0001437749-21-028322 | 10-K | XBRL Viewer

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Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Sep. 26, 2021	Nov. 30, 2021	Mar. 31, 2021
Document Information [Line Items]
Entity Central Index Key	0000058361
Entity Registrant Name	LEE ENTERPRISES, INC
Amendment Flag	false
Current Fiscal Year End Date	--09-26
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2021
Document Type	10-K
Document Annual Report	true
Document Period End Date	Sep. 26, 2021
Document Transition Report	false
Entity File Number	1-6227
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	42-0823980
Entity Address, Address Line One	4600 E 53rd Street
Entity Address, City or Town	Davenport
Entity Address, State or Province	IA
Entity Address, Postal Zip Code	52807
City Area Code	563
Local Phone Number	383-2100
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 141,804,818
Entity Common Stock, Shares Outstanding		5,889,159
Preferred Share Purchase Rights [Member]
Document Information [Line Items]
Title of 12(b) Security	Preferred Share Purchase Rights
Trading Symbol	LEE
Security Exchange Name	NASDAQ
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock - $0.01 par value
Trading Symbol	LEE
Security Exchange Name	NASDAQ

Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Sep. 26, 2021	Sep. 27, 2020	Sep. 29, 2019
Operating revenue:
Total operating revenue	$ 794,649	$ 618,004	$ 509,854
Operating expenses:
Compensation	330,896	243,023	182,869
Newsprint and ink	29,775	24,243	22,237
Other operating expenses	325,597	259,382	193,709
Depreciation and amortization	42,841	36,133	29,332
Assets loss (gain) on sales, impairments and other	8,214	(5,403)	2,464
Restructuring costs and other	7,182	13,751	11,635
Total operating expenses	744,505	571,129	442,246
Equity in earnings of associated companies	6,412	3,403	7,121
Operating income	56,556	50,278	74,729
Non-operating income (expense):
Interest expense	(44,773)	(47,743)	(47,488)
Debt financing and administrative costs	0	(11,966)	(7,214)
Curtailment gain	23,830	0	0
Pension withdrawal cost	(12,862)	0	0
Other, net	9,296	12,274	3,813
Total non-operating expense, net	(24,509)	(47,435)	(50,889)
Income before income taxes	32,047	2,843	23,840
Income tax expense	7,215	4,104	7,931
Net income (loss)	24,832	(1,261)	15,909
Net income attributable to non-controlling interests	(2,047)	(1,845)	(1,641)
Income (loss) attributable to Lee Enterprises, Incorporated	22,785	(3,106)	14,268
Other comprehensive income (loss), net of income taxes	62,237	9,064	(17,368)
Comprehensive income (loss) attributable to Lee Enterprises, Incorporated	$ 85,022	$ 5,958	$ (3,100)
Earnings per common share:
Basic: (in dollars per share)	$ 3.99	$ (0.55)	$ 2.57
Diluted: (in dollars per share)	$ 3.91	$ (0.55)	$ 2.51
Advertising and Marketing Services [Member]
Operating revenue:
Total operating revenue	$ 369,283	$ 289,655	$ 265,933
Subscription and Circulation [Member]
Operating revenue:
Total operating revenue	357,713	268,285	187,443
Product and Service, Other [Member]
Operating revenue:
Total operating revenue	$ 67,653	$ 60,064	$ 56,478

Consolidated Balance Sheets - USD ($)	Sep. 26, 2021	Sep. 27, 2020
Current assets:
Cash and cash equivalents	$ 26,112,000	$ 33,733,000
Accounts receivable, less allowance for credit losses: 2021 $6,574; 2020 $13,431	65,070,000	52,598,000
Inventories	6,297,000	7,534,000
Prepaids and other	11,320,000	14,888,000
Total current assets	108,799,000	108,753,000
Investments:
Associated companies	26,682,000	27,624,000
Other	6,065,000	6,255,000
Total investments	32,747,000	33,879,000
Property and equipment:
Land and improvements	16,576,000	18,711,000
Buildings and improvements	106,890,000	128,475,000
Equipment	228,817,000	245,117,000
Construction in process	2,813,000	2,323,000
Property, Plant and Equipment, Gross, Ending Balance	355,096,000	394,626,000
Less accumulated depreciation	271,830,000	289,017,000
Property and equipment, net	83,266,000	105,609,000
Operating lease right-of-use assets	65,682,000	70,933,000
Goodwill	330,204,000	328,445,000
Other intangible assets, net	156,671,000	182,680,000
Other	13,632,000	13,699,000
Total assets	843,551,000	864,057,000
Current liabilities:
Current portion of lease liabilities	8,612,000	8,577,000
Current maturities of long-term debt	6,112,000	13,733,000
Accounts payable	20,420,000	17,163,000
Compensation and other accrued liabilities	45,076,000	44,278,000
Unearned revenue	61,404,000	60,271,000
Total current liabilities	141,624,000	144,022,000
Long-term debt, net of current maturities	476,504,000	524,557,000
Operating lease liabilities	57,683,000	62,374,000
Pension obligations	22,444,000	75,656,000
Postretirement and postemployment benefit obligations	11,008,000	39,543,000
Deferred income taxes	40,295,000	15,208,000
Income taxes payable	9,174,000	18,048,000
Warrants and other	28,121,000	14,282,000
Total liabilities	786,853,000	893,690,000
Stockholders' equity (deficit):
Serial convertible preferred stock, no par value; authorized 500 shares; none issued	0	0
Additional paid-in capital	258,063,000	256,957,000
Accumulated deficit	(245,744,000)	(268,529,000)
Accumulated other comprehensive income (loss)	42,187,000	(20,050,000)
Total stockholders' equity (deficit)	54,565,000	(31,564,000)
Non-controlling interests	2,133,000	1,931,000
Total Equity (deficit)	56,698,000	(29,633,000)
Total liabilities and equity (deficit)	843,551,000	864,057,000
Pension Plan [Member]
Property and equipment:
Retirement plan assets, net	35,855,000	4,147,000
Postretirement Health Coverage [Member]
Property and equipment:
Retirement plan assets, net	16,695,000	15,912,000
Common Class A [Member]
Stockholders' equity (deficit):
Common Stock, authorized 12,000 shares; issued and outstanding:	59,000	58,000
Common Class B [Member]
Stockholders' equity (deficit):
Common Stock, authorized 12,000 shares; issued and outstanding:	$ 0	$ 0

Consolidated Balance Sheets (Parentheticals) - USD ($) shares in Thousands	Sep. 26, 2021	Sep. 27, 2020
Accounts receivable, allowance for doubtful accounts	$ 6,574,000	$ 13,431,000
Preferred stock, par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authoritzed (in shares)	500	500
Preferred stock, shares issued (in shares)	0	0
Common Class A [Member]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	12,000	12,000
Common stock, shares issued (in shares)	5,889	5,835
Common stock, shares outstanding (in shares)	5,889	5,835
Common Class B [Member]
Common stock, par value (in dollars per share)	$ 2	$ 2
Common stock, shares authorized (in shares)	3,000	3,000
Common stock, shares issued (in shares)	0	0

Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Retained Earnings Including Noncontrolling Interests [Member]	AOCI Attributable to Parent [Member]	Total
Balance at Sep. 30, 2018	$ 57	$ 254,037	$ (279,691)		$ (11,746)
Balance (in shares) at Sep. 30, 2018	5,714
Shares issued	$ 1	(75)
Shares issued (in shares)	51
Stock compensation		2,040
Net Income (loss)				$ 15,909		$ 15,909
Net income attributable to non-controlling interests			(1,641)			1,641
Change in pension and postretirement benefits					(24,667)
Deferred income taxes, net					7,299
Balance at Sep. 29, 2019	$ 58	256,002	(265,423)		(29,114)	$ (38,477)
Balance (in shares) at Sep. 29, 2019	5,765					5,765
Shares issued	$ 0	(87)
Shares issued (in shares)	70
Stock compensation		1,042
Net Income (loss)				(1,261)		$ (1,261)
Net income attributable to non-controlling interests			(1,845)			1,845
Change in pension and postretirement benefits					11,464
Deferred income taxes, net					(2,400)
Balance at Sep. 27, 2020	$ 58	256,957	(268,529)		(20,050)	$ (31,564)
Balance (in shares) at Sep. 27, 2020	5,835					5,835
Shares issued	$ 1	252
Shares issued (in shares)	54
Stock compensation		854
Net Income (loss)				$ 24,832		$ 24,832
Net income attributable to non-controlling interests			(2,047)			2,047
Change in pension and postretirement benefits					82,204
Deferred income taxes, net					(19,967)
Balance at Sep. 26, 2021	$ 59	$ 258,063	$ (245,744)		$ 42,187	$ 54,565
Balance (in shares) at Sep. 26, 2021	5,889					5,889

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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+ Details

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended			24 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Sep. 26, 2021	Sep. 27, 2020	Sep. 29, 2019	Sep. 26, 2021
Cash provided by operating activities:
Net Income (loss)	$ 24,832,000	$ (1,261,000)	$ 15,909,000
Adjustments to reconcile income to net cash provided by operating activities:
Depreciation and amortization	42,841,000	36,133,000	29,332,000
Curtailment gain	(23,830,000)	(0)	(0)
Pension withdrawal cost	12,862,000	(0)	(0)
Stock compensation expense	854,000	1,294,000	1,638,000
Assets loss (gain) on sales, impairments and other	8,214,000	(5,403,000)	2,464,000
Deferred income taxes	5,120,000	(3,560,000)	(2,003,000)
Debt financing and administrative costs	(0)	11,966,000	7,214,000
Proceeds from (Payment for) Pension Benefits	(965,000)	(6,215,000)	(650,000)
Return of collateral on (Payments to collateralize) letters of credit	1,686,000	(11,502,000)	0
Other, net	(1,253,000)	319,000	(32,000)
Changes in operating assets and liabilities:
(Increase) Decrease in receivables and contract sales	(12,472,000)	26,908,000	1,697,000
Decrease in inventories and other	1,237,000	2,724,000	2,759,000
Increase (Decrease) in accounts payable and other accrued liabilities	4,731,000	(8,341,000)	(3,676,000)
(Decrease) increase in pension, postretirement and postemployment benefit obligations	(2,667,000)	(2,950,000)	1,900,000
Change in income taxes payable	(8,418,000)	7,123,000	1,495,000
Other, including warrants	(2,694,000)	2,634,000	(371,000)
Net cash provided by operating activities	50,078,000	49,869,000	57,676,000
Cash required for investing activities:
Purchases of property and equipment	(7,479,000)	(8,096,000)	(5,901,000)
Proceeds from sales of assets	4,616,000	21,710,000	1,502,000
Acquisitions, net of cash acquired	0	(130,985,000)	(6,543,000)
Distributions greater (less) than earnings of TNI and MNI	1,038,000	(329,000)	9,000
Other, net	(453,000)	(476,000)	0
Net cash required for investing activities	(2,278,000)	(118,176,000)	(10,933,000)
Cash provided by (required for) financing activities:
Proceeds from long-term debt	0	576,000,000	600,000
Payments on long-term debt	(0)	443,627,000	41,832,000
Principal payments on long-term borrowings	(55,674,000)	(37,710,000)	0
Debt financing and administrative costs paid	0	(684,000)	(1,773,000)
Sale (purchases) of common stock transactions	253,000	(584,000)	(473,000)
Net cash provided by (required) for financing activities	(55,421,000)	93,395,000	(43,478,000)
Net increase (decrease) in cash and cash equivalents	(7,621,000)	25,088,000	3,265,000
Cash and cash equivalents:
Beginning of year	33,733,000	8,645,000	5,380,000	$ 8,645,000
End of year	$ 26,112,000	$ 33,733,000	$ 8,645,000	$ 26,112,000

Note 2 - Acquisitions

12 Months Ended

Sep. 26, 2021

Notes to Financial Statements

Business Combination Disclosure [Text Block]

2 ACQUISITIONS

On March 16, 2020, the Company completed the Purchase Agreement. As part of the Purchase Agreement, the Company agreed to purchase certain assets and assume certain liabilities of BH Media's newspapers and related publications business ("BH Media Newspaper Business"), excluding real estate and fixtures such as production equipment, and all of the issued and outstanding capital stock of Buffalo News for a combined purchase price of $140,000,000. BH Media includes 30 daily newspapers and digital operations, in addition to 49 paid weekly newspapers with websites and 32 other print products. Buffalo News is a provider of local print and digital news to the Buffalo, NY area. The rationale for the acquisition was primarily the attractive nature of the various publications, businesses, and digital platforms as well as the revenue growth and operating expense synergy opportunities.

The Transactions were funded pursuant to a Credit Agreement dated as of January 29, 2020, between the Company and BH Finance LLC, a Nebraska limited liability company affiliated with Berkshire (the "Credit Agreement"), as described further in Note 6.

Between July 2, 2018 and March 16, 2020, the Company managed the BH Media Newspaper Business pursuant to a Management Agreement between BH Media and the Company dated June 26, 2018 ("Management Agreement"). In connection with the Transactions, the Management Agreement terminated on March 16, 2020. As part of the settlement of the preexisting relationship, the Company received $5,425,000 at closing. This amount represents $1,245,000 in fixed fees pro-rated under the contract and $4,180,000 in variable fees based upon the pro-rated annual target. The amount we received settled our existing contract asset balance, which totaled $3,589,000 as of December 29, 2019, and the remaining amount was reflected in Other Revenue for the 13 weeks ended March 29, 2020. The amount of variable fees was estimated based on BH Media financial performance through March 16, 2020. Actual financial performance through March 16, 2020 did not vary materially from the estimated amount. As such, the Company did not recognize a gain or loss as a result of the settlement of this preexisting relationship.

In connection with the Transactions, the Company entered into a lease agreement between BH Media, as Landlord, and the Company, as Tenant, providing for the leasing of 68 properties and related fixtures (including production equipment) used in the BH Media Newspaper Business ("BH Lease"). The BH Lease commenced on March 16, 2020. The BH Lease requires the Company to pay annual rent of $8,000,000, payable in equal payments, as well as all operating costs relating to the properties (including maintenance, repairs, property taxes and insurance). Rent payments are subject to a Rent Credit (as defined in the Lease) equal to 8.00% of the net consideration for any leased real estate sold by BH Media during the term of the Lease. As of September 26, 2021, the Company has earned monthly rent credits of $40,000, making current annual rent of $7,522,000. In connection with the BH Lease, the Company recognized $56,226,000 and $56,226,000 in ROU assets and offsetting lease liabilities as of March 16, 2020.

The allocation of the purchase price is final. As part of the Transactions, the Company also entered into the Credit Agreement and the BH Lease, as described above. The Company concluded that these agreements were not separate from the Transactions and evaluated these agreements for off-market terms and no such terms were identified. As such, the consideration for the acquisitions was limited to cash consideration, as shown below.

The following table summarizes the final determination of fair values of the assets and liabilities for the Transactions.

(Thousands of Dollars)	Estimated fair value as previously reported ^(a)			Measurement period adjustments			Fair value as adjusted
Cash and cash equivalents		22,293			—			22,293
Current assets		52,559			(855	)		51,704
Other assets		12,167			4,343			16,510
Property and equipment		42,952			33			42,985
Operating lease assets		7,445			101			7,546
Advertiser relationships		38,780			(11,160	)		27,620
Subscriber relationships		36,060			(8,210	)		27,850
Commercial print relationships		17,130			2,430			19,560
Mastheads		21,680			(1,290	)		20,390
Goodwill		63,559			16,337			79,896
Total assets		314,625			1,729			316,354
Current liabilities assumed		(73,451	)		1,074			(72,377	)
Operating lease liabilities		(6.625	)		(921	)		(7,546	)
Other liabilities assumed		(2,246	)		(1,882	)		(4,128	)
Pension obligations		(43,503	)		—			(43,503	)
Postemployment benefit obligations		(36,800	)		—			(36,800	)
Total liabilities		(162,625	)		(1,729	)		(164,354	)
Net assets		152,000			—			152,000
Less: acquired cash		(22,293	)		—			(22,293	)
Total consideration less acquired cash		129,707			—			129,707

^(a) As previously reported in the Company's Quarterly Report on Form 10-Q for the period ended March 29, 2020.

The Company had various measurement period adjustments due to additional knowledge gained since March 29, 2020. The significant adjustments included $11,160,000 decrease to Advertiser relationships, $8,210,000 decrease to Subscriber relationships, and $2,430,000 increase to Commercial print relationships due to updates in assumptions related to the forecast and attrition rates, and changes were offset in Goodwill. Other adjustments included adjustments to accrued liabilities of $634,000, uncertain tax position allowance of $138,000, and a $3,600,000 reclassification involving working compensation and medical reserves that was identified during management's review.

Pro Forma Information (Unaudited)

The following table sets forth unaudited pro forma results of operations assuming the Transactions, along with the credit arrangements necessary to finance the Transactions, occurred on the first day of fiscal year 2020 and 2019.

	Unaudited Unaudited
	September 27,		September 29,
(Thousands of Dollars, Except Per Share Data)	2020		2019
Total revenues		821,793		973,143
Income attributable to Lee Enterprises, Incorporated		17,632		20,715
Earnings per share - diluted		3.10		3.60

Prior period results have been adjusted to reflect the Reverse Stock Split.

This pro forma financial information is based on historical results of operations, adjusted for the allocation of the purchase price and other acquisition accounting adjustments. This pro forma information is not necessarily indicative of what our results would have been had we operated the businesses since the beginning of the periods presented. The pro forma adjustments reflect the income statement effects of depreciation expense and amortization of intangibles related to the fair value adjustments of the assets acquired, acquisition-related costs, incremental interest expense related to the financing of the Transactions and 2020 Refinancing, the BH Lease entered into as part of the Transactions, the elimination of certain intercompany activity and the related tax effects of the adjustments.

The only material, nonrecurring adjustments relate to the write-off of previously unamortized debt-issuance costs as of October 1, 2018, related to the refinanced debt resulted in a $7,693,000 decrease to net income for 2019 and a $8,973,000 increase to net income for 2020. No other periods were affected by the adjustments.

Note 3 - Revenue

12 Months Ended

Sep. 26, 2021

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

3 REVENUE

The following table presents our revenue disaggregated by source:

(Thousands of Dollars)	September 26, 2021		September 27, 2020		September 29, 2019

Advertising and marketing services revenue		369,283		289,655		265,933
Subscription Revenue		357,713		268,285		187,443
TownNews and other digital services revenue		18,999		18,132		18,885
Other revenue		48,654		41,932		37,593
Total operating revenue		794,649		618,004		509,854

Of our Advertising and marketing services revenue $138,734,000, $106,491,000, and $100,007,000 is digital advertising in 2021, 2020, and 2019, respectively. Of our Subscription revenue, $95,794,000, $37,336,000, and $25,002,000 is digital subscription revenue in 2021, 2020, and 2019, respectively.

Recognition principles: Revenue is recognized when a performance obligation is satisfied by the transfer of control of the contracted goods or services to our customers, in an amount that reflects the consideration we expect to receive in exchange for those goods or services.

Arrangements with multiple performance obligations: We have various advertising and subscription agreements which include both print and digital performance obligations. Revenue from sales agreements that contain multiple performance obligations are allocated to each obligation based on the relative standalone selling price. We determine standalone selling prices based on observable prices charged to customers.

Contract Assets and Liabilities: The Company’s primary source of unearned revenue is from subscriptions paid in advance of the service provided. The Company expects to recognize the revenue related to unsatisfied performance obligations over the next twelve months in accordance with the terms of the subscriptions and other contracts with customers. The unearned revenue balances described herein are the Company's only contract liability. Unearned revenue was $61,404,000 as of September 26, 2021 and $60,271,000 as of September 27, 2020. Revenue recognized in 2021 that was included in the contract liability as of September 27, 2020 was $56,139,000.

