension Plans - Assump
Note 6 - Pension Plans - Assumptions (Details) - Pension Plan [Member] | 12 Months Ended | ||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 24, 2017 | |
Discount rate | 3.10% | 4.20% | |
Discount rate - service cost | 4.20% | 3.70% | 3.50% |
Discount rate - interest cost | 3.90% | 3.10% | 2.80% |
Expected long-term return on plan assets | 5.50% | 5.50% | 5.50% |
Note 6 - Pension Plans - Alloca
Note 6 - Pension Plans - Allocation of Pension Assets (Details) - Pension Plan [Member] | Sep. 29, 2019 | Sep. 30, 2018 |
Defined Benefit Plan, Equity Securities [Member] | ||
Asset Percentage, Policy Allocation | 50.00% | |
Asset Percentage, Actual Allocation | 49.00% | 50.00% |
Defined Benefit Plan, Debt Security [Member] | ||
Asset Percentage, Policy Allocation | 35.00% | |
Asset Percentage, Actual Allocation | 34.00% | 32.00% |
TIPS [Member] | ||
Asset Percentage, Policy Allocation | 5.00% | |
Asset Percentage, Actual Allocation | 5.00% | 4.00% |
Hedge Funds [Member] | ||
Asset Percentage, Policy Allocation | 10.00% | |
Asset Percentage, Actual Allocation | 10.00% | 10.00% |
Defined Benefit Plan, Cash and Cash Equivalents [Member] | ||
Asset Percentage, Policy Allocation | ||
Asset Percentage, Actual Allocation | 2.00% | 4.00% |
Note 6 - Pension Plans - Fair V
Note 6 - Pension Plans - Fair Value Hierarchy of Benefit Plan Assets (Details) - Pension Plan [Member] - USD ($) $ in Thousands | Sep. 29, 2019 | Sep. 30, 2018 |
Fair Value Measured at Net Asset Value Per Share [Member] | ||
Cash and cash equivalents | ||
Debt securities | ||
Hedge fund investments | 15,733 | 15,767 |
Fair Value Measured at Net Asset Value Per Share [Member] | Domestic Equity Securities [Member] | ||
Equity Securities, FV-NI | 9,524 | 10,045 |
Fair Value Measured at Net Asset Value Per Share [Member] | Foreign Equity Securities [Member] | ||
Equity Securities, FV-NI | ||
Fair Value Measured at Net Asset Value Per Share [Member] | US Treasury Securities [Member] | ||
Equity Securities, FV-NI | ||
Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 2,970 | 5,537 |
Debt securities | 26,392 | 25,673 |
Hedge fund investments | ||
Fair Value, Inputs, Level 1 [Member] | Domestic Equity Securities [Member] | ||
Equity Securities, FV-NI | 8,971 | 12,573 |
Fair Value, Inputs, Level 1 [Member] | Foreign Equity Securities [Member] | ||
Equity Securities, FV-NI | 6,525 | 7,070 |
Fair Value, Inputs, Level 1 [Member] | US Treasury Securities [Member] | ||
Equity Securities, FV-NI | 6,918 | 6,535 |
Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | ||
Debt securities | 24,190 | 22,523 |
Hedge fund investments | ||
Fair Value, Inputs, Level 2 [Member] | Domestic Equity Securities [Member] | ||
Equity Securities, FV-NI | 40,593 | 40,083 |
Fair Value, Inputs, Level 2 [Member] | Foreign Equity Securities [Member] | ||
Equity Securities, FV-NI | 7,283 | 7,560 |
Fair Value, Inputs, Level 2 [Member] | US Treasury Securities [Member] | ||
Equity Securities, FV-NI | ||
Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | ||
Debt securities | ||
Hedge fund investments | ||
Fair Value, Inputs, Level 3 [Member] | Domestic Equity Securities [Member] | ||
Equity Securities, FV-NI | ||
Fair Value, Inputs, Level 3 [Member] | Foreign Equity Securities [Member] | ||
Equity Securities, FV-NI | ||
Fair Value, Inputs, Level 3 [Member] | US Treasury Securities [Member] | ||
Equity Securities, FV-NI |
Note 6 - Pension Plans - Future
Note 6 - Pension Plans - Future Benefit Payments (Details) - Pension Plan [Member] $ in Thousands | Sep. 29, 2019USD ($) |
2020 | $ 12,452 |
2021 | 11,770 |
2022 | 11,711 |
