Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | ||
Sep. 25, 2016 | Nov. 30, 2016 | Mar. 27, 2016 | |
Entity Information [Line Items] | |||
Entity Registrant Name | Lee Enterprises, Inc. | ||
Entity Central Index Key | 58,361 | ||
Current Fiscal Year End Date | --09-25 | ||
Entity Filer Category | Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Sep. 25, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 55,562,832 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 93,233,000 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Thousands | Sep. 25, 2016 | Sep. 27, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 16,984 | $ 11,134 |
Accounts receivable, net | 51,334 | 58,899 |
Income taxes receivable | 0 | 413 |
Inventory, Net | 4,252 | 3,914 |
Other | 4,683 | 8,304 |
Total current assets | 77,253 | 82,664 |
Investments: | ||
Associated companies | 29,716 | 35,069 |
Other | 9,488 | 9,083 |
Total investments | 39,204 | 44,152 |
Property and equipment: | ||
Land and improvements | 21,028 | 22,257 |
Buildings and improvements | 174,164 | 179,731 |
Equipment | 279,770 | 290,127 |
Construction in process | 823 | 997 |
Property, plant and equipment, gross | 475,785 | 493,112 |
Less accumulated depreciation | 347,223 | 349,343 |
Property and equipment, net | 128,562 | 143,769 |
Goodwill | 243,729 | 243,729 |
Other intangible assets, net | 158,354 | 185,962 |
Postretirement assets, net | 14,063 | 13,421 |
Other | 27,961 | 34,128 |
Total assets | 689,126 | 747,825 |
Current liabilities: | ||
Current maturities of long-term debt | 25,070 | 25,000 |
Accounts payable | 18,143 | 20,113 |
Compensation and other accrued liabilities | 23,884 | 27,055 |
Accrued Interest | 2,895 | 4,184 |
Income taxes payable | 665 | 0 |
Unearned revenue | 28,361 | 28,929 |
Total current liabilities | 99,018 | 105,281 |
Long-term debt, net of current maturities | 592,097 | 700,872 |
Pension obligations | 55,148 | 52,522 |
Postretirement and postemployment benefit obligations | 10,717 | 11,060 |
Deferred income taxes | 38,308 | 22,137 |
Income taxes payable | 5,016 | 4,856 |
Other | 16,363 | 9,680 |
Total liabilities | 816,667 | 906,408 |
Stockholders' equity (deficit): | ||
Serial convertible preferred stock, no par value; authorized 500 shares; none issued | 0 | 0 |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Additional paid-in capital | 249,740 | 247,302 |
Accumulated deficit | (356,005) | (390,966) |
Accumulated other comprehensive income | (22,778) | (16,276) |
Total stockholders' deficit | (128,485) | (159,393) |
Non-controlling interests | 944 | 810 |
Total deficit | (127,541) | (158,583) |
Total liabilities and deficit | 689,126 | 747,825 |
Common Stock [Member] | ||
Stockholders' equity (deficit): | ||
Common Stock | 558 | 547 |
Common Class B [Member] | ||
Stockholders' equity (deficit): | ||
Common Stock | $ 0 | $ 0 |
Consolidated Balance Sheet Pare
Consolidated Balance Sheet Parentheticals (Parentheticals) - USD ($) $ in Thousands | Sep. 25, 2016 | Sep. 27, 2015 |
Allowance for Doubtful Accounts Receivable | $ 4,327 | $ 4,194 |
Preferred Stock, Par or Stated Value Per Share | $ 0 | $ 0 |
Preferred Stock, Shares Authorized | 500,000 | 500,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Common Class A [Member] | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 120,000,000 | 120,000,000 |
Common Stock, Shares, Issued | 55,771,000 | 54,679,000 |
Common Class B [Member] | ||
Common Stock, Par or Stated Value Per Share | $ 2 | $ 2 |
Common Stock, Shares Authorized | 30,000,000 | 30,000,000 |
Common Stock, Shares, Issued | 0 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) | 12 Months Ended | ||
Sep. 25, 2016 | Sep. 27, 2015 | Sep. 28, 2014 | |
Operating revenue: | |||
Advertising | $ 373,463,000 | $ 412,099,000 | $ 443,247,000 |
Subscription | 194,002,000 | 194,474,000 | 176,826,000 |
Other | 46,899,000 | 41,970,000 | 40,804,000 |
Total operating revenue | 614,364,000 | 648,543,000 | 660,877,000 |
Operating expenses: | |||
Compensation | 229,752,000 | 239,028,000 | 243,054,000 |
Newsprint and ink | 26,110,000 | 30,263,000 | 37,994,000 |
Other operating expenses | 218,726,000 | 229,165,000 | 223,509,000 |
Depreciation | 17,291,000 | 18,418,000 | 20,920,000 |
Amortization of intangible assets | 26,150,000 | 27,145,000 | 27,591,000 |
Impairment of intangible and other assets | 2,185,000 | 0 | 2,980,000 |
Net (gain) loss on sale of assets | (3,139,000) | 106,000 | (1,338,000) |
Workforce adjustments | 1,825,000 | 3,304,000 | 1,265,000 |
Total operating expenses | 518,900,000 | 547,429,000 | 555,975,000 |
Equity in earnings of associated companies | 8,533,000 | 8,254,000 | 8,297,000 |
Operating income (loss) | 103,997,000 | 109,368,000 | 113,199,000 |
Non-operating income (expense): | |||
Financial income | 400,000 | 337,000 | 385,000 |
Interest expense | (64,233,000) | (72,409,000) | (79,724,000) |
Debt financing and administrative costs | (5,947,000) | (5,433,000) | (22,927,000) |
Insurance Settlement | 30,646,000 | 0 | 0 |
Other, net | (6,668,000) | 6,049,000 | 3,028,000 |
Total non-operating expense, net | (45,802,000) | (71,456,000) | (99,238,000) |
Income (loss) before income taxes | 58,195,000 | 37,912,000 | 13,961,000 |
Income tax expense (benefit) | 22,176,000 | 13,594,000 | 6,290,000 |
Net income (loss) | 36,019,000 | 24,318,000 | 7,671,000 |
Net income attributable to non-controlling interests | (1,058,000) | (1,002,000) | (876,000) |
Loss attributable to Lee Enterprises, Incorporated | 34,961,000 | 23,316,000 | 6,795,000 |
Other comprehensive income (loss), net | (6,503,000) | (6,445,000) | (17,497,000) |
Comprehensive loss | $ 28,458,000 | $ 16,871,000 | $ (10,702,000) |
Earnings (loss) per common share: | |||
Basic | $ 0.66 | $ 0.44 | $ 0.13 |
Diluted | $ 0.64 | $ 0.43 | $ 0.13 |
Statement of Cash Flows
Statement of Cash Flows - USD ($) | 12 Months Ended | ||
Sep. 25, 2016 | Sep. 27, 2015 | Sep. 28, 2014 | |
Cash provided by (required for) operating activities: | |||
Net income (loss) | $ 36,019,000 | $ 24,318,000 | $ 7,671,000 |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation and amortization | 43,441,000 | 45,563,000 | 48,511,000 |
Net (gain) loss on sale of assets | (3,139,000) | 106,000 | (1,338,000) |
Insurance Settlement | (30,646,000) | 0 | 0 |
Impairment of intangible and other assets | 2,185,000 | 0 | 2,980,000 |
Distributions greater than earnings of MNI | 3,777,000 | 2,084,000 | 1,366,000 |
Stock compensation expense | 2,306,000 | 1,971,000 | 1,481,000 |
Amortization of debt present value adjustment | 0 | 0 | 2,394,000 |
Deferred income taxes | 20,669,000 | 12,764,000 | 6,425,000 |
Debt financing and administrative costs | 5,947,000 | 5,433,000 | 22,927,000 |
Gain (Loss) on Extinguishment of Debt | (1,250,000) | 0 | 0 |
Pension Contributions | 4,604,000 | 3,577,000 | 1,435,000 |
Changes in operating assets and liabilities: | |||
Decrease in receivables | 6,933,000 | 3,444,000 | 872,000 |
Decrease in inventories and other | 617,000 | 3,122,000 | 217,000 |
Decrease in accounts payable, accrued expenses and unearned revenue | (8,327,000) | (9,587,000) | (5,315,000) |
Decrease in pension, postretirement and post employment benefits | (4,757,000) | (3,627,000) | (4,643,000) |
Change in income taxes receivable or payable | 1,238,000 | (34,000) | 5,854,000 |
Other, net | 8,781,000 | (7,504,000) | (5,892,000) |
Net Cash Provided by (Used in) Operating Activities | 79,190,000 | 74,476,000 | 82,075,000 |
Cash provided by (required for) investing activities: | |||
Purchases of property and equipment | (7,091,000) | (9,707,000) | (13,661,000) |
Decrease in restricted cash | 0 | 441,000 | (441,000) |
Insurance Settlement | 30,646,000 | 0 | 0 |
Proceeds from sales of assets | 9,878,000 | 8,871,000 | 4,485,000 |
Distributions greater than current earnings of TNI | 1,575,000 | 637,000 | 333,000 |
Other, net | (500,000) | (450,000) | 0 |
Net Cash Provided by (Used in) Investing Activities | 34,508,000 | (208,000) | (9,284,000) |
Cash provided by (required for) financing activities: | |||
Proceeds from long-term debt | 5,000,000 | 5,000,000 | 805,000,000 |
Payments on long-term debt | (112,455,000) | (83,878,000) | (847,750,000) |
Debt financing and reorganization costs paid | (422,000) | (733,000) | (31,587,000) |
Common stock transactions net | 29,000 | (227,000) | 688,000 |
Net Cash Provided by (Used in) Financing Activities | (107,848,000) | (79,838,000) | (73,649,000) |
Net increase in cash and cash equivalents | 5,850,000 | (5,570,000) | (858,000) |
Cash and cash equivalents: | |||
End of period | $ 16,984,000 | $ 11,134,000 | $ 16,704,000 |
Statement of Stockholders' Equi
Statement of Stockholders' Equity (Deficit) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Common Stock, Shares, Outstanding | 52,434 | |||||
Beginning balance at Sep. 29, 2013 | $ 524 | $ 242,537 | $ (421,077) | $ 7,666 | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | (29,591) | |||||
Other Comprehensive Income (Loss), Tax | 12,094 | |||||
Net Income (Loss) | $ 7,671 | 7,671 | ||||
Net Income (Loss) Attributable to Noncontrolling Interest | 876 | (876) | ||||
Share-based Compensation | 1,481 | |||||
Stock Issued During Period, Value, New Issues | 13 | 1,305 | ||||
Stock Issued During Period, Shares, New Issues | 1,313 | |||||
Ending balance at Sep. 28, 2014 | 537 | 245,323 | (414,282) | (9,831) | ||
Stockholders' Equity Attributable to Parent | $ (178,253) | |||||
Common Stock, Shares, Outstanding | 53,747 | 53,747 | ||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | (10,973) | |||||
Other Comprehensive Income (Loss), Tax | 4,528 | |||||
Net Income (Loss) | $ 24,318 | 24,318 | ||||
Net Income (Loss) Attributable to Noncontrolling Interest | 1,002 | (1,002) | ||||
Share-based Compensation | 1,971 | |||||
Stock Issued During Period, Value, New Issues | 10 | 8 | ||||
Stock Issued During Period, Shares, New Issues | 932 | |||||
Ending balance at Sep. 27, 2015 | (158,583) | 547 | 247,302 | (390,966) | (16,276) | |
Stockholders' Equity Attributable to Parent | $ (159,393) | |||||
Common Stock, Shares, Outstanding | 54,679 | 54,679 | ||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | (11,001) | |||||
Other Comprehensive Income (Loss), Tax | 4,499 | |||||
Net Income (Loss) | $ 36,019 | 36,019 | ||||
Net Income (Loss) Attributable to Noncontrolling Interest | 1,058 | (1,058) | ||||
Share-based Compensation | 2,306 | |||||
Stock Issued During Period, Value, New Issues | 11 | 132 | ||||
Stock Issued During Period, Shares, New Issues | 1,092 | |||||
Ending balance at Sep. 25, 2016 | (127,541) | $ 558 | $ 249,740 | $ (356,005) | $ (22,778) | |
Stockholders' Equity Attributable to Parent | $ (128,485) | |||||
Common Stock, Shares, Outstanding | 55,771 | 55,771 |
Investments in Associated Compa
Investments in Associated Companies | 12 Months Ended |
Sep. 25, 2016 | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | INVESTMENTS IN ASSOCIATED COMPANIES TNI Partners In Tucson, Arizona, TNI, acting as agent for our subsidiary, Star Publishing Company (“Star Publishing”) and Citizen Publishing Company (“Citizen”), a subsidiary of Gannett Co. Inc., is responsible for printing, delivery, advertising and subscription activities of the Arizona Daily Star, as well as the related digital platforms and specialty publications. TNI collects all receipts and income and pays substantially all operating expenses incident to the partnership's operations and publication of the newspaper and other media. Income or loss of TNI is allocated equally to Star Publishing and Citizen. Summarized financial information of TNI is as follows: (Thousands of Dollars) September 25 September 27 ASSETS Current assets 5,107 5,761 Investments and other assets 12 33 Total assets 5,119 5,794 LIABILITIES AND MEMBERS' EQUITY Current liabilities 6,484 4,787 Members' equity (1,365 ) 1,007 Total liabilities and members' equity 5,119 5,794 Summarized results of TNI are as follows: (Thousands of Dollars) 2016 2015 2014 Operating revenue 52,761 55,926 57,892 Operating expenses 41,804 45,413 47,229 Operating income 10,957 10,513 10,663 Company's 50% share 5,478 5,256 5,331 Less amortization of intangible assets 418 418 418 Equity in earnings of TNI 5,060 4,838 4,913 TNI makes weekly distributions of its earnings. We received $6,636,000 , $5,475,000 and $5,246,000 in distributions in 2016, 2015 and 2014, respectively. Star Publishing's 50% share of TNI depreciation and certain general and administrative expenses associated with its share of the operation and administration of TNI are reported as operating expenses (benefit) in our Consolidated Statements of Income and Comprehensive Income (Loss). These amounts totaled $149,000 , $(254,000) ,and $(60,000) , in 2016, 2015 and 2014, respectively. Fees for editorial services provided to TNI by Star Publishing totaled $5,599,000 , $5,492,000 , and $5,908,000 in 2016, 2015 and 2014, respectively. At September 25, 2016 , the carrying value of the Company's 50% investment in TNI is $15,933,000 . The difference between our carrying value and our 50% share of the members' equity of TNI relates principally to goodwill of $12,366,000 and other identified intangible assets of $4,554,000 , certain of which are being amortized over their estimated useful lives through 2020. See Note 3. Annual amortization of intangible assets is estimated to be $418,000 in 2017, 2018, 2019, and $280,000 in 2020. Madison Newspapers, Inc. We have a 50% ownership interest in MNI, which publishes daily and Sunday newspapers, and other publications in Madison, Wisconsin, and other Wisconsin locations, and operates their related digital sites. Net income or loss of MNI (after income taxes) is allocated equally to us and The Capital Times Company (“TCT”). MNI conducts its business under the trade name Capital Newspapers. Summarized financial information of MNI is as follows: (Thousands of Dollars) September 25 September 27 ASSETS Current assets 12,320 18,255 Investments and other assets 33,364 34,209 Total assets 45,684 52,464 LIABILITIES AND MEMBERS' EQUITY Current liabilities 8,391 8,100 Other liabilities 9,500 9,235 Stockholders' equity 27,793 35,129 Total liabilities and stockholders' equity 45,684 52,464 Summarized results of MNI are as follows: (Thousands of Dollars) 2016 2015 2014 Operating revenue 65,172 67,264 67,478 Operating expenses, excluding workforce adjustments, depreciation and amortization 52,646 54,795 55,393 Workforce adjustments 39 459 244 Depreciation and amortization 1,684 1,630 1,626 Operating income 10,803 10,380 10,215 Net income 6,947 6,832 6,768 Equity in earnings of MNI 3,473 3,416 3,384 MNI makes quarterly distributions of its earnings. We received $7,250,000 , $5,500,000 and $4,750,000 in distributions in 2016, 2015 and 2014, respectively. Fees for editorial services provided to MNI by us are included in other revenue in the Consolidated Statements of Operations and Comprehensive Income and totaled $7,099,000 , $7,242,000 and $7,050,000 , in 2016, 2015 and 2014, respectively. At September 25, 2016 , the carrying value of the Company's 50% investment in MNI is $13,896,000 . |
Goodwill and other Intangible A
Goodwill and other Intangible Assets | 12 Months Ended |
Sep. 25, 2016 | |
Goodwill And Other Intangible Assets [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | GOODWILL AND OTHER INTANGIBLE ASSETS Changes in the carrying amount of goodwill related to continuing operations are as follows: (Thousands of Dollars) 2016 2015 Goodwill, gross amount 1,532,458 1,532,458 Accumulated impairment losses (1,288,729 ) (1,288,729 ) Goodwill, end of year 243,729 243,729 Identified intangible assets related to continuing operations consist of the following: (Thousands of Dollars) September 25 September 27 Non-amortized intangible assets: Mastheads 23,644 25,102 Amortizable intangible assets: Customer and newspaper subscriber lists 687,182 687,182 Less accumulated amortization 552,472 526,322 134,710 160,860 Non-compete and consulting agreements 28,524 28,524 Less accumulated amortization 28,524 28,524 — — 158,354 185,962 In 2016, we performed a qualitative analysis to test our goodwill for impairment and concluded that the likelihood of an impairment was less than 50%. In 2015, we performed additional quantitative analysis of the carrying value of our goodwill and concluded the implied fair value of goodwill was significantly in excess of its carrying value. As a result no goodwill impairment was recorded. In 2014, we performed a qualitative analysis to test our goodwill for impairment and concluded that the likelihood of an impairment was less than 50%. In 2016 and 2014, due to continuing revenue declines, we recorded non-cash charges to reduce the carrying value of non-amortized intangible assets. We also recorded pretax charges to reduce the carrying value of other assets in 2016 and 2014 in Impairment of intangible and other assets in the Consolidated Statements of Income and Comprehensive Income (Loss) . We recorded deferred income tax benefits related to these charges. A summary of the pretax impairment charges is included in the table below: (Thousands of Dollars) 2016 2015 2014 Continuing operations: Non-amortized intangible assets 818 — 1,936 Property, equipment and other assets 1,367 — 1,044 2,185 — 2,980 Annual amortization of intangible assets for the years ending September 2017 to September 2021 is estimated to be $25,030,000 , $16,653,000 , $15,972,000 , $15,206,000 , and $14,042,000 , respectively. |
Debt
Debt | 12 Months Ended |
Sep. 25, 2016 | |
Debt [Abstract] | |
Debt Disclosure [Text Block] | DEBT On March 31, 2014, we completed a comprehensive refinancing of our debt (the “2014 Refinancing”), which includes the following: • $400,000,000 aggregate principal amount of 9.5% Senior Secured Notes (the “Notes”) due March 2022, pursuant to an Indenture dated as of March 31, 2014 (the “Indenture”). • $250,000,000 first lien term loan (the "1 st Lien Term Loan") due March 2019 and $40,000,000 revolving facility (the "Revolving Facility") under a First Lien Credit Agreement dated as of March 31, 2014 (together, the “1 st Lien Credit Facility”). • $150,000,000 second lien term loan under a Second Lien Loan Agreement dated as of March 31, 2014 (the “ 2 nd Lien Term Loan”) due December 2022 and bears interest at a fixed annual rate of 12.0% . The Notes, 1 st Lien Credit Facility and 2 nd Lien Term Loan enabled us to repay in full, including accrued interest, and terminate, on March 31, 2014: (i) the remaining principal balance of $593,000,000 under our previous 1 st lien agreement and (ii) the remaining principal balance of $175,000,000 under our previous 2 nd lien agreement. We also used the proceeds of the refinancing to pay fees and expenses totaling $30,931,000 related to the 2014 Refinancing. Notes The Notes are senior secured obligations of the Company and mature on March 15, 2022. At September 25, 2016 the principal balance of the Notes is $385,000,000 . Interest The Notes require payment of interest semiannually on March 15 and September 15 of each year, at a fixed annual rate of 9.5% . Redemption We may redeem some, or all, of the principal amount of the Notes at any time on or after March 15, 2018 as follows: Period Beginning Percentage of Principal Amount March 15, 2018 104.75 March 15, 2019 102.38 March 15, 2020 100.00 We may redeem up to 35% of the Notes prior to March 15, 2017 at 109.5% of the principal amount using the proceeds of certain future equity offerings. We may repurchase Notes in the open market at any time. In 2016 we purchased $15,000,000 principal amount of Notes in privately negotiated transactions. The transactions resulted in a gain on extinguishment of debt totaling $1,250,000 , which is recorded in Other, net non-operating income (expense) in our Consolidated Statements of Income and Comprehensive Income. If we sell certain of our assets or experience specific types of changes of control, we must, subject to certain exceptions, offer to purchase the Notes at 101% of the principal amount. Any redemption of the Notes must also satisfy any accrued and unpaid interest thereon. Covenants and Other Matters The Indenture and 1 st Lien Credit Facility contains restrictive covenants as discussed more fully below. However, certain of these covenants will cease to apply if the Notes are rated investment grade by either Moody’s Investors Service, Inc. or Standard & Poor’s Ratings Group and there is no default or event of default under the Indenture. 1 st Lien Credit Facility The 1 st Lien Credit Facility consists of the $250,000,000 1 st Lien Term Loan that matures in March 2019 and the $40,000,000 Revolving Facility that matures in December 2018. The 1 st Lien Credit Facility documents the primary terms of the 1 st Lien Term Loan and the Revolving Facility. The Revolving Facility may be used for working capital and general corporate purposes (including letters of credit). At September 25, 2016 , after consideration of letters of credit, we have approximately $33,318,000 available for future use under the Revolving Facility. Interest Interest on the 1 st Lien Term Loan, which has a principal balance of $101,304,000 at September 25, 2016 , accrues, at our option, at either (A) LIBOR plus 6.25% (with a LIBOR floor of 1.0%) or (B) 5.25% plus the higher of (i) the prime rate at the time, (ii) the federal funds rate plus 0.5% , or (iii) one month LIBOR plus 1.0% (with a floor of 2.0% ). Interest is payable quarterly. The 1 st Lien Term Loan was funded with an original issue discount of 2.0%, or $5,000,000 , which is being amortized as interest expense over the life of the 1 st Lien Term Loan. Interest on the Revolving Facility, which has a principal balance of zero at September 25, 2016 , accrues, at our option, at either (A) LIBOR plus 5.5% , or (B) 4.5% plus the higher of (i) the prime rate at the time, (ii) the federal funds rate plus 0.5% , or (iii) one month LIBOR plus 1.0%. Principal Payments Quarterly principal payments of $6,250,000 are required under the 1 st Lien Term Loan, with additional payments required to be made based on 90% of excess cash flow of Lee Legacy ("Lee Legacy Excess Cash Flow"), as defined, or from proceeds of asset sales, which are not reinvested, as defined, from our subsidiaries other than Pulitzer Inc. ("Pulitzer") and its subsidiaries (collectively, the "Pulitzer Subsidiaries"). For excess cash flow calculation purposes Lee Legacy constitutes the business of the Company, including MNI, but excluding Pulitzer and TNI. We may voluntarily prepay principal amounts outstanding or reduce commitments under the 1 st Lien Credit Facility at any time without premium or penalty, upon proper notice and subject to certain limitations as to minimum amounts of prepayments. Quarterly, the Company is required to prepare a Lee Legacy Excess Cash Flow calculation, which is generally determined as the cash earnings of our subsidiaries other than the Pulitzer Subsidiaries and is adjusted for changes in working capital, capital spending, pension contributions, debt principal payments and income tax payments or refunds. Any excess cash flow as calculated is required to be paid to the 1 st Lien lenders 45 days after the end of the quarter. 