0001628280-24-051167 | 10-K | XBRL Viewer

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FAIR VALUE OF FINANCIAL INSTRUMENTS - Narrative (Details) $ in Millions	Sep. 29, 2024 USD ($)
Senior Secured Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Term note	$ 445.9
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	$ 4.4
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	$ 1.7
Level 2 \| Senior Secured Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Long-term debt, fair value	$ 398.6

LEASES - Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
LEASES - Lease Expense (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Sep. 24, 2023	Sep. 25, 2022
Leases [Abstract]
Operating lease costs	$ 11,925	$ 12,688	$ 13,786
Variable lease costs	996	1,175	1,201
Short-term lease costs	301	355	217
Total Operating Lease Expense	$ 13,222	$ 14,218	$ 15,204
Weighted average remaining lease term (in years)	4 years 9 months 18 days	5 years 7 months 6 days
Weighted Average discount rate	7.91%	7.88%

SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Sep. 29, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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. In 2024, certain prior period amounts within the consolidated financial statements have been adjusted to conform with current period presentation. These matters did not change operating revenues, net income (loss), accumulated deficit, and earnings (losses) per share in all periods presented.

Fiscal Year

All of our enterprises use period accounting with the fiscal year ending on the last Sunday in September. References to "2024", "2023", "2022" and the like refer to the fiscal years ended the last Sunday in September. Fiscal years 2024 include 53 weeks of operations, 2023, and 2022 include 52 weeks of operations.

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.

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.

The Company has elected to account for distributions under the cumulative earnings approach.

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 with the acquisition of BH Media Group, Inc. and The Buffalo News, Inc. in 2020, 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 if events or changes in circumstances indicate that an asset may be impaired in accordance with Financial Accounting Standards Board ("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.

Leases

The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease ROU assets, current portion of long-term lease liabilities and operating lease liabilities on the Consolidated Balance Sheets. Finance leases 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 reasonably 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 6 for additional information related to leases.

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.

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 an 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 for 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. Depending on the product revenue is recognized over time or at the point in time in which performance obligations are met.

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 subscription period.

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 web hosting 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.

Restructuring Costs and Other

Restructuring costs and other primarily relate to severance expenses associated with involuntary terminations, litigation, business transformation efforts, and other expenses. These costs are expensed as incurred.

Pension, Postretirement and Postemployment Benefit Plans

We evaluate our liabilities for pension, postretirement and postemployment benefit plans based upon computations made by consulting actuaries, incorporating estimates and actuarial assumptions of future plan service costs, future interest costs on projected benefit obligations, rates of compensation increases, when

applicable, employee turnover rates, anticipated mortality rates, expected investment returns on plan assets, asset allocation assumptions of plan assets and other factors.

We 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 9 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 measured at fair value are as follows:

Financial instruments consist of short term deposits valued based on quoted prices in active markets. Such investments are classified as Level 1.

Fixed income 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 fixed income 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.

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 SBUs generally include print and digital subscription products and the associated advertising and marketing services. Each of our SBUs have 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

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.

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 $6.7 million and $7.0 million at September 29, 2024 and September 24, 2023, respectively 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.

New Accounting Pronouncements not yet Adopted

In November 2023, the FASB issued Accounting Standards Update ("ASU") 2023-07 - Segment Reporting to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This pronouncement is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is evaluating the impact this will have on our Consolidated Financial Statements.

In November 2023, the FASB issued guidance, ASU 2023-09, which enhances annual income tax disclosures. ASU 2023-09 requires disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 will be effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the provisions of the updated guidance and assessing the impact on the Consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, which requires disaggregated disclosure of income statement expenses. This standard is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is evaluating the impact this will have on our Consolidated Financial Statements.

DEFINED BENEFIT PENSION PLAN - The Activity Within Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 25, 2022
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Balance, beginning of period	$ 26,843	$ 16,653	$ 42,187
Amounts reclassified from accumulated other comprehensive income	(3,924)	10,750	(20,866)
Other comprehensive income (loss) before reclassifications	(2,999)	(560)	(4,668)
Net current period other comprehensive income (loss), net of taxes	(6,923)	10,190	(25,534)
Balance, end of period	19,920	26,843	16,653
Tax impact of amounts reclassified from accumulated other comprehensive income (loss)	$ 200	$ 200	$ 2,000

LEASES - Maturities of Lease Liabilities (Details) $ in Thousands	Sep. 29, 2024 USD ($)
Leases [Abstract]
2025	$ 11,814
2026	10,078
2027	8,067
2028	6,394
2029	5,808
Thereafter	4,715
Total lease payments	46,877
Less: interest	(8,969)
Present value of lease liabilities	$ 37,908

DEFINED BENEFIT PENSION PLAN - Weighted-Average Assumptions (Details)	12 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 25, 2022
Defined Benefit Plan Disclosure [Line Items]
Interest crediting rate	2.50%	2.50%
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Discount rate	4.80%	5.70%
Discount rate - service cost	5.80%	5.80%	5.40%
Discount rate - interest cost	5.50%	5.70%	5.30%
Expected long-term return on plan assets	5.00%	5.00%	5.00%

SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Sep. 29, 2024

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 29, 2024	September 24, 2023

Newsprint - FIFO method	71	200
Newsprint - LIFO method	465	612
Other inventory - FIFO method	2,026	2,173
Specific identification	3,081	4,519
	5,643	7,504

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

POSTRETIREMENT AND POSTEMPLOYMENT BENEFITS - Allocation of Benefit Plan Assets (Details) - Other Postretirement Benefits Plan	Sep. 29, 2024	Sep. 24, 2023
Equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Policy Allocation, percentage	25.00%	20.00%
Actual Allocation, percentage	25.00%	20.00%
Debt securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Policy Allocation, percentage	0.00%	70.00%
Actual Allocation, percentage	0.00%	68.00%
Fixed income securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Policy Allocation, percentage	75.00%	0.00%
Actual Allocation, percentage	73.00%	0.00%
Hedge fund investments
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Policy Allocation, percentage	0.00%	10.00%
Actual Allocation, percentage	0.00%	12.00%
Cash and cash equivalents
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Policy Allocation, percentage	0.00%	0.00%
Actual Allocation, percentage	2.00%	0.00%

INVESTMENTS IN ASSOCIATED COMPANIES - Summarized Financial Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 25, 2022
ASSETS
Current assets	$ 97,773	$ 106,529
Total assets	649,171	711,617
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities	656,505	687,911
Current liabilities	115,354	114,336
Stockholders' equity	(9,889)	21,240
Stockholders' equity	649,171	711,617
Operating revenue	611,380	691,138	$ 780,969
Operating expenses	611,406	660,496	761,775
Restructuring costs and other	19,253	12,673	22,720
Operating income	4,546	37,169	24,851
Net income	(25,845)	(5,267)	(2,017)
Equity in earnings of associated companies	4,572	6,527	5,657
TNI Partners
LIABILITIES AND STOCKHOLDERS' EQUITY
Equity in earnings of associated companies	3,328	3,571	4,354
MNI
LIABILITIES AND STOCKHOLDERS' EQUITY
Equity in earnings of associated companies	1,244	2,956	1,303
TNI Partners
ASSETS
Current assets	1,648	1,901
Investments and other assets	1,020	1,240
Total assets	2,668	3,141
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities	3,512	3,837
Stockholders' equity	(844)	(696)
Stockholders' equity	2,668	3,141
Operating revenue	27,360	31,076	34,153
Operating expenses	20,609	24,446	25,445
Operating income	6,751	6,630	8,708
Net income	6,655	7,142	8,708
MNI
ASSETS
Current assets	8,192	8,916
Investments and other assets	28,816	29,267
Total assets	37,008	38,183
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities	5,296	6,352
Other liabilities	6,088	6,303
Stockholders' equity	25,624	25,528
Stockholders' equity	37,008	38,183
Operating revenue	41,323	44,109	47,621
Operating expenses	31,619	30,654	37,922
Restructuring costs and other	221	143	169
Depreciation and amortization	483	539	672
Operating income	9,000	12,773	8,858
Net income	$ 2,488	$ 5,911	$ 2,605

LEASES (Tables)

12 Months Ended

Sep. 29, 2024

Leases [Abstract]

Total Lease Expense

Total lease expense consists of the following:


(Thousands of Dollars)	2024	2023	2022
Operating lease costs	11,925	12,688	13,786
Variable lease costs	996	1,175	1,201
Short-term lease costs	301	355	217
Total Operating Lease Expense	13,222	14,218	15,204

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


(Thousands of Dollars)	2024	2023	2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflow from operating leases	12,540	13,403	14,325
Right-of-use assets obtained in exchange for operating lease liabilities	4,679	3,855	990

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


	2024		2023
Weighted average remaining lease term	4.8 years		5.6 years
Weighted Average discount rate	7.91	%	7.88	%

Schedule of Maturities of Lease Liabilities

As of September 29, 2024, maturities of lease liabilities were as follows:


(Thousands of Dollars)
2025			11,814
2026			10,078
2027			8,067
2028			6,394
2029			5,808
Thereafter			4,715
Total lease payments			46,877
Less: interest			(8,969)
Present value of lease liabilities			37,908

LOSS PER COMMON SHARE - Narrative (Details) - shares	12 Months Ended
LOSS PER COMMON SHARE - Narrative (Details) - shares	Sep. 29, 2024	Sep. 24, 2023	Sep. 25, 2022
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	192,737	48,955	74,304

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS	Sep. 29, 2024
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 $4.4 million, 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, are carried at cost. Certain other investments totaling $1.7 million, 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 29, 2024, we had no floating rate debt. Our fixed rate debt consists of $445.9 million principal amount of the Term Note. At September 29, 2024 the fair value is $398.6 million, representing a Level 2 fair value measurement, which are fair values estimated using significant other observable inputs for similar instruments. The inputs used in this measurement include the 20 year treasury rate as the risk free interest rate and a US high yield index option-adjusted spread. There has been no changes in the valuation approach and technique from prior periods.