2023 | 11,725 |
2024 | 11,679 |
2025-2029 | $ 56,172 |
Note 7 - Postretirement and P_3
Note 7 - Postretirement and Postemployment Benefits (Details Textual) - USD ($) | 12 Months Ended | ||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 24, 2017 | |
Assets for Plan Benefits, Defined Benefit Plan | $ 14,338,000 | $ 16,157,000 | |
Postretirement Health Coverage [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment | 2,031,000 | 3,741,000 | |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment | (7,036,000) | (7,036,000) | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Settlement and Curtailment Gain (Loss), before Tax | (106,000) | (1,417,000) | |
Assets for Plan Benefits, Defined Benefit Plan | 1,955,000 | $ 3,266,000 | |
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | 743,000 | ||
Defined Benefit Plan, Expected Amortization of Prior Service Cost (Credit), Next Fiscal Year | $ 647,000 | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 4.50% | 4.50% | 4.50% |
Assets for Plan Benefits, Defined Benefit Plan | $ 12,383,000 | $ 12,891,000 | |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 0 | ||
Defined Benefit Plan, Benefit Obligation, Ending Balance | 11,752,000 | 11,756,000 | $ 15,667,000 |
Other Postretirement Benefits Plan [Member] | U.S. Small Cap Value Equity Common/Collective Fund [Member] | |||
Equity Securities, FV-NI | 778,000 | 820,000 | |
Other Postretirement Benefits Plan [Member] | Global Equity Long/Short Common/Collective Hedge Fund-of-funds [Member] | |||
Equity Securities, FV-NI | 3,587,000 | 3,616,000 | |
Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Assets Transferred into (out of) Level 3 | 0 | 0 | |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase for Purchase | 0 | 0 | |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Decrease for Sale | 0 | 0 | |
Postemployment Retirement Benefits [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment | 0 | 2,031,000 | $ 3,741,000 |
Defined Benefit Plan, Benefit Obligation, Ending Balance | $ 2,550,000 | $ 2,580,000 |
Note 7 - Postretirement and P_4
Note 7 - Postretirement and Postemployment Benefits - Net Period Postretirement Cost (Benefit) Components for Postretirement Plans (Details) - Postemployment Retirement Benefits [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 24, 2017 | |
Service cost for benefits earned during the year | $ 13 | ||
Interest cost on projected benefit obligation | 412 | 365 | 412 |
Expected return on plan assets | (1,082) | (1,080) | (1,056) |
Amortization of net loss | (976) | (984) | (987) |
Amortization of prior service benefit | (723) | (785) | (1,459) |
Curtailment gains | 0 | (2,031) | (3,741) |
Net periodic pension cost (benefit) | $ (2,369) | $ (4,515) | $ (6,818) |
Note 7 - Postretirement and P_5
Note 7 - Postretirement and Postemployment Benefits - Benefit Obligations and Plan Assets (Details) - Other Postretirement Benefits Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 29, 2019 | Sep. 30, 2018 | |
Benefit obligation, beginning of year | $ 11,756 | $ 15,667 |
Service cost | ||
Interest cost | 412 | 365 |
Actuarial loss (gain) | 1,033 | (1,054) |
Benefits paid, net of premiums received | (1,507) | (1,399) |
Curtailment | (1,924) | |
Medicare Part D subsidies | 58 | 101 |
Benefit obligation, end of year | 11,752 | 11,756 |
Fair value of plan assets, beginning of year: | 24,647 | 24,626 |
Actual return on plan assets | 2,097 | 2,106 |
Employer contributions | 222 | 422 |
Benefits paid, net of premiums and Medicare Part D subsidies received | (1,449) | (1,298) |
Benefits paid for active employees | (1,382) | (1,209) |