2016 payments made under the 1 st Lien Term Loan are summarized by quarter and fiscal year as follows: (Thousands of Dollars) December 27 March 27 June 26 September 25 2016 Mandatory 6,250 6,250 6,250 6,250 25,000 Voluntary 5,000 27,000 3,000 6,000 41,000 Excess cash flow — 1,135 6,441 5,992 13,568 11,250 34,385 15,691 18,242 79,568 In January 2016, we used $20,000,000 of the proceeds received from an insurance settlement to reduce outstanding debt under our 1 st Lien Term Loan. The majority of the remaining proceeds was used to repurchase Notes at a substantial discount. Covenants and Other Matters The 1 st Lien Credit Facility requires that we comply with certain affirmative and negative covenants customary for financing of this nature, including a maximum total leverage ratio, which is only applicable to the Revolving Facility. The 1 st Lien Credit Facility restricts us from paying dividends on our Common Stock. These restrictions no longer apply if Lee Legacy leverage is below 3.25x before and after such payments. Further, the 1 st Lien Credit Facility restricts or limits, among other things, subject to certain exceptions, the ability of the Company and its subsidiaries to: (i) incur indebtedness, (ii) enter into mergers, acquisitions and asset sales, (iii) incur or create liens and (iv) enter into transactions with certain affiliates. The 1 st Lien Credit Facility contains various representations and warranties and may be terminated upon occurrence of certain events of default. The 1 st Lien Credit Facility also contains cross-default provisions tied to the terms of each of the Indenture and 2 nd Lien Term Loan. 2 nd Lien Term Loan The 2 nd Lien Term Loan, which has a balance of $130,863,000 at September 25, 2016 , bears interest at a fixed annual rate of 12.0% , payable quarterly, and matures in December 2022. Principal Payments There are no scheduled mandatory amortization payments required under the 2 nd Lien Term Loan. 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 adjusted 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 Lien Term Loan. Changes to settlement of certain intercompany costs between the Company and Pulitzer have been affected, with the net result being a reduction in the excess cash flows of Pulitzer from historically reported levels. Under the 2 nd Lien Term Loan, subject to certain other conditions, Pulitzer Excess Cash Flow must be used, (a) prior to March 31, 2017, to make an offer to the 2 nd Lien Lenders to prepay amounts under the 2 nd Lien Term Loan at par (which offer the 2 nd Lien Lenders may accept or reject; if rejected, we may use the Pulitzer Excess Cash Flow to prepay amounts under the 1 st Lien Credit Facility or repurchase Notes in the open market), and (b) after March 31, 2017, to pay such amounts under the 2 nd Lien Term Loan at par. Pulitzer Excess Cash Flow payments are required to be offered and/or paid 45 days after the end of the quarter. Pulitzer Excess Cash Flow and the related payments on the 2 nd Lien Term Loan made in 2016 are as follows: For the Period Ending (Thousands of Dollars) Pulitzer Excess Cash Flow Payment Date Payment Amount (not rejected) September 27, 2015 5,143 Q1 2016 3,326 December 27, 2015 2,864 Q2 2016 1,867 March 27, 2016 2,730 Q3 2016 525 June 26, 2016 1,583 Q4 2016 299 There was no Pulitzer Excess Cash Flow for the quarter ended September 25, 2016. Subject to certain other conditions in the 2 nd Lien Term Loan, the balance of the 2 nd Lien Term Loan will be repaid at par from proceeds from asset sales by the Pulitzer Subsidiaries that are not reinvested. We repaid $8,119,000 and $5,000,000 of the 2 nd Lien Term Loan, at par, due to the sale of assets at our Pulitzer properties in 2016 and 2015, respectively. Voluntary payments under the 2 nd Lien Term Loan are subject to call premiums as follows: Period Beginning Percentage of Principal Amount March 31, 2014 112 March 31, 2017 106 March 31, 2018 103 March 31, 2019 100 Covenants and Other Matters The 2 nd Lien Term Loan requires that we comply with certain affirmative and negative covenants customary for financing of this nature, including the negative covenants under the 1 st Lien Credit Facility discussed above. The 2 nd Lien Term Loan contains various representations and warranties and may be terminated upon occurrence of certain events of default. The 2 nd Lien Term Loan also contains cross-default provisions tied to the terms of the Indenture and 1 st Lien Credit Facility. In connection with the 2 nd Lien Term Loan, we entered into a Warrant Agreement dated as of March 31, 2014 (the “Warrant Agreement”). Under the Warrant Agreement, certain affiliates or designees of the 2 nd Lien Lenders received on March 31, 2014 their pro rata share of warrants to purchase, in cash, an initial aggregate of 6,000,000 shares of Common Stock, subject to adjustment pursuant to anti-dilution provisions (the “Warrants”). The Warrants represent, when fully exercised, approximately 10.1% of shares of Common Stock outstanding at March 30, 2014 on a fully diluted basis. The exercise price of the Warrants is $4.19 per share. The Warrant Agreement contains a cash settlement provision in the event of a change of control prior to March 31, 2018 as well as other provisions requiring the Warrants to be measured at fair value and included in other liabilities in our Consolidated Balance Sheets. We remeasure the fair value of the liability each reporting period, with changes reported in other, net non-operating income (expense). The initial fair value of the Warrants was $ 16,930,000 . See Note 8. In connection with the issuance of the Warrants, we entered into a Registration Rights Agreement dated as of March 31, 2014 (the “Registration Rights Agreement”). The Registration Rights Agreement requires, among other matters, that we use our commercially reasonable efforts to maintain the effectiveness for certain specified periods of a shelf registration statement related to the shares of Common Stock to be issued upon exercise of the Warrants. Security The Notes and the 1 st Lien Credit Facility are fully and unconditionally guaranteed on a joint and several first-priority basis by each of the Company's material domestic subsidiaries, excluding MNI, the Pulitzer Subsidiaries and TNI (the "Lee Legacy Assignors"), pursuant to a first lien guarantee and collateral agreement dated as of March 31, 2014 (the "1 st Lien Guarantee and Collateral Agreement"). The Notes, the 1 st Lien Credit Facility and the subsidiary guarantees are secured, subject to certain exceptions, priorities and limitations, by perfected security interests in all property and assets, including certain real estate, of the Lee Legacy Assignors, other than the capital stock of MNI and any property and assets of MNI (the “Lee Legacy Collateral”), on a first-priority basis, equally and ratably with all of the Lee Legacy Assignors' existing and future obligations. The Lee Legacy Collateral includes, among other things, equipment, inventory, accounts receivables, depository accounts, intellectual property and certain of their other tangible and intangible assets. Also, the Notes and the 1 st Lien Credit Facility are secured, subject to certain exceptions, priorities and limitations in the various agreements, by first-priority security interests in the capital stock of, and other equity interests owned by, the Lee Legacy Assignors (excluding the capital stock of MNI). The Notes and 1 st Lien Credit Facility are subject to a Pari Passu Intercreditor Agreement dated March 31, 2014. The Notes, the 1 st Lien Credit Facility and the subsidiary guarantees are also secured, subject to permitted liens, by a second-priority security interest in the property and assets of the Pulitzer Subsidiaries that become subsidiary guarantors (the "Pulitzer Assignors") other than assets of or used in the operations or business of TNI (collectively, the “Pulitzer Collateral”). In June 2015 the Pulitzer Assignors became a party to the 1 st Lien Guarantee and Collateral Agreement on a second lien basis. Also, the Notes and the 1 st Lien Credit Facility are secured, subject to certain exceptions, priorities, and limitations in the various agreements, by second-priority security interests in the capital stock of, and other equity interests in, the Pulitzer Assignors and Star Publishing’s interest in TNI. The 2 nd Lien Term Loan is fully and unconditionally guaranteed on a joint and several first-priority basis by the Pulitzer Assignors, pursuant to a Second Lien Guarantee and Collateral Agreement dated as of March 31, 2014 (the “2 nd Lien Guarantee and Collateral Agreement”) among the Pulitzer Assignors and the 2 nd Lien collateral agent. Under the 2 nd Lien Guarantee and Collateral Agreement, the Pulitzer Assignors have granted (i) first-priority security interests, subject to certain priorities and limitations in the various agreements, in the Pulitzer Collateral and (ii) have granted first-priority lien mortgages or deeds of trust covering certain real estate, as collateral for the payment and performance of their obligations under the 2 nd Lien Term Loan. Also, under the 2 nd Lien Guarantee and Collateral Agreement, the Lee Legacy Assignors have granted (i) second-priority security interests, subject to certain priorities and limitations in the various agreements, in the Lee Legacy Collateral, and (ii) have granted second-priority lien mortgages or deeds of trust covering certain real estate, as collateral for the payment and performance of their obligations under the 2 nd Lien Term Loan. Assets of, or used in the operations or business of, MNI are excluded. The rights of each of the collateral agents with respect to the Lee Legacy Collateral and the Pulitzer Collateral are subject to customary intercreditor and intercompany agreements. Other In connection with the 2014 Refinancing, we capitalized $37,819,000 of debt financing costs. Amortization of debt financing costs totaled $5,541,000 , $4,693,000 and $2,145,000 in 2016, 2015 and 2014 respectively. Amortization of such costs is estimated to total $4,176,000 in 2017, $4,245,000 in 2018, $4,044,000 in 2019, $4,040,000 in 2020 and $4,217,000 in 2021. At September 25, 2016 we have $26,271,000 of unamortized debt financing costs recorded in other long term assets in our Consolidated Balance Sheets. Debt is summarized as follows: Interest Rates (%) (Thousands of Dollars) September 25 September 27 September 25 Revolving Facility — — 5.65 1 st Lien Term Loan 101,304 180,872 7.25 Notes 385,000 400,000 9.50 2 nd Lien Term Loan 130,863 145,000 12.00 617,167 725,872 Less current maturities of long-term debt 25,070 25,000 Total long-term debt 592,097 700,872 At September 25, 2016 , our weighted average cost of debt, excluding amortization of debt financing costs, is 9.7% . Aggregate minimum required maturities of debt excluding amounts required to be paid from excess cash flow requirements at September 25, 2016 total $ 25,070,000 for 2017, $ 25,000,000 in 2018, $ 51,234,000 in 2019, zero in 2020, zero in 2021 and $ 515,863,000 thereafter. Liquidity At September 25, 2016 , after consideration of letters of credit, we have approximately $33,318,000 available for future use under our Revolving Facility. Including cash, our liquidity at September 25, 2016 totals $50,302,000 . This liquidity amount excludes any future cash flows. We expect all interest and principal payments due in the next twelve months will be satisfied by our cash flows, which will allow us to maintain an adequate level of liquidity. The Warrants, if and when exercised, would provide additional liquidity in an amount up to $25,140,000 subject to a reduction for any amounts the Company may elect to use to repay our 1 st Lien Term Loan and/or the Notes. The 2014 Refinancing significantly improved our debt maturity profile. Final maturities of our debt have been extended to dates from December 2018 through December 2022. As a result, we believe refinancing risk has been substantially reduced for the next several years. There are numerous potential consequences under the Notes, 1st Lien Credit Facility and 2nd Lien Term Loan, if an event of default, as defined, occurs and is not remedied. Many of those consequences are beyond our control. The occurrence of one or more events of default would give rise to the right of the applicable lender(s) to exercise their remedies under the Notes, 1st Lien Credit Facility and 2nd Lien Term Loan, respectively, including, without limitation, the right to accelerate all outstanding debt and take actions authorized in such circumstances under applicable collateral security documents. Our ability to operate as a going concern is dependent on our ability to remain in compliance with debt covenants and to repay, refinance or amend our debt agreements as they become due. The Notes, 1st Lien Credit Facility and 2nd Lien Term Loan have only limited affirmative covenants with which we are required to maintain compliance. We are in compliance with our debt covenants at September 25, 2016 . |
Pensions
Pensions | 12 Months Ended |
Sep. 25, 2016 | |
Pension Disclosure [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | PENSION PLANS We have several non-contributory defined benefit pension plans that together cover selected employees. Benefits under the plans were generally based on salary and years of service. Effective in 2012, substantially all benefits are frozen and only a small amount of additional benefits are being accrued. Our liability and related expense for benefits under the plans are recorded over the service period of employees based upon annual actuarial calculations. Plan funding strategies are influenced by government regulations. Plan assets consist primarily of domestic and foreign corporate equity securities, government and corporate bonds, hedge fund investments and cash. The net periodic cost (benefit) components of our pension plans are as follows: (Thousands of Dollars) 2016 2015 2014 Service cost for benefits earned during the year 197 232 156 Interest cost on projected benefit obligation 6,061 8,122 7,996 Expected return on plan assets (8,698 ) (9,863 ) (9,932 ) Amortization of net loss 2,397 1,682 423 Amortization of prior service benefit (136 ) (136 ) (136 ) Net periodic pension cost (benefit) (179 ) 37 (1,493 ) Net periodic pension benefit of $56,000 is allocated to TNI in 2016, 2015 and 2014 Changes in benefit obligations and plan assets are as follows: (Thousands of Dollars) 2016 2015 Benefit obligation, beginning of year 193,751 199,197 Service cost 197 232 Interest cost 6,061 8,122 Actuarial loss (gain) 13,630 (2,543 ) Benefits paid (11,481 ) (11,257 ) Benefit obligation, end of year 202,158 193,751 Fair value of plan assets, beginning of year: 143,288 151,013 Actual return on plan assets 14,819 1,817 Benefits paid (11,481 ) (11,257 ) Administrative expenses paid (2,099 ) (1,862 ) Employer contributions 4,604 3,577 Fair value of plan assets, end of year 149,131 143,288 Funded status - benefit obligation in excess of plan assets 53,027 50,463 Disaggregated amounts recognized in the Consolidated Balance Sheets are as follows: (Thousands of Dollars) September 25 September 27 Pension obligations 53,027 50,463 Accumulated other comprehensive loss (before income taxes) (54,862 ) (47,515 ) Amounts recognized in accumulated other comprehensive income (loss) are as follows: (Thousands of Dollars) September 25 September 27 Unrecognized net actuarial loss (55,241 ) (48,031 ) Unrecognized prior service benefit 379 516 (54,862 ) (47,515 ) We expect to recognize $2,947,000 and $137,000 of unrecognized net actuarial loss and unrecognized prior service benefit, respectively, in net periodic pension cost in 2017. The accumulated benefit obligation for the plans total $202,158,000 at September 25, 2016 and $193,751,000 at September 27, 2015 . The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the pension plans with accumulated benefit obligations in excess of plan assets are $202,158,000 , $202,158,000 and $149,131,000 , respectively, at September 25, 2016 . Assumptions Weighted-average assumptions used to determine benefit obligations are as follows: (Percent) September 25 September 27 Discount rate 3.5 4.2 Weighted-average assumptions used to determine net periodic benefit cost are as follows: (Percent) 2016 2015 2014 Discount rate 4.2 4.2 4.7 Expected long-term return on plan assets 6.3 6.8 7.0 For 2016, the expected long-term return on plan assets is 5.5% . 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. Plan Assets The primary objective of our investment strategy is to satisfy our pension obligations at a reasonable cost. Assets are actively invested to balance real growth of capital through appreciation and reinvestment of dividend and interest income and safety of invested funds. Our investment policy outlines the governance structure for decision making, sets investment objectives and restrictions and establishes criteria for selecting and evaluating investment managers. The use of derivatives is strictly prohibited, except on a case-by-case basis where the manager has a proven capability, and only to hedge quantifiable risks such as exposure to foreign currencies. An investment committee, consisting of certain of our executives and supported by independent consultants, is responsible for monitoring compliance with the investment policy. Assets are periodically redistributed to maintain the appropriate policy allocation. The weighted-average asset allocation of our pension assets is as follows: (Percent) Policy Allocation Actual Allocation Asset Class September 25 2016 September 25 September 27 Equity securities 50 50 46 Debt securities 35 33 37 TIPS 5 4 4 Hedge fund investments 10 11 11 Cash and cash equivalents — 2 2 Plan assets include no Company securities. Assets include cash and cash equivalents and receivables from time to time due to the need to reallocate assets within policy guidelines. Fair Value Measurements The fair value hierarchy of pension assets at September 25, 2016 is as follows: (Thousands of Dollars) NAV Level 1 Level 2 Cash and cash equivalents — 2,757 — Domestic equity securities — 9,669 49,809 International equity securities — 6,773 7,755 TIPS — 6,883 — Debt securities 14,558 25,612 9,648 Hedge fund investments 17,531 — — The fair value hierarchy of pension assets at September 27, 2015 is as follows: (Thousands of Dollars) NAV Level 1 Level 2 Cash and cash equivalents — 2,407 — Domestic equity securities — 8,153 44,470 International equity securities — 6,286 7,389 TIPS — 6,450 — Debt securities 17,246 31,196 4,124 Hedge fund investments 17,344 — — There were no purchases, sales or transfers of assets classified as Level 3 in 2016 or 2015. Cash Flows Based on our forecast at September 25, 2016 , we do not expect to make contributions to our pension trust in 2017. We anticipate future benefit payments to be paid from the pension trust as follows: (Thousands of Dollars) 2017 11,803 2018 11,735 2019 11,757 2020 11,728 2021 11,735 2022-2026 58,487 Other Plans We are obligated under an unfunded plan to provide fixed retirement payments to certain former employees. The plan is frozen and no additional benefits are being accrued. The accrued liability under the plan is $2,232,000 and $2,337,000 at September 25, 2016 and September 27, 2015 , respectively, of which $113,000 and $278,000 is included in compensation and other accrued liabilities in the Consolidated Balance Sheet at September 25, 2016 and September 27, 2015 , respectively. |
Postretirement Obligations
Postretirement Obligations | 12 Months Ended |
