0001437749-22-002462 | 10-Q | XBRL Viewer

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Dec. 26, 2021	Jan. 31, 2022
Document Information [Line Items]
Entity Central Index Key	0000058361
Entity Registrant Name	LEE ENTERPRISES, INC
Amendment Flag	false
Current Fiscal Year End Date	--09-26
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		5,956,990
Preferred Share Purchase Rights [Member]
Document Information [Line Items]
Title of 12(b) Security	Preferred Share Purchase Rights
Trading Symbol	LEE
Security Exchange Name	NASDAQ
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	LEE
Security Exchange Name	NASDAQ

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Dec. 26, 2021	Sep. 26, 2021
ASSETS
Cash and cash equivalents	$ 18,585	$ 26,112
Accounts receivable and contract assets, net	73,193	65,070
Inventories	6,340	6,297
Prepaid and other current assets	10,193	11,320
Total current assets	108,311	108,799
Associated companies	27,306	26,682
Other	6,281	6,065
Total investments	33,587	32,747
Land and improvements	14,562	16,576
Buildings and improvements	92,986	106,890
Equipment	210,636	228,817
Construction in process	4,450	2,813
Property, Plant and Equipment, Gross, Ending Balance	322,634	355,096
Less accumulated depreciation	243,542	271,830
Property and equipment, net	79,092	83,266
Operating lease right-of-use assets	62,632	65,682
Goodwill	330,204	330,204
Other intangible assets, net	150,901	156,671
Other	13,118	13,632
Total assets	831,849	843,551
Current liabilities:
Current portion of lease liabilities	8,671	8,612
Current maturities of long-term debt	0	6,112
Accounts payable	28,012	20,420
Compensation and other accrued liabilities	43,648	45,076
Unearned revenue	61,281	61,404
Total current liabilities	141,612	141,624
Long-term debt, net of current maturities	462,554	476,504
Operating lease liabilities	54,563	57,683
Pension obligations	25,727	22,444
Postretirement and postemployment benefit obligations	11,564	11,008
Deferred income taxes	38,957	40,295
Income taxes payable	8,840	9,174
Other	24,927	28,121
Total liabilities	768,744	786,853
Stockholders' equity:
Serial convertible preferred stock, no par value; authorized 500 shares; none issued	0	0
Additional paid-in capital	257,863	258,063
Accumulated deficit	(233,086)	(245,744)
Accumulated other comprehensive income	36,075	42,187
Total stockholders' equity	60,912	54,565
Non-controlling interests	2,193	2,133
Total equity	63,105	56,698
Total liabilities and equity	831,849	843,551
Common Class A [Member]
Stockholders' equity:
Common Stock	60	59
Common Class B [Member]
Stockholders' equity:
Common Stock	0	0
Pension Plan [Member]
ASSETS
Retirement plan assets, net	36,121	35,855
Postretirement Health Coverage [Member]
ASSETS
Retirement plan assets, net	$ 17,883	$ 16,695

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands	Dec. 26, 2021	Sep. 26, 2021
Preferred stock, par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authoritzed (in shares)	500	500
Preferred stock, shares issued (in shares)	0	0
Common Class A [Member]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	12,000	12,000
Common stock, shares issued (in shares)	5,957	5,889
Common stock, shares outstanding (in shares)	5,957	5,889
Common Class B [Member]
Common stock, par value (in dollars per share)	$ 2	$ 2
Common stock, shares authorized (in shares)	3,000	3,000
Common stock, shares issued (in shares)	0	0

Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended
	Dec. 26, 2021	Dec. 27, 2020
Operating revenue:
Total operating revenue	$ 202,282,000	$ 211,817,000
Operating expenses:
Compensation	84,694,000	84,163,000
Newsprint and ink	7,644,000	7,992,000
Other operating expenses	85,982,000	81,767,000
Depreciation and amortization	9,676,000	10,441,000
Assets (gain) loss on sales, impairments and other, net	(12,274,000)	5,222,000
Restructuring costs and other	3,200,000	3,167,000
Total operating expenses	178,922,000	192,752,000
Equity in earnings of associated companies	1,754,000	1,743,000
Operating income	25,114,000	20,808,000
Non-operating income (expense):
Interest expense	(10,663,000)	(11,882,000)
Curtailment gain	1,027,000	23,830,000
Pension withdrawal cost	0	(12,310,000)
Other, net	3,072,000	2,268,000
Total non-operating (expense) income, net	(6,564,000)	1,906,000
Income before income taxes	18,550,000	22,714,000
Income tax expense	5,351,000	6,311,000
Net income	13,199,000	16,403,000
Net income attributable to non-controlling interests	(541,000)	(501,000)
Income attributable to Lee Enterprises, Incorporated	12,658,000	15,902,000
Other comprehensive (loss) income, net of income taxes	(6,112,000)	1,142,000
Comprehensive income attributable to Lee Enterprises, Incorporated	$ 6,546,000	$ 17,044,000
Earnings per common share:
Basic: (in dollars per share)	$ 2.21	$ 2.79
Diluted: (in dollars per share)	$ 2.17	$ 2.77
Advertising and Marketing Services [Member]
Operating revenue:
Total operating revenue	$ 98,754,000	$ 102,629,000
Subscription and Circulation [Member]
Operating revenue:
Total operating revenue	87,519,000	91,309,000
Product and Service, Other [Member]
Operating revenue:
Total operating revenue	$ 16,009,000	$ 17,879,000

Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Retained Earnings [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Total
Balance at Sep. 28, 2020	$ (268,529)	$ 58	$ 256,957	$ (20,050)	$ (31,564)
Shares issued (redeemed)	0	1	(55)	0	(54)
Income attributable to Lee Enterprises, Incorporated	15,902	0	0	0	15,902
Stock compensation	0	0	220		220
Other comprehensive (loss) income	0	0	0	1,347	1,347
Deferred income taxes, net	0	0	0	(205)	(205)
Balance at Dec. 27, 2020	(252,627)	59	257,122	(18,908)	(14,354)
Balance at Sep. 26, 2021	(245,744)	59	258,063	42,187	54,565
Shares issued (redeemed)	0	1	(386)	0	(385)
Income attributable to Lee Enterprises, Incorporated	12,658	0	0	0	12,658
Stock compensation	0	0	186		186
Other comprehensive (loss) income	0	0	0	(8,174)	(8,174)
Deferred income taxes, net	0	0	0	2,062	2,062
Balance at Dec. 26, 2021	$ (233,086)	$ 60	$ 257,863	$ 36,075	$ 60,912

- Definition

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

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

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

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+ Details

- Definition

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 (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Dec. 26, 2021	Dec. 27, 2020
Cash provided by operating activities:
Net income	$ 13,199	$ 16,403
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	9,676	10,441
Curtailment gain	(1,027)	(23,830)
Pension withdrawal cost	(0)	12,310
Stock compensation expense	186	220
Assets (gain) loss on sales, impairments and other, net	(12,274)	5,222
Other, net	383	(951)
Changes in operating assets and liabilities:
(Increase) decrease in receivables and contract assets	(8,519)	(14,662)
Decrease in inventories and other	1,085	602
Increase (decrease) in accounts payable and other accrued liabilities	3,369	7,205
Decrease in pension and other postretirement and postemployment benefit obligations	(4,826)	(1,523)
Change in income taxes payable	2,427	6,643
Other, including warrants	(3,109)	836
Net cash provided by operating activities	570	18,916
Cash provided by (required for) investing activities:
Purchases of property and equipment	(1,777)	(1,738)
Proceeds from sales of assets	14,406	2,236
Distributions greater (less) than earnings of TNI and MNI	(595)	(687)
Other, net	(80)	(430)
Net cash provided by (required for) investing activities	11,954	(619)
Cash provided by (required for) financing activities:
Payments on long-term debt	20,062	14,734
Common stock transactions, net	11	(154)
Net cash required for financing activities	(20,051)	(14,888)
Net (decrease) increase in cash and cash equivalents	(7,527)	3,409
Cash and cash equivalents:
Beginning of period	26,112	33,733
End of period	$ 18,585	$ 37,142

Note 1 - Basis of Presentation and Summary of Significant Accounting Policies

3 Months Ended

Dec. 26, 2021

Notes to Financial Statements

Basis of Presentation and Significant Accounting Policies [Text Block]

1	BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited, interim, Consolidated Financial Statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission for quarterly reports. In the opinion of management, these financial statements contain all adjustments (consisting of only normal recurring items) necessary to present fairly the financial position of Lee Enterprises, Incorporated and its subsidiaries (the “Company”) as of December 26, 2021, and our results of operations and cash flows for the periods presented. The Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in the Company's 2021 Annual Report on Form 10-K.

The Company's fiscal year ends on the last Sunday in September. Fiscal year 2022 ends on September 25, 2022 and fiscal year 2021 ended September 26, 2021. Fiscal year 2022 and 2021 are 52-week years with 13 weeks in each quarter. Because of seasonal and other factors, the results of operations for the 13 weeks ended December 26, 2021, are not necessarily indicative of the results to be expected for the full year.

References to “we”, “our”, “us” and the like throughout the Consolidated Financial Statements refer to the Company. References to “2022”, “2021” and the like refer to the fiscal years ended the last Sunday in September.

The Consolidated Financial Statements include our accounts and those of our wholly owned subsidiaries, as well as our 82.5% interest in INN Partners, L.C. (“TownNews.com”), our 50% interest in TNI Partners (“TNI”) and our 50% interest in Madison Newspapers, Inc. (“MNI”).