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SIGNIFICANT ACCOUNTING POLICIES - Estimated Useful Lives of Property and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 25, 2022
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 10.4	$ 11.6	$ 14.4
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

OTHER RETIREMENT PLANS - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 25, 2022
Multiemployer Plan [Line Items]
Defined contribution retirement plan costs	$ 3.1	$ 3.5	$ 3.6
Multiemployer plans, withdrawal obligation, period (year)	20 years
Other Noncurrent Liabilities
Multiemployer Plan [Line Items]
Withdrawal liabilities	$ 23.6	$ 25.1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
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-Name Accounting Standards Codification
-Section 55
-Paragraph 8
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-URI https://asc.fasb.org/1943274/2147480547/715-80-55-8

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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-Paragraph 11
-Subparagraph (a)
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (c)
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
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-Paragraph 1
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
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-Paragraph 11
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Section 50
-Paragraph 5
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-URI https://asc.fasb.org/1943274/2147480576/715-80-50-5

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
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-Paragraph 5
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-URI https://asc.fasb.org/1943274/2147480576/715-80-50-5

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-5

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147480576/715-80-50-9

Reference 19: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-6

+ Details

LOSS PER COMMON SHARE (Tables)

12 Months Ended

Sep. 29, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

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


(Thousands of Dollars and Shares, Except Per Common Share Data)	2024	2023	2022

Loss attributable to Lee Enterprises, Incorporated:	(25,845)	(5,267)	(2,017)

Weighted average Common Shares	6,145	6,037	5,946
Less non-vested restricted Common Shares	(201)	(170)	(167)
Basic weighted average Common Shares	5,944	5,867	5,779
Dilutive stock options and restricted Common Shares	—	—	—
Diluted weighted average Common Shares	5,944	5,867	5,779
Loss per common share:
Basic:	(4.35)	(0.90)	(0.35)
Diluted	(4.35)	(0.90)	(0.35)

INVESTMENTS IN ASSOCIATED COMPANIES

12 Months Ended

Sep. 29, 2024

Equity Method Investments and Joint Ventures [Abstract]

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 29 2024	September 24 2023

ASSETS
Current assets	1,648	1,901
Investments and other assets	1,020	1,240
Total assets	2,668	3,141

LIABILITIES AND MEMBERS' EQUITY (DEFICIT)
Liabilities	3,512	3,837
Members' equity (deficit)	(844)	(696)
Total liabilities and members' equity (deficit)	2,668	3,141

Summarized results of TNI are as follows:


(Thousands of Dollars)	2024	2023	2022

Operating revenue	27,360	31,076	34,153
Operating expenses	20,609	24,446	25,445
Operating income	6,751	6,630	8,708
Net income	6,655	7,142	8,708



Equity in earnings of TNI	3,328	3,571	4,354

TNI makes periodic distributions of its earnings. We received $3.2 million, $3.6 million, and $3.8 million in distributions in 2024, 2023 and 2022, respectively.

At September 29, 2024 and September 24, 2023, the carrying value of the Company's 50% investment in TNI is $15.1 million and $15.1 million, respectively. The difference between our carrying value and our 50% share of the members' equity of TNI relates principally to goodwill of $12.4 million and other identified intangible assets of $2.3 million, certain of which have been amortized over their estimated useful lives. See Note 4.

TNI provides editorial services to the Company. Editorial service costs are included in other operating expenses in the Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income and totaled $3.9 million, $4.4 million, and $5.2 million in 2024, 2023 and 2022, 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 29 2024	September 24 2023

ASSETS
Current assets	8,192	8,916
Investments and other assets	28,816	29,267
Total assets	37,008	38,183

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities	5,296	6,352
Other liabilities	6,088	6,303
Stockholders' equity	25,624	25,528
Total liabilities and stockholders' equity	37,008	38,183

Summarized results of MNI are as follows:


(Thousands of Dollars)	2024	2023	2022

Operating revenue	41,323	44,109	47,621
Operating expenses, excluding restructuring costs, depreciation and amortization	31,619	30,654	37,922
Restructuring costs	221	143	169
Depreciation and amortization	483	539	672
Operating income	9,000	12,773	8,858
Net income	2,488	5,911	2,605
Equity in earnings of MNI	1,244	2,956	1,303

MNI makes periodic distributions of its earnings. We received $1.2 million, $2.2 million, and $1.3 million in distributions in 2024, 2023 and 2022, respectively.

We provide editorial services to MNI. Editorial service fees are included in other revenue in the Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income and totaled $5.5 million, $5.4 million, and $5.6 million in 2024, 2023 and 2022, respectively.

At September 29, 2024 and September 24, 2023, the carrying value of the Company's 50% investment in MNI is $12.8 million and $12.8 million, respectively.

POSTRETIREMENT AND POSTEMPLOYMENT BENEFITS - Assumptions (Details) - Other Postretirement Benefits Plan	12 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 25, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate	4.60%	5.60%
Expected long-term return on plan assets	5.00%	5.00%
Discount rate - service cost	5.20%	5.90%	5.50%
Discount rate - interest cost	4.40%	5.50%	5.10%
Expected long-term return on plan assets	5.00%	5.00%	5.00%

POSTRETIREMENT AND POSTEMPLOYMENT BENEFITS (Tables)

12 Months Ended

Sep. 29, 2024

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

Components of Net Periodic Cost (Benefit)

The net periodic (benefit) cost components of our pension plan is as follows:


(Thousands of Dollars)	2024	2023	2022

Service cost for benefits earned during the year	5	19	488
Interest cost on projected benefit obligation	9,274	10,368	7,999
Expected return on plan assets	(9,382)	(10,192)	(18,261)
Amortization of net (gain) loss	(4)	10	(3,317)
Amortization of prior service benefit	848	852	641
Settlement gain	(2,409)	—	(4,245)
Curtailment gain	—	—	(1,027)
Net periodic pension cost (benefit)	(1,668)	1,057	(17,722)

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


(Thousands of Dollars)	2024	2023	2022

Service cost for benefits earned during the year	50	68	108
Interest cost on projected benefit obligation	596	598	340
Expected return on plan assets	(1,279)	(1,182)	(1,053)
Amortization of net actuarial gain	(1,234)	(1,014)	(994)
Amortization of prior service benefit	(375)	(647)	(647)
Curtailment gain	(1,184)	—	—
Net periodic postretirement benefit	(3,426)	(2,177)	(2,246)

Changes in Benefit Obligations and Plan Assets


(Thousands of Dollars)	2024	2023

Benefit obligation, beginning of year	199,187	210,806
Service cost	5	19
Interest cost	9,274	10,368
Actuarial loss (gain)	15,703	(9,876)
Benefits paid	(13,021)	(12,130)
Settlements	(22,620)	—
Benefit obligation, end of year	188,528	199,187
Fair value of plan assets, beginning of year:	210,031	211,058
Actual return on plan assets	19,957	12,638
Benefits paid	(13,021)	(12,130)
Administrative expenses paid	(1,155)	(1,535)
Settlements	(22,620)	—
Fair value of plan assets, end of year	193,192	210,031
Funded status	4,664	10,844

Changes in projected benefit obligations (which approximates the accumulated benefit obligation at each period end) and plan assets are as follows:


(Thousands of Dollars)	2024	2023

Benefit obligation, beginning of year	11,252	12,287
Service cost	50	68
Interest cost	596	598
Actuarial (gain) loss	1,215	(1,049)
Benefits paid, net of premiums received	(1,712)	(652)
Liability (gain)/loss due to curtailment	(1,184)	—
Benefit obligation, end of year	10,217	11,252
Fair value of plan assets, beginning of year	25,809	23,903
Actual return on plan assets	2,615	2,393
Employer contributions	858	165
Benefits paid, net of premiums and Medicare Part D subsidies received	(1,712)	(660)
Plan participant contributions	—	8
Fair value of plan assets at measurement date	27,570	25,809
Funded status	17,353	14,557

Schedule of Amounts Recognized in Balance Sheet

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


(Thousands of Dollars)	September 29 2024	September 24 2023

Net pension assets	4,664	10,844
Accumulated other comprehensive income (before income taxes)	8,804	16,653

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


(Thousands of Dollars)	September 29 2024	September 24 2023

Non-current assets	23,300	21,565
Postretirement benefit obligations	(5,947)	(7,008)
Accumulated other comprehensive income (before income tax benefit)	17,556	19,043

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

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


(Thousands of Dollars)	September 29 2024	September 24 2023

Unrecognized net actuarial gain	12,550	21,246
Unrecognized prior service cost	(3,746)	(4,593)
	8,804	16,653

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


(Thousands of Dollars)	September 29 2024	September 24 2023

Unrecognized net actuarial gain	15,548	16,660
Unrecognized prior service benefit	2,008	2,383
	17,556	19,043

Defined Benefit Plan, Assumptions

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


(Percent)	September 29 2024	September 24 2023

Discount rate	4.8	5.7
Interest crediting rate	2.5	2.5

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


(Percent)	2024	2023	2022
Discount rate - service cost	5.8	5.8	5.4
Discount rate - interest cost	5.5	5.7	5.3
Expected long-term return on plan assets	5.0	5.0	5.0

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


(Percent)	September 29 2024	September 24 2023

Discount rate	4.6	5.6
Expected long-term return on plan assets	5.0	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.