Sep. 25, 2016 | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | POSTRETIREMENT AND POSTEMPLOYMENT BENEFITS We provide retiree medical and life insurance benefits under postretirement plans at several of our operating locations. The level and adjustment of participant contributions vary depending on the specific plan. In addition, St. Louis Post Dispatch LLC ("PD LLC") provides postemployment disability benefits to certain employee groups prior to retirement . Our liability and related expense for benefits under the postretirement plans are recorded over the service period of active employees based upon annual actuarial calculations. We accrue postemployment disability benefits when it becomes probable that such benefits will be paid and when sufficient information exists to make reasonable estimates of the amounts to be paid. The net periodic postretirement benefit cost (benefit) components for our postretirement plans are as follows: (Thousands of Dollars) 2016 2015 2014 Service cost for benefits earned during the year 63 76 596 Interest cost on projected benefit obligation 623 922 911 Expected return on plan assets (1,322 ) (1,445 ) (1,483 ) Amortization of net actuarial gain (1,093 ) (1,386 ) (1,819 ) Amortization of prior service benefit (1,459 ) (1,459 ) (1,459 ) Net periodic postretirement benefit (3,188 ) (3,292 ) (3,254 ) Changes in benefit obligations and plan assets are as follows: (Thousands of Dollars) 2016 2015 Benefit obligation, beginning of year 23,812 25,506 Service cost 63 76 Interest cost 623 922 Actuarial loss (gain) (773 ) (1,149 ) Benefits paid, net of premiums received (1,434 ) (1,541 ) Medicare Part D subsidies 220 (2 ) Benefit obligation, end of year 22,511 23,812 Fair value of plan assets, beginning of year 30,123 32,881 Actual return on plan assets 1,085 (547 ) Employer contributions 563 745 Benefits paid, net of premiums and Medicare Part D subsidies received (1,213 ) (1,544 ) Benefits paid for active employees (1,510 ) (1,412 ) Allocation to active medical plans (4,925 ) — Fair value of plan assets at measurement date 24,123 30,123 Funded status - benefit obligation less than plan assets (1,612 ) (6,311 ) The accumulated benefit obligation for plans with benefit obligations in excess of plan assets included in the table above was $7,527,000 at September 25, 2016 . These plans are unfunded. Disaggregated amounts recognized in the Consolidated Balance Sheets are as follows: (Thousands of Dollars) September 25 September 27 Non-current assets 9,138 13,420 Postretirement benefit obligations 7,527 7,109 Accumulated other comprehensive income (before income tax benefit) 19,026 22,551 Amounts recognized in accumulated other comprehensive income are as follows: (Thousands of Dollars) September 25 September 27 Unrecognized net actuarial gain 11,089 13,155 Unrecognized prior service benefit 7,937 9,396 19,026 22,551 We expect to recognize $1,016,000 and $1,459,000 of unrecognized net actuarial gain and unrecognized prior service benefit, respectively, in net periodic postretirement benefit in 2017. Assumptions Weighted-average assumptions used to determine post retirement benefit obligations are as follows: (Percent) September 25 September 27 Discount rate 3.1 3.7 Expected long-term return on plan assets 4.5 4.5 The assumptions related to the expected long-term return on plan assets are developed through an analysis of historical market returns, current market conditions and composition of plan assets. Weighted-average assumptions used to determine net periodic benefit cost are as follows: (Percent) 2016 2015 2014 Discount rate 3.7 3.7 4.0 Expected long-term return on plan assets 4.5 4.5 4.5 Assumed health care cost trend rates are as follows: (Percent) September 25 September 27 Health care cost trend rates 9.0 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 2025 2025 Administrative costs related to indemnity plans are assumed to increase at the health care cost trend rates noted above. Assumed health care cost trend rates have an effect on the amounts reported for the postretirement plans. A one percentage point change in assumed health care cost trend rates would have the following annualized effects on reported amounts for 2016: One Percentage Point (Thousands of Dollars) Increase Decrease Effect on net periodic postretirement benefit 20 (18 ) Effect on postretirement benefit obligation 697 (629 ) 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. In 2016, it was determined that the assets of the retiree medical plan should be allocated among all plans that it funds and as a result, we allocated $4,925,000 of the retiree medical plan assets to the active medical plans during the year. The fair value of master trust assets allocated to the retiree medical plan is $24,123,000 at September 25, 2016. The fair value of master trust assets allocated to the active employee medical plans at September 25, 2016 is $4,925,000 . 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 Asset Class September 25 2016 September 25 September 27 Equity securities 20 22 19 Debt securities 70 65 68 Hedge fund investment 10 11 10 Cash and cash equivalents — 2 3 Plan assets include no Company securities. Assets include cash and cash equivalents and receivables from time to time due to the need to reallocate assets within policy guidelines. Fair Value Measurements The fair value hierarchy of postretirement assets at September 25, 2016 is as follows: (Thousands of Dollars) NAV Level 1 Level 2 Cash and cash equivalents — 518 — Domestic equity securities — 3,342 1,572 International equity securities — 695 898 Debt securities — 18,840 — Hedge fund investment 3,182 — — The fair value hierarchy of postretirement assets at September 27, 2015 is as follows: (Thousands of Dollars) NAV Level 1 Level 2 Cash and cash equivalents — 790 — Domestic equity securities — 2,896 1,372 International equity securities — 645 857 Debt securities — 13,910 6,581 Hedge fund investment 3,072 — — There were no purchases, sales or transfers of assets classified as Level 3 in 2016 or 2015. Cash Flows Based on our forecast at September 25, 2016 , we do not expect to contribute to our postretirement plans in 2017. The Medicare Prescription Drug, Improvement and Modernization Act of 2003 (the “Modernization Act”) introduced a prescription drug benefit under Medicare (“Medicare Part D”) and a federal subsidy to sponsors of retiree health care benefit plans (“Subsidy”) that provide a benefit at least actuarially equivalent (as that term is defined in the Modernization Act) to Medicare Part D. We concluded we qualify for the Subsidy under the Modernization Act since the prescription drug benefits provided under our postretirement health care plans generally require lower premiums from covered retirees and have lower deductibles than the benefits provided in Medicare Part D and, accordingly, are actuarially equivalent to or better than, the benefits provided under the Modernization Act. We anticipate future benefit payments to be paid either with future contributions to the plan or directly from plan assets, as follows: (Thousands of Dollars) Gross Payments Less Medicare Part D Subsidy Net Payments 2017 3,600 (200 ) 3,400 2018 1,870 (210 ) 1,660 2019 1,910 (210 ) 1,700 2020 1,880 (210 ) 1,670 2021 1,790 (200 ) 1,590 2022-2026 7,910 (870 ) 7,040 Postemployment Plan Our postemployment benefit obligation, representing certain disability benefits , is $3,190,000 at September 25, 2016 and $3,951,000 at September 27, 2015 . |
Other Retirement Plans
Other Retirement Plans | 12 Months Ended |
Sep. 25, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Other Retirement Plans [Text Block] | OTHER RETIREMENT PLANS Substantially all of our employees are eligible to participate in a qualified defined contribution retirement plan. We also have a non-qualified plan for employees whose incomes exceed qualified plan limits. Retirement and compensation plan costs, including costs related to stock based compensation and interest on deferred compensation costs, charged to continuing operations are $4,616,000 in 2016, $4,125,000 in 2015 and $3,963,000 in 2014. Multiemployer Pension Plans We contribute to three multiemployer defined benefit pension plans under the terms of collective-bargaining agreements ("CBAs"). The risks of participating in these multiemployer plans are different from our company-sponsored plans in the following aspects: • We do not manage the plan investments or any other aspect of plan administration; • Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers; • If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers; and • If we choose to stop participating in one or more multiemployer plans, we may be required to fund over time an amount based on the unfunded status of the plan at the time of withdrawal, referred to as "withdrawal liability". Information related to these plans is outlined in the table below: (Thousands of Dollars) Zone Status September 30 Funding Improvement Plan/Rehabilitation Plan Status Contributions Pension Plan 2016 2015 Status 2016 2015 2014 Surcharge Imposed Expiration Dates of CBAs GCIU- Employer Retirement Fund 91-6024903/001 Red Red Implemented 138 145 265 No 1/13/2017 8/31/2017 CWA/ITU Negotiated Pension Plan 13-6212879/001 Red Red Implemented 108 122 133 No 5/12/2017 12/31/2017 4/1/2017 8/31/2017 District No. 9, International Association of Machinists and Aerospace Workers Pension Trust 43-0736847/001 Green Green N/A 31 34 37 N/A 2/28/2017 Multiemployer plans in red zone status are generally less well funded than plans in green zone status. One of our enterprise's bargaining units withdrew from representation, and as a result we are subject to a future claim from the multiemployer pension plan for a withdrawal liability. The amount and timing of such liability will be dependent on actions taken, or not taken, by the Company and the pension plan, as well as the future investment performance and funding status of the pension plan. Any withdrawal liability determined to be due under this plan will be funded over a period of 20 years. |
Common Stock and Class B Common
Common Stock and Class B Common Stock | 12 Months Ended |
Sep. 25, 2016 | |
Common Stock And Class B Common Stock [Abstract] | |
Schedule of Stock by Class [Text Block] | COMMON STOCK, CLASS B COMMON STOCK AND PREFERRED SHARE PURCHASE RIGHTS Common Stock The par value of our Common Stock was changed from $2.00 per share to $0.01 per share effective January 30, 2012. Holders of our previous 2 nd lien agreement shared in the issuance of 6,743,640 shares of our Common Stock, an amount equal to 13% of outstanding shares on a pro forma basis as of January 30, 2012. In connection with the currently outstanding 2nd Lien Term Loan, we entered into the Warrant Agreement. Under the Warrant Agreement, certain affiliates or designees of the 2nd Lien Lenders received on March 31, 2014 their pro rata share of Warrants to purchase, in cash, 6,000,000 shares of Common Stock, subject to adjustment pursuant to anti-dilution provisions. The Warrants represent, when fully exercised, approximately 10.1% of shares of Common Stock outstanding at March 30, 2014 on a fully diluted basis. The exercise price of the Warrants is $4.19 per share. The Warrant Agreement contains a cash settlement provision in the event of a change of control prior to March 31, 2018, as well as other provisions requiring the Warrants be measured at fair value and classified as other liabilities in our Consolidated Balance Sheets. We remeasure the liability to fair value each reporting period, with changes reported in other non-operating income (expense). The initial fair value of the Warrants was $ 16,930,000 . At September 25, 2016 , the fair value of the Warrants is $11,760,000 . 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 share of Class B Common Stock was issued as a dividend for each share of Common Stock held by stockholders of record at the time. The transfer of Class B Common Stock was restricted. As originally anticipated, the number of outstanding Class B shares decreased over time through trading and reached the sunset level of 5,600,000 shares in March 2011. In March 2011, in accordance with the sunset provisions established in 1986, we effected conversion of all outstanding shares of Class B Common Stock to Common Stock. As a result, all stockholders have one vote per share on all future matters. Class B shares formerly had ten votes per share. Preferred Share Purchase Rights In 1998, the Board of Directors adopted a Shareholder Rights Plan (the “Rights Plan”). Under the Rights Plan, the Board of Directors declared a dividend of one Preferred Share Purchase Right (“Right”) for each outstanding share of our Common Stock and Class B Common Stock (collectively “Common Shares”). Rights are attached to, and automatically trade with, our Common Shares. In 2008, the Board of Directors approved an amendment to the Rights Plan. The amendment increased the beneficial ownership threshold to 25% from 20% for stockholders purchasing Common Stock for passive investment only and decreased the threshold to 15% for all other investors. In addition, the amendment extended the expiration of the Rights Plan to May 31, 2018 from May 31, 2008. Rights become exercisable only in the event that any person or group of affiliated persons other than a passive investor becomes a holder of 15% or more of our outstanding Common Shares, or commences a tender or exchange offer which, if consummated, would result in that person or group of affiliated persons owning at least 15% of our outstanding Common Shares. Once the Rights become exercisable, they entitle all other stockholders to purchase, by payment of a $150 exercise price, one one-thousandth of a share of Series A Participating Preferred Stock, subject to adjustment, with a value of twice the exercise price. In addition, at any time after a 15% position is acquired and prior to the acquisition of a 50% position, the Board of Directors may require, in whole or in part, each outstanding Right (other than Rights held by the acquiring person or group of affiliated persons) to be exchanged for one share of Common Stock or one one-thousandth of a share of Series A Preferred Stock. The Rights may be redeemed at a price of $0.001 per Right at any time prior to their expiration. |
Stock Ownership Plans
Stock Ownership Plans | 12 Months Ended |
Sep. 25, 2016 | |
Stock Ownership Plans [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | STOCK OWNERSHIP PLANS Total non-cash stock compensation expense is $2,306,000 , $1,971,000 and $1,481,000 , in 2016, 2015 and 2014, r espectively. At September 25, 2016 , we have reserved 4,460,214 shares of Common Stock for issuance to employees under an incentive and nonstatutory stock option and restricted stock plan approved by stockholders. At September 25, 2016 , 2,762,549 shares are available for granting of non-qualified stock options or issuance of restricted Common Stock. Stock Options Options are granted at a price equal to the fair market value on the date of the grant and are exercisable, upon vesting, over a ten-year period. A summary of stock option activity is as follows: (Thousands of Shares) 2016 2015 2014 Under option, beginning of year 1,871 2,333 2,769 Granted — — 15 Exercised (74 ) (289 ) (342 ) Canceled (99 ) (173 ) (109 ) Under option, end of year 1,698 1,871 2,333 Exercisable, end of year 1,692 1,840 1,786 Weighted average prices of stock options are as follows: (Dollars) 2016 2015 2014 Granted — — 2.99 Exercised 1.17 1.27 2.01 Cancelled 8.78 5.02 10.98 Under option, end of year 2.42 2.71 2.70 The following assumptions were used to estimate the fair value of option awards: 2014 Volatility (Percent) 91 Risk-free interest rate (Percent) 1.24 Expected term (Years) 4.5 Estimated fair value (Dollars) 2.02 A summary of stock options outstanding at September 25, 2016 is as follows: (Dollars) Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding (Thousands) Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Number Exercisable (Thousands) Weighted Average Exercise Price 1 - 5 1,659 4.5 1.80 1,653 1.80 25 - 50 39 0.1 28.72 39 28.72 1,698 4.4 2.42 1,692 2.42 Total unrecognized compensation expense for unvested stock options at September 25, 2016 is $1,000 , which will be recognized over a weighted average period of 0.1 years. The aggregate intrinsic value of stock options outstanding at September 25, 2016 is $3,227,000 . Restricted Common Stock A summary of restricted Common Stock activity follows: (Thousands of Shares) 2016 2015 2014 Outstanding, beginning of year 1,546 1,291 500 Granted 1,018 786 817 Vested (63 ) (500 ) — Forfeited (39 ) (31 ) (26 ) Outstanding, end of year 2,462 1,546 1,291 Weighted average grant date fair values of restricted Common Stock are as follows: (Dollars) 2016 2015 2014 Outstanding, beginning of year 3.62 2.72 1.31 Granted 1.49 3.62 3.61 Vested 3.39 1.31 — Forfeited 3.31 3.62 3.61 Outstanding, end of year 2.74 3.62 2.72 Total unrecognized compensation expense for unvested restricted Common Stock at September 25, 2016 is $2,260,000 , which will be recognized over a weighted average period of 1.4 years. In December 2016, we issued 832,500 shares of restricted Common Stock to employees. The grant date fair value was $3.35 per share. All restrictions lapse in December 2019 with respect to these shares. Stock Purchase Plans We have 270,000 shares of Common Stock available for issuance pursuant to our Employee Stock Purchase Plan. We also have 8,700 shares of Common Stock available for issuance under our Supplemental Employee Stock Purchase Plan. There has been no activity under these plans in 2016, 2015 or 2014. |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 25, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | INCOME TAXES Income tax expense consists of the following: (Thousands of Dollars) 2016 2015 2014 Current: Federal 1,241 720 451 State 379 (92 ) (571 ) Deferred 20,556 12,966 6,410 22,176 13,594 6,290 Income tax expense differs from the amounts computed by applying the U.S. federal income tax rate to income before income taxes. The reasons for these differences are as follows: (Percent of Income (Loss) Before Income Taxes) 2016 2015 2014 Computed “expected” income tax expense (benefit) 35.0 35.0 35.0 State income tax expense (benefit), net of federal tax impact 3.8 (7.1 ) 11.0 Net income of associated companies taxed at dividend rates (2.6 ) (5.2 ) (9.3 ) Resolution of tax matters 3.2 0.5 3.6 Non-deductible expenses 1.0 2.8 7.9 Valuation allowance (7.7 ) 15.9 (4.5 ) Warrant valuation 5.0 (6.1 ) (15.1 ) CODI tax attribute reduction — — 18.3 Other 0.4 0.1 (1.8 ) 38.1 35.9 45.1 Net deferred income tax liabilities consist of the following components: (Thousands of Dollars) September 25 September 27 Deferred income tax liabilities: Property and equipment (33,549 ) (35,593 ) Identified intangible assets (43,745 ) (51,380 ) Long-term debt (16,158 ) (15,176 ) (93,452 ) (102,149 ) Deferred income tax assets: Investments 12,138 17,521 Accrued compensation 6,391 4,551 Allowance for doubtful accounts and losses on loans 1,273 1,184 Pension and postretirement benefits 6,505 5,719 Net operating loss carryforwards 52,604 81,228 Accrued expenses 577 572 Other 3,634 1,720 83,122 112,495 Valuation allowance (27,978 ) (32,483 ) Net deferred income tax liabilities (38,308 ) (22,137 ) All deferred taxes are categorized as non-current because the Company elected to early adopt ASU 2015-17. See Note 16, Impact of Recently Adopted Accounting Standards. A reconciliation of 2016 and 2015 changes in gross unrecognized tax benefits is as follows: (Thousands of Dollars) 2016 2015 Balance, beginning of year 11,799 13,520 Increases (decreases) in tax positions for prior years 46 (1,861 ) Increases in tax positions for the current year 1,600 1,098 Lapse in statute of limitations (914 ) (958 ) Balance, end of year 12,531 11,799 Approximately $8,025,000 and $7,475,000 of the gross unrecognized tax benefit balances for 2016 and 2015 respectively, relate to state net operating losses which are netted against deferred taxes on our balance sheet. The total amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate was $8,213,000 at September 25, 2016 . We recognize interest and penalties related to unrecognized tax benefits as a component of income tax expense. The amount of accrued interest related to unrecognized tax benefits was, net of tax, $317,000 at September 25, 2016 and $330,000 at September 27, 2015 . There were no amounts provided for penalties at September 25, 2016 or September 27, 2015 . No significant income tax audits are currently in progress and the Company has not received any notices of intent to audit. Certain of the Company's state income tax returns for the year ended September 30, 2012 are open for examination. The Federal and remaining state returns are open beginning with the September 29, 2013 year. At September 25, 2016 , we had approximately $57,392,000 of state net operating loss ("NOL") tax benefits that expire between 2017 and 2036 . At September 25, 2016 and September 27, 2015 the Company had deferred income tax assets related to state NOL carryforwards of $37,305,000 and $34,623,000, respectively, a portion of which are offset by a valuation allowances. In 2016, the Company reduced its state valuation allowance by $3,655,000 based on projected future earnings in the carryforward periods. In 2015, the Company recorded an additional valuation allowance of $6,043,000 due to increases in cumulative losses and other deferred tax assets not realizable within their carryforward periods. We reported a Federal NOL of approximately $165,489,000 for our 2014 year. We reported taxable income on our 2015 tax return which reduced the Federal NOL to $136,630,000 . We expect to record taxable income in 2016 which will further reduce the Federal NOL to $58,618,000 resulting in a deferred income tax asset balance of $20,615,000 at September 25, 2016. A valuation allowance is not required for the Federal NOL at September 25, 2016 based on our projection of future earnings during the carryforward period. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Sep. 25, 2016 | |
Fair Value Measurements [Abstract] | |
Fair Value Disclosures [Text Block] | FAIR VALUE OF FINANCIAL INSTRUMENTS The following methods and assumptions are used to estimate the fair value of each class of financial instruments for which it is practicable to estimate value. The carrying amounts of cash equivalents, accounts receivable and accounts payable approximate fair value because of the short maturity of those instruments. Investments totaling $6,359,000 , including our 17% ownership of the non-voting common stock of TCT and a private equity investment, are carried at cost. As of September 25, 2016, the approximate fair value of our private equity investment is $8,164,000, which is a level 3 fair value measurement. The fair value of floating rate debt, which consists of our 1 st Lien Term Loan, is $101,240,000 , based on an average of private market price quotations. Our fixed rate debt consists of $385,000,000 principal amount of the Notes and, $130,863,000 principal amount under the 2 nd Lien Term Loan. At September 25, 2016 , based on an average of private market price quotations, the fair values were $399,437,000 and $136,833,000 for the Notes and 2nd Lien Term Loan, respectively. As discussed more fully in Notes 4 and 8, we recorded a liability for the Warrants issued in connection with the Warrant Agreement. The liability was initially measured at its fair value and we will remeasure the liability to fair value each reporting period, with changes reported in other non-operating income (expense). The initial fair value of the Warrants was $ 16,930,000 . The fair value of the Warrants at September 25, 2016 , September 27, 2015 and September 28, 2014 are $11,760,000 , $4,240,000 and $10,808,000 , respectively. In other, net in the Consolidated Statements of Income and Comprehensive Income (Loss), we recognized expense of $7,520,000 in 2016 and income of $6,568,000 and $6,122,000 in 2015 and 2014, respectively, for adjustments in the fair value of the Warrants. The following assumptions were used to estimate the fair value of the Warrants: 2016 2015 2014 Volatility (Percent) 63 61 55 Risk-free interest rate (Percent) 1.25 1.75 2.34 Expected term (Years) 5.5 6.5 7.5 Estimated fair value (Dollars) 1.96 0.71 1.80 In 2016 and 2014, we reduced the carrying value of equipment and other assets no longer in use by $1,367,000 and $1,044,000 , respectively, based on estimates of the related fair value in the current market. Based on age, condition and marketability we estimated the assets had no value. |
Earnings per Common Share
Earnings per Common Share | 12 Months Ended |
Sep. 25, 2016 | |
Earnings Loss Per Common Share [Abstract] | |
Earnings Per Share [Text Block] | EARNINGS PER COMMON SHARE The following table sets forth the computation of basic and diluted earnings (loss) per common share: (Thousands of Dollars and Shares, Except Per Common Share Data) 2016 2015 2014 Income attributable to Lee Enterprises, Incorporated: 34,961 23,316 6,795 Weighted average Common Stock 55,493 54,430 53,438 Less non-vested restricted Common Stock (2,295 ) (1,790 ) (1,165 ) Basic average Common Stock 53,198 52,640 52,273 Dilutive stock options and restricted Common Stock 1,026 1,291 1,463 Diluted average Common Stock 54,224 53,931 53,736 Earnings per common share: Basic: 0.66 0.44 0.13 Diluted 0.64 0.43 0.13 For 2016, 2015 and 2014, we had 7,577,000 , 6,620,000 and 3,121,000 weighted average shares, respectively, not considered in the computation of diluted earnings (loss) per common share because the exercise prices of the related stock options and Warrants were in excess of the fair market value of our Common Stock. |
Allowance For Doubtful Accounts