Fair value of plan assets, end of year | 24,135 | 24,647 |
Funded status | $ 12,383 | $ 12,891 |
Note 7 - Postretirement and P_6
Note 7 - Postretirement and Postemployment Benefits - Amounts Recognized in the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Sep. 29, 2019 | Sep. 30, 2018 |
Assets for Plan Benefits, Defined Benefit Plan | $ 14,338 | $ 16,157 |
Other Postretirement Benefits Plan [Member] | ||
Assets for Plan Benefits, Defined Benefit Plan | 12,383 | 12,891 |
Postretirement benefit obligations | ||
Accumulated other comprehensive income (before income tax benefit) | $ 14,818 | $ 17,917 |
Note 7 - Postretirement and P_7
Note 7 - Postretirement and Postemployment Benefits - Amounts Recognized in Accumulated Other Comprehensive Income (Loss) (Details) - Other Postretirement Benefits Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 29, 2019 | Sep. 30, 2018 | |
Unrecognized net actuarial gain | $ 4,970 | $ 12,224 |
Unrecognized prior service benefit | 9,848 | 5,693 |
$ 14,818 | $ 17,917 |
Note 7 - Postretirement and P_8
Note 7 - Postretirement and Postemployment Benefits - Assumptions (Details) - Other Postretirement Benefits Plan [Member] | 12 Months Ended | ||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 24, 2017 | |
Discount rate | 2.80% | 4.00% | |
Expected long-term return on plan assets | 4.50% | 4.50% | |
Discount rate - service cost | 4.00% | 3.40% | 3.10% |
Discount rate - interest cost | 3.70% | 2.80% | 2.40% |
Expected long-term return on plan assets | 4.50% | 4.50% | 4.50% |
Note 7 - Postretirement and P_9
Note 7 - Postretirement and Postemployment Benefits - Assumed Health Care Cost Trend Rates (Details) - Other Postretirement Benefits Plan [Member] | 12 Months Ended | |
Sep. 29, 2019 | Sep. 30, 2018 | |
Health care cost trend rates | 8.50% | 9.00% |
Rate to which the cost trend rate is assumed to decline (the “Ultimate Trend Rate”) | 4.50% | 4.50% |
Year in which the rate reaches the Ultimate Trend Rate | 2027 | 2026 |
Note 7 - Postretirement and _10
Note 7 - Postretirement and Postemployment Benefits - Effect if One Percentage Point Change in Assumed Heath Care Cost Trend Rates (Details) - Other Postretirement Benefits Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 29, 2019 | Sep. 30, 2018 | |
Effect on net periodic postretirement benefit, increase | $ 11 | |
Effect on net periodic postretirement benefit, decrease | $ (10) | |
Effect on postretirement benefit obligation, increase | $ 425 | |
Effect on postretirement benefit obligation, decrease | $ (389) |
Note 7 - Postretirement and _11
Note 7 - Postretirement and Postemployment Benefits - Allocation of Benefit Plan Assets (Details) - Other Postretirement Benefits Plan [Member] | Sep. 29, 2019 | Sep. 30, 2018 |
Defined Benefit Plan, Equity Securities [Member] | ||
Asset Percentage, Policy Allocation | 20.00% | |
Asset Percentage, Actual Allocation | 18.00% | 18.00% |
Defined Benefit Plan, Debt Security [Member] | ||
Asset Percentage, Policy Allocation | 70.00% | |
Asset Percentage, Actual Allocation | 68.00% | 69.00% |
Hedge Funds [Member] | ||
Asset Percentage, Policy Allocation | 10.00% | |
Asset Percentage, Actual Allocation | 14.00% | 13.00% |
Defined Benefit Plan, Cash and Cash Equivalents [Member] | ||
Asset Percentage, Policy Allocation | ||
Asset Percentage, Actual Allocation |
Note 7 - Postretirement and _12
Note 7 - Postretirement and Postemployment Benefits - Fair Value Hierarchy of Benefit Plan Assets (Details) - Other Postretirement Benefits Plan [Member] - USD ($) $ in Thousands | Sep. 29, 2019 | Sep. 30, 2018 |
Cash and cash equivalents | ||