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


(Percent)	2024	2023	2022

Discount rate - service cost	5.2	5.9	5.5
Discount rate - interest cost	4.4	5.5	5.1
Expected long-term return on plan assets	5.0	5.0	5.0

Schedule of Health Care Cost Trend Rates

Assumed health care cost trend rates are as follows:


(Percent)	September 29 2024	September 24 2023

Health care cost trend rates	18.9	3.9
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	2034	2033

Schedule of Allocation of Plan Assets

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


(Percent)	Policy Allocation	Policy Allocation	Actual Allocation
Asset Class	September 29 2024	September 24 2023	September 29 2024	September 24 2023
Fixed Income	100	—	95	—
Equity securities	—	25	—	25
Debt securities	—	65	—	62
Hedge fund investments	—	10	3	12
Cash and cash equivalents	—	—	2	1

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


(Percent)	Policy Allocation		Actual Allocation
Asset Class	September 29 2024	September 24 2023		September 29 2024	September 24 2023

Equity securities	25	20		25	20
Debt securities	—	70		—	68
Fixed income securities	75	—		73	—
Hedge fund investment	—	10		—	12
Cash and cash equivalents	—	—		2	—

Schedule of Changes in Fair Value of Plan Assets

The fair value hierarchy of pension assets at September 29, 2024 is as follows:


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

Cash and cash equivalents	—	3,191	—	—
Fixed income securities	5,043	—	179,042	—
Hedge fund investments	5,931	—	—	—

The fair value hierarchy of pension assets at September 24, 2023 was as follows:


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

Cash and cash equivalents	—	1,937	—	—
Domestic equity securities	2,252	30,885	—	—
International equity securities	—	7,565	5,644	—
Emerging equity securities	—	6,263	—	—
Debt securities	—	78,740	52,304	—
Hedge fund investments	24,441	—	—	—

The fair value hierarchy of postretirement assets at September 29, 2024 is as follows:


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

Cash and cash equivalents	—	436	—	—
Equity securities	—	6,983	—	—
Fixed income securities	—	20,392	—	—
Hedge fund investment	236	—	—	—

The fair value hierarchy of postretirement assets at September 24, 2023 is as follows:


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

Cash and cash equivalents	—	93	—	—
Domestic equity securities	870	2,303	—	—
Emerging equity securities	—	535	—	—
International equity securities	—	814	600	—
Debt securities	—	17,615	—	—
Hedge fund investment	2,979	—	—	—

Schedule of Expected Benefit Payments

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


(Thousands of Dollars)

2025			15,591
2026			14,523
2027			14,405
2028			14,262
2029			14,096
2030-2033			66,122

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

2025	853	—	853
2026	891	—	891
2027	909	—	909
2028	898	—	898
2029	881	—	881
2030-2033	3,990	—	3,990

DEBT	12 Months Ended
DEBT	Sep. 29, 2024
Debt Disclosure [Abstract]
DEBT	DEBT On March 16, 2020 concurrent with closing the acquisition of BH Media Group, Inc. and The Buffalo News, Inc., 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 $431.5 million 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 $140.0 million 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 acquisition of BH Media Group, Inc. and The Buffalo News, Inc., 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 29, 2024 and September 24, 2023, the Company has $445.9 million and $455.7 million, respectively in aggregate principal debt outstanding under the Term Loan. The debt has a fixed interest rate of 9.0%. During the twelve months ended September 29, 2024, we made principal debt payments of $9.8 million. Payments were from the sale of non-core assets. Future payments are contingent on the Company's ability to generate future Excess Cash Flow, as defined in the Credit Agreement. 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 prepayments 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 $0.5 million 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 $20.0 million ("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. 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 $9.6 million at September 29, 2024. 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 29, 2024.

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)(3)
-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 1B
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 30
-Name Accounting Standards Codification
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-Paragraph 2
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1I
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

OTHER RETIREMENT PLANS (Tables)

12 Months Ended

Sep. 29, 2024

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

2024

2023

Status

2024

2023

2022

Surcharge Imposed

EIN

Expiration Dates of
CBAs

GCIU- Employer Retirement Fund

Critical

Implemented

—

91-6024903

N/A (1)

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

Endangered

Implemented

—

N/A

51-0138317

N/A (1)

CWA/ITU negotiated Pension Plan

Critical

Implemented

—

13-6212879

N/A (1)

IAM National Pension Fund

Green

N/A

—

N/A

51-6031295

N/A (1)

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

Green

N/A

—

N/A

36-6052390

N/A (1)

(1)The Company has withdrawn from the multiemployer plan

- Definition

Tabular disclosure of information about multiemployer plan.

+ References

+ Details

LEASES - Narrative (Details) $ in Thousands		12 Months Ended
LEASES - Narrative (Details) $ in Thousands	Mar. 16, 2020 USD ($) property	Sep. 29, 2024 USD ($)	Sep. 24, 2023 USD ($)	Sep. 25, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Annual rent		$ 11,925	$ 12,688	$ 13,786
Number of leases terminated during period				14
Impairment loss for right-of-use assets				$ 7,800
Lease Agreement With BH Media
Lessee, Lease, Description [Line Items]
Number of leased properties \| property	68
Annual rent	$ 8,000
Percentage of net consideration	8.00%
Monthly rent credits		300
Annual rent		$ 5,000
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

INCOME TAXES (Tables)

12 Months Ended

Sep. 29, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Income tax (benefit) expense consists of the following:


(Thousands of Dollars)	2024	2023	2022

Current Taxes:
Federal	2,430	4,528	4,932
State	488	(336)	142
	2,918	4,192	5,074
Deferred Taxes:
Federal	(9,388)	(4,973)	(3,913)
State	(1,140)	432	(463)
	(10,528)	(4,541)	(4,376)
Income tax expense	(7,610)	(349)	698

Schedule of Effective Income Tax Rate Reconciliation

Income tax (benefit) expense related to operations differs from the amounts computed by applying the U.S. federal income tax rate to (loss) income before income taxes. The reasons for these differences are as follows:


(Percent of (Loss) Income Before Income Taxes)	2024	2023	2022

Computed “expected” income tax expense	21.0	21.0	21.0
State income tax benefit, net of federal tax benefit	3.8	(5.4)	(8.9)
Net income of associated companies	2.3	31.2	(77.2)
Resolution of tax matters	1.8	69.7	(32.2)
Remeasurement due to state rate changes	2.5	(84.0)	(11.2)
Non-deductible expenses	(3.6)	(28.5)	124.0
Provision to return adjustment	0.4	(0.5)	70.2
Valuation allowance	(2.4)	28.8	(123.3)
State net operating loss expiration	(3.0)	(12.8)	135.2
Wage credit, net addback	0.1	—	(7.5)
Warrant valuation	—	—	(1.9)
Interest and penalties	(0.3)	(9.0)	—
Recognition of basis differences	1.6	7.5	—
Other	0.2	(6.7)	—
	24.4	11.3	88.2

Schedule of Deferred Tax Assets and Liabilities

Net deferred income tax liabilities consist of the following components:


(Thousands of Dollars)	September 29 2024	September 24 2023

Deferred income tax liabilities:
Property and equipment	(5,327)	(8,461)
Identified intangible assets	(15,097)	(18,679)
ASC 842 - Leases DTL	(8,308)	(9,890)
Other	(2,145)	(2,298)
Investments	(31,473)	(31,296)
	(62,350)	(70,624)
Deferred income tax assets:
Allowance for credit losses	1,112	1,655
Pension and postretirement benefits	2,454	1,102
Interest deduction limitation	16,097	9,828
Operating loss carryforwards	25,267	25,749
ASC 842 - Leases DTA	9,306	11,037
Other	6,211	5,667
	60,447	55,038
Valuation allowance	(26,500)	(25,765)
Net deferred income tax liabilities	(28,403)	(41,351)

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of 2024 and 2023 changes in gross unrecognized tax benefits is as follows:


(Thousands of Dollars)	2024	2023

Balance, beginning of year	14,914	18,242
Changes in tax positions for prior years	216	(687)
Increases (decrease) in tax positions for the current year	837	(347)
Lapse in statute of limitations	(1,796)	(2,294)
Balance, end of year	14,171	14,914