Allowance For Doubtful Accounts | 12 Months Ended |
Sep. 25, 2016 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ALLOWANCE FOR DOUBTFUL ACCOUNTS Valuation and qualifying account information related to the allowance for doubtful accounts receivable related to continuing operations is as follows: (Thousands of Dollars) 2016 2015 2014 Balance, beginning of year 4,194 4,526 4,501 Additions charged to expense 1,195 1,307 1,754 Deductions from reserves (1,062 ) (1,639 ) (1,729 ) Balance, end of year 4,327 4,194 4,526 |
Other Information
Other Information | 12 Months Ended |
Sep. 25, 2016 | |
Payables and Accruals [Abstract] | |
Other Information [Text Block] | OTHER INFORMATION Compensation and other accrued liabilities consist of the following: (Thousands of Dollars) September 25 September 27 Compensation 12,290 12,454 Retirement plans 4,135 3,459 Other 7,459 11,142 23,884 27,055 Cash payments are as follows: (Thousands of Dollars) 2016 2015 2014 Interest 65,410 72,937 81,363 Debt financing and reorganization costs 422 733 31,587 Income tax payments (refunds), net 269 485 (6,022 ) Accumulated other comprehensive income (loss), net of deferred income taxes at September 25, 2016 and September 27, 2015 , is related to pension and postretirement benefits. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Sep. 25, 2016 | |
Commitments And Contingent Liabilities [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | COMMITMENTS AND CONTINGENT LIABILITIES Operating Leases We have operating lease commitments for certain of our office, production and distribution facilities. Management expects that in the normal course of business, existing leases will be renewed or replaced. Minimum lease payments during the five years ending September 2021 and thereafter are $3,065,000 , $2,535,000 , $1,383,000 , $878,000 , $755,000 and $3,776,000 , respectively. Total operating lease expense is $3,792,000 , $3,415,000 and $3,735,000 , in 2016, 2015 and 2014, respectively. Capital Expenditures At September 25, 2016 , we had construction and equipment purchase commitments totaling approximately $479,000 . Income Taxes Commitments exclude unrecognized tax benefits to be recorded in accordance with FASB ASC Topic 740, Income Taxes . We are unable to reasonably estimate the ultimate amount or timing of cash settlements with the respective taxing authorities for such matters. See Note 10. We file income tax returns with the Internal Revenue Service ("IRS") and various state tax jurisdictions. From time to time, we are subject to routine audits by those agencies, and those audits may result in proposed adjustments. We have considered the alternative interpretations that may be assumed by the various taxing agencies, believe our positions taken regarding our filings are valid, and that adequate tax liabilities have been recorded to resolve such matters. However, the actual outcome cannot be determined with certainty and the difference could be material, either positively or negatively, to the Consolidated Statements of Income and Comprehensive Income (Loss) in the periods in which such matters are ultimately determined. We do not believe the final resolution of such matters will be material to our consolidated financial position or cash flows. We have various income tax examinations ongoing and at various stages of completion, but generally our income tax returns have been audited or closed to audit through 2009. Legal Proceedings We are involved in a variety of 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 have a material adverse effect on our Consolidated Financial Statements, taken as a whole. Multiemployer Pension Plans One of our enterprise's bargaining units withdrew from representation, and as a result we are subject to a future claim from the multiemployer pension plan for a withdrawal liability. The amount and timing of such liability will be dependent on actions taken, or not taken, by the Company and the pension plan, as well as the future investment performance and funding status of the pension plan. Any withdrawal liability determined to be due under this plan will be funded over a period of 20 years. |
Impact of Recently Issued Accou
Impact of Recently Issued Accounting Standards (Notes) | 12 Months Ended |
Sep. 25, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | IMPACT OF RECENTLY ADOPTED ACCOUNTING STANDARDS In November 2015, the Financial Accounting Standards Board ("FASB") issued an amendment to Accounting Standards Codification Standard 740: Income Taxes related to the classification of net deferred tax assets and liabilities. Deferred tax liabilities and assets are classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. To simplify the presentation of deferred income taxes, the amendment requires that deferred income tax liabilities and assets be classified as noncurrent in our Consolidated Balance Sheets. We elected to adopt this standard in 2016 and have applied this standard retrospectively. As a result, we have reclassified $15,659,000 of current assets to a reduction of the long-term deferred tax liability in the September 27, 2015 Consolidated Balance Sheet. In May 2015, FASB issued Accounting Standards Update ("ASU") 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate NAV per Share (or Its Equivalent) (“ASU 2015-07”). Under the guidance, investments measured at NAV, as a practical expedient for fair value, are excluded from the fair value hierarchy. Removing investments measured using the practical expedient from the fair value hierarchy is intended to eliminate the diversity in practice that currently exists with respect to the categorization of these investments. The new guidance is effective in 2017, however early adoption is permitted. We have elected to early adopt ASU 2015-07 retrospectively for the investments eligible for the NAV practical expedient. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Sep. 25, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | QUARTERLY FINANCIAL DATA (UNAUDITED) Quarter Ended (Thousands of Dollars, Except Per Common Share Data) December March June September 2016 Operating revenue 168,405 146,835 150,946 148,178 Net income 11,508 19,483 4,367 661 Income attributable to Lee Enterprises, Incorporated 11,237 19,228 4,092 404 Earnings per common share: Basic 0.21 0.36 0.08 0.01 Diluted 0.21 0.36 0.08 0.01 2015 Operating revenue 177,210 156,557 158,677 156,099 Net income 10,007 2,042 2,135 10,134 Income attributable to Lee Enterprises, Incorporated 9,753 1,800 1,882 9,881 Earnings (loss) per common share: Basic 0.19 0.03 0.04 0.18 Diluted 0.18 0.03 0.03 0.18 Results of operations for the September quarter of 2016 include pre-tax non-cash impairment charges of $2,382,000 . |
Basis of Presentation Accountin
Basis of Presentation Accounting Policies (Policies) | 12 Months Ended |
Sep. 25, 2016 | |
Accounting Policies [Abstract] | |
Non-controlling Interest Policy [Policy Text Block] | Non-controlling Interest Non-controlling interest in earnings of TownNews.com is recognized in the Consolidated Financial Statements. |
Uninsured Risks Policy [Policy Text Block] | Uninsured Risks We are self-insured for health care, workers compensation and certain long-term disability costs of our employees, subject to stop loss insurance, which limits our losses in the event of large claims. We accrue our estimated health care costs in the period in which such costs are incurred, including an estimate of incurred but not reported claims. Other risks are insured and carry deductible losses of varying amounts. Letters of credit and performance bonds totaling $5,107,000 at September 25, 2016 are outstanding in support of our insurance program. Our accrued reserves for health care and workers compensation claims are based upon estimates of the remaining liability for retained losses made by consulting actuaries. The amount of workers compensation reserve has been determined based upon historical patterns of incurred and paid loss development factors from the insurance industry. |
Significant Accounting Policies [Text Block] | SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Consolidated Financial Statements include our accounts and those of our subsidiaries, all of which are wholly-owned, except for our 50% interest in TNI, 50% interest in MNI and 82.5% interest in TownNews.com. TNI and MNI are accounted for under the equity method. Results of TownNews.com are consolidated. 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 9, 2016. No events have occurred subsequent to September 25, 2016 that require disclosure or recognition in these financial statements, except as included herein. Accounting Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. We evaluate our estimates on an on-going basis. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. Principles of Consolidation All significant intercompany transactions and balances have been eliminated. Investments in TNI and MNI are accounted for using the equity method and are reported at cost, plus our share of undistributed earnings since acquisition less, for TNI, amortization of, and reductions in the value of, intangible assets. Cash and Cash Equivalents We consider all highly liquid debt instruments purchased with an original maturity of three months or less at date of acquisition to be cash equivalents. Outstanding checks in excess of funds on deposit are included in accounts payable and are classified as financing activities in the Consolidated Statements of Cash Flows. Accounts Receivable We evaluate our allowance for doubtful accounts receivable based on historical credit experience, payment trends and other economic factors. Delinquency is determined based on timing of payments in relation to billing dates. Accounts considered to be uncollectible are written off. Inventories Newsprint inventories are priced at the lower of cost or market, with cost being determined by the first-in, first-out or last-in, first-out methods. Newsprint inventories at September 25, 2016 and September 27, 2015 are less than replacement cost by $1,900,000 and $1,780,000 , respectively. The components of newsprint inventory by cost method are as follows: (Thousands of Dollars) September 25 2016 September 27 2015 First-in, first-out 1,064 786 Last-in, first-out 1,627 1,547 2,691 2,333 Other inventories consisting of ink, plates and film are priced at the lower of cost or market, with cost being determined by the first-in, first-out method. Other Investments Other investments primarily consist of marketable securities held in trust under a deferred compensation arrangement and investments for which no established market exists. Marketable securities are classified as trading securities and carried at fair value with gains and losses reported in earnings. Non-marketable securities are carried at cost. Property and Equipment Property and equipment are carried at cost. Equipment, except for printing presses and preprint insertion equipment, is depreciated primarily by declining-balance methods. The straight-line method is used for all other assets. The estimated useful lives are as follows: Years Buildings and improvements 5 - 54 Printing presses and insertion equipment 3 - 28 Other 3 - 17 We capitalize interest as a component of the cost of constructing major facilities. At September 25, 2016 and September 27, 2015 , capitalized interest was not significant. We recognize the fair value of a liability for a legal obligation to perform an asset retirement activity when such activity is a condition of a future event and the fair value of the liability can be estimated. Goodwill and Other Intangible Assets Intangible assets include covenants not to compete, consulting agreements, customer lists, newspaper subscriber lists and mastheads. Intangible assets subject to amortization are being amortized using the straight-line method as follows: Years Customer lists 15 - 23 Newspaper subscriber lists 12 - 33 Non-compete and consulting agreements 15 In assessing the recoverability of goodwill and other non-amortized intangible assets, we annually assess qualitative factors affecting our business to determine if the probability of a goodwill impairment is more likely than not. Our assessment includes reviewing internal and external factors affecting our business, such as cash flow projections, stock price and other industry or market considerations. This assessment is made on the first day of our fourth fiscal quarter of each year. We analyze goodwill and other non-amortized intangible assets for impairment more frequently if impairment indicators are present. Such indicators of impairment include, but are not limited to, changes in business climate and operating or cash flow losses related to such assets. Should we determine that a goodwill impairment is more likely than not, we make a determination of the fair value of our business. Fair value is determined using a combination of an income approach and a market approach weighted equally. Should we determine that a non-amortized intangible asset impairment is more likely than not, we make a determination of the individual asset's fair value. Fair value is determined using the relief from royalty method, which estimates fair value based upon appropriate royalties of future revenue discounted to their present value. The impairment amount, if any, is calculated based on the excess of the carrying amount over the fair value of such asset. We review our amortizable intangible assets for impairment when indicators of impairment are present. We assess recoverability of these assets by comparing the estimated undiscounted cash flows associated with the asset group with their carrying amount. The impairment amount, if any, is calculated based on the excess of the carrying amount over the fair value of those asset groups. The required valuation methodology and underlying financial information that are used to determine fair value require significant judgments to be made by us and represent a Level 3 fair value measurement. These judgments include, but are not limited to, long term projections of future financial performance and the selection of appropriate discount rates used to determine the present value of future cash flows. Changes in such estimates or the application of alternative assumptions could produce significantly different results. We also periodically evaluate the useful lives of amortizable intangible assets. Any resulting changes in the useful lives of such intangible assets will not impact our cash flows. However, a decrease in the useful lives of such intangible assets would increase future amortization expense and decrease future reported operating results and earnings per common share. Future decreases in our market value, or significant differences in revenue, expenses or cash flows from estimates used to determine fair value, could result in impairment charges in the future. See Note 3. Non-controlling Interest Non-controlling interest in earnings of TownNews.com is recognized in the Consolidated Financial Statements. Revenue Recognition Advertising revenue is recorded when advertisements are placed in the publication or on the related digital platform. Subscription revenue is recorded over the print or digital subscription term or as newspapers are individually sold. Other revenue is recognized when the related product or service has been delivered. Unearned revenue arises in the ordinary course of business from advance subscription payments for print or digital products or advance payments for advertising. Advertising Costs A substantial amount of our advertising and promotion consists of advertising placed in our own publications and digital platforms, using available space. The incremental cost of such advertising is not significant and is not measured separately by us. External advertising costs are not significant and are expensed as incurred. Pension, Postretirement and Postemployment Benefit Plans We evaluate our liabilities for pension, postretirement and postemployment benefit plans based upon computations made by consulting actuaries, incorporating estimates and actuarial assumptions of future plan service costs, future interest costs on projected benefit obligations, rates of compensation increases, when applicable, employee turnover rates, anticipated mortality rates, expected investment returns on plan assets, asset allocation assumptions of plan assets and other factors. If we used different estimates and assumptions regarding these plans, the funded status of the plans could vary significantly, resulting in recognition of different amounts of expense over future periods. We use a fiscal year end measurement date for all our pension and postretirement obligations in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 715, Retirement Plans . Income Taxes Deferred income taxes are provided using the asset and liability method, whereby deferred income tax assets are recognized for deductible temporary differences and loss carryforwards and deferred income tax liabilities are recognized for taxable temporary differences. Temporary differences are the difference between the reported amounts of assets and liabilities and their tax basis. Deferred income tax assets are reduced by a valuation allowance when, in our opinion, it is more likely than not some portion or all of the deferred income tax assets will not be realized. Deferred income tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. We recognize the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. We record interest and penalties related to unrecognized tax benefits as a component of income tax expense. Fair Value of Financial Instruments We utilize FASB ASC Topic 820, Fair Value Measurements and Disclosures , to measure and report fair value. FASB ASC Topic 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. FASB ASC Topic 820 establishes a three-level hierarchy of fair value measurements based on whether the inputs to those measurements are observable or unobservable, which consists of the following levels: Level 1 - Quoted prices for identical instruments in active markets. Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. Level 3 - Valuations derived from valuation techniques in which one or more significant inputs are unobservable. 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 onsist of short term deposits valued based on quoted prices in active markets. Such investments are classified as Level 1. Treasury Inflation-Protected Securities ("TIPS") consist of low yield mutual funds and are valued by quoted market prices. Such investments are classified as Level 1. Equity securities are valued based on the closing market price in an active market and are classified as Level 1. Certain investments in commingled funds are valued at the net asset value of units held at the end of the period based upon the value of the underlying investments as determined by quoted market prices. Such investments are classified as Level 2. Debt securities consist of corporate bonds and government securities that are valued based upon quoted market prices. Such investments are classified as Level 1. Certain investments in commingled funds are valued at the net asset value of units held at the end of the period based upon the value of the underlying investments as determined by quoted market prices. Such investments are classified as Level 2. Hedge funds consist of a long/short equity fund and a diversified fund of funds. These funds are valued at the net asset value of units held at the end of the period based upon the value of the underlying investments, which is determined using multiple approaches including by quoted market prices and by private market quotations. Such investments are classified as Level 2 and Level 3. Stock Compensation and Warrants We have several active stock-based compensation plans. We account for grants under those plans under the fair value expense recognition provisions of FASB ASC Topic 718, Compensation-Stock Compensation . We determine the fair value of stock options using the Black-Scholes option pricing formula. Key inputs to this formula include expected term, expected volatility and the risk-free interest rate. The expected term represents the period that our stock-based awards are expected to be outstanding, and is determined based on historical experience of similar awards, giving consideration to contractual terms of the awards, vesting schedules and expectations of future employee behavior. The volatility factor is calculated using historical market data for our Common Stock. The time frame used is equal to the expected term. We base the risk-free interest rate on the yield to maturity at the time of the stock option grant on zero-coupon U.S. government bonds having a remaining term equal to the option's expected term. When estimating forfeitures, we consider voluntary termination behavior as well as actual option forfeitures. We amortize as compensation expense the value of stock options and restricted Common Stock using the straight-line method over the vesting or restriction period, which is generally one to three years. We also have 6,000,000 warrants outstanding to purchase shares of our Common Stock. Warrants are recorded at fair value determined using the Black-Scholes option pricing formula. See Notes 4, 8 and 11. Uninsured Risks We are self-insured for health care, workers compensation and certain long-term disability costs of our employees, subject to stop loss insurance, which limits our losses in the event of large claims. We accrue our estimated health care costs in the period in which such costs are incurred, including an estimate of incurred but not reported claims. Other risks are insured and carry deductible losses of varying amounts. Letters of credit and performance bonds totaling $5,107,000 at September 25, 2016 are outstanding in support of our insurance program. Our accrued reserves for health care and workers compensation claims are based upon estimates of the remaining liability for retained losses made by consulting actuaries. The amount of workers compensation reserve has been determined based upon historical patterns of incurred and paid loss development factors from the insurance industry. |
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 9, 2016. No events have occurred subsequent to September 25, 2016 that require disclosure or recognition in these financial statements, except as included herein. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Advertising revenue is recorded when advertisements are placed in the publication or on the related digital platform. Subscription revenue is recorded over the print or digital subscription term or as newspapers are individually sold. Other revenue is recognized when the related product or service has been delivered. Unearned revenue arises in the ordinary course of business from advance subscription payments for print or digital products or advance payments for advertising. |
