Lee Enterprises (LEE) 10-Q 4 Aug 22 2022 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Jun. 26, 2022	Jul. 31, 2022
Document Information [Line Items]
Entity Central Index Key	0000058361
Entity Registrant Name	LEE ENTERPRISES, INC
Amendment Flag	false
Current Fiscal Year End Date	--09-26
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 26, 2022
Document Transition Report	false
Entity File Number	1-6227
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	42-0823980
Entity Address, Address Line One	4600 E. 53rd Street
Entity Address, City or Town	Davenport
Entity Address, State or Province	IA
Entity Address, Postal Zip Code	52807
City Area Code	563
Local Phone Number	383-2100
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		5,977,315
Preferred Share Purchase Rights [Member]
Document Information [Line Items]
Title of 12(b) Security	Preferred Share Purchase Rights
Trading Symbol	LEE
Security Exchange Name	NASDAQ
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	LEE
Security Exchange Name	NASDAQ

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 26, 2022	Sep. 26, 2021	Sep. 27, 2020
ASSETS
Cash and cash equivalents	$ 15,661	$ 26,112
Accounts receivable and contract assets, net	74,911	65,070
Inventories	8,661	6,297
Prepaid and other current assets	13,482	11,320
Total current assets	112,715	108,799
Associated companies	27,052	26,682
Other	6,075	6,065
Total investments	33,127	32,747
Land and improvements	14,505	16,576
Buildings and improvements	93,888	106,890
Equipment	212,908	228,817
Construction in process	3,998	2,813
Property, Plant and Equipment, Gross, Ending Balance	325,299	355,096
Less accumulated depreciation	249,519	271,830
Property and equipment, net	75,780	83,266
Operating lease right-of-use assets	58,193	65,682
Goodwill	329,504	330,204	$ 330,204
Other intangible assets, net	140,231	156,671
Other	10,515	13,632
Total assets	794,836	843,551
Current liabilities:
Current portion of lease liabilities	7,811	8,612
Current maturities of long-term debt	0	6,112
Accounts payable	34,656	20,420
Compensation and other accrued liabilities	43,316	45,076
Unearned revenue	56,749	61,404
Total current liabilities	142,532	141,624
Long-term debt, net of current maturities	462,554	476,504
Operating lease liabilities	49,918	57,683
Pension obligations	928	22,444
Postretirement and postemployment benefit obligations	11,404	11,008
Deferred income taxes	37,295	40,295
Income taxes payable	9,543	9,174
Other	26,047	28,121
Total liabilities	740,221	786,853
Stockholders' equity:
Serial convertible preferred stock, no par value; authorized 500 shares; none issued	0	0
Additional paid-in capital	259,221	258,063
Accumulated deficit	(240,631)	(245,744)
Accumulated other comprehensive income	33,741	42,187
Total stockholders' equity	52,391	54,565	$ (31,564)
Non-controlling interests	2,224	2,133
Total equity	54,615	56,698
Total liabilities and equity	794,836	843,551
Common Class A [Member]
Stockholders' equity:
Common Stock	60	59
Common Class B [Member]
Stockholders' equity:
Common Stock	0	0
Pension Plan [Member]
ASSETS
Retirement plan assets, net	16,571	35,855
Retirement plan assets, net	16,571	35,855
Postretirement Health Coverage [Member]
ASSETS
Retirement plan assets, net	18,200	16,695
Retirement plan assets, net	$ 18,200	$ 16,695

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands	Jun. 26, 2022	Sep. 26, 2021
Preferred stock, par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authoritzed (in shares)	500	500
Preferred stock, shares issued (in shares)	0	0
Common Class A [Member]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	12,000	12,000
Common stock, shares issued (in shares)	5,977	5,889
Common stock, shares outstanding (in shares)	5,977	5,889
Common Class B [Member]
Common stock, par value (in dollars per share)	$ 2	$ 2
Common stock, shares authorized (in shares)	3,000	3,000
Common stock, shares issued (in shares)	0	0