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 intangible assets.

On March 16, 2020, the Company completed the acquisition of BH Media Group, Inc. and The Buffalo News, Inc. for a combined purchase price of $140,000,000 (collectively, the "Transactions").

COVID-19 Pandemic

The ongoing COVID-19 pandemic and related measures to contain its spread have resulted in significant volatility and economic uncertainty, which is expected to continue in the near term. The COVID-19 pandemic has had and the Company currently expects that it will continue to have a significant negative impact on the Company’s business and operating results in the near term. While vaccines have become widely available in the United States, the long-term impact of the COVID-19 pandemic remains uncertain and unpredictable as it will depend on the pace of vaccine distribution, government responses to future outbreaks, the spread of variants, as well as changes in consumer behavior, all of which are highly uncertain. Despite the significant negative impacts on our operating results, we have operated uninterrupted in providing local news, information and advertising in our print and digital editions.

Note 2 - Revenue

3 Months Ended

Dec. 26, 2021

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

2	REVENUE

The following table presents our revenue disaggregated by source:


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

Operating revenue:
Print		55,970		66,614
Digital		42,784		36,015
Advertising and marketing services revenue		98,754		102,629
Print		79,628		85,033
Digital		7,891		6,276
Subscription revenue		87,519		91,309
Print		11,385		13,064
Digital		4,624		4,815
Other revenue		16,009		17,879
Total operating revenue		202,282		211,817

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.

Total Digital Revenue in the prior year was reclassified to conform to the current year presentation. Total Digital Revenue is defined as digital advertising and marketing services revenue (including Amplified), digital-only subscription revenue and digital services revenue. Previously other digital subscription revenue was included. All periods have been restated for the reclassification.

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 contract liabilities is unearned revenue 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. Revenue recognized in the quarter ended December 26, 2021 that was included in the contract liability as of September 26, 2021 was $36,347,000.

Accounts receivable, excluding allowance for credit losses was $80,375,000 and $71,644,000 as of December 26, 2021 and September 26, 2021, respectively. Allowance for credit losses was $7,182,000 and $6,574,000 as of December 26, 2021 and September 26, 2021, respectively.

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 3 - Investments in Associated Companies

3 Months Ended

Dec. 26, 2021

Notes to Financial Statements

Equity Method Investments and Joint Ventures Disclosure [Text Block]

3	INVESTMENTS IN ASSOCIATED COMPANIES

TNI Partners

In Tucson, Arizona, TNI, acting as agent for our subsidiary, Star Publishing Company (“Star Publishing”), and Citizen Publishing Company (“Citizen”), a subsidiary of Gannett Co. Inc., is responsible for printing, delivery, advertising, and subscription activities of the Arizona Daily Star as well as the related digital platforms and specialty publications. TNI collects all receipts and income and pays substantially all operating expenses incident to the partnership's operations and publication of the newspaper and other media.

Income or loss of TNI (before income taxes) is allocated equally to Star Publishing and Citizen.

Summarized results of TNI are as follows:


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

Operating revenue		8,981		9,400
Operating expenses		6,465		7,005
Operating income		2,516		2,395
Company's 50% share of operating income		1,258		1,198
Less amortization of intangible assets		—		—
Equity in earnings of TNI		1,258		1,198

TNI makes periodic distributions of its earnings and for the quarter ended December 26, 2021 and December 27, 2020 we received $859,000 and $1,056,000 in distributions, respectively.

Madison Newspapers, Inc.

We have a 50% ownership interest in MNI, which publishes daily and Sunday newspapers, and other publications in Madison, Wisconsin, and other Wisconsin locations, and operates their related digital platforms. Net income or loss of MNI (after income taxes) is allocated equally to us and The Capital Times Company (“TCT”). MNI conducts its business under the trade name Capital Newspapers.

Summarized results of MNI are as follows:


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

Operating revenue		12,195		11,922
Operating expenses, excluding restructuring costs, depreciation and amortization		10,834		10,430
Restructuring costs		—		106
Depreciation and amortization		170		110
Operating income		1,191		1,276
Net income		991		1,089
Equity in earnings of MNI		496		545

MNI makes periodic distributions of its earnings and in the quarter ended December 26, 2021 we received dividends of $300,000. No dividends were received in the quarter ended December 27, 2020.

Note 4 - Goodwill and Other Intangible Assets

3 Months Ended

Dec. 26, 2021

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

4	GOODWILL AND OTHER INTANGIBLE ASSETS

Identified intangible assets consist of the following:

	December 26,			September 26,
(Thousands of Dollars)	2021			2021

Goodwill, end of period		330,204			330,204
Non-amortized intangible assets:
Mastheads		39,849			39,672
Amortizable intangible assets:
Customer and newspaper subscriber lists		574,349			774,242
Less accumulated amortization		(463,297	)		(657,243	)
		111,052			116,999
Total intangibles, net		481,105			486,875

The weighted average amortization period for amortizable assets is 13.2 years.

