Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | ||
Sep. 30, 2018 | Jul. 31, 2018 | Mar. 25, 2018 | |
Entity Information [Line Items] | |||
Entity Registrant Name | Lee Enterprises, Inc. | ||
Entity Central Index Key | 58,361 | ||
Current Fiscal Year End Date | --09-30 | ||
Entity Filer Category | Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Sep. 30, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 57,148,888 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 102,433,453 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) | Sep. 30, 2018 | Sep. 24, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 5,380,000 | $ 10,621,000 |
Accounts receivable, net | 43,711,000 | 49,469,000 |
Inventories | 5,684,000 | 3,616,000 |
Other | 4,567,000 | 4,132,000 |
Total current assets | 59,342,000 | 67,838,000 |
Investments: | ||
Associated companies | 29,216,000 | 29,181,000 |
Other | 10,958,000 | 9,949,000 |
Total investments | 40,174,000 | 39,130,000 |
Property and equipment: | ||
Land and improvements | 17,432,000 | 20,424,000 |
Buildings and improvements | 150,376,000 | 172,138,000 |
Equipment | 276,332,000 | 278,880,000 |
Construction in process | 1,710,000 | 752,000 |
Property, plant and equipment, gross | 445,850,000 | 472,194,000 |
Less accumulated depreciation | 353,522,000 | 357,998,000 |
Property and equipment, net | 92,328,000 | 114,196,000 |
Goodwill | 246,176,000 | 246,426,000 |
Other intangible assets, net | 119,819,000 | 136,302,000 |
Postretirement assets, net | 16,157,000 | 15,392,000 |
Other | 1,415,000 | 1,566,000 |
Total assets | 575,411,000 | 620,850,000 |
Current liabilities: | ||
Current maturities of long-term debt | 7,027,000 | 30,182,000 |
Accounts payable | 12,747,000 | 17,027,000 |
Compensation and other accrued liabilities | 19,641,000 | 22,606,000 |
Accrued Interest | 2,031,000 | 1,512,000 |
Unearned revenue | 23,895,000 | 26,881,000 |
Total current liabilities | 65,341,000 | 98,208,000 |
Long-term debt, net of current maturities | 460,777,000 | 496,379,000 |
Pension obligations | 26,745,000 | 43,537,000 |
Postretirement and postemployment benefit obligations | 2,580,000 | 5,004,000 |
Deferred income taxes | 39,108,000 | 53,397,000 |
Income taxes payable | 6,559,000 | 5,497,000 |
Other | 10,561,000 | 10,041,000 |
Total liabilities | 611,671,000 | 712,063,000 |
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 | 253,511,000 | 251,790,000 |
Accumulated deficit | (279,691,000) | (328,524,000) |
Accumulated other comprehensive income | (11,746,000) | (16,068,000) |
Total stockholders' deficit | (37,354,000) | (92,235,000) |
Non-controlling interests | 1,094,000 | 1,022,000 |
Total deficit | (36,260,000) | (91,213,000) |
Total liabilities and deficit | 575,411,000 | 620,850,000 |
Common Stock [Member] | ||
Stockholders' equity (deficit): | ||
Common Stock | 572,000 | 567,000 |
Common Class B [Member] | ||
Stockholders' equity (deficit): | ||
Common Stock | $ 0 | $ 0 |
Consolidated Balance Sheet Pare
Consolidated Balance Sheet Parentheticals (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2018 | Sep. 24, 2017 |
Allowance for Doubtful Accounts Receivable | $ 4,806 | $ 4,796 |
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 | 57,141,000 | 56,712,000 |
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. 30, 2018 | Sep. 24, 2017 | Sep. 25, 2016 | |
Operating revenue: | |||
Advertising and marketing services revenue | $ 303,446,000 | $ 331,360,000 | $ 373,463,000 |
Subscription | 195,108,000 | 191,922,000 | 194,002,000 |
Other | 45,401,000 | 43,661,000 | 46,899,000 |
Total operating revenue | 543,955,000 | 566,943,000 | 614,364,000 |
Operating expenses: | |||
Compensation | 196,334,000 | 209,692,000 | 229,752,000 |
Newsprint and ink | 24,949,000 | 24,904,000 | 26,110,000 |
Other operating expenses | 199,653,000 | 199,754,000 | 218,726,000 |
Depreciation and amortization | 31,766,000 | 41,282,000 | 43,441,000 |
Assets loss (gain) on sales, impairments and other | 6,429,000 | (1,150,000) | (954,000) |
Restructuring costs | 5,550,000 | 7,523,000 | 1,825,000 |
Total operating expenses | 464,681,000 | 482,005,000 | 518,900,000 |
Equity in earnings of associated companies | 9,249,000 | 7,609,000 | 8,533,000 |
Operating income (loss) | 88,523,000 | 92,547,000 | 103,997,000 |
Non-operating income (expense): | |||
Gain on Insurance Settlement | 0 | 0 | 30,646,000 |
Interest expense | (52,842,000) | (57,573,000) | (64,233,000) |
Debt financing and administrative costs | (5,311,000) | (4,818,000) | (5,947,000) |
Other, net | 450,000 | 10,060,000 | (6,268,000) |
Total non-operating expense, net | (57,703,000) | (52,331,000) | (45,802,000) |
Income (loss) before income taxes | 30,820,000 | 40,216,000 | 58,195,000 |
Income tax expense (benefit) | (16,228,000) | 11,611,000 | 22,176,000 |
Net income (loss) | 47,048,000 | 28,605,000 | 36,019,000 |
Net income attributable to non-controlling interests | (1,282,000) | (1,124,000) | (1,058,000) |
Loss attributable to Lee Enterprises, Incorporated | 45,766,000 | 27,481,000 | 34,961,000 |
Other comprehensive income (loss), net | 4,322,000 | 6,710,000 | (6,503,000) |
Comprehensive loss | $ 50,088,000 | $ 34,191,000 | $ 28,458,000 |
Earnings (loss) per common share: | |||
Basic | $ 0.84 | $ 0.51 | $ 0.66 |
Diluted | $ 0.82 | $ 0.50 | $ 0.64 |
Statement of Cash Flows
Statement of Cash Flows - USD ($) | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 24, 2017 | Sep. 25, 2016 | |
Cash provided by (required for) operating activities: | |||
Net income (loss) | $ 47,048,000 | $ 28,605,000 | $ 36,019,000 |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation and amortization | 31,766,000 | 41,282,000 | 43,441,000 |
Nonoperating Gains (Losses) | (3,547,000) | (3,594,000) | 23,764,000 |
Stock compensation expense | 1,857,000 | 2,088,000 | 2,306,000 |
Distributions greater than earnings of MNI | (1,229,000) | 546,000 | 3,777,000 |
Deferred income taxes | (17,377,000) | 10,360,000 | 20,669,000 |
Payment for Pension Benefits | 4,990,000 | 0 | 4,604,000 |
Other Operating Activities, Cash Flow Statement | 6,906,000 | (967,000) | (3,948,000) |
Changes in operating assets and liabilities: | |||
Decrease in receivables | 4,418,000 | 2,854,000 | 6,933,000 |
Decrease in inventories and other | (1,926,000) | 687,000 | 617,000 |
Decrease in accounts payable, accrued expenses and unearned revenue | (8,587,000) | (6,393,000) | (8,327,000) |
Decrease in pension, postretirement and post employment benefits | (2,482,000) | (3,473,000) | (4,757,000) |
Change in income taxes receivable or payable | 687,000 | (1,000) | 1,238,000 |
Other, net | (342,000) | (6,901,000) | 9,590,000 |
Net Cash Provided by (Used in) Operating Activities | 59,296,000 | 72,281,000 | 79,190,000 |
Cash provided by (required for) investing activities: | |||
Purchases of property and equipment | (6,025,000) | (4,078,000) | (7,091,000) |
Insurance Settlement | 0 | 0 | 30,646,000 |
Proceeds from sales of assets | 6,623,000 | 2,582,000 | 9,878,000 |
Acquisitions | 0 | (7,450,000) | 0 |
Distributions greater than current earnings of TNI | 1,194,000 | (11,000) | 1,575,000 |
Other, net | (1,864,000) | (498,000) | (500,000) |
Net Cash Provided by (Used in) Investing Activities | (72,000) | (9,455,000) | 34,508,000 |
Cash provided by (required for) financing activities: | |||
Proceeds from long-term debt | 10,000,000 | 5,000,000 | 5,000,000 |
Payments on long-term debt | (73,526,000) | (73,782,000) | (112,455,000) |
Debt financing and reorganization costs paid | (437,000) | (373,000) | (422,000) |
Common stock transactions net | (502,000) | (34,000) | 29,000 |
Net Cash Provided by (Used in) Financing Activities | (64,465,000) | (69,189,000) | (107,848,000) |
Net increase in cash and cash equivalents | (5,241,000) | (6,363,000) | 5,850,000 |
Cash and cash equivalents: | |||
End of period | $ 5,380,000 | $ 10,621,000 | $ 16,984,000 |
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] |
Stockholders' Equity Attributable to Parent | $ (128,485) | |||||
Common Stock, Shares, Outstanding | 55,771 | 54,679 | ||||
Beginning balance at Sep. 27, 2015 | $ 547 | $ 247,302 | $ (390,966) | $ (16,276) | ||
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 | 558 | 249,740 | (356,005) | (22,778) | ||
Cumulative Effect on Retained Earnings, Net of Tax | 0 | |||||
Common Stock, Shares, Outstanding | 55,771 | |||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | 11,439 | |||||
Other Comprehensive Income (Loss), Tax | (4,729) | |||||
Net Income (Loss) | 28,605 | 28,605 | ||||
Net Income (Loss) Attributable to Noncontrolling Interest | 1,124 | (1,124) | ||||
Share-based Compensation | 2,088 | |||||
Stock Issued During Period, Value, New Issues | 9 | (38) | ||||
Stock Issued During Period, Shares, New Issues | 941 | |||||
Ending balance at Sep. 24, 2017 | (91,213) | 567 | 251,790 | (328,524) | (16,068) | |
Cumulative Effect on Retained Earnings, Net of Tax | 0 | |||||
Stockholders' Equity Attributable to Parent | $ (92,235) | |||||
Common Stock, Shares, Outstanding | 56,712 | 56,712 | ||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | 10,477 | |||||
Other Comprehensive Income (Loss), Tax | (3,088) | |||||
Net Income (Loss) | $ 47,048 | 47,048 | ||||
Net Income (Loss) Attributable to Noncontrolling Interest | 1,282 | (1,282) | ||||
Share-based Compensation | 2,039 | |||||
Stock Issued During Period, Value, New Issues | 5 | (318) | ||||
Stock Issued During Period, Shares, New Issues | 429 | |||||
Ending balance at Sep. 30, 2018 | (36,260) | $ 572 | $ 253,511 | (279,691) | $ (11,746) | |
Cumulative Effect on Retained Earnings, Net of Tax | $ (3,067) | |||||
Stockholders' Equity Attributable to Parent | $ (37,354) | |||||
Common Stock, Shares, Outstanding | 57,141 | 57,141 |
Investments in Associated Compa
Investments in Associated Companies | 12 Months Ended |
Sep. 30, 2018 | |
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 30 September 24 ASSETS Current assets 3,615 4,457 Investments and other assets — 12 Total assets 3,615 4,469 LIABILITIES AND MEMBERS' EQUITY Current liabilities 5,213 5,485 Members' equity (1,598 ) (1,016 ) Total liabilities and members' equity 3,615 4,469 Summarized results of TNI are as follows: (Thousands of Dollars) 2018 2017 2016 Operating revenue 47,165 48,297 52,761 Operating expenses 37,090 38,150 41,804 Net income 10,075 10,147 10,957 Company's 50% share 5,038 5,073 5,478 Less amortization of intangible assets 418 418 418 Equity in earnings of TNI 4,620 4,655 5,060 TNI makes weekly distributions of its earnings. We received $5,814,000 , $4,644,000 and $6,636,000 in distributions in 2018, 2017 and 2016, respectively. At September 30, 2018 , the carrying value of the Company's 50% investment in TNI is $14,749,000 . 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 $3,717,000 , certain of which are being amortized over their estimated useful lives through 2020. See Note 3. 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 30, September 24 ASSETS Current assets 10,173 11,297 Investments and other assets 33,295 32,530 Total assets 43,468 43,827 LIABILITIES AND MEMBERS' EQUITY Current liabilities 7,274 7,852 Other liabilities 7,261 9,500 Stockholders' equity 28,933 26,475 Total liabilities and stockholders' equity 43,468 43,827 Summarized results of MNI are as follows: (Thousands of Dollars) 2018 2017 2016 Operating revenue 59,670 61,396 65,172 Operating expenses, excluding restructuring costs, depreciation and amortization 49,598 51,392 52,646 Restructuring costs 383 296 39 Depreciation and amortization 1,149 1,295 1,684 Operating income 8,540 8,413 10,803 Net income 9,257 5,908 6,947 Equity in earnings of MNI 4,629 2,954 3,473 MNI makes quarterly distributions of its earnings. We received $3,400,000 , $3,500,000 and $7,250,000 in distributions in 2018, 2017 and 2016, respectively. We provide editorial services to MNI. Editorial service fees are included in other revenue in the Consolidated Statements of Income and Comprehensive Income and totaled $6,718,000 , $7,021,000 and $7,099,000 , in 2018, 2017 and 2016, respectively. At September 30, 2018 , the carrying value of the Company's 50% investment in MNI is $14,467,000 . |
Goodwill and other Intangible A
Goodwill and other Intangible Assets | 12 Months Ended |
Sep. 30, 2018 | |
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) 2018 2017 Goodwill, gross amount 1,535,155 1,532,458 Accumulated impairment losses (1,288,729 ) (1,288,729 ) Goodwill, beginning of year 246,426 243,729 Goodwill acquired in business combinations — 2,697 Goodwill allocated to disposed businesses (250 ) — Goodwill, end of year 246,176 246,426 Identified intangible assets related to continuing operations consist of the following: (Thousands of Dollars) September 30 September 24 Non-amortized intangible assets: Mastheads 21,883 22,035 Amortizable intangible assets: Customer and newspaper subscriber lists 692,886 691,994 Less accumulated amortization 594,950 577,727 97,936 114,267 Non-compete and consulting agreements 28,524 28,524 Less accumulated amortization 28,524 28,524 — — 119,819 136,302 In January 2017, the FASB issued a new standard simplifying the assessment of a goodwill impairment. The new standard maintains a qualitative and quantitative assessment but eliminates the Step 2 of the quantitative assessment. The new standard also changes the way a goodwill impairment is calculated. For companies that have reporting units with zero or negative carrying value, the new standard requires disclosure of the amount of goodwill for those reporting units. The Company elected to early adopt this standard for its 2017 goodwill impairment test. The Company is a single reporting unit entity with negative carrying value, and as such all of the Company’s goodwill is attributed to the single reporting unit. The Company performed its annual assessment on the first day of our fourth fiscal quarter, and determined the fair value of our single reporting unit was significantly in excess of carrying value and as such, there was no impairment in 2018 or 2017 under either the prior standard or the updated standard. In 2017 and 2016, 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 2018, 2017 and 2016. Such charges are recorded in assets loss (gain) on sales, impairments and other 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) 2018 2017 2016 Continuing operations: Non-amortized intangible assets — 2,035 818 Property, equipment and other assets 267 482 1,367 267 2,517 2,185 In June 2017, we purchased the assets of the Dispatch-Argus serving Moline and Rock Island, IL, (the "Dispatch-Argus"), for $7,150,000 plus an adjustment for working capital. The Dispatch-Argus is a media company with print and digital publishing operations. We financed the transaction with available cash on hand. The purchase price was allocated to the tangible assets and identified intangible assets acquired and liabilities assumed based on their estimated fair values. As of the acquisition date, the purchase price assigned to the acquired assets and assumed liabilities were as follows: current assets of $989,000 , property, plant, and equipment of $100,000 , intangible assets of $5,199,000 , goodwill of $2,445,000 , and current liabilities of $1,056,000 . Annual amortization of intangible assets for the years ending September 2019 to September 2023 is estimated to be $16,417,000 , $15,651,000 , $14,488,000 , $12,308,000 , and $11,687,000 , respectively. |
Debt
Debt | 12 Months Ended |
Sep. 30, 2018 | |
Debt [Abstract] | |