Debt securities | ||
Hedge fund investments | 3,587 | 3,616 |
Domestic Equity Securities [Member] | ||
Equity Securities, FV-NI | 778 | 820 |
Foreign Equity Securities [Member] | ||
Equity Securities, FV-NI | ||
Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 242 | |
Debt securities | 17,707 | 19,185 |
Hedge fund investments | ||
Fair Value, Inputs, Level 1 [Member] | Domestic Equity Securities [Member] | ||
Equity Securities, FV-NI | 2,640 | 2,589 |
Fair Value, Inputs, Level 1 [Member] | Foreign Equity Securities [Member] | ||
Equity Securities, FV-NI | 628 | 681 |
Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | ||
Debt securities | ||
Hedge fund investments | ||
Fair Value, Inputs, Level 2 [Member] | Domestic Equity Securities [Member] | ||
Equity Securities, FV-NI | ||
Fair Value, Inputs, Level 2 [Member] | Foreign Equity Securities [Member] | ||
Equity Securities, FV-NI | 750 | 780 |
Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | ||
Debt securities | ||
Hedge fund investments | ||
Fair Value, Inputs, Level 3 [Member] | Domestic Equity Securities [Member] | ||
Equity Securities, FV-NI | ||
Fair Value, Inputs, Level 3 [Member] | Foreign Equity Securities [Member] | ||
Equity Securities, FV-NI |
Note 7 - Postretirement and _13
Note 7 - Postretirement and Postemployment Benefits - Future Benefit Payments (Details) - Other Postretirement Benefits Plan [Member] $ in Thousands | Sep. 29, 2019USD ($) |
2020, gross payments | $ 1,241 |
2020, subsidy | (66) |
2020, net payments | 1,175 |
2021, gross payments | 1,201 |
2021, subsidy | (65) |
2021, net payments | 1,136 |
2022, gross payments | 1,154 |
2022, subsidy | (63) |
2022, net payments | 1,091 |
2023, gross payments | 1,099 |
2023, subsidy | (60) |
2023, net payments | 1,039 |
2024, gross payments | 1,039 |
2024, subsidy | (57) |
2024, net payments | 982 |
2025-2029, gross payments | 4,185 |
2025-2029, subsidy | (221) |
2025-2029, net payments | $ 3,964 |
Note 8 - Other Retirement Pla_3
Note 8 - Other Retirement Plans (Details Textual) - USD ($) | 12 Months Ended | ||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 24, 2017 | |
Employee Benefits and Share-based Compensation | $ 3,849,000 | $ 4,430,000 | $ 4,396,000 |
GCIU- Employer Retirement Fund [Member] | |||
Multiemployer Plans, Withdrawal Obligation | 3,181,000 | $ 2,600,000 | |
CWA/ITU Negotiated Pension Plan [Member] | |||
Multiemployer Plans, Withdrawal Obligation | $ 3,255,000 |
Note 8 - Other Retirement Pla_4
Note 8 - Other Retirement Plans - Other Retirement Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 24, 2017 | |
Pension contributions | $ 650 | $ 4,990 | |
GCIU- Employer Retirement Fund [Member] | |||
Pension contributions | 98 | 107 | 123 |
District No. 9 Pension Trust [Member] | |||
Pension contributions | $ 30 | $ 29 | $ 31 |
Note 9 - Common Stock and Cla_2
Note 9 - Common Stock and Class B Common Stock (Details Textual) - $ / shares | 12 Months Ended | |||||
Sep. 29, 2019 | Sep. 30, 2018 | Mar. 30, 2018 | Mar. 30, 2017 | Jun. 29, 2012 | Mar. 31, 2011 | |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 2 | ||||
Class of Warrant or Right, Outstanding | 6,000,000 | |||||
Common Class B [Member] | ||||||
Common Stock, Par or Stated Value Per Share | $ 2 | $ 2 | ||||
Common Stock, Shares, Outstanding, Ending Balance | 5,600,000 | |||||
Warrant Agreement [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 6,000,000 | |||||
Class of Warrant or Right, Percentage of Common Stock Outstanding | 10.10% | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 4.19 | |||||
Class of Warrant or Right, Outstanding | 1,195,000 | 16,930,000 | ||||