Note 5 - Debt

3 Months Ended

Dec. 26, 2021

Notes to Financial Statements

Debt Disclosure [Text Block]

DEBT

The Company has debt consisting of a single 25-year term loan with BH Finance LLC (“BH Finance”), in an aggregate principal balance of $462,554,000 at a 9% annual rate and matures on March 16, 2045 (referred to herein as “Credit Agreement” and “Term Loan”). At December 26, 2021, based on market quotations, the fair value approximates carrying value. This represents a level 2 fair value measurement.

During the quarter ended December 26, 2021, we made principal debt payments of $20,062,000. For the quarter, payments consisted of $10,450,000 from the sale of non-core assets, $6,112,000 from September 26, 2021 excess cash flow, and $3,500,000 in voluntary prepayments. All payments were made at par. Future payments are contingent on the Company's ability to generate future excess cash flow, as defined in the Credit Agreement. As of December 26, 2021 there was no excess cash flow payment due (as such term is defined in the Term Loan).

Warrants

We entered into a Warrant Agreement dated as of March 31, 2014 (the “Warrant Agreement”). Under the Warrant Agreement, certain warrant holders received 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 can be exercised at a price of $41.90 per share and expire in March 31, 2022.

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. The initial fair value of the Warrants was $16,930,000. We re-measure the fair value of the liability each reporting period using the Black-Scholes option pricing model. The change in value of $1,929,000 is reported as expense in other, net non-operating income (expense).

The fair value of Warrants at December 26, 2021, and September 26, 2021 , were $2,000,000 and $71,000 , respectively.

In connection with the issuance of the Warrants, we entered into a Registration Rights Agreement dated as of March 31, 2014 (the “Registration Rights Agreement”). The Registration Rights Agreement requires, among other matters, that we use our commercially reasonable efforts to maintain the effectiveness for certain specified periods of a shelf registration statement related to the shares of Common Stock to be issued upon exercise of the Warrants.

- 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 6 - Pension, Postretirement and Postemployment Defined Benefit Plans

3 Months Ended

Dec. 26, 2021

Other Postretirement Benefits Plan [Member]

Notes to Financial Statements

Retirement Benefits [Text Block]

6	PENSION, POSTRETIREMENT AND POSTEMPLOYMENT DEFINED BENEFIT PLANS

We have several defined benefit pension plans that together cover selected employees, including plans established under collective bargaining agreements. At the end of September two of seven plans had future benefits under the plan frozen and no new participants are permitted. Additionally, we provide retiree medical and life insurance benefits under postretirement plans at several of our operating locations. Through December 26, 2021, our liability and related expense for benefits under the plans are recorded over the service period of employees based upon annual actuarial calculations.

During the quarter ended December 26, 2021 we notified certain participants in our defined benefit plans of changes to be made to the plans. The Company froze future benefits for an additional four of the defined benefit plans. The freeze of future benefits resulted in a non-cash curtailment gain of $1,027,000 related to the four plans. In connection with the freeze the Company provided certain plan enhancements that resulted in an increase to our net pension liability and a decrease to Accumulated Other Comprehensive income of $6,507,000. Additionally, the Company merged the six frozen plans into one defined benefit plan effective in the second quarter of fiscal 2022.

During the quarter ended December 27, 2020 we notified certain participants in one of our post-employment benefit plans of changes to be made to the plans, including elimination of coverage for certain participants. The changes resulted in a non-cash curtailment gain of $23,830,000 and a reduction in our benefit obligation by $23,830,000. This is recorded within Curtailment gain and Postretirement and postemployment benefit obligations.

The net periodic pension and postretirement cost (benefit) components for our plans are as follows:

PENSION PLANS
	December 26,			December 27,
(Thousands of Dollars)	2021			2020

Service cost for benefits earned during the period		456			633
Interest cost on projected benefit obligation		1,936			1,787
Expected return on plan assets		(4,536	)		(4,672	)
Amortization of net (gain) loss		(1,259	)		1,004
Curtailment gain		(1,027	)		—
Pension benefit		(4,430	)		(1,248	)

POSTRETIREMENT MEDICAL PLANS
	December 26,			December 27,
(Thousands of Dollars)	2021			2020

Service cost for benefits earned during the period		27			210
Interest cost on projected benefit obligation		85			123
Expected return on plan assets		(263	)		(252	)
Amortization of net gain		(249	)		(172	)
Amortization of prior service benefit		(162	)		(161	)
Curtailment gain		—			(23,830	)
Postretirement medical benefit		(562	)		(24,082	)

In the quarter ended December 26, 2021 we had no required contributions to our pension plans. In the quarter ended December 27, 2020 we contributed $400,000 to our pension plans. We have no required contributions to our pension plans for 2022 and therefore do not expect to make contributions to our pension trust during the remainder of fiscal 2022.

