0001628280-23-005263 | 10-K | XBRL Viewer

Defined Benefit Pension Plans

12 Months Ended

Sep. 25, 2022

DEFINED BENEFIT PENSION PLANS

During 2022, the Company made several changes to its defined benefit plans. At the beginning of 2022, the Company was the sponsor of seven single employer defined benefit plans, two of which were frozen to new participants and future benefits. As of September 25, 2022, we are the sponsor of two single-employer defined benefit plans, which provide benefits to certain current and former employees of Lee.

During 2022 we notified certain participants in our defined benefit plans of changes to be made to the plans. The Company froze future benefits and participation 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 benefit enhancements that resulted in an increase to our net pension liability and a decrease to Accumulated Other Comprehensive income of $6,077,000. Additionally, the Company merged the six frozen plans into one fully-funded defined benefit plan, the Lee Enterprises Incorporated Pension Plan ("Plan") effective in the second quarter of fiscal 2022.

During September of 2022, as part of a pension de-risking strategy for the Plan, the Company, executed an agreement pursuant to transfer to a third party insurance company (the "Insurer") $85,622,000 of the Plan's liabilities in exchange for $81,377,000 of Plan assets and recorded a non-cash settlement gain of $4,245,000 in Pension and OPEB related benefit (cost) and other, net.

The net periodic cost (benefit) components of our pension plans are as follows:


(Thousands of Dollars)	2022	2021	2020

Service cost for benefits earned during the year	467	2,529	1,361
Interest cost on projected benefit obligation	7,941	7,147	7,577
Expected return on plan assets	(18,140)	(18,688)	(12,986)
Amortization of net (gain) loss	(3,320)	4,018	3,166
Amortization of prior service benefit	636	(6)	(6)
Settlement gain	(4,245)	—	—
Curtailment gain	(1,027)	—	—
Net periodic pension cost (benefit)	(17,688)	(5,000)	(888)

Changes in benefit obligations and plan assets are as follows:


(Thousands of Dollars)	2022	2021

Benefit obligation, beginning of year	384,187	401,381
Service cost	467	2,529
Interest cost	7,941	7,147
Plan Amendments	6,077	—
Actuarial (gain) loss	(85,754)	(5,413)
Benefits paid	(21,686)	(21,182)
Liability (gain)/loss due to curtailment	(1,027)	—
Settlements	(81,377)	—
Administrative expenses paid	—	(275)
Benefit obligation, end of year	208,828	384,187
Fair value of plan assets, beginning of year:	398,430	331,354
Actual return on plan assets	(84,000)	89,892
Benefits paid	(21,686)	(21,182)
Administrative expenses paid	(2,123)	(2,599)
Settlements	(81,377)	—
Employer contributions	112	965
Fair value of plan assets, end of year	209,356	398,430
Funded status	528	14,243

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


(Thousands of Dollars)	September 25 2022	September 26 2021

Pension obligations	528	14,243
Accumulated other comprehensive income (before income taxes)	5,452	36,965

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


(Thousands of Dollars)	September 25 2022	September 26 2021

Unrecognized net actuarial gain (loss)	10,893	36,965
Unrecognized prior service cost	(5,441)	—
	5,452	36,965

We do not expect to recognize any net actuarial gain (loss), in net periodic pension cost in 2023.

Assumptions

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


(Percent)	September 25 2022	September 26 2021

Discount rate	5.3	2.7
Interest crediting rate	2.5	2.5

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


(Percent)	2022	2021	2020
Discount rate - service cost	5.4	3.0	3.3
Discount rate - interest cost	5.3	1.9	2.6
Expected long-term return on plan assets	5.0	5.9	6.0

For 2022, the expected long-term return on plan assets is 5.0%. 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.

For the year ended September 25, 2022, the most significant driver of the decrease in benefit obligation was the higher actuarial gains experienced by all plans and the annuity purchase mentioned above. The plans recognized actuarial gains due to significant increases in bond yields that resulted in increases to the discount rates. Discount rate increases were partially offset by actual return on assets falling behind expected returns for the year. 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.

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, is as follows:


(Percent)	Policy Allocation	Actual Allocation
Asset Class	September 25 2022	September 25 2022	September 26 2021
Equity securities	25	41	50
Debt securities	65	43	34
TIPS	—	—	4
Hedge fund investments	10	15	11
Cash and cash equivalents	1	1	1

Plan assets include no Company securities. Assets include cash and cash equivalents and receivables from time to time due to the need to reallocate assets within policy guidelines. As of September 26, 2021, Buffalo News had a different policy for asset allocation than the Company's other plans. As of September 25, 2022, all Company plans asset allocation were the same.

Due to the timing of the annuity purchase (as discussed above), funds were organized in a way that provided sufficient liquidity for the transaction. This caused our pension plans asset allocation to differ significantly from our desired policy as of September 25, 2022.

Fair Value Measurements

The fair value hierarchy of pension assets at September 25, 2022 is as follows:


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

Cash and cash equivalents	—	1,562	—	—
Domestic equity securities	2,235	67,661	—	—
International equity securities	—	5,743	4,519	—
Emerging equity securities	—	4,996	—	—
Debt securities	—	25,742	65,364	—
Hedge fund investments	32,515	—	—	—

The fair value hierarchy of pension assets at September 26, 2021 was 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	—	—	—

There were no purchases, sales or transfers of assets classified as Level 3 in 2022 or 2021. Pension assets that are excluded from the fair value hierarchy and are measured 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 $2,235,000 and $7,236,000 as of September 25, 2022 and September 26, 2021, 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 $16,663,000 and $8,371,000 as of September 25, 2022 and September 26, 2021, 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 $15,852,000 and $10,387,000 as of September 25, 2022 and September 26, 2021, 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)	2022	2021	2020
Comprehensive (loss) income, net of taxes:
Change in unrecognized benefit plan gain (loss) arising during the period, net of taxes $279, $19,148, and $4,095, respectively	(14,485)	59,663	10,329
Amortization of items to periodic pension and other post-employment benefit costs during the period, net of taxes $6,389, $819, and $542, respectively	(11,049)	2,574	(1,265)
Other comprehensive (loss) income recognized in operations, net of taxes	(25,534)	62,237	9,064

Cash Flows

Based on our forecast at September 25, 2022, we expect to make no contributions to our pension trust in 2023.

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


(Thousands of Dollars)

2023			14,668
2024			14,830
2025			14,947
2026			15,126
2027			15,204
2028-2032			75,362

Other Plans

We are the plan sponsor for other funded and unfunded defined benefit pension plans that are not considered material. The net benefit obligation for these plans are $967,000 and $996,000 at September 25, 2022 and September 26, 2021, respectively.

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)	2022	2021	2020

Service cost for benefits earned during the year	108	207	500
Interest cost on projected benefit obligation	340	429	869
Expected return on plan assets	(1,053)	(1,007)	(1,060)
Amortization of net actuarial gain	(994)	(685)	(743)
Amortization of prior service benefit	(647)	(647)	(647)
Curtailment gains	—	(23,830)	—
Net periodic postretirement benefit	(2,246)	(25,533)	(1,081)

Changes in benefit obligations and plan assets are as follows:


(Thousands of Dollars)	2022	2021

Benefit obligation, beginning of year	18,538	47,637
Service cost	108	207
Interest cost	340	429
Liability (gain) loss due to Curtailment	—	(23,830)
Actuarial loss (gain)	(4,729)	(4,285)
Benefits paid, net of premiums received	(1,958)	(1,678)
Medicare Part D subsidies	(12)	58
Benefit obligation, end of year	12,287	18,538
Fair value of plan assets, beginning of year	26,802	25,706
Actual return on plan assets	(2,453)	1,534
Employer contributions	1,525	1,293
Benefits paid, net of premiums and Medicare Part D subsidies received	(2,105)	(1,795)
Plan participant contributions	134	64
Fair value of plan assets at measurement date	23,903	26,802
Funded status	11,616	8,264

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


(Thousands of Dollars)	September 25 2022	September 26 2021

Non-current assets	19,066	17,664
Postretirement benefit obligations	(7,450)	(9,859)
Accumulated other comprehensive income (before income tax benefit)	17,327	17,747

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


(Thousands of Dollars)	September 25 2022	September 26 2021

Unrecognized net actuarial gain	14,298	14,071
Unrecognized prior service benefit	3,029	3,676
	17,327	17,747

We expect to recognize $1,014,000 and $647,000 of unrecognized net actuarial gain and unrecognized prior service benefit, respectively, in net periodic postretirement benefit in 2023.

Assumptions

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


(Percent)	September 25 2022	September 26 2021

Discount rate	5.3	2.6
Expected long-term return on plan assets	5.0	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.

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


(Percent)	2022	2021	2020

Discount rate - service cost	5.5	2.5	3.4
Discount rate - interest cost	5.1	1.9	2.8
Expected long-term return on plan assets	5.0	4.0	4.5

Assumed health care cost trend rates are as follows:


(Percent)	September 25 2022	September 26 2021

Health care cost trend rates	10.6	6.2
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	2032	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 25, 2022, 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 significant increases in bond yields that resulted in increases to the discount rates. Discount rate increases were partially offset by actual return on assets falling behind expected returns for the year. 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.

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 25, 2022 and September 26, 2021 is $614,000 and $631,000, respectively, which are included within the tables below.

The primary objective of our investment strategy is to satisfy our postretirement obligations at a reasonable cost. Assets are actively invested to balance real growth of capital through appreciation and reinvestment of dividend and interest income and safety of invested funds.

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

The weighted-average asset allocation of our postretirement assets is as follows:


(Percent)	Policy Allocation	Actual Allocation
Asset Class	September 25 2022	September 25 2022	September 26 2021

Equity securities	20	17	20
Debt securities	70	71	68
Hedge fund investment	10	12	12
Cash and cash equivalents	—	—	—

Plan assets include no Company securities. Assets include cash and cash equivalents and receivables from time to time due to the need to reallocate assets within policy guidelines.

Fair Value Measurements

The fair value hierarchy of postretirement assets at September 25, 2022 is as follows:


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

Cash and cash equivalents	—	26	—	—
Domestic equity securities	791	1,910	—	—
Emerging equity securities	—	456	—	—
International equity securities	—	573	480	—
Debt securities	—	17,248	—	—
Hedge fund investment	2,782	—	—	—

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	—	—	—

There were no purchases, sales or transfers of assets classified as Level 3 in 2022 or 2021. Postretirement assets that are excluded from the fair value hierarchy and are measured at net asset value or "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 $791,000 and $904,000 as of September 25, 2022 and September 26, 2021, 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 $2,782,000 and $3,235,000 as of September 25, 2022 and September 26, 2021, 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 25, 2022, we do not expect to contribute to our postretirement plans in 2023.

The Medicare Prescription Drug, Improvement and Modernization Act of 2003 (the “Modernization Act”) introduced a prescription drug benefit under Medicare (“Medicare Part D”) and a federal subsidy to sponsors of retiree health care benefit plans (“Subsidy”) that provide a benefit at least actuarially equivalent (as that term is defined in the Modernization Act) to Medicare Part D. We concluded we qualify for the Subsidy under the Modernization Act since the prescription drug benefits provided under our postretirement health care plans generally require lower premiums from covered retirees and have lower deductibles than the benefits provided in Medicare Part D and, accordingly, are actuarially equivalent to or better than, the benefits provided under the Modernization Act.

We anticipate future benefit payments to be paid either with future contributions to the plan or directly from plan assets, as follows:


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

2023	980	—	980
2024	991	—	991
2025	985	—	985
2026	987	—	987
2027	955	—	955
2028-2032	4,563	—	4,563

Postemployment Plan

Our postemployment benefit obligation, which represents certain disability benefits, is $1,771,000 at September 25, 2022 and $2,233,000 at September 26, 2021.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Other Information

12 Months Ended

Sep. 25, 2022

Other Information [Abstract]

Other Information

OTHER INFORMATION

Compensation and other accrued liabilities consist of the following:


(Thousands of Dollars)	September 25 2022	September 26 2021

Compensation	20,815	20,849
Retirement plans	549	554
Other	23,376	23,673
	44,740	45,076

Supplemental cash flow information includes the following cash payments:


(Thousands of Dollars)	2022	2021	2020

Interest	41,770	45,214	49,518
Debt financing and reorganization costs	—	—	707
Income tax payments, net	5,311	7,604	446

Accumulated other comprehensive income (loss), net of deferred income taxes at September 25, 2022, and September 26, 2021, is related to pension and postretirement benefits.

Leases

12 Months Ended

Sep. 25, 2022

Leases [Abstract]

Leases

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.

During the period ended September 25, 2022, the Company permanently vacated office and distribution space related to 14 leases. The space was vacated as some of our locations have transitioned to long-term remote working arrangements and space consolidation. The abandonment of lease space is an indicator of impairment and the Company assessed the lease ROU asses and leasehold improvements for impairment. Estimates of fair value include Level 3 inputs which are subjective in nature and involve uncertainties and matters of significant judgement and are made at a specific point in time. During the period ended September 25, 2022, the Company recorded non-cash impairment losses of $7,815,000 for right-of-use assets, which is recorded on the Income Statement under the line item assets loss (gain) on sales, impairments and other.

Total lease expense consists of the following:


(Thousands of Dollars)	2022	2021	2020
Operating lease costs	13,786	14,846	10,148
Variable lease costs	1,201	92	1,911
Short-term lease costs	217	—	426
Total Operating Lease Expense	15,205	14,938	12,485

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


(Thousands of Dollars)	2022	2021	2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflow from operating leases	14,325	14,789	10,003
Right-of-use assets obtained in exchange for operating lease liabilities	990	932	1,630

As of September 25, 2022, maturities of lease liabilities were as follows:


(Thousands of Dollars)
2023			12,921
2024			11,871
2025			10,630
2026			9,187
2027			7,736
Thereafter			18,799
Total lease payments			71,144
Less: interest			(17,282)
Present value of lease liabilities			53,862

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 25, 2022
Weighted average remaining lease term (years)	6 years, 7 months, 2 days
Weighted Average discount rate	7.99	%

Common Stock (Details) - $ / shares shares in Thousands	Sep. 26, 2021	Mar. 30, 2018	Mar. 31, 2014
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	600
Warrant Agreement
Class of Warrant or Right [Line Items]
Class of warrant or right, number of securities called by warrants or rights (in shares)			600
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
Warrants outstanding (in shares)		16,930

Revenue

12 Months Ended

Sep. 25, 2022

Disaggregation of Revenue [Abstract]

Revenue

REVENUE

Revenue is recognized when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for goods or services. Revenues are recognized as performance obligations are satisfied either at a point in time, such as when and advertisement is published, or over time, such as audience subscription revenue. No single customer represented 10% or more of the Company's net revenue in any fiscal period presented.

Advertising and marketing services revenue

Print advertising revenue includes amounts charged to customers for retail, national, or classified advertising space purchased in our newspapers, advertising marketing services and other print advertising products such as preprint inserts and direct mail.

Digital advertising revenue includes amounts advertisements placed on our digital platforms, 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.

Payments for print and digital advertising revenue are 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

Print subscription revenue results from the sale of print editions of newspapers to individual subscribers and to sales outlets that resell the newspapers. Print subscriptions include full access to all forms of content provided. Single copy revenue is also included in subscription revenue. Subscription revenue from single-copy and home delivery subscriptions are recognized at the point in time the publications are delivered.

Digital subscription revenue results from the sale of digital only access to the Company's content delivered via digital products purchased. Digital subscription revenue is recognized over time as performance obligations are met throughout the contract term.

Payments for print and digital subscription revenue are 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, commercial printing and delivery of third party products. Digital services revenues, which are primarily delivered through BLOX Digital, 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. Commercial printing and delivery revenue is recognized when the product is delivered to the customer.

Additionally in 2020, other revenue included fixed and variable fees collected from our Management Agreement. Fixed fee revenue from the Management Agreement was recognized over time and paid quarterly and variable

fees were paid annually. Variable fees were recognized when the fees were deemed earned and it was probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration was subsequently resolved. The Management Agreement expired in 2020 upon the completion of the Transactions.

The following table presents our revenue disaggregated by source:


(Thousands of Dollars)	2022	2021	2020

Operating revenue:
Print advertising revenue	184,963	227,892	183,164
Digital advertising revenue	181,465	141,391	106,491
Advertising and marketing services revenue	366,428	369,283	289,655
Print subscription revenue	313,504	329,484	248,913
Digital-only subscription revenue	40,120	28,229	19,372
Subscription Revenue	353,624	357,713	268,285
Print other revenue	42,962	48,656	39,632
Digital other revenue	17,955	18,997	20,432
Other revenue	60,917	67,653	60,064
Total operating revenue	780,969	794,649	618,004

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 $49,929,000 as of September 25, 2022 and $61,404,000 as of September 26, 2021. Revenue recognized in 2022 that was included in the contract liability as of September 26, 2021 was $54,739,000.

Accounts receivable, excluding allowance for credit losses and contract assets, was $74,759,000 and $71,644,000 as of September 25, 2022 and September 26, 2021 respectively. Allowance for credit losses was $5,237,000 and $6,574,000 as of September 25, 2022 and September 26, 2021, 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Goodwill and Other Intangible Assets - Narrative (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Sep. 25, 2022 USD ($)	Dec. 26, 2021 USD ($)	Sep. 25, 2022 USD ($)	Sep. 26, 2021 USD ($)	Sep. 27, 2020 USD ($)	Mar. 29, 2020 USD ($)	Mar. 16, 2020 USD ($)
Finite-Lived Intangible Assets [Line Items]
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]			Gain (Loss) on Disposition of Property Plant Equipment
Goodwill attributable to the disposition of non-core operation			$ 700	$ 0
Decrease in royalty rates	5000.00%		5000.00%
Non-amortized intangible assets			$ 14,203	787	$ 972
Increase in discount rate	10000.00%		10000.00%
Amortization expense			$ 22,180	24,859	20,748
Annual amortization of intangible assets, year one	$ 19,370		19,370
Annual amortization of intangible assets, year two	16,623		16,623
Annual amortization of intangible assets, year three	10,917		10,917
Annual amortization of intangible assets, year four	7,040		7,040
Annual amortization of intangible assets, year five	5,072		$ 5,072
Weighted average amortization period (in years)			12 years 6 months
Goodwill	329,504		$ 329,504	$ 330,204	$ 328,445		$ 79,896
Amount of Goodwill expected to be tax deductible	$ 42,442		42,442
Estimating Using Royalty Rate
Finite-Lived Intangible Assets [Line Items]
Non-amortized intangible assets			6,992
Estimating Using Discount Rate
Finite-Lived Intangible Assets [Line Items]
Non-amortized intangible assets			$ 257
Minimum \| Measurement Input, Royalty Rate
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input	0.000		0.000
Minimum \| Measurement Input, Discount Rate
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input	0.0950		0.0950
Maximum \| Measurement Input, Royalty Rate
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input	0.015		0.015
Maximum \| Measurement Input, Discount Rate
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input	0.1100		0.1100	0.1050
Customer and Newspaper Subscriber Lists
Finite-Lived Intangible Assets [Line Items]
Write off of gross cost and accumulated amortization	$ 251,100	$ 199,900
Non-Compete and Consulting Agreements
Finite-Lived Intangible Assets [Line Items]
Write off of gross cost and accumulated amortization		$ 28,700
BHMG
Finite-Lived Intangible Assets [Line Items]
Goodwill				$ 79,896		$ 63,559
BHMG \| Mastheads
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived masthead assets	20,390		$ 20,390	20,390		21,680
BHMG \| Advertiser relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangibles	27,620		27,620	27,620		38,780
BHMG \| Subscriber relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangibles	27,850		27,850	27,850		36,060
BHMG \| Commercial print relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangibles	$ 19,560		$ 19,560	$ 19,560		$ 17,130

Other Retirement Plans - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 27, 2020
Multiemployer Plan [Line Items]
Defined contribution retirement plan costs	$ 3,565	$ 3,403	$ 2,666
Percentage of CBA's expiring in the next twelve months	55.00%
Minimum
Multiemployer Plan [Line Items]
Multiemployer plans, withdrawal obligation, period (year)	20 years
Warrants and Other Liabilities [Member]
Multiemployer Plan [Line Items]
Withdrawal liabilities	$ 24,995	$ 23,471

Postretirement and Postemployment Benefits - Assumed Health Care Cost Trend Rates (Details) - Other Postretirement Benefits Plan	12 Months Ended
	Sep. 25, 2022	Sep. 26, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Health care cost trend rates (percentage)	10.60%	6.20%
Rate to which the cost trend rate is assumed to decline (the "Ultimate Trend Rate") (percentage)	4.50%	4.50%
Year in which the rate reaches the Ultimate Trend Rate	2032	2030

Goodwill and Other Intangible Assets

12 Months Ended

Sep. 25, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

GOODWILL AND OTHER INTANGIBLE ASSETS

Changes in the carrying amount of goodwill are as follows:


(Thousands of Dollars)	2022	2021

Goodwill, gross amount	1,618,933	1,617,174
Accumulated impairment losses	(1,288,729)	(1,288,729)
Goodwill, beginning of year	330,204	328,445
Measurement period adjustments	—	1,759
Disposal	(700)	—
Goodwill, end of year	329,504	330,204

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


(Thousands of Dollars)	September 25 2022	September 26 2021

Non-amortized intangible assets:
Mastheads	26,346	39,672
Amortizable intangible assets:
Customer and newspaper subscriber lists (1)	323,568	774,242
Less accumulated amortization (1)	(228,541)	(657,243)
	95,027	116,999
Non-compete and consulting agreements (1)	—	28,656
Less accumulated amortization (1)	—	(28,656)
	—	—
Identified intangible assets	121,373	156,671

(1) Fully amortized balances were removed in 2022.