COMMON STOCK (Details) - Rights Agreement	Mar. 28, 2024 $ / shares shares
Class of Warrant or Right [Line Items]
Dividends declared, number of preferred share purchase rights (in shares)	1
Class of warrant or right, exercise price of warrants or rights (in dollars per share)	0.001
Class of warrant or right, exercise price of warrants or rights (in dollars per share) \| $ / shares	$ 90.00
Preferred share purchase rights, terms of exercisability, ownership percentage	0.15
Preferred share purchase rights, discount rate for purchase of additional shares, percentage	0.50
Preferred stock purchase rights, number of common shares issued in lieu of discount	1

DEBT - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
DEBT - Narrative (Details) - USD ($) $ in Thousands	Mar. 16, 2020	Sep. 29, 2024	Sep. 24, 2023	Sep. 25, 2022
Debt Instrument [Line Items]
Long-term debt	$ 431,500
Principal payments on long term borrowings		$ 9,798	$ 6,813	$ 20,062
Liquidity		9,600
Credit Agreement \| Secured Term Loan \| BH Finance
Debt Instrument [Line Items]
Long-term debt		$ 445,900	$ 455,700
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%
BHMG
Debt Instrument [Line Items]
Combined purchase price	$ 140,000

GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Sep. 29, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

Changes in the carrying amount of goodwill are as follows:


(Thousands of Dollars)	2024	2023

Goodwill, gross amount	1,618,233	1,618,233
Accumulated impairment losses	(1,288,729)	(1,288,729)
Goodwill, beginning of year	329,504	329,504
Disposal	(1,464)	—
Goodwill, end of year	328,040	329,504

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


(Thousands of Dollars)	September 29 2024	September 24 2023

Non-amortized intangible assets:
Mastheads	10,917	18,675
Amortizable intangible assets:
Customer and newspaper subscriber lists	262,242	306,766
Less accumulated amortization	(203,084)	(230,453)
	59,158	76,313
Identified intangible assets	70,075	94,988

In 2024, the Company disposed $44.5 million of gross cost and accumulated amortization related to fully amortized customer and newspaper subscriber lists.

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, which has a negative carrying value as of September 29, 2024. When evaluating these assets for impairment, we may first perform a qualitative assessment to determine whether it is more likely than not that a reporting unit is impaired, known as Step 0. If we do not perform a qualitative assessment, or if we determine that it is not more likely than not that the fair value of the reporting unit exceeds its carrying amount, we would calculate the estimated fair value of the reporting unit using discounted cash flows or a combination of discounted cash flow and market approaches. 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 2024, 2023 and 2022. In 2024 and 2022, the Company sold certain non-core operations. Goodwill was allocated to these operations, which totaled $1.3 million and $1.3 million, respectively.

For mastheads, the calculated fair value includes Level 3 inputs that were determined using the relief from royalty method. The key assumptions used in the fair value estimates under the relief from royalty method are revenue and market growth, royalty rates for newspaper mastheads (the royalty rates utilized a range from 0.0% to 1.0%), estimated tax rates, and appropriate risk-adjusted weighted-average cost of capital (for 2024, 2023 and 2022, the weighted-average cost of capital used was 12.50%, 13.00% and 11.00%, 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 $4.6 million of impairment. Increasing the discount rate by 100 basis points would result in an additional $0.1 million of impairment. In 2024, 2023, and 2022, we recorded non-cash charges to reduce the carrying value of non-amortized intangible assets. Such charges are recorded in assets loss 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. Changes in market conditions and declines in revenue lead to the impairment charges noted above.

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


(Thousands of Dollars)	2024	2023	2022

Non-amortized intangible assets	7,758	7,671	14,203
Property, equipment and other assets	—	—	—
	7,758	7,671	14,203

Amortization expense for 2024, 2023, and 2022 was $17.2 million, $19.0 million, and $22.2 million, respectively.

Annual amortization of intangible assets for the years ending September 2025 to September 2029 is estimated to be $11.2 million, $7.1 million, $7.1 million, $5.7 million, and $4.9 million, respectively.

OTHER INFORMATION

12 Months Ended

Sep. 29, 2024

Other Information [Abstract]

OTHER INFORMATION

Compensation and other accrued liabilities consist of the following:


(Thousands of Dollars)	September 29 2024	September 24 2023

Compensation	8,819	9,114
Retirement plans	272	327
Other	30,079	20,007
	39,170	29,448

Supplemental cash flow information includes the following cash payments:


(Thousands of Dollars)	2024	2023	2022

Interest	41,232	41,471	41,770
Income tax payments, net	7,374	3,722	5,311

Accumulated other comprehensive income (loss), net of deferred income taxes at September 29, 2024, and September 24, 2023, is related to pension and postretirement benefits.

STOCK OWNERSHIP PLANS - Stock Option Activities (Details) - shares shares in Thousands	12 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 25, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Outstanding, beginning balance (in shares)	0	0	36
Exercised (in shares)	0	0	(9)
Canceled (in shares)	0	0	(27)
Outstanding, ending balance (in shares)	0	0	0
Exercisable, end of year (in shares)	0	0	0

LOSS PER COMMON SHARE - Computation of Basic and Diluted Earnings (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 25, 2022
Earnings Per Share [Abstract]
Loss attributable to Lee Enterprises, Incorporated:	$ (25,845)	$ (5,267)	$ (2,017)
Weighted average Common Shares (in shares)	6,145	6,037	5,946
Less non-vested restricted Common Shares (in shares)	(201)	(170)	(167)
Basic weighted average Common Shares (in shares)	5,944	5,867	5,779
Dilutive stock options and restricted Common Shares (in shares)	0	0	0
Diluted weighted average Common Shares (in shares)	5,944	5,867	5,779
Loss per common share:
Basic (in dollars per share)	$ (4.35)	$ (0.90)	$ (0.35)
Diluted (in dollars per share)	$ (4.35)	$ (0.90)	$ (0.35)

GOODWILL AND OTHER INTANGIBLE ASSETS - Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 29, 2024	Sep. 24, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, gross amount	$ 1,618,233	$ 1,618,233
Accumulated impairment losses	(1,288,729)	(1,288,729)
Goodwill [Roll Forward]
Goodwill, beginning of year	329,504	329,504
Disposal	(1,464)	0
Goodwill, end of year	$ 328,040	$ 329,504

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
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-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 29, 2024	Sep. 24, 2023
Current assets:
Cash and cash equivalents	$ 9,598	$ 14,548
Accounts receivable, less allowance for credit losses: 2024 $6,514; 2023 $5,260	60,648	69,104
Inventories	5,643	7,504
Prepaids and other	21,884	15,373
Total current assets	97,773	106,529
Investments:
Associated companies	27,941	27,819
Other	6,042	5,572
Total investments	33,983	33,391
Property and equipment:
Land and improvements	6,420	12,366
Buildings and improvements	70,152	83,140
Equipment	196,312	213,714
Construction in process	5,625	2,453
Property and equipment, gross	278,509	311,673
Less accumulated depreciation	234,137	250,439
Property and equipment, net	44,372	61,234
Operating lease right-of-use assets	34,882	40,822
Goodwill	328,040	329,504
Other intangible assets, net	70,075	94,988
Other	12,083	12,741
Total assets	649,171	711,617
Current liabilities:
Current portion of lease liabilities	8,139	7,755
Accounts payable	36,290	36,290
Compensation and other accrued liabilities	39,170	29,448
Unearned revenue	31,755	40,843
Total current liabilities	115,354	114,336
Long-term debt, net of current maturities	445,943	455,741
Operating lease liabilities	29,769	36,580
Pension obligations	561	586
Postretirement and postemployment benefit obligations	7,520	8,618
Deferred income taxes	28,403	41,351
Income taxes payable	3,456	5,809
Withdrawal liabilities and other	25,499	24,890
Total liabilities	656,505	687,911
Commitments and Contingent Liabilities (Note 17)
Stockholders' equity:
Serial convertible preferred stock, no par value; authorized 500 shares; none issued	0	0
Additional paid-in capital	262,470	260,832
Accumulated deficit	(292,341)	(266,496)
Accumulated other comprehensive income	19,920	26,843
Total Lee Enterprises, Inc.stockholders' (deficit) equity	(9,889)	21,240
Non-controlling interests	2,555	2,466
Total (deficit) equity	(7,334)	23,706
Total liabilities and (deficit) equity	649,171	711,617
Pension Plan
Property and equipment:
Non-current assets	4,663	10,843
Medical Plan
Property and equipment:
Non-current assets	23,300	21,565
Common Class A
Stockholders' equity:
Common stock	62	61
Common Class B
Stockholders' equity:
Common stock	$ 0	$ 0

REVENUE

12 Months Ended

Sep. 29, 2024

Disaggregation of Revenue [Abstract]

REVENUE

Advertising and marketing services revenue

include a significant financing component. Depending on the product revenue is recognized over time or at the point in time in which performance obligations are met.

Subscription revenue

Other revenue

The following table presents our revenue disaggregated by source:


(Thousands of Dollars)	2024	2023	2022

Operating revenue:
Print advertising revenue	81,488	125,804	184,963
Digital advertising and marketing services revenue	194,213	193,173	181,465
Advertising and marketing services revenue	275,701	318,977	366,428
Print subscription revenue	197,584	252,591	313,504
Digital-only subscription revenue	84,331	60,700	40,120
Subscription Revenue	281,915	313,291	353,624
Print other revenue	33,257	39,508	42,962
Digital other revenue	20,507	19,362	17,955
Other revenue	53,764	58,870	60,917
Total operating revenue	611,380	691,138	780,969

Contract 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 $31.8 million as of September 29, 2024, $40.8 million as of September 24, 2023, and $49.9 million as of September 25, 2022. Revenue recognized in 2024, 2023 and 2022, that was included in the contract liability as of September 24, 2023, September 25, 2022 and September 26, 2021 was $38.5 million, $47.2 million, and $54.7 million, respectively.