Debt Disclosure [Text Block] | DEBT On March 31, 2014, we completed a comprehensive refinancing of our debt (the"2014 Refinancing"), which included the following: • $400,000,000 aggregate principal amount of 9.5% Senior Secured Notes (the “Notes”), pursuant to an Indenture dated as of March 31, 2014 (the “Indenture”). • $250,000,000 first lien term loan (the "1 st Lien Term Loan") and $40,000,000 revolving facility (the "Revolving Facility") under a First Lien Credit Agreement dated as of March 31, 2014 (together the “1 st Lien Credit Facility”). • $150,000,000 second lien term loan under a Second Lien Loan Agreement dated as of March 31, 2014 (the “2 nd Lien Term Loan”). Debt is summarized as follows: Interest Rates (%) (Thousands of Dollars) September 30 September 24 September 30 Revolving Facility — — 6.13 1 st Lien Term Loan 6,303 45,145 8.33 Notes 385,000 385,000 9.50 2 nd Lien Term Loan 93,556 118,240 12.00 484,859 548,385 Unamortized debt issue costs (17,055 ) (21,824 ) Less current maturities of long-term debt 7,027 30,182 Total long-term debt 460,777 496,379 Our weighted average cost of debt, excluding amortization of debt financing costs at September 30, 2018 , is 10.0% . At September 30, 2018 , aggregate minimum required maturities of debt excluding amounts required to be paid from future excess cash flow computations total $7,027,000 in 2019, zero in 2020, zero in 2021, 385,000,000 in 2022 and $92,832,000 in 2023. Notes The Notes are senior secured obligations of the Company and mature on March 15, 2022. At September 30, 2018 , the principal balance of the Notes totaled $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. Prior to March 15, 2018, we may redeem the Notes subject to a make whole provision for the interest through March 15, 2018. On or after March 15, 2018, we may redeem the Notes as follows: Period Beginning Percentage of Principal Amount March 15, 2018 104.75 March 15, 2019 102.38 March 15, 2020 100.00 If we sell certain of our assets or experience specific kinds of changes of control, we must, subject to certain exceptions, offer to purchase the Notes at 101% of the principal amount. Any redemption of the Notes must also satisfy any accrued and unpaid interest thereon. 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 which resulted in a gain on extinguishment of debt totaling $1,250,000 . The gain is recorded in Other, net in the Consolidated Statements of Income and Comprehensive Income. Covenants and Other Matters The Indenture and the 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 30, 2018 , after consideration of letters of credit, we have approximately $34,235,000 available for future use under the Revolving Facility. Interest Interest on the 1 st Lien Term Loan, which has a principal balance of $6,303,000 at September 30, 2018 , 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 debt financing and administration costs over the life of the 1 st Lien Term Loan. Interest on the Revolving Facility, which has a principal balance of zero at September 30, 2018 , 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 from our subsidiaries other than Pulitzer Inc. ("Pulitzer") and its subsidiaries (collectively, the "Pulitzer Subsidiaries") which are not reinvested. 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 includes adjustments 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. Lee Legacy Excess Cash Flow for the 13 weeks ended September 30, 2018 and payable in the 13 weeks ended December 30, 2018 was zero. 2018 principal payments made for the year under the 1 st Lien Term Loan are summarized as follows: 13 Weeks Ended (Thousands of Dollars) December 25 March 26 June 25 September 30 Mandatory 6,250 6,250 6,250 6,250 Voluntary 5,000 3,000 4,000 — Excess cash flow payment — — — 1,842 11,250 9,250 10,250 8,092 In November 2018, subsequent to the end of 2018, we repaid the remaining $6,303,000 outstanding under the 1 st Lien Term Loan. 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. This restriction no longer applies 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 $93,556,000 at September 30, 2018 , 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 including adjustments for changes in working capital, capital spending, pension contributions, debt principal payments and income tax payments. Pulitzer Excess Cash Flow also includes a deduction for interest costs incurred under the 2 nd Lien Term Loan. Prior to March 31, 2017, we were required to offer the Pulitzer Excess Cash Flow to the 2nd Lien Lenders to prepay the 2nd Lien Term Loan at par, which payment the 2nd Lien Lenders could accept or reject. After March 31, 2017, the 2nd Lien Lenders can not reject, and Pulitzer Excess Cash Flow is used to prepay the 2nd Lien Term Loan, at par. Pulitzer Excess Cash Flow payments are required to be paid 45 days after the end of the quarter. Pulitzer Excess Cash Flow and the related payments on the 2 nd Lien Term Loan for the previous four quarters are as follows: For the Period Ending (Thousands of Dollars) Pulitzer Excess Cash Flow Payment Payment Date September 24, 2017 5,182 Q1 2018 December 24, 2017 5,632 Q2 2018 March 25, 2018 6,259 Q3 2018 June 24, 2018 3,611 Q4 2018 For the 13 weeks ended September 30, 2018, Pulitzer Excess Cash Flow totaled $724,000 , and was paid in December 2018, at par. 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. For year ended September 30, 2018 and September 24, 2017 , we repaid $4,000,000 and $2,412,000 , respectively, on the 2 nd Lien Term Loan, at par, with net proceeds from the sale of Pulitzer assets. Voluntary payments under the 2 nd Lien Term Loan are subject to call premiums as follows: Period Beginning Percentage of Principal Amount March 31, 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 warrants and 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 and Note 11. 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 $4,769,000 , $4,447,000 and $5,541,000 in 2018, 2017 and 2016, respectively. Amortization of such costs is estimated to total $3,827,000 in 2019, $3,899,000 in 2020, $4,045,000 in 2021, $4,200,000 in 2022 and $1,084,000 in 2023. At September 30, 2018 , we have $17,055,000 of unamortized debt financing costs recorded as a reduction of Long-term debt in our Consolidated Balance Sheets. Liquidity At September 30, 2018 , after consideration of letters of credit, we have approximately $34,235,000 available for future use under our Revolving Facility. Including cash, our liquidity at September 30, 2018 totals $39,615,000 . 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 existing cash and 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. There are numerous potential consequences under the Notes, 1 st Lien Credit Facility and 2 nd 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, 1 st Lien Credit Facility and 2 nd 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, 1 st Lien Credit Facility and 2 nd 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 30, 2018 . |
Pensions
Pensions | 12 Months Ended |
Sep. 30, 2018 | |
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) 2018 2017 2016 Service cost for benefits earned during the year 48 84 197 Interest cost on projected benefit obligation 5,754 5,394 6,061 Expected return on plan assets (7,933 ) (7,878 ) (8,698 ) Amortization of net loss 2,025 2,947 2,397 Amortization of prior service benefit (136 ) (136 ) (136 ) Net periodic pension cost (benefit) (242 ) 411 (179 ) Net periodic pension benefit of $56,000 is allocated to TNI in 2018, 2017 and 2016. Changes in benefit obligations and plan assets are as follows: (Thousands of Dollars) 2018 2017 Benefit obligation, beginning of year 191,645 202,158 Service cost 48 84 Interest cost 5,754 5,394 Actuarial loss (gain) (9,464 ) (4,241 ) Benefits paid (11,452 ) (11,750 ) Benefit obligation, end of year 176,531 191,645 Fair value of plan assets, beginning of year: 149,762 149,131 Actual return on plan assets 10,576 14,721 Benefits paid (11,452 ) (11,750 ) Administrative expenses paid (2,571 ) (2,340 ) Employer contributions 4,940 — Fair value of plan assets, end of year 151,255 149,762 Funded status (25,276 ) (41,883 ) Disaggregated amounts recognized in the Consolidated Balance Sheets are as follows: (Thousands of Dollars) September 30 September 24 Pension obligations (25,276 ) (41,883 ) Accumulated other comprehensive loss (before income taxes) (31,882 ) (43,307 ) Amounts recognized in accumulated other comprehensive income (loss) are as follows: (Thousands of Dollars) September 30 September 24 Unrecognized net actuarial loss (31,988 ) (43,550 ) Unrecognized prior service benefit 106 243 (31,882 ) (43,307 ) We expect to recognize $1,136,000 and $100,000 of unrecognized net actuarial loss and unrecognized prior service benefit, respectively, in net periodic pension cost in 2019. The accumulated benefit obligation for the plans total $176,531,000 at September 30, 2018 and $191,645,000 at September 24, 2017 . 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 $176,531,000 , $176,531,000 and $151,255,000 , respectively, at September 30, 2018 . Assumptions Weighted-average assumptions used to determine benefit obligations are as follows: (Percent) September 30 September 24 Discount rate 4.2 3.7 Weighted-average assumptions used to determine net periodic benefit cost are as follows: (Percent) 2018 2017 2016 Discount rate 3.7 3.5 4.2 Expected long-term return on plan assets 5.5 5.5 6.3 For 2019, 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. Pension assets included below include assets of plans described below under the heading Other Plans. Our investment policy outlines the governance structure for decision making, sets investment objectives and restrictions and establishes criteria for selecting and evaluating investment managers. The use of derivatives is prohibited, except on a case-by-case basis where the manager has a proven capability, and only to hedge quantifiable risks such as exposure to foreign currencies. An investment committee, consisting of certain of our executives and supported by independent consultants, is responsible for monitoring compliance with the investment policy. Assets are periodically redistributed to maintain the appropriate policy allocation. The weighted-average asset allocation of our pension assets is as follows: (Percent) Policy Allocation Actual Allocation Asset Class September 30 September 30 September 24 Equity securities 50 50 50 Debt securities 35 32 33 TIPS 5 4 4 Hedge fund investments 10 10 12 Cash and cash equivalents — 4 1 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 30, 2018 is as follows: (Thousands of Dollars) NAV Level 1 Level 2 Level 3 Cash and cash equivalents — 5,537 — — Domestic equity securities 10,045 12,573 40,083 — International equity securities — 7,070 7,560 — TIPS — 6,535 — — Debt securities — 25,673 22,523 — Hedge fund investments 15,767 — — — The fair value hierarchy of pension assets at September 24, 2017 is as follows: (Thousands of Dollars) NAV Level 1 Level 2 Level 3 Cash and cash equivalents — 1,882 — — Domestic equity securities — 10,484 49,483 — International equity securities — 7,290 8,047 — TIPS — 6,553 — — Debt securities 14,711 26,015 8,266 — Hedge fund investments 19,067 — — — There were no purchases, sales or transfers of assets classified as Level 3 in 2018 or 2017. Cash Flows Based on our forecast at September 30, 2018 , we expect to make contributions of $650,000 to our pension trust in 2019. We anticipate future benefit payments to be paid from the pension trust as follows: (Thousands of Dollars) 2019 12,481 2020 11,796 2021 11,743 2022 11,695 2023 11,720 2024-2028 57,083 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 $1,469,000 and $1,766,000 at September 30, 2018 and September 24, 2017 , respectively, of which $0 and $113,000 is included in compensation and other accrued liabilities in the Consolidated Balance Sheet at September 30, 2018 and September 24, 2017 , respectively. |
Postretirement Obligations
Postretirement Obligations | 12 Months Ended |
Sep. 30, 2018 | |
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 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) 2018 2017 2016 Service cost for benefits earned during the year — 13 63 Interest cost on projected benefit obligation 365 412 623 Expected return on plan assets (1,080 ) (1,056 ) (1,322 ) Amortization of net actuarial gain (984 ) (987 ) (1,093 ) Amortization of prior service benefit (785 ) (1,459 ) (1,459 ) Curtailment gains (2,031 ) (3,741 ) — Net periodic postretirement benefit (4,515 ) (6,818 ) (3,188 ) In March 2017, we notified certain participants in one of our post employment medical plans of changes to their plan, which included notice that the plan will terminate on December 31, 2017. These changes resulted in a non-cash curtailment gain of $2,031,000 and $3,741,000 in 2018 and 2017, respectively. The curtailment gain is recorded in assets loss (gain) on sales, impairments and other in the Consolidated Statements of Income and Comprehensive Income. These charges also reduced the postemployment benefit obligation by $7,036,000 and reduced accumulated other comprehensive loss by $106,000 and $1,417,000 in 2018 and 2017, respectively. Changes in benefit obligations and plan assets are as follows: (Thousands of Dollars) 2018 2017 Benefit obligation, beginning of year 15,667 22,511 Service cost — 13 Interest cost 365 412 Actuarial loss (gain) (1,054 ) (627 ) Benefits paid, net of premiums received (1,399 ) (1,527 ) Curtailment (1,924 ) (5,112 ) Medicare Part D subsidies 101 (3 ) Benefit obligation, end of year 11,756 15,667 Fair value of plan assets, beginning of year 24,626 24,123 Actual return on plan assets 2,106 2,112 Employer contributions 422 755 Benefits paid, net of premiums and Medicare Part D subsidies received (1,298 ) (1,530 ) Benefits paid for active employees (1,209 ) (834 ) Fair value of plan assets at measurement date 24,647 24,626 Funded status 12,891 8,959 Disaggregated amounts recognized in the Consolidated Balance Sheets are as follows: (Thousands of Dollars) September 30 September 24 Non-current assets 12,891 11,020 Postretirement benefit obligations — (2,061 ) Accumulated other comprehensive income (before income tax benefit) 17,917 18,782 Amounts recognized in accumulated other comprehensive income are as follows: (Thousands of Dollars) September 30 September 24 Unrecognized net actuarial gain 12,224 12,304 Unrecognized prior service benefit 5,693 6,478 17,917 18,782 We expect to recognize $976,000 and $723,000 of unrecognized net actuarial gain and unrecognized prior service benefit, respectively, in net periodic postretirement benefit in 2019. Assumptions Weighted-average assumptions used to determine post retirement benefit obligations are as follows: (Percent) September 30 September 24 Discount rate 4.0 3.4 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) 2018 2017 2016 Discount rate 3.4 3.1 3.7 Expected long-term return on plan assets 4.5 4.5 4.5 For 2019, the expected long-term return on plan assets is 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. Assumed health care cost trend rates are as follows: (Percent) September 30 September 24 Health care cost trend rates 9.0 9.7 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 2026 2026 Administrative costs related to indemnity plans are assumed to increase at the health care cost trend rates noted above. Assumed health care cost trend rates have an effect on the amounts reported for the postretirement plans. A one percentage point change in assumed health care cost trend rates would have the following annualized effects on reported amounts for 2018: One Percentage Point (Thousands of Dollars) Increase Decrease Effect on net periodic postretirement benefit 18 (17 ) Effect on postretirement benefit obligation 456 (417 ) Plan Assets Assets of the retiree medical plan are invested in a master trust. The master trust also pays benefits of active employee medical plans for the same union employees. The fair value of master trust assets allocated to the active employee medical plans at September 30, 2018 and September 24, 2017 is $3,266,000 and $4,372,000 , respectively, which are included within the tables below. 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 30 2018 September 30 September 24 Equity securities 20 18 21 Debt securities 70 69 67 Hedge fund investment 10 13 12 Cash and cash equivalents — — — 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 30, 2018 is as follows: (Thousands of Dollars) NAV Level 1 Level 2 Level 3 Cash and cash equivalents — 242 — — Domestic equity securities 820 2,589 — — International equity securities — 681 780 — Debt securities — 19,185 — — Hedge fund investment 3,616 — — — The fair value hierarchy of postretirement assets at September 24, 2017 is as follows: (Thousands of Dollars) NAV Level 1 Level 2 Level 3 Cash and cash equivalents — — — — Domestic equity securities — 3,479 741 — International equity securities — 800 1,051 — Debt securities — 19,548 — — Hedge fund investment 3,343 — — — There were no purchases, sales or transfers of assets classified as Level 3 in 2018 or 2017. Cash Flows Based on our forecast at September 30, 2018 , we do not expect to contribute to our postretirement plans in 2019. 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 2019 1,302 (108 ) 1,194 2020 1,276 (107 ) 1,169 2021 1,241 (106 ) 1,135 2022 1,198 (103 ) 1,095 2023 1,147 (99 ) 1,048 2024-2018 4,794 (408 ) 4,386 Postemployment Plan Our postemployment benefit obligation, representing certain disability benefits , is $2,580,000 at September 30, 2018 and $2,943,000 at September 24, 2017 . |