In the first quarter of fiscal 2022, the Company wrote off approximately $199.9 million of gross cost and accumulated amortization related to fully amortized customer and newspaper subscriber lists, as well as $28.7 million of gross cost and accumulated amortization related to fully amortized non-compete and consulting agreements. In the fourth quarter of fiscal 2022, the Company wrote off the gross cost and accumulated amortization for additional fully amortized customer and newspaper subscriber lists, and wrote down the gross cost and accumulated amortization for customer and newspaper subscriber lists that were previously impaired, for an aggregate total of $251.1 million. The adjustments did not have an impact on the net balances previously reported during any of the interim periods during 2022, nor any prior fiscal periods.

As discussed in Note 1, the Company reviews goodwill and non-amortized intangible assets for impairment annually on the first day of the fourth quarter, or more frequently if events or changes in circumstances indicate that an asset may be impaired in accordance with ASC Topic 350.

All of the Company’s goodwill is attributed to the single reporting unit. For goodwill, the calculated fair value exceeded the carrying value. For goodwill, the calculated fair value was determined using the income approach. Estimates of fair value include Level 3 inputs as they are subjective in nature, involve uncertainties and matters of significant judgement and are made at a specific point in time. Thus changes in key assumptions from period to period could significantly affect the estimates of fair value. 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 2022. In 2022, the Company disposed of a non-core operation with $700,000 of attributable goodwill.

For mastheads, the calculated fair value includes Level 3 inputs that were determined using the royalty savings method. The key assumptions used in the fair value estimates under the royalty savings method are revenue and market growth, royalty rates for newspaper mastheads (the royalty rates utilized range from 0.0% to 1.5%), estimated tax rates, and appropriate risk-adjusted weighted-average cost of capital (for 2022, 2021 and 2020, the weighted-average cost of capital used was 11.00%, 10.50% and 9.50%, respectively). These assumptions reflect Lee's best estimates, but these items involve inherent uncertainties based on market conditions generally outside of the Company's control. A 50 basis point decrease in royalty rates would result in an additional $6,992,000 of impairment. Increasing the discount rate by 100 basis points would result in an additional $257,000 of impairment. In 2022, 2021, and 2020, we recorded non-cash charges to reduce the carrying value of non-amortized intangible assets. 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)	2022	2021	2020

Non-amortized intangible assets	14,203	787	972
Property, equipment and other assets	—	190	—
	14,203	977	972

Amortization expense for 2022, 2021, and 2020 was $22,180,000, $24,859,000, and $20,748,000, respectively.

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 2023 to September 2027 is estimated to be $19,370,000, $16,623,000, $10,917,000, $7,040,000, and $5,072,000, respectively. The weighted average amortization period for those amortizable assets acquired as part of the Transactions is 12.5 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.

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 27, 2020
Operating revenue:
Operating revenue	$ 780,969	$ 794,649	$ 618,004
Advertising and marketing services revenue
Operating revenue:
Operating revenue	366,428	369,283	289,655
Advertising and marketing services revenue \| Print
Operating revenue:
Operating revenue	184,963	227,892	183,164
Advertising and marketing services revenue \| Digital
Operating revenue:
Operating revenue	181,465	141,391	106,491
Subscription Revenue
Operating revenue:
Operating revenue	353,624	357,713	268,285
Subscription Revenue \| Print
Operating revenue:
Operating revenue	313,504	329,484	248,913
Subscription Revenue \| Digital
Operating revenue:
Operating revenue	40,120	28,229	19,372
Other revenue
Operating revenue:
Operating revenue	60,917	67,653	60,064
Other revenue \| Print
Operating revenue:
Operating revenue	42,962	48,656	39,632
Other revenue \| Digital
Operating revenue:
Operating revenue	$ 17,955	$ 18,997	$ 20,432

- 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
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 22
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Commitments and Contingent Liabilities	12 Months Ended
Commitments and Contingent Liabilities	Sep. 25, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Liabilities	COMMITMENTS AND CONTINGENT LIABILITIES Capital Expenditures At September 25, 2022, we had construction and equipment purchase commitments totaling approximately $3,872,000. 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 14. 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 - Intangible Assets Amortization Period (Details)	12 Months Ended
	Sep. 25, 2022
Minimum \| Customer lists
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	10 years
Minimum \| Newspaper subscriber lists
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	10 years
Maximum \| Customer lists
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	20 years
Maximum \| Newspaper subscriber lists
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	20 years

Income Taxes

12 Months Ended

Sep. 25, 2022

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

Income tax expense (benefit) consists of the following:


(Thousands of Dollars)	2022	2021	2020

Current:
Federal	4,932	(2,431)	8,779
State	142	3,642	(10)
Deferred	(4,376)	6,044	(5,796)
	698	7,255	2,973

Income tax (benefit) expense related to 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 (Loss) Income Before Income Taxes)	2022	2021	2020

Computed “expected” income tax expense	21.0	21.0	21.0
State income tax benefit, net of federal tax benefit	(8.9)	5.6	21.7
Net income of associated companies	(77.2)	(1.8)	(18.3)
Resolution of tax matters	(32.2)	3.2	(30.5)
Remeasurement due to rate changes	(11.2)	0.1	(31.0)
Non-deductible expenses	124.0	0.9	19.4
Provision to return adjustment	70.2	—	—
Valuation allowance	11.9	(6.0)	125.2
Wage credit, net addback	(7.5)	—	—
Warrant valuation	(1.9)	(0.4)	(7.3)
Other	—	—	4.4
	88.2	22.6	104.6

Net deferred income tax liabilities consist of the following components:


(Thousands of Dollars)	September 25 2022	September 26 2021

Deferred income tax liabilities:
Property and equipment	(11,712)	(13,284)
Identified intangible assets	(21,649)	(27,543)
ASC 842 - Leases DTL	(11,308)	(15,813)
Pension and postretirement benefits	—	(6,346)
Investments	(26,489)	(14,823)
	(71,158)	(77,809)
Deferred income tax assets:
Allowance for credit losses	802	237
Pension and postretirement benefits	3,445	—
Long-term debt	161	716
Interest deduction limitation	4,809	—
Operating loss carryforwards	26,224	26,999
ASC 842 - Leases DTA	13,112	15,840
Accrued compensation	1,914	6,630
Accrued expenses	1,663	443
Other	2,964	812
	55,094	51,677
Valuation allowance	(26,655)	(27,631)
Net deferred income tax liabilities	(42,719)	(53,763)

All deferred taxes are categorized as non-current.

A reconciliation of 2022 and 2021 changes in gross unrecognized tax benefits is as follows:


(Thousands of Dollars)	2022	2021

Balance, beginning of year	18,279	27,008
Changes in tax positions for prior years	(307)	1,008
Increases (decrease) in tax positions for the current year	1,887	(8,940)
Lapse in statute of limitations	(1,617)	(797)
Balance, end of year	18,242	18,279

Approximately $11,942,000 and $10,984,000 of the gross unrecognized tax benefit balances for 2022 and 2021, 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 $3,582,000 at September 25, 2022. 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, $1,476,000 at September 25, 2022 and $1,393,000 at September 26, 2021. There were no amounts provided for penalties at September 25, 2022 or September 26, 2021.

At September 25, 2022 and September 26, 2021, we had a deferred tax asset of $4,809,000 and $0, respectively, related to disallowed interest expense.

The company is current undergoing a New York Franchise Tax audit that includes fiscal year periods 2019 through 2021. Certain of the Company's state income tax returns for the year ended September 25, 2016 are open for examination. The Federal and remaining state returns are open beginning with the September 24, 2017 year.

At September 25, 2022, we have state tax benefits of approximately $45,137,000 in net operating loss ("NOL") carryforwards that expire between 2022 and 2040. These NOL carryforwards result in a deferred income tax asset of $35,658,000 at September 25, 2022, 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
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 1
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
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-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) shares in Thousands, $ in Thousands	Total	As previously reported	Adjustment	Common Stock	Additional Paid-in Capital	Accumulated deficit	Accumulated deficit As previously reported	Accumulated deficit Adjustment	Accumulated other comprehensive income (loss)
Beginning Balance at Sep. 29, 2019				$ 58	$ 256,002	$ (279,982)	$ (265,423)	$ (14,559)	$ (29,114)
Beginning Balance (in shares) at Sep. 29, 2019				5,765
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares (redeemed) issued				$ 0	(87)
Shares issued (in shares)				70
Stock compensation					1,042
Net income (loss)	$ (130)	$ (1,261)	$ 1,131			(130)	(1,261)	1,131
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)
Ending Balance at Sep. 27, 2020	$ (44,992)	(31,564)	(13,428)	$ 58	256,957	(281,957)	(268,529)	(13,428)	(20,050)
Ending Balance (in shares) at Sep. 27, 2020	5,835			5,835
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares (redeemed) issued				$ 1	252
Shares issued (in shares)				54
Stock compensation					854
Net income (loss)	$ 24,792	24,832	(40)			24,792	24,832	(40)
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)
Ending Balance at Sep. 26, 2021	$ 41,097	$ 54,565	$ (13,468)	$ 59	258,063	(259,212)	$ (245,744)	$ (13,468)	42,187
Ending Balance (in shares) at Sep. 26, 2021	5,889			5,889
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares (redeemed) issued				$ 1	(29)
Shares issued (in shares)				90
Stock compensation					1,487
Net income (loss)	$ 97					97
Net income attributable to non-controlling interests	(2,114)					(2,114)
Change in pension and postretirement benefits									(32,202)
Deferred income taxes, net									6,668
Ending Balance at Sep. 25, 2022	$ 15,005			$ 60	$ 259,521	$ (261,229)			$ 16,653
Ending Balance (in shares) at Sep. 25, 2022	5,979			5,979

Defined Benefit Pension Plans - Weighted-Average Assumptions (Details)	12 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 27, 2020
Defined Benefit Plan Disclosure [Line Items]
Interest crediting rate	2.50%	2.50%
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Discount rate	5.30%	2.70%
Discount rate - service cost	5.40%	3.00%	3.30%
Discount rate - interest cost	5.30%	1.90%	2.60%
Expected long-term return on plan assets	5.00%	5.90%	6.00%

Defined Benefit Pension Plans - Amounts Recognized in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 25, 2022	Sep. 26, 2021
Defined Benefit Plan Disclosure [Line Items]
Unrecognized net actuarial gain (loss)	$ 10,893	$ 36,965
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Unrecognized prior service cost	(5,441)	0
Amounts recognized in accumulated other comprehensive income (loss)	$ 5,452	$ 36,965

Allowance for Credit Losses - Valuation and Qualifying Account Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 27, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of year	$ 6,574	$ 13,431	$ 6,434
Additions charged to expense	5,190	1,505	8,607
Deductions from reserves	(6,527)	(8,362)	(1,610)
Balance, end of year	$ 5,237	$ 6,574	$ 13,431

Earnings Per Common Share

12 Months Ended

Sep. 25, 2022

Earnings Per Share [Abstract]

Earnings Per Common Share

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)	2022	2021	2020

(Loss) income attributable to Lee Enterprises, Incorporated:	(2,017)	22,745	(1,975)

Weighted average Common Stock	5,946	5,873	5,811
Less non-vested restricted Common Stock	(167)	(156)	(154)
Basic average Common Stock	5,778	5,717	5,657
Dilutive stock options and restricted Common Stock	—	109	37
Diluted average Common Stock	5,778	5,826	5,694
Earnings per common share:
Basic:	(0.35)	3.98	(0.35)
Diluted	(0.35)	3.90	(0.35)

For 2021 we had 600,000 weighted average shares 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 2022 and 2020 we had 74,304 and 600,000 weighted average shares, respectively, not considered in the computation of diluted earnings per share because the Company recorded net losses.

Significant Accounting Policies - Estimated Useful Lives of Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 27, 2020
Property, Plant and Equipment [Line Items]
Depreciation Expense	$ 14,365	$ 17,982	$ 15,385
Buildings and improvements \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life (years)	5 years
Buildings and improvements \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life (years)	40 years
Printing presses and insertion equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life (years)	5 years
Printing presses and insertion equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life (years)	25 years
Leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life (years)	3 years
Leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life (years)	10 years
Other \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life (years)	3 years
Other \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life (years)	15 years

Leases - Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Expense (Details) - USD ($) $ in Thousands	Sep. 25, 2022	Sep. 26, 2021	Sep. 27, 2020
Leases [Abstract]
Operating lease costs	$ 13,786	$ 14,846	$ 10,148
Variable lease costs	1,201	92	1,911
Short-term lease costs	217	0	426
Total Operating Lease Expense	$ 15,205	$ 14,938	$ 12,485
Weighted average remaining lease term (years)	6 years 7 months 2 days
Weighted Average discount rate	7.99%

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Sep. 25, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Changes in the carrying amount of goodwill are as follows:


(Thousands of Dollars)	2022	2021

Goodwill, gross amount	1,618,933	1,617,174
Accumulated impairment losses	(1,288,729)	(1,288,729)
Goodwill, beginning of year	330,204	328,445
Measurement period adjustments	—	1,759
Disposal	(700)	—
Goodwill, end of year	329,504	330,204

Schedule of Intangible Assets

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


(Thousands of Dollars)	September 25 2022	September 26 2021

Non-amortized intangible assets:
Mastheads	26,346	39,672
Amortizable intangible assets:
Customer and newspaper subscriber lists (1)	323,568	774,242
Less accumulated amortization (1)	(228,541)	(657,243)
	95,027	116,999
Non-compete and consulting agreements (1)	—	28,656
Less accumulated amortization (1)	—	(28,656)
	—	—
Identified intangible assets	121,373	156,671

(1) Fully amortized balances were removed in 2022.

Asset Impairment Charges

A summary of the pretax impairment charges is included in the table below:


(Thousands of Dollars)	2022	2021	2020

Non-amortized intangible assets	14,203	787	972
Property, equipment and other assets	—	190	—
	14,203	977	972

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (h)
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+ Details

Other Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 27, 2020
Other Information [Abstract]
Interest	$ 41,770	$ 45,214	$ 49,518
Debt financing and reorganization costs	0	0	707
Income tax payments, net	$ 5,311	$ 7,604	$ 446

Other Retirement Plans (Tables)

12 Months Ended

Sep. 25, 2022

Retirement Benefits [Abstract]

Multiemployer Plan Information

Information related to these plans is outlined in the table below:

(Thousands of Dollars)

Zone Status
September 30

Funding Improvement
Plan/Rehabilitation Plan
Status

Contributions

Pension Plan

2022

2021

Status

2022

2021

2020

Surcharge Imposed

EIN

Expiration Dates of
CBAs

GCIU- Employer Retirement Fund

Critical

Red

Implemented

—

91-6024903

N/A (1)

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

Endangered

Red

Implemented

—

N/A

51-0138317

N/A (1)

CWA/ITU negotiated Pension Plan

Critical

Red

Implemented

—

456

13-6212879

N/A (1)

IAM National Pension Fund

Green

Red

N/A

51-6031295

1/1/2024

Operating Engineers Central Pension Fund of the International Union of Operating Engineers and Participating Employers(2)

Green

N/A

36-6052390

2/28/2023
11/1/2023

- Definition

Tabular disclosure of information about multiemployer plan.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 80
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+ Details

Postretirement and Postemployment Benefits - Narrative (Details)	12 Months Ended
	Sep. 25, 2022 USD ($)	Sep. 26, 2021 USD ($)	Sep. 27, 2020 USD ($)
Other Postretirement Benefits Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net actuarial gain expected to be recognized in net periodic pension cost during next fiscal year	$ 1,014,000
Amortization of prior service cost (credit) expected to be recognized during the next fiscal year	$ 647,000
Assumptions used calculating net periodic benefit cost, expected long-term rate of return on plan assets	5.00%	4.00%	4.50%
Liability (gain)/loss due to curtailment	$ 0	$ (23,830,000)
Non-current assets	19,066,000	17,664,000
Expected future employer contributions, next fiscal year	0
Postemployment benefit obligation	12,287,000	18,538,000	$ 47,637,000
Other Postretirement Benefits Plan \| U.S. Small Cap Value Equity Common/Collective Fund
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Investment in equity securities measured at fair value, recognized in net income	791,000	904,000
Other Postretirement Benefits Plan \| Global Equity Long/Short Common/Collective Hedge Fund-of-funds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Investment in equity securities measured at fair value, recognized in net income	$ 2,782,000	3,235,000
Maximum percentage of equity investment redeemable	0.90
Other Postretirement Benefits Plan \| Global Equity Long/Short Common/Collective Hedge Fund-of-funds \| Minimum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Notice for redemption of equity investment	90 days
Other Postretirement Benefits Plan \| Global Equity Long/Short Common/Collective Hedge Fund-of-funds \| Maximum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Notice for redemption of equity investment	120 days
Other Postretirement Benefits Plan \| Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Purchases, sales or transfers of assets classified as level 3	$ 0	0
Postemployment Retirement Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Curtailment gain	0	23,830,000	$ 0
Liability (gain)/loss due to curtailment		23,830,000
Postemployment benefit obligation	1,771,000	2,233,000
Retiree Medical Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Non-current assets	$ 614,000	$ 631,000

Other Information - Compensation and Other Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 25, 2022	Sep. 26, 2021
Other Information [Abstract]
Compensation	$ 20,815	$ 20,849
Retirement plans	549	554
Other	23,376	23,673
Compensation and other accrued liabilities	$ 44,740	$ 45,076

Income Taxes (Tables)

12 Months Ended

Sep. 25, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense (benefit) consists of the following:


(Thousands of Dollars)	2022	2021	2020

Current:
Federal	4,932	(2,431)	8,779
State	142	3,642	(10)
Deferred	(4,376)	6,044	(5,796)
	698	7,255	2,973

Schedule of Effective Income Tax Rate Reconciliation


(Percent of (Loss) Income Before Income Taxes)	2022	2021	2020

Computed “expected” income tax expense	21.0	21.0	21.0
State income tax benefit, net of federal tax benefit	(8.9)	5.6	21.7
Net income of associated companies	(77.2)	(1.8)	(18.3)
Resolution of tax matters	(32.2)	3.2	(30.5)
Remeasurement due to rate changes	(11.2)	0.1	(31.0)
Non-deductible expenses	124.0	0.9	19.4
Provision to return adjustment	70.2	—	—
Valuation allowance	11.9	(6.0)	125.2
Wage credit, net addback	(7.5)	—	—
Warrant valuation	(1.9)	(0.4)	(7.3)
Other	—	—	4.4
	88.2	22.6	104.6

Schedule of Deferred Tax Assets and Liabilities

Net deferred income tax liabilities consist of the following components:


(Thousands of Dollars)	September 25 2022	September 26 2021

Deferred income tax liabilities:
Property and equipment	(11,712)	(13,284)
Identified intangible assets	(21,649)	(27,543)
ASC 842 - Leases DTL	(11,308)	(15,813)
Pension and postretirement benefits	—	(6,346)
Investments	(26,489)	(14,823)
	(71,158)	(77,809)
Deferred income tax assets:
Allowance for credit losses	802	237
Pension and postretirement benefits	3,445	—
Long-term debt	161	716
Interest deduction limitation	4,809	—
Operating loss carryforwards	26,224	26,999
ASC 842 - Leases DTA	13,112	15,840
Accrued compensation	1,914	6,630
Accrued expenses	1,663	443
Other	2,964	812
	55,094	51,677
Valuation allowance	(26,655)	(27,631)
Net deferred income tax liabilities	(42,719)	(53,763)

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of 2022 and 2021 changes in gross unrecognized tax benefits is as follows:


(Thousands of Dollars)	2022	2021

Balance, beginning of year	18,279	27,008
Changes in tax positions for prior years	(307)	1,008
Increases (decrease) in tax positions for the current year	1,887	(8,940)
Lapse in statute of limitations	(1,617)	(797)
Balance, end of year	18,242	18,279

Other Retirement Plans

12 Months Ended

Sep. 25, 2022

Retirement Benefits [Abstract]

Other Retirement Plans

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 $3,565,000 in 2022, $3,403,000 in 2021 and $2,666,000 in 2020.