Accounts receivable, excluding allowance for credit losses and contract assets, was $67.2 million, $74.4 million, $74.8 million as of September 29, 2024, September 24, 2023, and September 25, 2022 respectively. See Note 15 for Allowance for credit losses.

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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Sep. 29, 2024	Nov. 30, 2024	Mar. 24, 2024
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Sep. 29, 2024
Current Fiscal Year End Date	--09-29
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
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
Document Financial Statement Error Correction [Flag]	true
Document Financial Statement Restatement Recovery Analysis [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 76,612,787
Entity Common Stock, Shares Outstanding		6,189,997
Documents Incorporated by Reference	Documents incorporated by reference: Portions of the registrant’s definitive proxy statement relating to its 2025 Annual Meeting of Stockholders are incorporated by reference in Part III, Items 10-14 of this Annual Report on Form 10-K.
Entity Central Index Key	0000058361
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock - $0.01 par value
Trading Symbol	LEE
Security Exchange Name	NASDAQ
Preferred Share Purchase Rights
Document Information [Line Items]
Title of 12(b) Security	Preferred Share Purchase Rights
Trading Symbol	LEE
Security Exchange Name	NASDAQ

POSTRETIREMENT AND POSTEMPLOYMENT BENEFITS - Amounts Recognized in the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Sep. 24, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Accumulated other comprehensive income (before income tax benefit)	$ (8,804)	$ (16,653)
Other Postretirement Benefits Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Non-current assets	23,300	21,565
Postretirement benefit obligations	(5,947)	(7,008)
Accumulated other comprehensive income (before income tax benefit)	$ 17,556	$ 19,043

- Definition

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

+ References + Details

COMMON STOCK	12 Months Ended
COMMON STOCK	Sep. 29, 2024
Stockholders' Equity Note [Abstract]
COMMON STOCK	COMMON STOCK Rights Agreement On March 28, 2024, our Board of Directors adopted a stockholder rights plan (the “Rights Agreement”). Pursuant to the Rights Agreement, on March 28, 2024, our Board of Directors declared a dividend of one preferred share purchase right (a “Right”), payable on April 8, 2024, for each share of our Common Stock outstanding to the stockholders of record on that date. Each Right entitles the registered holder to purchase from the Company one one-thousandth of a share of Series C Participating Convertible Preferred Stock, without par value (the “Preferred Shares”), of the Company at a price of $90.00 per one one-thousandth of a Preferred Share represented by a Right, subject to adjustment. The Rights will initially trade with our Common Stock and will generally become exercisable only if any person or group, other than certain exempt persons, acquires beneficial ownership of 15% or more of our Common Stock outstanding. In the event the Rights become exercisable, each holder of a Right, other than the triggering person(s), will be entitled to purchase additional shares of our Common Stock at a 50% discount or the Company may exchange each Right held by such holders for one share of our Common Stock. The Rights Agreement will continue in effect until March 27, 2025, or unless earlier redeemed or terminated by the Company, as provided in the Rights Agreement. The Rights have no voting or dividend privileges, and, unless and until they become exercisable, have no dilutive effect on the earnings of the Company. The Rights Agreement applies equally to all current and future stockholders and is not intended to deter offers or preclude our Board of Directors from considering acquisition proposals that are fair and otherwise in the best interest of our stockholders. However, the overall effect of the Rights Agreement may render it more difficult or discourage a merger, tender offer, or other business combination involving us that is not supported by our Board of Directors.

POSTRETIREMENT AND POSTEMPLOYMENT BENEFITS - Benefit Obligations and Plan Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 25, 2022
Other Postretirement Benefits Plan
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation, beginning of year	$ 11,252	$ 12,287
Service cost	50	68
Interest cost	596	598
Actuarial loss (gain)	1,215	(1,049)
Benefits paid, net of premiums received	(1,712)	(652)
Benefit obligation, end of year	10,217	11,252	$ 12,287
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets, beginning of year:	25,809	23,903
Actual return on plan assets	2,615	2,393
Employer contributions	858	165
Benefits paid, net of premiums and Medicare Part D subsidies received	(1,712)	(660)
Plan participant contributions	0	8
Fair value of plan assets, end of year	27,570	25,809	23,903
Funded status	17,353	14,557
Pension Plan
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation, beginning of year	199,187	210,806
Service cost	5	19	488
Interest cost	9,274	10,368	7,999
Actuarial loss (gain)	15,703	(9,876)
Benefits paid, net of premiums received	(13,021)	(12,130)
Liability (gain)/loss due to curtailment	(1,184)	0	(1,000)
Benefit obligation, end of year	188,528	199,187	210,806
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets, beginning of year:	210,031	211,058
Actual return on plan assets	19,957	12,638
Fair value of plan assets, end of year	193,192	210,031	$ 211,058
Funded status	$ 4,664	$ 10,844

COMMITMENTS AND CONTINGENT LIABILITIES - Narrative (Details) $ in Millions	Sep. 29, 2024 USD ($)
Loss Contingencies [Line Items]
Construction and equipment, purchase commitments	$ 6.4
VPPA Class Action
Loss Contingencies [Line Items]
Loss contingency accrual	$ 9.5

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

CONSOLIDATED STATEMENTS OF (DEFICIT) EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive income (loss)	Noncontrolling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Ending balance		$ 59		$ (259,212)	$ 42,187	$ 2,133
Beginning Balance at Sep. 26, 2021			$ 258,063
Beginning Balance (in shares) at Sep. 26, 2021		5,889
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (redeemed)		$ 1	(29)
Shares issued (in shares)		90
Stock compensation			1,487
Net (loss) income attributable to Lee Enterprises, Inc.	$ 97			(2,017)
Change in pension and postretirement benefits					(32,202)
Deferred income taxes, net					6,668
Net income						2,114
Distributions to minority owners						(2,015)
Ending Balance (in shares) at Sep. 25, 2022	5,979	5,979
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Ending balance	$ 17,237	$ 60	259,521	(261,229)	16,653	2,232
Beginning Balance at Sep. 25, 2022			259,521
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (redeemed)		$ 1	(495)
Shares issued (in shares)		85
Stock compensation			1,806
Net (loss) income attributable to Lee Enterprises, Inc.	$ (2,733)			(5,267)
Change in pension and postretirement benefits					13,364
Deferred income taxes, net					(3,174)
Net income						2,534
Distributions to minority owners						(2,300)
Ending Balance (in shares) at Sep. 24, 2023	6,064	6,064
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Ending balance	$ 23,706	$ 61	260,832	(266,496)	26,843	2,466
Beginning Balance at Sep. 24, 2023	21,240		260,832
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (redeemed)		$ 1	(113)
Shares issued (in shares)		126
Stock compensation			1,751
Net (loss) income attributable to Lee Enterprises, Inc.	$ (23,573)			(25,845)
Change in pension and postretirement benefits					(9,337)
Deferred income taxes, net					2,414
Net income						2,272
Distributions to minority owners						(2,183)
Ending Balance (in shares) at Sep. 29, 2024	6,190	6,190
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Ending balance	$ (7,334)	$ 62	$ 262,470	$ (292,341)	$ 19,920	$ 2,555

POSTRETIREMENT AND POSTEMPLOYMENT BENEFITS - Narrative (Details) $ in Thousands	12 Months Ended
	Sep. 29, 2024 USD ($)	Sep. 24, 2023 USD ($)	Sep. 25, 2022 USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Amortization of prior service cost (credit) expected to be recognized during the next fiscal year	$ 800
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	1,200
Amortization of prior service cost (credit) expected to be recognized during the next fiscal year	$ 300
Assumptions used calculating net periodic benefit cost, expected long-term rate of return on plan assets	5.00%	5.00%	5.00%
Non-current assets	$ 23,300	$ 21,565
Expected future employer contributions, next fiscal year	0
Postemployment benefit obligation	10,217	11,252	$ 12,287
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	0	900
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	$ 200	3,000
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	1,184	0	$ 0
Postemployment benefit obligation	1,600	1,600
Retiree Medical Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Non-current assets	500	400
Medical Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Curtailment gain	1,200
Non-current assets	$ 23,300	$ 21,565

DEFINED BENEFIT PENSION PLAN - Future Benefit Payments (Details) $ in Thousands	Sep. 29, 2024 USD ($)
Retirement Benefits [Abstract]
2025	$ 15,591
2026	14,523
2027	14,405
2028	14,262
2029	14,096
2030-2033	$ 66,122

ALLOWANCE FOR CREDIT LOSSES

12 Months Ended

Sep. 29, 2024

Allowance for Credit Loss [Abstract]

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)	2024	2023	2022

Balance, beginning of year	5,260	5,237	6,574
Additions charged to expense	13,633	6,942	5,190
Deductions from reserves	(12,379)	(6,919)	(6,527)
Balance, end of year	6,514	5,260	5,237

REVENUE (Tables)