Advertising Costs, Policy [Policy Text Block] | Advertising Costs A substantial amount of our advertising and promotion consists of advertising placed in our own publications and digital platforms, using available space. The incremental cost of such advertising is not significant and is not measured separately by us. External advertising costs are not significant and are expensed as incurred. |
Schedule of Inventory, Current [Table Text Block] | The components of newsprint inventory by cost method are as follows: (Thousands of Dollars) September 25 2016 September 27 2015 First-in, first-out 1,064 786 Last-in, first-out 1,627 1,547 2,691 2,333 Other inventories consisting of ink, plates and film are priced at the lower of cost or market, with cost being determined by the first-in, first-out method. |
Investment, Policy [Policy Text Block] | Other Investments Other investments primarily consist of marketable securities held in trust under a deferred compensation arrangement and investments for which no established market exists. Marketable securities are classified as trading securities and carried at fair value with gains and losses reported in earnings. Non-marketable securities are carried at cost. |
Use of Estimates, Policy [Policy Text Block] | Accounting Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. We evaluate our estimates on an on-going basis. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation All significant intercompany transactions and balances have been eliminated. Investments in TNI and MNI are accounted for using the equity method and are reported at cost, plus our share of undistributed earnings since acquisition less, for TNI, amortization of, and reductions in the value of, intangible assets. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Other Intangible Assets Intangible assets include covenants not to compete, consulting agreements, customer lists, newspaper subscriber lists and mastheads. Intangible assets subject to amortization are being amortized using the straight-line method as follows: Years Customer lists 15 - 23 Newspaper subscriber lists 12 - 33 Non-compete and consulting agreements 15 In assessing the recoverability of goodwill and other non-amortized intangible assets, we annually assess qualitative factors affecting our business to determine if the probability of a goodwill impairment is more likely than not. Our assessment includes reviewing internal and external factors affecting our business, such as cash flow projections, stock price and other industry or market considerations. This assessment is made on the first day of our fourth fiscal quarter of each year. We analyze goodwill and other non-amortized intangible assets for impairment more frequently if impairment indicators are present. Such indicators of impairment include, but are not limited to, changes in business climate and operating or cash flow losses related to such assets. Should we determine that a goodwill impairment is more likely than not, we make a determination of the fair value of our business. Fair value is determined using a combination of an income approach and a market approach weighted equally. Should we determine that a non-amortized intangible asset impairment is more likely than not, we make a determination of the individual asset's fair value. Fair value is determined using the relief from royalty method, which estimates fair value based upon appropriate royalties of future revenue discounted to their present value. The impairment amount, if any, is calculated based on the excess of the carrying amount over the fair value of such asset. We review our amortizable intangible assets for impairment when indicators of impairment are present. We assess recoverability of these assets by comparing the estimated undiscounted cash flows associated with the asset group with their carrying amount. The impairment amount, if any, is calculated based on the excess of the carrying amount over the fair value of those asset groups. The required valuation methodology and underlying financial information that are used to determine fair value require significant judgments to be made by us and represent a Level 3 fair value measurement. These judgments include, but are not limited to, long term projections of future financial performance and the selection of appropriate discount rates used to determine the present value of future cash flows. Changes in such estimates or the application of alternative assumptions could produce significantly different results. We also periodically evaluate the useful lives of amortizable intangible assets. Any resulting changes in the useful lives of such intangible assets will not impact our cash flows. However, a decrease in the useful lives of such intangible assets would increase future amortization expense and decrease future reported operating results and earnings per common share. Future decreases in our market value, or significant differences in revenue, expenses or cash flows from estimates used to determine fair value, could result in impairment charges in the future. See Note 3. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are carried at cost. Equipment, except for printing presses and preprint insertion equipment, is depreciated primarily by declining-balance methods. The straight-line method is used for all other assets. The estimated useful lives are as follows: Years Buildings and improvements 5 - 54 Printing presses and insertion equipment 3 - 28 Other 3 - 17 We capitalize interest as a component of the cost of constructing major facilities. At September 25, 2016 and September 27, 2015 , capitalized interest was not significant. We recognize the fair value of a liability for a legal obligation to perform an asset retirement activity when such activity is a condition of a future event and the fair value of the liability can be estimated. |
Property, Plant and Equipment [Table Text Block] | The estimated useful lives are as follows: Years Buildings and improvements 5 - 54 Printing presses and insertion equipment 3 - 28 Other 3 - 17 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments We utilize FASB ASC Topic 820, Fair Value Measurements and Disclosures , to measure and report fair value. FASB ASC Topic 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. FASB ASC Topic 820 establishes a three-level hierarchy of fair value measurements based on whether the inputs to those measurements are observable or unobservable, which consists of the following levels: Level 1 - Quoted prices for identical instruments in active markets. Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. Level 3 - Valuations derived from valuation techniques in which one or more significant inputs are unobservable. 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 onsist of short term deposits valued based on quoted prices in active markets. Such investments are classified as Level 1. Treasury Inflation-Protected Securities ("TIPS") consist of low yield mutual funds and are valued by quoted market prices. Such investments are classified as Level 1. Equity securities are valued based on the closing market price in an active market and are classified as Level 1. Certain investments in commingled funds are valued at the net asset value of units held at the end of the period based upon the value of the underlying investments as determined by quoted market prices. Such investments are classified as Level 2. Debt securities consist of corporate bonds and government securities that are valued based upon quoted market prices. Such investments are classified as Level 1. Certain investments in commingled funds are valued at the net asset value of units held at the end of the period based upon the value of the underlying investments as determined by quoted market prices. Such investments are classified as Level 2. Hedge funds consist of a long/short equity fund and a diversified fund of funds. These funds are valued at the net asset value of units held at the end of the period based upon the value of the underlying investments, which is determined using multiple approaches including by quoted market prices and by private market quotations. Such investments are classified as Level 2 and Level 3. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents We consider all highly liquid debt instruments purchased with an original maturity of three months or less at date of acquisition to be cash equivalents. Outstanding checks in excess of funds on deposit are included in accounts payable and are classified as financing activities in the Consolidated Statements of Cash Flows. |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Basis of Presentation The Consolidated Financial Statements include our accounts and those of our subsidiaries, all of which are wholly-owned, except for our 50% interest in TNI, 50% interest in MNI and 82.5% interest in TownNews.com. TNI and MNI are accounted for under the equity method. Results of TownNews.com are consolidated. |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | Pension, Postretirement and Postemployment Benefit Plans We evaluate our liabilities for pension, postretirement and postemployment benefit plans based upon computations made by consulting actuaries, incorporating estimates and actuarial assumptions of future plan service costs, future interest costs on projected benefit obligations, rates of compensation increases, when applicable, employee turnover rates, anticipated mortality rates, expected investment returns on plan assets, asset allocation assumptions of plan assets and other factors. If we used different estimates and assumptions regarding these plans, the funded status of the plans could vary significantly, resulting in recognition of different amounts of expense over future periods. We use a fiscal year end measurement date for all our pension and postretirement obligations in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 715, Retirement Plans . |
Income Tax, Policy [Policy Text Block] | Income Taxes Deferred income taxes are provided using the asset and liability method, whereby deferred income tax assets are recognized for deductible temporary differences and loss carryforwards and deferred income tax liabilities are recognized for taxable temporary differences. Temporary differences are the difference between the reported amounts of assets and liabilities and their tax basis. Deferred income tax assets are reduced by a valuation allowance when, in our opinion, it is more likely than not some portion or all of the deferred income tax assets will not be realized. Deferred income tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. We recognize the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. We record interest and penalties related to unrecognized tax benefits as a component of income tax expense. |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Accounts Receivable We evaluate our allowance for doubtful accounts receivable based on historical credit experience, payment trends and other economic factors. Delinquency is determined based on timing of payments in relation to billing dates. Accounts considered to be uncollectible are written off. |
Inventory, Policy [Policy Text Block] | Inventories Newsprint inventories are priced at the lower of cost or market, with cost being determined by the first-in, first-out or last-in, first-out methods. Newsprint inventories at September 25, 2016 and September 27, 2015 are less than replacement cost by $1,900,000 and $1,780,000 , respectively. The components of newsprint inventory by cost method are as follows: (Thousands of Dollars) September 25 2016 September 27 2015 First-in, first-out 1,064 786 Last-in, first-out 1,627 1,547 2,691 2,333 Other inventories consisting of ink, plates and film are priced at the lower of cost or market, with cost being determined by the first-in, first-out method. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock Compensation and Warrants We have several active stock-based compensation plans. We account for grants under those plans under the fair value expense recognition provisions of FASB ASC Topic 718, Compensation-Stock Compensation . We determine the fair value of stock options using the Black-Scholes option pricing formula. Key inputs to this formula include expected term, expected volatility and the risk-free interest rate. The expected term represents the period that our stock-based awards are expected to be outstanding, and is determined based on historical experience of similar awards, giving consideration to contractual terms of the awards, vesting schedules and expectations of future employee behavior. The volatility factor is calculated using historical market data for our Common Stock. The time frame used is equal to the expected term. We base the risk-free interest rate on the yield to maturity at the time of the stock option grant on zero-coupon U.S. government bonds having a remaining term equal to the option's expected term. When estimating forfeitures, we consider voluntary termination behavior as well as actual option forfeitures. We amortize as compensation expense the value of stock options and restricted Common Stock using the straight-line method over the vesting or restriction period, which is generally one to three years. We also have 6,000,000 warrants outstanding to purchase shares of our Common Stock. Warrants are recorded at fair value determined using the Black-Scholes option pricing formula. See Notes 4, 8 and 11. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 12 Months Ended |
Sep. 25, 2016 | |
Basis of Presentation [Abstract] | |
Property, Plant and Equipment [Table Text Block] | The estimated useful lives are as follows: Years Buildings and improvements 5 - 54 Printing presses and insertion equipment 3 - 28 Other 3 - 17 |
Schedule of Inventory, Current [Table Text Block] | The components of newsprint inventory by cost method are as follows: (Thousands of Dollars) September 25 2016 September 27 2015 First-in, first-out 1,064 786 Last-in, first-out 1,627 1,547 2,691 2,333 Other inventories consisting of ink, plates and film are priced at the lower of cost or market, with cost being determined by the first-in, first-out method. |
Intangible Asset Useful Life Table [Table Text Block] | Intangible assets subject to amortization are being amortized using the straight-line method as follows: Years Customer lists 15 - 23 Newspaper subscriber lists 12 - 33 Non-compete and consulting agreements 15 |
Investments in Associated Com25
Investments in Associated Companies (Tables) | 12 Months Ended |
Sep. 25, 2016 | |
Equity Method Investee- TNI [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investments, Summarized Balance Sheet [Table Text Block] | (Thousands of Dollars) September 25 September 27 ASSETS Current assets 5,107 5,761 Investments and other assets 12 33 Total assets 5,119 5,794 LIABILITIES AND MEMBERS' EQUITY Current liabilities 6,484 4,787 Members' equity (1,365 ) 1,007 Total liabilities and members' equity 5,119 5,794 |
Equity Method Investments, Summarized Income Statement [Table Text Block] | (Thousands of Dollars) 2016 2015 2014 Operating revenue 52,761 55,926 57,892 Operating expenses 41,804 45,413 47,229 Operating income 10,957 10,513 10,663 Company's 50% share 5,478 5,256 5,331 Less amortization of intangible assets 418 418 418 Equity in earnings of TNI 5,060 4,838 4,913 |
Equity Method Investee- MNI [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investments, Summarized Balance Sheet [Table Text Block] | Summarized financial information of MNI is as follows: (Thousands of Dollars) September 25 September 27 ASSETS Current assets 12,320 18,255 Investments and other assets 33,364 34,209 Total assets 45,684 52,464 LIABILITIES AND MEMBERS' EQUITY Current liabilities 8,391 8,100 Other liabilities 9,500 9,235 Stockholders' equity 27,793 35,129 Total liabilities and stockholders' equity 45,684 52,464 |
Equity Method Investments, Summarized Income Statement [Table Text Block] | Summarized results of MNI are as follows: (Thousands of Dollars) 2016 2015 2014 Operating revenue 65,172 67,264 67,478 Operating expenses, excluding workforce adjustments, depreciation and amortization 52,646 54,795 55,393 Workforce adjustments 39 459 244 Depreciation and amortization 1,684 1,630 1,626 Operating income 10,803 10,380 10,215 Net income 6,947 6,832 6,768 Equity in earnings of MNI 3,473 3,416 3,384 |
Goodwill and other Intangible26
Goodwill and other Intangible Assets (Tables) | 12 Months Ended |
Sep. 25, 2016 | |
Goodwill [Line Items] | |
Schedule of Goodwill [Table Text Block] | Changes in the carrying amount of goodwill related to continuing operations are as follows: (Thousands of Dollars) 2016 2015 Goodwill, gross amount 1,532,458 1,532,458 Accumulated impairment losses (1,288,729 ) (1,288,729 ) Goodwill, end of year 243,729 243,729 |
Schedule of Intangible Assets [Table Text Block] | Identified intangible assets related to continuing operations consist of the following: (Thousands of Dollars) September 25 September 27 Non-amortized intangible assets: Mastheads 23,644 25,102 Amortizable intangible assets: Customer and newspaper subscriber lists 687,182 687,182 Less accumulated amortization 552,472 526,322 134,710 160,860 Non-compete and consulting agreements 28,524 28,524 Less accumulated amortization 28,524 28,524 — — 158,354 185,962 |
Asset Impairment Charges [Table Text Block] | A summary of the pretax impairment charges is included in the table below: (Thousands of Dollars) 2016 2015 2014 Continuing operations: Non-amortized intangible assets 818 — 1,936 Property, equipment and other assets 1,367 — 1,044 2,185 — 2,980 |
Debt Schedule Of Debt Payments
Debt Schedule Of Debt Payments (Tables) | 12 Months Ended |
Sep. 25, 2016 | |
Schedule of Payments [Line Items] | |
Pulitzer Excess Cash Flow [Table Text Block] | Pulitzer Excess Cash Flow and the related payments on the 2 nd Lien Term Loan made in 2016 are as follows: For the Period Ending (Thousands of Dollars) Pulitzer Excess Cash Flow Payment Date Payment Amount (not rejected) September 27, 2015 5,143 Q1 2016 3,326 December 27, 2015 2,864 Q2 2016 1,867 March 27, 2016 2,730 Q3 2016 525 June 26, 2016 1,583 Q4 2016 299 |
Schedule of Long-term Debt Instruments [Table Text Block] | Debt is summarized as follows: Interest Rates (%) (Thousands of Dollars) September 25 September 27 September 25 Revolving Facility — — 5.65 1 st Lien Term Loan 101,304 180,872 7.25 Notes 385,000 400,000 9.50 2 nd Lien Term Loan 130,863 145,000 12.00 617,167 725,872 Less current maturities of long-term debt 25,070 25,000 Total long-term debt 592,097 700,872 |
1st Lien Agreement [Member] | |
Schedule of Payments [Line Items] | |
Schedule Of Debt Payments [Table Text Block] | (Thousands of Dollars) December 27 March 27 June 26 September 25 2016 Mandatory 6,250 6,250 6,250 6,250 25,000 Voluntary 5,000 27,000 3,000 6,000 41,000 Excess cash flow — 1,135 6,441 5,992 13,568 11,250 34,385 15,691 18,242 79,568 |
Debt Debt Call Provisions (Tabl
Debt Debt Call Provisions (Tables) | 12 Months Ended |
Sep. 25, 2016 | |
Debt Instrument [Line Items] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Debt is summarized as follows: Interest Rates (%) (Thousands of Dollars) September 25 September 27 September 25 Revolving Facility — — 5.65 1 st Lien Term Loan 101,304 180,872 7.25 Notes 385,000 400,000 9.50 2 nd Lien Term Loan 130,863 145,000 12.00 617,167 725,872 Less current maturities of long-term debt 25,070 25,000 Total long-term debt 592,097 700,872 |
Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Schedule of Prepayment Premium [Table Text Block] | We may redeem some, or all, of the principal amount of the Notes at any time on or after March 15, 2018 as follows: Period Beginning Percentage of Principal Amount March 15, 2018 104.75 March 15, 2019 102.38 March 15, 2020 100.00 |
New Second Lien Loan [Member] | |
Debt Instrument [Line Items] | |
Schedule of Prepayment Premium [Table Text Block] | Voluntary payments under the 2 nd Lien Term Loan are subject to call premiums as follows: Period Beginning Percentage of Principal Amount March 31, 2014 112 March 31, 2017 106 March 31, 2018 103 March 31, 2019 100 |
Pensions (Tables)
Pensions (Tables) - Pension Plans, Defined Benefit [Member] | 12 Months Ended |
Sep. 25, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Expected Benefit Payments [Table Text Block] | We anticipate future benefit payments to be paid from the pension trust as follows: (Thousands of Dollars) 2017 11,803 2018 11,735 2019 11,757 2020 11,728 2021 11,735 2022-2026 58,487 |
Schedule of Allocation of Plan Assets [Table Text Block] | The weighted-average asset allocation of our pension assets is as follows: (Percent) Policy Allocation Actual Allocation Asset Class September 25 2016 September 25 September 27 Equity securities 50 50 46 Debt securities 35 33 37 TIPS 5 4 4 Hedge fund investments 10 11 11 Cash and cash equivalents — 2 2 |
Schedule of Assumptions Used [Table Text Block] | Weighted-average assumptions used to determine benefit obligations are as follows: (Percent) September 25 September 27 Discount rate 3.5 4.2 Weighted-average assumptions used to determine net periodic benefit cost are as follows: (Percent) 2016 2015 2014 Discount rate 4.2 4.2 4.7 Expected long-term return on plan assets 6.3 6.8 7.0 |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The net periodic cost (benefit) components of our pension plans are as follows: (Thousands of Dollars) 2016 2015 2014 Service cost for benefits earned during the year 197 232 156 Interest cost on projected benefit obligation 6,061 8,122 7,996 Expected return on plan assets (8,698 ) (9,863 ) (9,932 ) Amortization of net loss 2,397 1,682 423 Amortization of prior service benefit (136 ) (136 ) (136 ) Net periodic pension cost (benefit) (179 ) 37 (1,493 ) |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | Changes in benefit obligations and plan assets are as follows: (Thousands of Dollars) 2016 2015 Benefit obligation, beginning of year 193,751 199,197 Service cost 197 232 Interest cost 6,061 8,122 Actuarial loss (gain) 13,630 (2,543 ) Benefits paid (11,481 ) (11,257 ) Benefit obligation, end of year 202,158 193,751 Fair value of plan assets, beginning of year: 143,288 151,013 Actual return on plan assets 14,819 1,817 Benefits paid (11,481 ) (11,257 ) Administrative expenses paid (2,099 ) (1,862 ) Employer contributions 4,604 3,577 Fair value of plan assets, end of year 149,131 143,288 Funded status - benefit obligation in excess of plan assets 53,027 50,463 |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | Disaggregated amounts recognized in the Consolidated Balance Sheets are as follows: (Thousands of Dollars) September 25 September 27 Pension obligations 53,027 50,463 Accumulated other comprehensive loss (before income taxes) (54,862 ) (47,515 ) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Amounts recognized in accumulated other comprehensive income (loss) are as follows: (Thousands of Dollars) September 25 September 27 Unrecognized net actuarial loss (55,241 ) (48,031 ) Unrecognized prior service benefit 379 516 (54,862 ) (47,515 ) |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | The fair value hierarchy of pension assets at September 25, 2016 is as follows: (Thousands of Dollars) NAV Level 1 Level 2 Cash and cash equivalents — 2,757 — Domestic equity securities — 9,669 49,809 International equity securities — 6,773 7,755 TIPS — 6,883 — Debt securities 14,558 25,612 9,648 Hedge fund investments 17,531 — — The fair value hierarchy of pension assets at September 27, 2015 is as follows: (Thousands of Dollars) NAV Level 1 Level 2 Cash and cash equivalents — 2,407 — Domestic equity securities — 8,153 44,470 International equity securities — 6,286 7,389 TIPS — 6,450 — Debt securities 17,246 31,196 4,124 Hedge fund investments 17,344 — — |