Multiemployer Pension Plans

During the quarter ended December 27, 2020, we withdrew from a multiemployer pension plan and recorded a $12,310,000 charge. The withdrawal liability is recorded in Warrants and other and will be paid over 20 years. The first payment was made March 1, 2021.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Note 7 - Income Taxes

3 Months Ended

Dec. 26, 2021

Notes to Financial Statements

Income Tax Disclosure [Text Block]

7	INCOME TAXES

We recorded an income tax expense of $5,351,000 related to income before taxes of $18,550,000 for the Quarter ended December 26, 2021. For the Quarter ended December 27, 2020, we recorded $6,311,000 in income tax expense related to income before taxes of $22,714,000. The effective income tax rates for the Quarter ended December 26, 2021 was 28.9%. The effective income tax rate for the Quarter ended December 27, 2020 was 27.8%.

The primary differences between these rates and the U.S. federal statutory rate of 21% are due to the effect of state taxes, non-deductible expenses, adjustments to reserves for uncertain tax positions, including any related interest, and mark-to-market adjustments to value stock warrants.

We file a consolidated federal tax return, as well as combined and separate tax returns in approximately 27 state and local jurisdictions. We do not currently have any federal or material state income tax examinations in progress. Our income tax returns have generally been audited or closed to audit through 2014.

- 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.

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+ Details

Note 8 - Earnings Per Common Share

3 Months Ended

Dec. 26, 2021

Notes to Financial Statements

Earnings Per Share [Text Block]

8	EARNINGS PER COMMON SHARE

The following table sets forth the computation of basic and diluted earnings per common share:


	December 26,			December 27,
(Thousands of Dollars and Shares, Except Per Share Data)	2021			2020

Income attributable to Lee Enterprises, Incorporated:		12,658			15,902
Weighted average common shares		5,885			5,845
Less weighted average restricted Common Stock		(159	)		(155	)
Basic average common shares		5,726			5,690
Dilutive stock options and restricted Common Stock		118			42
Diluted average common shares		5,844			5,732
Earnings per common share:
Basic		2.21			2.79
Diluted		2.17			2.77

For the quarter ended December 26, 2021 and December 27, 2020, 600,000 and 641,300 shares were not considered in the computation of diluted earnings per common share because their inclusion would result in an anti-dilutive effect on per share amounts.

Rights Agreement

On November 24, 2021, our Board of Directors adopted a stockholder rights plan (the “Rights Agreement”). Pursuant to the Rights Agreement, on November 24, 2021, our Board of Directors declared a dividend of one preferred share purchase right (a “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 share of Series B Participating Convertible Preferred Stock, without par value (the “Preferred Shares”), 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.

The Rights Agreement applies equally to all current and future stockholders and is not intended to deter offers or preclude our Board of Directors from considering acquisition proposals that are fair and otherwise in the best interest of our stockholders. However, the overall effect of the Rights Agreement may render it more difficult or discourage a merger, tender offer, or other business combination involving us that is not supported by our Board of Directors.

Note 9 - Commitments and Contingent Liabilities

3 Months Ended

Dec. 26, 2021

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

9	COMMITMENTS AND CONTINGENT LIABILITIES

Legal Proceedings

We are involved in a variety of legal actions that arise in the normal course of business. Insurance coverage mitigates potential loss for certain of these matters. While we are unable to predict the ultimate outcome of these legal actions, it is our opinion that the disposition of these matters will not have a material adverse effect on our Consolidated Financial Statements, taken as a whole.

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Dec. 26, 2021
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The accompanying unaudited, interim, Consolidated Financial Statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission for quarterly reports. In the opinion of management, these financial statements contain all adjustments (consisting of only normal recurring items) necessary to present fairly the financial position of Lee Enterprises, Incorporated and its subsidiaries (the “Company”) as of December 26, 2021, and our results of operations and cash flows for the periods presented. The Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in the Company's 2021 Annual Report on Form 10-K. The Company's fiscal year ends on the last Sunday in September. Fiscal year 2022 ends on September 25, 2022 and fiscal year 2021 ended September 26, 2021. Fiscal year 2022 and 2021 are 52-week years with 13 weeks in each quarter. Because of seasonal and other factors, the results of operations for the 13 weeks ended December 26, 2021, are not necessarily indicative of the results to be expected for the full year. References to “we”, “our”, “us” and the like throughout the Consolidated Financial Statements refer to the Company. References to “2022”, “2021” and the like refer to the fiscal years ended the last Sunday in September. The Consolidated Financial Statements include our accounts and those of our wholly owned subsidiaries, as well as our 82.5% interest in INN Partners, L.C. (“TownNews.com”), our 50% interest in TNI Partners (“TNI”) and our 50% interest in Madison Newspapers, Inc. (“MNI”). 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 intangible assets. On March 16, 2020, the Company completed the acquisition of BH Media Group, Inc. and The Buffalo News, Inc. for a combined purchase price of $140,000,000 (collectively, the "Transactions").
COVID-19 Pandemic, Policy [Policy Text Block]	COVID-19 Pandemic The ongoing COVID-19 pandemic and related measures to contain its spread have resulted in significant volatility and economic uncertainty, which is expected to continue in the near term. The COVID-19 pandemic has had and the Company currently expects that it will continue to have a significant negative impact on the Company’s business and operating results in the near term. While vaccines have become widely available in the United States, the long-term impact of the COVID-19 pandemic remains uncertain and unpredictable as it will depend on the pace of vaccine distribution, government responses to future outbreaks, the spread of variants, as well as changes in consumer behavior, all of which are highly uncertain. Despite the significant negative impacts on our operating results, we have operated uninterrupted in providing local news, information and advertising in our print and digital editions.