Consolidated Statements of Inco

Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 26, 2022	Jun. 27, 2021	Jun. 26, 2022	Jun. 27, 2021
Operating revenue:
Total operating revenue	$ 195,037,000	$ 196,490,000	$ 587,333,000	$ 600,736,000
Operating expenses:
Compensation	78,126,000	82,731,000	246,333,000	250,048,000
Newsprint and ink	7,542,000	7,051,000	22,254,000	22,222,000
Other operating expenses	88,004,000	82,117,000	258,665,000	243,749,000
Depreciation and amortization	8,818,000	10,836,000	27,445,000	33,794,000
Assets loss (gain) on sales, impairments and other, net	1,086,000	242,000	(11,340,000)	6,938,000
Restructuring costs and other	6,072,000	1,419,000	19,862,000	5,880,000
Total operating expenses	189,648,000	184,396,000	563,219,000	562,631,000
Equity in earnings of associated companies	1,050,000	1,689,000	4,211,000	4,902,000
Operating income	6,439,000	13,783,000	28,325,000	43,007,000
Non-operating (expense) income:
Interest expense	(10,292,000)	(11,010,000)	(31,478,000)	(34,129,000)
Curtailment gain	0	0	1,027,000	23,830,000
Pension withdrawal cost	0	0	(2,335,000)	(12,310,000)
Other, net	4,205,000	2,330,000	13,525,000	6,240,000
Total non-operating (expense) income, net	(6,087,000)	(8,680,000)	(19,261,000)	(16,369,000)
Income before income taxes	352,000	5,103,000	9,064,000	26,638,000
Income tax expense	156,000	1,366,000	2,363,000	7,106,000
Net income	196,000	3,737,000	6,701,000	19,532,000
Net income attributable to non-controlling interests	(465,000)	(510,000)	(1,588,000)	(1,537,000)
(Loss) Income attributable to Lee Enterprises, Incorporated	(269,000)	3,227,000	5,113,000	17,995,000
Other comprehensive (loss) income, net of income taxes	(1,167,000)	477,000	(8,446,000)	2,097,000
Comprehensive (loss) income attributable to Lee Enterprises, Incorporated	$ (1,436,000)	$ 3,704,000	$ (3,333,000)	$ 20,092,000
Earnings per common share:
Basic: (in dollars per share)	$ (0.05)	$ 0.56	$ 0.89	$ 3.15
Diluted: (in dollars per share)	$ (0.05)	$ 0.55	$ 0.87	$ 3.10
Advertising and Marketing Services [Member]
Operating revenue:
Total operating revenue	$ 91,001,000	$ 91,122,000	$ 277,388,000	$ 279,326,000
Subscription and Circulation [Member]
Operating revenue:
Total operating revenue	89,048,000	88,792,000	263,915,000	269,905,000
Product and Service, Other [Member]
Operating revenue:
Total operating revenue	$ 14,988,000	$ 16,576,000	$ 46,030,000	$ 51,505,000

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Retained Earnings [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Total
Balance at Sep. 27, 2020	$ (268,529)	$ 58	$ 256,957	$ (20,050)	$ (31,564)
Shares issued (redeemed)	0	1	(55)	0	(54)
Income attributable to Lee Enterprises, Incorporated	15,902	0	0	0	15,902
Stock compensation	0	0	220	0	220
Other comprehensive loss	0	0	0	1,347	1,347
Deferred income taxes, net	0	0	0	(205)	(205)
Deferred income taxes, net	0	0	0	205	205
Balance at Dec. 27, 2020	(252,627)	59	257,122	(18,908)	(14,354)
Balance at Sep. 27, 2020	(268,529)	58	256,957	(20,050)	(31,564)
Income attributable to Lee Enterprises, Incorporated					17,995
Balance at Jun. 27, 2021	(250,534)	59	257,851	(17,953)	(10,577)
Balance at Dec. 27, 2020	(252,627)	59	257,122	(18,908)	(14,354)
Shares issued (redeemed)	0	0	(8)	0	(8)
Income attributable to Lee Enterprises, Incorporated	(1,134)	0	0	0	(1,134)
Stock compensation	0	0	214	0	214
Other comprehensive loss	0	0	0	682	682
Deferred income taxes, net	0	0	0	(204)	(204)
Deferred income taxes, net	0	0	0	204	204
Balance at Mar. 28, 2021	(253,761)	59	257,328	(18,430)	(14,804)
Shares issued (redeemed)	0	0	318	0	318
Income attributable to Lee Enterprises, Incorporated	3,227	0	0	0	3,227
Stock compensation	0	0	205	0	205
Other comprehensive loss	0	0	0	682	682
Deferred income taxes, net	0	0	0	(205)	(205)
Deferred income taxes, net	0	0	0	205	205
Balance at Jun. 27, 2021	(250,534)	59	257,851	(17,953)	(10,577)
Balance at Sep. 26, 2021	(245,744)	59	258,063	42,187	54,565
Shares issued (redeemed)	0	1	(386)	0	(385)
Income attributable to Lee Enterprises, Incorporated	12,658	0	0	0	12,658
Stock compensation	0	0	186		186
Other comprehensive loss	0	0	0	(8,174)	(8,174)
Deferred income taxes, net	0	0	0	2,062	2,062
Deferred income taxes, net	0	0	0	(2,062)	(2,062)
Balance at Dec. 26, 2021	(233,086)	60	257,863	36,075	60,912
Balance at Sep. 26, 2021	(245,744)	59	258,063	42,187	54,565
Income attributable to Lee Enterprises, Incorporated					5,113
Balance at Jun. 26, 2022	(240,631)	60	259,221	33,741	52,391
Balance at Dec. 26, 2021	(233,086)	60	257,863	36,075	60,912
Shares issued (redeemed)	0	0	(3)	0	(3)
Income attributable to Lee Enterprises, Incorporated	(7,276)	0	0	0	(7,276)
Stock compensation	0	0	663	0	663
Other comprehensive loss	0	0	0	(1,667)	(1,667)
Deferred income taxes, net	0	0	0	(500)	(500)
Deferred income taxes, net	0	0	0	500	500
Balance at Mar. 27, 2022	(240,362)	60	258,523	34,908	53,129
Shares issued (redeemed)	0	0	371	0	371
Income attributable to Lee Enterprises, Incorporated	(269)	0	0	0	(269)
Stock compensation	0	0	327	0	327
Other comprehensive loss	0	0	0	(1,667)	(1,667)
Deferred income taxes, net	0	0	0	(500)	(500)
Deferred income taxes, net	0	0	0	500	500
Balance at Jun. 26, 2022	$ (240,631)	$ 60	$ 259,221	$ 33,741	$ 52,391