Other Retirement Plans
Other Retirement Plans | 12 Months Ended |
Sep. 30, 2018 | |
Retirement Benefits [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 the defined contribution retirement plan, charged to continuing operations are $4,430,000 in 2018, $4,396,000 in 2017 and $4,616,000 in 2016. 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 2018 2017 Status 2018 2017 2016 Surcharge Imposed Expiration Dates of CBAs GCIU- Employer Retirement Fund 91-6024903/001 Red Red Implemented 107 123 138 No 3/20/2020 CWA/ITU Negotiated Pension Plan 13-6212879/001 Red Red Implemented 96 101 108 No 5/12/2019 12/31/2018 4/1/2019 District No. 9, International Association of Machinists and Aerospace Workers Pension Trust 43-0736847/001 Green Green N/A 29 31 31 N/A 8/01/2019 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 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. In 2017, we accrued a liability of $2,600,000 related to this withdrawal. The 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. 30, 2018 | |
Common Stock And Class B Common Stock [Abstract] | |
Schedule of Stock by Class [Text Block] | COMMON STOCK AND CLASS B COMMON STOCK 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 warrants and 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 30, 2018 , the fair value of the Warrants is $1,807,000 . 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. |
Stock Ownership Plans
Stock Ownership Plans | 12 Months Ended |
Sep. 30, 2018 | |
Stock Ownership Plans [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | STOCK OWNERSHIP PLANS Total non-cash stock compensation expense is $1,857,000 , $2,088,000 and $2,306,000 , in 2018, 2017 and 2016, r espectively. At September 30, 2018 , we have reserved 3,230,069 shares of Common Stock for issuance to employees under an incentive and nonstatutory stock option and restricted stock plan approved by stockholders of which 2,130,019 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) 2018 2017 2016 Under option, beginning of year 1,271 1,698 1,871 Exercised (131 ) (339 ) (74 ) Canceled (40 ) (88 ) (99 ) Under option, end of year 1,100 1,271 1,698 Exercisable, end of year 1,100 1,271 1,692 Weighted average prices of stock options are as follows: (Dollars) 2018 2017 2016 Exercised 1.42 1.53 1.17 Cancelled 2.49 14.02 8.78 Under option, end of year 1.88 1.86 2.42 A summary of stock options outstanding at September 30, 2018 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 - 2 461 3.6 1.14 461 1.14 2 - 3 639 1.6 2.42 639 2.42 1,100 2.4 1.88 1,100 1.88 There is no unrecognized compensation expense for unvested stock options at September 30, 2018 . The aggregate intrinsic value of stock options outstanding at September 30, 2018 is $842,000 . Restricted Common Stock A summary of restricted Common Stock activity follows: (Thousands of Shares) 2018 2017 2016 Outstanding, beginning of year 2,478 2,462 1,546 Granted 587 837 1,018 Vested (936 ) (751 ) (63 ) Forfeited (70 ) (70 ) (39 ) Outstanding, end of year 2,059 2,478 2,462 Weighted average grant date fair values of restricted Common Stock are as follows: (Dollars) 2018 2017 2016 Outstanding, beginning of year 2.69 2.74 3.62 Granted 2.33 3.34 1.49 Vested 3.31 3.59 3.39 Forfeited 2.85 2.98 3.31 Outstanding, end of year 2.31 2.69 2.74 Total unrecognized compensation expense for unvested restricted Common Stock at September 30, 2018 is $1,933,000 , which will be recognized over a weighted average period of 1.0 years. In December 2018, we issued shares of 363,000 restricted Common Stock to employees. The grant date fair value was $2.18 per share. All restrictions with respect to these shares lapse in December 2021. 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 2018, 2017 or 2016. |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | INCOME TAXES On December 22, 2017, the 2017 Tax Act was signed into law. Among other provisions, the 2017 Tax Act reduces the federal statutory corporate income tax rate from 35% to 21%. The reduction of the corporate tax rate caused us to re-measure our deferred tax assets and liabilities to the lower federal base rate of 21%. We reported a discrete adjustment from revaluing our deferred tax assets and liabilities which resulted in a provisional net decrease in income tax expense of $24,872,000 for the 13 weeks ended December 24, 2017. The Securities Exchange Commission has issued rules that allow for a measurement period of up to one year after the enactment date of the 2017 Tax Act to finalize the recording of the related transitional impact. Apart from any future changes in interpretations, legislative action or changes in accounting standards, we have finalized and recorded the resulting adjustments as of September 30, 2018. The impact of the re-measurement did not change materially for the 53 weeks ended September 30, 2018. Income tax expense (benefit) consists of the following: (Thousands of Dollars) 2018 2017 2016 Current: Federal 275 394 1,241 State 875 819 379 Deferred (17,378 ) 10,398 20,556 (16,228 ) 11,611 22,176 Income tax expense (benefit) related to continuing operations differs from the amounts computed by applying the U.S. federal income tax rate to income (loss) before income taxes. The reasons for these differences are as follows: (Percent of Income (Loss) Before Income Taxes) 2018 2017 2016 Computed “expected” income tax expense (benefit) 24.7 35.0 35.0 State income tax expense (benefit), net of federal tax impact 2.6 2.3 3.8 Net income of associated companies taxed at dividend rates (5.1 ) (3.7 ) (2.6 ) Resolution of tax matters (8.4 ) 2.2 3.2 Non-deductible expenses 2.9 1.5 1.0 Valuation allowance 9.9 2.6 (7.7 ) Warrant valuation 0.2 (10.2 ) 5.0 Revaluation of deferred income taxes due to law charges (79.1 ) — — Other (0.4 ) (0.8 ) 0.4 (52.7 ) 28.9 38.1 Net deferred income tax liabilities consist of the following components: (Thousands of Dollars) September 30 September 24 Deferred income tax liabilities: Property and equipment (16,506 ) (28,422 ) Identified intangible assets (18,486 ) (35,790 ) Long-term debt (11,074 ) (16,993 ) Investments (6,472 ) — (52,538 ) (81,205 ) Deferred income tax assets: Investments — 2,520 Accrued compensation 2,402 4,622 Allowance for doubtful accounts and losses on loans 910 1,487 Pension and postretirement benefits 2,305 4,593 Net operating loss carryforwards 41,663 37,997 Accrued expenses 424 601 Other 3,075 5,023 50,779 56,843 Valuation allowance (37,349 ) (29,035 ) Net deferred income tax liabilities (39,108 ) (53,397 ) All deferred taxes are categorized as non-current. A reconciliation of 2018 and 2017 changes in gross unrecognized tax benefits is as follows: (Thousands of Dollars) 2018 2017 Balance, beginning of year 13,915 12,531 Increases (decreases) in tax positions for prior years 132 36 Increases in tax positions for the current year 2,567 2,150 Lapse in statute of limitations (510 ) (802 ) Balance, end of year 16,104 13,915 Approximately $10,312,000 and $9,010,000 of the gross unrecognized tax benefit balances for 2018 and 2017 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 $12,779,000 at September 30, 2018 . 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, $563,000 at September 30, 2018 and $367,000 at September 24, 2017 . There were no amounts provided for penalties at September 30, 2018 or September 24, 2017 . 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, 2015 year. At September 30, 2018 , we have state tax benefits of approximately $63,048,000 in net operating loss ("NOL") carryforwards, before adjusting for federal tax impacts of $13,239,000, or 21%, that expire between 2019 and 2038 . These NOL carryforwards result in a deferred income tax asset of $49,809,000 at September 30, 2018 , a portion of which is offset by a valuation allowance. We reported a Federal NOL of approximately $17,850,000 as of year-end September 24, 2017 . We expect to report taxable income in 2018 in excess of that NOL, so that no Federal NOL will be available in the fiscal year 2019. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Sep. 30, 2018 | |
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 $6,318,000 , including our 17% ownership of the non-voting common stock of TCT and a private equity investment, are carried at cost. As of September 30, 2018, the approximate fair value of the private equity investment is $9,118,000, 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 $6,299,060 , based on an average of private market price quotations. Our fixed rate debt consists of $385,000,000 principal amount of the Notes and, $93,556,000 principal amount under the 2 nd Lien Term Loan. At September 30, 2018 , based on an average of private market price quotations, the fair values were $399,206,500 and $95,427,120 for the Notes and 2nd Lien Term Loan, respectively. These represent Level 2 fair value measurements. 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 30, 2018 , September 24, 2017 and September 25, 2016 are $1,807,000 , $1,580,000 and $11,760,000 , respectively. In other, net in the Consolidated Statements of Income and Comprehensive Income, we recognized expense of $226,000 in 2018, income of $10,181,000 in 2017 and expense of $7,519,000 in 2016, for adjustments in the fair value of the Warrants. The following assumptions were used to estimate the fair value of the Warrants: 2018 2017 2016 Volatility (Percent) 31 37 63 Risk-free interest rate (Percent) 2.91 1.81 1.25 Expected term (Years) 3.5 4.5 5.5 Estimated fair value (Dollars) 0.30 0.26 1.96 |
Earnings per Common Share
Earnings per Common Share | 12 Months Ended |
Sep. 30, 2018 | |
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 per common share: (Thousands of Dollars and Shares, Except Per Common Share Data) 2018 2017 2016 Income attributable to Lee Enterprises, Incorporated: 45,766 27,481 34,961 Weighted average Common Stock 57,009 56,481 55,493 Less non-vested restricted Common Stock (2,307 ) (2,491 ) (2,295 ) Basic average Common Stock 54,702 53,990 53,198 Dilutive stock options and restricted Common Stock 1,246 1,402 1,026 Diluted average Common Stock 55,948 55,392 54,224 Earnings per common share: Basic: 0.84 0.51 0.66 Diluted 0.82 0.50 0.64 For 2018, 2017 and 2016, we had 6,453,000 , 7,206,000 and 7,577,000 weighted average shares, respectively, not considered in the computation of diluted earnings 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. 30, 2018 | |
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) 2018 2017 2016 Balance, beginning of year 4,796 4,327 4,194 Additions charged to expense 1,952 1,696 1,195 Deductions from reserves (1,942 ) (1,227 ) (1,062 ) Balance, end of year 4,806 4,796 4,327 |
Other Information
Other Information | 12 Months Ended |
Sep. 30, 2018 | |
Payables and Accruals [Abstract] | |
Other Information [Text Block] | OTHER INFORMATION Compensation and other accrued liabilities consist of the following: (Thousands of Dollars) September 30 September 24 Compensation 10,363 12,088 Retirement plans 2,673 3,374 Other 6,605 7,144 19,641 22,606 Supplemental cash flow information includes the following cash payments: (Thousands of Dollars) 2018 2017 2016 Interest 52,180 58,844 65,410 Debt financing and reorganization costs 437 373 422 Income tax payments, net 464 1,214 269 Accumulated other comprehensive income (loss), net of deferred income taxes at September 30, 2018 and September 24, 2017 , is related to pension and postretirement benefits. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Sep. 30, 2018 | |
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 2023 and thereafter are $4,131,000 , $3,187,000 , $2,763,000 , $2,324,000 , $2,102,000 and $5,976,000 , respectively. In 2018, 2017, and 2016 total operating lease expense is $4,064,000 , $3,866,000 and $3,792,000 , respectively. Capital Expenditures At September 30, 2018 , we had construction and equipment purchase commitments totaling approximately $680,000 . 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 2011. 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 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. In 2017, we accrued a liability of $2,600,000 related to this withdrawal. The withdrawal liability determined to be due under this plan will be funded over a period of 20 years. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Sep. 30, 2018 | |
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 2018 Operating revenue 143,786 127,805 132,618 139,746 Net income 35,327 2,533 4,750 4,438 Income attributable to Lee Enterprises, Incorporated 35,003 2,239 4,458 4,066 Earnings per common share: Basic 0.64 0.04 0.08 0.07 Diluted 0.63 0.04 0.08 0.07 2017 Operating revenue 153,989 133,387 139,355 140,212 Net income 12,440 6,377 6,287 3,501 Income attributable to Lee Enterprises, Incorporated 12,173 6,128 5,995 3,185 Earnings (loss) per common share: Basic 0.23 0.11 0.11 0.06 Diluted 0.22 0.11 0.11 0.06 Results of operations for the September quarter of 2018 include pre-tax non-cash impairment charges of $267,000 . |
Basis of Presentation Accountin
Basis of Presentation Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Non-controlling Interest Policy [Policy Text Block] | Non-controlling Interest Non-controlling interest in earnings of TownNews is recognized in the Consolidated Financial Statements. |