Contract asset balances related to our Management Agreement revenue was $1,107,000 as of September 29, 2019 and consisted solely of the variable portion of the contract. As a result of the Transactions, we had no contract balances as of September 26, 2021 or September 27, 2020. In conjunction with the execution of the Purchase Agreement, the previously recorded contract asset balance was collected on March 16, 2020. Accounts receivable, excluding allowance for credit losses and contract assets, was $71,644,000 and $66,029,000 as of September 26, 2021 and September 27, 2020 respectively. Allowance for credit losses was $6,574,000 and $13,431,000 as of September 26, 2021 and September 27, 2020, respectively.

Practical expedients: Sales commissions are expensed as incurred as the associated contractual periods are one year or less. These costs are recorded within compensation. The vast majority of our contracts have original expected lengths of one year or less and revenue is earned at a rate and amount that corresponds directly with the value to the customer.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Note 4 - Investments in Associated Companies

12 Months Ended

Sep. 26, 2021

Notes to Financial Statements

Equity Method Investments and Joint Ventures Disclosure [Text Block]

4 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 records 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:

	September 26			September 27
(Thousands of Dollars)	2021			2020

ASSETS
Current assets		2,238			2,643
Investments and other assets		1,693			998
Total assets		3,931			3,641

LIABILITIES AND MEMBERS' EQUITY
Current liabilities		5,027			4,663
Members' equity		(1,096	)		(1,022	)
Total liabilities and members' equity		3,931			3,641

Summarized results of TNI are as follows:

(Thousands of Dollars)	2021		2020		2019

Operating revenue		34,782		37,101		43,532
Operating expenses		25,320		29,673		34,224
Net income		9,462		7,428		9,308

Company's 50% share		4,731		3,714		4,654
Less amortization of intangible assets		—		209		418
Equity in earnings of TNI		4,731		3,505		4,236

TNI makes periodic distributions of its earnings. We received $5,150,000, $3,176,000, and $4,245,000 in distributions in 2021, 2020 and 2019, respectively.

At September 26, 2021, the carrying value of the Company's 50% investment in TNI is $14,702,000. 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 $2,336,000, certain of which are being amortized over their estimated useful lives through 2020. See Note 5.

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 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:

	September 26		September 27
(Thousands of Dollars)	2021		2020

ASSETS
Current assets		6,930		10,113
Investments and other assets		30,422		29,952
Total assets		37,352		40,065

LIABILITIES AND MEMBERS' EQUITY
Current liabilities		6,921		8,540
Other liabilities		6,470		5,862
Stockholders' equity		23,961		25,663
Total liabilities and stockholders' equity		37,352		40,065

Summarized results of MNI are as follows:

(Thousands of Dollars)	2021		2020			2019

Operating revenue		46,015		48,056			56,790
Operating expenses, excluding restructuring costs, depreciation and amortization		35,583		46,845			48,121
Restructuring costs		107		274			355
Depreciation and amortization		711		697			1,018
Operating income		9,614		240			7,296
Net income (loss)		3,362		(204	)		5,770
Equity in earnings of MNI		1,681		(102	)		2,885

MNI makes periodic distributions of its earnings. We received $2,300,000, $1,300,000, and $3,350,000 in distributions in 2021, 2020 and 2019, 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 $5,562,000, $6,152,000, and $6,636,000 in 2021, 2020 and 2019, respectively.

At September 26, 2021, the carrying value of the Company's 50% investment in MNI is $11,980,000.

Note 5 - Goodwill and Other Intangible Assets

12 Months Ended

Sep. 26, 2021

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

5 GOODWILL AND OTHER INTANGIBLE ASSETS

Changes in the carrying amount of goodwill related to continuing operations are as follows:

(Thousands of Dollars)	2021			2020

Goodwill, gross amount		1,617,174			1,539,038
Accumulated impairment losses		(1,288,729	)		(1,288,729	)
Goodwill, beginning of year		328,445			250,309
Goodwill acquired in business combinations		—			78,136
Measurement period adjustments		1,759			—
Goodwill, end of year		330,204			328,445

Identified intangible assets related to continuing operations consist of the following:

	September 26			September 27
(Thousands of Dollars)	2021			2020

Non-amortized intangible assets:
Mastheads	39,672			40,459
Amortizable intangible assets:
Customer and newspaper subscriber lists	774,242			774,604
Less accumulated amortization	(657,243		)	(632,457		)
		116,999			142,147
Non-compete and consulting agreements	28,656			28,656
Less accumulated amortization	(28,656		)	(28,582		)
		—			74
		156,671			182,680

The Company reviews goodwill for impairment in accordance with ASC Topic 350 - Goodwill and Other. 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.

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 in excess of carrying value and as such, there was no impairment in 2021 and 2020.

In 2021 and 2020, due to continuing revenue declines, cost of debt, and debt to equity weighting, we recorded non-cash charges to reduce the carrying value of non-amortized intangible assets. No such charges occurred in 2019. Such charges are recorded in assets loss (gain) on sales, impairments and other in the Consolidated Statements of Income (loss) 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)	2021		2020		2019

Non-amortized intangible assets		787		972		—
Property, equipment and other assets		190		—		—
		977		972		0

The Company recognized $27,620,000 of advertiser relationships, $27,850,000 of subscriber relationships, $19,560,000 of commercial print relationships, and $20,390,000 of indefinite-lived masthead assets as part of the Transactions.

Annual amortization of intangible assets for the years ending September 2022 to September 2026 is estimated to be $21,226,000, $19,793,000, $17,096,000, $11,091,000, and $6,992,000, respectively. The weighted average amortization period for those amortizable assets acquired as part of the Transactions is 13.5 years.

The Company recognized $79,896,000 of Goodwill as part of the Transactions. The value of the acquired Goodwill is primarily related to an assembled workforce and expected synergies from combining operations. For tax, purposes, the amount of Goodwill that is expected to be deductible is $42,442,000. Refer to Note 2 for more information regarding the final purchasing accounting for the Transactions.

Note 6 - Debt

12 Months Ended

Sep. 26, 2021

Notes to Financial Statements

Debt Disclosure [Text Block]

6 DEBT

On March 16, 2020 concurrent with closing the Transactions, the Company completed a comprehensive refinancing of its debt (the "2020 Refinancing"). The 2020 Refinancing consists of the Credit Agreement and Term Loan. The proceeds of the Term Loan were used, along with cash on hand, to refinance the Company's $431,502,000 it incurred in 2014 (the "2014 Refinancing") as well as to fund the acquisition of BH Media Newspaper Business assets and the stock of Buffalo News for $140,000,000 in cash. With the closing of this transaction, BH Finance became Lee's sole lender. Proceeds of the Term Loan were used to finance the Transactions and refinance all of the Company's outstanding debt at par.

As of September 26, 2021, the Company has $482,616,000 in aggregate principle outstanding under the Term Loan. The weighted average cost of debt at September 26, 2021 is 9.0%.

For the fourth quarter excess cash flow (as defined below) totaled $6,112,000 and was used to pay debt in the following quarter. This balance was recognized in current maturities of long-term debt as of September 26, 2021 in the Consolidated Balance Sheets. Future payments are contingent on the Company's ability to generate future excess cash flow.

The Credit Agreement contains certain customary representations and warranties, certain affirmative and negative covenants and certain conditions, including restrictions on incurring additional indebtedness, creating certain liens, making certain investments or acquisitions, issuing dividends, repurchasing shares of stock of the Company and certain other capital transactions. Certain existing and future direct and indirect material domestic subsidiaries of the Company are guarantors of the Company's obligations under the Credit Agreement.

The Credit Agreement restricts us from paying dividends on our Common Stock. This restriction does not apply to dividends issued with the Company's Equity Interests or from the proceeds of a sale of the Company's Equity Interests. Further, the Credit Agreement restricts or limits, among other things, subject to certain exceptions, the ability of the Company and its subsidiaries to: (i) incur additional indebtedness, (ii) make certain investments, (iii) enter into mergers, acquisitions and asset sales, (iv) incur or create liens and (v) enter into transactions with certain affiliates. The Credit Agreement contains various representations and warranties by the Company and may be terminated upon the occurrence of certain events of default, including non-payment. The Credit Agreement also contains cross-default provisions tied to other agreements with BH Finance entered into by the Company and its subsidiaries in connection with the 2020 Refinancing.

Principal Payments

Voluntary pre-payments under the Credit Agreement are not subject to call premiums and are payable at par.

Excluding the Excess Cash Flow payments described below, there are no scheduled mandatory principal payments required under the Credit Agreement. The Company is required to make mandatory pre-payments of the Term Loan as follows:

•

The Company must prepay the Term Loan in an aggregate amount equal to 100% of any Net Cash Proceeds received by the Company or any Subsidiary from a sale, transfer, license, or other disposition of any property of the Company or any subsidiary in excess of $500,000 in any ninety (90) day period.

•

The Company is required to prepay the Term Loan with excess cash flow, defined as cash on the balance sheet at quarter end in excess of $20,000,000 ("Excess Cash Flow"). Excess Cash Flow is used to prepay the Term Loan, at par, and is due within 50-days of quarter end.

•

If there is a Change of Control (as defined in the Credit Agreement), BH Finance has the option to require the Company to prepay the Term Loan in cash equal to 105% of the unpaid principal balance, plus accrued and unpaid interest.

The Company may, upon notice to BH Finance, at any time or from time to time, voluntarily prepay the Term Loan in whole or in part, at par, provided that any voluntary prepayment of the Term Loan shall be accompanied by payment of all accrued interest on the amount of principal prepaid to the date of prepayment.

Warrants

In connection with the 2^ndLien Term Loan entered into in the 2014 Refinancing, 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 600,000 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 $41.90 per share. The Warrants are set to expire in March 2022. Shares and exercise price have been adjusted to reflect the Reverse Stock Split.

The Warrant Agreement contains provisions requiring the Warrants to be measured at fair value and included in warrants and other liabilities in our Consolidated Balance Sheets. We re-measure the fair value of the liability each reporting period, with changes reported in other, net non-operating income (expense). The initial fair value of the Warrants was $16,930,000. See Note 14.

In connection with the issuance of the Warrants, we entered into a Registration Rights Agreement dated as of March 14, 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 statements related to the shares of Common Stock to be issues upon exercise of the Warrants.

Other

In connection with the 2014 Refinancing, we capitalized $37,819,000 of debt financing costs. Amortization of debt financing costs totaled $0, $11,282,000 and $5,773,000 in 2021, 2020 and 2019, respectively. In connection with the Transactions, we accelerated recognition of the unamortized debt financing costs of $9,583,000 in 2020.

Liquidity

Pursuant to the terms of the Credit Agreement, our debt does not include a revolver.

Our liquidity, consisting of cash on the balance sheet, totals $26,112,000 at September 26, 2021. This liquidity amount excludes any future cash flows. Including current maturities of long-term debt of $6,112,00, our liquidity, consisting of cash on the balance sheet is $20,000,000. 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, which is not considered in the calculation of Excess Cash Flow.

There are numerous potential consequences under the 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 BH Finance to exercise their remedies under the Credit Agreement 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 Credit Agreement (as defined above) has only limited affirmative covenants with which we are required to maintain compliance and there are no leverage or financial performance covenants. We are in compliance with our debt covenants at September 26, 2021.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Note 7 - Leases

12 Months Ended

Sep. 26, 2021

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

7 LEASES

We lease certain real estate, vehicles, and equipment. Our leases have remaining lease terms of 1 to 40 years, some of which may include options to extend the leases, and some of which may include options to terminate the leases. The exercise of lease renewal options is at our sole discretion. The depreciable lives of assets and leasehold improvements are limited by the expected lease term unless there is a transfer of title or purchase option reasonably certain of exercise.

Total lease expense consists of the following:

(Thousands of Dollars)	September 26, 2021		September 27, 2020
Operating lease costs		14,846		10,148
Variable lease costs		92		1,911
Short-term lease costs		—		426
Total Operating Lease Expense		14,938		12,485

Supplemental cash flow information related to our operating leases was as follows:

(Thousands of Dollars)	September 26, 2021	September 27, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflow from operating leases	14,789	10,003
Right-of-use assets obtained in exchange for operating lease liabilities	932	1,630

As of September 26, 2021, maturities of lease liabilities were as follows:

(Thousands of Dollars)	September 26, 2021
2022		13,826
2023		13,089
2024		12,074
2025		10,928
2026		9,755
Thereafter		38,334
Total lease payments		98,006
Less: interest		(31,711)
Present value of lease liabilities		66,295

Our lease contracts are discounted using the incremental borrowing rate for the Company. We determined the incremental borrowing rate based on a senior secured collateral adjusted yield curve for the Company. This yield curve reflects the estimated rate that would have been paid by the Company to borrow on a collateralized basis over a similar term in a similar economic environment. The weighted average revolving lease terms and discount rates for all of our operating leases were as follows.

	September 26, 2021
Weighted average remaining lease term (years)		7.98
Weighted Average discount rate		8.03%

Note 8 - Pension Plans

12 Months Ended

Sep. 26, 2021

Pension Plan [Member]

Notes to Financial Statements

Retirement Benefits [Text Block]

8 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. 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)	2021			2020			2019

Service cost for benefits earned during the year		2,529			1,361			36
Interest cost on projected benefit obligation		7,147			7,577			6,563
Expected return on plan assets		(18,688	)		(12,986	)		(8,073	)
Amortization of net loss		4,018			3,166			1,135
Amortization of prior service benefit		(6	)		(6	)		(100	)
Net periodic pension cost (benefit)		(5,000	)		(888	)		(439	)

Changes in benefit obligations and plan assets are as follows:

(Thousands of Dollars)	2021			2020

Benefit obligation, beginning of year		401,381			192,369
Business combination		—			195,834
Service cost		2,529			1,361
Interest cost		7,147			7,577
Actuarial loss (gain)		(5,413	)		20,525
Benefits paid		(21,182	)		(16,246	)
Administrative expenses paid		(275	)		(39	)
Benefit obligation, end of year		384,187			401,381
Fair value of plan assets, beginning of year:		331,354			146,999
Business combination		—			152,331
Actual return on plan assets		89,892			44,933
Benefits paid		(21,182	)		(16,246	)
Administrative expenses paid		(2,599	)		(2,794	)
Employer contributions		965			6,131
Fair value of plan assets, end of year		398,430			331,354
Funded status		14,243			(70,027	)

Disaggregated amounts recognized in the Consolidated Balance Sheets are as follows:

	September 26		September 27
(Thousands of Dollars)	2021		2020

Pension obligations		14,243		(70,027	)
Accumulated other comprehensive income (loss) (before income taxes)		36,965		(41,344	)

Amounts recognized in accumulated other comprehensive income (loss) are as follows:

	September 26		September 27
(Thousands of Dollars)	2021		2020

Unrecognized net actuarial gain (loss)	36,965		(41,344		)
Unrecognized prior service benefit	—		—
		36,965		(41,344	)

We expect to recognize $5,035,000 of unrecognized net actuarial gain, in net periodic pension cost in 2022.

The accumulated benefit obligation for the plans total $384,187,000 at September 26, 2021 and $401,381,000 at September 27, 2020. 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 $384,187,000, $384,187,000 and $176,214,000, respectively, at September 26, 2021.

Assumptions

Weighted-average assumptions used to determine benefit obligations are as follows:

	September 26	September 27
(Percent)	2021	2020

Discount rate	2.7	2.8
Interest crediting rate	2.5	2.5

Weighted-average assumptions used to determine net periodic benefit cost are as follows:

(Percent)	2021	2020	2019

Discount rate - service cost	3.0	3.3	4.2
Discount rate - interest cost	1.9	2.6	3.9
Expected long-term return on plan assets	5.9	6.0	5.5

For 2021, the expected long-term return on plan assets is 5.9%. 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.

For the year ended September 26, 2021, the most significant driver of the decrease in benefit obligations for the plans was the higher actuarial gains experienced by all plans. The pension plans recognized actuarial gains due to small increases in bond yields that resulted in increases to the discount rates and actual return on assets exceeding expected returns for the year improving the funded status of the plans. For the year ended September 27, 2020, the most significant driver of the increase in benefit obligations were the plans acquired in the Transactions, effectively doubling the company's obligation, and higher actuarial losses experienced by all plans. The pension plans incurred actuarial losses due to a fall in bond yields that resulted in decreases to the discount rates.

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, reinvestment of dividend and interest income, and safety of invested funds.

Our investment policy outlines the governance structure for decision making, sets investment objectives and restrictions and establishes criteria for selecting and evaluating investment managers. The use of derivatives is prohibited, except on a case-by-case basis where the manager has a proven capability, and only to hedge quantifiable risks such as exposure to foreign currencies. An investment committee, consisting of certain of our executives and supported by independent consultants, is responsible for monitoring compliance with the investment policy. Assets are periodically redistributed to maintain the appropriate policy allocation.

The weighted-average asset allocation of our pension assets excluding Buffalo News, is as follows:

(Percent)	Policy Allocation		Actual Allocation
	September 26		September 26		September 27
Asset Class	2021		2021		2020

Equity securities		50		50		48
Debt securities		35		34		33
TIPS		5		4		5
Hedge fund investments		10		11		10
Cash and cash equivalents		—		1		4

The weighted-average asset allocation of Buffalo News pension assets is as follows:

(Percent)	Policy Allocation	Actual Allocation
	September 26	September 26	September 27
Asset Class	2021	2021	2020

Equity securities	30	31	92
Debt securities	70	68	2
TIPS	—	—	—
Hedge fund investments	—	—	—
Cash and cash equivalents	—	1	6

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. As of September 26, 2021 and September 27, 2020, Buffalo News had a different policy for asset allocation than the Company's other plans.

Fair Value Measurements

The fair value hierarchy of pension assets at September 26, 2021 is as follows:

(Thousands of Dollars)	NAV		Level 1		Level 2		Level 3

Cash and cash equivalents		—		4,447		—		—
Domestic equity securities		7,236		78,577		42,448		—
International equity securities		—		9,485		9,505		—
Emerging equity securities		—		8,077		—		—
TIPS		—		7,280		—		—
Debt securities		—		181,908		32,781		—
Hedge fund investments		18,758		—		—		—

The fair value hierarchy of pension assets at September 27, 2020 was as follows:

(Thousands of Dollars)	NAV		Level 1		Level 2		Level 3

Cash and cash equivalents		—		17,287		—		—
Domestic equity securities		5,500		151,584		60,333		—
International equity securities		—		6,893		7,396		—
Emerging equity securities		—		7,225		—		—
TIPS		—		6,967		—		—
Debt securities		—		22,253		32,167		—
Hedge fund investments		15,977		—		—		—

There were no purchases, sales or transfers of assets classified as Level 3 in 2021 or 2020. Pension assets included in the fair value hierarchy at net asset value, or "NAV", include three investments:

•

U.S. small cap value equity common/collective fund for which fund prices are not publicly available. The balance of this investment is $7,236,000 and $5,500,000 as of September 26, 2021 and September 27, 2020, respectively. We can redeem this fund on a monthly basis.

•

Global equity long/short common/collective hedge fund-of-funds for which fund prices are established on a monthly basis. The balance of this investment is $8,371,000 and $7,096,000 as of September 26, 2021 and September 27, 2020, respectively. We can redeem up to 90% of our investment in this fund within 90-120 days of notice with the remaining distributed following completion of the audit of the Fund's financial statements for the year.