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Jun. 26, 2022	Jun. 27, 2021
Cash provided by operating activities:
Net income	$ (6,701)	$ (19,532)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	(27,445)	(33,794)
Curtailment gain	(1,027)	(23,830)
Pension withdrawal cost	2,335	12,310
Stock compensation expense	1,026	639
Assets (gain) loss on sales, impairments and other, net	(11,340)	6,938
Deferred income taxes	62	(398)
Pension contributions	0	(965)
Return of (Payments to collateralize) letters of credit	2,451	1,686
Other, net	(1,492)	(147)
Changes in operating assets and liabilities:
(Increase) decrease in receivables and contract assets	(8,004)	(8,720)
(Increase) decrease in inventories and other	(2,369)	1,080
Increase (decrease) in accounts payable and other accrued liabilities	1,775	2,494
Decrease in pension and other postretirement and postemployment benefit obligations	13,910	4,807
Change in income taxes payable	(2,986)	2,459
Other	(49)	(706)
Net cash provided by operating activities	716	42,771
Cash provided by investing activities:
Purchases of property and equipment	(5,738)	(5,350)
Proceeds from sales of assets	14,824	3,095
Distributions (less) greater than earnings of TNI and MNI	(276)	159
Other, net	(295)	(369)
Net cash provided by (required for) investing activities	8,515	(2,465)
Cash required for financing activities:
Payments on long-term debt	20,062	53,128
Common stock transactions, net	380	159
Net cash required for financing activities	(19,682)	(52,969)
Net (decrease) increase in cash and cash equivalents	(10,451)	(12,663)
Cash and cash equivalents:
Beginning of period	26,112	33,733
End of period	$ 15,661	$ 21,070

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Jun. 26, 2022
Notes to Financial Statements
Basis of Presentation and Significant Accounting Policies [Text Block]	1 BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited, interim, Consolidated Financial Statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission for quarterly reports. In the opinion of management, these financial statements contain all adjustments (consisting of only normal recurring items) necessary to present fairly the financial position of Lee Enterprises, Incorporated and its subsidiaries (the “Company”) as of June 26, 2022 2021 10 The Company's fiscal year ends on the last Sunday in September. 2022 September 25, 2022, 2021 September 26, 2021. 2022 2021 52 13 three nine June 26, 2022, not The Consolidated Financial Statements include our accounts and those of our wholly owned subsidiaries, as well as our 82.5% interest in INN Partners, L.C. (“TownNews”). Our 50% interest in TNI Partners ("TNI") and our 50% interest in Madison Newspapers, Inc. ("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 intangible assets. On March 16, 2020,

Note 2 - Revenue

Note 2 - Revenue	9 Months Ended
	Jun. 26, 2022
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	2 REVENUE The following table presents our revenue disaggregated by source: Three months Ended Nine months Ended June 26, June 27, June 26, June 27, (Thousands of Dollars) 2022 2021 2022 2021 Operating revenue: Print 44,814 54,632 145,032 174,933 Digital 46,187 36,490 132,356 104,393 Advertising and marketing services revenue 91,001 91,122 277,388 279,326 Print 78,079 81,483 234,962 249,332 Digital 10,969 7,309 28,953 20,573 Subscription revenue 89,048 88,792 263,915 269,905 Print 10,671 11,880 32,430 37,177 Digital 4,317 4,696 13,600 14,328 Other revenue 14,988 16,576 46,030 51,505 Total operating revenue 195,037 196,490 587,333 600,736 Recognition principles: Total Digital Revenue in the prior year was reclassified to conform to the current year presentation. Total Digital Revenue is defined as digital advertising and marketing services revenue including revenue from our wholly owned digital marketing agency Amplified Digital TM("Amplified"), digital-only subscription revenue and digital services revenue. Arrangements with multiple performance obligations: Contract Assets and Liabilities: twelve nine June 26, 2022, September 26, 2021, Accounts receivable, excluding allowance for credit losses was $82,369,000 and $71,644,000 as of June 26, 2022 September 26, 2021, June 26, 2022 September 26, 2021, Sales commissions are expensed as incurred as the associated contractual periods are one one