Uninsured Risks Policy [Policy Text Block] | Uninsured Risks We are self-insured for health care, workers compensation and certain long-term disability costs of our employees, subject to stop loss insurance, which limits our losses in the event of large claims. We accrue our estimated health care costs in the period in which such costs are incurred, including an estimate of incurred but not reported claims. Other risks are insured and carry deductible losses of varying amounts. Letters of credit and performance bonds totaling $4,585,000 at September 30, 2018 are outstanding in support of our insurance program. Our accrued reserves for health care and workers compensation claims are based upon estimates of the remaining liability for retained losses made by consulting actuaries. The amount of workers compensation reserve has been determined based upon historical patterns of incurred and paid loss development factors from the insurance industry. |
Significant Accounting Policies [Text Block] | SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Consolidated Financial Statements include our accounts and those of our subsidiaries, all of which are wholly-owned, except for our 50% interest in TNI, 50% interest in MNI and 82.5% interest in TownNews, TNI and MNI are accounted for under the equity method. Results of TownNews are consolidated. In February 2018, the Financial Accounting Standards Board (“FASB”) issued new guidance to allow a reclassification from accumulated other comprehensive income (“AOCI”) to retained earnings for stranded tax effects resulting from what is commonly referred to as the Tax Cuts and Jobs Act (the "2017 Tax Act"). In the first quarter of fiscal year 2018, we remeasured our deferred taxes related to unrealized gains on our investment balances using the reduced tax rate. As required by GAAP, we recognized the net tax benefit in the provision for income taxes in our consolidated income statements, and we reclassified a $3,067,000 net tax benefit from AOCI to retained earnings in our consolidated balance sheets. Adoption of the standard had no impact to our consolidated income statements or cash flows statements. In March 2016, the FASB issued a new standard that makes improvements to the accounting for employee share-based payments. The new standard simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes and statutory tax withholding requirements, as well as classification in the statement of cash flows. We adopted this standard in 2018 and the impact from the adoption of this standard did not have a material impact on the Consolidated Financial Statements. 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 14, 2018. No events have occurred subsequent to September 30, 2018 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. Accounts Receivable We evaluate our allowance for doubtful accounts receivable based on historical credit experience, payment trends and other economic factors. Delinquency is determined based on timing of payments in relation to billing dates. Accounts considered to be uncollectible are written off. Inventories Newsprint inventories and other inventories are priced at the lower of cost or market. Newsprint inventories at September 30, 2018 and September 24, 2017 are less than replacement cost by $2,333,500 and $1,608,000 , respectively. The components of inventory by cost method are as follows: (Thousands of Dollars) September 30 2018 September 24 2017 Newsprint - FIFO method 2,079 962 Newsprint - LIFO method 2,071 1,167 Other inventory - FIFO method 1,534 1,487 5,684 3,616 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 30, 2018 and September 24, 2017 , 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 17 - 33 We review goodwill for impairment on an annual basis by performing a qualitative and quantitative assessment. Companies with reporting units with zero or negative carrying value are required to disclose the amount of goodwill for those reporting units. Lee Enterprises is a single reporting unit entity with negative carrying value, and as such all of the Company’s goodwill is attributed to the single reporting unit. In 2018 and 2017, the Company had $246,176,000 and $246,426,000 of goodwill in the Consolidated Balance Sheets, respectively. The annual assessment is made on the first day of our fourth fiscal quarter, or more frequently if impairment triggers are noted. In 2016, under prior accounting standards, the Company assessed the recoverability of goodwill and other non-amortized intangible assets, using qualitative factors affecting our business to determine if the probability of a goodwill impairment was more likely than not. Our assessment included reviewing internal and external factors affecting our business, such as cash flow projections, stock price and other industry or market considerations. We review non-amortizing intangibles for impairment on an annual basis. Should we determine that a non-amortized intangible asset impairment is more likely than not, we 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 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. 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 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. 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 tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using currently enacted tax rates. 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 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 government securities that are valued based upon quoted market prices in an active market. Such investments are classified as Level 1. Corporate bonds that are valued based on quoted market prices in an inactive market are classified as Level 2. 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 excluded from the fair value hierarchy. 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 excluded from the fair value hierarchy. 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 four 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 $4,585,000 at September 30, 2018 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 14, 2018. No events have occurred subsequent to September 30, 2018 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 inventory by cost method are as follows: (Thousands of Dollars) September 30 2018 September 24 2017 Newsprint - FIFO method 2,079 962 Newsprint - LIFO method 2,071 1,167 Other inventory - FIFO method 1,534 1,487 5,684 3,616 |
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 17 - 33 We review goodwill for impairment on an annual basis by performing a qualitative and quantitative assessment. Companies with reporting units with zero or negative carrying value are required to disclose the amount of goodwill for those reporting units. Lee Enterprises is a single reporting unit entity with negative carrying value, and as such all of the Company’s goodwill is attributed to the single reporting unit. In 2018 and 2017, the Company had $246,176,000 and $246,426,000 of goodwill in the Consolidated Balance Sheets, respectively. The annual assessment is made on the first day of our fourth fiscal quarter, or more frequently if impairment triggers are noted. In 2016, under prior accounting standards, the Company assessed the recoverability of goodwill and other non-amortized intangible assets, using qualitative factors affecting our business to determine if the probability of a goodwill impairment was more likely than not. Our assessment included reviewing internal and external factors affecting our business, such as cash flow projections, stock price and other industry or market considerations. We review non-amortizing intangibles for impairment on an annual basis. Should we determine that a non-amortized intangible asset impairment is more likely than not, we 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 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. 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 30, 2018 and September 24, 2017 , 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 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 government securities that are valued based upon quoted market prices in an active market. Such investments are classified as Level 1. Corporate bonds that are valued based on quoted market prices in an inactive market are classified as Level 2. 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 excluded from the fair value hierarchy. 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 excluded from the fair value hierarchy. |
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. |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Basis of Presentation The Consolidated Financial Statements include our accounts and those of our subsidiaries, all of which are wholly-owned, except for our 50% interest in TNI, 50% interest in MNI and 82.5% interest in TownNews, TNI and MNI are accounted for under the equity method. Results of TownNews are consolidated. In February 2018, the Financial Accounting Standards Board (“FASB”) issued new guidance to allow a reclassification from accumulated other comprehensive income (“AOCI”) to retained earnings for stranded tax effects resulting from what is commonly referred to as the Tax Cuts and Jobs Act (the "2017 Tax Act"). In the first quarter of fiscal year 2018, we remeasured our deferred taxes related to unrealized gains on our investment balances using the reduced tax rate. As required by GAAP, we recognized the net tax benefit in the provision for income taxes in our consolidated income statements, and we reclassified a $3,067,000 net tax benefit from AOCI to retained earnings in our consolidated balance sheets. Adoption of the standard had no impact to our consolidated income statements or cash flows statements. In March 2016, the FASB issued a new standard that makes improvements to the accounting for employee share-based payments. The new standard simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes and statutory tax withholding requirements, as well as classification in the statement of cash flows. We adopted this standard in 2018 and the impact from the adoption of this standard did not have a material impact on the Consolidated Financial Statements. |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | Pension, Postretirement and Postemployment Benefit Plans We evaluate our liabilities for pension, postretirement and postemployment benefit plans based upon computations made by consulting actuaries, incorporating estimates and actuarial assumptions of future plan service costs, future interest costs on projected benefit obligations, rates of compensation increases, when applicable, employee turnover rates, anticipated mortality rates, expected investment returns on plan assets, asset allocation assumptions of plan assets and other factors. 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 tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using currently enacted tax rates. 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 and other inventories are priced at the lower of cost or market. Newsprint inventories at September 30, 2018 and September 24, 2017 are less than replacement cost by $2,333,500 and $1,608,000 , respectively. The components of inventory by cost method are as follows: (Thousands of Dollars) September 30 2018 September 24 2017 Newsprint - FIFO method 2,079 962 Newsprint - LIFO method 2,071 1,167 Other inventory - FIFO method 1,534 1,487 5,684 3,616 |
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 four 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. 30, 2018 | |
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 inventory by cost method are as follows: (Thousands of Dollars) September 30 2018 September 24 2017 Newsprint - FIFO method 2,079 962 Newsprint - LIFO method 2,071 1,167 Other inventory - FIFO method 1,534 1,487 5,684 3,616 |
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 17 - 33 |
Investments in Associated Com_2
Investments in Associated Companies (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Equity Method Investee- TNI [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investments, Summarized Balance Sheet [Table Text Block] | Summarized financial information of TNI is as follows: (Thousands of Dollars) September 30 September 24 ASSETS Current assets 3,615 4,457 Investments and other assets — 12 Total assets 3,615 4,469 LIABILITIES AND MEMBERS' EQUITY Current liabilities 5,213 5,485 Members' equity (1,598 ) (1,016 ) Total liabilities and members' equity 3,615 4,469 |
Equity Method Investments, Summarized Income Statement [Table Text Block] | (Thousands of Dollars) 2018 2017 2016 Operating revenue 47,165 48,297 52,761 Operating expenses 37,090 38,150 41,804 Net income 10,075 10,147 10,957 Company's 50% share 5,038 5,073 5,478 Less amortization of intangible assets 418 418 418 Equity in earnings of TNI 4,620 4,655 5,060 |
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 30, September 24 ASSETS Current assets 10,173 11,297 Investments and other assets 33,295 32,530 Total assets 43,468 43,827 LIABILITIES AND MEMBERS' EQUITY Current liabilities 7,274 7,852 Other liabilities 7,261 9,500 Stockholders' equity 28,933 26,475 Total liabilities and stockholders' equity 43,468 43,827 |
Equity Method Investments, Summarized Income Statement [Table Text Block] | lows: (Thousands of Dollars) September 30, September 24 ASSETS Current assets 10,173 11,297 Investments and other assets 33,295 32,530 Total assets 43,468 43,827 LIABILITIES AND MEMBERS' EQUITY Current liabilities 7,274 7,852 Other liabilities 7,261 9,500 Stockholders' equity 28,933 26,475 Total liabilities and stockholders' equity 43,468 43,827 Summarized results of MNI are as f |
Goodwill and other Intangible_2
Goodwill and other Intangible Assets (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
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) 2018 2017 Goodwill, gross amount 1,535,155 1,532,458 Accumulated impairment losses (1,288,729 ) (1,288,729 ) Goodwill, beginning of year 246,426 243,729 Goodwill acquired in business combinations — 2,697 Goodwill allocated to disposed businesses (250 ) — Goodwill, end of year 246,176 246,426 |
Schedule of Intangible Assets [Table Text Block] | Identified intangible assets related to continuing operations consist of the following: (Thousands of Dollars) September 30 September 24 Non-amortized intangible assets: Mastheads 21,883 22,035 Amortizable intangible assets: Customer and newspaper subscriber lists 692,886 691,994 Less accumulated amortization 594,950 577,727 97,936 114,267 Non-compete and consulting agreements 28,524 28,524 Less accumulated amortization 28,524 28,524 — — 119,819 136,302 |
Asset Impairment Charges [Table Text Block] | A summary of the pretax impairment charges is included in the table below: (Thousands of Dollars) 2018 2017 2016 Continuing operations: Non-amortized intangible assets — 2,035 818 Property, equipment and other assets 267 482 1,367 267 2,517 2,185 |
Debt Schedule Of Debt Payments
Debt Schedule Of Debt Payments (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
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 for the previous four quarters are as follows: For the Period Ending (Thousands of Dollars) Pulitzer Excess Cash Flow Payment Payment Date September 24, 2017 5,182 Q1 2018 December 24, 2017 5,632 Q2 2018 March 25, 2018 6,259 Q3 2018 June 24, 2018 3,611 Q4 2018 |