Second Lien Term Loan [Member] | ||||||
Stock Issued During Period, Shares, New Issues | 6,743,640 | |||||
Percentage of Outstanding Shares, Pro Forma Basis | 13.00% |
Note 10 - Stock Ownership Pla_3
Note 10 - Stock Ownership Plans (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Sep. 29, 2019 | Sep. 30, 2018 | Sep. 24, 2017 | |
Share-based Payment Arrangement, Expense | $ 1,638,000 | $ 1,857,000 | $ 2,088,000 | |
Common Stock, Capital Shares Reserved for Future Issuance | 2,805,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,600,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 179,000 | |||
Share-based Payment Arrangement, Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 10 years | |||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 0 | |||
Restricted Stock [Member] | ||||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 1,350,000 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 73 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 788,000 | 587,000 | 837,000 | |
Restricted Stock [Member] | Forecast [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 724,300 | |||
Employee Stock Purchase Plan [Member] | ||||
Employee Stock Ownership Plan (ESOP), Shares in ESOP, Total | 270,000 | |||
Supplemental Employee Stock Purchase Plan [Member] | ||||
Employee Stock Ownership Plan (ESOP), Shares in ESOP, Total | 8,700 |
Note 10 - Stock Ownership Pla_4
Note 10 - Stock Ownership Plans - Stock Option Activities (Details) - shares shares in Thousands | 12 Months Ended | ||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 24, 2017 | |
Under option, balance (in shares) | 1,100 | 1,271 | 1,698 |
Exercised (in shares) | (93) | (131) | (339) |
Canceled (in shares) | (198) | (40) | (88) |
Under option, balance (in shares) | 809 | 1,100 | 1,271 |
Exercisable, end of year (in shares) | 809 | 1,100 | 1,271 |
Note 10 - Stock Ownership Pla_5
Note 10 - Stock Ownership Plans - Weighted Average Prices of Stock Options (Details) - $ / shares | 12 Months Ended | ||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 24, 2017 | |
Exercised (in dollars per share) | $ 2.06 | $ 1.42 | $ 1.53 |
Cancelled (in dollars per share) | 2.08 | 2.49 | 14.02 |
Under option, end of year (in dollars per share) | $ 1.82 | $ 1.88 | $ 1.86 |
Note 10 - Stock Ownership Pla_6
Note 10 - Stock Ownership Plans - Summary of Stock Options Outstanding (Details) | 12 Months Ended |
Sep. 29, 2019$ / sharesshares | |
Number outstanding (in shares) | shares | 809 |
Weighted Average Remaining Contractual Life (Year) | 1 year 328 days |
Weighted Average Exercise Price, Outstanding (in dollars per share) | $ 1.82 |
Number Exercisable (in shares) | shares | 809 |
Weighted Average Exercise Price, Exercisable (in dollars per share) | $ 1.82 |
Exercise Price Range 1 [Member] | |
Range of exercise prices, lower limit (in dollars per share) | 1 |
Range of exercise prices, upper limit (in dollars per share) | $ 2 |
Number outstanding (in shares) | shares | 425 |
Weighted Average Remaining Contractual Life (Year) | 2 years 255 days |
Weighted Average Exercise Price, Outstanding (in dollars per share) | $ 1.14 |
Number Exercisable (in shares) | shares | 425 |
Weighted Average Exercise Price, Exercisable (in dollars per share) | $ 1.14 |
Exercise Price Range 2 [Member] | |
Range of exercise prices, lower limit (in dollars per share) | 2 |
Range of exercise prices, upper limit (in dollars per share) | $ 3 |
Number outstanding (in shares) | shares | 384 |
Weighted Average Remaining Contractual Life (Year) | 1 year |
Weighted Average Exercise Price, Outstanding (in dollars per share) | $ 2.57 |