Note 2 - Revenue (Tables)

3 Months Ended

Dec. 26, 2021

Notes Tables

Disaggregation of Revenue [Table Text Block]


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

Operating revenue:
Print		55,970		66,614
Digital		42,784		36,015
Advertising and marketing services revenue		98,754		102,629
Print		79,628		85,033
Digital		7,891		6,276
Subscription revenue		87,519		91,309
Print		11,385		13,064
Digital		4,624		4,815
Other revenue		16,009		17,879
Total operating revenue		202,282		211,817

Note 3 - Investments in Associated Companies (Tables)

3 Months Ended

Dec. 26, 2021

Notes Tables

Equity Method Investments [Table Text Block]


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

Operating revenue		8,981		9,400
Operating expenses		6,465		7,005
Operating income		2,516		2,395
Company's 50% share of operating income		1,258		1,198
Less amortization of intangible assets		—		—
Equity in earnings of TNI		1,258		1,198


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

Operating revenue		12,195		11,922
Operating expenses, excluding restructuring costs, depreciation and amortization		10,834		10,430
Restructuring costs		—		106
Depreciation and amortization		170		110
Operating income		1,191		1,276
Net income		991		1,089
Equity in earnings of MNI		496		545

Note 4 - Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Dec. 26, 2021

Notes Tables

Schedule of Intangible Assets [Table Text Block]

	December 26,			September 26,
(Thousands of Dollars)	2021			2021

Goodwill, end of period		330,204			330,204
Non-amortized intangible assets:
Mastheads		39,849			39,672
Amortizable intangible assets:
Customer and newspaper subscriber lists		574,349			774,242
Less accumulated amortization		(463,297	)		(657,243	)
		111,052			116,999
Total intangibles, net		481,105			486,875

Note 6 - Pension, Postretirement and Postemployment Defined Benefit Plans (Tables)

3 Months Ended

Dec. 26, 2021

Notes Tables

Schedule of Defined Benefit Plans Disclosures [Table Text Block]

PENSION PLANS
	December 26,			December 27,
(Thousands of Dollars)	2021			2020

Service cost for benefits earned during the period		456			633
Interest cost on projected benefit obligation		1,936			1,787
Expected return on plan assets		(4,536	)		(4,672	)
Amortization of net (gain) loss		(1,259	)		1,004
Curtailment gain		(1,027	)		—
Pension benefit		(4,430	)		(1,248	)

POSTRETIREMENT MEDICAL PLANS
	December 26,			December 27,
(Thousands of Dollars)	2021			2020

Service cost for benefits earned during the period		27			210
Interest cost on projected benefit obligation		85			123
Expected return on plan assets		(263	)		(252	)
Amortization of net gain		(249	)		(172	)
Amortization of prior service benefit		(162	)		(161	)
Curtailment gain		—			(23,830	)
Postretirement medical benefit		(562	)		(24,082	)

Note 8 - Earnings Per Common Share (Tables)

3 Months Ended

Dec. 26, 2021

Notes Tables

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


	December 26,			December 27,
(Thousands of Dollars and Shares, Except Per Share Data)	2021			2020

Income attributable to Lee Enterprises, Incorporated:		12,658			15,902
Weighted average common shares		5,885			5,845
Less weighted average restricted Common Stock		(159	)		(155	)
Basic average common shares		5,726			5,690
Dilutive stock options and restricted Common Stock		118			42
Diluted average common shares		5,844			5,732
Earnings per common share:
Basic		2.21			2.79
Diluted		2.17			2.77