Postretirement Obligations (Tab
Postretirement Obligations (Tables) - Other Postretirement Benefit Plans, Defined Benefit [Member] | 12 Months Ended |
Sep. 25, 2016 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The net periodic postretirement benefit cost (benefit) components for our postretirement plans are as follows: (Thousands of Dollars) 2016 2015 2014 Service cost for benefits earned during the year 63 76 596 Interest cost on projected benefit obligation 623 922 911 Expected return on plan assets (1,322 ) (1,445 ) (1,483 ) Amortization of net actuarial gain (1,093 ) (1,386 ) (1,819 ) Amortization of prior service benefit (1,459 ) (1,459 ) (1,459 ) Net periodic postretirement benefit (3,188 ) (3,292 ) (3,254 ) |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | Changes in benefit obligations and plan assets are as follows: (Thousands of Dollars) 2016 2015 Benefit obligation, beginning of year 23,812 25,506 Service cost 63 76 Interest cost 623 922 Actuarial loss (gain) (773 ) (1,149 ) Benefits paid, net of premiums received (1,434 ) (1,541 ) Medicare Part D subsidies 220 (2 ) Benefit obligation, end of year 22,511 23,812 Fair value of plan assets, beginning of year 30,123 32,881 Actual return on plan assets 1,085 (547 ) Employer contributions 563 745 Benefits paid, net of premiums and Medicare Part D subsidies received (1,213 ) (1,544 ) Benefits paid for active employees (1,510 ) (1,412 ) Allocation to active medical plans (4,925 ) — Fair value of plan assets at measurement date 24,123 30,123 Funded status - benefit obligation less than plan assets (1,612 ) (6,311 ) |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | Disaggregated amounts recognized in the Consolidated Balance Sheets are as follows: (Thousands of Dollars) September 25 September 27 Non-current assets 9,138 13,420 Postretirement benefit obligations 7,527 7,109 Accumulated other comprehensive income (before income tax benefit) 19,026 22,551 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Amounts recognized in accumulated other comprehensive income are as follows: (Thousands of Dollars) September 25 September 27 Unrecognized net actuarial gain 11,089 13,155 Unrecognized prior service benefit 7,937 9,396 19,026 22,551 |
Schedule of Assumptions Used [Table Text Block] | Weighted-average assumptions used to determine net periodic benefit cost are as follows: (Percent) 2016 2015 2014 Discount rate 3.7 3.7 4.0 Expected long-term return on plan assets 4.5 4.5 4.5 Weighted-average assumptions used to determine post retirement benefit obligations are as follows: (Percent) September 25 September 27 Discount rate 3.1 3.7 Expected long-term return on plan assets 4.5 4.5 |
Schedule of Health Care Cost Trend Rates [Table Text Block] | Assumed health care cost trend rates are as follows: (Percent) September 25 September 27 Health care cost trend rates 9.0 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 2025 2025 |
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | A one percentage point change in assumed health care cost trend rates would have the following annualized effects on reported amounts for 2016: One Percentage Point (Thousands of Dollars) Increase Decrease Effect on net periodic postretirement benefit 20 (18 ) Effect on postretirement benefit obligation 697 (629 ) |
Schedule of Allocation of Plan Assets [Table Text Block] | The weighted-average asset allocation of our postretirement assets is as follows: (Percent) Policy Allocation Actual Allocation Asset Class September 25 2016 September 25 September 27 Equity securities 20 22 19 Debt securities 70 65 68 Hedge fund investment 10 11 10 Cash and cash equivalents — 2 3 |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | The fair value hierarchy of postretirement assets at September 25, 2016 is as follows: (Thousands of Dollars) NAV Level 1 Level 2 Cash and cash equivalents — 518 — Domestic equity securities — 3,342 1,572 International equity securities — 695 898 Debt securities — 18,840 — Hedge fund investment 3,182 — — The fair value hierarchy of postretirement assets at September 27, 2015 is as follows: (Thousands of Dollars) NAV Level 1 Level 2 Cash and cash equivalents — 790 — Domestic equity securities — 2,896 1,372 International equity securities — 645 857 Debt securities — 13,910 6,581 Hedge fund investment 3,072 — — |
Schedule of Expected Benefit Payments [Table Text Block] | We anticipate future benefit payments to be paid either with future contributions to the plan or directly from plan assets, as follows: (Thousands of Dollars) Gross Payments Less Medicare Part D Subsidy Net Payments 2017 3,600 (200 ) 3,400 2018 1,870 (210 ) 1,660 2019 1,910 (210 ) 1,700 2020 1,880 (210 ) 1,670 2021 1,790 (200 ) 1,590 2022-2026 7,910 (870 ) 7,040 |
Other Retirement Plans (Tables)
Other Retirement Plans (Tables) | 12 Months Ended |
Sep. 25, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Multiemployer Plans [Table Text Block] | these plans is outlined in the table below: (Thousands of Dollars) Zone Status September 30 Funding Improvement Plan/Rehabilitation Plan Status Contributions Pension Plan 2016 2015 Status 2016 2015 2014 Surcharge Imposed Expiration Dates of CBAs GCIU- Employer Retirement Fund 91-6024903/001 Red Red Implemented 138 145 265 No 1/13/2017 8/31/2017 CWA/ITU Negotiated Pension Plan 13-6212879/001 Red Red Implemented 108 122 133 No 5/12/2017 12/31/2017 4/1/2017 8/31/2017 District No. 9, International Association of Machinists and Aerospace Workers Pension Trust 43-0736847/001 Green Green N/A 31 34 37 N/A 2/28/2017 |
Stock Ownership Plans (Tables)
Stock Ownership Plans (Tables) | 12 Months Ended |
Sep. 25, 2016 | |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of stock option activity is as follows: (Thousands of Shares) 2016 2015 2014 Under option, beginning of year 1,871 2,333 2,769 Granted — — 15 Exercised (74 ) (289 ) (342 ) Canceled (99 ) (173 ) (109 ) Under option, end of year 1,698 1,871 2,333 Exercisable, end of year 1,692 1,840 1,786 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value [Table Text Block] | Weighted average prices of stock options are as follows: (Dollars) 2016 2015 2014 Granted — — 2.99 Exercised 1.17 1.27 2.01 Cancelled 8.78 5.02 10.98 Under option, end of year 2.42 2.71 2.70 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The following assumptions were used to estimate the fair value of option awards: 2014 Volatility (Percent) 91 Risk-free interest rate (Percent) 1.24 Expected term (Years) 4.5 Estimated fair value (Dollars) 2.02 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block] | A summary of stock options outstanding at September 25, 2016 is as follows: (Dollars) Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding (Thousands) Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Number Exercisable (Thousands) Weighted Average Exercise Price 1 - 5 1,659 4.5 1.80 1,653 1.80 25 - 50 39 0.1 28.72 39 28.72 1,698 4.4 2.42 1,692 2.42 |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of restricted Common Stock activity follows: (Thousands of Shares) 2016 2015 2014 Outstanding, beginning of year 1,546 1,291 500 Granted 1,018 786 817 Vested (63 ) (500 ) — Forfeited (39 ) (31 ) (26 ) Outstanding, end of year 2,462 1,546 1,291 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value [Table Text Block] | Weighted average grant date fair values of restricted Common Stock are as follows: (Dollars) 2016 2015 2014 Outstanding, beginning of year 3.62 2.72 1.31 Granted 1.49 3.62 3.61 Vested 3.39 1.31 — Forfeited 3.31 3.62 3.61 Outstanding, end of year 2.74 3.62 2.72 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 25, 2016 | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Income tax expense consists of the following: (Thousands of Dollars) 2016 2015 2014 Current: Federal 1,241 720 451 State 379 (92 ) (571 ) Deferred 20,556 12,966 6,410 22,176 13,594 6,290 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The reasons for these differences are as follows: (Percent of Income (Loss) Before Income Taxes) 2016 2015 2014 Computed “expected” income tax expense (benefit) 35.0 35.0 35.0 State income tax expense (benefit), net of federal tax impact 3.8 (7.1 ) 11.0 Net income of associated companies taxed at dividend rates (2.6 ) (5.2 ) (9.3 ) Resolution of tax matters 3.2 0.5 3.6 Non-deductible expenses 1.0 2.8 7.9 Valuation allowance (7.7 ) 15.9 (4.5 ) Warrant valuation 5.0 (6.1 ) (15.1 ) CODI tax attribute reduction — — 18.3 Other 0.4 0.1 (1.8 ) 38.1 35.9 45.1 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Net deferred income tax liabilities consist of the following components: (Thousands of Dollars) September 25 September 27 Deferred income tax liabilities: Property and equipment (33,549 ) (35,593 ) Identified intangible assets (43,745 ) (51,380 ) Long-term debt (16,158 ) (15,176 ) (93,452 ) (102,149 ) Deferred income tax assets: Investments 12,138 17,521 Accrued compensation 6,391 4,551 Allowance for doubtful accounts and losses on loans 1,273 1,184 Pension and postretirement benefits 6,505 5,719 Net operating loss carryforwards 52,604 81,228 Accrued expenses 577 572 Other 3,634 1,720 83,122 112,495 Valuation allowance (27,978 ) (32,483 ) Net deferred income tax liabilities (38,308 ) (22,137 ) |
Deferred Tax Asset/Liability Classification [Table Text Block] | |
Summary of Income Tax Contingencies [Table Text Block] | A reconciliation of 2016 and 2015 changes in gross unrecognized tax benefits is as follows: (Thousands of Dollars) 2016 2015 Balance, beginning of year 11,799 13,520 Increases (decreases) in tax positions for prior years 46 (1,861 ) Increases in tax positions for the current year 1,600 1,098 Lapse in statute of limitations (914 ) (958 ) Balance, end of year 12,531 11,799 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Sep. 25, 2016 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | The following assumptions were used to estimate the fair value of the Warrants: 2016 2015 2014 Volatility (Percent) 63 61 55 Risk-free interest rate (Percent) 1.25 1.75 2.34 Expected term (Years) 5.5 6.5 7.5 Estimated fair value (Dollars) 1.96 0.71 1.80 |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 12 Months Ended |
Sep. 25, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the computation of basic and diluted earnings (loss) per common share: (Thousands of Dollars and Shares, Except Per Common Share Data) 2016 2015 2014 Income attributable to Lee Enterprises, Incorporated: 34,961 23,316 6,795 Weighted average Common Stock 55,493 54,430 53,438 Less non-vested restricted Common Stock (2,295 ) (1,790 ) (1,165 ) Basic average Common Stock 53,198 52,640 52,273 Dilutive stock options and restricted Common Stock 1,026 1,291 1,463 Diluted average Common Stock 54,224 53,931 53,736 Earnings per common share: Basic: 0.66 0.44 0.13 Diluted 0.64 0.43 0.13 |
Allowance For Doubtful Accoun36
Allowance For Doubtful Accounts (Tables) | 12 Months Ended |
Sep. 25, 2016 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Valuation and qualifying account information related to the allowance for doubtful accounts receivable related to continuing operations is as follows: (Thousands of Dollars) 2016 2015 2014 Balance, beginning of year 4,194 4,526 4,501 Additions charged to expense 1,195 1,307 1,754 Deductions from reserves (1,062 ) (1,639 ) (1,729 ) Balance, end of year 4,327 4,194 4,526 |
Other Information (Tables)
Other Information (Tables) | 12 Months Ended |
Sep. 25, 2016 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Compensation and other accrued liabilities consist of the following: (Thousands of Dollars) September 25 September 27 Compensation 12,290 12,454 Retirement plans 4,135 3,459 Other 7,459 11,142 23,884 27,055 |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Cash payments are as follows: (Thousands of Dollars) 2016 2015 2014 Interest 65,410 72,937 81,363 Debt financing and reorganization costs 422 733 31,587 Income tax payments (refunds), net 269 485 (6,022 ) |
Quarterly Financial Data (Una38
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Sep. 25, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | Quarter Ended (Thousands of Dollars, Except Per Common Share Data) December March June September 2016 Operating revenue 168,405 146,835 150,946 148,178 Net income 11,508 19,483 4,367 661 Income attributable to Lee Enterprises, Incorporated 11,237 19,228 4,092 404 Earnings per common share: Basic 0.21 0.36 0.08 0.01 Diluted 0.21 0.36 0.08 0.01 2015 Operating revenue 177,210 156,557 158,677 156,099 Net income 10,007 2,042 2,135 10,134 Income attributable to Lee Enterprises, Incorporated 9,753 1,800 1,882 9,881 Earnings (loss) per common share: Basic 0.19 0.03 0.04 0.18 Diluted 0.18 0.03 0.03 0.18 |
Debt Schedule of Debt Instrumen
Debt Schedule of Debt Instruments (Tables) | 12 Months Ended |
Sep. 25, 2016 | |
Debt Instrument [Line Items] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Debt is summarized as follows: Interest Rates (%) (Thousands of Dollars) September 25 September 27 September 25 Revolving Facility — — 5.65 1 st Lien Term Loan 101,304 180,872 7.25 Notes 385,000 400,000 9.50 2 nd Lien Term Loan 130,863 145,000 12.00 617,167 725,872 Less current maturities of long-term debt 25,070 25,000 Total long-term debt 592,097 700,872 |
Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Schedule of Prepayment Premium [Table Text Block] | We may redeem some, or all, of the principal amount of the Notes at any time on or after March 15, 2018 as follows: Period Beginning Percentage of Principal Amount March 15, 2018 104.75 March 15, 2019 102.38 March 15, 2020 100.00 |
New Second Lien Loan [Member] | |
Debt Instrument [Line Items] | |
Schedule of Prepayment Premium [Table Text Block] | Voluntary payments under the 2 nd Lien Term Loan are subject to call premiums as follows: Period Beginning Percentage of Principal Amount March 31, 2014 112 March 31, 2017 106 March 31, 2018 103 March 31, 2019 100 |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) | 12 Months Ended | |
Sep. 25, 2016 | Sep. 27, 2015 | |
Variable Interest Entity [Line Items] | ||
Class of Warrant or Right, Outstanding | 6,000,000 | |
Inventory, LIFO Reserve | $ 1,900,000 | $ 1,780,000 |
FIFO Inventory Amount | 1,064,000 | 786,000 |
LIFO Inventory Amount | 1,627,000 | 1,547,000 |
Newsprint Inventory | $ 2,691,000 | $ 2,333,000 |
Buildings and improvements low-end | 5 years | |
Buildings and improvements high-end | 54 years | |
Printing presses and insertion equipment low-end | 3 years | |
Printing presses and insertion equipment high-end | 28 years | |
Other low-end | 3 years | |
Other high-end | 17 years | |
Customer Lists [Member] | ||
Variable Interest Entity [Line Items] | ||
Intangible Assets Useful Life - Minimum | 15 years | |
Intangible Assets Useful Life - Maximum | 23 years | |
Subscriber Lists [Member] | ||
Variable Interest Entity [Line Items] | ||
Intangible Assets Useful Life - Minimum | 11 years | |
Intangible Assets Useful Life - Maximum | 33 years | |
Noncompete Agreements [Member] | ||
Variable Interest Entity [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 15 years |
Basis of Presentation Schedule
Basis of Presentation Schedule of Less than 100% Subsidiaries (Details) | 12 Months Ended |
Sep. 25, 2016 | |
Equity Method Investee- TNI [Member] | |
Schedule Of Less Than 100% Owned Subsidiaries [Line Items] | |
Less Than 100% Owned Subsidiaries, Percentage Owned | 50.00% |
Equity Method Investee- MNI [Member] | |
Schedule Of Less Than 100% Owned Subsidiaries [Line Items] | |
Less Than 100% Owned Subsidiaries, Percentage Owned | 50.00% |
INN Partners [Member] | |
Schedule Of Less Than 100% Owned Subsidiaries [Line Items] | |
Less Than 100% Owned Subsidiaries, Percentage Owned | 83.00% |
Investments in Associated Com42
Investments in Associated Companies Summarized Financial Information (Details) - USD ($) | 12 Months Ended | ||
Sep. 25, 2016 | Sep. 27, 2015 | Sep. 28, 2014 | |
Schedule of Equity Method Investments [Line Items] | |||
Equity in earnings of associated companies | $ 8,533,000 | $ 8,254,000 | $ 8,297,000 |
Associated companies | 29,716,000 | 35,069,000 | |
Equity Method Investee- TNI [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Proceeds from Equity Method Investment, Dividends or Distributions | 6,636,000 | 5,475,000 | 5,246,000 |
Equity Method Investment, Summarized Financial Information, Accounts Receivable, Net | 5,107,000 | 5,761,000 | |
Share of TNI Operating Expenses | 149,000 | (254,000) | (60,000) |
Editorial Fees | 5,599,000 | 5,492,000 | 5,908,000 |
Equity Method Investment, Summarized Financial Information, Revenue | 52,761,000 | 55,926,000 | 57,892,000 |
Equity Method Investment, Summarized Financial Information, Cost of Sales | 41,804,000 | 45,413,000 | 47,229,000 |
Equity Method Investment, Summarized Financial Information, Operating Income | 10,957,000 | 10,513,000 | 10,663,000 |
Income (Loss) From Equity Method Investments Before Amortization | 5,478,000 | 5,256,000 | 5,331,000 |
Amortization Of Intangible Assets- TNI | 418,000 | 418,000 | 418,000 |
Equity in earnings of associated companies | 5,060,000 | 4,838,000 | 4,913,000 |
Associated companies | 15,933,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 418,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Rolling Year Two | 418,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 418,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 280,000 | ||
Equity Method Investment, Summarized Financial Information, Noncurrent Assets | 12,000 | 33,000 | |
Equity Method Investment, Summarized Financial Information, Assets | 5,119,000 | 5,794,000 | |
Equity Method Investment, Summarized Financial Information, Liabilities | 6,484,000 | 4,787,000 | |
Equity Method Investment Summarized Financial Information, Equity | (1,365,000) | 1,007,000 | |
Equity Method Investment, Summarized Financial Information, Liabilities and Equity | 5,119,000 | 5,794,000 | |
Equity Method Investee- MNI [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Proceeds from Equity Method Investment, Dividends or Distributions | 7,250,000 | 5,500,000 | 4,750,000 |
Equity Method Investment, Summarized Financial Information, Current Assets | 12,320,000 | 18,255,000 | |
Editorial Fees | 7,099,000 | 7,242,000 | 7,050,000 |
Equity Method Investment, Summarized Financial Information, Depreciation And Amortization | 1,626,000 | ||
Equity Method Investment, Summarized Financial Information, Cost of Sales | 52,646,000 | 54,795,000 | 55,393,000 |
Equity Method Investment, Summarized Financial Information, Operating Income | 10,803,000 | 10,380,000 | |
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | 6,947,000 | 6,832,000 | |
Equity in earnings of associated companies | $ 3,384,000 | ||
Associated companies | 13,896,000 | ||
Equity Method Investment, Summarized Financial Information, Noncurrent Assets | 33,364,000 | 34,209,000 | |
Equity Method Investment, Summarized Financial Information, Assets | 45,684,000 | 52,464,000 | |
Equity Method Investment, Summarized Financial Information, Current Liabilities | 8,391,000 | 8,100,000 | |
Equity Method Investment, Summarized Financial Information, Noncurrent Liabilities | 9,500,000 | 9,235,000 | |
Equity Method Investment Summarized Financial Information, Equity | 27,793,000 | 35,129,000 | |
Equity Method Investment, Summarized Financial Information, Liabilities and Equity | $ 45,684,000 | 52,464,000 | |
Equity Method Investee- MNI [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Less Than 100% Owned Subsidiaries, Percentage Owned | 50.00% | ||
Goodwill [Member] | Equity Method Investee- TNI [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | $ 12,366,000,000 | ||
Finite Lived Intangible Assets [Member] | Equity Method Investee- TNI [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | $ 4,554,000 |
Goodwill and other Intangible43
Goodwill and other Intangible Assets Schedule of Goodwill (Details) - USD ($) $ in Thousands | Sep. 25, 2016 | Sep. 27, 2015 |
Goodwill [Line Items] | ||
Goodwill, Gross | $ 1,532,458 | $ 1,532,458 |
Goodwill, Impaired, Accumulated Impairment Loss | $ (1,288,729) | $ (1,288,729) |
Goodwill and other Intangible44
Goodwill and other Intangible Assets Schedule of Intangible Assets (Details) - USD ($) | Sep. 25, 2016 | Sep. 27, 2015 |
Schedule of Intangible Assets [Line Items] | ||
Mastheads | $ 23,644,000 | $ 25,102,000 |
Other intangible assets, net | 158,354,000 | 185,962,000 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 25,030,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Rolling Year Two | 16,653,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 15,972,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 15,206,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 14,042,000 | |
Customer Lists [Member] | ||
Schedule of Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 687,182,000 | 687,182,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | 552,472,000 | 526,322,000 |
Finite-Lived Intangible Assets, Net | 134,710,000 | 160,860,000 |
Noncompete Agreements [Member] | ||
Schedule of Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 28,524,000 | 28,524,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | 28,524,000 | 28,524,000 |
Finite-Lived Intangible Assets, Net | $ 0 | $ 0 |
Goodwill and other Intangible45
Goodwill and other Intangible Assets Schedule of Asset Impairment Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 25, 2016 | Sep. 27, 2015 | Sep. 28, 2014 | |
Asset Impairment Charges [Line Items] | |||
Impairment of intangible and other assets | $ 2,185 | $ 0 | $ 2,980 |
Indefinite-lived Intangible Assets, Impairment Losses | 818 | 0 | 1,936 |
Tangible Asset Impairment Charges | $ 1,367 | $ 0 | $ 1,044 |
Debt Schedule of Long-Term Debt