•

Global equity long/short common/collective hedge fund-of-funds for which fund prices are established on a monthly basis. The balance of this investment is $10,387,000 and $8,881,000 as of September 26, 2021 and September 27, 2020, respectively. We can redeem up to 50% of our investment in this fund twice per year.

The activity within Other comprehensive income (loss) for both pension plans and postretirement plans was as follows:

(Thousands of Dollars)	2021	2020		2019
Comprehensive income (loss), net of taxes:
Change in unrecognized benefit plan gain (loss) arising during the period, net of taxes $19,148, $4,095, and $7,137, respectively	59,663	10,329		(16,880	)
Amortization of items to periodic pension and other post-employment benefit costs during the period, net of taxes $819, $542, and $162, respectively	2,574	(1,265	)	(488	)
Other comprehensive income (loss) recognized in operations, net of taxes	62,237	9,064		(17,368	)

Cash Flows

Based on our forecast at September 26, 2021, we expect to make contributions of $254,000 to our pension trust in 2022.

We anticipate future benefit payments to be paid from the pension trust as follows:

(Thousands of Dollars)

2022		23,161
2023		22,596
2024		22,648
2025		22,552
2026		22,435
2027-2031		108,510

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 $996,000 and $1,483,000 at September 26, 2021 and September 27, 2020, respectively.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Note 9 - Postretirement and Postemployment Benefits

12 Months Ended

Sep. 26, 2021

Other Postretirement Benefits Plan [Member]

Notes to Financial Statements

Retirement Benefits [Text Block]

9 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. 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)	2021			2020			2019

Service cost for benefits earned during the year		207			500			—
Interest cost on projected benefit obligation		429			869			412
Expected return on plan assets		(1,007	)		(1,060	)		(1,082	)
Amortization of net actuarial gain		(685	)		(743	)		(976	)
Amortization of prior service benefit		(647	)		(647	)		(723	)
Curtailment gains		(23,830	)		—			—
Net periodic postretirement benefit		(25,533	)		(1,081	)		(2,369	)

Changes in benefit obligations and plan assets are as follows:

(Thousands of Dollars)	2021			2020

Benefit obligation, beginning of year		47,637			11,752
Business combination		—			36,800
Service cost		207			500
Interest cost		429			869
Liability (gain) loss due to Curtailment		(23,830	)		—
Actuarial loss (gain)		(4,285	)		(982	)
Benefits paid, net of premiums received		(1,678	)		(1,374	)
Medicare Part D subsidies		58			72
Benefit obligation, end of year		18,538			47,637
Fair value of plan assets, beginning of year		25,706			24,135
Business combination		—			—
Actual return on plan assets		1,534			1,594
Employer contributions		1,293			646
Benefits paid, net of premiums and Medicare Part D subsidies received		(1,795	)		(1,077	)
Benefits paid for active employees		64			(438	)
One time asset transfer		—			846
Fair value of plan assets at measurement date		26,802			25,706
Funded status		8,264			(21,931	)

Disaggregated amounts recognized in the Consolidated Balance Sheets are as follows:

	September 26		September 27
(Thousands of Dollars)	2021		2020

Non-current assets	17,664		15,241
Postretirement benefit obligations	(9,859	)	(37,172	)
Accumulated other comprehensive income (before income tax benefit)	17,747		14,269

Amounts recognized in accumulated other comprehensive income are as follows:

	September 26		September 27
(Thousands of Dollars)	2021		2020

Unrecognized net actuarial gain	14,071		4,826
Unrecognized prior service benefit	3,676		9,443
		17,747		14,269

We expect to recognize $995,000 and $647,000 of unrecognized net actuarial gain and unrecognized prior service benefit, respectively, in net periodic postretirement benefit in 2022.

Assumptions

Weighted-average assumptions used to determine postretirement benefit obligations are as follows:

	September 26	September 27
(Percent)	2021	2020

Discount rate	2.6	2.7
Expected long-term return on plan assets	4.0	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)	2021	2020	2019

Discount rate - service cost	2.5	3.4	4.0
Discount rate - interest cost	1.9	2.8	3.7
Expected long-term return on plan assets	4.0	4.5	4.5

For 2021, the expected long-term return on plan assets is 4.0%. 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:

	September 26	September 27
(Percent)	2021	2020

Health care cost trend rates	6.2	6.4
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	2030	2030

Administrative costs related to indemnity plans are assumed to increase at the health care cost trend rates noted above.

In 2021, we notified certain participants in one of our postemployment medical plans of changes to their plan, including elimination of coverage for certain participants. These changes resulted in a non-cash curtailment gain of $23,830,000 in 2021. The curtailment gain is recorded in Curtailment gain in the Consolidated Statements of Income (loss) and Comprehensive Income (loss). These charges also reduced the postemployment benefit obligation by $23,830,000 in 2021.

For the year ended September 26, 2021, the most significant driver of the decrease in benefit obligations for the plans was the higher actuarial gains experienced by all plans. The plans recognized actuarial gains due to small increases in bond yields that resulted in increases to the discount rates, actual return on assets exceeding expected returns for the year, and updated expected future claims costs. For the year ended September 27, 2020, the most significant driver of the increase in benefit obligations were the plans acquired in the Transactions, more than doubling the company's obligation and higher actuarial losses experienced by all plans. The plans incurred actuarial losses due to a fall in bond yields that resulted in decreases to the discount rates.

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 26, 2021 and September 27, 2020 is $631,000 and $671,000, 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
		September 26	September 27
Asset Class	September 26 2021	2021	2020

Equity securities	20	20	20
Debt securities	70	68	70
Hedge fund investment	10	12	10
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 26, 2021 is as follows:

(Thousands of Dollars)	NAV	Level 1	Level 2	Level 3

Cash and cash equivalents	—	25	—	—
Domestic equity securities	904	2,643	—	—
Emerging equity securities	—	603	—	—
International equity securities	—	747	660	—
Debt securities	—	18,363	—	—
Hedge fund investment	3,235	—	—	—

The fair value hierarchy of postretirement assets at September 27, 2020 is as follows:

(Thousands of Dollars)	NAV		Level 1		Level 2		Level 3

Cash and cash equivalents		—		59		—		—
Domestic equity securities		590		2,868		—		—
Emerging equity securities		—		539		—		—
International equity securities		—		579		759		—
Debt securities		—		18,229		—		—
Hedge fund investment		2,754		—		—		—

There were no purchases, sales or transfers of assets classified as Level 3 in 2021 or 2020. Postretirement assets included in the fair value hierarchy at NAV, include two investments:

•

U.S. small cap value equity common/collective fund for which fund prices are not publicly available. The balance of this investment is $904,000 and $590,000 as of 9/26/2021 and 9/27/2020, respectively. We can redeem this fund on a monthly basis.

•

Global equity long/short common/collective hedge fund-of-funds for which fund prices are established on a monthly basis. The balance of this investment is $3,235,000 and $2,754,000 as of 9/26/2021 and 9/27/2020, respectively. We can redeem up to 90% of our investment in this fund within 90-120 days of notice with the remaining distributed following completion of the audit of the Fund's financial statements for the year.

Cash Flows

Based on our forecast at September 26, 2021, we do not expect to contribute to our postretirement plans in 2022.

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:

			Less
			Medicare
	Gross		Part D			Net
(Thousands of Dollars)	Payments		Subsidy			Payments

2022		1,479		(58	)		1,421
2023		1,424		(55	)		1,369
2024		1,383		(51	)		1,332
2025		1,326		(47	)		1,279
2026		1,277		(43	)		1,234
2027-2031		5,439		(158	)		5,281

Postemployment Plan

Our postemployment benefit obligation, which represents certain disability benefits, is $2,233,000 at September 26, 2021 and $2,371,000 at September 27, 2020.

- Definition

The entire disclosure for retirement benefits.

+ References

+ Details

Note 10 - Other Retirement Plans

12 Months Ended

Sep. 26, 2021

Notes to Financial Statements

Other Retirement Plans [Text Block]

10 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.

The defined contribution retirement plan costs were $3,403,000 in 2021, $2,666,000 in 2020 and $1,683,000 in 2019.

Multiemployer Pension Plans

We contributed to five multiemployer defined benefit pension plans under the terms of 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

Expiration Dates of

Pension Plan

2021

2020

Status

2021

2020

2019

Surcharge Imposed

CBAs

GCIU- Employer Retirement Fund

Red

Implemented

3/24/2022

District No. 9, International Association of Machinists and Aerospace Workers Pension Trust

Red

Green

N/A

2/28/2023

CWA/ITU negotiated Pension Plan

Red

N/A

456

—

6/10/2022

1/13/2022

IAM National Pension Fund

Red

Green

N/A

—

N/A

1/1/2024

2/31/22

Operating Engineers Central Pension Fund of the International Union of Operating Engineers and Participating Employers

Green

N/A

—

N/A

6/16/2022

The Company has effectuated withdrawals from several multiemployer plans. We record estimates of withdrawal liabilities as of the time the contracts agreeing to withdraw from those plans are ratified. As of September 26, 2021 and September 27, 2020, we had $23,471,000 and $11,473,000 withdrawal liabilities recorded in Warrants and Other Liabilities in our Consolidated Balance Sheets. The liabilities reflect the estimated net present value of payments to the fund, payable over 20-years.

In 2021, we withdrew from two multiemployer pension plan and recorded a $12,862,000 liability reflecting an estimate of the withdrawal from the funds. The withdrawal liabilities are recorded in Warrants and other and the expense is included within Pension withdrawal cost. The liabilities will be paid over 20 years.

Several multiemployer plans have CBAs that expire in the next twelve months. It is reasonably possible that if the Company is unable to renegotiate these agreements employees could go on strike which could disrupt the normal operations of the Company. Of our employees in CBA's, approximately 97% have CBA's that expire in the next 12 months.

Note 11 - Common Stock and Class B Common Stock

12 Months Ended

Sep. 26, 2021

Notes to Financial Statements

Common Stock [Text Block]

11 COMMON STOCK AND CLASS B COMMON STOCK

Warrant Agreement

In connection with the previous 2nd Lien Term Loan entered into as part of the 2014 Refinancing, 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, 600,000 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 $41.90 per share. Shares and exercise price have been adjusted to reflect the Reverse Stock Split.

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 re-measure 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 26, 2021, the fair value of the Warrants is $71,000.

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.

Note 12 - Stock Ownership Plans

12 Months Ended

Sep. 26, 2021

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]

12 STOCK OWNERSHIP PLANS

Total non-cash stock compensation expense is $854,000, $1,042,000 and $1,638,000, in 2021, 2020 and 2019, respectively.

At September 26, 2021, we have reserved 368,095 shares of Common Stock for issuance to employees under an incentive and non-statutory stock option and restricted stock plan approved by stockholders of which 332,360 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)	2021			2020			2019

Under option, beginning of year		41			81			110
Exercised		(2	)		—			(9	)
Canceled		(3	)		(40	)		(20	)
Under option, end of year		36			41			81
Exercisable, end of year		36			41			81

Weighted average prices of stock options are as follows:

(Dollars)	2021	2020	2019

Exercised	11.3	—	20.6
Cancelled	11.3	25.3	20.8
Under option, end of year	11.4	11.4	18.2

Prior period results have been adjusted to reflect the Reverse Stock Split.

A summary of stock options outstanding at September 26, 2021 is as follows:

(Dollars)	Options Outstanding			Options Exercisable
Range of	Number Outstanding (Thousands)	Weighted Average Remaining Contractual Life (Years)	Weighted Average Exercise Price	Number Exercisable (Thousands)	Weighted Average Exercise Price

11 - 12	36	0.7	11.4	36	11.4

There is no unrecognized compensation expense for unvested stock options at September 26, 2021.

The stock options outstanding have $402,000 in aggregate intrinsic value at September 26, 2021

Restricted Common Stock

A summary of restricted Common Stock activity follows:

(Thousands of Shares)	2021			2020			2019

Outstanding, beginning of year		155			148			206
Granted		46			72			79
Vested		(45	)		(61	)		(134	)
Forfeited		(2	)		(4	)		(3	)
Outstanding, end of year		154			155			148

Weighted average grant date fair values of restricted Common Stock are as follows:

(Dollars)	2021	2020	2019

Outstanding, beginning of year	21.5	24.9	23.1
Granted	11.2	16.2	21.8
Vested	27.3	23.4	20.3
Forfeited	16.1	24.4	21.3
Outstanding, end of year	16.7	21.5	24.9

Prior period results have been adjusted to reflect the Reverse Stock Split.

Total unrecognized compensation expense for unvested restricted Common Stock at September 26, 2021 is $901,000, which will be recognized over a weighted average period of 1.2 years.

In December 2021, we expect to issue shares of 96,000 restricted Common Stock to employees. All restrictions with respect to these shares lapse in December 2024.

Stock Purchase Plans

We have 27,000 shares of Common Stock available for issuance pursuant to our Employee Stock Purchase Plan. We also have 870 shares of Common Stock available for issuance under our Supplemental Employee Stock Purchase Plan. There has been no activity under these plans in 2021, 2020, or 2019.

Note 13 - Income Taxes

12 Months Ended

Sep. 26, 2021

Notes to Financial Statements

Income Tax Disclosure [Text Block]

13 INCOME TAXES

Income tax expense (benefit) consists of the following:

(Thousands of Dollars)	2021			2020			2019

Current:
Federal	(2,431		)	8,779			8,763
State	3,642			(10		)	1,171
Deferred	6,004			(4,665		)	(2,003		)
		7,215			4,104			7,931

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)	2021			2020			2019

Computed “expected” income tax expense	21.0			21.0			21.0
State income tax benefit, net of federal tax benefit	5.6			21.7			1.3
Net income of associated companies	(1.8		)	(18.3		)	(3.9		)
Resolution of tax matters	3.2			(30.5		)	1.7
Remeasurement due to rate changes	—			24.0			—
Non-deductible expenses	0.9			19.4			3.4
Valuation allowance	(6.0		)	110.0			10.8
Warrant valuation	(0.4		)	(7.3		)	(0.6		)
Other	—			4.4			(0.4		)
		22.5			144.4			33.3

Net deferred income tax liabilities consist of the following components:

	September 26			September 27
(Thousands of Dollars)	2021			2020

Deferred income tax liabilities:
Property and equipment		(13,284	)		(18,646	)
Identified intangible assets		(14,032	)		(16,765	)
ASC 842 - Leases DTL		(15,813	)		(18,669	)
Pension and postretirement benefits		(6,346	)		—
Investments		(14,275	)		(6,154	)
		(63,750	)		(60,234	)
Deferred income tax assets:
Allowance for credit losses		237			1,733
Pension and postretirement benefits		—			7,075
Long-term debt		716			350
Interest deduction limitation		—			5,383
Operating loss carryforwards		26,999			28,240
ASC 842 - Leases DTA		15,840			18,675
Accrued compensation		6,630			13,142
Accrued expenses		443			1,673
Other		812			430
		51,677			76,701
Valuation allowance		(28,222	)		(31,675	)
Net deferred income tax liabilities		(40,295	)		(15,208	)

All deferred taxes are categorized as non-current.

A reconciliation of 2021 and 2020 changes in gross unrecognized tax benefits is as follows:

(Thousands of Dollars)	2021			2020

Balance, beginning of year		27,008			18,252
Changes in tax positions for prior years		1,008			(331	)
Increases (decrease) in tax positions for the current year		(8,940	)		9,825
Lapse in statute of limitations		(797	)		(738	)
Balance, end of year		18,279			27,008

Approximately $10,984,000 and $10,319,000 of the gross unrecognized tax benefit balances for 2021 and 2020, 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 $1,033,000 at September 26, 2021. The company does not expect that unrecognized tax benefits will fluctuate significantly in the next twelve months. 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, $1,393,000 at September 26, 2021 and $1,000,000 at September 27, 2020. There were no amounts provided for penalties at September 26, 2021 or September 27, 2020.

At September 26, 2021 and September 27, 2020, we had a deferred tax asset of $0 and $5,383,000, respectively, related to disallowed interest expense.

No significant income tax audits are currently in progress. Certain of the Company's state income tax returns for the year ended September 28, 2015, are open for examination. The Federal and remaining state returns are open beginning with the September 26, 2016, year.

At September 26, 2021, we have state tax benefits of approximately $45,160,000 in net operating loss ("NOL") carryforwards that expire between 2022 and 2040. These NOL carryforwards result in a deferred income tax asset of $35,676,000 at September 26, 2021, a portion of which is offset by a valuation allowance.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section S99
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-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Note 14 - Fair Value of Financial Instruments

12 Months Ended

Sep. 26, 2021

Notes to Financial Statements

Fair Value Disclosures [Text Block]

14 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 $4,226,000, including our 16.7% ownership of the non-voting common stock and 0.7% of the voting common stock of TCT, which represents 8.7% of total TCT stock, and a private equity investment, are carried at cost.

At September 26, 2021, we had no floating rate debt. Our fixed rate debt consists of $482,616,000 principal amount of the Term Note. At September 26, 2021, based on market quotations, the fair value approximates carrying value. This represents a Level 2 fair value measurement.

As discussed more fully in Notes 6 and 12, 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 re-measure 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 26, 2021, September 27, 2020, and September 29, 2019 is $71,000, $363,000 and $1,195,000, respectively. In other, net non-operating income (expense) in the Consolidated Statements of Income (loss) and Comprehensive Income (loss), we recognized income of $292,000 in 2021, $832,000 in 2020, and of $612,000 in 2019, for adjustments in the fair value of the Warrants.

The following assumptions were used to estimate the fair value of the Warrants:

	2021		2020		2019

Volatility (Percent)		43		84		48
Risk-free interest rate (Percent)		0.05		0.12		1.58
Expected term (Years)		0.5		1.5		2.5
Estimated fair value (Dollars)		0.12		0.06		0.2

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Note 15 - Earnings Per Common Share

12 Months Ended

Sep. 26, 2021

Notes to Financial Statements

Earnings Per Share [Text Block]

15 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)	2021			2020			2019

Income (loss) attributable to Lee Enterprises, Incorporated:		22,785			(3,106	)		14,268

Weighted average Common Stock		5,873			5,811			5,765
Less non-vested restricted Common Stock		(156	)		(154	)		(208	)
Basic average Common Stock		5,717			5,657			5,557
Dilutive stock options and restricted Common Stock		109			37			131
Diluted average Common Stock		5,826			5,694			5,688
Earnings per common share:
Basic:		3.99			(0.55	)		2.57
Diluted		3.91			(0.55	)		2.51

For 2021 and 2019 we had 600,000 and 638,400 weighted average shares, respectively, not considered in the computation of diluted earnings per share because the exercise prices of the related stock options and Warrants were in excess of the fair market value of our Common Stock. For 2020 we had 600,000 weighted average shares not considered in the computation of diluted earnings per share because the Company recorded net losses.

Prior period results have been adjusted to reflect the Reverse Stock Split.

Note 16 - Allowance for Credit Losses

12 Months Ended

Sep. 26, 2021

Notes to Financial Statements

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

16 ALLOWANCE FOR CREDIT LOSSES

Valuation and qualifying account information related to the allowance for credit losses related to continuing operations is as follows:

(Thousands of Dollars)	2021			2020			2019

Balance, beginning of year		13,431			6,434			4,806
Additions charged to expense		1,505			8,607			2,751
Deductions from reserves		(8,362	)		(1,610	)		(1,123	)
Balance, end of year		6,574			13,431			6,434

Note 17 - Other Information

12 Months Ended

Sep. 26, 2021

Notes to Financial Statements

Other Information [Text Block]

17 OTHER INFORMATION

Compensation and other accrued liabilities consist of the following:

	September 26		September 27
(Thousands of Dollars)	2021		2020

Compensation	20,849		16,915
Retirement plans	554		2,317
Other	23,673		25,046
		45,076		44,278

Supplemental cash flow information includes the following cash payments:

(Thousands of Dollars)	2021	2020	2019

Interest	45,214	49,518	47,555
Debt financing and reorganization costs	—	707	1,773
Income tax payments, net	7,604	446	8,439

Accumulated other comprehensive income (loss), net of deferred income taxes at September 26, 2021, and September 27, 2020, is related to pension and postretirement benefits.