Multiemployer Pension Plans

We contributed to various multiemployer defined benefit pension plans under the terms of collective bargaining agreements ("CBAs"). The risks of participating in these multiemployer plans are different from our company-sponsored plans in the following aspects:

•We do not manage the plan investments or any other aspect of plan administration;

•Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers;

•If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers; and

•If we choose to stop participating in one or more multiemployer plans, we may be required to fund over time an amount based on the unfunded status of the plan at the time of withdrawal, referred to as a "withdrawal liability".

Information related to these plans is outlined in the table below:

(Thousands of Dollars)

Zone Status
September 30

Funding Improvement
Plan/Rehabilitation Plan
Status

Contributions

Pension Plan

2022

2021

Status

2022

2021

2020

Surcharge Imposed

EIN

Expiration Dates of
CBAs

GCIU- Employer Retirement Fund

Critical

Red

Implemented

—

91-6024903

N/A (1)

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

Endangered

Red

Implemented

—

N/A

51-0138317

N/A (1)

CWA/ITU negotiated Pension Plan

Critical

Red

Implemented

—

456

13-6212879

N/A (1)

IAM National Pension Fund

Green

Red

N/A

51-6031295

1/1/2024

Operating Engineers Central Pension Fund of the International Union of Operating Engineers and Participating Employers(2)

Green

N/A

36-6052390

2/28/2023
11/1/2023

(1)The Company has withdrawn from the multi-employer plans

(2)We are subject to two different CBA's under the multi-employer plan.

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 25, 2022 and September 26, 2021, we had $24,995,000 and $23,471,000 of accrued withdrawal liabilities. The liabilities reflect the estimated net present value of payments to the fund, payable 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 55% have CBA's that expire in the next 12 months.

Acquisitions

12 Months Ended

Sep. 25, 2022

Business Combination and Asset Acquisition [Abstract]

ACQUISITIONS

ACQUISITIONSOn 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 7.

Between July 2, 2018 and March 16, 2020, the Company managed the BH Media Newspaper Business pursuant to the 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 25, 2022, the Company has earned monthly rent credits of $166,000, making current annual rent of $6,004,000. 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 after the acquisition date but prior to the end of the measurement period. 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 the changes were offset in Goodwill. Other changes included adjustments to accrued liabilities of $634,000, uncertain tax position allowance of $138,000, and a $3,600,000 reclassification involving workers 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.


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

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 an $8,973,000 increase to net income for 2020. No other periods were affected by the adjustments.

Stock Ownership Plans - Summary of Restricted Stock Activity (Details) - Restricted Stock - $ / shares shares in Thousands	12 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 27, 2020
Number of Shares
Outstanding, beginning of year (in shares)	154	155	148
Granted (in shares)	78	46	72
Vested (in shares)	(66)	(45)	(61)
Forfeited (in shares)	(1)	(2)	(4)
Outstanding, end of year (in shares)	165	154	155
Weighted Average Grant Date Fair Value
Outstanding, beginning of year (in dollars per share)	$ 16.70	$ 21.50	$ 24.90
Granted (in dollars per share)	30.01	11.20	16.20
Vested (in dollars per share)	20.93	27.30	23.40
Forfeitures (in dollars per share)	23.60	16.10	24.40
Outstanding, end of year (in dollars per share)	$ 21.21	$ 16.70	$ 21.50

Postretirement and Postemployment Benefits

12 Months Ended

Sep. 25, 2022

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Postretirement and Postemployment Benefits

DEFINED BENEFIT PENSION PLANS

The net periodic cost (benefit) components of our pension plans are as follows:


(Thousands of Dollars)	2022	2021	2020

Service cost for benefits earned during the year	467	2,529	1,361
Interest cost on projected benefit obligation	7,941	7,147	7,577
Expected return on plan assets	(18,140)	(18,688)	(12,986)
Amortization of net (gain) loss	(3,320)	4,018	3,166
Amortization of prior service benefit	636	(6)	(6)
Settlement gain	(4,245)	—	—
Curtailment gain	(1,027)	—	—
Net periodic pension cost (benefit)	(17,688)	(5,000)	(888)

Changes in benefit obligations and plan assets are as follows:


(Thousands of Dollars)	2022	2021

Benefit obligation, beginning of year	384,187	401,381
Service cost	467	2,529
Interest cost	7,941	7,147
Plan Amendments	6,077	—
Actuarial (gain) loss	(85,754)	(5,413)
Benefits paid	(21,686)	(21,182)
Liability (gain)/loss due to curtailment	(1,027)	—
Settlements	(81,377)	—
Administrative expenses paid	—	(275)
Benefit obligation, end of year	208,828	384,187
Fair value of plan assets, beginning of year:	398,430	331,354
Actual return on plan assets	(84,000)	89,892
Benefits paid	(21,686)	(21,182)
Administrative expenses paid	(2,123)	(2,599)
Settlements	(81,377)	—
Employer contributions	112	965
Fair value of plan assets, end of year	209,356	398,430
Funded status	528	14,243

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


(Thousands of Dollars)	September 25 2022	September 26 2021

Pension obligations	528	14,243
Accumulated other comprehensive income (before income taxes)	5,452	36,965

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


(Thousands of Dollars)	September 25 2022	September 26 2021

Unrecognized net actuarial gain (loss)	10,893	36,965
Unrecognized prior service cost	(5,441)	—
	5,452	36,965

We do not expect to recognize any net actuarial gain (loss), in net periodic pension cost in 2023.

Assumptions

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


(Percent)	September 25 2022	September 26 2021

Discount rate	5.3	2.7
Interest crediting rate	2.5	2.5

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


(Percent)	2022	2021	2020
Discount rate - service cost	5.4	3.0	3.3
Discount rate - interest cost	5.3	1.9	2.6
Expected long-term return on plan assets	5.0	5.9	6.0

Plan Assets

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


(Percent)	Policy Allocation	Actual Allocation
Asset Class	September 25 2022	September 25 2022	September 26 2021
Equity securities	25	41	50
Debt securities	65	43	34
TIPS	—	—	4
Hedge fund investments	10	15	11
Cash and cash equivalents	1	1	1

Fair Value Measurements

The fair value hierarchy of pension assets at September 25, 2022 is as follows:


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

Cash and cash equivalents	—	1,562	—	—
Domestic equity securities	2,235	67,661	—	—
International equity securities	—	5,743	4,519	—
Emerging equity securities	—	4,996	—	—
Debt securities	—	25,742	65,364	—
Hedge fund investments	32,515	—	—	—

The fair value hierarchy of pension assets at September 26, 2021 was 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	—	—	—


			•			U.S. small cap value equity common/collective fund for which fund prices are not publicly available. The balance of this investment is $2,235,000 and $7,236,000 as of September 25, 2022 and September 26, 2021, 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 $16,663,000 and $8,371,000 as of September 25, 2022 and September 26, 2021, 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 $15,852,000 and $10,387,000 as of September 25, 2022 and September 26, 2021, 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)	2022	2021	2020
Comprehensive (loss) income, net of taxes:
Change in unrecognized benefit plan gain (loss) arising during the period, net of taxes $279, $19,148, and $4,095, respectively	(14,485)	59,663	10,329
Amortization of items to periodic pension and other post-employment benefit costs during the period, net of taxes $6,389, $819, and $542, respectively	(11,049)	2,574	(1,265)
Other comprehensive (loss) income recognized in operations, net of taxes	(25,534)	62,237	9,064

Cash Flows

Based on our forecast at September 25, 2022, we expect to make no contributions to our pension trust in 2023.

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


(Thousands of Dollars)

2023			14,668
2024			14,830
2025			14,947
2026			15,126
2027			15,204
2028-2032			75,362

Other Plans

POSTRETIREMENT AND POSTEMPLOYMENT BENEFITS

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


(Thousands of Dollars)	2022	2021	2020

Service cost for benefits earned during the year	108	207	500
Interest cost on projected benefit obligation	340	429	869
Expected return on plan assets	(1,053)	(1,007)	(1,060)
Amortization of net actuarial gain	(994)	(685)	(743)
Amortization of prior service benefit	(647)	(647)	(647)
Curtailment gains	—	(23,830)	—
Net periodic postretirement benefit	(2,246)	(25,533)	(1,081)

Changes in benefit obligations and plan assets are as follows:


(Thousands of Dollars)	2022	2021

Benefit obligation, beginning of year	18,538	47,637
Service cost	108	207
Interest cost	340	429
Liability (gain) loss due to Curtailment	—	(23,830)
Actuarial loss (gain)	(4,729)	(4,285)
Benefits paid, net of premiums received	(1,958)	(1,678)
Medicare Part D subsidies	(12)	58
Benefit obligation, end of year	12,287	18,538
Fair value of plan assets, beginning of year	26,802	25,706
Actual return on plan assets	(2,453)	1,534
Employer contributions	1,525	1,293
Benefits paid, net of premiums and Medicare Part D subsidies received	(2,105)	(1,795)
Plan participant contributions	134	64
Fair value of plan assets at measurement date	23,903	26,802
Funded status	11,616	8,264

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


(Thousands of Dollars)	September 25 2022	September 26 2021

Non-current assets	19,066	17,664
Postretirement benefit obligations	(7,450)	(9,859)
Accumulated other comprehensive income (before income tax benefit)	17,327	17,747

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


(Thousands of Dollars)	September 25 2022	September 26 2021

Unrecognized net actuarial gain	14,298	14,071
Unrecognized prior service benefit	3,029	3,676
	17,327	17,747

We expect to recognize $1,014,000 and $647,000 of unrecognized net actuarial gain and unrecognized prior service benefit, respectively, in net periodic postretirement benefit in 2023.

Assumptions

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


(Percent)	September 25 2022	September 26 2021

Discount rate	5.3	2.6
Expected long-term return on plan assets	5.0	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.

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


(Percent)	2022	2021	2020

Discount rate - service cost	5.5	2.5	3.4
Discount rate - interest cost	5.1	1.9	2.8
Expected long-term return on plan assets	5.0	4.0	4.5

Assumed health care cost trend rates are as follows:


(Percent)	September 25 2022	September 26 2021

Health care cost trend rates	10.6	6.2
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	2032	2030

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

Statements of Income (loss) and Comprehensive Income (loss). These charges also reduced the postemployment benefit obligation by $23,830,000 in 2021.

Plan Assets

The weighted-average asset allocation of our postretirement assets is as follows:


(Percent)	Policy Allocation	Actual Allocation
Asset Class	September 25 2022	September 25 2022	September 26 2021

Equity securities	20	17	20
Debt securities	70	71	68
Hedge fund investment	10	12	12
Cash and cash equivalents	—	—	—

Plan assets include no Company securities. Assets include cash and cash equivalents and receivables from time to time due to the need to reallocate assets within policy guidelines.

Fair Value Measurements

The fair value hierarchy of postretirement assets at September 25, 2022 is as follows:


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

Cash and cash equivalents	—	26	—	—
Domestic equity securities	791	1,910	—	—
Emerging equity securities	—	456	—	—
International equity securities	—	573	480	—
Debt securities	—	17,248	—	—
Hedge fund investment	2,782	—	—	—

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	—	—	—


			•			U.S. small cap value equity common/collective fund for which fund prices are not publicly available. The balance of this investment is $791,000 and $904,000 as of September 25, 2022 and September 26, 2021, 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 $2,782,000 and $3,235,000 as of September 25, 2022 and September 26, 2021, 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 25, 2022, we do not expect to contribute to our postretirement plans in 2023.

We anticipate future benefit payments to be paid either with future contributions to the plan or directly from plan assets, as follows:


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

2023	980	—	980
2024	991	—	991
2025	985	—	985
2026	987	—	987
2027	955	—	955
2028-2032	4,563	—	4,563

Postemployment Plan

Our postemployment benefit obligation, which represents certain disability benefits, is $1,771,000 at September 25, 2022 and $2,233,000 at September 26, 2021.

- Definition

The entire disclosure for retirement benefits.

+ References

+ Details

Other Retirement Plans - Other Retirement Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 27, 2020
GCIU- Employer Retirement Fund
Multiemployer Plan [Line Items]
Contribution to multiemployer plan	$ 0	$ 10	$ 87
District No. 9, International Association of Machinists and Aerospace Workers Pension Trust
Multiemployer Plan [Line Items]
Contribution to multiemployer plan	0	15	31
CWA/ITU negotiated Pension Plan
Multiemployer Plan [Line Items]
Contribution to multiemployer plan	0	81	456
IAM National Pension Fund
Multiemployer Plan [Line Items]
Contribution to multiemployer plan	57	67	86
Operating Engineers Central Pension Fund of the International Union of Operating Engineers and Participating Employers(2)
Multiemployer Plan [Line Items]
Contribution to multiemployer plan	$ 50	$ 49	$ 52

Income Taxes - Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 25, 2022	Sep. 26, 2021
Reconciliation of Changes in Gross Unrecognized Tax Benefits [Roll Forward]
Balance, beginning of year	$ 18,279	$ 27,008
Changes in tax positions for prior years	(307)
Changes in tax positions for prior years		1,008
Increases (decrease) in tax positions for the current year	1,887
Increases (decrease) in tax positions for the current year		(8,940)
Lapse in statute of limitations	(1,617)	(797)
Balance, end of year	$ 18,242	$ 18,279

Investments in Associated Companies - Summarized Financial Information (Parentheticals) (Details)	Sep. 25, 2022	Sep. 26, 2021	Sep. 27, 2020
TNI Partners
Schedule of Equity Method Investments [Line Items]
Percentage of share	50.00%	50.00%	50.00%

Leases (Tables)

12 Months Ended

Sep. 25, 2022

Leases [Abstract]

Total Lease Expense

Total lease expense consists of the following:


(Thousands of Dollars)	2022	2021	2020
Operating lease costs	13,786	14,846	10,148
Variable lease costs	1,201	92	1,911
Short-term lease costs	217	—	426
Total Operating Lease Expense	15,205	14,938	12,485

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


(Thousands of Dollars)	2022	2021	2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflow from operating leases	14,325	14,789	10,003
Right-of-use assets obtained in exchange for operating lease liabilities	990	932	1,630

The weighted average revolving lease terms and discount rates for all of our operating leases were as follows.


	September 25, 2022
Weighted average remaining lease term (years)	6 years, 7 months, 2 days
Weighted Average discount rate	7.99	%

Schedule of Maturities of Lease Liabilities

As of September 25, 2022, maturities of lease liabilities were as follows:


(Thousands of Dollars)
2023			12,921
2024			11,871
2025			10,630
2026			9,187
2027			7,736
Thereafter			18,799
Total lease payments			71,144
Less: interest			(17,282)
Present value of lease liabilities			53,862

Fair Value of Financial Instruments - Estimate Fair Value of Financial Instruments (Details)	Sep. 25, 2022 $ / shares yr	Sep. 26, 2021 $ / shares yr	Sep. 27, 2020 $ / shares yr
Volatility (Percent)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	0	0.43	0.84
Risk-free interest rate (Percent)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	0	0.0005	0.0012
Expected term (Years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input \| yr	0	0.5	1.5
Estimated fair value (Dollars)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input \| $ / shares	0	0.12	0.06

Postretirement and Postemployment Benefits - Net Period Postretirement Cost (Benefit) Components for Postretirement Plans (Details) - Postemployment Retirement Benefits - USD ($) $ in Thousands	12 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 27, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost for benefits earned during the year	$ 108	$ 207	$ 500
Interest cost on projected benefit obligation	340	429	869
Expected return on plan assets	(1,053)	(1,007)	(1,060)
Amortization of net (gain) loss	(994)	(685)	(743)
Amortization of prior service benefit	(647)	(647)	(647)
Curtailment gains	0	(23,830)	0
Net periodic pension cost (benefit)	$ (2,246)	$ (25,533)	$ (1,081)

Earnings Per Common Share - Narrative (Details) - shares	12 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 27, 2020
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	74,304	600,000	600,000

Postretirement and Postemployment Benefits - Amounts Recognized in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 25, 2022	Sep. 26, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Unrecognized net actuarial gain (loss)	$ 10,893	$ 36,965
Other Postretirement Benefits Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Unrecognized net actuarial gain (loss)	14,298	14,071
Unrecognized prior service benefit	3,029	3,676
Amounts recognized in accumulated other comprehensive income (loss)	$ 17,327	$ 17,747

Postretirement and Postemployment Benefits - Amounts Recognized in the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 25, 2022	Sep. 26, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Accumulated other comprehensive income (before income tax benefit)	$ (5,452)	$ (36,965)
Other Postretirement Benefits Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Non-current assets	19,066	17,664
Postretirement benefit obligations	(7,450)	(9,859)
Accumulated other comprehensive income (before income tax benefit)	$ 17,327	$ 17,747

Postretirement and Postemployment Benefits (Tables)

12 Months Ended

Sep. 25, 2022

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Components of Net Periodic Cost (Benefit)

The net periodic cost (benefit) components of our pension plans are as follows:


(Thousands of Dollars)	2022	2021	2020

Service cost for benefits earned during the year	467	2,529	1,361
Interest cost on projected benefit obligation	7,941	7,147	7,577
Expected return on plan assets	(18,140)	(18,688)	(12,986)
Amortization of net (gain) loss	(3,320)	4,018	3,166
Amortization of prior service benefit	636	(6)	(6)
Settlement gain	(4,245)	—	—
Curtailment gain	(1,027)	—	—
Net periodic pension cost (benefit)	(17,688)	(5,000)	(888)

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


(Thousands of Dollars)	2022	2021	2020

Service cost for benefits earned during the year	108	207	500
Interest cost on projected benefit obligation	340	429	869
Expected return on plan assets	(1,053)	(1,007)	(1,060)
Amortization of net actuarial gain	(994)	(685)	(743)
Amortization of prior service benefit	(647)	(647)	(647)
Curtailment gains	—	(23,830)	—
Net periodic postretirement benefit	(2,246)	(25,533)	(1,081)

Changes in Benefit Obligations and Plan Assets

Changes in benefit obligations and plan assets are as follows:


(Thousands of Dollars)	2022	2021

Benefit obligation, beginning of year	384,187	401,381
Service cost	467	2,529
Interest cost	7,941	7,147
Plan Amendments	6,077	—
Actuarial (gain) loss	(85,754)	(5,413)
Benefits paid	(21,686)	(21,182)
Liability (gain)/loss due to curtailment	(1,027)	—
Settlements	(81,377)	—
Administrative expenses paid	—	(275)
Benefit obligation, end of year	208,828	384,187
Fair value of plan assets, beginning of year:	398,430	331,354
Actual return on plan assets	(84,000)	89,892
Benefits paid	(21,686)	(21,182)
Administrative expenses paid	(2,123)	(2,599)
Settlements	(81,377)	—
Employer contributions	112	965
Fair value of plan assets, end of year	209,356	398,430
Funded status	528	14,243

Changes in benefit obligations and plan assets are as follows:


(Thousands of Dollars)	2022	2021

Benefit obligation, beginning of year	18,538	47,637
Service cost	108	207
Interest cost	340	429
Liability (gain) loss due to Curtailment	—	(23,830)
Actuarial loss (gain)	(4,729)	(4,285)
Benefits paid, net of premiums received	(1,958)	(1,678)
Medicare Part D subsidies	(12)	58
Benefit obligation, end of year	12,287	18,538
Fair value of plan assets, beginning of year	26,802	25,706
Actual return on plan assets	(2,453)	1,534
Employer contributions	1,525	1,293
Benefits paid, net of premiums and Medicare Part D subsidies received	(2,105)	(1,795)
Plan participant contributions	134	64
Fair value of plan assets at measurement date	23,903	26,802
Funded status	11,616	8,264

Schedule of Amounts Recognized in Balance Sheet

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


(Thousands of Dollars)	September 25 2022	September 26 2021

Pension obligations	528	14,243
Accumulated other comprehensive income (before income taxes)	5,452	36,965

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


(Thousands of Dollars)	September 25 2022	September 26 2021

Non-current assets	19,066	17,664
Postretirement benefit obligations	(7,450)	(9,859)
Accumulated other comprehensive income (before income tax benefit)	17,327	17,747

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

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


(Thousands of Dollars)	September 25 2022	September 26 2021

Unrecognized net actuarial gain (loss)	10,893	36,965
Unrecognized prior service cost	(5,441)	—
	5,452	36,965

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


(Thousands of Dollars)	September 25 2022	September 26 2021

Unrecognized net actuarial gain	14,298	14,071
Unrecognized prior service benefit	3,029	3,676
	17,327	17,747

Defined Benefit Plan, Assumptions

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


(Percent)	September 25 2022	September 26 2021

Discount rate	5.3	2.7
Interest crediting rate	2.5	2.5

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


(Percent)	2022	2021	2020
Discount rate - service cost	5.4	3.0	3.3
Discount rate - interest cost	5.3	1.9	2.6
Expected long-term return on plan assets	5.0	5.9	6.0

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


(Percent)	September 25 2022	September 26 2021

Discount rate	5.3	2.6
Expected long-term return on plan assets	5.0	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.