Note 3 - Investments in Associa

Note 3 - Investments in Associated Companies	9 Months Ended
	Jun. 26, 2022
Notes to Financial Statements
Equity Method Investments and Joint Ventures Disclosure [Text Block]	3 INVESTMENTS IN ASSOCIATED COMPANIES TNI Partners In Tucson, Arizona, TNI, acting as agent for our subsidiary, Star Publishing Company (“Star Publishing”), and Gannets Co. Inc.'s subsidiary Citizen Publishing Company (“Citizen”), is responsible for printing, delivery, advertising, and subscription activities of the Arizona Daily Star Income or loss of TNI (before income taxes) is allocated equally to Star Publishing and Citizen. Summarized results of TNI are as follows: Three months ended Nine months ended June 26, June 27, June 26, June 27, (Thousands of Dollars) 2022 2021 2022 2021 Operating revenue 8,229 8,389 25,805 26,548 Operating expenses 6,492 6,077 19,365 19,506 Operating income 1,737 2,312 6,440 7,042 Company's 50% share of operating income 869 1,156 3,220 3,521 Equity in earnings of TNI 869 1,156 3,220 3,521 TNI makes periodic distributions of its earnings and for the three June 26, 2022, June 27, 2021, nine June 26, 2022, June 27, 2021, Madison Newspapers, Inc. We have a 50% ownership interest in MNI, which publishes daily and Sunday newspapers, and other publications in Madison, Wisconsin, and other Wisconsin locations, and operates their related digital platforms. Net income or loss of MNI (after income taxes) is allocated equally to us and The Capital Times Company (“TCT”). MNI conducts its business under the trade name Capital Newspapers. Summarized results of MNI are as follows: Three months ended Nine months ended June 26, June 27, June 26, June 27, (Thousands of Dollars) 2022 2021 2022 2021 Operating revenue 11,921 11,479 35,677 34,425 Operating expenses, excluding restructuring costs, depreciation and amortization 9,682 8,657 28,402 29,324 Restructuring costs 122 — 122 106 Depreciation and amortization 167 188 507 480 Operating income 1,950 2,634 6,646 4,515 Net income 362 1,066 1,982 2,762 Equity in earnings of MNI 181 533 991 1,381 MNI makes periodic distributions of its earnings and in the three June 26, 2022 June 27, 2021, nine June 26, 2022, June 27, 2021,

Note 4 - Goodwill and Other Int

Note 4 - Goodwill and Other Intangible Assets	9 Months Ended
	Jun. 26, 2022
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	4 GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill and identified intangible assets consist of the following: June 26, September 26, (Thousands of Dollars) 2022 2021 Goodwill, beginning of period 330,204 330,204 Impairment (700 ) — Goodwill, end of period 329,504 330,204 Non-amortized intangible assets: Mastheads 39,849 39,672 Amortizable intangible assets: Customer and newspaper subscriber lists 574,558 774,242 Less accumulated amortization (474,176 ) (657,243 ) 100,382 116,999 Total intangibles, net 469,735 486,875 The weighted average amortization period for amortizable assets is 12.7 years.

Note 5 - Debt

Note 5 - Debt	9 Months Ended
	Jun. 26, 2022
Notes to Financial Statements
Debt Disclosure [Text Block]	5 DEBT The Company has debt consisting of a single 25-year term loan with BH Finance LLC, with an aggregate principal balance of $462,554,000 at a 9% annual rate and maturing on March 16, 2045 ( June 26, 2022, 2 During the three June 26, 2022, nine June 26, 2022, $20,062,000.For nine September 26, 2021 June 26, 2022, no Warrants We entered into a Warrant Agreement dated March 31, 2014 ( March 31, 2022. The Warrant Agreement required the Warrants to be measured at fair value and included in warrants and other liabilities in our Consolidated Balance Sheets. The initial fair value of the Warrants was $16,930,000. We re-measure the fair value of the liability each reporting period using the Black-Scholes option pricing model. The change in fair value of $71,000 for the nine June 26, 2022 The Warrants expired on March 31, 2022. September 26, 2021, In connection with the issuance of the Warrants, we entered into a Registration Rights Agreement dated March 31, 2014

Note 6 - Pension, Postretiremen

Note 6 - Pension, Postretirement and Postemployment Defined Benefit Plans	9 Months Ended
	Jun. 26, 2022
Other Postretirement Benefits Plan [Member]
Notes to Financial Statements
Retirement Benefits [Text Block]	6 PENSION, POSTRETIREMENT AND POSTEMPLOYMENT DEFINED BENEFIT PLANS We have several defined benefit pension plans that together cover certain employees, including plans established under collective bargaining agreements. As of September 26, 2021 two seven no June 26, 2022, During the quarter ended December 26, 2021, four four four six one second 2022. During the quarter ended December 27, 2020, one The net periodic pension and postretirement cost (benefit) components for our plans are as follows: PENSION PLANS Three months ended Nine months ended June 26, June 27, June 26, June 27, (Thousands of Dollars) 2022 2021 2022 2021 Service cost for benefits earned during the period 287 633 1,030 1,899 Interest cost on projected benefit obligation 2,001 1,787 5,939 5,361 Expected return on plan assets (4,535 ) (4,672 ) (13,606 ) (14,016 ) Amortization of net loss (687 ) 1,004 (2,633 ) 3,013 Amortization of prior service benefit 212 — 424 (1 ) Curtailment gain — — (1,027 ) — Pension benefit (2,722 ) (1,248 ) (9,873 ) (3,744 ) POSTRETIREMENT MEDICAL PLANS Three months ended Nine months ended June 26, June 27, June 26, June 27, (Thousands of Dollars) 2022 2021 2022 2021 Service cost for benefits earned during the period 27 240 81 690 Interest cost on projected benefit obligation 85 239 255 601 Expected return on plan assets (263 ) (252 ) (789 ) (756 ) Amortization of net gain (249 ) (172 ) (747 ) (516 ) Amortization of prior service benefit (162 ) (162 ) (486 ) (485 ) Curtailment gain — — — (23,830 ) Postretirement medical benefit (562 ) (107 ) (1,686 ) (24,296 ) In the nine June 26, 2022, In the nine June 27, 2021, no 2022 not 2022. Multiemployer Pension Plans In prior periods, the Company effectuated withdrawals from several multiemployer plans. We recorded estimates of withdrawal liabilities as of the time the contracts agreeing to withdraw from those plans are ratified. As of June 26, 2022, September 26, 2021,