Note 18 - Commitments and Contingent Liabilities

12 Months Ended

Sep. 26, 2021

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

18 COMMITMENTS AND CONTINGENT LIABILITIES

Capital Expenditures

At September 27, 2021, we had construction and equipment purchase commitments totaling approximately $3,791,000.

Income Taxes

Commitments exclude unrecognized tax benefits to be recorded in accordance with 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 13.

We file income tax returns with the Internal Revenue Service 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 2014.

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.

Significant Accounting Policies (Policies)

12 Months Ended

Sep. 26, 2021

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation

The Consolidated Financial Statements include our accounts and those of our subsidiaries, all of which are wholly-owned, except for our 50% 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.

Certain amounts in prior period Consolidated Financial Statements have been reclassified to conform to the current year presentation. Pursuant to our acquisition of BH Media and Buffalo News, we realigned the presentation of certain home delivery print revenue and certain other Subscription revenue from other revenue to subscription revenue on the Consolidated Statements of Income (loss) and Comprehensive Income (loss). As a result of this updated presentation, subscription revenue increased and other revenue decreased by $828,000 in 2021, by $2,346,000 in 2020, and by $752,000 in 2019. Operating revenues, net income (loss), accumulated deficit, and earnings per share remain unchanged.

On February 25, 2021, our Board of Directors declared a one-for-ten split of the Company's common stock (the "Reverse Stock Split"). Effective March 15, 2021 the Company's shares began trading on a post reverse split basis. Prior period results have been adjusted to reflect the Reverse Stock Split in March 2021. The split did not change the Company's Common Stock Par value but changed opening Common Stock and Additional Paid in Capital balances by offsetting amounts.

During the 52 weeks ended September 26, 2021 we identified an error related to pension contributions recorded incorrectly in the 52 weeks ended September 27, 2020. The error was due to a directional issue whereby pension contributions were reported as operating cash inflows in the statement of cash flows instead of operating cash inflows. Recording this out of period adjustment has no impact to the Consolidated Statements of Income (loss) and Comprehensive Income (loss) for the 52 weeks ended September 27, 2020 and has no impact on the Consolidated Balance Sheet. The correction impacted the Consolidated Statement of Cash Flows. Pension contributions have been corrected to a cash outflow of $6,215,000 and the change in pension, postretirement and postemployment benefit obligations have been corrected to a decrease of $2,950,000. Net cash provided by operating activities did not change. We do not believe the impact of the adjustment is material to our consolidated financial statements for any previously issued financial statements taken as a whole.

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 (Unaudited)

As noted above in Item 1A, “Risk Factors”, on November 24, 2021, our Board of Directors adopted the Rights Agreement and declared a dividend of one Right, payable on December 6, 2021, for each share of our Common Stock outstanding to the stockholders of record on that date. Each Right entitles the registered holder to purchase from the Company one-thousandth of a Preferred Share, of the Company at a price of $120.00 per one one-thousandth of a Preferred Share represented by a Right, subject to adjustment. The Rights will initially trade with our Common Stock and will generally become exercisable only if any person or group, other than certain exempt persons, acquires beneficial ownership of 10% (or 20% in the case of certain passive investors) or more of our Common Stock outstanding. In the event the Rights become exercisable, each holder of a Right, other than the triggering person(s), will be entitled to purchase additional shares of our Common Stock at a 50% discount or the Company may exchange each Right held by such holders for one share of our Common Stock. The Rights Agreement will continue in effect until November 23, 2022, or unless earlier redeemed or terminated by the Company, as provided in the Rights Agreement. The Rights have no voting or dividend privileges, and, unless and until they become exercisable, have no dilutive effect on the earnings of the Company.

Subsequent to September 26, 2021 we have completed the sale of three buildings and received net proceeds of $14,480,000. As required in our Credit Agreement such proceeds, net of estimated taxes, are used to pay down the outstanding principal balance. As such, we made additional principal payments of $10,430,000 in the first quarter of 2022.

We are in the process of negotiating changes to the defined benefit plans. These changes include merging the plans, freezing benefit accruals, and in some cases benefit increases. The changes are expected to take place at the end of the calendar year.

Management evaluated subsequent events through the issuance date of our consolidated financial statements. Other than those described above, there were no other material events or transactions that would require recognition on the consolidated financial statements or disclosure in the notes to the consolidated financial statements.

Use of Estimates, Policy [Policy Text Block]

Accounting Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. We evaluate our estimates on an on-going basis. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities 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.

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.

Accounts Receivable [Policy Text Block]

Accounts Receivable

We evaluate our allowance for credit losses based on historical credit experience, payment trends and other economic factors. Accounts considered to be uncollectible are written off.

Inventory, Policy [Policy Text Block]

Inventories

Newsprint inventories and other inventories are priced at the lower of cost or net realizable value. LIFO newsprint inventories at September 26, 2021 and September 27, 2020 are less than replacement cost by $988,000 and $942,000, respectively.

The components of inventory by cost method are as follows:

(Thousands of Dollars)	September 26, 2021		September 27, 2020

Newsprint - FIFO method	409		564
Newsprint - LIFO method	903		1,222
Other inventory - FIFO method	2,870		2,794
Specific identification	2,115		2,954
		6,297		7,534

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.

Property, Plant and Equipment, Policy [Policy Text Block]

Property and Equipment

Property and equipment are carried at cost. Equipment and all other assets are depreciated using the straight line method. The estimated useful lives are as follows:

	Years

Buildings and improvements		5 - 40
Printing presses and insertion equipment		5 - 25
Leasehold improvements		3 - 10
Other		3 - 15

We recognize the fair value of a liability for a legal obligation to perform an asset retirement activity when such activity is a condition of a future event and the fair value of the liability can be estimated. The cost of asset retirements and related accruals was not material in 2021, 2020 or 2019.

Goodwill and Intangible Assets, Policy [Policy Text Block]

Goodwill and Other Intangible Assets

Intangible assets include customer lists, newspaper subscriber lists and mastheads. Intangible assets subject to amortization are being amortized using the straight-line method except for intangible assets acquired in the Transactions which are being amortized in an accelerated manner consistent with the expected economic benefit.

	Years

Customer lists		10 - 20
Newspaper subscriber lists		10 - 20

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.

The Company's goodwill is all attributable to a single reporting unit entity. In 2021 and 2020, the Company had $330,204,000 and $328,445,000 of goodwill in the Consolidated Balance Sheets, respectively. The annual assessment is made as of the first day of our fourth fiscal quarter, or more frequently if events or changes in circumstances indicate that an asset may be impaired.

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 whenever events or changes in circumstances indicate that the carrying amount might be impaired. 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.

Our quantitative impairment analysis for non-amortizable intangible assets includes several inputs that are considered estimates, these include royalty rates, discount rates, and a five-year revenue forecast. All of these estimates are subject to uncertainty as future results may or may not be achieved. The Company royalty rates utilized range from 1.0% to 1.5%, a 50 basis point decrease in royalty rates would result in an additional $9,816,000 of impairment. The Company’s discount rate utilized in the analysis has ranged from 9.50% to 11.50% in different years depending on market conditions. Increasing the discount rate by 100 basis points would result in an additional $1,075,000 of impairment. The Company has had various revenue forecast utilized in the analysis over different years. A one percent decrease in forecasted revenues would result in an additional $674,000 of impairment. Decreasing long term growth rates by 100 basis points results in an additional $26,000 of impairment.

Business Combinations Policy [Policy Text Block]

Business Combinations

The Company accounts for acquisitions in accordance with the provisions of FASB Accounting Standards Codification ("ASC") Topic 805 "Business Combinations", which provides guidance for recognition and measurement of identifiable assets and goodwill acquired, liabilities assumed, and any non-controlling interest in the acquiree at fair value. In a business combination, the assets acquired, liabilities assumed and non-controlling interest in the acquiree are recorded as of the date of acquisition at their respective fair values with limited exceptions. Any excess of the purchase price (consideration transferred) over the estimated fair values of net assets acquired is recorded as goodwill. Transaction costs are expensed as incurred. The operating results of the acquired business are reflected in the Company's Consolidated Financial Statements from the date of acquisition.

Noncontrolling Interest [Policy Text Block]

Non-controlling Interest

Non-controlling interest in earnings of TownNews is recognized in the Consolidated Financial Statements.

Revenue [Policy Text Block]

Revenue Recognition

On October 1, 2018, we adopted ASC Topic 606 Revenue from Contract with Customers, using the modified retrospective method applied to those contracts which were not completed as of that date. Results for reporting period beginning after October 1, 2018 are presented under the new guidance while prior period amounts are not adjusted and continue to be reported in accordance with legacy accounting under the old guidance. We did not record any adjustments to beginning retained earnings at October 1, 2018 as a result of adopting the new guidance.

Advertising and marketing services revenue: Advertising and marketing services revenue includes amounts charged to customers for retail, national, or classified advertising space purchased in our newspapers, advertisements placed on our digital platforms, and other print advertising products such as preprint inserts and direct mail. Advertising and marketing services revenue also include amounts charged to customers for digital marketing services which include: audience extension, Search Engine Optimization, Search Engine Marketing, web and mobile production, social media services and reputation monitoring and management. The following define the timing of revenue recognition for each general revenue category:

•

Print advertising revenue is recognized at the point in time the associated publication has been delivered.

•

Digital advertising revenue is recognized at the point in time that impressions are delivered.

•

Digital marketing services revenue is recognized over the period of time which the service is performed.

Advertising and marketing services contract transaction prices consist of fixed consideration. We recognize revenue when control of the related performance obligation transfers to the customer.

Payments for advertising revenue is due upon completion of our performance obligations at previously agreed upon rates. In instances where the timing of revenue recognition differs from the timing of invoicing, such timing differences are not large. As a result, we have determined that our contracts do not include a significant financing component.

Subscription revenue: Subscription revenue includes revenue for content delivered to consumers via print and digital products purchased by readers or distributors. Single copy revenue is also included in subscription revenue. Subscription revenue from single-copy and home delivery subscriptions is recognized at the point in time the publications are delivered. Digital subscription revenue is recognized over time as performance obligations are met via on-demand availability of online content made available to customers throughout the contract term. Payments for subscription revenue is typically collected in advance, are for contract periods of one year or less and result in an unearned revenue liability that is reduced when revenue is recognized.

Other revenue: Other revenue primarily consists of digital services, Management Agreement revenue in 2020, commercial printing and delivery of third party products. Management Agreement revenue consists of fixed and variable fees collected from our Management Agreement. Fixed fee revenue from the Management Agreement is recognized over time and paid quarterly and variable fees are paid annually. Variable fees are recognized when the fees are deemed earned and it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The Management Agreement expired in 2020 upon the completion of the Transactions. Commercial printing and delivery revenue is recognized when the product is delivered to the customer.

Digital services revenues, which are primarily delivered through TownNews, are primarily comprised of contractual agreements to provide webhosting and content management services. As such, digital services revenue is recognized over the contract period. Prices for digital services are agreed upon in advance of the contract beginning and are typically billed in arrears on a monthly basis, with the exception of implementation fees which are recognized as deferred revenue and amortized over the contract period.

Advertising Cost [Policy Text Block]

Advertising Costs

A substantial amount of our advertising and promotion consists of advertising placed in our own publications and digital platforms, using available space. The incremental cost of such advertising is not significant and is not measured separately by us. External advertising costs are not significant and are expensed as incurred.

Restructuring Costs and Other, Policy [Policy Text Block]

Restructuring Costs and Other

We incur severance related costs on an ongoing basis in response to overall industry trends. We accrue for severance related items generally as part of planned business transformation efforts when the impacted employees can be identified and the amounts are estimable. We did not have a significant severance liability as of September 26, 2021 or September 27, 2020.

Prior to 2021, other costs included in Restructuring Costs and Other include estimated impacts of withdrawals from our multiemployer plans. Multiemployer plans are discussed in Note 9.

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 ASC Topic 715, Retirement Plans. We use the alternative spot rate approach which utilizes a full yield curve to estimate the interest cost component of benefit cost by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows.

Income Tax, Policy [Policy Text Block]

Income Taxes

Deferred income tax assets are recognized for deductible temporary differences and loss carryforwards and deferred income tax liabilities are recognized for taxable temporary differences which are the difference between the reported amounts of assets and liabilities and their tax basis. Deferred income tax assets are reduced by a valuation allowance when, in our opinion, it is more likely than not that 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, Policy [Policy Text Block]

Fair Value of Financial Instruments

We utilize ASC Topic 820, Fair Value Measurements and Disclosures, to measure and report fair value. ASC Topic 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. 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 consist 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 funds 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.

Share-based Payment Arrangement [Policy Text Block]

Stock Compensation and Warrants

We have several active stock-based compensation plans. We account for grants under those plans under the fair value expense recognition provisions of 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 600,000 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 6, 11 and 14.

Uninsured Risks [Policy Text Block]

Uninsured Risks

We are self-insured for health care, workers compensation and certain long-term disability costs of our employees, subject to stop loss insurance, which limits our losses in the event of large claims. We accrue our estimated health care costs in the period in which such costs are incurred, including an estimate of incurred but not reported claims. Other risks are insured and carry deductible losses of varying amounts. We have posted cash collateral totaling $4,711,000 at September 26, 2021 in support of our insurance program, recorded under Other on the consolidated balance sheets.

Our accrued reserves for health care and workers compensation claims are based upon estimates of the remaining liability for retained losses made by consulting actuaries. The amount of workers compensation reserve has been determined based upon historical patterns of incurred and paid loss development factors from the insurance industry.

New Accounting Pronouncements, Policy [Policy Text Block]

Recently Issued Accounting Standards - Standards Adopted in 2021

In June 2016, the FASB issued a new standard ASC Topic 326 Financial Instruments - Credit Losses to replace the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a wider array of reasonable and supportable information to inform and develop credit loss estimates. We are required to use a forward-looking expected credit loss model for both accounts receivables and other financial instruments. The new standard was adopted on September 28, 2020, using a modified retrospective approach. This standard did not have a material impact on our Consolidated Financial Statements.

In August 2018, the FASB issued Accounting Standards Update ("ASU") 2018-13 Fair Value Measurements that changes disclosure requirements related to fair value measurements as part of the disclosure framework project. The disclosure framework project aims to improve effectiveness of disclosures in the notes to the financial statements by focusing on requirements that clearly communicate the most important information to users of the financial statements. The new guidance was adopted on September 28, 2020, and did not have a material impact on our Consolidated Financial Statements.

In December 2019, the FASB issued new guidance that simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in ASC Topic 740 Income Taxes related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition for deferred tax liabilities for outside basis differences. The standard also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. This new guidance was adopted September 28, 2020, and did not have a material impact on our Consolidated Financial Statements.

In August 2018, FASB issued ASU 2018-14 Compensation - Retirement Benefits - Defined Benefit Plans to amend disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The new standard was adopted in 2021 using a retrospective approach, and did not have a material impact on our Consolidated Financial Statements.

Recently Issued Accounting Standards - Standards Adopted in 2020

The Company elected to change its method of accounting for leases as of September 30, 2019 due to the adoption of Accounting Standard Update (ASU) No. 2016-02, Leases, and related updates, which established ASC Topic 842, Leases. The new standard is based on the principle that entities should recognize assets and liabilities arising from leases. The new standard's primary change is the requirement for entities to recognize a lease liability for payments and a right-of-use ("ROU") asset representing the right to use the leased asset during the term on most operating lease arrangements. We adopted the standard effective September 30, 2019, the first day of fiscal year 2020.

We elected the package of practical expedients which permits the Company to not reassess under the new standard the prior conclusions about lease identification, lease classification, or initial direct costs. In addition, we did reassess whether existing land easements which were previously not accounted for as leases are or contain leases under the new guidance. We have elected to combine non-lease and lease components when accounting for leases. The Company has made a policy election to exclude short-term leases, those with an original term of less than twelve months, from recognition and measurement under ASC 842. As such, we have not recognized an ROU asset or lease liability for these leases. Additional information and disclosures required by this new standard are contained in Note 18.

We adopted ASC 842 using the modified retrospective method as of the adoption date. As a result of electing the modified retrospective approach, we have not restated prior year financial statements to conform to the new guidance. Our operating lease portfolio primarily includes real estate, office equipment, and vehicles.

As a result of adoption of ASC 842, we recorded operating lease right-of-use assets of $10,709,000, current portion of lease liability of $2,281,000, and operating lease liabilities of $8,353,000.