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


(Percent)	2022	2021	2020

Discount rate - service cost	5.5	2.5	3.4
Discount rate - interest cost	5.1	1.9	2.8
Expected long-term return on plan assets	5.0	4.0	4.5

Schedule of Health Care Cost Trend Rates

Assumed health care cost trend rates are as follows:


(Percent)	September 25 2022	September 26 2021

Health care cost trend rates	10.6	6.2
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	2032	2030

Schedule of Allocation of Plan Assets

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


(Percent)	Policy Allocation	Actual Allocation
Asset Class	September 25 2022	September 25 2022	September 26 2021
Equity securities	25	41	50
Debt securities	65	43	34
TIPS	—	—	4
Hedge fund investments	10	15	11
Cash and cash equivalents	1	1	1

The weighted-average asset allocation of our postretirement assets is as follows:


(Percent)	Policy Allocation	Actual Allocation
Asset Class	September 25 2022	September 25 2022	September 26 2021

Equity securities	20	17	20
Debt securities	70	71	68
Hedge fund investment	10	12	12
Cash and cash equivalents	—	—	—

Schedule of Changes in Fair Value of Plan Assets

The fair value hierarchy of pension assets at September 25, 2022 is as follows:


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

Cash and cash equivalents	—	1,562	—	—
Domestic equity securities	2,235	67,661	—	—
International equity securities	—	5,743	4,519	—
Emerging equity securities	—	4,996	—	—
Debt securities	—	25,742	65,364	—
Hedge fund investments	32,515	—	—	—

The fair value hierarchy of pension assets at September 26, 2021 was 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 postretirement assets at September 25, 2022 is as follows:


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

Cash and cash equivalents	—	26	—	—
Domestic equity securities	791	1,910	—	—
Emerging equity securities	—	456	—	—
International equity securities	—	573	480	—
Debt securities	—	17,248	—	—
Hedge fund investment	2,782	—	—	—

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	—	—	—

Schedule of Expected Benefit Payments

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


(Thousands of Dollars)

2023			14,668
2024			14,830
2025			14,947
2026			15,126
2027			15,204
2028-2032			75,362

We anticipate future benefit payments to be paid either with future contributions to the plan or directly from plan assets, as follows:


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

2023	980	—	980
2024	991	—	991
2025	985	—	985
2026	987	—	987
2027	955	—	955
2028-2032	4,563	—	4,563

Defined Benefit Pension Plans - Net Periodic Cost (Benefit) (Details) - Pension Plan - USD ($) $ in Thousands	12 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 27, 2020
Defined Benefit Plan Disclosure [Line Items]
Service cost for benefits earned during the year	$ 467	$ 2,529	$ 1,361
Interest cost on projected benefit obligation	7,941	7,147	7,577
Expected return on plan assets	(18,140)	(18,688)	(12,986)
Amortization of net (gain) loss	(3,320)	4,018	3,166
Amortization of prior service benefit	636	(6)	(6)
Settlement gain	(4,245)	0	0
Curtailment gain	(1,027)	0	0
Net periodic pension cost (benefit)	$ (17,688)	$ (5,000)	$ (888)

Defined Benefit Pension Plans - Benefit Obligations and Plan Assets (Details) - Pension Plan - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Sep. 25, 2022	Sep. 25, 2022	Sep. 26, 2021	Sep. 27, 2020
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation, beginning of year		$ 384,187	$ 401,381
Service cost		467	2,529	$ 1,361
Interest cost		7,941	7,147	7,577
Plan Amendments		6,077	0
Actuarial (gain) loss		(85,754)	(5,413)
Benefits paid		(21,686)	(21,182)
Liability (gain)/loss due to curtailment		(1,027)	0
Settlements	$ (81,377)	(81,377)	0
Administrative expenses paid		0	(275)
Benefit obligation, end of year	208,828	208,828	384,187	401,381
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets, beginning of year:		398,430	331,354
Actual return on plan assets		(84,000)	89,892
Benefits paid		(21,686)	(21,182)
Administrative expenses paid		(2,123)	(2,599)
Settlements		(81,377)	0
Employer contributions		112	965
Fair value of plan assets, end of year	209,356	209,356	398,430	$ 331,354
Funded status	$ 528	$ 528	$ 14,243

Acquisitions (Tables)

12 Months Ended

Sep. 25, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Fair Values of Assets and Liabilities Acquired

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.

Schedule of Pro Forma Information


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

Defined Benefit Pension Plans - Fair Value Hierarchy of Benefit Plan Assets (Details) - USD ($) $ in Thousands	Sep. 25, 2022	Sep. 26, 2021	Sep. 27, 2020
NAV \| Hedge fund investments
Defined Benefit Plan Disclosure [Line Items]
Pension assets	$ 32,515	$ 3,235
Level 1 \| Hedge fund investments
Defined Benefit Plan Disclosure [Line Items]
Pension assets	0	0
Level 2 \| Hedge fund investments
Defined Benefit Plan Disclosure [Line Items]
Pension assets	0	0
Level 3 \| Hedge fund investments
Defined Benefit Plan Disclosure [Line Items]
Pension assets	0	0
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Pension assets	209,356	398,430	$ 331,354
Pension Plan \| NAV \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Pension assets	0	0
Pension Plan \| NAV \| Domestic equity securities
Defined Benefit Plan Disclosure [Line Items]
Pension assets	2,235	7,236
Pension Plan \| NAV \| International equity securities
Defined Benefit Plan Disclosure [Line Items]
Pension assets	0	0
Pension Plan \| NAV \| Emerging equity securities
Defined Benefit Plan Disclosure [Line Items]
Pension assets	0	0
Pension Plan \| NAV \| TIPS
Defined Benefit Plan Disclosure [Line Items]
Pension assets		0
Pension Plan \| NAV \| Debt Securities
Defined Benefit Plan Disclosure [Line Items]
Pension assets	0	0
Pension Plan \| NAV \| Hedge fund investments
Defined Benefit Plan Disclosure [Line Items]
Pension assets		18,758
Pension Plan \| Level 1 \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Pension assets	1,562	4,447
Pension Plan \| Level 1 \| Domestic equity securities
Defined Benefit Plan Disclosure [Line Items]
Pension assets	67,661	78,577
Pension Plan \| Level 1 \| International equity securities
Defined Benefit Plan Disclosure [Line Items]
Pension assets	5,743	9,485
Pension Plan \| Level 1 \| Emerging equity securities
Defined Benefit Plan Disclosure [Line Items]
Pension assets	4,996	8,077
Pension Plan \| Level 1 \| TIPS
Defined Benefit Plan Disclosure [Line Items]
Pension assets		7,280
Pension Plan \| Level 1 \| Debt Securities
Defined Benefit Plan Disclosure [Line Items]
Pension assets	25,742	181,908
Pension Plan \| Level 1 \| Hedge fund investments
Defined Benefit Plan Disclosure [Line Items]
Pension assets		0
Pension Plan \| Level 2 \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Pension assets	0	0
Pension Plan \| Level 2 \| Domestic equity securities
Defined Benefit Plan Disclosure [Line Items]
Pension assets	0	42,448
Pension Plan \| Level 2 \| International equity securities
Defined Benefit Plan Disclosure [Line Items]
Pension assets	4,519	9,505
Pension Plan \| Level 2 \| Emerging equity securities
Defined Benefit Plan Disclosure [Line Items]
Pension assets	0	0
Pension Plan \| Level 2 \| TIPS
Defined Benefit Plan Disclosure [Line Items]
Pension assets		0
Pension Plan \| Level 2 \| Debt Securities
Defined Benefit Plan Disclosure [Line Items]
Pension assets	65,364	32,781
Pension Plan \| Level 2 \| Hedge fund investments
Defined Benefit Plan Disclosure [Line Items]
Pension assets		0
Pension Plan \| Level 3 \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Pension assets	0	0
Pension Plan \| Level 3 \| Domestic equity securities
Defined Benefit Plan Disclosure [Line Items]
Pension assets	0	0
Pension Plan \| Level 3 \| International equity securities
Defined Benefit Plan Disclosure [Line Items]
Pension assets	0	0
Pension Plan \| Level 3 \| Emerging equity securities
Defined Benefit Plan Disclosure [Line Items]
Pension assets	0	0
Pension Plan \| Level 3 \| TIPS
Defined Benefit Plan Disclosure [Line Items]
Pension assets		0
Pension Plan \| Level 3 \| Debt Securities
Defined Benefit Plan Disclosure [Line Items]
Pension assets	$ 0	0
Pension Plan \| Level 3 \| Hedge fund investments
Defined Benefit Plan Disclosure [Line Items]
Pension assets		$ 0

Acquisitions - Narrative (Details) $ in Thousands			12 Months Ended			18 Months Ended
Acquisitions - Narrative (Details) $ in Thousands	Mar. 16, 2020 USD ($) newspaper printProduct property	Dec. 29, 2019 USD ($)	Sep. 25, 2022 USD ($)	Sep. 26, 2021 USD ($)	Sep. 27, 2020 USD ($)	Sep. 26, 2021 USD ($)
Business Acquisition [Line Items]
Operating lease right-of-use assets			$ 47,490	$ 65,682		$ 65,682
Present value of lease liabilities			53,862
Net income			(2,017)	$ 22,745	$ (1,975)
BHMG
Business Acquisition [Line Items]
Combined purchase price	$ 140,000
Number of daily newspapers and digital operations \| newspaper	30
Number of paid weekly newspapers with websites \| newspaper	49
Number of other print products \| printProduct	32
Business combination, termination of contract, credits	$ 5,425
Business combination, termination of contract, credits, pro-rated fixed portion	1,245
Business combination, termination of contract, credit, pro-rated variable fees	$ 4,180
Settlement of existing contract asset balance		$ 3,589
Number of leased properties \| property	68
Annual rent	$ 8,000
Percentage of net consideration	8.00%
Amount of monthly rent credits			166
Amount of current annual rent			$ 6,004
Operating lease right-of-use assets	$ 56,226
Present value of lease liabilities	$ 56,226
Business combination accrued liabilities adjustment						(634)
Business combination uncertain tax position allowance adjustment						(138)
Business combination workers compensation and medical reserve adjustment						(3,600)
BHMG \| Advertiser relationships
Business Acquisition [Line Items]
Measurement period adjustments, intangibles						(11,160)
BHMG \| Subscriber relationships
Business Acquisition [Line Items]
Measurement period adjustments, intangibles						(8,210)
BHMG \| Commercial print relationships
Business Acquisition [Line Items]
Measurement period adjustments, intangibles						2,430
BHMG \| Acquisition-related costs
Business Acquisition [Line Items]
Net income					$ 8,973
BHMG \| Revision of prior period, adjustment \| Advertiser relationships
Business Acquisition [Line Items]
Measurement period adjustments, intangibles						(11,160)
BHMG \| Revision of prior period, adjustment \| Subscriber relationships
Business Acquisition [Line Items]
Measurement period adjustments, intangibles						(8,210)
BHMG \| Revision of prior period, adjustment \| Commercial print relationships
Business Acquisition [Line Items]
Measurement period adjustments, intangibles						$ 2,430

Investments in Associated Companies

12 Months Ended

Sep. 25, 2022

Equity Method Investments and Joint Ventures [Abstract]

Investment in Associated Companies

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:


(Thousands of Dollars)	September 25 2022	September 26 2021

ASSETS
Current assets	2,801	2,238
Investments and other assets	1,584	1,693
Total assets	4,385	3,931

LIABILITIES AND MEMBERS' EQUITY
Current liabilities	5,005	5,027
Members' equity	(620)	(1,096)
Total liabilities and members' equity	4,385	3,931

Summarized results of TNI are as follows:


(Thousands of Dollars)	2022	2021	2020

Operating revenue	34,153	34,782	37,101
Operating expenses	25,445	25,320	29,673
Net income	8,708	9,462	7,428

Company's 50% share	4,354	4,731	3,714
Less amortization of intangible assets	—	—	209
Equity in earnings of TNI	4,354	4,731	3,505

TNI makes periodic distributions of its earnings. We received $3,831,000, $5,150,000, and $3,176,000 in distributions in 2022, 2021 and 2020, respectively.

At September 25, 2022 and September 26, 2021, the carrying value of the Company's 50% investment in TNI is $15,345,000 and $14,702,000, respectively. 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 have been amortized over their estimated useful lives through 2020. See Note 6.

TNI provides editorial services to the Company. Editorial service costs are included in other operating expenses in the Consolidated Statements of Income and Comprehensive Income and totaled $5,164,000, $4,520,000, and $4,904,000 in 2022, 2021 and 2020, 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 related digital sites. Net income or loss of MNI (after income taxes) is allocated equally to us and The Capital Times Company (“TCT”). MNI conducts its business under the trade name Capital Newspapers.

Summarized financial information of MNI is as follows:


(Thousands of Dollars)	September 25 2022	September 26 2021

ASSETS
Current assets	5,837	6,930
Investments and other assets	29,903	30,422
Total assets	35,740	37,352

LIABILITIES AND MEMBERS' EQUITY
Current liabilities	5,922	6,921
Other liabilities	5,696	6,470
Stockholders' equity	24,122	23,961
Total liabilities and stockholders' equity	35,740	37,352

Summarized results of MNI are as follows:


(Thousands of Dollars)	2022	2021	2020

Operating revenue	47,621	46,015	48,056
Operating expenses, excluding restructuring costs, depreciation and amortization	37,922	35,583	46,845
Restructuring costs	169	107	274
Depreciation and amortization	672	711	697
Operating income	8,857	9,614	240
Net income (loss)	2,605	3,362	(204)
Equity in earnings of MNI	1,303	1,681	(102)

MNI makes periodic distributions of its earnings. We received $1,250,000, $2,300,000, and $1,300,000 in distributions in 2022, 2021 and 2020, 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 $5,607,000, $5,562,000, and $6,152,000 in 2022, 2021 and 2020, respectively.

At September 25, 2022 and September 26, 2021, the carrying value of the Company's 50% investment in MNI is $12,033,000 and $11,980,000, respectively.

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended			24 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 27, 2020	Sep. 26, 2021
Cash provided by operating activities:
Net income (loss)	$ 97	$ 24,792	$ (130)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	36,544	42,841	36,133
Curtailment gain	(1,027)	(23,830)	0
Pension withdrawal cost	2,335	12,862	0
Stock compensation expense	1,337	854	1,294
Asset loss (gain) on sales, impairments and other, net	9,716	8,214	(5,403)
Deferred income taxes	(4,377)	5,160	(4,691)
Debt financing and administrative costs	0	0	11,966
Pension contributions	(112)	(965)	(6,215)
Return of collateral on (Payments to collateralize) letters of credit	2,451	1,686	(11,502)
Other, net	(2,015)	(1,253)	319
Changes in operating assets and liabilities, net of acquisitions:
(Increase) Decrease in receivables and contract sales	(2,614)	(12,472)	26,908
(Increase) Decrease in inventories and other	(3,088)	1,237	2,724
(Decrease) increase in accounts payable, unearned revenue and other accrued liabilities	(14,645)	4,731	(8,341)
(Decrease) increase in pension, postretirement and postemployment benefit obligations	(21,449)	(2,667)	(2,950)
Change in income taxes payable	(236)	(8,418)	7,123
Other	512	(2,694)	2,634
Net cash provided by operating activities	3,429	50,078	49,869
Cash provided by (required for) investing activities:
Purchases of property and equipment	(7,536)	(7,479)	(8,096)
Proceeds from sales of assets	14,835	4,616	21,710
Acquisitions, net of cash acquired	0	0	(130,985)
Distributions greater (less) than earnings of TNI and MNI	(576)	1,038	(329)
Other, net	(386)	(453)	(476)
Net cash provided by (required for) investing activities	6,337	(2,278)	(118,176)
Cash (required for) provided by financing activities:
Proceeds from long-term debt	0	0	576,000
Payments on long-term debt	0	0	(443,627)
Principal payments on long-term borrowings	(20,062)	(55,674)	(37,710)
Debt financing and administrative costs paid	0	0	(684)
Sale (purchases) of common stock transactions	369	253	(584)
Net cash (required for) provided by financing activities	(19,693)	(55,421)	93,395
Net (decrease) increase in cash and cash equivalents	(9,927)	(7,621)	25,088
Cash and cash equivalents:
Beginning of year	26,112	33,733	8,645	$ 8,645
End of year	$ 16,185	$ 26,112	$ 33,733	$ 26,112

Stock Ownership Plans (Tables)

12 Months Ended

Sep. 25, 2022

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

A summary of stock option activity is as follows:


(Thousands of Shares)	2022	2021	2020

Outstanding, beginning of year	36	41	81
Exercised	(9)	(2)	—
Canceled	(27)	(3)	(40)
Outstanding, end of year	—	36	41
Exercisable, end of year	—	36	41

Weighted Average Prices of Stock Options

Weighted average prices of stock options are as follows:


(Dollars)	2022	2021	2020

Exercised	11.30	11.30	—
Cancelled	11.30	11.30	25.30
Outstanding, end of year	—	11.40	11.40

Summary of Restricted Common Stock

A summary of restricted Common Stock activity follows:


(Thousands of Shares)	2022	2021	2020

Outstanding, beginning of year	154	155	148
Granted	78	46	72
Vested	(66)	(45)	(61)
Forfeited	(1)	(2)	(4)
Outstanding, end of year	165	154	155

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


(Dollars)	2022	2021	2020

Outstanding, beginning of year	16.70	21.50	24.90
Granted	30.01	11.20	16.20
Vested	20.93	27.30	23.40
Forfeited	23.60	16.10	24.40
Outstanding, end of year	21.21	16.70	21.50

Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 27, 2020
Operating revenue:
Operating revenue	$ 780,969	$ 794,649	$ 618,004
Operating expenses:
Compensation	317,789	330,896	243,023
Newsprint and ink	30,101	29,775	24,243
Other operating expenses	344,905	325,597	259,382
Depreciation and amortization	36,544	42,841	36,133
Assets loss (gain) on sales, impairments and other	9,716	8,214	(5,403)
Restructuring costs and other	22,720	7,182	13,751
Total operating expenses	761,775	744,505	571,129
Equity in earnings of associated companies	5,657	6,412	3,403
Operating income	24,851	56,556	50,278
Non-operating income (expense):
Interest expense	(41,770)	(44,773)	(47,743)
Debt financing and administrative costs	0	0	(11,966)
Curtailment gain	1,027	23,830	0
Pension withdrawal cost	(2,335)	(12,862)	0
Pension and OPEB related benefit (cost) and other, net	19,022	9,296	12,274
Total non-operating expense, net	(24,056)	(24,509)	(47,435)
Income before income taxes	795	32,047	2,843
Income tax expense	698	7,255	2,973
Net Income (loss)	97	24,792	(130)
Net income attributable to non-controlling interests	(2,114)	(2,047)	(1,845)
(Loss) income attributable to Lee Enterprises, Incorporated	(2,017)	22,745	(1,975)
Other comprehensive (loss) income, net of income taxes	(25,534)	62,237	9,064
Comprehensive (loss) income attributable to Lee Enterprises, Incorporated	$ (27,551)	$ 84,982	$ 7,089
Earnings (loss) per common share:
Basic (in dollars per share)	$ (0.35)	$ 3.98	$ (0.35)
Diluted (in dollars per share)	$ (0.35)	$ 3.90	$ (0.35)
Advertising and marketing services
Operating revenue:
Operating revenue	$ 366,428	$ 369,283	$ 289,655
Subscription
Operating revenue:
Operating revenue	353,624	357,713	268,285
Other
Operating revenue:
Operating revenue	$ 60,917	$ 67,653	$ 60,064

Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 27, 2020
Current:
Federal	$ 4,932	$ (2,431)	$ 8,779
State	142	3,642	(10)
Deferred	(4,376)	6,044	(5,796)
Total income tax expense	$ 698	$ 7,255	$ 2,973

- Definition

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

+ References + Details

Commitments and Contingent Liabilities - Narrative (Details) $ in Thousands	12 Months Ended
	Sep. 25, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Construction and equipment, purchase commitments	$ 3,872

Fair Value of Financial Instruments

12 Months Ended

Sep. 25, 2022

Fair Value Disclosures [Abstract]

Fair Value Of Financial Instruments

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. Certain other 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. Certain other investments totaling $1,745,000 which include securities held in trust under a deferred compensation arrangement, are carried at fair value with gains and losses reported in earnings. These represent Level 2 fair value measurements.