Note 1 - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) - USD ($)	Mar. 16, 2020	Dec. 26, 2021
BH Media Group, Inc. And The Buffalo News [Member]
Payments to Acquire Businesses, Gross	$ 140,000,000
TNI Partners [Member]
Equity Method Investment, Ownership Percentage		50.00%
MNI [Member]
Equity Method Investment, Ownership Percentage		50.00%
INN Partners, L.C. [Member]
Noncontrolling Interest, Ownership Percentage by Parent		82.50%

Note 2 - Revenue (Details Textual) - USD ($)	3 Months Ended
Note 2 - Revenue (Details Textual) - USD ($)	Dec. 26, 2021	Sep. 26, 2021
Contract with Customer, Liability, Revenue Recognized	$ 36,347,000
Accounts Receivable, before Allowance for Credit Loss	80,375,000	$ 71,644,000
Accounts Receivable, Allowance for Credit Loss, Ending Balance	$ 7,182,000	$ 6,574,000

Note 2 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 26, 2021	Dec. 27, 2020	Dec. 27, 2020
Total operating revenue	$ 202,282	$ 211,817	$ 211,817
Advertising and Marketing Services [Member]
Total operating revenue	98,754	102,629	102,629
Subscription and Circulation [Member]
Total operating revenue	87,519	91,309	91,309
Product and Service, Other [Member]
Total operating revenue	16,009	17,879	$ 17,879
Print [Member] \| Advertising and Marketing Services [Member]
Total operating revenue	55,970	66,614
Print [Member] \| Subscription and Circulation [Member]
Total operating revenue	79,628	85,033
Print [Member] \| Product and Service, Other [Member]
Total operating revenue	11,385	13,064
Digital [Member] \| Advertising and Marketing Services [Member]
Total operating revenue	42,784	36,015
Digital [Member] \| Subscription and Circulation [Member]
Total operating revenue	7,891	6,276
Digital [Member] \| Product and Service, Other [Member]
Total operating revenue	$ 4,624	$ 4,815

- 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.

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+ Details

Note 3 - Investments in Associated Companies (Details Textual) - USD ($)	3 Months Ended
	Dec. 26, 2021	Dec. 27, 2020
TNI Partners [Member]
Proceeds from Equity Method Investment, Distribution	$ 859,000	$ 1,056,000
Equity Method Investment, Ownership Percentage	50.00%
MNI [Member]
Proceeds from Equity Method Investment, Distribution	$ 300,000	$ 0
Equity Method Investment, Ownership Percentage	50.00%

Note 3 - Investments in Associated Companies - Summarized Financial Results (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 26, 2021	Dec. 27, 2020	Dec. 27, 2020
Operating revenue	$ 202,282	$ 211,817	$ 211,817
Operating expenses	178,922		192,752
Operating income	25,114		20,808
Equity in earnings	1,754		1,743
Restructuring costs	3,200		3,167
Depreciation and amortization	9,676		10,441
Net income	13,199		$ 16,403
TNI Partners [Member]
Operating revenue	8,981	9,400
Operating expenses	6,465	7,005
Operating income	2,516	2,395
Company's 50% share of operating income	1,258	1,198
Less amortization of intangible assets	0	0
Equity in earnings	1,258	1,198
Madison Newspapers, Inc. [Member]
Operating revenue	12,195	11,922
Operating expenses	10,834	10,430
Operating income	1,191	1,276
Equity in earnings	496	545
Restructuring costs	0	106
Depreciation and amortization	170	110
Net income	$ 991	$ 1,089

Note 3 - Investments in Associated Companies - Summarized Financial Results (Details) (Parentheticals)	Dec. 26, 2021	Dec. 27, 2020
TNI Partners [Member]
Percentage of share	50.00%	50.00%

Note 4 - Goodwill and Other Intangible Assets (Details Textual)	3 Months Ended
	Dec. 26, 2021
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year)	13 years 2 months 12 days

Note 4 - Goodwill and Other Intangible Assets - Identified Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 26, 2021	Sep. 26, 2021
Goodwill, balance	$ 330,204	$ 330,204
Total intangibles, net	481,105	486,875
Customer and Newspaper Subscriber Lists [Member]
Amortizable intangible assets, gross	574,349	774,242
Less accumulated amortization	(463,297)	(657,243)
Finite-Lived Intangible Assets, Net, Ending Balance	111,052	116,999
Mastheads [Member]
Mastheads	$ 39,849	$ 39,672