12 Months Ended

Sep. 29, 2024

Disaggregation of Revenue [Abstract]

Disaggregation of Revenue

The following table presents our revenue disaggregated by source:


(Thousands of Dollars)	2024	2023	2022

Operating revenue:
Print advertising revenue	81,488	125,804	184,963
Digital advertising and marketing services revenue	194,213	193,173	181,465
Advertising and marketing services revenue	275,701	318,977	366,428
Print subscription revenue	197,584	252,591	313,504
Digital-only subscription revenue	84,331	60,700	40,120
Subscription Revenue	281,915	313,291	353,624
Print other revenue	33,257	39,508	42,962
Digital other revenue	20,507	19,362	17,955
Other revenue	53,764	58,870	60,917
Total operating revenue	611,380	691,138	780,969

ALLOWANCE FOR CREDIT LOSSES - Valuation and Qualifying Account Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 25, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of year	$ 5,260	$ 5,237	$ 6,574
Additions charged to expense	13,633	6,942	5,190
Deductions from reserves	(12,379)	(6,919)	(6,527)
Balance, end of year	$ 6,514	$ 5,260	$ 5,237

INCOME TAXES - Deferred Income Tax Liabilities (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Sep. 24, 2023
Deferred income tax liabilities:
Property and equipment	$ (5,327)	$ (8,461)
Identified intangible assets	(15,097)	(18,679)
ASC 842 - Leases DTL	(8,308)	(9,890)
Other	(2,145)	(2,298)
Investments	(31,473)	(31,296)
Total deferred income tax liabilities	(62,350)	(70,624)
Deferred income tax assets:
Allowance for credit losses	1,112	1,655
Pension and postretirement benefits	2,454	1,102
Interest deduction limitation	16,097	9,828
Operating loss carryforwards	25,267	25,749
ASC 842 - Leases DTA	9,306	11,037
Other	6,211	5,667
Total deferred income tax assets	60,447	55,038
Valuation allowance	(26,500)	(25,765)
Net deferred income tax liabilities	$ (28,403)	$ (41,351)

STOCK OWNERSHIP PLANS - Summary of Restricted Stock Activity (Details) - Restricted Stock - $ / shares shares in Thousands	12 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 25, 2022
Number of Shares
Outstanding, beginning of year (in shares)	162	165	154
Granted (in shares)	93	69	78
Vested (in shares)	(35)	(62)	(66)
Forfeited (in shares)	(1)	(10)	(1)
Outstanding, end of year (in shares)	219	162	165
Weighted Average Grant Date Fair Value
Outstanding, beginning of year (in dollars per share)	$ 21.14	$ 21.21	$ 16.70
Granted (in dollars per share)	9.56	17.87	30.01
Vested (in dollars per share)	11.79	17.27	20.93
Forfeitures (in dollars per share)	14.24	24.04	23.60
Outstanding, end of year (in dollars per share)	$ 17.74	$ 21.14	$ 21.21

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 25, 2022
Cash provided by (required for) operating activities:
Net (loss) income	$ (23,573)	$ (2,733)	$ 97
Adjustments to reconcile net (loss) income to net cash provided by (required for) operating activities:
Depreciation and amortization	27,616	30,621	36,544
Bad debt expense	13,633	6,942	5,190
Curtailment/Settlement gain	(3,593)	0	(1,027)
Pension withdrawal cost	0	1,200	2,335
Stock compensation expense	1,751	1,806	1,337
Asset loss on sales, impairments and other, net	11,193	1,882	9,716
Earnings, net of distributions, deemed returns on investment of TNI and MNI	(122)	(657)	(576)
Gain on sale of investment	0	(1,736)	0
Deferred income taxes	(10,535)	(4,542)	(4,377)
Pension contributions	0	0	(112)
Other, net	(1,287)	(2,290)	(2,015)
Changes in operating assets and liabilities:
Increase in receivables	(5,494)	(6,739)	(7,804)
Decrease (increase) in inventories and other	901	977	(3,088)
Decrease in accounts payable, unearned revenue, other accrued liabilities and operating lease obligations	(5,026)	(26,155)	(14,645)
Decrease in pension, postretirement and postemployment benefit obligations	(2,422)	(83)	(21,449)
Change in income taxes payable	(2,352)	345	(236)
Other	427	(2,019)	2,963
Net cash provided by (required for) operating activities	1,117	(3,181)	2,853
Cash provided by investing activities:
Purchases of property and equipment	(9,208)	(5,107)	(7,536)
Proceeds from sales of assets	13,456	11,952	14,835
Other, net	(517)	1,791	(386)
Net cash provided by investing activities	3,731	8,636	6,913
Cash required for financing activities:
Principal payments on long-term borrowings	(9,798)	(6,813)	(20,062)
Sale (purchases) of common stock transactions	0	(279)	369
Net cash required for financing activities	(9,798)	(7,092)	(19,693)
Net decrease in cash and cash equivalents	(4,950)	(1,637)	(9,927)
Cash and cash equivalents:
Beginning of year	14,548	16,185	26,112
End of year	$ 9,598	$ 14,548	$ 16,185

STOCK OWNERSHIP PLANS - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 25, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Non-cash stock compensation expense	$ 1.8	$ 1.8	$ 1.3
Common stock reserved for future issuances (in shares)	69,107
Number of shares available for grant (in shares)	69,107
Unrecognized compensation expense for unvested restricted common stock	$ 1.3
Cost not yet recognized, period for recognition (years)	1 year 4 months 24 days
Fair value of shares vested in period	$ 0.4	$ 1.1	$ 1.4
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

LOSS PER COMMON SHARE

12 Months Ended

Sep. 29, 2024

Earnings Per Share [Abstract]

LOSS PER COMMON SHARE

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


(Thousands of Dollars and Shares, Except Per Common Share Data)	2024	2023	2022

Loss attributable to Lee Enterprises, Incorporated:	(25,845)	(5,267)	(2,017)

Weighted average Common Shares	6,145	6,037	5,946
Less non-vested restricted Common Shares	(201)	(170)	(167)
Basic weighted average Common Shares	5,944	5,867	5,779
Dilutive stock options and restricted Common Shares	—	—	—
Diluted weighted average Common Shares	5,944	5,867	5,779
Loss per common share:
Basic:	(4.35)	(0.90)	(0.35)
Diluted	(4.35)	(0.90)	(0.35)

For 2024, 2023, and 2022 we had 192,737, 48,955, and 74,304 weighted average shares, respectively, not considered in the computation of diluted earnings per share because the Company recorded net losses.

POSTRETIREMENT AND POSTEMPLOYMENT BENEFITS

12 Months Ended

Sep. 29, 2024

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

POSTRETIREMENT AND POSTEMPLOYMENT BENEFITS

DEFINED BENEFIT PENSION PLAN

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 24, 2023, we are the sponsor of one single-employer defined benefit plan, 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 $1.0 million 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 $6.1 million. 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 which it transferred to a third-party insurance company (the "Insurer") $85.6 million of the Plan's liabilities in exchange for $81.4 million of Plan assets and recorded a non-cash settlement gain of $4.2 million in Pension and OPEB related benefit (cost) and other, net. Collectively, the transactions are known as the "Annuity Purchase"

During the year ended September 29, 2024, the Company offered a voluntary lump sum payment of future benefits to terminated vested participants in the defined benefit pension plan. The offer was accepted by 522 participants, representing a $22.6 million settlement of related pension plan liability. The Company recognized a non-cash settlement gain of $2.4 million, which is reflected within "Curtailment/Settlement gains" on the Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income. Pension plan assets and liabilities were reduced by $22.6 million.

The net periodic (benefit) cost components of our pension plan is as follows:


(Thousands of Dollars)	2024	2023	2022

Service cost for benefits earned during the year	5	19	488
Interest cost on projected benefit obligation	9,274	10,368	7,999
Expected return on plan assets	(9,382)	(10,192)	(18,261)
Amortization of net (gain) loss	(4)	10	(3,317)
Amortization of prior service benefit	848	852	641
Settlement gain	(2,409)	—	(4,245)
Curtailment gain	—	—	(1,027)
Net periodic pension cost (benefit)	(1,668)	1,057	(17,722)

Changes in projected benefit obligations (which approximates the accumulated benefit obligation at each period end) and plan assets are as follows:


(Thousands of Dollars)	2024	2023

Benefit obligation, beginning of year	199,187	210,806
Service cost	5	19
Interest cost	9,274	10,368
Actuarial loss (gain)	15,703	(9,876)
Benefits paid	(13,021)	(12,130)
Settlements	(22,620)	—
Benefit obligation, end of year	188,528	199,187
Fair value of plan assets, beginning of year:	210,031	211,058
Actual return on plan assets	19,957	12,638
Benefits paid	(13,021)	(12,130)
Administrative expenses paid	(1,155)	(1,535)
Settlements	(22,620)	—
Fair value of plan assets, end of year	193,192	210,031
Funded status	4,664	10,844

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


(Thousands of Dollars)	September 29 2024	September 24 2023

Net pension assets	4,664	10,844
Accumulated other comprehensive income (before income taxes)	8,804	16,653

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


(Thousands of Dollars)	September 29 2024	September 24 2023

Unrecognized net actuarial gain	12,550	21,246
Unrecognized prior service cost	(3,746)	(4,593)
	8,804	16,653

We expect to recognize $0.8 million of unrecognized prior service cost in net periodic pension costs in 2025.