At September 25, 2022, we had no floating rate debt. Our fixed rate debt consists of $462,554,000 principal amount of the Term Note. At September 25, 2022 the fair value is $463,446,000. This represents a Level 2 fair value measurement.

As discussed more fully in Notes 7 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 25, 2022, September 26, 2021, and September 27, 2020 were zero, $71,000 and $363,000, respectively. In other, net non-operating income (expense) in the Consolidated Statements of Income (loss) and Comprehensive Income (Loss), we recognized income of $71,000 in 2022, $292,000 in 2021, and of $832,000 in 2020, for adjustments in the fair value of the Warrants. The Warrants expired in March 2022.

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


	2022	2021	2020

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

- 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

Allowance for Credit Losses (Tables)

12 Months Ended

Sep. 25, 2022

Allowance for Credit Loss [Abstract]

Schedule of 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)	2022	2021	2020

Balance, beginning of year	6,574	13,431	6,434
Additions charged to expense	5,190	1,505	8,607
Deductions from reserves	(6,527)	(8,362)	(1,610)
Balance, end of year	5,237	6,574	13,431

Immaterial Corrections to Prior Period Financial Statements

12 Months Ended

Sep. 25, 2022

Accounting Changes and Error Corrections [Abstract]

Immaterial Corrections to Prior Period Financial Statements

IMMATERIAL CORRECTIONS TO PRIOR PERIOD FINANCIAL STATEMENTSIn 2022, the Company identified an immaterial error in its accounting for certain deferred tax assets contained in its previously issued audited consolidated financial statements for the fiscal years ended September 26, 2021, and September 27, 2020 (including the unaudited interim periods within those fiscal years), and the unaudited interim consolidated financial statements for the interim periods ended June 26, 2022, March 27, 2022, and December 26, 2021. The error relates to tax basis associated with goodwill and a put option that had been recognized in 2008 in connection with the acquisition of Pulitzer, Inc. When the put option was settled in 2009, the Company should have remeasured the tax basis to reflect the cash settlement of the put option, but did not. This remeasurement would have resulted in the deferred tax assets being reduced to zero and the recognition of a deferred tax liability. The Company assessed the materiality of these errors in accordance with SEC Staff Accounting Bulletins (SAB) No. 99, Materiality, and SAB No. 108, Quantifying Misstatements, on its previously issued consolidated financial statements and determined that, after reviewing the nature of the corrections, as well as evaluating the quantitative and qualitative characteristics of the errors, these adjustments do not represent a material change to the prior period financial statements. The Company has revised its previously issued consolidated financial statements as set forth in the tables below. As a result of this error, the Company recorded an adjustment to the opening balance sheet in the fiscal period ended September 27, 2020, to increase net deferred tax liabilities and accumulated deficit by $14,559,000.

The table below sets forth the impact of correcting the error in the Consolidated Statements of Income (loss) and Comprehensive Income (loss).


(Thousands of Dollars, Except Per Common Share Data)	Year Ended September 26, 2021			Year Ended September 27, 2020
	As previously reported	Adjustment	As Revised	As previously reported	Adjustment	As Revised




Income before Income Taxes	32,047	—	32,047	2,843	—	2,843
Income tax expense	7,215	40	7,255	4,104	(1,131)	2,973
Net income (loss)	24,832	(40)	24,792	(1,261)	1,131	(130)
(Loss) income attributable to Lee Enterprises, Incorporated	22,785	(40)	22,745	(3,106)	1,131	(1,975)
Comprehensive (loss) income attributable to Lee Enterprises, Inc.	85,022	(40)	84,982	5,958	1,131	7,089

Earnings per common share
Basic	3.99	(0.01)	3.98	(0.55)	0.20	(0.35)
Diluted	3.91	(0.01)	3.90	(0.55)	0.20	(0.35)

The table below sets forth the impact of correcting the error in the Consolidated Balance Sheets.


(Thousands of Dollars)	As of September 26, 2021			As of September 27, 2020
	As previously reported	Adjustment	As Revised	As previously reported	Adjustment	As Revised


Liabilities
Deferred incomes taxes	40,295	13,468	53,763	15,208	13,428	28,636
Total liabilities	786,853	13,468	800,321	893,690	13,428	907,118
Accumulated deficit	(245,744)	(13,468)	(259,212)	(268,529)	(13,428)	(281,957)
Total stockholders' equity (deficit)	54,565	(13,468)	41,097	(31,564)	(13,428)	(44,992)
Total equity (deficit)	56,698	(13,468)	43,230	(29,633)	(13,428)	(43,061)
Total liabilities and stockholders' equity	843,551	—	843,551	864,057	—	864,057

The table below sets forth the impact of correcting the error in the Consolidated Statements of Stockholders' Equity (Deficit)


(Thousands of Dollars)	Year Ended September 26, 2021			Year Ended September 27, 2020
	As previously reported	Adjustment	As Revised	As previously reported	Adjustment	As Revised

Accumulated deficit:
Balance, beginning of year	(268,529)	(13,428)	(281,957)	(265,423)	(14,559)	(279,982)
Net income (loss)	24,832	(40)	24,792	(1,261)	1,131	(130)
Balance, end of year	(245,744)	(13,468)	(259,212)	(268,529)	(13,428)	(281,957)

The table below sets forth the impact of correcting the error in the Consolidated Statements of Cash Flows.


(Thousands of Dollars)	Year Ended September 26, 2021			Year Ended September 27, 2020
	As previously reported	Adjustment	As Revised	As previously reported	Adjustment	As Revised

Operating Activities
Net income (loss)	24,832	(40)	24,792	(1,261)	1,131	(130)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Deferred income taxes	5,120	40	5,160	(3,560)	(1,131)	(4,691)

Unaudited Interim Financial Information

The tables below sets forth the impact of the error correction on the unaudited interim Consolidated Balance Sheets for the interim periods in 2022. The error had no impact on the unaudited interim Consolidated Statements of Income (Loss) and Comprehensive Income (Loss), and Statements of Cash Flows, in the 2022 interim periods.


(Thousands of Dollars)	As of December 26, 2021			As of March 27, 2022
	As previously reported	Adjustment	As Revised	As previously reported	Adjustment	As Revised

Liabilities
Deferred incomes taxes	38,957	13,468	52,425	38,397	13,468	51,865
Total liabilities	768,744	13,468	782,212	740,032	13,468	753,500
Accumulated deficit	(233,086)	(13,468)	(246,554)	(240,362)	(13,468)	(253,830)
Total stockholders' equity	60,912	(13,468)	47,444	53,129	(13,648)	39,481
Total equity	63,105	(13,468)	49,637	55,369	(13,468)	41,901
Total liabilities and stockholders' equity	831,849	—	831,849	795,401	—	795,401


(Thousands of Dollars)	As of June 26, 2022
	As previously reported	Adjustment	As Revised

Liabilities
Deferred incomes taxes	37,295	13,468	50,763
Total liabilities	740,221	13,468	753,689
Accumulated deficit	(240,631)	(13,468)	(254,099)
Total stockholders' equity	52,391	(13,468)	41,147
Total equity	54,615	(13,468)	41,147
Total liabilities and stockholders' equity	794,836	—	794,836

Immaterial Corrections to Prior Period Financial Statements - Consolidated Statements of Stockholders' Equity (Deficit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 27, 2020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	$ 41,097	$ (44,992)
Net income (loss)	97	24,792	$ (130)
Ending Balance	15,005	41,097	(44,992)
As previously reported
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	54,565	(31,564)
Net income (loss)		24,832	(1,261)
Ending Balance		54,565	(31,564)
Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(13,468)	(13,428)
Net income (loss)		(40)	1,131
Ending Balance		(13,468)	(13,428)
Accumulated deficit
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(259,212)	(281,957)	(279,982)
Net income (loss)	97	24,792	(130)
Ending Balance	(261,229)	(259,212)	(281,957)
Accumulated deficit \| As previously reported
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	(245,744)	(268,529)	(265,423)
Net income (loss)		24,832	(1,261)
Ending Balance		(245,744)	(268,529)
Accumulated deficit \| Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	$ (13,468)	(13,428)	(14,559)
Net income (loss)		(40)	1,131
Ending Balance		$ (13,468)	$ (13,428)

- Definition

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

+ References

Reference 1: 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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+ 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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Sep. 25, 2022	Feb. 22, 2023	Mar. 31, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Sep. 25, 2022
Current Fiscal Year End Date	--09-25
Document Transition Report	false
Entity File Number	1-6227
Entity Registrant Name	LEE ENTERPRISES, INC
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
Title of 12(b) Security	Common Stock - $0.01 par value
Trading Symbol	LEE
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 150,009,735
Entity Common Stock, Shares Outstanding		6,039,856
Entity Central Index Key	0000058361
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false

Acquisitions - Pro Forma Information (Details) - BHMG $ / shares in Units, $ in Thousands	12 Months Ended
	Sep. 27, 2020 USD ($) $ / shares
Business Acquisition [Line Items]
Total revenues	$ 821,793
Income attributable to Lee Enterprises, Incorporated	$ 17,632
Earnings per share - diluted (in dollars per share) \| $ / shares	$ 3.10

Income Taxes - Income Tax Expense (Benefit) Related to Continuing Operations (Details)	12 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 27, 2020
(Percent of (Loss) Income Before Income Taxes)
Computed “expected” income tax expense	21.00%	21.00%	21.00%
State income tax benefit, net of federal tax benefit	(8.90%)	5.60%	21.70%
Net income of associated companies	(77.20%)	(1.80%)	(18.30%)
Resolution of tax matters	(32.20%)	3.20%	(30.50%)
Remeasurement due to rate changes	(11.20%)	0.10%	(31.00%)
Non-deductible expenses	124.00%	0.90%	19.40%
Provision to return adjustment	70.20%	0.00%	0.00%
Valuation allowance	11.90%	(6.00%)	125.20%
Wage credit, net addback	(7.50%)	0.00%	0.00%
Warrant valuation	(1.90%)	(0.40%)	(7.30%)
Other	0.00%	0.00%	4.40%
Total percent of income (loss) before income taxes	88.20%	22.60%	104.60%

Consolidated Balance Sheets (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Sep. 25, 2022	Sep. 26, 2021
Accounts receivable, allowance for credit loss	$ 5,237	$ 6,574
Preferred stock, par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized	500	500
Preferred stock, shares issued	0	0
Common Class A
Common stock, shares authorized	12,000	12,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued	5,979	5,889
Common stock, shares outstanding	5,979	5,889
Common Class B
Common stock, shares authorized	3,000	3,000
Common stock, par value (in dollars per share)	$ 2	$ 2
Common stock, shares issued	0	0

Significant Accounting Policies - Components of Inventory (Details) - USD ($) $ in Thousands	Sep. 25, 2022	Sep. 26, 2021
Inventory [Line Items]
Specific identification	$ 5,206	$ 2,115
Inventories	8,265	6,297
Newsprint
Inventory [Line Items]
FIFO method	393	409
LIFO method	447	903
Other Inventory
Inventory [Line Items]
FIFO method	$ 2,219	$ 2,870

Allowance for Credit Losses

12 Months Ended

Sep. 25, 2022

Allowance for Credit Loss [Abstract]

Allowance for Credit Losses

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)	2022	2021	2020

Balance, beginning of year	6,574	13,431	6,434
Additions charged to expense	5,190	1,505	8,607
Deductions from reserves	(6,527)	(8,362)	(1,610)
Balance, end of year	5,237	6,574	13,431

Acquisitions - Preliminary Determination of Fair Values of Assets and Liabilities (Details) - USD ($) $ in Thousands		12 Months Ended			18 Months Ended	24 Months Ended
	Mar. 29, 2020	Sep. 25, 2022	Sep. 26, 2021	Sep. 27, 2020	Sep. 26, 2021	Sep. 26, 2021	Mar. 16, 2020
Business Acquisition [Line Items]
Goodwill		$ 329,504	$ 330,204	$ 328,445	$ 330,204	$ 330,204	$ 79,896
Goodwill, measurement period adjustments		0	1,759
Total consideration less acquired cash		0	0	$ 130,985
BHMG
Business Acquisition [Line Items]
Cash and cash equivalents	$ 22,293		22,293		22,293	22,293
Current assets	52,559		51,704		51,704	51,704
Measurement period adjustments, current assets					(855)
Other assets	12,167		16,510		16,510	16,510
Measurement period adjustments, other assets					4,343
Property and equipment	42,952		42,985		42,985	42,985
Measurement period adjustments, property and equipment					33
Operating lease assets	7,445		7,546		7,546	7,546
Measurement period adjustments, lease assets					101
Goodwill	63,559		79,896		79,896	79,896
Goodwill, measurement period adjustments					16,337
Total assets	314,625		316,354		316,354	316,354
Measurement period adjustments, assets					1,729
Current liabilities assumed	(73,451)		(72,377)		(72,377)	(72,377)
Measurement period adjustments, current liabilities assumed					1,074
Operating lease liabilities	(6,625)		(7,546)		(7,546)	(7,546)
Measurement period adjustments, operating lease liabilities					(921)
Other liabilities assumed	(2,246)		(4,128)		(4,128)	(4,128)
Measurement period adjustments, other liabilities assumed					(1,882)
Pension obligations	(43,503)		(43,503)		(43,503)	(43,503)
Postemployment benefit obligations	(36,800)		(36,800)		(36,800)	(36,800)
Total liabilities	(162,625)		(164,354)		(164,354)	(164,354)
Measurement period adjustments, total liabilities					(1,729)
Net assets	152,000		152,000		152,000	152,000
Less: acquired cash	(22,293)					(22,293)
Total consideration less acquired cash	129,707					129,707
BHMG \| Mastheads
Business Acquisition [Line Items]
Measurement period adjustments, intangibles					(1,290)
Mastheads	21,680	20,390	20,390		20,390	20,390
BHMG \| Advertiser relationships
Business Acquisition [Line Items]
Finite-lived intangibles	38,780	27,620	27,620		27,620	27,620
Measurement period adjustments, intangibles					(11,160)
BHMG \| Subscriber relationships
Business Acquisition [Line Items]
Finite-lived intangibles	36,060	27,850	27,850		27,850	27,850
Measurement period adjustments, intangibles					(8,210)
BHMG \| Commercial print relationships
Business Acquisition [Line Items]
Finite-lived intangibles	$ 17,130	$ 19,560	$ 19,560		19,560	$ 19,560
Measurement period adjustments, intangibles					$ 2,430

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 27, 2020
Leases [Abstract]
Operating cash outflow from operating leases	$ 14,325	$ 14,789	$ 10,003
Right-of-use assets obtained in exchange for operating lease liabilities	$ 990	$ 932	$ 1,630

Stock Ownership Plans - Weighted Average Prices of Stock Options (Details) - $ / shares	12 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 27, 2020
Share-Based Payment Arrangement [Abstract]
Exercised (in dollars per share)	$ 11.30	$ 11.30	$ 0
Cancelled (in dollars per share)	11.30	11.30	25.30
Outstanding, end of year (in dollars per share)	$ 0	$ 11.40	$ 11.40

Investments in Associated Companies - Summarized Financial Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 27, 2020	Jun. 26, 2022	Mar. 27, 2022	Dec. 26, 2021
ASSETS
Current assets	$ 109,123	$ 108,799
Total assets	744,042	843,551
LIABILITIES AND MEMBERS' EQUITY
Current liabilities	131,136	141,624
Members' equity	15,005	41,097	$ (44,992)	$ 41,147	$ 39,481	$ 47,444
Total liabilities and members' equity	744,042	843,551	864,057	$ 794,836	$ 795,401	$ 831,849
Operating revenue	780,969	794,649	618,004
Operating expenses	761,775	744,505	571,129
Restructuring costs and other	22,720	7,182	13,751
Operating income	24,851	56,556	50,278
Net income	(2,017)	22,745	(1,975)
Less amortization of intangible assets	22,180	24,859	20,748
Equity in earnings	5,657	6,412	3,403
TNI Partners
LIABILITIES AND MEMBERS' EQUITY
Company's 50% share	4,354	4,731	3,714
Less amortization of intangible assets	0	0	209
Equity in earnings	4,354	4,731	3,505
MNI
LIABILITIES AND MEMBERS' EQUITY
Equity in earnings	1,303	1,681	(102)
TNI Partners
ASSETS
Current assets	2,801	2,238
Investments and other assets	1,584	1,693
Total assets	4,385	3,931
LIABILITIES AND MEMBERS' EQUITY
Current liabilities	5,005	5,027
Members' equity	(620)	(1,096)
Total liabilities and members' equity	4,385	3,931
Operating revenue	34,153	34,782	37,101
Operating expenses	25,445	25,320	29,673
Net income	8,708	9,462	7,428
MNI
ASSETS
Current assets	5,837	6,930
Investments and other assets	29,903	30,422
Total assets	35,740	37,352
LIABILITIES AND MEMBERS' EQUITY
Current liabilities	5,922	6,921
Other liabilities	5,696	6,470
Members' equity	24,122	23,961
Total liabilities and members' equity	35,740	37,352
Operating revenue	47,621	46,015	48,056
Operating expenses	37,922	35,583	46,845
Restructuring costs and other	169	107	274
Depreciation and amortization	672	711	697
Operating income	8,857	9,614	240
Net income	$ 2,605	$ 3,362	$ (204)