Note 1 - Significant Accounting Policies (Tables)

12 Months Ended

Sep. 26, 2021

Notes Tables

Schedule of Inventory, Current [Table Text Block]

(Thousands of Dollars)	September 26, 2021		September 27, 2020

Newsprint - FIFO method	409		564
Newsprint - LIFO method	903		1,222
Other inventory - FIFO method	2,870		2,794
Specific identification	2,115		2,954
		6,297		7,534

Property, Plant and Equipment [Table Text Block]

	Years

Buildings and improvements		5 - 40
Printing presses and insertion equipment		5 - 25
Leasehold improvements		3 - 10
Other		3 - 15

Schedule of Finite-Lived Intangible Assets [Table Text Block]

	Years

Customer lists		10 - 20
Newspaper subscriber lists		10 - 20

Note 2 - Acquisitions (Tables)

12 Months Ended

Sep. 26, 2021

Notes Tables

Business Acquisition, Pro Forma Information [Table Text Block]

	Unaudited Unaudited
	September 27,		September 29,
(Thousands of Dollars, Except Per Share Data)	2020		2019
Total revenues		821,793		973,143
Income attributable to Lee Enterprises, Incorporated		17,632		20,715
Earnings per share - diluted		3.10		3.60

BHMG [Member]

Notes Tables

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

(Thousands of Dollars)	Estimated fair value as previously reported ^(a)			Measurement period adjustments			Fair value as adjusted
Cash and cash equivalents		22,293			—			22,293
Current assets		52,559			(855	)		51,704
Other assets		12,167			4,343			16,510
Property and equipment		42,952			33			42,985
Operating lease assets		7,445			101			7,546
Advertiser relationships		38,780			(11,160	)		27,620
Subscriber relationships		36,060			(8,210	)		27,850
Commercial print relationships		17,130			2,430			19,560
Mastheads		21,680			(1,290	)		20,390
Goodwill		63,559			16,337			79,896
Total assets		314,625			1,729			316,354
Current liabilities assumed		(73,451	)		1,074			(72,377	)
Operating lease liabilities		(6.625	)		(921	)		(7,546	)
Other liabilities assumed		(2,246	)		(1,882	)		(4,128	)
Pension obligations		(43,503	)		—			(43,503	)
Postemployment benefit obligations		(36,800	)		—			(36,800	)
Total liabilities		(162,625	)		(1,729	)		(164,354	)
Net assets		152,000			—			152,000
Less: acquired cash		(22,293	)		—			(22,293	)
Total consideration less acquired cash		129,707			—			129,707

Note 3 - Revenue (Tables)

12 Months Ended

Sep. 26, 2021

Notes Tables

Disaggregation of Revenue [Table Text Block]

(Thousands of Dollars)	September 26, 2021		September 27, 2020		September 29, 2019

Advertising and marketing services revenue		369,283		289,655		265,933
Subscription Revenue		357,713		268,285		187,443
TownNews and other digital services revenue		18,999		18,132		18,885
Other revenue		48,654		41,932		37,593
Total operating revenue		794,649		618,004		509,854

Note 4 - Investments in Associated Companies (Tables)

12 Months Ended

Sep. 26, 2021

Notes Tables

Equity Method Investments [Table Text Block]

	September 26			September 27
(Thousands of Dollars)	2021			2020

ASSETS
Current assets		2,238			2,643
Investments and other assets		1,693			998
Total assets		3,931			3,641

LIABILITIES AND MEMBERS' EQUITY
Current liabilities		5,027			4,663
Members' equity		(1,096	)		(1,022	)
Total liabilities and members' equity		3,931			3,641

(Thousands of Dollars)	2021		2020		2019

Operating revenue		34,782		37,101		43,532
Operating expenses		25,320		29,673		34,224
Net income		9,462		7,428		9,308

Company's 50% share		4,731		3,714		4,654
Less amortization of intangible assets		—		209		418
Equity in earnings of TNI		4,731		3,505		4,236

	September 26		September 27
(Thousands of Dollars)	2021		2020

ASSETS
Current assets		6,930		10,113
Investments and other assets		30,422		29,952
Total assets		37,352		40,065

LIABILITIES AND MEMBERS' EQUITY
Current liabilities		6,921		8,540
Other liabilities		6,470		5,862
Stockholders' equity		23,961		25,663
Total liabilities and stockholders' equity		37,352		40,065

(Thousands of Dollars)	2021		2020			2019

Operating revenue		46,015		48,056			56,790
Operating expenses, excluding restructuring costs, depreciation and amortization		35,583		46,845			48,121
Restructuring costs		107		274			355
Depreciation and amortization		711		697			1,018
Operating income		9,614		240			7,296
Net income (loss)		3,362		(204	)		5,770
Equity in earnings of MNI		1,681		(102	)		2,885

Note 5 - Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Sep. 26, 2021

Notes Tables

Schedule of Goodwill [Table Text Block]

(Thousands of Dollars)	2021			2020

Goodwill, gross amount		1,617,174			1,539,038
Accumulated impairment losses		(1,288,729	)		(1,288,729	)
Goodwill, beginning of year		328,445			250,309
Goodwill acquired in business combinations		—			78,136
Measurement period adjustments		1,759			—
Goodwill, end of year		330,204			328,445

Schedule of Intangible Assets [Table Text Block]

	September 26			September 27
(Thousands of Dollars)	2021			2020

Non-amortized intangible assets:
Mastheads	39,672			40,459
Amortizable intangible assets:
Customer and newspaper subscriber lists	774,242			774,604
Less accumulated amortization	(657,243		)	(632,457		)
		116,999			142,147
Non-compete and consulting agreements	28,656			28,656
Less accumulated amortization	(28,656		)	(28,582		)
		—			74
		156,671			182,680

Asset Impairment Charges [Table Text Block]

(Thousands of Dollars)	2021		2020		2019

Non-amortized intangible assets		787		972		—
Property, equipment and other assets		190		—		—
		977		972		0

Note 7 - Leases (Tables)

12 Months Ended

Sep. 26, 2021

Notes Tables

Lease, Cost [Table Text Block]

(Thousands of Dollars)	September 26, 2021		September 27, 2020
Operating lease costs		14,846		10,148
Variable lease costs		92		1,911
Short-term lease costs		—		426
Total Operating Lease Expense		14,938		12,485

(Thousands of Dollars)	September 26, 2021	September 27, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflow from operating leases	14,789	10,003
Right-of-use assets obtained in exchange for operating lease liabilities	932	1,630

	September 26, 2021
Weighted average remaining lease term (years)		7.98
Weighted Average discount rate		8.03%

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

(Thousands of Dollars)	September 26, 2021
2022		13,826
2023		13,089
2024		12,074
2025		10,928
2026		9,755
Thereafter		38,334
Total lease payments		98,006
Less: interest		(31,711)
Present value of lease liabilities		66,295

Note 8 - Pension Plans (Tables)

12 Months Ended

Sep. 26, 2021

Pension Plan [Member]

Notes Tables

Schedule of Defined Benefit Plans Disclosures [Table Text Block]

(Thousands of Dollars)	2021			2020			2019

Service cost for benefits earned during the year		2,529			1,361			36
Interest cost on projected benefit obligation		7,147			7,577			6,563
Expected return on plan assets		(18,688	)		(12,986	)		(8,073	)
Amortization of net loss		4,018			3,166			1,135
Amortization of prior service benefit		(6	)		(6	)		(100	)
Net periodic pension cost (benefit)		(5,000	)		(888	)		(439	)

Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block]

(Thousands of Dollars)	2021			2020

Benefit obligation, beginning of year		401,381			192,369
Business combination		—			195,834
Service cost		2,529			1,361
Interest cost		7,147			7,577
Actuarial loss (gain)		(5,413	)		20,525
Benefits paid		(21,182	)		(16,246	)
Administrative expenses paid		(275	)		(39	)
Benefit obligation, end of year		384,187			401,381
Fair value of plan assets, beginning of year:		331,354			146,999
Business combination		—			152,331
Actual return on plan assets		89,892			44,933
Benefits paid		(21,182	)		(16,246	)
Administrative expenses paid		(2,599	)		(2,794	)
Employer contributions		965			6,131
Fair value of plan assets, end of year		398,430			331,354
Funded status		14,243			(70,027	)

Schedule of Amounts Recognized in Balance Sheet [Table Text Block]

	September 26		September 27
(Thousands of Dollars)	2021		2020

Pension obligations		14,243		(70,027	)
Accumulated other comprehensive income (loss) (before income taxes)		36,965		(41,344	)

Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]

	September 26		September 27
(Thousands of Dollars)	2021		2020

Unrecognized net actuarial gain (loss)	36,965		(41,344		)
Unrecognized prior service benefit	—		—
		36,965		(41,344	)

Defined Benefit Plan, Assumptions [Table Text Block]

	September 26	September 27
(Percent)	2021	2020

Discount rate	2.7	2.8
Interest crediting rate	2.5	2.5

(Percent)	2021	2020	2019

Discount rate - service cost	3.0	3.3	4.2
Discount rate - interest cost	1.9	2.6	3.9
Expected long-term return on plan assets	5.9	6.0	5.5

Schedule of Allocation of Plan Assets [Table Text Block]

(Percent)	Policy Allocation		Actual Allocation
	September 26		September 26		September 27
Asset Class	2021		2021		2020

Equity securities		50		50		48
Debt securities		35		34		33
TIPS		5		4		5
Hedge fund investments		10		11		10
Cash and cash equivalents		—		1		4

(Percent)	Policy Allocation	Actual Allocation
	September 26	September 26	September 27
Asset Class	2021	2021	2020

Equity securities	30	31	92
Debt securities	70	68	2
TIPS	—	—	—
Hedge fund investments	—	—	—
Cash and cash equivalents	—	1	6

Schedule of Changes in Fair Value of Plan Assets [Table Text Block]

(Thousands of Dollars)	NAV		Level 1		Level 2		Level 3

Cash and cash equivalents		—		4,447		—		—
Domestic equity securities		7,236		78,577		42,448		—
International equity securities		—		9,485		9,505		—
Emerging equity securities		—		8,077		—		—
TIPS		—		7,280		—		—
Debt securities		—		181,908		32,781		—
Hedge fund investments		18,758		—		—		—

(Thousands of Dollars)	NAV		Level 1		Level 2		Level 3

Cash and cash equivalents		—		17,287		—		—
Domestic equity securities		5,500		151,584		60,333		—
International equity securities		—		6,893		7,396		—
Emerging equity securities		—		7,225		—		—
TIPS		—		6,967		—		—
Debt securities		—		22,253		32,167		—
Hedge fund investments		15,977		—		—		—

Schedule of Expected Benefit Payments [Table Text Block]

(Thousands of Dollars)

2022		23,161
2023		22,596
2024		22,648
2025		22,552
2026		22,435
2027-2031		108,510

Pension Plans and Postretirement Plans [Member]

Notes Tables

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]

(Thousands of Dollars)	2021	2020		2019
Comprehensive income (loss), net of taxes:
Change in unrecognized benefit plan gain (loss) arising during the period, net of taxes $19,148, $4,095, and $7,137, respectively	59,663	10,329		(16,880	)
Amortization of items to periodic pension and other post-employment benefit costs during the period, net of taxes $819, $542, and $162, respectively	2,574	(1,265	)	(488	)
Other comprehensive income (loss) recognized in operations, net of taxes	62,237	9,064		(17,368	)

Note 9 - Postretirement and Postemployment Benefits (Tables)

12 Months Ended

Sep. 26, 2021

Notes Tables

Schedule of Health Care Cost Trend Rates [Table Text Block]

	September 26	September 27
(Percent)	2021	2020

Health care cost trend rates	6.2	6.4
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	2030	2030

Other Postretirement Benefits Plan [Member]

Notes Tables

Schedule of Defined Benefit Plans Disclosures [Table Text Block]

(Thousands of Dollars)	2021			2020			2019

Service cost for benefits earned during the year		207			500			—
Interest cost on projected benefit obligation		429			869			412
Expected return on plan assets		(1,007	)		(1,060	)		(1,082	)
Amortization of net actuarial gain		(685	)		(743	)		(976	)
Amortization of prior service benefit		(647	)		(647	)		(723	)
Curtailment gains		(23,830	)		—			—
Net periodic postretirement benefit		(25,533	)		(1,081	)		(2,369	)

Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block]

(Thousands of Dollars)	2021			2020

Benefit obligation, beginning of year		47,637			11,752
Business combination		—			36,800
Service cost		207			500
Interest cost		429			869
Liability (gain) loss due to Curtailment		(23,830	)		—
Actuarial loss (gain)		(4,285	)		(982	)
Benefits paid, net of premiums received		(1,678	)		(1,374	)
Medicare Part D subsidies		58			72
Benefit obligation, end of year		18,538			47,637
Fair value of plan assets, beginning of year		25,706			24,135
Business combination		—			—
Actual return on plan assets		1,534			1,594
Employer contributions		1,293			646
Benefits paid, net of premiums and Medicare Part D subsidies received		(1,795	)		(1,077	)
Benefits paid for active employees		64			(438	)
One time asset transfer		—			846
Fair value of plan assets at measurement date		26,802			25,706
Funded status		8,264			(21,931	)

Schedule of Amounts Recognized in Balance Sheet [Table Text Block]

	September 26		September 27
(Thousands of Dollars)	2021		2020

Non-current assets	17,664		15,241
Postretirement benefit obligations	(9,859	)	(37,172	)
Accumulated other comprehensive income (before income tax benefit)	17,747		14,269

Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]

	September 26		September 27
(Thousands of Dollars)	2021		2020

Unrecognized net actuarial gain	14,071		4,826
Unrecognized prior service benefit	3,676		9,443
		17,747		14,269

Defined Benefit Plan, Assumptions [Table Text Block]

	September 26	September 27
(Percent)	2021	2020

Discount rate	2.6	2.7
Expected long-term return on plan assets	4.0	4.5

(Percent)	2021	2020	2019

Discount rate - service cost	2.5	3.4	4.0
Discount rate - interest cost	1.9	2.8	3.7
Expected long-term return on plan assets	4.0	4.5	4.5

Schedule of Allocation of Plan Assets [Table Text Block]

(Percent)	Policy Allocation	Actual Allocation
		September 26	September 27
Asset Class	September 26 2021	2021	2020

Equity securities	20	20	20
Debt securities	70	68	70
Hedge fund investment	10	12	10
Cash and cash equivalents	—	—	—

Schedule of Changes in Fair Value of Plan Assets [Table Text Block]

(Thousands of Dollars)	NAV	Level 1	Level 2	Level 3

Cash and cash equivalents	—	25	—	—
Domestic equity securities	904	2,643	—	—
Emerging equity securities	—	603	—	—
International equity securities	—	747	660	—
Debt securities	—	18,363	—	—
Hedge fund investment	3,235	—	—	—

(Thousands of Dollars)	NAV		Level 1		Level 2		Level 3

Cash and cash equivalents		—		59		—		—
Domestic equity securities		590		2,868		—		—
Emerging equity securities		—		539		—		—
International equity securities		—		579		759		—
Debt securities		—		18,229		—		—
Hedge fund investment		2,754		—		—		—

Schedule of Expected Benefit Payments [Table Text Block]

			Less
			Medicare
	Gross		Part D			Net
(Thousands of Dollars)	Payments		Subsidy			Payments

2022		1,479		(58	)		1,421
2023		1,424		(55	)		1,369
2024		1,383		(51	)		1,332
2025		1,326		(47	)		1,279
2026		1,277		(43	)		1,234
2027-2031		5,439		(158	)		5,281

Note 10 - Other Retirement Plans (Tables)

12 Months Ended

Sep. 26, 2021

Notes Tables

Multiemployer Plan [Table Text Block]

(Thousands of Dollars)

Zone Status September 30

Funding Improvement Plan/Rehabilitation Plan Status

Contributions

Expiration Dates of

Pension Plan

2021

2020

Status

2021

2020

2019

Surcharge Imposed

CBAs

GCIU- Employer Retirement Fund

Red

Implemented

3/24/2022

District No. 9, International Association of Machinists and Aerospace Workers Pension Trust

Red

Green

N/A

2/28/2023

CWA/ITU negotiated Pension Plan

Red

N/A

456

—

6/10/2022

1/13/2022

IAM National Pension Fund

Red

Green

N/A

—

N/A

1/1/2024

2/31/22

Operating Engineers Central Pension Fund of the International Union of Operating Engineers and Participating Employers

Green

N/A

—

N/A

6/16/2022

- Definition

Tabular disclosure of information about multiemployer plan.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 80
-Section 50
-Paragraph 5
-Subparagraph (f)(2)
-URI http://asc.fasb.org/extlink&oid=65877416&loc=SL14450657-114947

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 80
-Section 50
-Paragraph 5
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=65877416&loc=SL14450657-114947

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 80
-Section 50
-Paragraph 5
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=65877416&loc=SL14450657-114947

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 80
-Section 50
-Paragraph 5
-Subparagraph (e)(1)
-URI http://asc.fasb.org/extlink&oid=65877416&loc=SL14450657-114947

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 80
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=35742348&loc=SL14450788-114948

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 80
-Section 50
-Paragraph 5
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=65877416&loc=SL14450657-114947

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 80
-Section 50
-Paragraph 9
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=65877416&loc=SL14450691-114947

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 80
-Section 50
-Paragraph 5
-Subparagraph (e)(2)
-URI http://asc.fasb.org/extlink&oid=65877416&loc=SL14450657-114947

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 80
-Section 50
-Paragraph 9
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=65877416&loc=SL14450691-114947

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 80
-Section 50
-Paragraph 5
-Subparagraph (f)(1)
-URI http://asc.fasb.org/extlink&oid=65877416&loc=SL14450657-114947

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 80
-Section 50
-Paragraph 5
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=65877416&loc=SL14450657-114947

+ Details

Note 12 - Stock Ownership Plans (Tables)

12 Months Ended

Sep. 26, 2021

Notes Tables

Share-based Payment Arrangement, Option, Activity [Table Text Block]

(Thousands of Shares)	2021			2020			2019

Under option, beginning of year		41			81			110
Exercised		(2	)		—			(9	)
Canceled		(3	)		(40	)		(20	)
Under option, end of year		36			41			81
Exercisable, end of year		36			41			81

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value [Table Text Block]

(Dollars)	2021	2020	2019

Exercised	11.3	—	20.6
Cancelled	11.3	25.3	20.8
Under option, end of year	11.4	11.4	18.2

Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block]

(Dollars)	Options Outstanding			Options Exercisable
Range of	Number Outstanding (Thousands)	Weighted Average Remaining Contractual Life (Years)	Weighted Average Exercise Price	Number Exercisable (Thousands)	Weighted Average Exercise Price

11 - 12	36	0.7	11.4	36	11.4

Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block]

(Thousands of Shares)	2021			2020			2019

Outstanding, beginning of year		155			148			206
Granted		46			72			79
Vested		(45	)		(61	)		(134	)
Forfeited		(2	)		(4	)		(3	)
Outstanding, end of year		154			155			148

(Dollars)	2021	2020	2019

Outstanding, beginning of year	21.5	24.9	23.1
Granted	11.2	16.2	21.8
Vested	27.3	23.4	20.3
Forfeited	16.1	24.4	21.3
Outstanding, end of year	16.7	21.5	24.9

Note 13 - Income Taxes (Tables)

12 Months Ended

Sep. 26, 2021

Notes Tables

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

(Thousands of Dollars)	2021			2020			2019

Current:
Federal	(2,431		)	8,779			8,763
State	3,642			(10		)	1,171
Deferred	6,004			(4,665		)	(2,003		)
		7,215			4,104			7,931

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

(Percent of Income (Loss) Before Income Taxes)	2021			2020			2019

Computed “expected” income tax expense	21.0			21.0			21.0
State income tax benefit, net of federal tax benefit	5.6			21.7			1.3
Net income of associated companies	(1.8		)	(18.3		)	(3.9		)
Resolution of tax matters	3.2			(30.5		)	1.7
Remeasurement due to rate changes	—			24.0			—
Non-deductible expenses	0.9			19.4			3.4
Valuation allowance	(6.0		)	110.0			10.8
Warrant valuation	(0.4		)	(7.3		)	(0.6		)
Other	—			4.4			(0.4		)
		22.5			144.4			33.3

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	September 26			September 27
(Thousands of Dollars)	2021			2020

Deferred income tax liabilities:
Property and equipment		(13,284	)		(18,646	)
Identified intangible assets		(14,032	)		(16,765	)
ASC 842 - Leases DTL		(15,813	)		(18,669	)
Pension and postretirement benefits		(6,346	)		—
Investments		(14,275	)		(6,154	)
		(63,750	)		(60,234	)
Deferred income tax assets:
Allowance for credit losses		237			1,733
Pension and postretirement benefits		—			7,075
Long-term debt		716			350
Interest deduction limitation		—			5,383
Operating loss carryforwards		26,999			28,240
ASC 842 - Leases DTA		15,840			18,675
Accrued compensation		6,630			13,142
Accrued expenses		443			1,673
Other		812			430
		51,677			76,701
Valuation allowance		(28,222	)		(31,675	)
Net deferred income tax liabilities		(40,295	)		(15,208	)

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

(Thousands of Dollars)	2021			2020

Balance, beginning of year		27,008			18,252
Changes in tax positions for prior years		1,008			(331	)
Increases (decrease) in tax positions for the current year		(8,940	)		9,825
Lapse in statute of limitations		(797	)		(738	)
Balance, end of year		18,279			27,008

Note 14 - Fair Value of Financial Instruments (Tables)

12 Months Ended

Sep. 26, 2021

Notes Tables

Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]

	2021		2020		2019

Volatility (Percent)		43		84		48
Risk-free interest rate (Percent)		0.05		0.12		1.58
Expected term (Years)		0.5		1.5		2.5
Estimated fair value (Dollars)		0.12		0.06		0.2

Note 15 - Earnings Per Common Share (Tables)

12 Months Ended

Sep. 26, 2021

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

(Thousands of Dollars and Shares, Except Per Common Share Data)	2021			2020			2019

Income (loss) attributable to Lee Enterprises, Incorporated:		22,785			(3,106	)		14,268

Weighted average Common Stock		5,873			5,811			5,765
Less non-vested restricted Common Stock		(156	)		(154	)		(208	)
Basic average Common Stock		5,717			5,657			5,557
Dilutive stock options and restricted Common Stock		109			37			131
Diluted average Common Stock		5,826			5,694			5,688
Earnings per common share:
Basic:		3.99			(0.55	)		2.57
Diluted		3.91			(0.55	)		2.51