Number Exercisable (in shares) | shares | 384 |
Weighted Average Exercise Price, Exercisable (in dollars per share) | $ 2.57 |
Note 10 - Stock Ownership Pla_7
Note 10 - Stock Ownership Plans - Summary of Restricted Stock Activity (Details) - Restricted Stock [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 24, 2017 | |
Outstanding, shares (in shares) | 2,059 | 2,478 | 2,462 |
Granted, shares (in shares) | 788 | 587 | 837 |
Vested, shares (in shares) | (1,337) | (936) | (751) |
Forfeited, shares (in shares) | (33) | (70) | (70) |
Outstanding, shares (in shares) | 1,477 | 2,059 | 2,478 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ 2.31 | $ 2.69 | $ 2.74 |
Granted, weighted average grant date fair value (in dollars per share) | 2.18 | 2.33 | 3.34 |
Vested, weighted average grant date fair value (in dollars per share) | 2.03 | 3.31 | 3.59 |
Forfeited, weighted average grant date fair value (in dollars per share) | 2.13 | 2.85 | 2.98 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ 2.49 | $ 2.31 | $ 2.69 |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | ||
Dec. 24, 2017 | Sep. 29, 2019 | Sep. 30, 2018 | |
Tax Cuts and Jobs Act, Change in Tax Rate, Income Tax Expense (Benefit), Total | $ (24,872,000) | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 14,019,000 | ||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 848,000 | $ 563,000 | |
Deferred Tax Asset, Interest Carryforward | 4,255,000 | ||
Deferred Tax Assets, Operating Loss Carryforwards, Total | 41,610,000 | 41,663,000 | |
State and Local Jurisdiction [Member] | |||
Unrecognized Tax Benefits Related to Net Operating Loss | 10,665,000 | $ 10,312,000 | |
Operating Loss Carryforwards, Total | 63,338,000 | ||
Deferred Tax Assets, Operating Loss Carryforwards, Total | 50,037,000 | ||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |||
Operating Loss Carryforwards, Total | $ 0 |
Note 11 - Income Taxes - Income
Note 11 - Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 24, 2017 | |
Federal | $ 8,763 | $ 275 | $ 394 |
State | 1,171 | 875 | 819 |
Deferred | (2,003) | (17,378) | 10,398 |
$ 7,931 | $ (16,228) | $ 11,611 |
Note 11 - Income Taxes - Inco_2
Note 11 - Income Taxes - Income Tax Expense (Benefit) Related to Continuing Operations (Details) | 12 Months Ended | ||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 24, 2017 | |
Computed “expected” income tax expense (benefit) | 21.00% | 24.70% | 35.00% |
State income tax expense (benefit), net of federal tax impact | 1.30% | 2.60% | 2.30% |
Net income of associated companies taxed at dividend rates | (3.90%) | (5.10%) | (3.70%) |
Resolution of tax matters | 1.70% | (8.40%) | 2.20% |
Non-deductible expenses | 3.40% | 2.90% | 1.50% |
Valuation allowance | 10.80% | 9.90% | 2.60% |
Warrant valuation | (0.60%) | 0.20% | (10.20%) |
Revaluation of deferred income taxes due to law charges | (79.10%) | ||
Other | (0.40%) | (0.40%) | (0.80%) |
33.30% | (52.70%) | 28.90% |
Note 11 - Income Taxes - Deferr
Note 11 - Income Taxes - Deferred Income Tax Liabilities (Details) - USD ($) $ in Thousands | Sep. 29, 2019 | Sep. 30, 2018 |
Property and equipment | $ (14,424) | $ (16,506) |
Identified intangible assets | (15,358) | (18,486) |
Long-term debt | (6,647) | (11,074) |
Accrued compensation | (189) | |
Accrued compensation | 2,402 | |
Investments | (3,164) | (6,472) |
(39,782) | (50,136) | |
Allowance for doubtful accounts and losses on loans | 1,279 | 910 |
Pension and postretirement benefits | 4,048 | 2,305 |
Operating loss carryforwards | 41,610 | 41,663 |
Accrued expenses | 426 | 424 |
Other | 2,526 | 3,075 |