Note 7 - Income Taxes

Note 7 - Income Taxes	9 Months Ended
	Jun. 26, 2022
Notes to Financial Statements
Income Tax Disclosure [Text Block]	7 INCOME TAXES We recorded an income tax expense of $156,000 related to income before taxes of $352,000 for the three June 26, 2022, nine June 26, 2022. three June 27, 2021, nine June 27, 2021. three nine June 26, 2022, three nine June 27, 2021, The primary differences between these rates and the U.S. federal statutory rate of 21% We file a consolidated federal tax return, as well as combined and separate tax returns in approximately 27 not 2014.

Note 8 - Earnings Per Common Sh

Note 8 - Earnings Per Common Share	9 Months Ended
	Jun. 26, 2022
Notes to Financial Statements
Earnings Per Share [Text Block]	8 EARNINGS PER COMMON SHARE The following table sets forth the computation of basic and diluted earnings per common share: Three months ended Nine months ended June 26, June 27, June 26, June 27, (Thousands of Dollars and Shares, Except Per Share Data) 2022 2021 2022 2021 (Loss) income attributable to Lee Enterprises, Incorporated: (269 ) 3,227 5,113 17,995 Weighted average common shares 5,965 5,881 5,935 5,867 Less weighted average restricted Common Stock (170 ) (156 ) (168 ) (155 ) Basic average common shares 5,795 5,725 5,767 5,712 Dilutive stock options and restricted Common Stock — 123 93 102 Diluted average common shares 5,795 5,848 5,860 5,814 Earnings per common share: Basic (0.05 ) 0.56 0.89 3.15 Diluted (0.05 ) 0.55 0.87 3.10 For the three June 26, 2022 no nine June 26, 2022, not three nine June 27, 2021, Rights Agreement On November 24, 2021, November 24, 2021, December 6, 2021, one one one The Rights will initially trade with our Common Stock and will generally become exercisable only if any person or group, other than certain exempt persons, acquires beneficial ownership of 10% (or 20% in the case of certain passive investors) or more of our Common Stock outstanding. In the event the Rights become exercisable, each holder of a Right, other than the triggering person(s), will be entitled to purchase additional shares of our Common Stock at a 50% discount or the Company may one November 23, 2022, no The Rights Agreement applies equally to all current and future stockholders and is not may not

Note 9 - Commitments and Contin

Note 9 - Commitments and Contingent Liabilities	9 Months Ended
	Jun. 26, 2022
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	9 COMMITMENTS AND CONTINGENT LIABILITIES 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

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Jun. 26, 2022
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The accompanying unaudited, interim, Consolidated Financial Statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission for quarterly reports. In the opinion of management, these financial statements contain all adjustments (consisting of only normal recurring items) necessary to present fairly the financial position of Lee Enterprises, Incorporated and its subsidiaries (the “Company”) as of June 26, 2022 2021 10 The Company's fiscal year ends on the last Sunday in September. 2022 September 25, 2022, 2021 September 26, 2021. 2022 2021 52 13 three nine June 26, 2022, not The Consolidated Financial Statements include our accounts and those of our wholly owned subsidiaries, as well as our 82.5% interest in INN Partners, L.C. (“TownNews”). Our 50% interest in TNI Partners ("TNI") and our 50% interest in Madison Newspapers, Inc. ("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 intangible assets. On March 16, 2020,

Note 2 - Revenue (Tables)

Note 2 - Revenue (Tables)	9 Months Ended
	Jun. 26, 2022
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three months Ended Nine months Ended June 26, June 27, June 26, June 27, (Thousands of Dollars) 2022 2021 2022 2021 Operating revenue: Print 44,814 54,632 145,032 174,933 Digital 46,187 36,490 132,356 104,393 Advertising and marketing services revenue 91,001 91,122 277,388 279,326 Print 78,079 81,483 234,962 249,332 Digital 10,969 7,309 28,953 20,573 Subscription revenue 89,048 88,792 263,915 269,905 Print 10,671 11,880 32,430 37,177 Digital 4,317 4,696 13,600 14,328 Other revenue 14,988 16,576 46,030 51,505 Total operating revenue 195,037 196,490 587,333 600,736