Assumptions

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


(Percent)	September 29 2024	September 24 2023

Discount rate	4.8	5.7
Interest crediting rate	2.5	2.5

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


(Percent)	2024	2023	2022
Discount rate - service cost	5.8	5.8	5.4
Discount rate - interest cost	5.5	5.7	5.3
Expected long-term return on plan assets	5.0	5.0	5.0

For 2024, 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 29, 2024, the most significant driver of the decrease in benefit obligation was the voluntary lump sum offering. Additionally, the Plan recognized actuarial losses due to decreases in bond yields that resulted in decreases to the discount rate. For the year ended September 24, 2023, the most significant driver of the decrease in benefit obligation was the actual return on assets exceeding expected returns and higher actuarial gains experienced by the Plan. The Plan recognized actuarial gains due to increases in bond yields that resulted in increases to the discount rate.

Plan Assets

The primary objective of our investment strategy is to satisfy our pension obligations at a reasonable cost. Assets are actively invested to achieve a 100% liability hedge (which includes fixed income investments and cash).

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	Policy Allocation	Actual Allocation
Asset Class	September 29 2024	September 24 2023	September 29 2024	September 24 2023
Fixed Income	100	—	95	—
Equity securities	—	25	—	25
Debt securities	—	65	—	62
Hedge fund investments	—	10	3	12
Cash and cash equivalents	—	—	2	1

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

Fair Value Measurements

The fair value hierarchy of pension assets at September 29, 2024 is as follows:


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

Cash and cash equivalents	—	3,191	—	—
Fixed income securities	5,043	—	179,042	—
Hedge fund investments	5,931	—	—	—

The fair value hierarchy of pension assets at September 24, 2023 was as follows:


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

Cash and cash equivalents	—	1,937	—	—
Domestic equity securities	2,252	30,885	—	—
International equity securities	—	7,565	5,644	—
Emerging equity securities	—	6,263	—	—
Debt securities	—	78,740	52,304	—
Hedge fund investments	24,441	—	—	—

There were no purchases, sales or transfers of assets classified as Level 3 in 2024 or 2023. Pension assets that are excluded from the fair value hierarchy and are measured at net asset value or "NAV", include five investments:


			•			U.S. small cap value equity common/collective fund for which fund prices are not publicly available. This investment was completely liquidated during 2024, the balance was $2.3 million as of September 24, 2023. 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 investment was completely liquidated during 2024, the balance was $11.7 million as of September 24, 2023. 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 $5.9 million and $12.7 million as of September 29, 2024 and September 24, 2023, respectively. We can redeem up to 50% of our investment in this fund twice per year.

			•			Global long common/collective fund for which funds prices are not publicly available. The balance of this investment is $2.5 million as of September 29, 2024. We can redeem this fund on a daily basis.

			•			Global long/short common/collective fund for which funds prices are not publicly available. The balance of this investment is $2.5 million as of September 29, 2024. We can redeem this fund on a daily basis.

Accumulated Other Comprehensive Income (Loss)

The following tables summarize the components of, and the changes in, Accumulated other comprehensive income (loss), net of tax:


(Thousand of Dollars)	Pension and postretirement benefit plans
Balance at September 27, 2021	$	42,187
Other comprehensive loss before reclassifications	$	(20,866)
Amounts reclassified from accumulated other comprehensive income (a)(b)	$	(4,668)
Net current period other comprehensive income (loss), net of taxes	$	(25,534)
Balance at September 25, 2022	$	16,653
Other comprehensive income before reclassifications	$	10,750
Amounts reclassified from accumulated other comprehensive income(a)(b)	$	(560)
Net current period other comprehensive income (loss), net of taxes	$	10,190
Balance at September 24, 2023	$	26,843
Other comprehensive loss before reclassifications	$	(3,924)
Amounts reclassified from accumulated other comprehensive income(a)(b)(c)	$	(2,999)
Net current period other comprehensive income (loss), net of taxes	$	(6,923)
Balance at September 29, 2024	$	19,920

(a) Accumulated other comprehensive income (loss) component represents amortization of actuarial loss and is included in the computation of net periodic benefit cost. See Note 7 - Defined Benefit Pension Plan and Note 8 - Postretirement and Postemployment Benefits.

(b) Amounts reclassified from accumulated other comprehensive income (loss) are recorded net of tax impacts of $0.2 million, $0.2 million, $2.0 million for the years ended September 29, 2024, September 24, 2023, and September 25, 2022, respectively.

(c) Amounts reclassified from accumulated other comprehensive income (loss) include a pension settlement gain of $2.4 million for the year ended September 29, 2024. See Note 7 - Defined Benefit Pension Plan.

Cash Flows

Based on our forecast at September 29, 2024, we expect to make no contributions to our pension trust in 2025.

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


(Thousands of Dollars)

2025			15,591
2026			14,523
2027			14,405
2028			14,262
2029			14,096
2030-2033			66,122

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 $0.6 million and $0.6 million at September 29, 2024 and September 24, 2023, 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.

During the year ended September 29, 2024, the Company completed the outsourcing of certain printing operations, which ceased postretirement medical benefits for a group of employees. The Company recognized a non-cash curtailment gain of $1.2 million which is reflected within "Curtailment/Settlement gains" on the Consolidated Statements of Income (Loss) and Comprehensive Income (Loss).

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


(Thousands of Dollars)	2024	2023	2022

Service cost for benefits earned during the year	50	68	108
Interest cost on projected benefit obligation	596	598	340
Expected return on plan assets	(1,279)	(1,182)	(1,053)
Amortization of net actuarial gain	(1,234)	(1,014)	(994)
Amortization of prior service benefit	(375)	(647)	(647)
Curtailment gain	(1,184)	—	—
Net periodic postretirement benefit	(3,426)	(2,177)	(2,246)

Changes in projected benefit obligations (which approximates the accumulated benefit obligation at each period end) and plan assets are as follows:


(Thousands of Dollars)	2024	2023

Benefit obligation, beginning of year	11,252	12,287
Service cost	50	68
Interest cost	596	598
Actuarial (gain) loss	1,215	(1,049)
Benefits paid, net of premiums received	(1,712)	(652)
Liability (gain)/loss due to curtailment	(1,184)	—
Benefit obligation, end of year	10,217	11,252
Fair value of plan assets, beginning of year	25,809	23,903
Actual return on plan assets	2,615	2,393
Employer contributions	858	165
Benefits paid, net of premiums and Medicare Part D subsidies received	(1,712)	(660)
Plan participant contributions	—	8
Fair value of plan assets at measurement date	27,570	25,809
Funded status	17,353	14,557

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


(Thousands of Dollars)	September 29 2024	September 24 2023

Non-current assets	23,300	21,565
Postretirement benefit obligations	(5,947)	(7,008)
Accumulated other comprehensive income (before income tax benefit)	17,556	19,043

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


(Thousands of Dollars)	September 29 2024	September 24 2023

Unrecognized net actuarial gain	15,548	16,660
Unrecognized prior service benefit	2,008	2,383
	17,556	19,043

We expect to recognize $1.2 million and $0.3 million of unrecognized net actuarial gain and unrecognized prior service benefit, respectively, in net periodic postretirement benefit in 2025.

Assumptions

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


(Percent)	September 29 2024	September 24 2023

Discount rate	4.6	5.6
Expected long-term return on plan assets	5.0	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.

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


(Percent)	2024	2023	2022

Discount rate - service cost	5.2	5.9	5.5
Discount rate - interest cost	4.4	5.5	5.1
Expected long-term return on plan assets	5.0	5.0	5.0

For 2024, 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.

Assumed health care cost trend rates are as follows:


(Percent)	September 29 2024	September 24 2023

Health care cost trend rates	18.9	3.9
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	2034	2033

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

For the year ended September 29, 2024, the most significant driver of the decrease in benefit obligations for the plans was the curtailment, see above for details. For the year ended September 24, 2023, the most significant driver of the decrease in benefit obligations for the plans was the higher actual return on assets compared to

expectations. The plans also recognized actuarial gains due to increases in bond yields that resulted in increases to the discount rates.

Plan Assets

Assets of the retiree medical plan are invested in a master trust. The master trust also pays benefits of active employee medical plans for the same union employees. The fair value of master trust assets allocated to the active employee medical plans at September 29, 2024 and September 24, 2023 is $0.5 million and $0.4 million, 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 29 2024	September 24 2023		September 29 2024	September 24 2023

Equity securities	25	20		25	20
Debt securities	—	70		—	68
Fixed income securities	75	—		73	—
Hedge fund investment	—	10		—	12
Cash and cash equivalents	—	—		2	—

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

Fair Value Measurements

The fair value hierarchy of postretirement assets at September 29, 2024 is as follows:


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

Cash and cash equivalents	—	436	—	—
Equity securities	—	6,983	—	—
Fixed income securities	—	20,392	—	—
Hedge fund investment	236	—	—	—

The fair value hierarchy of postretirement assets at September 24, 2023 is as follows:


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

Cash and cash equivalents	—	93	—	—
Domestic equity securities	870	2,303	—	—
Emerging equity securities	—	535	—	—
International equity securities	—	814	600	—
Debt securities	—	17,615	—	—
Hedge fund investment	2,979	—	—	—

There were no purchases, sales or transfers of assets classified as Level 3 in 2024 or 2023. 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 $— and $0.9 million as of September 29, 2024 and September 24, 2023, 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 $0.2 million and $3.0 million as of September 29, 2024 and September 24, 2023, 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 29, 2024, we do not expect to contribute to our postretirement plans in 2025.