49,889 | 48,377 | |
Valuation allowance | (39,913) | (37,349) |
Net deferred income tax liabilities | $ (29,806) | $ (39,108) |
Note 11 - Income Taxes - Gross
Note 11 - Income Taxes - Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 29, 2019 | Sep. 30, 2018 | |
Unrecognized tax benefits, balance | $ 16,104 | $ 13,915 |
Increases (decreases) in tax positions for prior years | 33 | 132 |
Increases in tax positions for the current year | 2,472 | 2,567 |
Lapse in statute of limitations | (357) | (510) |
Unrecognized tax benefits, balance | $ 18,252 | $ 16,104 |
Note 12 - Fair Value of Finan_3
Note 12 - Fair Value of Financial Instruments (Details Textual) - USD ($) | 12 Months Ended | |||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 24, 2017 | Mar. 31, 2014 | |
Fair Value Adjustment of Warrants | $ (612,000) | $ 226,000 | $ (10,181,000) | |
Senior Secured Notes [Member] | ||||
Debt Instrument, Face Amount | 363,420,000 | $ 400,000,000 | ||
2st Lien Agreement [Member] | ||||
Debt Instrument, Face Amount | $ 80,207,000 | |||
TCT [Member] | ||||
Equity Securities Without Readily Determinable Fair Value, Ownership Percentage of Voting Common Stock | 0.70% | |||
Ownership Percentage of Total Common Stock | 8.70% | |||
Fair Value, Inputs, Level 3 [Member] | ||||
Investments, Fair Value Disclosure, Total | $ 6,068,000 | |||
Equity Securities without Readily Determinable Fair Value, Amount | $ 10,269,000 | |||
Fair Value, Inputs, Level 3 [Member] | TCT and Private Equity Investment [Member] | ||||
Equity Securities without Readily Determinable Fair Value, Percent | 16.70% | |||
Fair Value, Inputs, Level 2 [Member] | ||||
Warrants and Rights Outstanding | $ 1,195,000 | $ 1,807,000 | $ 1,580,000 | $ 16,930,000 |
Fair Value, Inputs, Level 2 [Member] | Senior Secured Notes [Member] | ||||
Long-term Debt, Fair Value | 364,328,550 | |||
Fair Value, Inputs, Level 2 [Member] | Second Lien Term Loan [Member] | ||||
Long-term Debt, Fair Value | $ 80,207,214 |
Note 12 - Fair Value of Finan_4
Note 12 - Fair Value of Financial Instruments - Estimate Fair Value of Financial Instruments (Details) | Sep. 29, 2019$ / sharesyr | Sep. 30, 2018$ / sharesyr | Sep. 24, 2017$ / sharesyr |
Measurement Input, Price Volatility [Member] | |||
Warrant and rights, measurement input | 0.48 | 0.31 | 0.37 |
Measurement Input, Risk Free Interest Rate [Member] | |||
Warrant and rights, measurement input | 0.0158 | 0.0291 | 0.0181 |
Measurement Input, Expected Term [Member] | |||
Warrant and rights, measurement input | yr | 2.5 | 3.5 | 4.5 |
Measurement Input, Share Price [Member] | |||
Warrant and rights, measurement input | $ / shares | 0.2 | 0.3 | 0.26 |
Note 13 - Earnings Per Common_3
Note 13 - Earnings Per Common Share (Details Textual) - shares | 12 Months Ended | ||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 24, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 6,384,000 | 7,206,000 | 7,577,000 |
Note 13 - Earnings Per Common_4
Note 13 - Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 29, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 30, 2018 | Sep. 30, 2018 | Jun. 24, 2018 | Mar. 25, 2018 | Dec. 24, 2017 | Sep. 29, 2019 | Sep. 30, 2018 | Sep. 24, 2017 | |
Income attributable to Lee Enterprises, Incorporated: | $ 819 | $ 5,766 | $ (2,678) | $ 10,361 | $ 4,066 | $ 4,458 | $ 2,239 | $ 35,003 | $ 14,268 | $ 45,766 | $ 27,481 |
Weighted average Common Stock (in shares) | 57,648 | 57,009 | 56,481 | ||||||||
Less non-vested restricted Common Stock (in shares) | (2,083) | (2,307) | (2,491) | ||||||||
Basic average Common Stock (in shares) | 55,565 | 54,702 | 53,990 | ||||||||