Debt Schedule of Long-Term Debt Instruments (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Sep. 25, 2016 | Jun. 26, 2016 | Mar. 27, 2016 | Dec. 27, 2015 | Sep. 27, 2015 | Sep. 25, 2016 | Sep. 27, 2015 | Sep. 28, 2014 | Mar. 31, 2014 | Mar. 30, 2014 | |
Debt Instrument [Line Items] | ||||||||||
Unamortized Debt Issuance Expense | $ 26,271,000 | $ 26,271,000 | ||||||||
Payments of Financing Costs | $ 422,000 | $ 733,000 | $ 31,587,000 | |||||||
Debt, Weighted Average Interest Rate | 9.70% | 9.70% | ||||||||
Debt, Long-term and Short-term, Combined Amount | $ 617,167,000 | $ 725,872,000 | $ 617,167,000 | 725,872,000 | ||||||
Debt Financing and Reorganization Costs Paid | 422,000 | 733,000 | 31,587,000 | |||||||
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | 25,070,000 | 25,070,000 | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 25,000,000 | 25,000,000 | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 51,234,000 | 51,234,000 | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 | 0 | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 0 | 0 | ||||||||
Long-term Debt, Current Maturities | 25,070,000 | 25,000,000 | 25,070,000 | 25,000,000 | ||||||
Long-term Debt | 592,097,000 | 700,872,000 | 592,097,000 | 700,872,000 | ||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 515,863,000 | 515,863,000 | ||||||||
Liquidity | $ 50,302,000 | 50,302,000 | ||||||||
Repayments of Long-term Debt | $ 112,455,000 | 83,878,000 | 847,750,000 | |||||||
Class of Warrant or Right, Outstanding | 6,000,000 | 6,000,000 | ||||||||
Investment Warrants, Exercise Price | $ 4.19 | |||||||||
Warrant liability fair value | $ 11,760,000 | 4,240,000 | $ 11,760,000 | 4,240,000 | 10,808,000 | $ 16,930,000 | ||||
Amortization of Financing Costs | 4,693,000 | 5,541,000 | $ 2,145,000 | |||||||
Future Liquidity- Warrant Exercise Proceeds | 25,140,000 | |||||||||
Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | $ 400,000,000 | $ 400,000,000 | ||||||||
Debt Instrument, Interest Rate at Period End | 9.50% | 9.50% | ||||||||
Debt, Long-term and Short-term, Combined Amount | $ 385,000,000 | 400,000,000 | $ 385,000,000 | 400,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.50% | 9.50% | ||||||||
Repayments of Long-term Debt | $ 15,000,000 | |||||||||
New 1st Lien Term Loan [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | $ 250,000,000 | 250,000,000 | ||||||||
Debt, Long-term and Short-term, Combined Amount | $ 101,304,000 | 180,872,000 | $ 101,304,000 | 180,872,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | 7.25% | ||||||||
Debt Instrument, Unamortized Discount | $ 5,000,000 | |||||||||
Repayments of Long-term Debt | $ 18,242,000 | $ 15,691,000 | $ 34,385,000 | $ 11,250,000 | $ 79,568,000 | |||||
Line of Credit [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | 40,000,000 | 40,000,000 | ||||||||
New Second Lien Loan [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | $ 150,000,000 | $ 150,000,000 | ||||||||
Debt Instrument, Interest Rate at Period End | 12.00% | 12.00% | ||||||||
Debt, Long-term and Short-term, Combined Amount | $ 130,863,000 | 145,000,000 | $ 130,863,000 | 145,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | 12.00% | ||||||||
Common Stock Issued In Refinancing, Percent of Total On A Pro Forma Basis | 10.00% | 10.00% | ||||||||
Class of Warrant or Right, Outstanding | 6,000,000 | 6,000,000 | ||||||||
Revolving Line Of Credit [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt, Long-term and Short-term, Combined Amount | $ 0 | $ 0 | $ 0 | 0 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.65% | 5.65% | ||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 33,318,000 | $ 33,318,000 | ||||||||
2nd Lien Agreement [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Common Stock Issued In Refinancing, Percent of Total On A Pro Forma Basis | 13.00% | 13.00% | ||||||||
Class of Warrant or Right, Outstanding | 6,743,640 | 6,743,640 | ||||||||
Federal Funds Rate [Member] | New 1st Lien Term Loan [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Base Interest Rate | 0.50% | 0.50% | ||||||||
Interest Rate Margin | 5.25% | 5.25% | ||||||||
Federal Funds Rate [Member] | Revolving Line Of Credit [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate Margin | 4.50% | 4.50% | ||||||||
Prime Lending Rate [Member] | New 1st Lien Term Loan [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Base Interest Rate | 2.00% | 2.00% | ||||||||
30 Day LIBOR [Member] | New 1st Lien Term Loan [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Base Interest Rate | 1.00% | 1.00% | ||||||||
Interest Rate Margin | 6.25% | 6.25% | ||||||||
30 Day LIBOR [Member] | Line of Credit [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Base Interest Rate | 0.50% | 0.50% | ||||||||
30 Day LIBOR [Member] | Revolving Line Of Credit [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate Margin | 5.50% | 5.50% | ||||||||
Until March 31, 2017 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 112.00% | |||||||||
March 16, 2018 through March 15, 2019 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 104.75% | |||||||||
Prior to March 15, 2018 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 109.50% | |||||||||
March 15, 2019 through March 14, 2020 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 102.38% | |||||||||
After March 15, 2020 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 100.00% | |||||||||
March 31, 2017 through March 31, 2018 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 0.00% | |||||||||
March 31, 2018 through March 31, 2019 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 103.00% | |||||||||
After March 31, 2019 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 0.00% | |||||||||
Mandatory Payment [Member] | New 1st Lien Term Loan [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayments of Long-term Debt | $ 6,250,000 | $ 6,250,000 | $ 6,250,000 | $ 6,250,000 | $ 25,000,000 | |||||
Mandatory Payment [Member] | 1st Lien Agreement [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Periodic Payment, Principal | 6,250,000 | |||||||||
Payment Due To Asset Sale [Member] | 2nd Lien Agreement [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayments of Long-term Debt | $ 8,119,000 | $ 5,000,000 |
Debt Schedule of Payments (Deta
Debt Schedule of Payments (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||
Sep. 25, 2016 | Jun. 26, 2016 | Mar. 27, 2016 | Dec. 27, 2015 | Sep. 27, 2015 | Sep. 25, 2016 | Sep. 27, 2015 | Sep. 28, 2014 | |
Schedule Of Debt Payments [Line Items] | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | $ 0 | $ 0 | ||||||
Repayments of Long-term Debt | 112,455,000 | $ 83,878,000 | $ 847,750,000 | |||||
Gain (Loss) on Extinguishment of Debt | (1,250,000) | 0 | 0 | |||||
Amortization of Financing Costs | $ 4,693,000 | 5,541,000 | $ 2,145,000 | |||||
New 1st Lien Term Loan [Member] | ||||||||
Schedule Of Debt Payments [Line Items] | ||||||||
Repayments of Long-term Debt | 18,242,000 | $ 15,691,000 | $ 34,385,000 | $ 11,250,000 | 79,568,000 | |||
Senior Notes [Member] | ||||||||
Schedule Of Debt Payments [Line Items] | ||||||||
Repayments of Long-term Debt | 15,000,000 | |||||||
Mandatory Payment [Member] | New 1st Lien Term Loan [Member] | ||||||||
Schedule Of Debt Payments [Line Items] | ||||||||
Repayments of Long-term Debt | 6,250,000 | 6,250,000 | 6,250,000 | 6,250,000 | 25,000,000 | |||
Voluntary Payment [Member] | New 1st Lien Term Loan [Member] | ||||||||
Schedule Of Debt Payments [Line Items] | ||||||||
Repayments of Long-term Debt | 6,000,000 | 3,000,000 | 27,000,000 | 5,000,000 | 41,000,000 | |||
Payment Due To Asset Sale [Member] | 2nd Lien Agreement [Member] | ||||||||
Schedule Of Debt Payments [Line Items] | ||||||||
Repayments of Long-term Debt | 8,119,000 | $ 5,000,000 | ||||||
Excess Cash Flow Sweep [Member] | New 1st Lien Term Loan [Member] | ||||||||
Schedule Of Debt Payments [Line Items] | ||||||||
Repayments of Long-term Debt | 5,992,000 | 6,441,000 | 1,135,000 | 0 | $ 13,568,000 | |||
Excess Cash Flow Sweep [Member] | 2nd Lien Agreement [Member] | ||||||||
Schedule Of Debt Payments [Line Items] | ||||||||
Pulitzer Excess Cash Flow | 15.83 | 27.30 | 28.64 | 51.43 | ||||
Repayments of Long-term Debt | $ 299 | $ 525,000 | $ 1,867,000 | $ 3,326,000 | ||||
Insurance Settlement [Member] | New 1st Lien Term Loan [Member] | ||||||||
Schedule Of Debt Payments [Line Items] | ||||||||
Schedule Of Debt Payments [Table Text Block] | 20,000,000 |
Debt Schedule Of Financing Fees
Debt Schedule Of Financing Fees (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Sep. 27, 2015 | Sep. 25, 2016 | Sep. 27, 2015 | Sep. 28, 2014 | Mar. 31, 2014 | Mar. 30, 2014 | |
Schedule Of Financing Fees [Line Items] | ||||||
Amortization of Financing Costs | $ 4,693,000 | $ 5,541,000 | $ 2,145,000 | |||
Debt Financing and Reorganization Costs Paid | 422,000 | $ 733,000 | 31,587,000 | |||
Payments of Financing Costs | 422,000 | 733,000 | 31,587,000 | |||
Unamortized Debt Issuance Expense | 26,271,000 | |||||
Amortization Of Present Value Discount- Current Fiscal Year | 4,176,000 | |||||
Amortization Of Present Value Discount- Next Fiscal Year | 4,245,000 | |||||
Amortization Of Present Value Discount- Year 3 | 4,044,000 | |||||
Amortization Of Present Value Discount- Year 4 | 4,040,000 | |||||
Amortization Of Present Value Discount- Year 5 | 4,217,000 | |||||
Warrant liability fair value | $ 4,240,000 | 11,760,000 | 4,240,000 | 10,808,000 | $ 16,930,000 | |
Gain (Loss) on Extinguishment of Debt | $ (1,250,000) | $ 0 | $ 0 | |||
New 1st Lien Term Loan [Member] | ||||||
Schedule Of Financing Fees [Line Items] | ||||||
Debt Instrument, Unamortized Discount | $ 5,000,000 |
Pensions (Details)
Pensions (Details) - USD ($) | 12 Months Ended | |||
Sep. 24, 2017 | Sep. 25, 2016 | Sep. 27, 2015 | Sep. 28, 2014 | |
Pension Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | $ 12,000 | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.00% | 4.00% | 5.00% | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.00% | 4.00% | ||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Gain (Loss), before Tax | $ 2,947,000 | $ (55,241,000) | $ (48,031,000) | |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | 53,027,000 | 50,463,000 | ||
Defined Benefit Plan, Benefit Obligation | 202,158,000 | 193,751,000 | $ 199,197,000 | |
Defined Benefit Plan, Accumulated Benefit Obligation | 193,751,000 | |||
Defined Benefit Plan, Service Cost | 197,000 | 232,000 | 156,000 | |
Defined Benefit Plan, Interest Cost | 6,061,000 | 8,122,000 | 7,996,000 | |
Defined Benefit Plan, Actuarial Gain (Loss) | 13,630,000 | (2,543,000) | ||
Defined Benefit Plan, Benefits Paid | (11,481,000) | (11,257,000) | ||
Defined Benefit Plan, Administration Expenses | (2,099,000) | (1,862,000) | ||
Defined Benefit Plan, Contributions by Employer | 4,604,000 | 3,577,000 | ||
Defined Benefit Plan, Expected Return on Plan Assets | (8,698,000) | (9,863,000) | (9,932,000) | |
Defined Benefit Plan, Amortization of Net Gains (Losses) | (2,397,000) | 1,682,000 | 423,000 | |
Defined Benefit Plan, Amortization of Net Prior Service Cost (Credit) | (136,000) | (136,000) | (136,000) | |
Defined Benefit Plan, Net Periodic Benefit Cost | (179,000) | 37,000 | (1,493,000) | |
Defined Benefit Plan, Fair Value of Plan Assets | 149,131,000 | 143,288,000 | $ 151,013,000 | |
Defined Benefit Plan, Actual Return on Plan Assets | 14,819,000 | 1,817,000 | ||
Defined Benefit Plan, Funded Status of Plan | 53,027,000 | 50,463,000 | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | (54,862,000) | (47,515,000) | ||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Prior Service Cost, before Tax | $ (137,000) | 379,000 | 516,000 | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | $ (54,862,000) | $ (47,515,000) | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 6.00% | 7.00% | 7.00% | |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | $ 12,000 | |||
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 12,000 | |||
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 12,000 | |||
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 12,000 | |||
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | $ 58,000 | |||
Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Actual Plan Asset Allocations | 50.00% | 46.00% | ||
Defined Benefit Plan, Target Plan Asset Allocations | 5000.00% | |||
Pension Plans, Defined Benefit [Member] | Fixed Income Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Alternative Investments, Fair Value Disclosure | $ 14,557,858 | $ 17,246,000 | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 33.00% | 37.00% | ||
Defined Benefit Plan, Target Plan Asset Allocations | 3500.00% | |||
Pension Plans, Defined Benefit [Member] | Fixed Income Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 25,611,947 | $ 31,196,000 | ||
Pension Plans, Defined Benefit [Member] | Fixed Income Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 9,647,704 | 4,124,000 | ||
Pension Plans, Defined Benefit [Member] | US Treasury Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Alternative Investments, Fair Value Disclosure | $ 0 | $ 0 | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 4.00% | 4.00% | ||
Defined Benefit Plan, Target Plan Asset Allocations | 500.00% | |||
Pension Plans, Defined Benefit [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 6,882,655 | $ 6,450,000 | ||
Pension Plans, Defined Benefit [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||
Pension Plans, Defined Benefit [Member] | Hedge Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Alternative Investments, Fair Value Disclosure | $ 17,530,708 | $ 17,344,000 | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 11.00% | 11.00% | ||
Defined Benefit Plan, Target Plan Asset Allocations | 1000.00% | |||
Pension Plans, Defined Benefit [Member] | Hedge Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0 | $ 0 | ||
Pension Plans, Defined Benefit [Member] | Hedge Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||
Pension Plans, Defined Benefit [Member] | Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Alternative Investments, Fair Value Disclosure | $ 0 | $ 0 | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 2.00% | 2.00% | ||
Defined Benefit Plan, Target Plan Asset Allocations | 0.00% | |||
Pension Plans, Defined Benefit [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 2,757,205 | $ 2,407,000 | ||
Pension Plans, Defined Benefit [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | $ 0 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | $ 3,600,000 | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.00% | 4.00% | 4.00% | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.00% | 4.00% | ||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Gain (Loss), before Tax | $ 11,089,000 | $ 13,155,000 | ||
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | 7,527,000 | 7,109,000 | ||
Defined Benefit Plan, Benefit Obligation | 22,511,000 | 23,812,000 | $ 25,506,000 | |
Defined Benefit Plan, Service Cost | 63,000 | 76,000 | 1,000 | |
Defined Benefit Plan, Interest Cost | 623,000 | 922,000 | 1,000 | |
Defined Benefit Plan, Actuarial Gain (Loss) | (773,000) | (1,149,000) | ||
Defined Benefit Plan, Benefits Paid | (1,434,000) | (1,541,000) | ||
Defined Benefit Plan, Contributions by Employer | 563,000 | 745,000 | ||
Defined Benefit Plan, Expected Return on Plan Assets | (1,322,000) | (1,445,000) | (1,000) | |
Defined Benefit Plan, Amortization of Net Gains (Losses) | 1,093,000 | (1,386,000) | (2,000) | |
Defined Benefit Plan, Amortization of Net Prior Service Cost (Credit) | (1,459,000) | (1,459,000) | (1,000) | |
Defined Benefit Plan, Net Periodic Benefit Cost | (3,188,000) | (3,292,000) | (3,000) | |
Defined Benefit Plan, Fair Value of Plan Assets | 24,123,000 | 30,123,000 | $ 32,881,000 | |
Defined Benefit Plan, Actual Return on Plan Assets | 1,085,000 | (547,000) | ||
Defined Benefit Plan, Funded Status of Plan | (1,612,000) | (6,311,000) | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | 19,026,000 | 22,551,000 | ||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Prior Service Cost, before Tax | 7,937,000 | 9,396,000 | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | $ 19,026,000 | $ 22,551,000 | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 5.00% | 5.00% | 5.00% | |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | $ 1,870,000 | |||
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 1,910,000 | |||
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 1,880,000 | |||
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 1,790,000 | |||
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | $ 7,910,000 | |||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Actual Plan Asset Allocations | 0.00% | 0.00% | ||
Defined Benefit Plan, Target Plan Asset Allocations | 2000.00% | |||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Fixed Income Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Alternative Investments, Fair Value Disclosure | $ 0 | $ 0 | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 100.00% | 100.00% | ||
Defined Benefit Plan, Target Plan Asset Allocations | 7000.00% | |||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Fixed Income Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 18,839,723 | $ 13,910,000 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Fixed Income Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 6,581,000 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Hedge Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Alternative Investments, Fair Value Disclosure | $ 3,182,158 | $ 3,072,000 | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 0.00% | 0.00% | ||
Defined Benefit Plan, Target Plan Asset Allocations | 1000.00% | |||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Hedge Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0 | $ 0 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Hedge Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Alternative Investments, Fair Value Disclosure | $ 0 | $ 0 | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 0.00% | 0.00% | ||
Defined Benefit Plan, Target Plan Asset Allocations | 0.00% | |||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 518,390 | $ 790,000 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||
Other Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Funded Status of Plan | 2,232,000 | 2,337,000 | ||
Funded Status of Other Plans Recognized In Other Liabilities | 113,000 | 278,000 | ||
Domestic Equity Securities [Member] | Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Alternative Investments, Fair Value Disclosure | 0 | 0 | ||
Domestic Equity Securities [Member] | Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 9,669,029 | 8,153,000 | ||
Domestic Equity Securities [Member] | Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 49,808,722 | 44,470,000 | ||
Domestic Equity Securities [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Alternative Investments, Fair Value Disclosure | 0 | 0 | ||
Domestic Equity Securities [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 3,341,719 | 2,896,000 | ||
Domestic Equity Securities [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 1,572,216 | 1,372,000 | ||
International Equity Securities [Member] | Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Alternative Investments, Fair Value Disclosure | 0 | 0 | ||
International Equity Securities [Member] | Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 6,773,276 | 6,286,000 | ||
International Equity Securities [Member] | Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 7,754,656 | 7,389,000 | ||
International Equity Securities [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Alternative Investments, Fair Value Disclosure | 0 | 0 | ||
International Equity Securities [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 695,163 | 645,000 | ||
International Equity Securities [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 898,457 | $ 857,000 |
Pension, Postretirement, and Po
Pension, Postretirement, and Postemployement Obligations (Details) - USD ($) | 12 Months Ended | ||
Sep. 25, 2016 | Sep. 27, 2015 | Sep. 28, 2014 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Projected Benefit Obligation | $ 7,527,000 | ||
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 149,131,000 | $ 143,288,000 | $ 151,013,000 |
Defined Benefit Plan, Service Cost | 197,000 | 232,000 | 156,000 |
Defined Benefit Plan, Interest Cost | 6,061,000 | 8,122,000 | 7,996,000 |
Defined Benefit Plan, Expected Return on Plan Assets | (8,698,000) | (9,863,000) | (9,932,000) |
Defined Benefit Plan, Amortization of Net Gains (Losses) | (2,397,000) | 1,682,000 | 423,000 |
Defined Benefit Plan, Amortization of Net Prior Service Cost (Credit) | 136,000 | 136,000 | 136,000 |
Defined Benefit Plan, Net Periodic Benefit Cost | (179,000) | 37,000 | (1,493,000) |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 24,123,000 | 30,123,000 | 32,881,000 |
Defined Benefit Plan, Assets Transferred to (from) Plan | 4,925,000 | 0 | |
Defined Benefit Plan, Service Cost | 63,000 | 76,000 | 1,000 |
Defined Benefit Plan, Interest Cost | 623,000 | 922,000 | 1,000 |
Defined Benefit Plan, Expected Return on Plan Assets | (1,322,000) | (1,445,000) | (1,000) |
Defined Benefit Plan, Amortization of Net Gains (Losses) | 1,093,000 | (1,386,000) | (2,000) |
Defined Benefit Plan, Amortization of Net Prior Service Cost (Credit) | 1,459,000 | 1,459,000 | 1,000 |
Defined Benefit Plan, Net Periodic Benefit Cost | (3,188,000) | (3,292,000) | $ (3,000) |
Cash and Cash Equivalents [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Alternative Investments, Fair Value Disclosure | 0 | 0 | |
Cash and Cash Equivalents [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Alternative Investments, Fair Value Disclosure | 0 | 0 | |
Fixed Income Securities [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Alternative Investments, Fair Value Disclosure | 14,557,858 | 17,246,000 | |
Fixed Income Securities [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Alternative Investments, Fair Value Disclosure | 0 | 0 | |
Hedge Funds [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Alternative Investments, Fair Value Disclosure | 17,530,708 | 17,344,000 | |
Hedge Funds [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Alternative Investments, Fair Value Disclosure | 3,182,158 | 3,072,000 | |
Domestic Equity Securities [Member] | Equity Securities [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Alternative Investments, Fair Value Disclosure | 0 | 0 | |
Domestic Equity Securities [Member] | Equity Securities [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Alternative Investments, Fair Value Disclosure | 0 | 0 | |
International Equity Securities [Member] | Equity Securities [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Alternative Investments, Fair Value Disclosure | 0 | 0 | |