Schedule of Long-term Debt Instruments [Table Text Block] | Debt is summarized as follows: Interest Rates (%) (Thousands of Dollars) September 30 September 24 September 30 Revolving Facility — — 6.13 1 st Lien Term Loan 6,303 45,145 8.33 Notes 385,000 385,000 9.50 2 nd Lien Term Loan 93,556 118,240 12.00 484,859 548,385 Unamortized debt issue costs (17,055 ) (21,824 ) Less current maturities of long-term debt 7,027 30,182 Total long-term debt 460,777 496,379 |
1st Lien Agreement [Member] | |
Schedule of Payments [Line Items] | |
Schedule Of Debt Payments [Table Text Block] | 2018 principal payments made for the year under the 1 st Lien Term Loan are summarized as follows: 13 Weeks Ended (Thousands of Dollars) December 25 March 26 June 25 September 30 Mandatory 6,250 6,250 6,250 6,250 Voluntary 5,000 3,000 4,000 — Excess cash flow payment — — — 1,842 11,250 9,250 10,250 8,092 |
Debt Debt Call Provisions (Tabl
Debt Debt Call Provisions (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Debt Instrument [Line Items] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Debt is summarized as follows: Interest Rates (%) (Thousands of Dollars) September 30 September 24 September 30 Revolving Facility — — 6.13 1 st Lien Term Loan 6,303 45,145 8.33 Notes 385,000 385,000 9.50 2 nd Lien Term Loan 93,556 118,240 12.00 484,859 548,385 Unamortized debt issue costs (17,055 ) (21,824 ) Less current maturities of long-term debt 7,027 30,182 Total long-term debt 460,777 496,379 |
Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Schedule of Prepayment Premium [Table Text Block] | On or after March 15, 2018, we may redeem the Notes 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, 2017 106 March 31, 2018 103 March 31, 2019 100 |
Pensions (Tables)
Pensions (Tables) - Pension Plans, Defined Benefit [Member] | 12 Months Ended |
Sep. 30, 2018 | |
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) 2019 12,481 2020 11,796 2021 11,743 2022 11,695 2023 11,720 2024-2028 57,083 |
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 30 September 30 September 24 Equity securities 50 50 50 Debt securities 35 32 33 TIPS 5 4 4 Hedge fund investments 10 10 12 Cash and cash equivalents — 4 1 |
Schedule of Assumptions Used [Table Text Block] | Weighted-average assumptions used to determine net periodic benefit cost are as follows: (Percent) 2018 2017 2016 Discount rate 3.7 3.5 4.2 Expected long-term return on plan assets 5.5 5.5 6.3 Weighted-average assumptions used to determine benefit obligations are as follows: (Percent) September 30 September 24 Discount rate 4.2 3.7 |
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) 2018 2017 2016 Service cost for benefits earned during the year 48 84 197 Interest cost on projected benefit obligation 5,754 5,394 6,061 Expected return on plan assets (7,933 ) (7,878 ) (8,698 ) Amortization of net loss 2,025 2,947 2,397 Amortization of prior service benefit (136 ) (136 ) (136 ) Net periodic pension cost (benefit) (242 ) 411 (179 ) |
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) 2018 2017 Benefit obligation, beginning of year 191,645 202,158 Service cost 48 84 Interest cost 5,754 5,394 Actuarial loss (gain) (9,464 ) (4,241 ) Benefits paid (11,452 ) (11,750 ) Benefit obligation, end of year 176,531 191,645 Fair value of plan assets, beginning of year: 149,762 149,131 Actual return on plan assets 10,576 14,721 Benefits paid (11,452 ) (11,750 ) Administrative expenses paid (2,571 ) (2,340 ) Employer contributions 4,940 — Fair value of plan assets, end of year 151,255 149,762 Funded status (25,276 ) (41,883 ) |
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 30 September 24 Pension obligations (25,276 ) (41,883 ) Accumulated other comprehensive loss (before income taxes) (31,882 ) (43,307 ) |
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 30 September 24 Unrecognized net actuarial loss (31,988 ) (43,550 ) Unrecognized prior service benefit 106 243 (31,882 ) (43,307 ) |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | The fair value hierarchy of pension assets at September 24, 2017 is as follows: (Thousands of Dollars) NAV Level 1 Level 2 Level 3 Cash and cash equivalents — 1,882 — — Domestic equity securities — 10,484 49,483 — International equity securities — 7,290 8,047 — TIPS — 6,553 — — Debt securities 14,711 26,015 8,266 — Hedge fund investments 19,067 — — — The fair value hierarchy of pension assets at September 30, 2018 is as follows: (Thousands of Dollars) NAV Level 1 Level 2 Level 3 Cash and cash equivalents — 5,537 — — Domestic equity securities 10,045 12,573 40,083 — International equity securities — 7,070 7,560 — TIPS — 6,535 — — Debt securities — 25,673 22,523 — Hedge fund investments 15,767 — — — |
Postretirement Obligations (Tab
Postretirement Obligations (Tables) - Other Postretirement Benefit Plans, Defined Benefit [Member] | 12 Months Ended |
Sep. 30, 2018 | |
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) 2018 2017 2016 Service cost for benefits earned during the year — 13 63 Interest cost on projected benefit obligation 365 412 623 Expected return on plan assets (1,080 ) (1,056 ) (1,322 ) Amortization of net actuarial gain (984 ) (987 ) (1,093 ) Amortization of prior service benefit (785 ) (1,459 ) (1,459 ) Curtailment gains (2,031 ) (3,741 ) — Net periodic postretirement benefit (4,515 ) (6,818 ) (3,188 ) |
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) 2018 2017 Benefit obligation, beginning of year 15,667 22,511 Service cost — 13 Interest cost 365 412 Actuarial loss (gain) (1,054 ) (627 ) Benefits paid, net of premiums received (1,399 ) (1,527 ) Curtailment (1,924 ) (5,112 ) Medicare Part D subsidies 101 (3 ) Benefit obligation, end of year 11,756 15,667 Fair value of plan assets, beginning of year 24,626 24,123 Actual return on plan assets 2,106 2,112 Employer contributions 422 755 Benefits paid, net of premiums and Medicare Part D subsidies received (1,298 ) (1,530 ) Benefits paid for active employees (1,209 ) (834 ) Fair value of plan assets at measurement date 24,647 24,626 Funded status 12,891 8,959 |
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 30 September 24 Non-current assets 12,891 11,020 Postretirement benefit obligations — (2,061 ) Accumulated other comprehensive income (before income tax benefit) 17,917 18,782 |
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 30 September 24 Unrecognized net actuarial gain 12,224 12,304 Unrecognized prior service benefit 5,693 6,478 17,917 18,782 |
Schedule of Assumptions Used [Table Text Block] | Weighted-average assumptions used to determine post retirement benefit obligations are as follows: (Percent) September 30 September 24 Discount rate 4.0 3.4 Expected long-term return on plan assets 4.5 4.5 Weighted-average assumptions used to determine net periodic benefit cost are as follows: (Percent) 2018 2017 2016 Discount rate 3.4 3.1 3.7 Expected long-term return on plan assets 4.5 4.5 4.5 |
Schedule of Health Care Cost Trend Rates [Table Text Block] | Assumed health care cost trend rates are as follows: (Percent) September 30 September 24 Health care cost trend rates 9.0 9.7 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 2026 2026 |
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 2018: One Percentage Point (Thousands of Dollars) Increase Decrease Effect on net periodic postretirement benefit 18 (17 ) Effect on postretirement benefit obligation 456 (417 ) |
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 30 2018 September 30 September 24 Equity securities 20 18 21 Debt securities 70 69 67 Hedge fund investment 10 13 12 Cash and cash equivalents — — — |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | The fair value hierarchy of postretirement assets at September 30, 2018 is as follows: (Thousands of Dollars) NAV Level 1 Level 2 Level 3 Cash and cash equivalents — 242 — — Domestic equity securities 820 2,589 — — International equity securities — 681 780 — Debt securities — 19,185 — — Hedge fund investment 3,616 — — — The fair value hierarchy of postretirement assets at September 24, 2017 is as follows: (Thousands of Dollars) NAV Level 1 Level 2 Level 3 Cash and cash equivalents — — — — Domestic equity securities — 3,479 741 — International equity securities — 800 1,051 — Debt securities — 19,548 — — Hedge fund investment 3,343 — — — |
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 2019 1,302 (108 ) 1,194 2020 1,276 (107 ) 1,169 2021 1,241 (106 ) 1,135 2022 1,198 (103 ) 1,095 2023 1,147 (99 ) 1,048 2024-2018 4,794 (408 ) 4,386 |
Other Retirement Plans (Tables)
Other Retirement Plans (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
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 2018 2017 Status 2018 2017 2016 Surcharge Imposed Expiration Dates of CBAs GCIU- Employer Retirement Fund 91-6024903/001 Red Red Implemented 107 123 138 No 3/20/2020 CWA/ITU Negotiated Pension Plan 13-6212879/001 Red Red Implemented 96 101 108 No 5/12/2019 12/31/2018 4/1/2019 District No. 9, International Association of Machinists and Aerospace Workers Pension Trust 43-0736847/001 Green Green N/A 29 31 31 N/A 8/01/2019 |
Stock Ownership Plans (Tables)
Stock Ownership Plans (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of stock option activity is as follows: (Thousands of Shares) 2018 2017 2016 Under option, beginning of year 1,271 1,698 1,871 Exercised (131 ) (339 ) (74 ) Canceled (40 ) (88 ) (99 ) Under option, end of year 1,100 1,271 1,698 Exercisable, end of year 1,100 1,271 1,692 |
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) 2018 2017 2016 Exercised 1.42 1.53 1.17 Cancelled 2.49 14.02 8.78 Under option, end of year 1.88 1.86 2.42 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | |
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 30, 2018 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 - 2 461 3.6 1.14 461 1.14 2 - 3 639 1.6 2.42 639 2.42 1,100 2.4 1.88 1,100 1.88 |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of restricted Common Stock activity follows: (Thousands of Shares) 2018 2017 2016 Outstanding, beginning of year 2,478 2,462 1,546 Granted 587 837 1,018 Vested (936 ) (751 ) (63 ) Forfeited (70 ) (70 ) (39 ) Outstanding, end of year 2,059 2,478 2,462 |
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) 2018 2017 2016 Outstanding, beginning of year 2.69 2.74 3.62 Granted 2.33 3.34 1.49 Vested 3.31 3.59 3.39 Forfeited 2.85 2.98 3.31 Outstanding, end of year 2.31 2.69 2.74 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Income tax expense (benefit) consists of the following: (Thousands of Dollars) 2018 2017 2016 Current: Federal 275 394 1,241 State 875 819 379 Deferred (17,378 ) 10,398 20,556 (16,228 ) 11,611 22,176 |
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) 2018 2017 2016 Computed “expected” income tax expense (benefit) 24.7 35.0 35.0 State income tax expense (benefit), net of federal tax impact 2.6 2.3 3.8 Net income of associated companies taxed at dividend rates (5.1 ) (3.7 ) (2.6 ) Resolution of tax matters (8.4 ) 2.2 3.2 Non-deductible expenses 2.9 1.5 1.0 Valuation allowance 9.9 2.6 (7.7 ) Warrant valuation 0.2 (10.2 ) 5.0 Revaluation of deferred income taxes due to law charges (79.1 ) — — Other (0.4 ) (0.8 ) 0.4 (52.7 ) 28.9 38.1 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Net deferred income tax liabilities consist of the following components: (Thousands of Dollars) September 30 September 24 Deferred income tax liabilities: Property and equipment (16,506 ) (28,422 ) Identified intangible assets (18,486 ) (35,790 ) Long-term debt (11,074 ) (16,993 ) Investments (6,472 ) — (52,538 ) (81,205 ) Deferred income tax assets: Investments — 2,520 Accrued compensation 2,402 4,622 Allowance for doubtful accounts and losses on loans 910 1,487 Pension and postretirement benefits 2,305 4,593 Net operating loss carryforwards 41,663 37,997 Accrued expenses 424 601 Other 3,075 5,023 50,779 56,843 Valuation allowance (37,349 ) (29,035 ) Net deferred income tax liabilities (39,108 ) (53,397 ) |
Deferred Tax Asset/Liability Classification [Table Text Block] | |
Summary of Income Tax Contingencies [Table Text Block] | A reconciliation of 2018 and 2017 changes in gross unrecognized tax benefits is as follows: (Thousands of Dollars) 2018 2017 Balance, beginning of year 13,915 12,531 Increases (decreases) in tax positions for prior years 132 36 Increases in tax positions for the current year 2,567 2,150 Lapse in statute of limitations (510 ) (802 ) Balance, end of year 16,104 13,915 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
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: 2018 2017 2016 Volatility (Percent) 31 37 63 Risk-free interest rate (Percent) 2.91 1.81 1.25 Expected term (Years) 3.5 4.5 5.5 Estimated fair value (Dollars) 0.30 0.26 1.96 |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
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 per common share: (Thousands of Dollars and Shares, Except Per Common Share Data) 2018 2017 2016 Income attributable to Lee Enterprises, Incorporated: 45,766 27,481 34,961 Weighted average Common Stock 57,009 56,481 55,493 Less non-vested restricted Common Stock (2,307 ) (2,491 ) (2,295 ) Basic average Common Stock 54,702 53,990 53,198 Dilutive stock options and restricted Common Stock 1,246 1,402 1,026 Diluted average Common Stock 55,948 55,392 54,224 Earnings per common share: Basic: 0.84 0.51 0.66 Diluted 0.82 0.50 0.64 |
Allowance For Doubtful Accoun_2
Allowance For Doubtful Accounts (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
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) 2018 2017 2016 Balance, beginning of year 4,796 4,327 4,194 Additions charged to expense 1,952 1,696 1,195 Deductions from reserves (1,942 ) (1,227 ) (1,062 ) Balance, end of year 4,806 4,796 4,327 |
Other Information (Tables)
Other Information (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Compensation and other accrued liabilities consist of the following: (Thousands of Dollars) September 30 September 24 Compensation 10,363 12,088 Retirement plans 2,673 3,374 Other 6,605 7,144 19,641 22,606 |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | (Thousands of Dollars) 2018 2017 2016 Interest 52,180 58,844 65,410 Debt financing and reorganization costs 437 373 422 Income tax payments, net 464 1,214 269 |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
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 2018 Operating revenue 143,786 127,805 132,618 139,746 Net income 35,327 2,533 4,750 4,438 Income attributable to Lee Enterprises, Incorporated 35,003 2,239 4,458 4,066 Earnings per common share: Basic 0.64 0.04 0.08 0.07 Diluted 0.63 0.04 0.08 0.07 2017 Operating revenue 153,989 133,387 139,355 140,212 Net income 12,440 6,377 6,287 3,501 Income attributable to Lee Enterprises, Incorporated 12,173 6,128 5,995 3,185 Earnings (loss) per common share: Basic 0.23 0.11 0.11 0.06 Diluted 0.22 0.11 0.11 0.06 |
Debt Schedule of Debt Instrumen
Debt Schedule of Debt Instruments (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Debt Instrument [Line Items] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Debt is summarized as follows: Interest Rates (%) (Thousands of Dollars) September 30 September 24 September 30 Revolving Facility — — 6.13 1 st Lien Term Loan 6,303 45,145 8.33 Notes 385,000 385,000 9.50 2 nd Lien Term Loan 93,556 118,240 12.00 484,859 548,385 Unamortized debt issue costs (17,055 ) (21,824 ) Less current maturities of long-term debt 7,027 30,182 Total long-term debt 460,777 496,379 |
Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Schedule of Prepayment Premium [Table Text Block] | On or after March 15, 2018, we may redeem the Notes 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, 2017 106 March 31, 2018 103 March 31, 2019 100 |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 24, 2017 | Sep. 25, 2016 | |
Basis of Presentation [Line Items] | |||
Goodwill | $ 246,176,000 | $ 246,426,000 | $ 243,729,000 |
Class of Warrant or Right, Outstanding | 6,000,000 | ||
Inventory, LIFO Reserve | $ 2,333,500 | 1,608,000 | |
LIFO Inventory Amount | 2,071,000 | 1,167,000 | |
Newsprint Inventory | $ 5,684,000 | 3,616,000 | |
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] | |||
Basis of Presentation [Line Items] | |||
Intangible Assets Useful Life - Minimum | 17 years | ||
Intangible Assets Useful Life - Maximum | 23 years | ||
Subscriber Lists [Member] | |||
Basis of Presentation [Line Items] | |||
Intangible Assets Useful Life - Minimum | 17 years | ||
Intangible Assets Useful Life - Maximum | 33 years | ||
Newsprint [Member] | |||
Basis of Presentation [Line Items] | |||
FIFO Inventory Amount | $ 2,079,000 | 962,000 | |
Other Assets [Member] | |||
Basis of Presentation [Line Items] | |||
FIFO Inventory Amount | 1,534,000 | 1,487,000 | |
Retained Earnings [Member] | |||
Basis of Presentation [Line Items] | |||
Cumulative Effect on Retained Earnings, Net of Tax | $ 3,067,000 | $ 0 | $ 0 |
Basis of Presentation Schedule
Basis of Presentation Schedule of Less than 100% Subsidiaries (Details) | 12 Months Ended |
Sep. 30, 2018 | |
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% |
Basis of Presentation Reclassif
Basis of Presentation Reclassification (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 24, 2017 | Sep. 25, 2016 | |
Retained Earnings [Member] | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Cumulative Effect on Retained Earnings, Net of Tax | $ 3,067 | $ 0 | $ 0 |
Investments in Associated Com_3
Investments in Associated Companies Summarized Financial Information (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 24, 2017 | Sep. 25, 2016 | |
Schedule of Equity Method Investments [Line Items] | |||
Equity in earnings of associated companies | $ 9,249,000 | $ 7,609,000 | $ 8,533,000 |
Associated companies | 29,216,000 | 29,181,000 | |
Equity Method Investee- TNI [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Proceeds from Equity Method Investment, Distribution | 5,814,000 | 4,644,000 | 6,636,000 |
Equity Method Investment, Summarized Financial Information, Current Assets | 3,615,000 | 4,457,000 | |
Equity Method Investment, Summarized Financial Information, Revenue | 47,165,000 | 48,297,000 | 52,761,000 |
Equity Method Investment, Summarized Financial Information, Cost of Sales | 37,090,000 | 38,150,000 | 41,804,000 |
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | 10,075,000 | 10,147,000 | 10,957,000 |
Income (Loss) From Equity Method Investments Before Amortization | 5,038,000 | 5,073,000 | 5,478,000 |
Amortization Of Intangible Assets- TNI | 418,000 | 418,000 | 418,000 |
Equity in earnings of associated companies | 4,620,000 | 4,655,000 | 5,060,000 |
Associated companies | 14,749,000 | ||
Equity Method Investment, Summarized Financial Information, Noncurrent Assets | 0 | 12,000 | |
Equity Method Investment, Summarized Financial Information, Assets | 3,615,000 | 4,469,000 | |
Equity Method Investment, Summarized Financial Information, Current Liabilities | 5,213,000 | 5,485,000 | |
Equity Method Investment Summarized Financial Information, Equity | (1,598,000) | (1,016,000) | |
Equity Method Investment, Summarized Financial Information, Liabilities and Equity | 3,615,000 | 4,469,000 | |
Equity Method Investee- MNI [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Proceeds from Equity Method Investment, Distribution | 3,400,000 | 3,500,000 | 7,250,000 |
Equity Method Investment, Summarized Financial Information, Current Assets | 10,173,000 | 11,297,000 | |
Editorial Fees | 6,718,000 | 7,021,000 | 7,099,000 |
Equity Method Investment, Summarized Financial Information, Revenue | 59,670,000 | 61,396,000 | 65,172,000 |
Equity Method Investment, Summarized Financial Information, Operating Expenses Excluding Depreciation, Amortization And Workforce Adjustments | 49,598,000 | ||
Equity Method Investment, Summarized Financial Information, Cost of Sales | 51,392,000 | 52,646,000 | |
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | 9,257,000 | 5,908,000 | 6,947,000 |
Equity in earnings of associated companies | 4,629,000 | 2,954,000 | 3,473,000 |
Associated companies | 14,467,000 | ||
Equity Method Investment, Summarized Financial Information, Noncurrent Assets | 33,295,000 | 32,530,000 | |
Equity Method Investment, Summarized Financial Information, Assets | 43,468,000 | 43,827,000 | |
Equity Method Investment, Summarized Financial Information, Current Liabilities | 7,274,000 | 7,852,000 | |
Equity Method Investment, Summarized Financial Information, Noncurrent Liabilities | 7,261,000 | 9,500,000 | |
Equity Method Investment Summarized Financial Information, Equity | 28,933,000 | 26,475,000 | |
Equity Method Investment, Summarized Financial Information, Liabilities and Equity | 43,468,000 | 43,827,000 | |
Equity Method Investment, Summarized Financial Information, Workforce Adjustments | 383,000 | 296,000 | 39,000 |
Equity Method Investment, Summarized Financial Information, Depreciation And Amortization | 1,149,000 | 1,295,000 | 1,684,000 |
Equity Method Investment, Summarized Financial Information, Operating Income | 8,540,000 | $ 8,413,000 | $ 10,803,000 |
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 | ||
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 | $ 3,717,000 |
Goodwill and other Intangible_3
Goodwill and other Intangible Assets Schedule of Goodwill (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2018 | Sep. 24, 2017 | |
Goodwill [Line Items] | ||
Goodwill, Gross | $ 1,535,155,000 | $ 1,532,458,000 |
Goodwill, Impaired, Accumulated Impairment Loss | (1,288,729,000) | (1,288,729,000) |
Goodwill | 246,176,000 | 246,426,000 |
Goodwill, Acquired During Period | 0 | 2,697,000 |
Disposal Group, Including Discontinued Operation, Goodwill, Current | $ (250,000) | 0 |
2017 Acquisition [Member] | ||
Goodwill [Line Items] | ||
Goodwill | $ 2,445,000 |
Goodwill and other Intangible_4
Goodwill and other Intangible Assets Schedule of Intangible Assets (Details) - USD ($) | Sep. 30, 2018 | Sep. 24, 2017 |
Schedule of Intangible Assets [Line Items] | ||
Business acquisition; headline purchase price | $ 7,150,000 | |
Mastheads | $ 21,883,000 | 22,035,000 |
Other intangible assets, net | 119,819,000 | 136,302,000 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 16,417,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Rolling Year Two | 15,651,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 14,488,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 12,308,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 11,687,000 | |
Customer Lists [Member] | ||
Schedule of Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 692,886,000 | 691,994,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | 594,950,000 | 577,727,000 |
Finite-Lived Intangible Assets, Net | 97,936,000 | 114,267,000 |
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 Intangible_5
Goodwill and other Intangible Assets Schedule of Asset Impairment Charges (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 24, 2017 | Sep. 30, 2018 | Sep. 24, 2017 | Sep. 25, 2016 | |
Asset Impairment Charges [Line Items] | ||||
Assets loss (gain) on sales, impairments and other | $ 267,000 | $ 267,000 | $ 2,517,000 | $ 2,185,000 |
Indefinite-lived Intangible Assets, Impairment Losses | 0 | 2,035,000 | 818,000 | |
Tangible Asset Impairment Charges | $ 267,000 | $ 482,000 | $ 1,367,000 |
Goodwill and other Intangible_6
Goodwill and other Intangible Assets Business Combinations (Details) | 12 Months Ended |
Sep. 24, 2017USD ($) | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 100,000 |
2017 Acquisition [Member] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill [Abstract] | |
Goodwill | 2,445,000 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities, Current | $ 1,056,000 |
Debt Schedule of Long-Term Debt
Debt Schedule of Long-Term Debt Instruments (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2018 | Jun. 24, 2018 | Mar. 25, 2018 | Dec. 24, 2017 | Sep. 24, 2017 | Sep. 30, 2018 | Sep. 24, 2017 | Sep. 25, 2016 | Mar. 31, 2014 | Mar. 30, 2014 | |
Debt Instrument [Line Items] | ||||||||||
Unamortized Debt Issuance Expense | $ 17,055,000 | $ 17,055,000 | ||||||||
Payments of Financing Costs | $ 437,000 | $ 373,000 | $ 422,000 | |||||||
Debt, Weighted Average Interest Rate | 10.00% | 10.00% | ||||||||
Debt, Long-term and Short-term, Combined Amount | $ 484,859,000 | $ 548,385,000 | $ 484,859,000 | 548,385,000 | ||||||
Debt Financing and Reorganization Costs Paid | 437,000 | 373,000 | 422,000 | |||||||
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | 7,027,000 | 7,027,000 | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 0 | 0 | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 0 | 0 | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 385,000,000 | 385,000,000 | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 92,832,000 | 92,832,000 | ||||||||
Long-term Debt, Current Maturities | 7,027,000 | 30,182,000 | 7,027,000 | 30,182,000 | ||||||
Long-term Debt | 460,777,000 | 496,379,000 | 460,777,000 | 496,379,000 | ||||||
Liquidity | $ 39,615,000 | 39,615,000 | ||||||||
Repayments of Long-term Debt | $ 73,526,000 | 73,782,000 | 112,455,000 | |||||||
Class of Warrant or Right, Outstanding | 6,000,000 | 6,000,000 | ||||||||
Investment Warrants, Exercise Price | $ 4.19 | |||||||||
Warrant liability fair value | $ 1,807,000 | 1,580,000 | $ 1,807,000 | 1,580,000 | 11,760,000 | $ 16,930,000 | ||||
Amortization of Financing Costs | 4,769,000 | 4,447,000 | $ 5,541,000 | |||||||
Future Liquidity- Warrant Exercise Proceeds | 25,140,000 | |||||||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | (17,055,000) | (21,824,000) | (17,055,000) | (21,824,000) | ||||||
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 | 385,000,000 | $ 385,000,000 | 385,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | 10.00% | ||||||||
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 | $ 6,303,000 | 45,145,000 | $ 6,303,000 | 45,145,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | 8.00% | ||||||||
Debt Instrument, Unamortized Discount | $ 5,000,000 | |||||||||
Repayments of Long-term Debt | $ 8,092,000 | $ 10,250,000 | $ 9,250,000 | $ 11,250,000 | ||||||
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 | $ 93,556,000 | 118,240,000 | $ 93,556,000 | 118,240,000 | ||||||
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 | 6.00% | 6.00% | ||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 34,235,000 | $ 34,235,000 | ||||||||
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% | ||||||||
March 16, 2018 through March 15, 2019 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 104.80% | |||||||||
March 15, 2019 through March 14, 2020 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 102.40% | |||||||||
March 31, 2017 through March 31, 2018 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 110.00% | |||||||||
March 31, 2018 through March 31, 2019 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 100.00% | |||||||||
After March 31, 2019 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 100.00% | |||||||||
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 | ||||||
Mandatory Payment [Member] | 1st Lien Agreement [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Periodic Payment, Principal | $ 6,250,000 |
Debt Schedule of Payments (Deta
Debt Schedule of Payments (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Sep. 30, 2018 | Jun. 24, 2018 | Mar. 25, 2018 | Dec. 24, 2017 | Sep. 30, 2018 | Sep. 24, 2017 | Sep. 25, 2016 | |
Schedule Of Debt Payments [Line Items] | |||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | $ 92,832,000 | $ 92,832,000 | |||||
Repayments of Long-term Debt | 73,526,000 | $ 73,782,000 | $ 112,455,000 | ||||
Amortization of Financing Costs | 4,769,000 | 4,447,000 | $ 5,541,000 | ||||
New 1st Lien Term Loan [Member] | |||||||
Schedule Of Debt Payments [Line Items] | |||||||
Repayments of Long-term Debt | 8,092,000 | $ 10,250,000 | $ 9,250,000 | $ 11,250,000 | |||
2nd Lien Agreement [Member] | |||||||
Schedule Of Debt Payments [Line Items] | |||||||
Pulitzer Excess Cash Flow | 3,611,000 | 6,259,000 | 5,632,000 | 5,182,000 | |||
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 | |||
Voluntary Payment [Member] | New 1st Lien Term Loan [Member] | |||||||
Schedule Of Debt Payments [Line Items] | |||||||
Repayments of Long-term Debt | 0 | 4,000,000 | 3,000,000 | 5,000,000 | |||
Payment Due To Asset Sale [Member] | 2nd Lien Agreement [Member] | |||||||
Schedule Of Debt Payments [Line Items] | |||||||
Pulitzer Excess Cash Flow | $ 4,000,000 | $ 2,412,000 | |||||
Excess Cash Flow Sweep [Member] | New 1st Lien Term Loan [Member] | |||||||
Schedule Of Debt Payments [Line Items] | |||||||
Repayments of Long-term Debt | 1,842,000 | $ 0 | $ 0 | $ 0 | |||
Excess Cash Flow Sweep [Member] | 2nd Lien Agreement [Member] | |||||||
Schedule Of Debt Payments [Line Items] | |||||||
Pulitzer Excess Cash Flow | $ 724,000 |
Debt Schedule Of Financing Fees
Debt Schedule Of Financing Fees (Details) - USD ($) | 12 Months Ended | ||||
Sep. 30, 2018 | Sep. 24, 2017 | Sep. 25, 2016 | Mar. 31, 2014 | Mar. 30, 2014 | |
Schedule Of Financing Fees [Line Items] | |||||
Amortization of Financing Costs | $ 4,769,000 | $ 4,447,000 | $ 5,541,000 | ||
Debt Financing and Reorganization Costs Paid | 437,000 | 373,000 | 422,000 | ||
Payments of Financing Costs | 437,000 | 373,000 | 422,000 | ||
Unamortized Debt Issuance Expense | 17,055,000 | ||||
Amortization Of Present Value Discount- Current Fiscal Year | 3,827,000 | ||||
Amortization Of Present Value Discount- Next Fiscal Year | 3,899,000 | ||||
Amortization Of Present Value Discount- Year 3 | 4,045,000 | ||||
Amortization Of Present Value Discount- Year 4 | 4,200,000 | ||||
Amortization Of Present Value Discount- Year 5 | 1,084,000 | ||||
Warrant liability fair value | $ 1,807,000 | $ 1,580,000 | $ 11,760,000 | $ 16,930,000 | |
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. 29, 2019 | Sep. 30, 2018 | Sep. 24, 2017 | Sep. 25, 2016 | |
Pension Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | $ 12,000 | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.00% | 4.00% | 4.00% | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.00% | 4.00% | ||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Gain (Loss), before Tax | $ 1,136,000 | $ (31,988,000) | $ (43,550,000) | |
Liability, Defined Benefit Plan, Noncurrent | (25,276,000) | (41,883,000) | ||
Defined Benefit Plan, Benefit Obligation | 176,531,000 | 191,645,000 | $ 202,158,000 | |
Defined Benefit Plan, Accumulated Benefit Obligation | 191,645,000 | |||
Defined Benefit Plan, Service Cost | 48,000 | 84,000 | 197,000 | |
Defined Benefit Plan, Interest Cost | 5,754,000 | 5,394,000 | 6,061,000 | |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (9,464,000) | (4,241,000) | ||
Defined Benefit Plan, Plan Assets, Administration Expense | (2,571,000) | (2,340,000) | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 650,000 | 4,940,000 | 0 | |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (7,933,000) | (7,878,000) | (8,698,000) | |