Postretirement and Postemployment Benefits - Future Benefit Payments (Details) $ in Thousands	Sep. 25, 2022 USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
2023, gross payments	$ 14,668
2024, gross payments	14,830
2025, gross payments	14,947
2026, gross payments	15,126
2027, gross payments	15,204
2028-2032, gross payments	75,362
Other Postretirement Benefits Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
2023, gross payments	980
2023, subsidy	0
2023, net payments	980
2024, gross payments	991
2024, subsidy	0
2024, net payments	991
2025, gross payments	985
2025, subsidy	0
2025, net payments	985
2026, gross payments	987
2026, subsidy	0
2026, net payments	987
2027, gross payments	955
2027, subsidy	0
2027, net payments	955
2028-2032, gross payments	4,563
2028-2032, subsidy	0
2028-2032, net payments	$ 4,563

Defined Benefit Pension Plans - Future Benefit Payments (Details) $ in Thousands	Sep. 25, 2022 USD ($)
Retirement Benefits [Abstract]
2023	$ 14,668
2024	14,830
2025	14,947
2026	15,126
2027	15,204
2028-2032	$ 75,362

Goodwill and Other Intangible Assets - Changes in the Carrying Amount of Goodwill (Details) $ in Thousands	12 Months Ended
	Sep. 25, 2022 USD ($)	Sep. 26, 2021 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, gross amount	$ 1,618,933	$ 1,617,174
Accumulated impairment losses	(1,288,729)	(1,288,729)
Goodwill [Roll Forward]
Goodwill, beginning of year	330,204	328,445
Measurement period adjustments	0	1,759
Disposal	(700)	0
Goodwill, end of year	$ 329,504	$ 330,204

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Revenue - Narrative (Details) - USD ($) $ in Thousands	24 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Thousands	Sep. 26, 2021	Sep. 25, 2022	Sep. 27, 2020	Sep. 29, 2019
Disaggregation of Revenue [Abstract]
Unearned revenue	$ 61,404	$ 49,929
Revenue recognized included in contract liability	54,739
Accounts receivable, before allowance for credit loss	71,644	74,759
Accounts receivable, allowance for credit loss	$ 6,574	$ 5,237	$ 13,431	$ 6,434

Significant Accounting Policies - Narrative (Details) shares in Thousands, $ in Thousands			12 Months Ended
	Feb. 25, 2021	Mar. 16, 2020 USD ($)	Sep. 25, 2022 USD ($) strategicBusinessUnit	Sep. 26, 2021 USD ($) shares	Sep. 27, 2020 USD ($)
Noncontrolling Interest [Line Items]
Increase (decrease) in operating revenue			$ 780,969	$ 794,649	$ 618,004
Payment of pension contributions			112	965	6,215
Decrease in pension, postretirement and postemployment benefit obligations			21,449	2,667	2,950
Inventory, LIFO reserve			$ 1,448	$ 988
Number of strategic business units \| strategicBusinessUnit			50
Warrants outstanding (in shares) \| shares				600
Cash collateral for insurance			$ 4,600
Reverse Stock Split
Noncontrolling Interest [Line Items]
Reverse stock split	0.1
Minimum
Noncontrolling Interest [Line Items]
Vesting or restriction period (in years)			1 year
Maximum
Noncontrolling Interest [Line Items]
Vesting or restriction period (in years)			4 years
Leasehold improvements \| Minimum
Noncontrolling Interest [Line Items]
Property and equipment, useful life (months)			3 years
Leasehold improvements \| Maximum
Noncontrolling Interest [Line Items]
Property and equipment, useful life (months)			10 years
BHMG
Noncontrolling Interest [Line Items]
Combined purchase price		$ 140,000
Subscription
Noncontrolling Interest [Line Items]
Increase (decrease) in operating revenue			$ 353,624	$ 357,713	268,285
Subscription \| Reclassified Other Revenue to Subscription Revenue
Noncontrolling Interest [Line Items]
Increase (decrease) in operating revenue				828	2,346
Other
Noncontrolling Interest [Line Items]
Increase (decrease) in operating revenue			$ 60,917	67,653	60,064
Other \| Reclassified Other Revenue to Subscription Revenue
Noncontrolling Interest [Line Items]
Increase (decrease) in operating revenue				$ (828)	$ (2,346)
TNI Partners
Noncontrolling Interest [Line Items]
Noncontrolling interest, ownership percentage by parent			50.00%
MNI
Noncontrolling Interest [Line Items]
Noncontrolling interest, ownership percentage by parent			50.00%
BLOX Digital
Noncontrolling Interest [Line Items]
Noncontrolling interest, ownership percentage by parent			82.50%

Defined Benefit Pension Plans (Tables)

12 Months Ended

Sep. 25, 2022

Retirement Benefits [Abstract]

Components of Net Periodic Cost (Benefit)

The net periodic cost (benefit) components of our pension plans are as follows:


(Thousands of Dollars)	2022	2021	2020

Service cost for benefits earned during the year	467	2,529	1,361
Interest cost on projected benefit obligation	7,941	7,147	7,577
Expected return on plan assets	(18,140)	(18,688)	(12,986)
Amortization of net (gain) loss	(3,320)	4,018	3,166
Amortization of prior service benefit	636	(6)	(6)
Settlement gain	(4,245)	—	—
Curtailment gain	(1,027)	—	—
Net periodic pension cost (benefit)	(17,688)	(5,000)	(888)

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


(Thousands of Dollars)	2022	2021	2020

Service cost for benefits earned during the year	108	207	500
Interest cost on projected benefit obligation	340	429	869
Expected return on plan assets	(1,053)	(1,007)	(1,060)
Amortization of net actuarial gain	(994)	(685)	(743)
Amortization of prior service benefit	(647)	(647)	(647)
Curtailment gains	—	(23,830)	—
Net periodic postretirement benefit	(2,246)	(25,533)	(1,081)

Changes in Benefit Obligations and Plan Assets

Changes in benefit obligations and plan assets are as follows:


(Thousands of Dollars)	2022	2021

Benefit obligation, beginning of year	384,187	401,381
Service cost	467	2,529
Interest cost	7,941	7,147
Plan Amendments	6,077	—
Actuarial (gain) loss	(85,754)	(5,413)
Benefits paid	(21,686)	(21,182)
Liability (gain)/loss due to curtailment	(1,027)	—
Settlements	(81,377)	—
Administrative expenses paid	—	(275)
Benefit obligation, end of year	208,828	384,187
Fair value of plan assets, beginning of year:	398,430	331,354
Actual return on plan assets	(84,000)	89,892
Benefits paid	(21,686)	(21,182)
Administrative expenses paid	(2,123)	(2,599)
Settlements	(81,377)	—
Employer contributions	112	965
Fair value of plan assets, end of year	209,356	398,430
Funded status	528	14,243

Changes in benefit obligations and plan assets are as follows:


(Thousands of Dollars)	2022	2021

Benefit obligation, beginning of year	18,538	47,637
Service cost	108	207
Interest cost	340	429
Liability (gain) loss due to Curtailment	—	(23,830)
Actuarial loss (gain)	(4,729)	(4,285)
Benefits paid, net of premiums received	(1,958)	(1,678)
Medicare Part D subsidies	(12)	58
Benefit obligation, end of year	12,287	18,538
Fair value of plan assets, beginning of year	26,802	25,706
Actual return on plan assets	(2,453)	1,534
Employer contributions	1,525	1,293
Benefits paid, net of premiums and Medicare Part D subsidies received	(2,105)	(1,795)
Plan participant contributions	134	64
Fair value of plan assets at measurement date	23,903	26,802
Funded status	11,616	8,264

Schedule of Amounts Recognized in Balance Sheet

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


(Thousands of Dollars)	September 25 2022	September 26 2021

Pension obligations	528	14,243
Accumulated other comprehensive income (before income taxes)	5,452	36,965

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


(Thousands of Dollars)	September 25 2022	September 26 2021

Non-current assets	19,066	17,664
Postretirement benefit obligations	(7,450)	(9,859)
Accumulated other comprehensive income (before income tax benefit)	17,327	17,747

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

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


(Thousands of Dollars)	September 25 2022	September 26 2021

Unrecognized net actuarial gain (loss)	10,893	36,965
Unrecognized prior service cost	(5,441)	—
	5,452	36,965

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


(Thousands of Dollars)	September 25 2022	September 26 2021

Unrecognized net actuarial gain	14,298	14,071
Unrecognized prior service benefit	3,029	3,676
	17,327	17,747

Defined Benefit Plan, Assumptions

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


(Percent)	September 25 2022	September 26 2021

Discount rate	5.3	2.7
Interest crediting rate	2.5	2.5

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


(Percent)	2022	2021	2020
Discount rate - service cost	5.4	3.0	3.3
Discount rate - interest cost	5.3	1.9	2.6
Expected long-term return on plan assets	5.0	5.9	6.0

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


(Percent)	September 25 2022	September 26 2021

Discount rate	5.3	2.6
Expected long-term return on plan assets	5.0	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.

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


(Percent)	2022	2021	2020

Discount rate - service cost	5.5	2.5	3.4
Discount rate - interest cost	5.1	1.9	2.8
Expected long-term return on plan assets	5.0	4.0	4.5

Schedule of Allocation of Plan Assets

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


(Percent)	Policy Allocation	Actual Allocation
Asset Class	September 25 2022	September 25 2022	September 26 2021
Equity securities	25	41	50
Debt securities	65	43	34
TIPS	—	—	4
Hedge fund investments	10	15	11
Cash and cash equivalents	1	1	1

The weighted-average asset allocation of our postretirement assets is as follows:


(Percent)	Policy Allocation	Actual Allocation
Asset Class	September 25 2022	September 25 2022	September 26 2021

Equity securities	20	17	20
Debt securities	70	71	68
Hedge fund investment	10	12	12
Cash and cash equivalents	—	—	—

Schedule of Changes in Fair Value of Plan Assets

The fair value hierarchy of pension assets at September 25, 2022 is as follows:


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

Cash and cash equivalents	—	1,562	—	—
Domestic equity securities	2,235	67,661	—	—
International equity securities	—	5,743	4,519	—
Emerging equity securities	—	4,996	—	—
Debt securities	—	25,742	65,364	—
Hedge fund investments	32,515	—	—	—

The fair value hierarchy of pension assets at September 26, 2021 was 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 postretirement assets at September 25, 2022 is as follows:


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

Cash and cash equivalents	—	26	—	—
Domestic equity securities	791	1,910	—	—
Emerging equity securities	—	456	—	—
International equity securities	—	573	480	—
Debt securities	—	17,248	—	—
Hedge fund investment	2,782	—	—	—

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	—	—	—

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)

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


(Thousands of Dollars)	2022	2021	2020
Comprehensive (loss) income, net of taxes:
Change in unrecognized benefit plan gain (loss) arising during the period, net of taxes $279, $19,148, and $4,095, respectively	(14,485)	59,663	10,329
Amortization of items to periodic pension and other post-employment benefit costs during the period, net of taxes $6,389, $819, and $542, respectively	(11,049)	2,574	(1,265)
Other comprehensive (loss) income recognized in operations, net of taxes	(25,534)	62,237	9,064

Schedule of Expected Benefit Payments

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


(Thousands of Dollars)

2023			14,668
2024			14,830
2025			14,947
2026			15,126
2027			15,204
2028-2032			75,362

We anticipate future benefit payments to be paid either with future contributions to the plan or directly from plan assets, as follows:


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

2023	980	—	980
2024	991	—	991
2025	985	—	985
2026	987	—	987
2027	955	—	955
2028-2032	4,563	—	4,563

Debt	12 Months Ended
Debt	Sep. 25, 2022
Debt Disclosure [Abstract]
Debt	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. The Term Loan matures in March 2045. The Company's debt is collateralized by all company assets. As of September 25, 2022, the Company has $462,554,000 in aggregate principle outstanding under the Term Loan. The debt has a fixed interest rate at September 25, 2022 of 9.0%. During the twelve months ended September 25, 2022, we made principal debt payments of $20,062,000. Payments consisted of $10,450,000 from sale of non-core assets, $6,112,000 from September 26, 2021 excess cash flow, and $3,500,000 in voluntary prepayments. 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, with the exception of the change of control provisions discussed below. 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 prepayments 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 2nd Lien 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 2nd 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 was $41.90 per share. The Warrants expired in March 2022. The Warrant Agreement contained 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 15. 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 $11,282,000 in 2020. 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 $16,185,000 at September 25, 2022. This liquidity amount excludes any future cash flows. We expect all interest and principal payments due in the next twelve months will be satisfied by existing cash and our cash flows, which will allow us to maintain an adequate level of liquidity. 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 25, 2022.

- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Investments in Associated Companies - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 27, 2020	Mar. 16, 2020
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 27,378	$ 26,682
Goodwill	329,504	330,204	$ 328,445	$ 79,896
Editorial service costs	344,905	325,597	259,382
TNI Partners
Schedule of Equity Method Investments [Line Items]
Distributions from equity method investments	$ 3,831	5,150	3,176
Equity method investments, ownership percentage	50.00%
Equity method investments	$ 15,345	14,702
Goodwill	12,366
Other intangible assets	2,336
TNI Partners \| Editorial Services
Schedule of Equity Method Investments [Line Items]
Editorial service costs	5,164	4,520	4,904
MNI
Schedule of Equity Method Investments [Line Items]
Distributions from equity method investments	$ 1,250	$ 2,300	1,300
Equity method investments, ownership percentage	50.00%	50.00%
Equity method investments	$ 12,033	$ 11,980
Editorial service fees	$ 5,607	$ 5,562	$ 6,152

Postretirement and Postemployment Benefits - Benefit Obligations and Plan Assets (Details) - Other Postretirement Benefits Plan - USD ($) $ in Thousands	12 Months Ended
	Sep. 25, 2022	Sep. 26, 2021
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation, beginning of year	$ 18,538	$ 47,637
Service cost	108	207
Interest cost	340	429
Liability (gain)/loss due to curtailment	0	(23,830)
Actuarial loss (gain)	(4,729)	(4,285)
Benefits paid, net of premiums received	(1,958)	(1,678)
Medicare Part D subsidies	(12)	58
Benefit obligation, end of year	12,287	18,538
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets, beginning of year:	26,802	25,706
Actual return on plan assets	(2,453)	1,534
Employer contributions	1,525	1,293
Benefits paid, net of premiums and Medicare Part D subsidies received	(2,105)	(1,795)
Plan participant contributions	134	64
Fair value of plan assets, end of year	23,903	26,802
Funded status	$ 11,616	$ 8,264

Stock Ownership Plans - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 27, 2020
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Non-cash stock compensation expense	$ 1,337	$ 854	$ 1,042
Common stock reserved for future issuances (in shares)	279,810
Number of shares available for grant (in shares)	279,810
Unrecognized compensation expense for unvested restricted common stock	$ 1,876
Cost not yet recognized, period for recognition (years)	1 year 3 months 18 days
Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Employee stock ownership plan, shares available for issuance (in shares)	27,000
Supplemental Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Employee stock ownership plan, shares available for issuance (in shares)	870
Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting or restriction period (in years)	10 years

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. 25, 2022	Sep. 26, 2021	Sep. 27, 2020
Earnings Per Share [Abstract]
(Loss) income attributable to Lee Enterprises, Incorporated:	$ (2,017)	$ 22,745	$ (1,975)
Weighted average Common Stock (in shares)	5,946	5,873	5,811
Less non-vested restricted Common Stock (in shares)	(167)	(156)	(154)
Basic average Common Stock (in shares)	5,778	5,717	5,657
Dilutive stock options and restricted Common Stock (in shares)	0	109	37
Diluted average Common Stock (in shares)	5,778	5,826	5,694
Earnings (loss) per common share:
Basic (in dollars per share)	$ (0.35)	$ 3.98	$ (0.35)
Diluted (in dollars per share)	$ (0.35)	$ 3.90	$ (0.35)

Defined Benefit Pension Plans - Narrative (Details)		1 Months Ended	12 Months Ended
Defined Benefit Pension Plans - Narrative (Details)	Sep. 26, 2021 USD ($) plan	Sep. 25, 2022 USD ($) plan	Sep. 25, 2022 USD ($) plan	Sep. 26, 2021 USD ($) plan	Sep. 27, 2020
Defined Benefit Plan Disclosure [Line Items]
Number of defined benefit plans \| plan	7	2	2	7
Defined benefit plans, number of plans frozen \| plan	2		4
Defined benefit plan, number of frozen plans merged \| plan			6
Number of fully-funded defined benefit plans \| plan		1	1
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest
Defined Benefit Plan Disclosure [Line Items]
Decrease to accumulated other comprehensive income due to plan enhancements			$ 6,077,000
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Non-cash curtailment gain			1,027,000	$ 0
Increase to net pension liability due to plan enhancements			6,077,000	0
Decrease in plan liabilities due to purchase of annuities		$ 85,622,000
Increase in defined benefit plan assets		81,377,000	$ 81,377,000	$ 0
Settlement income charge		4,245,000
Assumptions used calculating net periodic benefit cost, expected long-term rate of return on plan assets			5.00%	5.90%	6.00%
Expected future employer contributions, next fiscal year		0	$ 0
Defined benefit plan accrued liability	$ 14,243,000	528,000	528,000	$ 14,243,000
Pension Plan \| U.S. Small Cap Value Equity Common/Collective Fund
Defined Benefit Plan Disclosure [Line Items]
Investment in equity securities measured at fair value, recognized in net income	7,236,000	2,235,000	2,235,000	7,236,000
Pension Plan \| Global Equity Long/Short Common/Collective Hedge Fund-of-funds
Defined Benefit Plan Disclosure [Line Items]
Investment in equity securities measured at fair value, recognized in net income	8,371,000	$ 16,663,000	$ 16,663,000	8,371,000
Maximum percentage of equity investment redeemable		0.90	0.90
Pension Plan \| Global Equity Long/Short Common/Collective Hedge Fund-of-funds \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Notice for redemption of equity investment		90 days	90 days
Pension Plan \| Global Equity Long/Short Common/Collective Hedge Fund-of-funds \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Notice for redemption of equity investment		120 days	120 days
Pension Plan \| Global Equity Long/Short Common/Collective Hedge Fund-of-funds 2
Defined Benefit Plan Disclosure [Line Items]
Investment in equity securities measured at fair value, recognized in net income	10,387,000	$ 15,852,000	$ 15,852,000	10,387,000
Maximum percentage of equity investment redeemable		0.50	0.50
Other Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan accrued liability	$ 996,000	$ 967,000	$ 967,000	$ 996,000

Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 27, 2020	Mar. 31, 2014
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value adjustment of warrants	$ 71	$ 292	$ 832
Senior Secured Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Term note	$ 462,554
TCT
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percent ownership of voting common stock of TCT	0.70%
Total percent of voting common stock	8.70%
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, fair value disclosure, total	$ 4,226
Level 3 \| TCT and Private Equity Investment
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percent ownership of non-voting common stock	16.70%
Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, fair value disclosure, total	$ 1,745
Warrants	0	$ 71	$ 363	$ 16,930
Level 2 \| Senior Secured Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt, fair value	$ 463,446

Postretirement and Postemployment Benefits - Assumptions (Details) - Other Postretirement Benefits Plan	12 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 27, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate	5.30%	2.60%
Expected long-term return on plan assets	5.00%	4.00%
Discount rate - service cost	5.50%	2.50%	3.40%
Discount rate - interest cost	5.10%	1.90%	2.80%
Expected long-term return on plan assets	5.00%	4.00%	4.50%

Immaterial Corrections to Prior Period Financial Statements (Tables)

12 Months Ended

Sep. 25, 2022

Accounting Changes and Error Corrections [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

The table below sets forth the impact of correcting the error in the Consolidated Statements of Income (loss) and Comprehensive Income (loss).