Note 16 - Allowance for Credit Losses (Tables)

12 Months Ended

Sep. 26, 2021

Notes Tables

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

(Thousands of Dollars)	2021			2020			2019

Balance, beginning of year		13,431			6,434			4,806
Additions charged to expense		1,505			8,607			2,751
Deductions from reserves		(8,362	)		(1,610	)		(1,123	)
Balance, end of year		6,574			13,431			6,434

Note 17 - Other Information (Tables)

12 Months Ended

Sep. 26, 2021

Notes Tables

Schedule of Accrued Liabilities [Table Text Block]

	September 26		September 27
(Thousands of Dollars)	2021		2020

Compensation	20,849		16,915
Retirement plans	554		2,317
Other	23,673		25,046
		45,076		44,278

Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]

(Thousands of Dollars)	2021	2020	2019

Interest	45,214	49,518	47,555
Debt financing and reorganization costs	—	707	1,773
Income tax payments, net	7,604	446	8,439

Note 1 - Significant Accounting Policies (Details Textual)

2 Months Ended

3 Months Ended

12 Months Ended

Feb. 25, 2021

Mar. 16, 2020

USD ($)

Dec. 10, 2021

USD ($)

Dec. 26, 2021

USD ($)

Sep. 26, 2021

USD ($)

Sep. 27, 2020

USD ($)

Sep. 29, 2019

USD ($)

Nov. 24, 2021

$ / shares

Jan. 29, 2020

USD ($)

^[1]

Revenue from Contract with Customer, Including Assessed Tax

$ 794,649,000

$ 618,004,000

$ 509,854,000

Proceeds from (Payment for) Pension Benefits

(965,000)

(6,215,000)

(650,000)

Increase (Decrease) in Obligation, Pension and Other Postretirement Benefits, Total

(2,667,000)

(2,950,000)

1,900,000

Repayments of Long-term Debt, Total

(0)

443,627,000

41,832,000

Inventory, LIFO Reserve

988,000

942,000

Goodwill, Ending Balance

$ 79,896,000

$ 330,204,000

328,445,000

250,309,000

Decrease in Royalty Rates

0.50%

Increase in Discount Rate

1.00%

Forecasted Revenue, Decrease Percentage

1.00%

Long Term Growth Rates, Decrease Percentage

1.00%

Class of Warrant or Right, Outstanding (in shares) | shares

600,000

Cash Collateral for Insurance

$ 4,711,000

Operating Lease, Right-of-Use Asset

65,682,000

70,933,000

Operating Lease, Liability, Current

8,612,000

8,577,000

Operating Lease, Liability, Noncurrent

$ 57,683,000

62,374,000

Accounting Standards Update 2016-02 [Member]

Operating Lease, Right-of-Use Asset

10,709,000

Operating Lease, Liability, Current

2,281,000

Operating Lease, Liability, Noncurrent

8,353,000

Minimum [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)

1 year

Minimum [Member] | Measurement Input, Royalty Rate [Member]

Intangible Assets, Measurement Input

0.010

Minimum [Member] | Measurement Input, Discount Rate [Member]

Intangible Assets, Measurement Input

0.0950

Maximum [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)

4 years

Maximum [Member] | Measurement Input, Royalty Rate [Member]

Intangible Assets, Measurement Input

0.015

Maximum [Member] | Measurement Input, Discount Rate [Member]

Intangible Assets, Measurement Input

0.1150

BHMG [Member]

Goodwill, Ending Balance

$ 79,896,000

$ 63,559,000

Operating Lease, Right-of-Use Asset

$ 56,226,000

Leasehold Improvements [Member] | Minimum [Member]

Property, Plant and Equipment, Useful Life (Year)

3 years

Leasehold Improvements [Member] | Maximum [Member]

Property, Plant and Equipment, Useful Life (Year)

10 years

Leasehold Improvements [Member] | BHMG [Member] | Minimum [Member]

Property, Plant and Equipment, Useful Life (Year)

3 years

Forecast [Member] | Credit Agreement [Member]

Repayments of Long-term Debt, Total

$ 10,430,000

Estimating Using Royalty Rate [Member]

Impairment of Intangible Assets, Finite-lived

$ 9,816,000

Estimating Using Discount Rate [Member]

Impairment of Intangible Assets, Finite-lived

1,075,000

Estimating Based on Revenue Forecast [Member]

Impairment of Intangible Assets, Finite-lived

674,000

Estimating Based on Long Term Growth Rates [Member]

Impairment of Intangible Assets, Finite-lived

26,000

Subsequent Event [Member]

Proceeds from Sale of Buildings

$ 14,480,000

Subsequent Event [Member] | Rights Agreement [Member]

Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares

$ 120.00

Reverse Stock Split [Member]

Stockholders' Equity Note, Stock Split, Conversion Ratio

Subscription and Circulation [Member]

Revenue from Contract with Customer, Including Assessed Tax

357,713,000

268,285,000

187,443,000

Subscription and Circulation [Member] | Reclassified Other Revenue to Subscription Revenue [Member]

Revenue from Contract with Customer, Including Assessed Tax

828,000

2,346,000

752,000

Product and Service, Other [Member]

Revenue from Contract with Customer, Including Assessed Tax

67,653,000

60,064,000

56,478,000

Product and Service, Other [Member] | Reclassified Other Revenue to Subscription Revenue [Member]

Revenue from Contract with Customer, Including Assessed Tax

$ (828,000)

(2,346,000)

$ (752,000)

TNI Partners [Member]

Noncontrolling Interest, Ownership Percentage by Parent

50.00%

Goodwill, Ending Balance

$ 12,366,000

MNI [Member]

Noncontrolling Interest, Ownership Percentage by Parent

50.00%

INN Partners, L.C. [Member]

Noncontrolling Interest, Ownership Percentage by Parent

82.50%

[1]	As previously reported in the Company's Quarterly Report on Form 10-Q for the period ended March 29, 2020.

Note 1 - Significant Accounting Policies - Components of Inventory (Details) - USD ($) $ in Thousands	Sep. 26, 2021	Sep. 27, 2020
LIFO inventory	$ 903	$ 1,222
Specific identification	2,115	2,954
Inventories	6,297	7,534
Newsprint [Member]
FIFO inventory	409	564
Other Inventory [Member]
FIFO inventory	$ 2,870	$ 2,794

Note 1 - Significant Accounting Policies - Estimated Useful Lives of Property and Equipment (Details)	12 Months Ended
	Sep. 26, 2021
Building Improvements [Member] \| Minimum [Member]
Property and equipment, useful life (Year)	5 years
Building Improvements [Member] \| Maximum [Member]
Property and equipment, useful life (Year)	40 years
Printing Press and Insertion Equipment [Member] \| Minimum [Member]
Property and equipment, useful life (Year)	5 years
Printing Press and Insertion Equipment [Member] \| Maximum [Member]
Property and equipment, useful life (Year)	25 years
Leasehold Improvements [Member] \| Minimum [Member]
Property and equipment, useful life (Year)	3 years
Leasehold Improvements [Member] \| Maximum [Member]
Property and equipment, useful life (Year)	10 years
Property, Plant and Equipment, Other Types [Member] \| Minimum [Member]
Property and equipment, useful life (Year)	3 years
Property, Plant and Equipment, Other Types [Member] \| Maximum [Member]
Property and equipment, useful life (Year)	15 years

Note 1 - Significant Accounting Policies - Intangible Assets Amortization Period (Details)	12 Months Ended
	Sep. 26, 2021
Minimum [Member] \| Customer Lists [Member]
Intangible Assets, useful life (Year)	10 years
Minimum [Member] \| Newspaper Subscriber Lists [Member]
Intangible Assets, useful life (Year)	10 years
Maximum [Member] \| Customer Lists [Member]
Intangible Assets, useful life (Year)	20 years
Maximum [Member] \| Newspaper Subscriber Lists [Member]
Intangible Assets, useful life (Year)	20 years

Note 2 - Acquisitions (Details Textual)				12 Months Ended			18 Months Ended	20 Months Ended
Note 2 - Acquisitions (Details Textual)	Mar. 16, 2020 USD ($)	Jan. 29, 2020 USD ($)	Dec. 29, 2019 USD ($)	Sep. 26, 2021 USD ($)	Sep. 27, 2020 USD ($)	Sep. 29, 2019 USD ($)	Sep. 26, 2021 USD ($)	Sep. 26, 2021 USD ($)
Number of Real Estate Properties	68
Operating Lease, Annual Rent Payable	$ 8,000,000
Operating Lease, Percentage of Net Sales Proceeds	8.00%
Operating Lease, Rent Credit Earned				$ 40,000			$ 40,000	$ 40,000
Operating Lease, Expense				7,522,000
Operating Lease, Right-of-Use Asset				65,682,000	$ 70,933,000		65,682,000	65,682,000
Operating Lease, Liability, Total				66,295,000			66,295,000	66,295,000
Net Income (Loss) Attributable to Parent, Total				$ 22,785,000	(3,106,000)	$ 14,268,000
BHMG [Member]
Payments to Acquire Businesses, Gross	$ 140,000,000	$ 140,000,000
Business Combination, Termination of Contract, Expected Credits	5,425,000
Business Combination, Termination of Contract, Expected Credit, Estimated Pro-rated Fixed Portion	1,245,000
Business Combination, Termination of Contract, Expected Credit, Estimated Pro-rated Variable Portion	4,180,000
Contract with Customer, Asset, Increase (Decrease) for Contract Acquired in Business Combination			$ 3,589,000
Operating Lease, Right-of-Use Asset	56,226,000
Operating Lease, Liability, Total	$ 56,226,000
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Accrued Liabilities							(634,000)
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Uncertain Tax Position Allowance							(138,000)
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Other Current Assets							(3,600,000)
BHMG [Member] \| Acquisition-related Costs [Member]
Net Income (Loss) Attributable to Parent, Total					$ 8,973,000	$ (7,693,000)
BHMG [Member] \| Advertiser Relationships [Member]
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles								(11,160,000)
BHMG [Member] \| Subscriber Relationships [Member]
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles								(8,210,000)
BHMG [Member] \| Commercial Print Relationships [Member]
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles								$ 2,430,000
BHMG [Member] \| Revision of Prior Period, Adjustment [Member] \| Advertiser Relationships [Member]
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles							(11,160,000)
BHMG [Member] \| Revision of Prior Period, Adjustment [Member] \| Subscriber Relationships [Member]
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles							(8,210,000)
BHMG [Member] \| Revision of Prior Period, Adjustment [Member] \| Commercial Print Relationships [Member]
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles							$ 2,430,000

Note 2 - Acquisitions - Preliminary Determination of Fair Values of Assets and Liabilities (Details) - USD ($)

12 Months Ended

20 Months Ended

24 Months Ended

Jan. 29, 2020

^[1]

Sep. 26, 2021

Sep. 27, 2020

Sep. 29, 2019

Sep. 26, 2021

Mar. 16, 2020

Goodwill

$ 330,204,000

$ 328,445,000

$ 250,309,000

$ 330,204,000

$ 79,896,000

Goodwill, adjustment

1,759,000

Total consideration less acquired cash

(0)

$ 130,985,000

$ 6,543,000

BHMG [Member]

Cash and cash equivalents

$ 22,293,000

22,293,000

Current assets

52,559,000

51,704,000

Current assets, adjustment

(855,000)

Other assets

12,167,000

16,510,000

Other assets, adjustment

4,343,000

Property and equipment

42,952,000

42,985,000

Property and equipment, adjustment

33,000

Operating lease assets

7,445,000

7,546,000

Operating lease assets, adjustment

101,000

Goodwill

63,559,000

79,896,000

Goodwill, adjustment

16,337,000

Total assets

314,625,000

316,354,000

Total assets, adjustment

1,729,000

Current liabilities assumed

(73,451,000)

(72,377,000)

Current liabilities assumed, adjustment

1,074,000

Operating lease liabilities

(6,625)

(7,546,000)

Operating lease liabilities, adjustment

(921,000)

Other liabilities assumed

(2,246,000)

(4,128,000)

Other liabilities assumed

(1,882,000)

Pension obligations

(43,503,000)

Postemployment benefit obligations

(36,800,000)

Total liabilities

(162,625,000)

(164,354,000)

Total liabilities, adjustment

(1,729,000)

Net assets

152,000,000

Less: acquired cash

(22,293,000)

Total consideration less acquired cash

129,707,000

BHMG [Member] | Mastheads [Member]

Relationship, adjustment

(1,290,000)

Mastheads

21,680,000

20,390,000

BHMG [Member] | Advertiser Relationships [Member]

Relationships

38,780,000

27,620,000

Relationship, adjustment

(11,160,000)

BHMG [Member] | Subscriber Relationships [Member]

Relationships

36,060,000

27,850,000

Relationship, adjustment

(8,210,000)

BHMG [Member] | Commercial Print Relationships [Member]

Relationships

$ 17,130,000

$ 19,560,000

19,560,000

$ 19,560,000

Relationship, adjustment

$ 2,430,000

[1]	As previously reported in the Company's Quarterly Report on Form 10-Q for the period ended March 29, 2020.

Note 2 - Acquisitions - Pro Forma Information (Details) - BHMG [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Sep. 27, 2020	Sep. 29, 2019
Total revenues	$ 821,793	$ 973,143
Income attributable to Lee Enterprises, Incorporated	$ 17,632	$ 20,715
Earnings per share - diluted (in dollars per share)	$ 3.10	$ 3.60

Note 3 - Revenue (Details Textual) - USD ($)	12 Months Ended			24 Months Ended
Note 3 - Revenue (Details Textual) - USD ($)	Sep. 26, 2021	Sep. 27, 2020	Sep. 29, 2019	Sep. 26, 2021	Sep. 30, 2018
Revenue from Contract with Customer, Including Assessed Tax	$ 794,649,000	$ 618,004,000	$ 509,854,000
Contract with Customer, Liability, Current	61,404,000	60,271,000		$ 61,404,000
Contract with Customer, Liability, Revenue Recognized				56,139,000
Contract with Customer, Asset, after Allowance for Credit Loss, Current, Total	0	0	1,107,000	0
Accounts Receivable, before Allowance for Credit Loss	71,644,000	66,029,000		71,644,000
Accounts Receivable, Allowance for Credit Loss, Ending Balance	6,574,000	13,431,000	6,434,000	$ 6,574,000	$ 4,806,000
Digital Advertising [Member]
Revenue from Contract with Customer, Including Assessed Tax	138,734,000	106,491,000	100,007,000
Digital Subscription Revenue [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 95,794,000	$ 37,336,000	$ 25,002,000

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Note 3 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 26, 2021	Sep. 27, 2020	Sep. 29, 2019
Total operating revenue	$ 794,649	$ 618,004	$ 509,854
Advertising and Marketing Services [Member]
Total operating revenue	369,283	289,655	265,933
Subscription and Circulation [Member]
Total operating revenue	357,713	268,285	187,443
Digital Services Revenues [Member]
Total operating revenue	18,999	18,132	18,885
Other Revenues [Member]
Total operating revenue	$ 48,654	$ 41,932	$ 37,593

- Definition

+ References

+ Details

Note 4 - Investments in Associated Companies (Details Textual) - USD ($)	12 Months Ended
	Sep. 26, 2021	Sep. 27, 2020	Sep. 29, 2019	Mar. 16, 2020
Equity Method Investments	$ 26,682,000	$ 27,624,000
Goodwill, Ending Balance	330,204,000	328,445,000	$ 250,309,000	$ 79,896,000
MNI [Member]
Proceeds from Equity Method Investment, Distribution	2,300,000	1,300,000	3,350,000
Editorial Service Fees	5,562,000	6,152,000	6,636,000
TNI Partners [Member]
Proceeds from Equity Method Investment, Distribution	$ 5,150,000	$ 3,176,000	$ 4,245,000
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	50.00%	50.00%
Equity Method Investments	$ 14,702,000
Goodwill, Ending Balance		$ 12,366,000
Other Intangible Assets, Net		$ 2,336,000
MNI [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	50.00%	50.00%
Equity Method Investments	$ 11,980,000

Note 4 - Investments in Associated Companies - Summarized Financial Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 26, 2021	Sep. 27, 2020	Sep. 29, 2019
Current assets	$ 108,799	$ 108,753
Total assets	843,551	864,057
Current liabilities	141,624	144,022
Members' equity	54,565	(31,564)	$ (38,477)
Total liabilities and members' equity	843,551	864,057
Revenue from Contract with Customer, Including Assessed Tax	794,649	618,004	509,854
Operating expenses	744,505	571,129	442,246
Net income	22,785	(3,106)	14,268
Equity in earnings	6,412	3,403	7,121
Restructuring costs	7,182	13,751	11,635
Depreciation and amortization	42,841	36,133	29,332
Operating income	56,556	50,278	74,729
Net Income (loss)	24,832	(1,261)	15,909
TNI Partners [Member]
Current assets	2,238	2,643
Investments and other assets	1,693	998
Total assets	3,931	3,641
Current liabilities	5,027	4,663
Members' equity	(1,096)	(1,022)
Total liabilities and members' equity	3,931	3,641
Revenue from Contract with Customer, Including Assessed Tax	34,782	37,101	43,532
Operating expenses	25,320	29,673	34,224
Net income	9,462	7,428	9,308
Company's 50% share	4,731	3,714	4,654
Less amortization of intangible assets	0	209	418
Equity in earnings	4,731	3,505	4,236
Madison Newspapers, Inc. [Member]
Revenue from Contract with Customer, Including Assessed Tax	46,015	48,056	56,790
Operating expenses	35,583	46,845	48,121
Equity in earnings	1,681	(102)	2,885
Restructuring costs	107	274	355
Depreciation and amortization	711	697	1,018
Operating income	9,614	240	7,296
Net Income (loss)	3,362	(204)	$ 5,770
MNI [Member]
Current assets	6,930	10,113
Investments and other assets	30,422	29,952
Total assets	37,352	40,065
Current liabilities	6,921	8,540
Members' equity	23,961	25,663
Total liabilities and members' equity	37,352	40,065
Other liabilities	$ 6,470	$ 5,862

Note 4 - Investments in Associated Companies - Summarized Financial Information (Details) (Parentheticals)	Sep. 26, 2021	Sep. 27, 2020	Sep. 29, 2019
TNI Partners [Member]
Percentage of share	50.00%	50.00%	50.00%

Note 5 - Goodwill and Other Intangible Assets (Details Textual) - USD ($)

12 Months Ended

Sep. 26, 2021

Sep. 27, 2020

Mar. 16, 2020

Jan. 29, 2020

^[1]

Sep. 29, 2019

Finite-Lived Intangible Assets, Amortization Expense, Next Rolling Twelve Months

$ 21,226,000

Finite-Lived Intangible Assets, Amortization Expense, Rolling Year Two

19,793,000

Finite-Lived Intangible Assets, Amortization Expense, Rolling Year Three

17,096,000

Finite-Lived Intangible Assets, Amortization Expense, Rolling Year Four

11,091,000

Finite-Lived Intangible Assets, Amortization Expense, Rolling Year Five

$ 6,992,000

Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year)

13 years 6 months

Goodwill, Ending Balance

$ 330,204,000

$ 328,445,000

$ 79,896,000

$ 250,309,000

Business Acquisition, Goodwill, Expected Tax Deductible Amount

42,442,000

BHMG [Member]

Goodwill, Ending Balance

79,896,000

$ 63,559,000

BHMG [Member] | Advertiser Relationships [Member]

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles

27,620,000

38,780,000

BHMG [Member] | Subscriber Relationships [Member]

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles

27,850,000

36,060,000

BHMG [Member] | Commercial Print Relationships [Member]

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles

19,560,000

$ 17,130,000

BHMG [Member] | Mastheads [Member]

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets

$ 20,390,000

[1]	As previously reported in the Company's Quarterly Report on Form 10-Q for the period ended March 29, 2020.