Note 3 - Investments in Assoc_2

Note 3 - Investments in Associated Companies (Tables)	9 Months Ended
	Jun. 26, 2022
Notes Tables
Equity Method Investments [Table Text Block]	Three months ended Nine months ended June 26, June 27, June 26, June 27, (Thousands of Dollars) 2022 2021 2022 2021 Operating revenue 8,229 8,389 25,805 26,548 Operating expenses 6,492 6,077 19,365 19,506 Operating income 1,737 2,312 6,440 7,042 Company's 50% share of operating income 869 1,156 3,220 3,521 Equity in earnings of TNI 869 1,156 3,220 3,521 Three months ended Nine months ended June 26, June 27, June 26, June 27, (Thousands of Dollars) 2022 2021 2022 2021 Operating revenue 11,921 11,479 35,677 34,425 Operating expenses, excluding restructuring costs, depreciation and amortization 9,682 8,657 28,402 29,324 Restructuring costs 122 — 122 106 Depreciation and amortization 167 188 507 480 Operating income 1,950 2,634 6,646 4,515 Net income 362 1,066 1,982 2,762 Equity in earnings of MNI 181 533 991 1,381

Note 4 - Goodwill and Other I_2

Note 4 - Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Jun. 26, 2022
Notes Tables
Schedule of Intangible Assets [Table Text Block]	June 26, September 26, (Thousands of Dollars) 2022 2021 Goodwill, beginning of period 330,204 330,204 Impairment (700 ) — Goodwill, end of period 329,504 330,204 Non-amortized intangible assets: Mastheads 39,849 39,672 Amortizable intangible assets: Customer and newspaper subscriber lists 574,558 774,242 Less accumulated amortization (474,176 ) (657,243 ) 100,382 116,999 Total intangibles, net 469,735 486,875

Note 6 - Pension, Postretirem_2

Note 6 - Pension, Postretirement and Postemployment Defined Benefit Plans (Tables)	9 Months Ended
	Jun. 26, 2022
Notes Tables
Schedule of Defined Benefit Plans Disclosures [Table Text Block]	PENSION PLANS Three months ended Nine months ended June 26, June 27, June 26, June 27, (Thousands of Dollars) 2022 2021 2022 2021 Service cost for benefits earned during the period 287 633 1,030 1,899 Interest cost on projected benefit obligation 2,001 1,787 5,939 5,361 Expected return on plan assets (4,535 ) (4,672 ) (13,606 ) (14,016 ) Amortization of net loss (687 ) 1,004 (2,633 ) 3,013 Amortization of prior service benefit 212 — 424 (1 ) Curtailment gain — — (1,027 ) — Pension benefit (2,722 ) (1,248 ) (9,873 ) (3,744 ) POSTRETIREMENT MEDICAL PLANS Three months ended Nine months ended June 26, June 27, June 26, June 27, (Thousands of Dollars) 2022 2021 2022 2021 Service cost for benefits earned during the period 27 240 81 690 Interest cost on projected benefit obligation 85 239 255 601 Expected return on plan assets (263 ) (252 ) (789 ) (756 ) Amortization of net gain (249 ) (172 ) (747 ) (516 ) Amortization of prior service benefit (162 ) (162 ) (486 ) (485 ) Curtailment gain — — — (23,830 ) Postretirement medical benefit (562 ) (107 ) (1,686 ) (24,296 )

Note 8 - Earnings Per Common _2

Note 8 - Earnings Per Common Share (Tables)	9 Months Ended
	Jun. 26, 2022
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three months ended Nine months ended June 26, June 27, June 26, June 27, (Thousands of Dollars and Shares, Except Per Share Data) 2022 2021 2022 2021 (Loss) income attributable to Lee Enterprises, Incorporated: (269 ) 3,227 5,113 17,995 Weighted average common shares 5,965 5,881 5,935 5,867 Less weighted average restricted Common Stock (170 ) (156 ) (168 ) (155 ) Basic average common shares 5,795 5,725 5,767 5,712 Dilutive stock options and restricted Common Stock — 123 93 102 Diluted average common shares 5,795 5,848 5,860 5,814 Earnings per common share: Basic (0.05 ) 0.56 0.89 3.15 Diluted (0.05 ) 0.55 0.87 3.10

Note 1 - Basis of Presentatio_2

Note 1 - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) - USD ($)	Mar. 16, 2020	Jun. 26, 2022
BH Media Group, Inc. And The Buffalo News [Member]
Payments to Acquire Businesses, Gross	$ 140,000,000
TNI Partners [Member]
Equity Method Investment, Ownership Percentage		50%
MNI [Member]
Equity Method Investment, Ownership Percentage		50%
INN Partners, L.C. [Member]
Noncontrolling Interest, Ownership Percentage by Parent		82.50%

Note 2 - Revenue (Details Textu

Note 2 - Revenue (Details Textual) - USD ($)	9 Months Ended
	Jun. 26, 2022	Sep. 26, 2021
Contract with Customer, Liability, Revenue Recognized	$ 52,718,000
Accounts Receivable, before Allowance for Credit Loss	82,369,000	$ 71,644,000
Accounts Receivable, Allowance for Credit Loss, Ending Balance	$ 7,458,000	$ 6,574,000