(Thousands of Dollars, Except Per Common Share Data)	Year Ended September 26, 2021			Year Ended September 27, 2020
	As previously reported	Adjustment	As Revised	As previously reported	Adjustment	As Revised




Income before Income Taxes	32,047	—	32,047	2,843	—	2,843
Income tax expense	7,215	40	7,255	4,104	(1,131)	2,973
Net income (loss)	24,832	(40)	24,792	(1,261)	1,131	(130)
(Loss) income attributable to Lee Enterprises, Incorporated	22,785	(40)	22,745	(3,106)	1,131	(1,975)
Comprehensive (loss) income attributable to Lee Enterprises, Inc.	85,022	(40)	84,982	5,958	1,131	7,089

Earnings per common share
Basic	3.99	(0.01)	3.98	(0.55)	0.20	(0.35)
Diluted	3.91	(0.01)	3.90	(0.55)	0.20	(0.35)

The table below sets forth the impact of correcting the error in the Consolidated Balance Sheets.


(Thousands of Dollars)	As of September 26, 2021			As of September 27, 2020
	As previously reported	Adjustment	As Revised	As previously reported	Adjustment	As Revised


Liabilities
Deferred incomes taxes	40,295	13,468	53,763	15,208	13,428	28,636
Total liabilities	786,853	13,468	800,321	893,690	13,428	907,118
Accumulated deficit	(245,744)	(13,468)	(259,212)	(268,529)	(13,428)	(281,957)
Total stockholders' equity (deficit)	54,565	(13,468)	41,097	(31,564)	(13,428)	(44,992)
Total equity (deficit)	56,698	(13,468)	43,230	(29,633)	(13,428)	(43,061)
Total liabilities and stockholders' equity	843,551	—	843,551	864,057	—	864,057

The table below sets forth the impact of correcting the error in the Consolidated Statements of Stockholders' Equity (Deficit)


(Thousands of Dollars)	Year Ended September 26, 2021			Year Ended September 27, 2020
	As previously reported	Adjustment	As Revised	As previously reported	Adjustment	As Revised

Accumulated deficit:
Balance, beginning of year	(268,529)	(13,428)	(281,957)	(265,423)	(14,559)	(279,982)
Net income (loss)	24,832	(40)	24,792	(1,261)	1,131	(130)
Balance, end of year	(245,744)	(13,468)	(259,212)	(268,529)	(13,428)	(281,957)

The table below sets forth the impact of correcting the error in the Consolidated Statements of Cash Flows.


(Thousands of Dollars)	Year Ended September 26, 2021			Year Ended September 27, 2020
	As previously reported	Adjustment	As Revised	As previously reported	Adjustment	As Revised

Operating Activities
Net income (loss)	24,832	(40)	24,792	(1,261)	1,131	(130)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Deferred income taxes	5,120	40	5,160	(3,560)	(1,131)	(4,691)

Unaudited Interim Financial Information


(Thousands of Dollars)	As of December 26, 2021			As of March 27, 2022
	As previously reported	Adjustment	As Revised	As previously reported	Adjustment	As Revised

Liabilities
Deferred incomes taxes	38,957	13,468	52,425	38,397	13,468	51,865
Total liabilities	768,744	13,468	782,212	740,032	13,468	753,500
Accumulated deficit	(233,086)	(13,468)	(246,554)	(240,362)	(13,468)	(253,830)
Total stockholders' equity	60,912	(13,468)	47,444	53,129	(13,648)	39,481
Total equity	63,105	(13,468)	49,637	55,369	(13,468)	41,901
Total liabilities and stockholders' equity	831,849	—	831,849	795,401	—	795,401


(Thousands of Dollars)	As of June 26, 2022
	As previously reported	Adjustment	As Revised

Liabilities
Deferred incomes taxes	37,295	13,468	50,763
Total liabilities	740,221	13,468	753,689
Accumulated deficit	(240,631)	(13,468)	(254,099)
Total stockholders' equity	52,391	(13,468)	41,147
Total equity	54,615	(13,468)	41,147
Total liabilities and stockholders' equity	794,836	—	794,836

Fair Value of Financial Instruments (Tables)

12 Months Ended

Sep. 25, 2022

Fair Value Disclosures [Abstract]

Fair Value of Warrants, Valuation Techniques

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


	2022	2021	2020

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

Immaterial Corrections to Prior Period Financial Statements - Unaudited Interim Financial Information (Details) - USD ($) $ in Thousands	Sep. 25, 2022	Jun. 26, 2022	Mar. 27, 2022	Dec. 26, 2021	Sep. 26, 2021	Sep. 27, 2020	Sep. 29, 2019
Liabilities
Deferred income taxes	$ 42,719	$ 50,763	$ 51,865	$ 52,425	$ 53,763	$ 28,636
Total liabilities	726,805	753,689	753,500	782,212	800,321	907,118
Accumulated deficit	(261,229)	(254,099)	(253,830)	(246,554)	(259,212)	(281,957)
Total stockholders' equity (deficit)	15,005	41,147	39,481	47,444	41,097	(44,992)
Total equity (deficit)	17,237	41,147	41,901	49,637	43,230	(43,061)
Total liabilities and stockholders' equity	$ 744,042	794,836	795,401	831,849	843,551	864,057
As previously reported
Liabilities
Deferred income taxes		37,295	38,397	38,957	40,295	15,208
Total liabilities		740,221	740,032	768,744	786,853	893,690
Accumulated deficit		(240,631)	(240,362)	(233,086)	(245,744)	(268,529)
Total stockholders' equity (deficit)		52,391	53,129	60,912	54,565	(31,564)
Total equity (deficit)		54,615	55,369	63,105	56,698	(29,633)
Total liabilities and stockholders' equity		794,836	795,401	831,849	843,551	864,057
Adjustment
Liabilities
Deferred income taxes		13,468	13,468	13,468	13,468	13,428	$ 14,559
Total liabilities		13,468	13,468	13,468	13,468	13,428
Accumulated deficit		(13,468)	(13,468)	(13,468)	(13,468)	(13,428)	$ (14,559)
Total stockholders' equity (deficit)		(13,468)	(13,648)	(13,468)	(13,468)	(13,428)
Total equity (deficit)		(13,468)	(13,468)	(13,468)	(13,468)	(13,428)
Total liabilities and stockholders' equity		$ 0	$ 0	$ 0	$ 0	$ 0

- Definition

Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

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Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.

+ References + Details

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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+ Details

Significant Accounting Policies

12 Months Ended

Sep. 25, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Significant Accounting Policies

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

References to "we", "our", "us" and the like throughout the Consolidated Financial Statements refer to Lee Enterprises, Incorporated and subsidiaries (the "Company"). Lee Enterprises, Incorporated is a leading provider of high quality, trusted, local news and information, and a major platform for advertising in the markets we serve. We operate 77 principally mid-sized local media operations (including TNI Partners ("TNI") and Madison Newspapers, Inc. ("MNI")) across 26 states.

SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The Consolidated Financial Statements include our accounts and those of our subsidiaries, all of which are wholly-owned, except for our 50% interest in TNI, 50% interest in MNI and 82.5% interest in BLOX Digital. TNI and MNI are accounted for under the equity method. Results of BLOX Digital are consolidated.

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").

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 and by $2,346,000 in 2020. Operating revenues, net income (loss), accumulated deficit, and earnings per share remain unchanged.

In 2021 and 2020, we allocated revenue from our full access subscriptions between print and digital subscription revenues. In 2022, due to the increased prominence of digital-only revenues, we revised this presentation to classify full access subscriptions as print subscription revenue, and discretely present digital-only subscription revenues. 2021 and 2020 amounts were reclassified in Note 4 to conform to the current year presentation. 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 year ended September 26, 2021 we identified an error related to pension contributions recorded incorrectly in the year 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 outflows. Recording this out of period adjustment had no impact to the Consolidated Statements of Income (loss) and Comprehensive Income (loss) for the 52 weeks ended September 26, 2021 and had no impact on the Consolidated Balance Sheet. The correction impacted the Consolidated Statement of Cash Flows. Pension contributions were 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 did not believe the impact of the adjustment was material to our consolidated financial statements for any previously issued financial statements taken as a whole.

Fiscal Year

All of our enterprises use period accounting with the fiscal year ending on the last Sunday in September. References to "2022", "2021", "2020" and the like refer to the fiscal years ended the last Sunday in September. Fiscal years 2022, 2021, and 2020 include 52 weeks of operations.

Accounting Estimates

assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. We evaluate our estimates, which include estimates used in the valuation of goodwill and intangible assets periodically. We evaluate our estimates used in connection with our business combinations, the discount rate assumptions applied to our pension and postretirement plan obligations, the expected long-term rate of return on plan assets, and the provision for income taxes on an on-going basis. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

Principles of Consolidation

All significant intercompany transactions and balances have been eliminated.

Investments in TNI and MNI are accounted for using the equity method and are reported at cost, plus our share of undistributed earnings since acquisition less, for TNI, amortization of, and reductions in the value of, intangible assets.

Cash and Cash Equivalents

We consider all highly liquid debt instruments purchased with an original maturity of three months or less at date of acquisition to be cash equivalents.

Accounts Receivable

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

Inventories

Newsprint inventories and other inventories are priced at the lower of cost or net realizable value. LIFO newsprint inventories at September 25, 2022 and September 26, 2021 are less than replacement cost by $1,448,000 and $988,000, respectively.

The components of inventory by cost method are as follows:


(Thousands of Dollars)	September 25, 2022	September 26, 2021

Newsprint - FIFO method	393	409
Newsprint - LIFO method	447	903
Other inventory - FIFO method	2,219	2,870
Specific identification	5,206	2,115
	8,265	6,297

Investments

Investments in unconsolidated affiliates over which Lee exercises significant influence, but does not control, are accounted for by the equity method. Under this method, an investment account for each unconsolidated affiliate is increased by contributions made and by Lee's share of net income of the unconsolidated affiliate, and decreased by the share of net losses of and distributions from the unconsolidated affiliate.

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

Depreciation expense for 2022, 2021 and 2020 was $14,365,000, $17,982,000, and $15,385,000, respectively.

Goodwill and Other Intangible Assets

Goodwill and other intangible assets are summarized in Note 6. 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 and non-amortizing intangible assets, which include only newspaper mastheads, for impairment annually as of the first day of the fiscal fourth quarter, or more frequently in events or changes in circumstances indicate that an asset may be impaired in accordance with FASB Accounting Standards Codification ("ASC") Topic 350, "Intangibles - Goodwill and Other." Under ASC Topic 350, the impairment test for goodwill and non-amortizing intangible assets must be based on estimated fair values. Impairment would occur when the carrying amount of the reporting unit is greater than its fair value. Companies with reporting units with zero or negative carrying value are required to disclose the amount of goodwill for those reporting units.

Leases

The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use ("ROU") lease assets, current portion of long-term lease liabilities and operating lease liabilities on the Consolidated Balance Sheets. Finance lease would be included in property, plant and equipment, current portion of long-term debt and long-term debt on the Consolidated Balance Sheets. Amortization of operating lease ROU assets is included in other operating expenses. Amortization of finance leases would be included in depreciation expense.

Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. The ROU asset is adjusted to include lease payments made to date and initial direct costs incurred and to deduct for lease incentives received and impairment recognized. As most of the Company's leases do not provide an implicit rate, 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 lease terms may include options to extend or terminate the lease when it is reasonable certain that the option will be exercised. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Certain lease agreements have lease and non-lease components, which are accounted for together. See Note 8 for additional information related to leases.

Business Combinations

The Company accounts for acquisitions in accordance with the provisions of 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.

Revenue Recognition

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.

Restructuring Costs and Other

Restructuring costs and other primarily related to severance expenses associated with involuntary terminations, as well as litigation, advisor, and other expenses associated with the unsolicited bid offer in November 2021. These costs are expensed as incurred.

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 10.

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 apply a practical expedient under ASC Topic 715, Compensation – Retirement Benefits, which allows us to measure plan assets and benefit obligations using the month-end that is closest to our fiscal year-end. Accordingly, we measure our plan assets and benefit obligations as of September 30, or upon a remeasurement event. 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.

Multiemployer Pension Plans

The Company contributes to a number of multiemployer defined benefit pension plans under the terms of collective-bargaining agreements that cover certain of the Company's union represented employees. The risks of participating in these multiemployer plans are different from single-employer plans in that assets contributed are pooled and may be used to provide benefits to employees of other participating employers. If a participating employer withdraws from or otherwise ceases to contribute to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. Alternatively, if the Company chooses to stop participating in one of its multiemployer plans, it may incur a withdrawal liability based on its actuarially determined share of the unfunded status of the plan.

Contributions made to multiemployer plans are based on collective-bargaining agreements and are accounted for under guidance related to multiemployer plans, which essentially provides that contributions to such plans are expensed when due. Any withdrawal liability would be recognized at the point withdrawal from the plan becomes probable. See Note 10 for additional information.

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 Measurements

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 inactive market prices . Such investments are classified as Level 2.

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. Certain equity securities are part of a collective investment fund for which there is no readily determinable fair value. This fund is 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.

Debt securities consist of government securities, corporate bonds, and mutual funds. Government securities and corporate bonds are valued based upon quoted market prices in an inactive market. Such investments are classified as Level 2. Mutual funds are valued based upon quoted market prices in an active market. Such investments are classified as Level 1.

Hedge funds consist of a long/short equity funds and a diversified fund of funds for which there is no readily determinable fair value. 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.

Segments

Our business consists of approximately 50 strategic business units ("SBU's"). The SBU's generally include print and digital subscription products and the associated advertising and marketing services. Each of our SBUs

comparable types of costs (compensation, newsprint/ink, and other costs) to generate similar sources of advertising and marketing services revenue and subscription revenue, they produce products in similar manner; they have same class of customers and they use the same distribution processes. In other words, each SBU engages in the same business activities.

Separate operating results of each SBU are not reviewed by the chief operating decision maker ("CODM"). The CODM reviews consolidated statements of income and consolidated balance sheets on a monthly basis, and reviews the consolidated statements of cash flows ("SOCF") on a quarterly basis. The balance sheets and SOCF are only prepared on a consolidated level. Selective revenue and expense details by SBU are reviewed by the CODM, however, the focus of those reviews is on details of advertising and marketing services revenue by SBU and subscription revenue by SBU. Complete operating results or other profitability measures by SBU are not reviewed by the CODM. Further, business decisions by the CODM, including the allocation of resources, are determined based on reviewing consolidated information.

Stock Compensation and Warrants

We have several 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 requisite service period or restriction period, which is generally one to four years.

Prior to 2022, we also had 600,000 warrants outstanding to purchase shares of our Common Stock. Warrants were recorded at fair value determined using the Black-Scholes option pricing formula. These warrants expired in 2022. See Notes 7, 12 and 15.

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 $4,600,000 at September 25, 2022 in support of our insurance programs 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.

Recently Issued Accounting Standards - Standards Adopted in 2022

None

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 on September 28, 2020 using a retrospective approach, and did not have a material impact on our Consolidated Financial Statements.

Postretirement and Postemployment Benefits - Allocation of Benefit Plan Assets (Details) - Other Postretirement Benefits Plan	Sep. 25, 2022	Sep. 26, 2021
Equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Policy Allocation, percentage	20.00%
Actual Allocation, percentage	17.00%	20.00%
Debt securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Policy Allocation, percentage	70.00%
Actual Allocation, percentage	71.00%	68.00%
Hedge fund investments
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Policy Allocation, percentage	10.00%
Actual Allocation, percentage	12.00%	12.00%
Cash and cash equivalents
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Policy Allocation, percentage	0.00%
Actual Allocation, percentage	0.00%	0.00%

Stock Ownership Plans - Stock Option Activities (Details) - shares shares in Thousands	12 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 27, 2020
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Outstanding, beginning balance (in shares)	36	41	81
Exercised (in shares)	(9)	(2)	0
Canceled (in shares)	(27)	(3)	(40)
Outstanding, ending balance (in shares)	0	36	41
Exercisable, end of year (in shares)	0	36	41

Leases - Maturities of Lease Liabilities (Details) $ in Thousands	Sep. 25, 2022 USD ($)
Leases [Abstract]
2023	$ 12,921
2024	11,871
2025	10,630
2026	9,187
2027	7,736
Thereafter	18,799
Total lease payments	71,144
Less: interest	(17,282)
Present value of lease liabilities	$ 53,862

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Sep. 25, 2022	Sep. 26, 2021
Income Tax Contingency [Line Items]
Unrecognized tax benefits that would impact effective tax rate	$ 3,582
Accrued interest related to unrecognized tax benefits	1,476	$ 1,393
Deferred tax asset	4,809	0
Operating loss carryforwards	26,224	26,999
State and Local Jurisdiction
Income Tax Contingency [Line Items]
Unrecognized tax benefits related to net operating loss	11,942	$ 10,984
State tax benefits in net operating loss carryforwards	45,137
Operating loss carryforwards	$ 35,658

Income Taxes - Deferred Income Tax Liabilities (Details) - USD ($) $ in Thousands	Sep. 25, 2022	Sep. 26, 2021
Deferred income tax liabilities:
Property and equipment	$ (11,712)	$ (13,284)
Identified intangible assets	(21,649)	(27,543)
ASC 842 - Leases DTL	(11,308)	(15,813)
Pension and postretirement benefits	0	(6,346)
Investments	(26,489)	(14,823)
Total deferred income tax liabilities	(71,158)	(77,809)
Deferred income tax assets:
Allowance for credit losses	802	237
Pension and postretirement benefits	3,445	0
Long-term debt	161	716
Interest deduction limitation	4,809	0
Operating loss carryforwards	26,224	26,999
ASC 842 - Leases DTA	13,112	15,840
Accrued compensation	1,914	6,630
Accrued expenses	1,663	443
Other	2,964	812
Total deferred income tax assets	55,094	51,677
Valuation allowance	(26,655)	(27,631)
Net deferred income tax liabilities	$ (42,719)	$ (53,763)

Significant Accounting Policies (Tables)

12 Months Ended

Sep. 25, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Components of Inventory by Cost Method

The components of inventory by cost method are as follows:


(Thousands of Dollars)	September 25, 2022	September 26, 2021

Newsprint - FIFO method	393	409
Newsprint - LIFO method	447	903
Other inventory - FIFO method	2,219	2,870
Specific identification	5,206	2,115
	8,265	6,297

Schedule of Property and Equipment

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

Schedule of Finite-Lived Intangible Assets


			Years

Customer lists			10 - 20
Newspaper subscriber lists			10 - 20

Defined Benefit Pension Plans - Allocation of Benefit Plan Assets (Details) - Pension Plan	Sep. 25, 2022	Sep. 26, 2021
Equity securities
Defined Benefit Plan Disclosure [Line Items]
Policy Allocation, percentage	25.00%
Actual Allocation, percentage	41.00%	50.00%
Debt securities
Defined Benefit Plan Disclosure [Line Items]
Policy Allocation, percentage	65.00%
Actual Allocation, percentage	43.00%	34.00%
TIPS
Defined Benefit Plan Disclosure [Line Items]
Policy Allocation, percentage	0.00%
Actual Allocation, percentage	0.00%	4.00%
Hedge fund investments
Defined Benefit Plan Disclosure [Line Items]
Policy Allocation, percentage	10.00%
Actual Allocation, percentage	15.00%	11.00%
Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Policy Allocation, percentage	1.00%
Actual Allocation, percentage	1.00%	1.00%

Immaterial Corrections to Prior Period Financial Statements - Consolidated Statement of Income (loss) and Comprehensive Income (Loss) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 27, 2020
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income before Income Taxes	$ 795	$ 32,047	$ 2,843
Income tax expense	698	7,255	2,973
Net income (loss)	97	24,792	(130)
(Loss) income attributable to Lee Enterprises, Incorporated:	(2,017)	22,745	(1,975)
Comprehensive (loss) income attributable to Lee Enterprises, Inc.	$ (27,551)	$ 84,982	$ 7,089
Earnings per common share
Basic (in dollars per share)	$ (0.35)	$ 3.98	$ (0.35)
Diluted (in dollars per share)	$ (0.35)	$ 3.90	$ (0.35)
As previously reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income before Income Taxes		$ 32,047	$ 2,843
Income tax expense		7,215	4,104
Net income (loss)		24,832	(1,261)
(Loss) income attributable to Lee Enterprises, Incorporated:		22,785	(3,106)
Comprehensive (loss) income attributable to Lee Enterprises, Inc.		$ 85,022	$ 5,958
Earnings per common share
Basic (in dollars per share)		$ 3.99	$ (0.55)
Diluted (in dollars per share)		$ 3.91	$ (0.55)
Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Income before Income Taxes		$ 0	$ 0
Income tax expense		40	(1,131)
Net income (loss)		(40)	1,131
(Loss) income attributable to Lee Enterprises, Incorporated:		(40)	1,131
Comprehensive (loss) income attributable to Lee Enterprises, Inc.		$ (40)	$ 1,131
Earnings per common share
Basic (in dollars per share)		$ (0.01)	$ 0.20
Diluted (in dollars per share)		$ (0.01)	$ 0.20

Investments in Associated Companies (Tables)

12 Months Ended

Sep. 25, 2022

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investments

Summarized financial information of TNI is as follows:


(Thousands of Dollars)	September 25 2022	September 26 2021

ASSETS
Current assets	2,801	2,238
Investments and other assets	1,584	1,693
Total assets	4,385	3,931

LIABILITIES AND MEMBERS' EQUITY
Current liabilities	5,005	5,027
Members' equity	(620)	(1,096)
Total liabilities and members' equity	4,385	3,931

Summarized results of TNI are as follows:


(Thousands of Dollars)	2022	2021	2020

Operating revenue	34,153	34,782	37,101
Operating expenses	25,445	25,320	29,673
Net income	8,708	9,462	7,428

Company's 50% share	4,354	4,731	3,714
Less amortization of intangible assets	—	—	209
Equity in earnings of TNI	4,354	4,731	3,505

Summarized financial information of MNI is as follows:


(Thousands of Dollars)	September 25 2022	September 26 2021

ASSETS
Current assets	5,837	6,930
Investments and other assets	29,903	30,422
Total assets	35,740	37,352

LIABILITIES AND MEMBERS' EQUITY
Current liabilities	5,922	6,921
Other liabilities	5,696	6,470
Stockholders' equity	24,122	23,961
Total liabilities and stockholders' equity	35,740	37,352

Summarized results of MNI are as follows:


(Thousands of Dollars)	2022	2021	2020

Operating revenue	47,621	46,015	48,056
Operating expenses, excluding restructuring costs, depreciation and amortization	37,922	35,583	46,845
Restructuring costs	169	107	274
Depreciation and amortization	672	711	697
Operating income	8,857	9,614	240
Net income (loss)	2,605	3,362	(204)
Equity in earnings of MNI	1,303	1,681	(102)

Leases - Narrative (Details) $ in Thousands	12 Months Ended
Leases - Narrative (Details) $ in Thousands	Sep. 25, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Number of leases terminated during period	14
Impairment loss for right-of-use assets	$ 7,815
Minimum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, remaining lease term (year)	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, remaining lease term (year)	40 years

Common Stock	12 Months Ended
Common Stock	Sep. 25, 2022
Stockholders' Equity Note [Abstract]
Common Stock	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. 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. The Warrants expired in March 2022. 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.