Defined Benefit Plan, Amortization of Net Loss | (2,025,000) | 2,947,000 | 2,397,000 | |
Defined Benefit Plan, Amortization of Net Prior Service Cost (Credit) | (136,000) | (136,000) | (136,000) | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | (242,000) | 411,000 | (179,000) | |
Defined Benefit Plan, Fair Value of Plan Assets | 151,255,000 | 149,762,000 | $ 149,131,000 | |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 10,576,000 | 14,721,000 | ||
Defined Benefit Plan, Plan Assets, Benefits Paid | 11,452,000 | 11,750,000 | ||
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (25,276,000) | (41,883,000) | ||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | (31,882,000) | (43,307,000) | ||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Prior Service Cost, before Tax | $ (100,000) | 106,000 | 243,000 | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | $ (31,882,000) | $ (43,307,000) | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 6.00% | 6.00% | 6.00% | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | $ 12,000 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 12,000 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 12,000 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 12,000 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | $ 57,000 | |||
Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Actual Plan Asset Allocations | 50.00% | 50.00% | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 5000.00% | |||
Pension Plans, Defined Benefit [Member] | Fixed Income Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Alternative Investment, Fair Value Disclosure | $ 0 | $ 14,711,000 | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 32.00% | 33.00% | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 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 | $ 25,673,390 | $ 26,015,000 | ||
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 | 22,523,021 | 8,266,000 | ||
Pension Plans, Defined Benefit [Member] | Fixed Income Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||
Pension Plans, Defined Benefit [Member] | US Treasury Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Alternative Investment, Fair Value Disclosure | $ 0 | $ 0 | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 4.00% | 4.00% | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 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 | $ 6,534,531 | $ 6,553,000 | ||
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] | US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||
Pension Plans, Defined Benefit [Member] | Hedge Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Alternative Investment, Fair Value Disclosure | $ 15,766,606 | $ 19,067,000 | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 10.00% | 12.00% | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 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] | Hedge Funds [Member] | Fair Value, Inputs, Level 3 [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 Investment, Fair Value Disclosure | $ 0 | $ 0 | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 4.00% | 1.00% | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 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 | $ 5,536,967 | $ 1,882,000 | ||
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 | ||
Pension Plans, Defined Benefit [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||
Other Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan | 1,469,000 | 1,766,000 | ||
Funded Status of Other Plans Recognized In Other Liabilities | 113,000 | |||
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | (2,031,000) | $ (3,741,000) | $ 0 | |
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | $ 1,302,000 | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.00% | 3.00% | 4.00% | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.00% | 3.00% | ||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Gain (Loss), before Tax | $ 12,224,000 | $ 12,304,000 | ||
Liability, Defined Benefit Plan, Noncurrent | 0 | (2,061,000) | ||
Defined Benefit Plan, Benefit Obligation | 11,756,000 | 15,667,000 | $ 22,511,000 | |
Defined Benefit Plan, Service Cost | 0 | 13,000 | 0 | |
Defined Benefit Plan, Interest Cost | 365,000 | 412,000 | 1,000 | |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (1,054,000) | (627,000) | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 422,000 | 755,000 | ||
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (1,080,000) | (1,056,000) | (1,000) | |
Defined Benefit Plan, Amortization of Net Loss | 984,000 | (987,000) | (1,093) | |
Defined Benefit Plan, Amortization of Net Prior Service Cost (Credit) | (785,000) | (1,459,000) | (1,459) | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | (4,515,000) | (6,818,000) | (3,000) | |
Defined Benefit Plan, Fair Value of Plan Assets | 24,647,000 | 24,626,000 | $ 24,123,000 | |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 2,106,000 | 2,112,000 | ||
Defined Benefit Plan, Plan Assets, Benefits Paid | 1,399,000 | 1,527,000 | ||
Defined Benefit Plan, Funded (Unfunded) Status of Plan | 12,891,000 | 8,959,000 | ||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | 17,917,000 | 18,782,000 | ||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Prior Service Cost, before Tax | 5,693,000 | 6,478,000 | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | $ 17,917,000 | $ 18,782,000 | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 5.00% | 5.00% | 5.00% | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | $ 1,276,000 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 1,241,000 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 1,198,000 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 1,147,000 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | $ 4,794,000 | |||
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, Plan Assets, Target Allocation, Percentage | 2000.00% | |||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Fixed Income Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Alternative Investment, Fair Value Disclosure | $ 0 | $ 0 | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 100.00% | 100.00% | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 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 | $ 19,185,439 | $ 19,548,000 | ||
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 | 0 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Fixed Income Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Hedge Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Alternative Investment, Fair Value Disclosure | $ 3,615,724 | $ 3,343,000 | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 0.00% | 0.00% | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 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] | Hedge Funds [Member] | Fair Value, Inputs, Level 3 [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 Investment, Fair Value Disclosure | $ 0 | $ 0 | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 0.00% | 0.00% | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 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 | $ 241,761 | $ 0 | ||
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 Postretirement Benefit Plans, Defined Benefit [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||
Domestic Equity Securities [Member] | Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Alternative Investment, Fair Value Disclosure | 10,045,418 | 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 | 12,573,102 | 10,484,000 | ||
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 | 40,082,579 | 49,483,000 | ||
Domestic Equity Securities [Member] | Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||
Domestic Equity Securities [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Alternative Investment, Fair Value Disclosure | 819,683 | 0 | ||
Domestic Equity Securities [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 2,589,046 | 3,479,000 | ||
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 | 0 | 741,000 | ||
Domestic Equity Securities [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||
International Equity Securities [Member] | Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Alternative Investment, 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 | 7,069,800 | 7,290,000 | ||
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 | 7,560,034 | 8,047,000 | ||
International Equity Securities [Member] | Pension Plans, Defined Benefit [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||
International Equity Securities [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Alternative Investment, 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 | 680,940 | 800,000 | ||
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 | 780,425 | 1,051,000 | ||
International Equity Securities [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0 | $ 0 |
Pension, Postretirement, and Po
Pension, Postretirement, and Postemployement Obligations (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 24, 2017 | Sep. 25, 2016 | |
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 | $ 151,255,000 | $ 149,762,000 | $ 149,131,000 |
Defined Benefit Plan, Service Cost | 48,000 | 84,000 | 197,000 |
Defined Benefit Plan, Interest Cost | 5,754,000 | 5,394,000 | 6,061,000 |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (7,933,000) | (7,878,000) | (8,698,000) |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | (2,031,000) | (3,741,000) | 0 |
Defined Benefit Plan, Fair Value of Plan Assets | (3,266,000) | (4,372,000) | |
Defined Benefit Plan, Fair Value of Plan Assets | 24,647,000 | 24,626,000 | 24,123,000 |
Defined Benefit Plan, Service Cost | 0 | 13,000 | 0 |
Defined Benefit Plan, Interest Cost | 365,000 | 412,000 | 1,000 |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (1,080,000) | (1,056,000) | $ (1,000) |
Defined Benefit Plan, Accumulated Benefit Obligation, (Increase) Decrease for Settlement and Curtailment | (1,924,000) | (5,112,000) | |
Cash and Cash Equivalents [Member] | Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Alternative Investment, 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 Investment, 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 Investment, Fair Value Disclosure | 0 | 14,711,000 | |
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 Investment, 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 Investment, Fair Value Disclosure | 15,766,606 | 19,067,000 | |
Hedge Funds [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Alternative Investment, Fair Value Disclosure | 3,615,724 | 3,343,000 | |
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 Investment, Fair Value Disclosure | 10,045,418 | 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 Investment, Fair Value Disclosure | 819,683 | 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 Investment, 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 Investment, Fair Value Disclosure | $ 0 | $ 0 |
Postretirement Obligations (Det
Postretirement Obligations (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 24, 2017 | Sep. 25, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Net Actuarial Gains/Losses, Amortization Next Twelve Months | $ 976,000 | ||
Postretirement assets, net | 16,157,000 | $ 15,392,000 | |
Prior Service Cost, Amortization Next Twelve Months | 723,000 | ||
LTD Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Funded (Unfunded) Status of Plan | 2,580,000 | $ 2,943,000 | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 1,302,000 | ||
Defined Benefit Plan, Expected Future Prescription Drug Subsidy Receipt, Next Twelve Months | (108,000) | ||
Defined Benefit Plan, Expected Future Benefit Payments Net of Subsidy, Next Twelve Months | 1,194,000 | ||
Defined Benefit Plan, Effect of One Percentage Point Increase on Service and Interest Cost Components | $ 18,000 | ||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Next Fiscal Year | 9.00% | 9.70% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.00% | 3.00% | 4.00% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.00% | 3.00% | |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Gain (Loss), before Tax | $ 12,224,000 | $ 12,304,000 | |
Postretirement assets, net | 12,891,000 | 11,020,000 | |
Liability, Defined Benefit Plan, Noncurrent | 0 | (2,061,000) | |
Defined Benefit Plan, Benefit Obligation | 11,756,000 | 15,667,000 | $ 22,511,000 |
Defined Benefit Plan, Service Cost | 0 | 13,000 | 0 |
Defined Benefit Plan, Interest Cost | 365,000 | 412,000 | 1,000 |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (1,080,000) | (1,056,000) | (1,000) |
Post Retirement Plan, Amortization of Gain (Loss) | 984,000 | (987,000) | (1,093) |
Post Retirement Benefit Plan, Amortization of Prior Service Cost (Credit) | (785,000) | (1,459,000) | (1,459) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | (4,515,000) | (6,818,000) | (3,000) |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | (1,054,000) | (627,000) | |
Defined Benefit Plan, Plan Assets, Benefits Paid | 1,399,000 | 1,527,000 | |
Defined Benefit Plan, Accumulated Benefit Obligation, (Increase) Decrease for Settlement and Curtailment | (1,924,000) | (5,112,000) | |
Defined Benefit Plan, Benefits Paid For Non-Participants | (1,209,000) | (834,000) | |
Defined Benefit Plan, Prescription Drug Benefit, Net Periodic Postretirement Benefit Cost, (Increase) Decrease for Subsidy | 101,000 | (3,000) | |
Defined Benefit Plan, Fair Value of Plan Assets | 24,647,000 | 24,626,000 | $ 24,123,000 |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 2,106,000 | 2,112,000 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 422,000 | 755,000 | |
Defined Benefit Plan, Benefits Paid Net Of Subsidy | (1,298,000) | (1,530,000) | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | 12,891,000 | 8,959,000 | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | 17,917,000 | 18,782,000 | |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Prior Service Cost, before Tax | 5,693,000 | 6,478,000 | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | $ 17,917,000 | $ 18,782,000 | |
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 Rate of Return on Plan Assets | 5.00% | 5.00% | 5.00% |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 4.50% | 4.50% | |
Defined Benefit Plan, Year Health Care Cost Trend Rate Reaches Ultimate Trend Rate | 2,026 | 2,026 | |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Service and Interest Cost Components | $ (17,000) | ||
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 456,000 | ||
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | (417,000) | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 1,276,000 | ||
Defined Benefit Plan, Expected Future Prescription Drug Subsidy Receipt, Year Two | (107,000) | ||
Defined Benefit Plan, Expected Future Benefit Payments Net of Subsidy, Year 2 | 1,169,000 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 1,241,000 | ||
Defined Benefit Plan, Expected Future Prescription Drug Subsidy Receipt, Year Three | (106,000) | ||
Defined Benefit Plan, Expected Future Benefit Payments Net of Subsidy, Year 3 | 1,135,000 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 1,198,000 | ||
Defined Benefit Plan, Expected Future Prescription Drug Subsidy Receipt, Year Four | (103,000) | ||
Defined Benefit Plan, Expected Future Benefit Payments Net of Subsidy, Year 4 | 1,095,000 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 1,147,000 | ||