Note 2 - Revenue - Disaggregati

Note 2 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 26, 2022	Jun. 27, 2021	Jun. 26, 2022	Jun. 27, 2021
Total operating revenue	$ 195,037	$ 196,490	$ 587,333	$ 600,736
Advertising and Marketing Services [Member]
Total operating revenue	91,001	91,122	277,388	279,326
Advertising and Marketing Services [Member] | Print [Member]
Total operating revenue	44,814	54,632	145,032	174,933
Advertising and Marketing Services [Member] | Digital [Member]
Total operating revenue	46,187	36,490	132,356	104,393
Subscription and Circulation [Member]
Total operating revenue	89,048	88,792	263,915	269,905
Subscription and Circulation [Member] | Print [Member]
Total operating revenue	78,079	81,483	234,962	249,332
Subscription and Circulation [Member] | Digital [Member]
Total operating revenue	10,969	7,309	28,953	20,573
Product and Service, Other [Member]
Total operating revenue	14,988	16,576	46,030	51,505
Product and Service, Other [Member] | Print [Member]
Total operating revenue	10,671	11,880	32,430	37,177
Product and Service, Other [Member] | Digital [Member]
Total operating revenue	$ 4,317	$ 4,696	$ 13,600	$ 14,328

Note 3 - Investments in Assoc_3

Note 3 - Investments in Associated Companies (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 26, 2022	Jun. 27, 2021	Jun. 26, 2022	Jun. 27, 2021
MNI [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	50%		50%
TNI Partners [Member]
Proceeds from Equity Method Investment, Distribution	$ 676,000	$ 544,000	$ 2,935,000	$ 3,161,000
MNI [Member]
Proceeds from Equity Method Investment, Distribution	$ 200,000	$ 750,000	$ 1,000,000	$ 1,900,000

Note 3 - Investments in Assoc_4

Note 3 - Investments in Associated Companies - Summarized Financial Results (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 26, 2022	Jun. 27, 2021	Jun. 26, 2022	Jun. 27, 2021
Operating revenue	$ 195,037	$ 196,490	$ 587,333	$ 600,736
Operating expenses	189,648	184,396	563,219	562,631
Operating income	6,439	13,783	28,325	43,007
Equity in earnings	1,050	1,689	4,211	4,902
Restructuring costs	6,072	1,419	19,862	5,880
Depreciation and amortization	8,818	10,836	27,445	33,794
Net income	196	3,737	6,701	19,532
MNI [Member]
Net income	362	1,066	1,982	2,762
TNI Partners [Member]
Operating revenue	8,229	8,389	25,805	26,548
Operating expenses	6,492	6,077	19,365	19,506
Operating income	1,737	2,312	6,440	7,042
Company's 50% share of operating income	869	1,156	3,220	3,521
Equity in earnings	869	1,156	3,220	3,521
MNI [Member]
Operating revenue	11,921	11,479	35,677	34,425
Operating expenses	9,682	8,657	28,402	29,324
Operating income	1,950	2,634	6,646	4,515
Equity in earnings	181	533	991	1,381
Restructuring costs	122	0	122	106
Depreciation and amortization	$ 167	$ 188	$ 507	$ 480

Note 3 - Investments in Assoc_5

Note 3 - Investments in Associated Companies - Summarized Financial Results (Details) (Parentheticals)	Jun. 26, 2022
TNI Partners [Member]
Percentage of share	50%

Note 4 - Goodwill and Other I_3

Note 4 - Goodwill and Other Intangible Assets (Details Textual)	9 Months Ended
	Jun. 26, 2022
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year)	12 years 8 months 12 days

Note 4 - Goodwill and Other I_4

Note 4 - Goodwill and Other Intangible Assets - Identified Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 26, 2022	Sep. 26, 2021
Impairment	$ (700)	$ 0
Total intangibles, net	469,735	486,875
Customer and Newspaper Subscriber Lists [Member]
Amortizable intangible assets, gross	574,558	774,242
Less accumulated amortization	(474,176)	(657,243)
Finite-Lived Intangible Assets, Net, Ending Balance	100,382	116,999
Mastheads [Member]
Mastheads	$ 39,849	$ 39,672

Note 5 - Debt (Details Textual)

Note 5 - Debt (Details Textual) - USD ($)		3 Months Ended	9 Months Ended
	Mar. 16, 2020	Jun. 26, 2022	Jun. 26, 2022	Jun. 27, 2021	Sep. 26, 2021	Mar. 31, 2014
Repayments of Long-Term Debt, Total			$ 20,062,000	$ 53,128,000
Warrants Issued in Connection with Second Lien Term Loan [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)						600,000
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)						$ 41.90
Warrants and Rights Outstanding					$ 71,000	$ 16,930,000
Warrants Issued in Connection with Second Lien Term Loan [Member] | Nonoperating Income (Expense) [Member]
Fair Value Adjustment of Warrants			71,000
Credit Agreement [Member] | Secured Term Loan [Member] | BH Finance [Member]
Debt Instrument, Term (Year)	25 years
Debt Instrument, Face Amount	$ 462,554,000
Debt Instrument, Interest Rate, Stated Percentage	9%
Repayments of Long-Term Debt, Total		$ 0	20,062,000
Repayments of Long-term Debt, Funded by Sale of Non-core Assets			10,450,000
Excess Cash Flow Repayments of Long-term Debt			6,112,000
Voluntary Repayments of Long-term Debt			$ 3,500,000