Note 5 - Goodwill and Other Intangible Assets - Changes in the Carrying Amount of Goodwill (Details)	12 Months Ended
	Sep. 26, 2021 USD ($)	Sep. 27, 2020 USD ($)
Goodwill, gross amount	$ 1,617,174,000	$ 1,539,038,000
Accumulated impairment losses	(1,288,729,000)	(1,288,729,000)
Goodwill	328,445,000	250,309,000
Goodwill acquired in business combinations	0	78,136,000
Goodwill, adjustment	1,759,000	0
Goodwill	$ 330,204,000	$ 328,445,000

Note 5 - Goodwill and Other Intangible Assets - Identified Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 26, 2021	Sep. 27, 2020
Mastheads	$ 39,672	$ 40,459
Intangible Assets, Net (Excluding Goodwill), Total	156,671	182,680
Customer and Newspaper Subscriber Lists [Member]
Amortizable intangible assets, gross	774,242	774,604
Less accumulated amortization	(657,243)	(632,457)
Finite-Lived Intangible Assets, Net, Ending Balance	116,999	142,147
Noncompete Agreements [Member]
Amortizable intangible assets, gross	28,656	28,656
Less accumulated amortization	(28,656)	(28,582)
Finite-Lived Intangible Assets, Net, Ending Balance	$ 0	$ 74

Note 5 - Goodwill and Other Intangible Assets - Pretax Impairment Charges (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 26, 2021	Sep. 27, 2020	Sep. 29, 2019
Non-amortized intangible assets	$ 787	$ 972	$ 0
Property, equipment and other assets	190	0	0
Asset Impairment Charges, Total	$ 977	$ 972	$ 0

Note 6 - Debt (Details Textual) - USD ($)				3 Months Ended	12 Months Ended
Note 6 - Debt (Details Textual) - USD ($)	Mar. 16, 2020	Jan. 29, 2020	Mar. 31, 2014	Sep. 26, 2021	Sep. 26, 2021	Sep. 27, 2020	Sep. 29, 2019
Long-term Debt, Gross	$ 431,502,000
Pulitzer Excess Cash Flow				$ 6,112,000
Amortization of Debt Issuance Costs	$ 9,583,000				$ 0	$ 11,282,000	$ 5,773,000
Liquidity				26,112,000	26,112,000
Long-term Debt, Current Maturities, Total				6,112,000	6,112,000	$ 13,733,000
Cash, Ending Balance				20,000,000	20,000,000
Future Liquidity Warrant Exercise Proceeds					25,140,000
Warrants Issued in Connection with Second Lien Term Loan [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)			600,000
Warrants, When Fully Exercised, Percentage of Common Stock Outstanding			10.10%
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)			$ 41.90
Warrants and Rights Outstanding			$ 16,930,000
Credit Agreement [Member] \| Secured Term Loan [Member] \| BH Finance [Member]
Long-term Debt, Gross				$ 482,616,000	$ 482,616,000
Weighted Average Cost of Debt, Excluding Amortization of Debt Financing Costs				9.00%	9.00%
Debt Instrument, Covenant, Percent of Net Cash Proceeds of Property in Excess of $500,000 in 90 Days	100.00%
Debt Instrument, Covenant, Excess Cash Flow, Period After Quarter End (Day)	50 days
Debt Instrument, Covenant, Change of Control, Repayment Percentage	105.00%
Senior Secured Notes [Member]
Debt Issuance Costs, Gross			$ 37,819,000
BHMG [Member]
Payments to Acquire Businesses, Gross	$ 140,000,000	$ 140,000,000

Note 7 - Leases (Details Textual)	Sep. 26, 2021
Minimum [Member]
Lessee, Operating Lease, Remaining Lease Term (Year)	1 year
Maximum [Member]
Lessee, Operating Lease, Remaining Lease Term (Year)	40 years

Note 7 - Leases - Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 26, 2021	Sep. 27, 2020
Operating lease costs	$ 14,846	$ 10,148
Variable lease costs	92	1,911
Short-term lease costs	0	426
Total Operating Lease Expense	14,938	12,485
Operating cash outflow from operating leases	14,789	10,003
Right-of-use assets obtained in exchange for operating lease liabilities	$ 932	$ 1,630
Weighted average remaining lease term (years) (Year)	7 years 11 months 23 days
Weighted Average discount rate	8.03%

Note 7 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands	Sep. 26, 2021 USD ($)
2022	$ 13,826
2023	13,089
2024	12,074
2025	10,928
2026	9,755
Thereafter	38,334
Total lease payments	98,006
Less: interest	(31,711)
Present value of lease liabilities	$ 66,295

Note 8 - Pension Plans (Details Textual) - USD ($)	12 Months Ended
Note 8 - Pension Plans (Details Textual) - USD ($)	Sep. 26, 2021	Sep. 27, 2020	Sep. 29, 2019
Pension Plan [Member]
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year	$ 5,035,000
Defined Benefit Plan, Accumulated Benefit Obligation	384,187,000	$ 401,381,000
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation	384,187,000
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation	384,187,000
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets	$ 176,214,000
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets	5.90%	6.00%	5.50%
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year	$ 254,000
Liability, Defined Benefit Plan, Noncurrent, Total		$ 70,027,000
Pension Plan [Member] \| U.S. Small Cap Value Equity Common/Collective Fund [Member]
Equity Securities, FV-NI, Current	7,236,000	5,500,000
Pension Plan [Member] \| Global Equity Long/Short Common/Collective Hedge Fund-of-funds [Member]
Equity Securities, FV-NI, Current	8,371,000	7,096,000
Pension Plan [Member] \| Global Equity Long/Short Common/Collective Hedge Fund-of-funds 2 [Member]
Equity Securities, FV-NI, Current	10,387,000	8,881,000
Other Pension Plan [Member]
Liability, Defined Benefit Plan, Noncurrent, Total	$ 996,000	$ 1,483,000

Note 8 - Pension Plans - Net Periodic Cost (Benefit) (Details) - Pension Plan [Member] - USD ($) $ in Thousands	12 Months Ended
	Sep. 26, 2021	Sep. 27, 2020	Sep. 29, 2019
Service cost for benefits earned during the year	$ 2,529	$ 1,361	$ 36
Interest cost on projected benefit obligation	7,147	7,577	6,563
Expected return on plan assets	(18,688)	(12,986)	(8,073)
Amortization of net loss	4,018	3,166	1,135
Amortization of prior service benefit	(6)	(6)	(100)
Net periodic pension cost (benefit)	$ (5,000)	$ (888)	$ (439)

Note 8 - Pension Plans - Benefit Obligations and Plan Assets (Details) - Pension Plan [Member] - USD ($) $ in Thousands	12 Months Ended
	Sep. 26, 2021	Sep. 27, 2020	Sep. 29, 2019
Benefit obligation, beginning of year	$ 401,381	$ 192,369
Business combination	0	195,834
Service cost	2,529	1,361	$ 36
Interest cost	7,147	7,577	6,563
Actuarial loss (gain)	(5,413)	20,525
Benefits paid	(21,182)	(16,246)
Administrative expenses paid	(275)	(39)
Benefit obligation, end of year	384,187	401,381	192,369
Fair value of plan assets, beginning of year:	331,354	146,999
Business combination	0	152,331
Actual return on plan assets	89,892	44,933
Benefits paid	(21,182)	(16,246)
Administrative expenses paid	(2,599)	(2,794)
Employer contributions	965	6,131
Fair value of plan assets, end of year	398,430	331,354	$ 146,999
Funded status	$ 14,243	$ (70,027)

Note 8 - Pension Plans - Amounts Recognized in the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 26, 2021	Sep. 27, 2020
Accumulated other comprehensive income (loss) (before income taxes)	$ 36,965	$ (41,344)
Pension Plan [Member]
Pension obligations	$ 14,243
Pension obligations		$ 70,027

Note 8 - Pension Plans - Amounts Recognized in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 26, 2021	Sep. 27, 2020
Unrecognized net actuarial gain (loss)	$ 36,965	$ (41,344)
Pension Plan [Member]
Unrecognized prior service benefit	0	0
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax, Total	$ 36,965	$ (41,344)

Note 8 - Pension Plans - Assumptions (Details)	12 Months Ended
Note 8 - Pension Plans - Assumptions (Details)	Sep. 26, 2021	Sep. 27, 2020	Sep. 29, 2019
Interest crediting rate	2.50%	2.50%
Pension Plan [Member]
Discount rate	2.70%	2.80%
Discount rate - service cost	3.00%	3.30%	4.20%
Discount rate - interest cost	1.90%	2.60%	3.90%
Expected long-term return on plan assets	5.90%	6.00%	5.50%

Note 8 - Pension Plans - Allocation of Benefit Plan Assets (Details) - Pension Plan [Member]	Sep. 26, 2021	Sep. 27, 2020
Defined Benefit Plan, Equity Securities [Member]
Asset Percentage, Policy Allocation	50.00%
Asset Percentage, Actual Allocation	50.00%	48.00%
Defined Benefit Plan, Equity Securities [Member] \| Buffalo News [Member]
Asset Percentage, Policy Allocation	30.00%
Asset Percentage, Actual Allocation	31.00%	92.00%
Defined Benefit Plan, Debt Security [Member]
Asset Percentage, Policy Allocation	35.00%
Asset Percentage, Actual Allocation	34.00%	33.00%
Defined Benefit Plan, Debt Security [Member] \| Buffalo News [Member]
Asset Percentage, Policy Allocation	70.00%
Asset Percentage, Actual Allocation	68.00%	2.00%
US Treasury Securities [Member]
Asset Percentage, Policy Allocation	5.00%
Asset Percentage, Actual Allocation	4.00%	5.00%
US Treasury Securities [Member] \| Buffalo News [Member]
Asset Percentage, Policy Allocation	0.00%
Asset Percentage, Actual Allocation	0.00%	0.00%
Hedge Funds [Member]
Asset Percentage, Policy Allocation	10.00%
Asset Percentage, Actual Allocation	11.00%	10.00%
Hedge Funds [Member] \| Buffalo News [Member]
Asset Percentage, Policy Allocation	0.00%
Asset Percentage, Actual Allocation	0.00%	0.00%
Defined Benefit Plan, Cash and Cash Equivalents [Member]
Asset Percentage, Policy Allocation	0.00%
Asset Percentage, Actual Allocation	1.00%	4.00%
Defined Benefit Plan, Cash and Cash Equivalents [Member] \| Buffalo News [Member]
Asset Percentage, Policy Allocation	0.00%
Asset Percentage, Actual Allocation	1.00%	6.00%

Note 8 - Pension Plans - Fair Value Hierarchy of Benefit Plan Assets (Details) - USD ($) $ in Thousands	Sep. 26, 2021	Sep. 27, 2020
Fair Value Measured at Net Asset Value Per Share [Member]
Hedge fund investment	$ 18,758	$ 15,977
Fair Value, Inputs, Level 1 [Member]
Hedge fund investment	0	0
Fair Value, Inputs, Level 2 [Member]
Hedge fund investment	0	0
Fair Value, Inputs, Level 3 [Member]
Hedge fund investment	0	0
Pension Plan [Member] \| Fair Value Measured at Net Asset Value Per Share [Member]
Cash and cash equivalents	0	0
Debt securities	0	0
Pension Plan [Member] \| Fair Value Measured at Net Asset Value Per Share [Member] \| Domestic Equity Securities [Member]
Equity Securities, FV-NI, Current	7,236	5,500
Pension Plan [Member] \| Fair Value Measured at Net Asset Value Per Share [Member] \| Foreign Equity Securities [Member]
Equity Securities, FV-NI, Current	0	0
Pension Plan [Member] \| Fair Value Measured at Net Asset Value Per Share [Member] \| Emerging Equity Securities [Member]
Equity Securities, FV-NI, Current	0	0
Pension Plan [Member] \| Fair Value Measured at Net Asset Value Per Share [Member] \| US Treasury Securities [Member]
Equity Securities, FV-NI, Current	0	0
Pension Plan [Member] \| Fair Value, Inputs, Level 1 [Member]
Cash and cash equivalents	4,447	17,287
Debt securities	181,908	22,253
Pension Plan [Member] \| Fair Value, Inputs, Level 1 [Member] \| Domestic Equity Securities [Member]
Equity Securities, FV-NI, Current	78,577	151,584
Pension Plan [Member] \| Fair Value, Inputs, Level 1 [Member] \| Foreign Equity Securities [Member]
Equity Securities, FV-NI, Current	9,485	6,893
Pension Plan [Member] \| Fair Value, Inputs, Level 1 [Member] \| Emerging Equity Securities [Member]
Equity Securities, FV-NI, Current	8,077	7,225
Pension Plan [Member] \| Fair Value, Inputs, Level 1 [Member] \| US Treasury Securities [Member]
Equity Securities, FV-NI, Current	7,280	6,967
Pension Plan [Member] \| Fair Value, Inputs, Level 2 [Member]
Cash and cash equivalents	0	0
Debt securities	32,781	32,167
Pension Plan [Member] \| Fair Value, Inputs, Level 2 [Member] \| Domestic Equity Securities [Member]
Equity Securities, FV-NI, Current	42,448	60,333
Pension Plan [Member] \| Fair Value, Inputs, Level 2 [Member] \| Foreign Equity Securities [Member]
Equity Securities, FV-NI, Current	9,505	7,396
Pension Plan [Member] \| Fair Value, Inputs, Level 2 [Member] \| Emerging Equity Securities [Member]
Equity Securities, FV-NI, Current	0	0
Pension Plan [Member] \| Fair Value, Inputs, Level 2 [Member] \| US Treasury Securities [Member]
Equity Securities, FV-NI, Current	0	0
Pension Plan [Member] \| Fair Value, Inputs, Level 3 [Member]
Cash and cash equivalents	0	0
Debt securities	0	0
Pension Plan [Member] \| Fair Value, Inputs, Level 3 [Member] \| Domestic Equity Securities [Member]
Equity Securities, FV-NI, Current	0	0
Pension Plan [Member] \| Fair Value, Inputs, Level 3 [Member] \| Foreign Equity Securities [Member]
Equity Securities, FV-NI, Current	0	0
Pension Plan [Member] \| Fair Value, Inputs, Level 3 [Member] \| Emerging Equity Securities [Member]
Equity Securities, FV-NI, Current	0	0
Pension Plan [Member] \| Fair Value, Inputs, Level 3 [Member] \| US Treasury Securities [Member]
Equity Securities, FV-NI, Current	$ 0	$ 0

Note 8 - Pension Plans - The Activity Within Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 26, 2021	Sep. 27, 2020	Sep. 29, 2019
Change in unrecognized benefit plan gain (loss) arising during the period, net of taxes $19,148, $4,095, and $7,137, respectively	$ 59,663	$ 10,329	$ (16,880)
Amortization of items to periodic pension and other post-employment benefit costs during the period, net of taxes $819, $542, and $162, respectively	2,574	(1,265)	(488)
Other comprehensive income (loss) recognized in operations, net of taxes	$ 62,237	$ 9,064	$ (17,368)

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=124431353&loc=SL124442407-227067

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21463-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32136-110900

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 55
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=124507222&loc=d3e1436-108581

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 20
-URI http://asc.fasb.org/extlink&oid=118261656&loc=d3e32211-110900

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=124431353&loc=SL124442411-227067

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669625-108580

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

+ Details

Note 8 - Pension Plans - Future Benefit Payments (Details) $ in Thousands	Sep. 26, 2021 USD ($)
2022	$ 23,161
2023	22,596
2024	22,648
2025	22,552
2026	22,435
2027-2031	$ 108,510

Note 9 - Postretirement and Postemployment Benefits (Details Textual) - USD ($)	12 Months Ended
	Sep. 26, 2021	Sep. 27, 2020	Sep. 29, 2019
Other Postretirement Benefits Plan [Member]
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year	$ 995,000
Defined Benefit Plan, Expected Amortization of Prior Service Cost (Credit), Next Fiscal Year	$ 647,000
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets	4.00%	4.50%	4.50%
Assets for Plan Benefits, Defined Benefit Plan	$ 17,664,000	$ 15,241,000
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year	0
Defined Benefit Plan, Benefit Obligation, Ending Balance	18,538,000	47,637,000	$ 11,752,000
Other Postretirement Benefits Plan [Member] \| U.S. Small Cap Value Equity Common/Collective Fund [Member]
Equity Securities, FV-NI, Current	904,000	590,000
Other Postretirement Benefits Plan [Member] \| Global Equity Long/Short Common/Collective Hedge Fund-of-funds [Member]
Equity Securities, FV-NI, Current	3,235,000	2,754,000
Other Postretirement Benefits Plan [Member] \| Fair Value, Inputs, Level 3 [Member]
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Assets Transferred into (out of) Level 3	0	0
Postemployment Retirement Benefits [Member]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment	23,830,000	(0)	$ (0)
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment	23,830,000
Defined Benefit Plan, Benefit Obligation, Ending Balance	2,233,000	2,371,000
Master Trust Assets for the Retiree Medical Plan [Member]
Assets for Plan Benefits, Defined Benefit Plan	$ 631,000	$ 671,000

Note 9 - Postretirement and Postemployment Benefits - Net Period Postretirement Cost (Benefit) Components for Postretirement Plans (Details) - Postemployment Retirement Benefits [Member] - USD ($)	12 Months Ended
	Sep. 26, 2021	Sep. 27, 2020	Sep. 29, 2019
Service cost for benefits earned during the year	$ 207,000	$ 500,000	$ 0
Interest cost on projected benefit obligation	429,000	869,000	412,000
Expected return on plan assets	(1,007,000)	(1,060,000)	(1,082,000)
Amortization of net loss	(685,000)	(743,000)	(976,000)
Amortization of prior service benefit	(647,000)	(647,000)	(723,000)
Curtailment gains	(23,830,000)	0	0
Net periodic postretirement benefit	$ (25,533,000)	$ (1,081,000)	$ (2,369,000)

Note 9 - Postretirement and Postemployment Benefits - Benefit Obligations and Plan Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 26, 2021	Sep. 27, 2020
Liability (gain) loss due to Curtailment	$ (23,830)	$ 0
Other Postretirement Benefits Plan [Member]
Benefit obligation, beginning of year	47,637	11,752
Business combination	0	36,800
Service cost	207	500
Interest cost	429	869
Actuarial loss (gain)	(4,285)	(982)
Benefits paid, net of premiums received	(1,678)	(1,374)
Medicare Part D subsidies	58	72
Benefit obligation, end of year	18,538	47,637
Fair value of plan assets, beginning of year:	25,706	24,135
Business combination	0	0
Actual return on plan assets	1,534	1,594
Employer contributions	1,293	646
Benefits paid, net of premiums and Medicare Part D subsidies received	(1,795)	(1,077)
Benefits paid for active employees	64	(438)
One time asset transfer	0	846
Fair value of plan assets, end of year	26,802	25,706
Funded status	$ 8,264	$ (21,931)

Note 9 - Postretirement and Postemployment Benefits - Amounts Recognized in the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 26, 2021	Sep. 27, 2020
Accumulated other comprehensive income (before income tax benefit)	$ 36,965	$ (41,344)
Other Postretirement Benefits Plan [Member]
Assets for Plan Benefits, Defined Benefit Plan	17,664	15,241
Postretirement benefit obligations	(9,859)	(37,172)
Accumulated other comprehensive income (before income tax benefit)	$ 17,747	$ 14,269

- Definition

Amount of asset, recognized in statement of financial position, for overfunded defined benefit pension and other postretirement plans.