Dilutive stock options and restricted Common Stock (in shares) | 1,319 | 1,246 | 1,402 | ||||||||
Diluted average Common Stock (in shares) | 56,884 | 55,948 | 55,392 | ||||||||
Basic: (in dollars per share) | $ 0.01 | $ 0.10 | $ (0.05) | $ 0.19 | $ 0.07 | $ 0.08 | $ 0.04 | $ 0.64 | $ 0.26 | $ 0.84 | $ 0.51 |
Diluted: (in dollars per share) | $ 0.01 | $ 0.10 | $ (0.05) | $ 0.18 | $ 0.07 | $ 0.08 | $ 0.04 | $ 0.63 | $ 0.25 | $ 0.82 | $ 0.50 |
Note 14 - Allowance for Doubt_3
Note 14 - Allowance for Doubtful Accounts - Valuation and Qualifying Account Information (Details) - USD ($) | 12 Months Ended | ||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 24, 2017 | |
Allowance for Doubtful Accounts Receivable | $ 4,806,000 | $ 4,796,000 | $ 4,327,000 |
Additions charged to expense | 2,751,000 | 1,952,000 | 1,696,000 |
Deductions from reserves | (1,123,000) | (1,942,000) | (1,227,000) |
Allowance for Doubtful Accounts Receivable | $ 6,434,000 | $ 4,806,000 | $ 4,796,000 |
Note 15 - Other Information - C
Note 15 - Other Information - Compensation and Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Sep. 29, 2019 | Sep. 30, 2018 |
Compensation | $ 9,170 | $ 10,363 |
Retirement plans | 2,637 | 2,673 |
Other | 5,904 | 6,605 |
$ 17,711 | $ 19,641 |
Note 15 - Other Information - S
Note 15 - Other Information - Supplemental Cash Payment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 24, 2017 | |
Interest | $ 47,555 | $ 52,180 | $ 58,844 |
Debt financing and reorganization costs | 1,773 | 437 | 373 |
Income tax payments, net | $ 8,439 | $ 464 | $ 1,214 |
Note 16 - Commitments and Con_2
Note 16 - Commitments and Contingent Liabilities (Details Textual) - USD ($) | 12 Months Ended | ||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 24, 2017 | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 3,403,000 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 2,290,000 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 2,238,000 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 1,637,000 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 1,367,000 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 4,991,000 | ||
Operating Lease, Expense | $ 4,993,000 | $ 4,064,000 | $ 3,866,000 |
Plan Partially Withdrawn From in 2017 [Member] | Multiemployer Plans, Pension [Member] | |||
Multiemployer Plans, Withdrawal Obligation | $ 3,255,000 | ||
Multiemployer Plans, Withdrawal Obligation, Period | 20 years | ||
Construction and Equipment Purchase Commitments [Member] | |||
Construction and Equipment, Purchase Commitments | $ 1,642,000 |
Note 17 - Quarterly Financial_3
Note 17 - Quarterly Financial Data (Unaudited) - Financial Statements (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 29, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 30, 2018 | Sep. 30, 2018 | Jun. 24, 2018 | Mar. 25, 2018 | Dec. 24, 2017 | Sep. 29, 2019 | Sep. 30, 2018 | Sep. 24, 2017 | |
Operating revenue | $ 123,665 | $ 127,284 | $ 122,704 | $ 136,201 | $ 139,746 | $ 132,618 | $ 127,805 | $ 143,786 | $ 509,854 | $ 543,955 | $ 566,943 |
Net income | 1,345 | 6,172 | (2,327) | 10,719 | 4,438 | 4,750 | 2,533 | 35,327 | 15,909 | 47,048 | 28,605 |
Income attributable to Lee Enterprises, Incorporated: | $ 819 | $ 5,766 | $ (2,678) | $ 10,361 | $ 4,066 | $ 4,458 | $ 2,239 | $ 35,003 | $ 14,268 | $ 45,766 | $ 27,481 |
Basic: (in dollars per share) | $ 0.01 | $ 0.10 | $ (0.05) | $ 0.19 | $ 0.07 | $ 0.08 | $ 0.04 | $ 0.64 | $ 0.26 | $ 0.84 | $ 0.51 |
Diluted: (in dollars per share) | $ 0.01 | $ 0.10 | $ (0.05) | $ 0.18 | $ 0.07 | $ 0.08 | $ 0.04 | $ 0.63 | $ 0.25 | $ 0.82 | $ 0.50 |