Note 5 - Debt (Details Textual) - USD ($)		3 Months Ended
Note 5 - Debt (Details Textual) - USD ($)	Mar. 16, 2020	Dec. 26, 2021	Dec. 27, 2020	Sep. 26, 2021	Mar. 31, 2014
Repayments of Long-term Debt, Total		$ 20,062,000	$ 14,734,000
Proceeds from Sale of Productive Assets, Total		10,450,000
Pulitzer Excess Cash Flow		6,112,000
Warrants Issued in Connection with Second Lien Term Loan [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)					600,000
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)					$ 41.90
Warrants and Rights Outstanding		2,000,000		$ 71,000	$ 16,930,000
Warrants Issued in Connection with Second Lien Term Loan [Member] \| Nonoperating Income (Expense) [Member]
Fair Value Adjustment of Warrants		1,929,000
Credit Agreement [Member] \| Secured Term Loan [Member] \| BH Finance [Member]
Debt Instrument, Term (Year)	25 years
Debt Instrument, Face Amount	$ 462,554,000
Debt Instrument, Interest Rate, Stated Percentage	9.00%
Repayments of Long-term Debt, Total		20,062,000
Debt Instrument, Voluntary Prepayments		$ 3,500,000

Note 6 - Pension, Postretirement and Postemployment Defined Benefit Plans (Details Textual) - USD ($)	3 Months Ended		12 Months Ended
	Dec. 26, 2021	Dec. 27, 2020	Sep. 26, 2021
Multiemployer Plans, Withdrawal Obligation		$ 12,310,000
Multiemployer Plans, Withdrawal Obligation, Period (Year)		20 years
Postemployment Retirement Benefits [Member]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment	$ 1,027,000		$ 23,830,000
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment	(6,507,000)		23,830,000
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment	1,027,000		$ 23,830,000
Pension Plan [Member]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment	1,027,000	$ (0)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment	1,027,000	(0)
Defined Benefit Plan, Plan Assets, Contributions by Employer	0	$ 400,000
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year	$ 0

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

+ References + Details

Note 6 - Pension, Postretirement and Postemployment Defined Benefit Plans - Net Periodic Cost (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 26, 2021	Dec. 27, 2020
Pension Plan [Member]
Service cost for benefits earned during the period	$ 456	$ 633
Interest cost on projected benefit obligation	1,936	1,787
Expected return on plan assets	(4,536)	(4,672)
Amortization of net (gain) loss	(1,259)	1,004
Curtailment gain	(1,027)	0
Pension benefit	(4,430)	(1,248)
Postretirement Health Coverage [Member]
Service cost for benefits earned during the period	27	210
Interest cost on projected benefit obligation	85	123
Expected return on plan assets	(263)	(252)
Amortization of net (gain) loss	(249)	(172)
Curtailment gain	0	(23,830)
Pension benefit	(562)	(24,082)
Amortization of prior service benefit	$ (162)	$ (161)

Note 7 - Income Taxes (Details Textual) - USD ($)	3 Months Ended
Note 7 - Income Taxes (Details Textual) - USD ($)	Dec. 26, 2021	Dec. 27, 2020	Dec. 27, 2020
Income Tax Expense (Benefit), Total	$ 5,351,000	$ 6,311,000	$ 6,311,000
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest, Total	$ 18,550,000	$ 22,714,000
Effective Income Tax Rate Reconciliation, Percent, Total	28.90%	27.80%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%
Open Tax Year	2015 2016 2017 2018 2019 2020 2021

- Definition

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

+ References + Details

Note 8 - Earnings Per Common Share (Details Textual) $ / shares in Units, $ in Thousands		3 Months Ended
	Nov. 24, 2021 USD ($) $ / shares shares	Dec. 26, 2021 shares	Dec. 27, 2020 shares
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)		600,000	641,300
Dividends Declared, Number of Preferred Share Purchase Right	1
Preferred Share Purchase Rights [Member]
Preferred Share Purchase Right, Terms of Exercisability, Ownership Percentage	10.00%
Preferred Share Purchase Right, Terms of Exercisability, Passive Investors, Ownership Percentage	20.00%
Preferred Share Purchase Right, Discount Rate for Additional Shares	50.00%
Preferred Share Purchase Right, Number of Common Shares Issue in Lieu of Discount (in shares)	1
Dilutive Securities, Effect on Basic Earnings Per Share, Total \| $	$ 0
Series B Participating Convertible Preferred Stock, Nonvoting, No Par Value [Member] \| Preferred Share Purchase Rights [Member]
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares)	0.001
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) \| $ / shares	$ 120.00

Note 8 - Earnings Per Common Share - Computation of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 26, 2021	Dec. 27, 2020	Dec. 27, 2020
Income attributable to Lee Enterprises, Incorporated	$ 12,658	$ 15,902	$ 15,902
Weighted average common shares (in shares)	5,885	5,845
Less weighted average restricted Common Stock (in shares)	(159)	(155)
Basic average common shares (in shares)	5,726	5,690
Dilutive stock options and restricted Common Stock (in shares)	118	42
Diluted average common shares (in shares)	5,844	5,732
Basic: (in dollars per share)	$ 2.21	$ 2.79	$ 2.79
Diluted: (in dollars per share)	$ 2.17	$ 2.77	$ 2.77

- 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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- Definition

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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- Definition

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

+ References

+ Details