+ References + Details

Note 9 - Postretirement and Postemployment Benefits - Amounts Recognized in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 26, 2021	Sep. 27, 2020
Unrecognized net actuarial gain	$ 36,965	$ (41,344)
Other Postretirement Benefits Plan [Member]
Unrecognized net actuarial gain	14,071	4,826
Unrecognized prior service benefit	3,676	9,443
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax, Total	$ 17,747	$ 14,269

Note 9 - Postretirement and Postemployment Benefits - Assumptions (Details) - Other Postretirement Benefits Plan [Member]	12 Months Ended
	Sep. 26, 2021	Sep. 27, 2020	Sep. 29, 2019
Discount rate	2.60%	2.70%
Expected long-term return on plan assets	4.00%	4.50%
Discount rate - service cost	2.50%	3.40%	4.00%
Discount rate - interest cost	1.90%	2.80%	3.70%
Expected long-term return on plan assets	4.00%	4.50%	4.50%

Note 9 - Postretirement and Postemployment Benefits - Assumed Health Care Cost Trend Rates (Details) - Other Postretirement Benefits Plan [Member]	12 Months Ended
	Sep. 26, 2021	Sep. 27, 2020
Health care cost trend rates	6.20%	6.40%
Rate to which the cost trend rate is assumed to decline (the “Ultimate Trend Rate”)	4.50%	4.50%
Year in which the rate reaches the Ultimate Trend Rate	2030	2030

Note 9 - Postretirement and Postemployment Benefits - Allocation of Benefit Plan Assets (Details) - Other Postretirement Benefits Plan [Member]	Sep. 26, 2021	Sep. 27, 2020
Defined Benefit Plan, Equity Securities [Member]
Asset Percentage, Policy Allocation	20.00%
Asset Percentage, Actual Allocation	20.00%	20.00%
Defined Benefit Plan, Debt Security [Member]
Asset Percentage, Policy Allocation	70.00%
Asset Percentage, Actual Allocation	68.00%	70.00%
Hedge Funds [Member]
Asset Percentage, Policy Allocation	10.00%
Asset Percentage, Actual Allocation	12.00%	10.00%
Defined Benefit Plan, Cash and Cash Equivalents [Member]
Asset Percentage, Policy Allocation	0.00%
Asset Percentage, Actual Allocation	0.00%	0.00%

Note 9 - Postretirement and Postemployment Benefits - Fair Value Hierarchy of Benefit Plan Assets (Details) - USD ($) $ in Thousands	Sep. 26, 2021	Sep. 27, 2020
Fair Value Measured at Net Asset Value Per Share [Member]
Hedge fund investment	$ 18,758	$ 15,977
Fair Value, Inputs, Level 1 [Member]
Hedge fund investment	0	0
Fair Value, Inputs, Level 2 [Member]
Hedge fund investment	0	0
Fair Value, Inputs, Level 3 [Member]
Hedge fund investment	0	0
Other Postretirement Benefits Plan [Member] \| Fair Value Measured at Net Asset Value Per Share [Member]
Cash and cash equivalents	0	0
Debt securities	0	0
Hedge fund investment	3,235	2,754
Other Postretirement Benefits Plan [Member] \| Fair Value Measured at Net Asset Value Per Share [Member] \| Domestic Equity Securities [Member]
Equity Securities, FV-NI, Current	904	590
Other Postretirement Benefits Plan [Member] \| Fair Value Measured at Net Asset Value Per Share [Member] \| Emerging Equity Securities [Member]
Equity Securities, FV-NI, Current	0	0
Other Postretirement Benefits Plan [Member] \| Fair Value Measured at Net Asset Value Per Share [Member] \| Foreign Equity Securities [Member]
Equity Securities, FV-NI, Current	0	0
Other Postretirement Benefits Plan [Member] \| Fair Value, Inputs, Level 1 [Member]
Cash and cash equivalents	25	59
Debt securities	18,363	18,229
Hedge fund investment	0	0
Other Postretirement Benefits Plan [Member] \| Fair Value, Inputs, Level 1 [Member] \| Domestic Equity Securities [Member]
Equity Securities, FV-NI, Current	2,643	2,868
Other Postretirement Benefits Plan [Member] \| Fair Value, Inputs, Level 1 [Member] \| Emerging Equity Securities [Member]
Equity Securities, FV-NI, Current	603	539
Other Postretirement Benefits Plan [Member] \| Fair Value, Inputs, Level 1 [Member] \| Foreign Equity Securities [Member]
Equity Securities, FV-NI, Current	747	579
Other Postretirement Benefits Plan [Member] \| Fair Value, Inputs, Level 2 [Member]
Cash and cash equivalents	0	0
Debt securities	0	0
Hedge fund investment	0	0
Other Postretirement Benefits Plan [Member] \| Fair Value, Inputs, Level 2 [Member] \| Domestic Equity Securities [Member]
Equity Securities, FV-NI, Current	0	0
Other Postretirement Benefits Plan [Member] \| Fair Value, Inputs, Level 2 [Member] \| Emerging Equity Securities [Member]
Equity Securities, FV-NI, Current	0	0
Other Postretirement Benefits Plan [Member] \| Fair Value, Inputs, Level 2 [Member] \| Foreign Equity Securities [Member]
Equity Securities, FV-NI, Current	660	759
Other Postretirement Benefits Plan [Member] \| Fair Value, Inputs, Level 3 [Member]
Cash and cash equivalents	0	0
Debt securities	0	0
Hedge fund investment	0	0
Other Postretirement Benefits Plan [Member] \| Fair Value, Inputs, Level 3 [Member] \| Domestic Equity Securities [Member]
Equity Securities, FV-NI, Current	0	0
Other Postretirement Benefits Plan [Member] \| Fair Value, Inputs, Level 3 [Member] \| Emerging Equity Securities [Member]
Equity Securities, FV-NI, Current	0	0
Other Postretirement Benefits Plan [Member] \| Fair Value, Inputs, Level 3 [Member] \| Foreign Equity Securities [Member]
Equity Securities, FV-NI, Current	$ 0	$ 0

Note 9 - Postretirement and Postemployment Benefits - Future Benefit Payments (Details) $ in Thousands	Sep. 26, 2021 USD ($)
2022, gross payments	$ 23,161
2023, gross payments	22,596
2024, gross payments	22,648
2025, gross payments	22,552
2026, gross payments	22,435
2027-2031, gross payments	108,510
Other Postretirement Benefits Plan [Member]
2022, gross payments	1,479
2022, subsidy	(58)
2022, net payments	1,421
2023, gross payments	1,424
2023, subsidy	(55)
2023, net payments	1,369
2024, gross payments	1,383
2024, subsidy	(51)
2024, net payments	1,332
2025, gross payments	1,326
2025, subsidy	(47)
2025, net payments	1,279
2026, gross payments	1,277
2026, subsidy	(43)
2026, net payments	1,234
2027-2031, gross payments	5,439
2027-2031, subsidy	(158)
2027-2031, net payments	$ 5,281

Note 10 - Other Retirement Plans (Details Textual) - USD ($)	12 Months Ended
	Sep. 26, 2021	Sep. 27, 2020	Sep. 29, 2019
Employee Benefits and Share-based Compensation	$ 3,403,000	$ 2,666,000	$ 1,683,000
Multiemployer Plans, Withdrawal Obligation	$ 12,862,000
Percentage of CBA's Expiring in the Next Twelve Months	97.00%
Minimum [Member]
Multiemployer Plans, Withdrawal Obligation, Period (Year)	20 years
Warrants and Other Liabilities [Member]
Multiemployer Plans, Withdrawal Obligation	$ 23,471,000	$ 11,473,000

Note 10 - Other Retirement Plans - Other Retirement Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 26, 2021	Sep. 27, 2020	Sep. 29, 2019
GCIU- Employer Retirement Fund [Member]
Contribution to multiemployer plan	$ 10	$ 87	$ 98
District No. 9 Pension Trust [Member]
Contribution to multiemployer plan	15	31	$ 30
CWA / ITU Negotiated [Member]
Contribution to multiemployer plan	81	456
IAM National Pension [Member]
Contribution to multiemployer plan	67	86
Operating Engineers Central Pension Fund of the International Union of Operating Engineers and Participating Employers [Member]
Contribution to multiemployer plan	$ 49	$ 52

Note 11 - Common Stock and Class B Common Stock (Details Textual) - $ / shares	Sep. 26, 2021	Mar. 30, 2018	Mar. 30, 2017
Class of Warrant or Right, Outstanding (in shares)	600,000
Warrant Agreement [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)			600,000
Class of Warrant or Right, Percentage of Common Stock Outstanding			10.10%
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)			$ 41.90
Class of Warrant or Right, Outstanding (in shares)	71,000	16,930,000

Note 12 - Stock Ownership Plans (Details Textual) - USD ($)	1 Months Ended	12 Months Ended			24 Months Ended
	Dec. 31, 2021	Sep. 26, 2021	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020
Share-based Payment Arrangement, Expense		$ 854,000	$ 1,042,000	$ 1,638,000
Common Stock, Capital Shares Reserved for Future Issuance (in shares)		368,095
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)		332,360
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount		$ 901,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value		$ 402,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)		1 year 2 months 12 days
Employee Stock Purchase Plan [Member]
Employee Stock Ownership Plan (ESOP), Shares in ESOP, Total (in shares)		27,000
Supplemental Employee Stock Purchase Plan [Member]
Employee Stock Ownership Plan (ESOP), Shares in ESOP, Total (in shares)		870
Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)					10 years
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount		$ 0
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		46,000	72,000	79,000
Restricted Stock [Member] \| Forecast [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	96,000

Note 12 - Stock Ownership Plans - Stock Option Activities (Details) - shares shares in Thousands	12 Months Ended
	Sep. 26, 2021	Sep. 27, 2020	Sep. 29, 2019
Under option, balance (in shares)	41	81	110
Exercised (in shares)	(2)	0	(9)
Canceled (in shares)	(3)	(40)	(20)
Under option, balance (in shares)	36	41	81
Exercisable, end of year (in shares)	36	41	81

Note 12 - Stock Ownership Plans - Weighted Average Prices of Stock Options (Details) - $ / shares	12 Months Ended
	Sep. 26, 2021	Sep. 27, 2020	Sep. 29, 2019
Exercised (in dollars per share)	$ 11.3	$ 0	$ 20.6
Cancelled (in dollars per share)	11.3	25.3	20.8
Under option, end of year (in dollars per share)	$ 11.4	$ 11.4	$ 18.2

Note 12 - Stock Ownership Plans - Summary of Stock Options Outstanding (Details) shares in Thousands	12 Months Ended
	Sep. 26, 2021 $ / shares shares
Range of exercise prices, lower limit (in dollars per share)	$ 11
Range of exercise prices, upper limit (in dollars per share)	$ 12
Number outstanding (in shares) \| shares	36
Weighted Average Remaining Contractual Life (Year)	8 months 12 days
Weighted Average Exercise Price, Outstanding (in dollars per share)	$ 11.4
Number Exercisable (in shares) \| shares	36
Weighted Average Exercise Price, Exercisable (in dollars per share)	$ 11.4

Note 12 - Stock Ownership Plans - Summary of Restricted Stock Activity (Details) - Restricted Stock [Member] - $ / shares shares in Thousands	12 Months Ended
	Sep. 26, 2021	Sep. 27, 2020	Sep. 29, 2019
Outstanding, shares (in shares)	155	148	206
Granted, shares (in shares)	46	72	79
Vested, shares (in shares)	(45)	(61)	(134)
Forfeited, shares (in shares)	(2)	(4)	(3)
Outstanding, shares (in shares)	154	155	148
Outstanding, weighted average grant date fair value (in dollars per share)	$ 21.5	$ 24.9	$ 23.1
Granted, weighted average grant date fair value (in dollars per share)	11.2	16.2	21.8
Vested, weighted average grant date fair value (in dollars per share)	27.3	23.4	20.3
Forfeited, weighted average grant date fair value (in dollars per share)	16.1	24.4	21.3
Outstanding, weighted average grant date fair value (in dollars per share)	$ 16.7	$ 21.5	$ 24.9

Note 13 - Income Taxes (Details Textual) - USD ($)	Sep. 26, 2021	Sep. 27, 2020
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	$ 1,033,000
Unrecognized Tax Benefits, Interest on Income Taxes Accrued	1,393,000	$ 1,000,000
Deferred Tax Asset, Interest Carryforward	0	5,383,000
Deferred Tax Assets, Operating Loss Carryforwards, Total	26,999,000	28,240,000
State and Local Jurisdiction [Member]
Unrecognized Tax Benefits Related to Net Operating Loss	10,984,000	$ 10,319,000
Operating Loss Carryforwards, Total	45,160,000
Deferred Tax Assets, Operating Loss Carryforwards, Total	$ 35,676,000

Note 13 - Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 26, 2021	Sep. 27, 2020	Sep. 29, 2019
Federal	$ (2,431)	$ 8,779	$ 8,763
State	3,642	(10)	1,171
Deferred	6,004	(4,665)	(2,003)
Income Tax Expense (Benefit), Total	$ 7,215	$ 4,104	$ 7,931

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Note 13 - Income Taxes - Income Tax Expense (Benefit) Related to Continuing Operations (Details)	12 Months Ended
	Sep. 26, 2021	Sep. 27, 2020	Sep. 29, 2019
Computed “expected” income tax expense	21.00%	21.00%	21.00%
State income tax benefit, net of federal tax benefit	5.60%	21.70%	1.30%
Net income of associated companies	(1.80%)	(18.30%)	(3.90%)
Resolution of tax matters	3.20%	(30.50%)	1.70%
Remeasurement due to rate changes	0.00%	24.00%	0.00%
Non-deductible expenses	0.90%	19.40%	3.40%
Valuation allowance	(6.00%)	110.00%	10.80%
Warrant valuation	(0.40%)	(7.30%)	(0.60%)
Other	0.00%	4.40%	(0.40%)
Effective Income Tax Rate Reconciliation, Percent, Total	22.50%	144.40%	33.30%

Note 13 - Income Taxes - Deferred Income Tax Liabilities (Details) - USD ($) $ in Thousands	Sep. 26, 2021	Sep. 27, 2020
Property and equipment	$ (13,284)	$ (18,646)
Identified intangible assets	(14,032)	(16,765)
ASC 842 - Leases DTL	(15,813)	(18,669)
Pension and postretirement benefits	(6,346)	0
Investments	(14,275)	(6,154)
Deferred Tax Liabilities, Gross, Total	(63,750)	(60,234)
Allowance for credit losses	237	1,733
Pension and postretirement benefits	0	7,075
Long-term debt	716	350
Interest deduction limitation	0	5,383
Operating loss carryforwards	26,999	28,240
ASC 842 - Leases DTA	15,840	18,675
Accrued compensation	6,630	13,142
Accrued expenses	443	1,673
Other	812	430
Deferred Tax Assets, Gross, Total	51,677	76,701
Valuation allowance	(28,222)	(31,675)
Net deferred income tax liabilities	$ (40,295)	$ (15,208)

Note 13 - Income Taxes - Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 26, 2021	Sep. 27, 2020
Unrecognized tax benefits, balance	$ 27,008	$ 18,252
Changes in tax positions for prior years	1,008
Changes in tax positions for prior years		(331)
Increases (decrease) in tax positions for the current year	(8,940)
Increases (decrease) in tax positions for the current year		9,825
Lapse in statute of limitations	(797)	(738)
Unrecognized tax benefits, balance	$ 18,279	$ 27,008

Note 14 - Fair Value of Financial Instruments (Details Textual) - USD ($)	12 Months Ended
	Sep. 26, 2021	Sep. 27, 2020	Sep. 29, 2019	Mar. 31, 2014
Fair Value Adjustment of Warrants	$ 292,000	$ 832,000	$ 612,000
Senior Secured Notes [Member]
Debt Instrument, Face Amount	$ 482,616,000
TCT [Member]
Equity Securities Without Readily Determinable Fair Value, Ownership Percentage of Voting Common Stock	0.70%
Ownership Percentage of Total Common Stock	8.70%
Fair Value, Inputs, Level 3 [Member]
Investments, Fair Value Disclosure, Total	$ 4,226,000
Fair Value, Inputs, Level 3 [Member] \| TCT and Private Equity Investment [Member]
Equity Securities without Readily Determinable Fair Value, Percent	16.70%
Fair Value, Inputs, Level 2 [Member]
Warrants and Rights Outstanding	$ 71,000	$ 363,000	$ 1,195,000	$ 16,930,000

Note 14 - Fair Value of Financial Instruments - Estimate Fair Value of Financial Instruments (Details)	Sep. 26, 2021 $ / shares yr	Sep. 27, 2020 $ / shares yr	Sep. 29, 2019 $ / shares yr
Measurement Input, Price Volatility [Member]
Warrant and rights, measurement input	0.43	0.84	0.48
Measurement Input, Risk Free Interest Rate [Member]
Warrant and rights, measurement input	0.0005	0.0012	0.0158
Measurement Input, Expected Term [Member]
Warrant and rights, measurement input \| yr	0.5	1.5	2.5
Measurement Input, Share Price [Member]
Warrant and rights, measurement input \| $ / shares	0.12	0.06	0.2

Note 15 - Earnings Per Common Share (Details Textual) - shares	12 Months Ended
	Sep. 26, 2021	Sep. 27, 2020	Sep. 29, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	600,000	600,000	638,400

Note 15 - Earnings Per Common Share - Computation of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Sep. 26, 2021	Sep. 27, 2020	Sep. 29, 2019
Income (loss) attributable to Lee Enterprises, Incorporated:	$ 22,785	$ (3,106)	$ 14,268
Weighted average Common Stock (in shares)	5,873	5,811	5,765
Less non-vested restricted Common Stock (in shares)	(156)	(154)	(208)
Basic average Common Stock (in shares)	5,717	5,657	5,557
Dilutive stock options and restricted Common Stock (in shares)	109	37	131
Diluted average Common Stock (in shares)	5,826	5,694	5,688
Basic: (in dollars per share)	$ 3.99	$ (0.55)	$ 2.57
Diluted: (in dollars per share)	$ 3.91	$ (0.55)	$ 2.51

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Note 16 - Allowance for Credit Losses - Valuation and Qualifying Account Information (Details) - USD ($)	12 Months Ended
	Sep. 26, 2021	Sep. 27, 2020	Sep. 29, 2019
Allowance for Doubtful Accounts Receivable	$ 13,431,000	$ 6,434,000	$ 4,806,000
Additions charged to expense	1,505,000	8,607,000	2,751,000
Deductions from reserves	(8,362,000)	(1,610,000)	(1,123,000)
Allowance for Doubtful Accounts Receivable	$ 6,574,000	$ 13,431,000	$ 6,434,000

Note 17 - Other Information - Compensation and Other Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 26, 2021	Sep. 27, 2020
Compensation	$ 20,849	$ 16,915
Retirement plans	554	2,317
Other	23,673	25,046
Accrued Liabilities, Current, Total	$ 45,076	$ 44,278

Note 17 - Other Information - Supplemental Cash Payment (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 26, 2021	Sep. 27, 2020	Sep. 29, 2019
Interest	$ 45,214	$ 49,518	$ 47,555
Debt financing and reorganization costs	0	707	1,773
Income tax payments, net	$ 7,604	$ 446	$ 8,439

Note 18 - Commitments and Contingent Liabilities (Details Textual)	12 Months Ended
	Sep. 26, 2021 USD ($)
Construction and Equipment, Purchase Commitments	$ 3,791,000