Note 6 - Pension, Postretirem_3

Note 6 - Pension, Postretirement and Postemployment Defined Benefit Plans (Details Textual) - USD ($)		3 Months Ended			9 Months Ended
	Dec. 27, 2020	Jun. 26, 2022	Dec. 26, 2021	Jun. 27, 2021	Jun. 26, 2022	Jun. 27, 2021	Sep. 26, 2021
Multiemployer Plans, Withdrawal Obligation		$ 24,337,020			$ 24,337,020		$ 23,471,000
Multiemployer Plans, Withdrawal Obligation, Period (Year)		20 years
Postemployment Retirement Benefits [Member]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment	$ 23,830,000		$ 1,027,000
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment	23,830,000		(6,507,000)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment	$ 23,830,000		$ 1,027,000
Pension Plan [Member]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment		$ 0		$ 0	1,027,000	$ 0
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment		0		$ 0	1,027,000	0
Defined Benefit Plan, Plan Assets, Contributions by Employer					0	$ 965,000
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year		$ 0			$ 0

Note 6 - Pension, Postretirem_4

Note 6 - Pension, Postretirement and Postemployment Defined Benefit Plans - Net Periodic Cost (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 26, 2022	Jun. 27, 2021	Jun. 26, 2022	Jun. 27, 2021
Amortization of prior service benefit	$ 212	$ 0	$ 424	$ (1)
Amortization of prior service benefit	212	0	424	(1)
Pension Plan [Member]
Service cost for benefits earned during the period	287	633	1,030	1,899
Interest cost on projected benefit obligation	2,001	1,787	5,939	5,361
Expected return on plan assets	(4,535)	(4,672)	(13,606)	(14,016)
Amortization of net loss	(687)	1,004	(2,633)	3,013
Curtailment gain	0	0	(1,027)	0
Pension benefit	(2,722)	(1,248)	(9,873)	(3,744)
Postretirement Health Coverage [Member]
Service cost for benefits earned during the period	27	240	81	690
Interest cost on projected benefit obligation	85	239	255	601
Expected return on plan assets	(263)	(252)	(789)	(756)
Amortization of net loss	(249)	(172)	(747)	(516)
Amortization of prior service benefit	(162)	(162)	(486)	(485)
Curtailment gain	0	0	0	(23,830)
Pension benefit	(562)	(107)	(1,686)	(24,296)
Amortization of prior service benefit	$ (162)	$ (162)	$ (486)	$ (485)

Note 7 - Income Taxes (Details

Note 7 - Income Taxes (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 26, 2022	Jun. 27, 2021	Jun. 26, 2022	Jun. 27, 2021
Income Tax Expense (Benefit), Total	$ 156,000	$ 1,366,000	$ 2,363,000	$ 7,106,000
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest, Total	$ 352,000	$ 5,103,000	$ 9,064,000	$ 26,638,000
Effective Income Tax Rate Reconciliation, Percent, Total	26.10%	26.80%	44.30%	26.70%
Open Tax Year			2015 2016 2017 2018 2019 2020 2021

Note 8 - Earnings Per Common _3

Note 8 - Earnings Per Common Share (Details Textual) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
	Nov. 24, 2021 USD ($) $ / shares shares	Jun. 26, 2022 shares	Jun. 27, 2021 shares	Jun. 26, 2022 shares	Jun. 27, 2021 shares
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)		0	600,000	74,804	600,000
Dividends Declared, Number of Preferred Share Purchase Right	1
Preferred Share Purchase Rights [Member]
Preferred Share Purchase Right, Terms of Exercisability, Ownership Percentage	10%
Preferred Share Purchase Right, Terms of Exercisability, Passive Investors, Ownership Percentage	20%
Preferred Share Purchase Right, Discount Rate for Additional Shares	50%
Preferred Share Purchase Right, Number of Common Shares Issue in Lieu of Discount (in shares)	1
Dilutive Securities, Effect on Basic Earnings Per Share, Total | $	$ 0
Series B Participating Convertible Preferred Stock, Nonvoting, No Par Value [Member] | Preferred Share Purchase Rights [Member]
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares)	0.001
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares	$ 120

Note 8 - Earnings Per Common _4

Note 8 - Earnings Per Common Share - Computation of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Jun. 26, 2022	Mar. 27, 2022	Dec. 26, 2021	Jun. 27, 2021	Mar. 28, 2021	Dec. 27, 2020	Jun. 26, 2022	Jun. 27, 2021
Income attributable to Lee Enterprises, Incorporated	$ (269)	$ (7,276)	$ 12,658	$ 3,227	$ (1,134)	$ 15,902	$ 5,113	$ 17,995
Weighted average common shares (in shares)	5,965			5,881			5,935	5,867
Less weighted average restricted Common Stock (in shares)	(170)			(156)			(168)	(155)
Basic average common shares (in shares)	5,795			5,725			5,767	5,712
Dilutive stock options and restricted Common Stock (in shares)	0			123			93	102
Diluted average common shares (in shares)	5,795			5,848			5,860	5,814
Basic: (in dollars per share)	$ (0.05)			$ 0.56			$ 0.89	$ 3.15
Diluted: (in dollars per share)	$ (0.05)			$ 0.55			$ 0.87	$ 3.10