International Equity Securities [Member] | Equity Securities [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Alternative Investments, Fair Value Disclosure | $ 0 | $ 0 |
Postretirement Obligations (Det
Postretirement Obligations (Details) - USD ($) | 12 Months Ended | ||
Sep. 25, 2016 | Sep. 27, 2015 | Sep. 28, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Net Actuarial Gains/Losses, Amortization Next Twelve Months | $ 1,016,000 | ||
Postretirement assets, net | 14,063,000 | $ 13,421,000 | |
Prior Service Cost, Amortization Next Twelve Months | 1,459,000 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 3,600,000 | ||
Prescription Drug Subsidy Receipts, Next Twelve Months | (200,000) | ||
Defined Benefit Plan, Expected Future Benefit Payments Net of Subsidy, Next Twelve Months | 3,400,000 | ||
Defined Benefit Plan, Effect of One Percentage Point Increase on Service and Interest Cost Components | $ 20,000 | ||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 9.00% | 9.00% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.00% | 4.00% | 4.00% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.00% | 4.00% | |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Gain (Loss), before Tax | $ 11,089,000 | $ 13,155,000 | |
Postretirement assets, net | 9,138,000 | 13,420,000 | |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | 7,527,000 | 7,109,000 | |
Defined Benefit Plan, Benefit Obligation | 22,511,000 | 23,812,000 | $ 25,506,000 |
Defined Benefit Plan, Service Cost | 63,000 | 76,000 | 1,000 |
Defined Benefit Plan, Interest Cost | 623,000 | 922,000 | 1,000 |
Defined Benefit Plan, Expected Return on Plan Assets | (1,322,000) | (1,445,000) | (1,000) |
Defined Benefit Plan, Amortization of Net Gains (Losses) | (1,093,000) | 1,386,000 | 2,000 |
Defined Benefit Plan, Amortization of Net Prior Service Cost (Credit) | (1,459,000) | (1,459,000) | (1,000) |
Defined Benefit Plan, Net Periodic Benefit Cost | (3,188,000) | (3,292,000) | (3,000) |
Defined Benefit Plan, Actuarial Gain (Loss) | (773,000) | (1,149,000) | |
Defined Benefit Plan, Benefits Paid | (1,434,000) | (1,541,000) | |
Defined Benefit Plan, Benefits Paid For Non-Participants | (1,510,000) | (1,412,000) | |
Defined Benefit Plan, Assets Transferred to (from) Plan | (4,925,000) | 0 | |
Prescription Drug Benefit, Effect of Subsidy on Net Periodic Postretirement Benefit Cost | 220,000 | (2,000) | |
Defined Benefit Plan, Fair Value of Plan Assets | 24,123,000 | 30,123,000 | $ 32,881,000 |
Defined Benefit Plan, Actual Return on Plan Assets | 1,085,000 | (547,000) | |
Defined Benefit Plan, Contributions by Employer | 563,000 | 745,000 | |
Defined Benefit Plan, Benefits Paid Net Of Subsidy | (1,213,000) | (1,544,000) | |
Defined Benefit Plan, Funded Status of Plan | (1,612,000) | (6,311,000) | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | 19,026,000 | 22,551,000 | |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Prior Service Cost, before Tax | 7,937,000 | 9,396,000 | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | $ 19,026,000 | $ 22,551,000 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Expected Long-term Return on Assets | 4.50% | 4.50% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 5.00% | 5.00% | 5.00% |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 4.50% | 4.50% | |
Defined Benefit Plan, Year that Rate Reaches Ultimate Trend Rate | 2,025 | 2,025 | |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Service and Interest Cost Components | $ (18,000) | ||
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 697,000 | ||
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | (629,000) | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 1,870,000 | ||
Prescription Drug Subsidy Receipts, Year Two | (210,000) | ||
Defined Benefit Plan, Expected Future Benefit Payments Net of Subsidy, Year 2 | 1,660,000 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 1,910,000 | ||
Prescription Drug Subsidy Receipts, Year Three | (210,000) | ||
Defined Benefit Plan, Expected Future Benefit Payments Net of Subsidy, Year 3 | 1,700,000 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 1,880,000 | ||
Prescription Drug Subsidy Receipts, Year Four | (210,000) | ||
Defined Benefit Plan, Expected Future Benefit Payments Net of Subsidy, Year 4 | 1,670,000 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 1,790,000 | ||
Prescription Drug Subsidy Receipts, Year Five | (200,000) | ||
Defined Benefit Plan, Expected Future Benefit Payments Net of Subsidy, Year 5 | 1,590,000 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 7,910,000 | ||
Prescription Drug Subsidy Receipts, after Year Five | (870,000) | ||
Defined Benefit Plan, Expected Future Benefit Payments Net of Subsidy, After Year 5 | $ 7,040,000 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 2000.00% | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 0.00% | 0.00% | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 7000.00% | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 100.00% | 100.00% | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 0.00% | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 0.00% | 0.00% | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | Hedge Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 1000.00% | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 0.00% | 0.00% | |
LTD Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Funded Status of Plan | $ 3,190,000 | $ 3,951,000 |
Other Retirement Plans (Details
Other Retirement Plans (Details) - USD ($) | 12 Months Ended | ||
Sep. 25, 2016 | Sep. 27, 2015 | Sep. 28, 2014 | |
Other Retirement Plans [Line Items] | |||
Pension Contributions | $ 4,604,000 | $ 3,577,000 | $ 1,435,000 |
Cost Related to Other Retirement Plans | 4,616,000 | 4,125,000 | 3,963,000 |
GCIU- Employer Retirement Fund [Member] | Multiemployer Plans, Pension [Member] | |||
Other Retirement Plans [Line Items] | |||
Pension Contributions | 138,000 | 145,000 | 265,000 |
CWA/ITU Negotiated Pension Plan [Member] | Multiemployer Plans, Pension [Member] | |||
Other Retirement Plans [Line Items] | |||
Pension Contributions | 108,000 | 122,000 | 133,000 |
District No. 9 Pension Trust [Member] | Multiemployer Plans, Pension [Member] | |||
Other Retirement Plans [Line Items] | |||
Pension Contributions | $ 31,000 | $ 34,000 | $ 37,000 |
Common Stock and Class B Comm53
Common Stock and Class B Common Stock (Details) - USD ($) | 12 Months Ended | |||
Sep. 25, 2016 | Sep. 27, 2015 | Sep. 28, 2014 | Mar. 30, 2014 | |
Common Stock, Effect of Plan of Reorganization [Line Items] | ||||
Warrant liability fair value | $ 11,760,000 | $ 4,240,000 | $ 10,808,000 | $ 16,930,000 |
Sunset Level Provisions | 5,600,000 | |||
Investment Warrants, Exercise Price | $ 4.19 | |||
Class of Warrant or Right, Outstanding | 6,000,000 | |||
Before January 30, 2012 Refinancing [Member] | ||||
Common Stock, Effect of Plan of Reorganization [Line Items] | ||||
Common Stock, Par or Stated Value Per Share | $ 2 | |||
After January 30, 2012 Refinancing [Member] | ||||
Common Stock, Effect of Plan of Reorganization [Line Items] | ||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | |||
2nd Lien Agreement [Member] | ||||
Common Stock, Effect of Plan of Reorganization [Line Items] | ||||
Common Stock Issued In Refinancing, Percent of Total On A Pro Forma Basis | 13.00% | |||
Class of Warrant or Right, Outstanding | 6,743,640 | |||
New Second Lien Loan [Member] | ||||
Common Stock, Effect of Plan of Reorganization [Line Items] | ||||
Common Stock Issued In Refinancing, Percent of Total On A Pro Forma Basis | 10.00% | |||
Class of Warrant or Right, Outstanding | 6,000,000 |
Common Stock and Class B Comm54
Common Stock and Class B Common Stock Preferred Share Purchase Rights (Details) | Sep. 25, 2016USD ($)$ / shares |
Class of Warrant or Right [Line Items] | |
Preferred Share Purchase Rights- Exercise Price | $ | $ 150 |
Preferred Stock, Redemption Price Per Share | $ / shares | $ 0.001 |
2008 And After [Member] | |
Class of Warrant or Right [Line Items] | |
Beneficial OwnershipThreshold | 25.00% |
Beneficial Ownership Threshold | 15.00% |
Beneficial Ownership Percentage- Upper Limit | 50.00% |
Prior To 2008 [Member] | |
Class of Warrant or Right [Line Items] | |
Beneficial OwnershipThreshold | 20.00% |
Stock Ownership Plans (Details)
Stock Ownership Plans (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 25, 2016 | Sep. 25, 2016 | Sep. 27, 2015 | Sep. 28, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock compensation expense | $ 2,306,000 | $ 1,971,000 | $ 1,481,000 | |
Restricted Shares Issued, Subsequent Event | 832,500 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 4,460,214 | 4,460,214 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,762,549 | 2,762,549 | ||
Fair Value Per Share- Restricted Stock Award- Subsequent Event | $ 3.35 | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 1.49 | $ 3.62 | $ 0 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Other Share Increase (Decrease) in Period, Weighted Average Exercise Price | $ 0 | $ 0 | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | (39,000) | (31,000) | (26,000) | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,462,000 | 2,462,000 | 1,546,000 | 1,291,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,546,000 | 1,291,000 | 500,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,018,000 | 786,000 | 817,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 63,000 | (500,000) | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 3.62 | $ 0 | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 2.74 | $ 2.74 | 3.62 | 0 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Stock Options | $ 2,260,000 | $ 2,260,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 4 months 24 days | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $ 3.31 | 0 | 0 | |
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0 | $ 0 | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 9100.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | (99,000) | (173,000) | (109,000) | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,698,000 | 1,698,000 | 1,871,000 | 2,333,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,871,000 | 2,333,000 | 2,769,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | 15,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 74,000 | (289,000) | (342,000) | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 1,692,000 | 1,692,000 | 1,840,000 | 1,786,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 2.71 | $ 2.70 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price | 8.78 | 5.02 | $ 10.98 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 2.42 | 2.42 | 2.71 | $ 2.70 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 2.42 | $ 2.42 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 3,227,000 | $ 3,227,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Stock Options | $ 1,000 | $ 1,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 month 6 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 124.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 2.02 | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 1.17 | $ 1.27 | $ 2.01 | |
Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee Stock Ownership Plan (ESOP), Shares in ESOP | 270,000 | 270,000 | ||
Supplemental Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee Stock Ownership Plan (ESOP), Shares in ESOP | 8,700 | 8,700 | ||
Exercise Price Range 1-5 [Member] | Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,658,665 | 1,658,665 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 1,653,000 | 1,653,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 1.80 | $ 1.80 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 1.80 | $ 1.80 | ||
Exercise Price Range- 25-50 [Member] | Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 39,000 | 39,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 39,000 | 39,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 28.72 | $ 28.72 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 28.72 | $ 28.72 |
Stock Ownership Plans Stock Opt
Stock Ownership Plans Stock Option Valuation Assumption (Details) - $ / shares | 12 Months Ended | |
Sep. 25, 2016 | Sep. 28, 2014 | |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 month 6 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 9100.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 124.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 2.02 | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 4 months 24 days | |
Exercise Price Range 1-5 [Member] | Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $ 1 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 5 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 4 years 6 months | |
Exercise Price Range- 25-50 [Member] | Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $ 25 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 50 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 1 month 6 days |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | ||
Sep. 25, 2016 | Sep. 27, 2015 | Sep. 28, 2014 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 8,213,000 | ||
Unrecognized Tax Benefits | 12,531,000 | $ 11,799,000 | $ 13,520,000 |
Unrecognized Tax Benefits, Decreases Resulting from Prior Period Tax Positions | 46,000 | (1,861,000) | |
Unrecognized Tax Benefits, Decreases Resulting from Current Period Tax Positions | 1,600,000 | 1,098,000 | |
Unrecognized Tax Benefits, Reductions Resulting from Lapse of Applicable Statute of Limitations | (914,000) | (958,000) | |
Deferred Tax Liabilities, Property, Plant and Equipment | 33,549,000 | 35,593,000 | |
Current Federal Tax Expense (Benefit) | $ 1,241,000 | $ 720,000 | $ 451,000 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 35.00% | 35.00% | 35.00% |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes | 4.00% | (7.00%) | 11.00% |
Effective Income Tax Rate Reconciliation, Equity in Earnings (Losses) of Unconsolidated Subsidiary | (3.00%) | (5.00%) | (9.00%) |
Effective Income Tax Rate Reconciliation, Tax Settlements | 3.00% | 1.00% | 4.00% |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Percent | 1.00% | 3.00% | 8.00% |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance | (8.00%) | 16.00% | (5.00%) |
Effective Income Tax Rate Reconciliation, Tax Exempt Income, Percent | 5.00% | 6.10% | 15.00% |
Effective Income Tax Rate Reconciliation, Deductions, Other | 0.00% | 0.00% | 18.30% |
Effective Income Tax Rate Reconciliation, Other Adjustments | 0.00% | 0.00% | (2.00%) |
Effective Income Tax Rate, Continuing Operations | 38.00% | 36.00% | 45.00% |
Current State and Local Tax Expense (Benefit) | $ 379,000 | $ (92,000) | $ (571,000) |
Deferred Tax Expense, Continuing and Discontinued Operations | 20,556,000 | 12,966,000 | 6,410,000 |
Income Tax Expense (Benefit), Including Continuing and Discontinued Operations | 22,176,000 | 13,594,000 | 6,290,000 |
Income tax expense (benefit) | 22,176,000 | 13,594,000 | 6,290,000 |
Deferred Tax Liabilities, Goodwill and Intangible Assets | 43,745,000 | 51,380,000 | |
Deferred Tax Liabilities, Other | 16,158,000 | 15,176,000 | |
Deferred Tax Liabilities, Gross | 93,452,000 | 102,149,000 | |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Compensation | 6,391,000 | 4,551,000 | |
Deferred Tax Assets, Allowance For Doubtful Accounts | 1,273,000 | 1,184,000 | |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Postretirement Benefits | 6,505,000 | 5,719,000 | |
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 52,604,000 | 81,228,000 | |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Other | 577,000 | 572,000 | |
Deferred Tax Assets, Investments | 12,138,000 | 17,521,000 | |
Deferred Tax Assets, Other | 3,634,000 | 1,720,000 | |
Deferred Tax Assets, Gross | 83,122,000 | 112,495,000 | |
Deferred Tax Assets, Valuation Allowance | (27,978,000) | (32,483,000) | |
Deferred Tax Liabilities, Net | (38,308,000) | (22,137,000) | |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 317,000 | 330,000 | |
Operating Loss Carryforwards | 57,392,000 | ||
Deferred Tax Assets, Operating Loss Carryforwards | 37,305,000 | ||
Federal Net Operating Loss | $ 58,618,000 | $ 136,630,000 | $ 165,489,000 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements (Details) - USD ($) | 12 Months Ended | |||
Sep. 25, 2016 | Sep. 27, 2015 | Sep. 28, 2014 | Mar. 30, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Estimate Not Practicable, Investments | $ 6,359,000 | |||
Tangible Asset Impairment Charges | 1,367,000 | $ 0 | $ 1,044,000 | |
Debt, Long-term and Short-term, Combined Amount | 617,167,000 | 725,872,000 | ||
Warrant liability fair value | 11,760,000 | 4,240,000 | $ 10,808,000 | $ 16,930,000 |
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ 7,520,000 | $ 6,568,000 | ||
Warrant [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 6300.00% | 6100.00% | 5500.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 125.00% | 175.00% | 234.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 1.96 | $ 0.71 | $ 1.80 | |
2nd Lien Agreement [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Long-term Debt, Fair Value | $ 136,833,000 | |||
1st Lien Agreement [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Long-term Debt, Fair Value | 101,240,000 | |||
Senior Notes [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Long-term Debt, Fair Value | 399,437,000 | |||
Debt, Long-term and Short-term, Combined Amount | 385,000,000 | $ 400,000,000 | ||
New Second Lien Loan [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt, Long-term and Short-term, Combined Amount | $ 130,863,000 | $ 145,000,000 |
Fair Value Measurements Fair 59
Fair Value Measurements Fair Value Measurements Not Practicable (Details) | Sep. 25, 2016USD ($) |
Fair Value, Estimate Not Practicable, Financial Statement Captions [Line Items] | |
Fair Value, Estimate Not Practicable, Investments | $ 6,359,000 |
Earnings per Common Share (Deta
Earnings per Common Share (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 25, 2016 | Jun. 26, 2016 | Mar. 27, 2016 | Dec. 27, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 28, 2014 | Sep. 25, 2016 | Sep. 27, 2015 | Sep. 28, 2014 | |
Earnings Per Share Disclosure [Line Items] | |||||||||||
Loss attributable to Lee Enterprises, Incorporated | $ 404,000 | $ 4,092,000 | $ 19,228,000 | $ 11,237,000 | $ 9,881,000 | $ 1,882,000 | $ 1,800,000 | $ 9,753,000 | $ 34,961,000 | $ 23,316,000 | $ 6,795,000 |
Weighted Average Number of Shares Outstanding, Basic [Abstract] | |||||||||||
Weighted Average Common Shares | 55,493,000 | 54,430,000 | 53,438,000 | ||||||||
Less non-vested restricted Common Stock | (2,295,000) | (1,790,000) | (1,165,000) | ||||||||
Basic average common shares | 53,198,000 | 52,640,000 | 52,273,000 | ||||||||
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | |||||||||||
Weighted Average Number Diluted Shares Outstanding Adjustment | 1,026,000 | 1,291,000 | 1,463,000 | ||||||||
Weighted Average Number of Shares Outstanding, Diluted | 54,224,000 | 53,931,000 | 53,736,000 | ||||||||
Basic | $ 0.01 | $ 0.08 | $ 0.36 | $ 0.21 | $ 0.18 | $ 0.04 | $ 0.03 | $ 0.19 | $ 0.66 | $ 0.44 | $ 0.13 |
Diluted | $ 0.01 | $ 0.08 | $ 0.36 | $ 0.21 | $ 0.18 | $ 0.03 | $ 0.03 | $ 0.18 | $ 0.64 | $ 0.43 | $ 0.13 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 7,577,000 | 6,620,000 | 3,121,000 | ||||||||
Income (Loss) from Continuing Operations, Per Diluted Share | $ 0.64 | $ 0.43 | $ 0.13 |
Allowance For Doubtful Accoun61
Allowance For Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 25, 2016 | Sep. 27, 2015 | Sep. 28, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for Doubtful Accounts Receivable | $ 4,194 | $ 4,526 | $ 4,501 |
Provision for Doubtful Accounts | 1,195 | 1,307 | 1,754 |
Allowance for Doubtful Accounts Receivable, Recoveries | (1,062) | (1,639) | (1,729) |
Allowance for Doubtful Accounts Receivable | $ 4,327 | $ 4,194 | $ 4,526 |
Other Information (Details)
Other Information (Details) - USD ($) $ in Thousands | Sep. 25, 2016 | Sep. 27, 2015 |
Payables and Accruals [Abstract] | ||
Accrued Salaries, Current | $ 12,290 | $ 12,454 |
Accrued Employee Benefits, Current | 4,135 | 3,459 |
Other Liabilities | 7,459 | 11,142 |
Compensation and other accrued liabilities | $ 23,884 | $ 27,055 |
Other Information Supplemental
Other Information Supplemental Cash Payment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 25, 2016 | Sep. 27, 2015 | Sep. 28, 2014 | |
Supplemental Cash Flow Elements [Abstract] | |||
Interest Paid | $ 65,410 | $ 72,937 | $ 81,363 |
Debt Financing and Reorganization Costs Paid | 422 | 733 | 31,587 |
Income Taxes Paid, Net | $ 269 | $ 485 | $ (6,022) |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | 12 Months Ended | ||
Sep. 25, 2016 | Sep. 27, 2015 | Sep. 28, 2014 | |
Loss Contingencies [Line Items] | |||
Operating Leases, Rent Expense | $ 3,792,000 | $ 3,415,000 | $ 3,735,000 |
Other Commitment | $ 479,000 |
Commitments and Contingencies O
Commitments and Contingencies Operating Lease (Details) - USD ($) | 12 Months Ended | ||
Sep. 25, 2016 | Sep. 27, 2015 | Sep. 28, 2014 | |
Long-term Purchase Commitment [Line Items] | |||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 3,000,000 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 2,535,000 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 1,383,000 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 878,000 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 755,000 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 4,000,000 | ||
Operating Leases, Rent Expense | $ 3,792,000 | $ 3,415,000 | $ 3,735,000 |
Quarterly Financial Data (Una66
Quarterly Financial Data (Unaudited) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 25, 2016 | Jun. 26, 2016 | Mar. 27, 2016 | Dec. 27, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 28, 2014 | Sep. 25, 2016 | Sep. 27, 2015 | Sep. 28, 2014 | |
Quarterly Financial Data [Line Items] | |||||||||||
Impairment of intangible and other assets | $ 2,185,000 | $ 0 | $ 2,980,000 | ||||||||
Revenues | $ 148,178,000 | $ 150,946,000 | $ 146,835,000 | $ 168,405,000 | $ 156,099,000 | $ 158,677,000 | $ 156,557,000 | $ 177,210,000 | 614,364,000 | 648,543,000 | 660,877,000 |
Net Income (Loss) | 661,000 | 4,367,000 | 19,483,000 | 11,508,000 | 10,134,000 | 2,135,000 | 2,042,000 | 10,007,000 | 36,019,000 | 24,318,000 | 7,671,000 |
Loss attributable to Lee Enterprises, Incorporated | $ 404,000 | $ 4,092,000 | $ 19,228,000 | $ 11,237,000 | $ 9,881,000 | $ 1,882,000 | $ 1,800,000 | $ 9,753,000 | $ 34,961,000 | $ 23,316,000 | $ 6,795,000 |
Basic | $ 0.01 | $ 0.08 | $ 0.36 | $ 0.21 | $ 0.18 | $ 0.04 | $ 0.03 | $ 0.19 | $ 0.66 | $ 0.44 | $ 0.13 |
Diluted | $ 0.01 | $ 0.08 | $ 0.36 | $ 0.21 | $ 0.18 | $ 0.03 | $ 0.03 | $ 0.18 | $ 0.64 | $ 0.43 | $ 0.13 |