Defined Benefit Plan, Expected Future Prescription Drug Subsidy Receipt, Year Five | (99,000) | ||
Defined Benefit Plan, Expected Future Benefit Payments Net of Subsidy, Year 5 | 1,048,000 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | 4,794,000 | ||
Defined Benefit Plan, Expected Future Prescription Drug Subsidy Receipt, after Year Five | (408,000) | ||
Defined Benefit Plan, Expected Future Benefit Payments Net of Subsidy, After Year 5 | $ 4,386,000 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 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, Plan Assets, Target Allocation, Percentage | 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, Plan Assets, Target Allocation, Percentage | 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, Plan Assets, Target Allocation, Percentage | 1000.00% | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 0.00% | 0.00% |
Other Retirement Plans (Details
Other Retirement Plans (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 24, 2017 | Sep. 25, 2016 | |
Other Retirement Plans [Line Items] | |||
Multiemployer Plans, Withdrawal Obligation | $ 2,600,000 | ||
Payment for Pension Benefits | $ 4,990,000 | 0 | $ 4,604,000 |
Cost Related to Other Retirement Plans | 4,430,000 | 4,396,000 | 4,616,000 |
GCIU- Employer Retirement Fund [Member] | |||
Other Retirement Plans [Line Items] | |||
Payment for Pension Benefits | 107,000 | 123,000 | 138,000 |
CWA/ITU Negotiated Pension Plan [Member] | |||
Other Retirement Plans [Line Items] | |||
Payment for Pension Benefits | 96,000 | 101,000 | 108,000 |
District No. 9 Pension Trust [Member] | |||
Other Retirement Plans [Line Items] | |||
Payment for Pension Benefits | $ 29,000 | $ 31,000 | $ 31,000 |
Common Stock and Class B Comm_2
Common Stock and Class B Common Stock (Details) - USD ($) | 12 Months Ended | |||
Sep. 30, 2018 | Sep. 24, 2017 | Sep. 25, 2016 | Mar. 30, 2014 | |
Common Stock, Effect of Plan of Reorganization [Line Items] | ||||
Warrant liability fair value | $ 1,807,000 | $ 1,580,000 | $ 11,760,000 | $ 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 |
Stock Ownership Plans (Details)
Stock Ownership Plans (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 24, 2017 | Sep. 25, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock compensation expense | $ 1,857,000 | $ 2,088,000 | $ 2,306,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 3,230,069 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,130,019 | ||
Fair Value Per Share- Restricted Stock Award- Subsequent Event | $ 2.18 | ||
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 | 2.33 | $ 3.34 | $ 1.49 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Other Share Increase (Decrease) in Period, Weighted Average Exercise Price | $ 3.31 | $ 3.59 | $ 3.39 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | (70,000) | (70,000) | (39,000) |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,059,000 | 2,478,000 | 2,462,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,478,000 | 2,462,000 | 1,546,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 587,000 | 837,000 | 1,018,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (936,000) | (751,000) | (63,000) |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 2.69 | $ 2.74 | $ 3.62 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 2.31 | 2.69 | 2.74 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Stock Options | $ 1,933,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 3 years 7 months 6 days | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $ 2.85 | $ 2.98 | $ 3.31 |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | (40,000) | (88,000) | (99,000) |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,100,000 | 1,271,000 | 1,698,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,271,000 | 1,698,000 | 1,871,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (131,000) | (339,000) | (74,000) |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 1,100,000 | 1,271,000 | 1,692,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 1.86 | $ 2.42 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price | 2.49 | 14.02 | $ 8.78 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | 1.88 | 1.86 | 2.42 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 1.88 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 842,000 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 1.42 | $ 1.53 | $ 1.17 |
Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee Stock Ownership Plan (ESOP), Shares in ESOP | 270,000 | ||
Supplemental Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee Stock Ownership Plan (ESOP), Shares in ESOP | 8,700 | ||
Exercise Price Range 1-5 [Member] | Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 461,250 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 461,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 1.14 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 1.14 | ||
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 | 638,800 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 639,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 2.42 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 2.42 |
Stock Ownership Plans Stock Opt
Stock Ownership Plans Stock Option Valuation Assumption (Details) | 12 Months Ended |
Sep. 30, 2018$ / shares | |
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 | 3 years 7 months 6 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 | $ 2 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 3 years 7 months 6 days |
Exercise Price Range- 25-50 [Member] | Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $ 2 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 3 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 1 year 7 months 6 days |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 24, 2017 | Sep. 25, 2016 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 12,779,000 | ||
Unrecognized Tax Benefits | 16,104,000 | $ 13,915,000 | $ 12,531,000 |
Unrecognized Tax Benefits, Decreases Resulting from Prior Period Tax Positions | 132,000 | 36,000 | |
Unrecognized Tax Benefits, Decreases Resulting from Current Period Tax Positions | 2,567,000 | 2,150,000 | |
Unrecognized Tax Benefits, Reductions Resulting from Lapse of Applicable Statute of Limitations | (510,000) | (802,000) | |
Deferred Tax Liabilities, Property, Plant and Equipment | 16,506,000 | 28,422,000 | |
Current Federal Tax Expense (Benefit) | $ 275,000 | $ 394,000 | $ 1,241,000 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 25.00% | 35.00% | 35.00% |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes | 3.00% | 2.00% | 4.00% |
Effective Income Tax Rate Reconciliation, Equity in Earnings (Losses) of Unconsolidated Subsidiary | (5.00%) | (4.00%) | (3.00%) |
Effective Income Tax Rate Reconciliation, Tax Settlements | (8.00%) | 2.00% | 3.00% |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Percent | 3.00% | 2.00% | 1.00% |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance | 10.00% | 3.00% | (8.00%) |
Effective Income Tax Rate Reconciliation, Tax Exempt Income, Percent | 0.20% | 10.20% | (5.00%) |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ (0.791) | $ 0 | $ 0 |
Effective Income Tax Rate Reconciliation, Other Adjustments | 0.00% | (1.00%) | 0.00% |
Effective Income Tax Rate, Continuing Operations | (53.00%) | 29.00% | 38.00% |
Current State and Local Tax Expense (Benefit) | $ 875,000 | $ 819,000 | $ 379,000 |
Deferred Tax Expense, Continuing and Discontinued Operations | (17,378,000) | 10,398,000 | 20,556,000 |
Income Tax Expense (Benefit), Including Continuing and Discontinued Operations | (16,228,000) | 11,611,000 | 22,176,000 |
Income tax expense (benefit) | (16,228,000) | 11,611,000 | $ 22,176,000 |
Deferred Tax Liabilities, Goodwill and Intangible Assets | 18,486,000 | 35,790,000 | |
Deferred Tax Liabilities, Investments | (6,472,000) | 0 | |
Deferred Tax Liabilities, Other | 11,074,000 | 16,993,000 | |
Deferred Tax Liabilities, Gross | 52,538,000 | 81,205,000 | |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Compensation | 2,402,000 | 4,622,000 | |
Deferred Tax Assets, Allowance For Doubtful Accounts | 910,000 | 1,487,000 | |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Postretirement Benefits | 2,305,000 | 4,593,000 | |
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 41,663,000 | 37,997,000 | |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Other | 424,000 | 601,000 | |
Deferred Tax Assets, Investments | 0 | 2,520,000 | |
Deferred Tax Assets, Other | 3,075,000 | 5,023,000 | |
Deferred Tax Assets, Gross | 50,779,000 | 56,843,000 | |
Deferred Tax Assets, Valuation Allowance | (37,349,000) | (29,035,000) | |
Deferred Tax Liabilities, Net | (39,108,000) | (53,397,000) | |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 563,000 | 367,000 | |
Operating Loss Carryforwards | 63,048,000 | ||
Deferred Tax Assets, Operating Loss Carryforwards | $ 49,809,000 | ||
Federal Net Operating Loss | $ 17,850,000 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements (Details) - USD ($) | 12 Months Ended | |||
Sep. 30, 2018 | Sep. 24, 2017 | Sep. 25, 2016 | Mar. 30, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Estimate Not Practicable, Investments | $ 6,318,000 | |||
Tangible Asset Impairment Charges | 267,000 | $ 482,000 | $ 1,367,000 | |
Debt, Long-term and Short-term, Combined Amount | 484,859,000 | 548,385,000 | ||
Warrant liability fair value | 1,807,000 | 1,580,000 | 11,760,000 | $ 16,930,000 |
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ 226,000 | $ (10,181,000) | $ 7,519,000 | |
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 | 3130.00% | 3700.00% | 6300.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 291.00% | 181.00% | 125.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0.30 | $ 0.26 | $ 1.96 | |
2nd Lien Agreement [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Long-term Debt, Fair Value | $ 95,427,120 | |||
1st Lien Agreement [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Long-term Debt, Fair Value | 6,299,060 | |||
Senior Notes [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Long-term Debt, Fair Value | 399,206,500 | |||
Debt, Long-term and Short-term, Combined Amount | 385,000,000 | $ 385,000,000 | ||
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 | $ 93,556,000 | $ 118,240,000 |
Fair Value Measurements Fair _2
Fair Value Measurements Fair Value Measurements Not Practicable (Details) | Sep. 30, 2018USD ($) |
Fair Value, Estimate Not Practicable, Financial Statement Captions [Line Items] | |
Fair Value, Estimate Not Practicable, Investments | $ 6,318,000 |
Earnings per Common Share (Deta
Earnings per Common Share (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2018 | Jun. 24, 2018 | Mar. 25, 2018 | Dec. 24, 2017 | Sep. 24, 2017 | Jun. 25, 2017 | Mar. 26, 2017 | Dec. 25, 2016 | Sep. 30, 2018 | Sep. 24, 2017 | Sep. 25, 2016 | |
Earnings Per Share Disclosure [Line Items] | |||||||||||
Loss attributable to Lee Enterprises, Incorporated | $ 4,066,000 | $ 4,458,000 | $ 2,239,000 | $ 35,003,000 | $ 3,185,000 | $ 5,995,000 | $ 6,128,000 | $ 12,173,000 | $ 45,766,000 | $ 27,481,000 | $ 34,961,000 |
Weighted Average Number of Shares Outstanding, Basic [Abstract] | |||||||||||
Weighted Average Common Shares | 57,009,000 | 56,481,000 | 55,493,000 | ||||||||
Less non-vested restricted Common Stock | (2,307,000) | (2,491,000) | (2,295,000) | ||||||||
Basic average common shares | 54,702,000 | 53,990,000 | 53,198,000 | ||||||||
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | |||||||||||
Weighted Average Number Diluted Shares Outstanding Adjustment | 1,246,000 | 1,402,000 | 1,026,000 | ||||||||
Weighted Average Number of Shares Outstanding, Diluted | 55,948,000 | 55,392,000 | 54,224,000 | ||||||||
Basic | $ 0.07 | $ 0.08 | $ 0.04 | $ 0.64 | $ 0.06 | $ 0.11 | $ 0.11 | $ 0.23 | $ 0.84 | $ 0.51 | $ 0.66 |
Diluted | $ 0.07 | $ 0.08 | $ 0.04 | $ 0.63 | $ 0.06 | $ 0.11 | $ 0.11 | $ 0.22 | $ 0.82 | $ 0.50 | $ 0.64 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 6,453,000 | 7,206,000 | 7,577,000 | ||||||||
Income (Loss) from Continuing Operations, Per Diluted Share | $ 0.82 | $ 0.50 | $ 0.64 |
Allowance For Doubtful Accoun_3
Allowance For Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 24, 2017 | Sep. 25, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Allowance for Doubtful Accounts Receivable | $ 4,796 | $ 4,327 | $ 4,194 |
Provision for Doubtful Accounts | 1,952 | 1,696 | 1,195 |
Allowance for Doubtful Accounts Receivable, Recoveries | (1,942) | (1,227) | (1,062) |
Allowance for Doubtful Accounts Receivable | $ 4,806 | $ 4,796 | $ 4,327 |
Other Information (Details)
Other Information (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Sep. 24, 2017 |
Payables and Accruals [Abstract] | ||
Accrued Salaries, Current | $ 10,363 | $ 12,088 |
Accrued Employee Benefits, Current | 2,673 | 3,374 |
Other Liabilities | 6,605 | 7,144 |
Compensation and other accrued liabilities | $ 19,641 | $ 22,606 |
Other Information Supplemental
Other Information Supplemental Cash Payment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 24, 2017 | Sep. 25, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |||
Interest Paid | $ 52,180 | $ 58,844 | $ 65,410 |
Debt Financing and Reorganization Costs Paid | 437 | 373 | 422 |
Income Taxes Paid, Net | $ 464 | $ 1,214 | $ 269 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 24, 2017 | Sep. 25, 2016 | |
Loss Contingencies [Line Items] | |||
Operating Leases, Rent Expense | $ 4,064,000 | $ 3,866,000 | $ 3,792,000 |
Other Commitment | $ 680,000 |
Commitments and Contingencies O
Commitments and Contingencies Operating Lease (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 24, 2017 | Sep. 25, 2016 | |
Long-term Purchase Commitment [Line Items] | |||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 4,000,000 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 3,187,000 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 2,763,000 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 2,324,000 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 2,102,000 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 6,000,000 | ||
Operating Leases, Rent Expense | $ 4,064,000 | $ 3,866,000 | $ 3,792,000 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2018 | Jun. 24, 2018 | Mar. 25, 2018 | Dec. 24, 2017 | Sep. 24, 2017 | Jun. 25, 2017 | Mar. 26, 2017 | Dec. 25, 2016 | Sep. 30, 2018 | Sep. 24, 2017 | Sep. 25, 2016 | |
Quarterly Financial Data [Line Items] | |||||||||||
Assets loss (gain) on sales, impairments and other | $ 267,000 | $ 267,000 | $ 2,517,000 | $ 2,185,000 | |||||||
Revenues | $ 139,746,000 | $ 132,618,000 | $ 127,805,000 | $ 143,786,000 | 140,212,000 | $ 139,355,000 | $ 133,387,000 | $ 153,989,000 | 543,955,000 | 566,943,000 | 614,364,000 |
Net Income (Loss) | 4,438,000 | 4,750,000 | 2,533,000 | 35,327,000 | 3,501,000 | 6,287,000 | 6,377,000 | 12,440,000 | 47,048,000 | 28,605,000 | 36,019,000 |
Loss attributable to Lee Enterprises, Incorporated | $ 4,066,000 | $ 4,458,000 | $ 2,239,000 | $ 35,003,000 | $ 3,185,000 | $ 5,995,000 | $ 6,128,000 | $ 12,173,000 | $ 45,766,000 | $ 27,481,000 | $ 34,961,000 |
Basic | $ 0.07 | $ 0.08 | $ 0.04 | $ 0.64 | $ 0.06 | $ 0.11 | $ 0.11 | $ 0.23 | $ 0.84 | $ 0.51 | $ 0.66 |
Diluted | $ 0.07 | $ 0.08 | $ 0.04 | $ 0.63 | $ 0.06 | $ 0.11 | $ 0.11 | $ 0.22 | $ 0.82 | $ 0.50 | $ 0.64 |