Audit Information	12 Months Ended
Audit Information	Sep. 25, 2022	Sep. 26, 2021
Auditor Information [Abstract]
Auditor Name	BDO USA, LLP	KPMG LLP
Auditor Location	Chicago, IL	Chicago, Illinoi
Auditor Firm ID	243

Goodwill and Other Intangible Assets - Pretax Impairment Charges (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 27, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Non-amortized intangible assets	$ 14,203	$ 787	$ 972
Property, equipment and other assets	0	190	0
Pretax impairment charges	$ 14,203	$ 977	$ 972
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss) on Disposition of Property Plant Equipment	Gain (Loss) on Disposition of Property Plant Equipment	Gain (Loss) on Disposition of Property Plant Equipment
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss) on Disposition of Property Plant Equipment	Gain (Loss) on Disposition of Property Plant Equipment	Gain (Loss) on Disposition of Property Plant Equipment

Defined Benefit Pension Plans - Amounts Recognized in the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 25, 2022	Sep. 26, 2021
Defined Benefit Plan Disclosure [Line Items]
Accumulated other comprehensive income (before income taxes)	$ 5,452	$ 36,965
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Pension obligations	$ 528	$ 14,243

Revenue (Tables)

12 Months Ended

Sep. 25, 2022

Disaggregation of Revenue [Abstract]

Disaggregation of Revenue

The following table presents our revenue disaggregated by source:


(Thousands of Dollars)	2022	2021	2020

Operating revenue:
Print advertising revenue	184,963	227,892	183,164
Digital advertising revenue	181,465	141,391	106,491
Advertising and marketing services revenue	366,428	369,283	289,655
Print subscription revenue	313,504	329,484	248,913
Digital-only subscription revenue	40,120	28,229	19,372
Subscription Revenue	353,624	357,713	268,285
Print other revenue	42,962	48,656	39,632
Digital other revenue	17,955	18,997	20,432
Other revenue	60,917	67,653	60,064
Total operating revenue	780,969	794,649	618,004

Goodwill and Other Intangible Assets - Identified Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 25, 2022	Sep. 26, 2021
Non-amortized intangible assets:
Mastheads	$ 26,346	$ 39,672
Amortizable intangible assets:
Other intangible assets, net	121,373	156,671
Customer and Newspaper Subscriber Lists
Amortizable intangible assets:
Amortizable intangible assets, gross	323,568	774,242
Less accumulated amortization	(228,541)	(657,243)
Amortizable intangibles assets, net	95,027	116,999
Non-Compete and Consulting Agreements
Amortizable intangible assets:
Amortizable intangible assets, gross	0	28,656
Less accumulated amortization	$ 0	$ (28,656)

Immaterial Corrections to Prior Period Financial Statements - Narrative (Details) - USD ($) $ in Thousands	Sep. 25, 2022	Jun. 26, 2022	Mar. 27, 2022	Dec. 26, 2021	Sep. 26, 2021	Sep. 27, 2020	Sep. 29, 2019
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Accumulated deficit	$ (261,229)	$ (254,099)	$ (253,830)	$ (246,554)	$ (259,212)	$ (281,957)
Deferred income taxes	$ 42,719	50,763	51,865	52,425	53,763	28,636
Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Accumulated deficit		(13,468)	(13,468)	(13,468)	(13,468)	(13,428)	$ (14,559)
Deferred income taxes		$ 13,468	$ 13,468	$ 13,468	$ 13,468	$ 13,428	$ 14,559

Stock Ownership Plans

12 Months Ended

Sep. 25, 2022

Share-Based Payment Arrangement [Abstract]

Stock Ownership Plans

STOCK OWNERSHIP PLANS

Total non-cash stock compensation expense is $1,337,000, $854,000 and $1,042,000, in 2022, 2021 and 2020, respectively.

At September 25, 2022, we have reserved 279,810 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 279,810 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)	2022	2021	2020

Outstanding, beginning of year	36	41	81
Exercised	(9)	(2)	—
Canceled	(27)	(3)	(40)
Outstanding, end of year	—	36	41
Exercisable, end of year	—	36	41

Weighted average prices of stock options are as follows:


(Dollars)	2022	2021	2020

Exercised	11.30	11.30	—
Cancelled	11.30	11.30	25.30
Outstanding, end of year	—	11.40	11.40

Restricted Common Stock

A summary of restricted Common Stock activity follows:


(Thousands of Shares)	2022	2021	2020

Outstanding, beginning of year	154	155	148
Granted	78	46	72
Vested	(66)	(45)	(61)
Forfeited	(1)	(2)	(4)
Outstanding, end of year	165	154	155

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


(Dollars)	2022	2021	2020

Outstanding, beginning of year	16.70	21.50	24.90
Granted	30.01	11.20	16.20
Vested	20.93	27.30	23.40
Forfeited	23.60	16.10	24.40
Outstanding, end of year	21.21	16.70	21.50

Total unrecognized compensation expense for unvested restricted Common Stock at September 25, 2022 is $1,876,000, which will be recognized over a weighted average period of 1.3 years.

Employee 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 2022, 2021, or 2020.

Other Information (Tables)

12 Months Ended

Sep. 25, 2022

Other Information [Abstract]

Schedule of Accrued Liabilities

Compensation and other accrued liabilities consist of the following:


(Thousands of Dollars)	September 25 2022	September 26 2021

Compensation	20,815	20,849
Retirement plans	549	554
Other	23,376	23,673
	44,740	45,076

Schedule of Cash Flow, Supplemental Disclosures

Supplemental cash flow information includes the following cash payments:


(Thousands of Dollars)	2022	2021	2020

Interest	41,770	45,214	49,518
Debt financing and reorganization costs	—	—	707
Income tax payments, net	5,311	7,604	446

Defined Benefit Pension Plans - The Activity Within Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 27, 2020
Comprehensive (loss) income, net of taxes:
Change in unrecognized benefit plan gain (loss) arising during the period, net of taxes $279, $19,148, and $4,095, respectively	$ (14,485)	$ 59,663	$ 10,329
Amortization of items to periodic pension and other post-employment benefit costs during the period, net of taxes $6,389, $819, and $542, respectively	(11,049)	2,574	(1,265)
Other comprehensive (loss) income recognized in operations, net of taxes	(25,534)	62,237	9,064
Change in unrecognized benefit plan gain (loss) arising during the period, tax	279	19,148	4,095
Amortization of items to periodic pension and other post-employment benefit costs during the period, tax	$ 6,389	$ 819	$ 542

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Significant Accounting Policies (Policies)

12 Months Ended

Sep. 25, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

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").

Fiscal Year

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, which include estimates used in the valuation of goodwill and intangible assets periodically. We evaluate our estimates used in connection with our business combinations, the discount rate assumptions applied to our pension and postretirement plan obligations, the expected long-term rate of return on plan assets, and the provision for income taxes on an on-going basis. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

Principles of Consolidation

All significant intercompany transactions and balances have been eliminated.

Cash and Cash Equivalents

We consider all highly liquid debt instruments purchased with an original maturity of three months or less at date of acquisition to be cash equivalents.

Accounts Receivable

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

Inventories

Newsprint inventories and other inventories are priced at the lower of cost or net realizable value.

Other Investments

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

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

Leases

Business Combinations

Advertising Costs

Pension, Postretirement and Postemployment Benefit Plans

Multiemployer Pension Plans

Income Taxes

Fair Value of Financial Instruments

Level 1 - Quoted prices for identical instruments 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 inactive market prices . Such investments are classified as Level 2.

Stock Compensation and Warrants

Uninsured Risks

Recently Issued Accounting Standards

Recently Issued Accounting Standards - Standards Adopted in 2022

None

Recently Issued Accounting Standards - Standards Adopted in 2021

Revenue Recognition

Advertising and marketing services revenue

Subscription revenue

Other revenue

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 25, 2022	Sep. 26, 2021
Current assets:
Cash and cash equivalents	$ 16,185	$ 26,112
Accounts receivable, less allowance for credit losses: 2022 $5,237; 2021 $6,574	69,522	65,070
Inventories	8,265	6,297
Prepaids and other	15,151	11,320
Total current assets	109,123	108,799
Investments:
Associated companies	27,378	26,682
Other	5,971	6,065
Total investments	33,349	32,747
Property and equipment:
Land and improvements	14,505	16,576
Buildings and improvements	95,111	106,890
Equipment	215,731	228,817
Construction in process	1,449	2,813
Property and equipment, gross	326,796	355,096
Less accumulated depreciation	253,083	271,830
Property and equipment, net	73,713	83,266
Operating lease right-of-use assets	47,490	65,682
Goodwill	329,504	330,204
Other intangible assets, net	121,373	156,671
Other	9,896	13,632
Total assets	744,042	843,551
Current liabilities:
Current portion of lease liabilities	7,859	8,612
Current maturities of long-term debt	0	6,112
Accounts payable	28,608	20,420
Compensation and other accrued liabilities	44,740	45,076
Unearned revenue	49,929	61,404
Total current liabilities	131,136	141,624
Long-term debt, net of current maturities	462,554	476,504
Operating lease liabilities	46,003	57,683
Pension obligations	966	22,444
Postretirement and postemployment benefit obligations	9,221	11,008
Deferred income taxes	42,719	53,763
Income taxes payable	8,292	9,174
Withdrawal liabilities and other	25,914	28,121
Total liabilities	726,805	800,321
Stockholders' equity:
Serial convertible preferred stock, no par value; authorized 500 shares; none issued	0	0
Additional paid-in capital	259,521	258,063
Accumulated deficit	(261,229)	(259,212)
Accumulated other comprehensive income	16,653	42,187
Total stockholders' equity	15,005	41,097
Non-controlling interests	2,232	2,133
Total equity	17,237	43,230
Total liabilities and equity	744,042	843,551
Pension Plan
Property and equipment:
Non-current assets	528	35,855
Postretirement Health Coverage
Property and equipment:
Non-current assets	19,066	16,695
Common Class A
Stockholders' equity:
Common stock	60	59
Common Class B
Stockholders' equity:
Common stock	$ 0	$ 0

Debt - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands			12 Months Ended
	Mar. 16, 2020	Mar. 31, 2014	Sep. 25, 2022	Sep. 26, 2021	Sep. 27, 2020
Debt Instrument [Line Items]
Long-term debt	$ 431,502
Principal payments on long term borrowings			$ 20,062	$ 55,674	$ 37,710
Principal repayments on long term borrowings due to sale of non-core assets			10,450
Principal repayments on long term borrowings due to excess cash flow			6,112
Voluntary principal repayments on long term borrowings			3,500
Amortization of debt financing costs	$ 9,583				$ 11,282
Liquidity			16,185
Warrants Issued in Connection with Second Lien Term Loan
Debt Instrument [Line Items]
Class of warrant or right, number of securities called by warrants or rights (in shares)		600
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
Credit Agreement \| Secured Term Loan \| BH Finance
Debt Instrument [Line Items]
Long-term debt			$ 462,554
Fixed interest rate			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, net cash proceeds threshold for term loan prepayment	$ 500
Debt instrument, covenant, excess cash flow threshold for term loan prepayment	$ 20,000
Debt instrument, covenant, excess cash flow, period after quarter end (days)	50 days
Debt instrument, covenant, change of control, repayment percentage	105.00%
Senior Secured Notes
Debt Instrument [Line Items]
Debt financing costs		$ 37,819
BHMG
Debt Instrument [Line Items]
Combined purchase price	$ 140,000

Immaterial Corrections to Prior Period Financial Statements - Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 25, 2022	Jun. 26, 2022	Mar. 27, 2022	Dec. 26, 2021	Sep. 26, 2021	Sep. 27, 2020	Sep. 29, 2019
Liabilities
Deferred income taxes	$ 42,719	$ 50,763	$ 51,865	$ 52,425	$ 53,763	$ 28,636
Total liabilities	726,805	753,689	753,500	782,212	800,321	907,118
Accumulated deficit	(261,229)	(254,099)	(253,830)	(246,554)	(259,212)	(281,957)
Total stockholders' equity (deficit)	15,005	41,147	39,481	47,444	41,097	(44,992)
Total equity (deficit)	17,237	41,147	41,901	49,637	43,230	(43,061)
Total liabilities and stockholders' equity	$ 744,042	794,836	795,401	831,849	843,551	864,057
As previously reported
Liabilities
Deferred income taxes		37,295	38,397	38,957	40,295	15,208
Total liabilities		740,221	740,032	768,744	786,853	893,690
Accumulated deficit		(240,631)	(240,362)	(233,086)	(245,744)	(268,529)
Total stockholders' equity (deficit)		52,391	53,129	60,912	54,565	(31,564)
Total equity (deficit)		54,615	55,369	63,105	56,698	(29,633)
Total liabilities and stockholders' equity		794,836	795,401	831,849	843,551	864,057
Adjustment
Liabilities
Deferred income taxes		13,468	13,468	13,468	13,468	13,428	$ 14,559
Total liabilities		13,468	13,468	13,468	13,468	13,428
Accumulated deficit		(13,468)	(13,468)	(13,468)	(13,468)	(13,428)	$ (14,559)
Total stockholders' equity (deficit)		(13,468)	(13,648)	(13,468)	(13,468)	(13,428)
Total equity (deficit)		(13,468)	(13,468)	(13,468)	(13,468)	(13,428)
Total liabilities and stockholders' equity		$ 0	$ 0	$ 0	$ 0	$ 0

Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.

+ References + Details

Earnings Per Common Share (Tables)

12 Months Ended

Sep. 25, 2022

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

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)	2022	2021	2020

(Loss) income attributable to Lee Enterprises, Incorporated:	(2,017)	22,745	(1,975)

Weighted average Common Stock	5,946	5,873	5,811
Less non-vested restricted Common Stock	(167)	(156)	(154)
Basic average Common Stock	5,778	5,717	5,657
Dilutive stock options and restricted Common Stock	—	109	37
Diluted average Common Stock	5,778	5,826	5,694
Earnings per common share:
Basic:	(0.35)	3.98	(0.35)
Diluted	(0.35)	3.90	(0.35)

Immaterial Corrections to Prior Period Financial Statements - Consolidated Statement of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 25, 2022	Sep. 26, 2021	Sep. 27, 2020
Operating Activities
Net income (loss)	$ 97	$ 24,792	$ (130)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Deferred income taxes	$ (4,377)	5,160	(4,691)
As previously reported
Operating Activities
Net income (loss)		24,832	(1,261)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Deferred income taxes		5,120	(3,560)
Adjustment
Operating Activities
Net income (loss)		(40)	1,131
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Deferred income taxes		$ 40	$ (1,131)

- Definition

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

+ References

+ Details

Postretirement and Postemployment Benefits - Fair Value Hierarchy of Benefit Plan Assets (Details) - USD ($) $ in Thousands	Sep. 25, 2022	Sep. 26, 2021	Sep. 27, 2020
NAV \| Hedge fund investments
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	$ 32,515	$ 3,235
Level 1 \| Hedge fund investments
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	0	0
Level 2 \| Hedge fund investments
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	0	0
Level 3 \| Hedge fund investments
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	0	0
Other Postretirement Benefits Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	23,903	26,802	$ 25,706
Other Postretirement Benefits Plan \| NAV \| Cash and cash equivalents
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	0	0
Other Postretirement Benefits Plan \| NAV \| Domestic equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	791	904
Other Postretirement Benefits Plan \| NAV \| Emerging equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	0	0
Other Postretirement Benefits Plan \| NAV \| International equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	0	0
Other Postretirement Benefits Plan \| NAV \| Debt Securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	0	0
Other Postretirement Benefits Plan \| NAV \| Hedge fund investments
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	2,782
Other Postretirement Benefits Plan \| Level 1 \| Cash and cash equivalents
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	26	25
Other Postretirement Benefits Plan \| Level 1 \| Domestic equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	1,910	2,643
Other Postretirement Benefits Plan \| Level 1 \| Emerging equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	456	603
Other Postretirement Benefits Plan \| Level 1 \| International equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	573	747
Other Postretirement Benefits Plan \| Level 1 \| Debt Securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	17,248	18,363
Other Postretirement Benefits Plan \| Level 1 \| Hedge fund investments
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	0
Other Postretirement Benefits Plan \| Level 2 \| Cash and cash equivalents
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	0	0
Other Postretirement Benefits Plan \| Level 2 \| Domestic equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	0	0
Other Postretirement Benefits Plan \| Level 2 \| Emerging equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	0	0
Other Postretirement Benefits Plan \| Level 2 \| International equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	480	660
Other Postretirement Benefits Plan \| Level 2 \| Debt Securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	0	0
Other Postretirement Benefits Plan \| Level 2 \| Hedge fund investments
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	0
Other Postretirement Benefits Plan \| Level 3 \| Cash and cash equivalents
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	0	0
Other Postretirement Benefits Plan \| Level 3 \| Domestic equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	0	0
Other Postretirement Benefits Plan \| Level 3 \| Emerging equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	0	0
Other Postretirement Benefits Plan \| Level 3 \| International equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	0	0
Other Postretirement Benefits Plan \| Level 3 \| Debt Securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	0	$ 0
Other Postretirement Benefits Plan \| Level 3 \| Hedge fund investments
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	$ 0