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

2025	853	—	853
2026	891	—	891
2027	909	—	909
2028	898	—	898
2029	881	—	881
2030-2033	3,990	—	3,990

Postemployment Plan

Our postemployment benefit obligation, which represents certain disability benefits, was $1.6 million at September 29, 2024 and $1.6 million at September 24, 2023.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

INVESTMENTS IN ASSOCIATED COMPANIES (Tables)

12 Months Ended

Sep. 29, 2024

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investments

Summarized financial information of TNI is as follows:


(Thousands of Dollars)	September 29 2024	September 24 2023

ASSETS
Current assets	1,648	1,901
Investments and other assets	1,020	1,240
Total assets	2,668	3,141

LIABILITIES AND MEMBERS' EQUITY (DEFICIT)
Liabilities	3,512	3,837
Members' equity (deficit)	(844)	(696)
Total liabilities and members' equity (deficit)	2,668	3,141

Summarized results of TNI are as follows:


(Thousands of Dollars)	2024	2023	2022

Operating revenue	27,360	31,076	34,153
Operating expenses	20,609	24,446	25,445
Operating income	6,751	6,630	8,708
Net income	6,655	7,142	8,708



Equity in earnings of TNI	3,328	3,571	4,354

Summarized financial information of MNI is as follows:


(Thousands of Dollars)	September 29 2024	September 24 2023

ASSETS
Current assets	8,192	8,916
Investments and other assets	28,816	29,267
Total assets	37,008	38,183

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities	5,296	6,352
Other liabilities	6,088	6,303
Stockholders' equity	25,624	25,528
Total liabilities and stockholders' equity	37,008	38,183

Summarized results of MNI are as follows:


(Thousands of Dollars)	2024	2023	2022

Operating revenue	41,323	44,109	47,621
Operating expenses, excluding restructuring costs, depreciation and amortization	31,619	30,654	37,922
Restructuring costs	221	143	169
Depreciation and amortization	483	539	672
Operating income	9,000	12,773	8,858
Net income	2,488	5,911	2,605
Equity in earnings of MNI	1,244	2,956	1,303

INVESTMENTS IN ASSOCIATED COMPANIES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 25, 2022
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 27,941	$ 27,819
Goodwill	328,040	329,504	$ 329,504
Editorial service costs	301,950	323,067	344,905
TNI Partners
Schedule of Equity Method Investments [Line Items]
Distributions from equity method investments	$ 3,200	3,600	3,800
Equity method investments, ownership percentage	50.00%
Equity method investments	$ 15,100	15,100
Goodwill	12,400
Other intangible assets	2,300
TNI Partners \| Editorial Services
Schedule of Equity Method Investments [Line Items]
Editorial service costs	3,900	4,400	5,200
MNI
Schedule of Equity Method Investments [Line Items]
Distributions from equity method investments	$ 1,200	2,200	1,300
Equity method investments, ownership percentage	50.00%
Equity method investments	$ 12,800	12,800
Editorial service fees	$ 5,500	$ 5,400	$ 5,600

CONSOLIDATED STATEMENTS OF (LOSS) INCOME AND COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	12 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 25, 2022
Operating revenue:
Operating revenue	$ 611,380	$ 691,138	$ 780,969
Operating expenses:
Compensation	234,581	266,907	317,789
Newsprint and ink	16,813	25,346	30,101
Other operating expenses	301,950	323,067	344,905
Depreciation and amortization	27,616	30,621	36,544
Assets loss on sales, impairments and other, net	11,193	1,882	9,716
Restructuring costs and other	19,253	12,673	22,720
Total operating expenses	611,406	660,496	761,775
Equity in earnings of associated companies	4,572	6,527	5,657
Operating income	4,546	37,169	24,851
Non-operating (expense) income:
Interest expense	(41,232)	(41,471)	(41,770)
Pension withdrawal cost	0	(1,200)	(2,335)
Pension and OPEB related benefit and other, net	1,910	2,420	19,022
Curtailment/Settlement gains	3,593	0	1,027
Total non-operating expense, net	(35,729)	(40,251)	(24,056)
(Loss) income before income taxes	(31,183)	(3,082)	795
Income tax (benefit) expense	(7,610)	(349)	698
Net (loss) income	(23,573)	(2,733)	97
Net income attributable to non-controlling interests	(2,272)	(2,534)	(2,114)
Loss attributable to Lee Enterprises, Incorporated	(25,845)	(5,267)	(2,017)
Other comprehensive (loss) income, net of income taxes	(6,923)	10,190	(25,534)
Comprehensive (loss) income attributable to Lee Enterprises, Incorporated	$ (32,768)	$ 4,923	$ (27,551)
Loss per common share:
Basic (in dollars per share)	$ (4.35)	$ (0.90)	$ (0.35)
Diluted (in dollars per share)	$ (4.35)	$ (0.90)	$ (0.35)
Advertising and marketing services
Operating revenue:
Operating revenue	$ 275,701	$ 318,977	$ 366,428
Subscription
Operating revenue:
Operating revenue	281,915	313,291	353,624
Other
Operating revenue:
Operating revenue	$ 53,764	$ 58,870	$ 60,917

POSTRETIREMENT AND POSTEMPLOYMENT BENEFITS - Assumed Health Care Cost Trend Rates (Details) - Other Postretirement Benefits Plan	12 Months Ended
	Sep. 29, 2024	Sep. 24, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Health care cost trend rates (percentage)	18.90%	3.90%
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	2034	2033

POSTRETIREMENT AND POSTEMPLOYMENT BENEFITS - Net Period Postretirement Cost (Benefit) Components for Postretirement Plans (Details) - Postemployment Retirement Benefits - USD ($) $ in Thousands	12 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 25, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost for benefits earned during the year	$ 50	$ 68	$ 108
Interest cost on projected benefit obligation	596	598	340
Expected return on plan assets	(1,279)	(1,182)	(1,053)
Amortization of net (gain) loss	(1,234)	(1,014)	(994)
Amortization of prior service benefit	(375)	(647)	(647)
Curtailment gain	(1,184)	0	0
Net periodic pension cost (benefit)	$ (3,426)	$ (2,177)	$ (2,246)

Audit Information	12 Months Ended
Audit Information	Sep. 29, 2024
Auditor Information [Abstract]
Auditor Name	BDO USA, P.C.
Auditor Location	Chicago, IL
Auditor Firm ID	243

POSTRETIREMENT AND POSTEMPLOYMENT BENEFITS - Future Benefit Payments (Details) $ in Thousands	Sep. 29, 2024 USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
2025, gross payments	$ 15,591
2026, gross payments	14,523
2027, gross payments	14,405
2028, gross payments	14,262
2029, gross payments	14,096
2030-2033, gross payments	66,122
Other Postretirement Benefits Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
2025, gross payments	853
2025, subsidy	0
2025, net payments	853
2026, gross payments	891
2026, subsidy	0
2026, net payments	891
2027, gross payments	909
2027, subsidy	0
2027, net payments	909
2028, gross payments	898
2028, subsidy	0
2028, net payments	898
2029, gross payments	881
2029, subsidy	0
2029, net payments	881
2030-2033, gross payments	3,990
2030-2033, subsidy	0
2030-2033, net payments	$ 3,990

STOCK OWNERSHIP PLANS

12 Months Ended

Sep. 29, 2024

Share-Based Payment Arrangement [Abstract]

STOCK OWNERSHIP PLANS

Total non-cash stock compensation expense is $1.8 million, $1.8 million. and $1.3 million, in 2024, 2023, and 2022, respectively.

At September 29, 2024, we have reserved 69,107 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 69,107 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)	2024	2023	2022

Outstanding, beginning of year	—	—	36
Exercised	—	—	(9)
Canceled	—	—	(27)
Outstanding, end of year	—	—	—
Exercisable, end of year	—	—	—

Weighted average prices of stock options are as follows:


(Dollars)	2024	2023	2022

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

Restricted Common Stock

A summary of restricted Common Stock activity is as follows:


(Thousands of Shares)	2024	2023	2022

Outstanding, beginning of year	162	165	154
Granted	93	69	78
Vested	(35)	(62)	(66)
Forfeited	(1)	(10)	(1)
Outstanding, end of year	219	162	165

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


(Dollars)	2024	2023	2022

Outstanding, beginning of year	21.14	21.21	16.70
Granted	9.56	17.87	30.01
Vested	11.79	17.27	20.93
Forfeited	14.24	24.04	23.60
Outstanding, end of year	17.74	21.14	21.21

Total unrecognized compensation expense for unvested restricted Common Stock at September 29, 2024 is $1.3 million, which will be recognized over a weighted average period of 1.4 years.

The total fair value of shares that vested during 2024, 2023, and 2022 were $0.4 million, $1.1 million, and $1.4 million, respectively.

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 2024, 2023, or 2022.

POSTRETIREMENT AND POSTEMPLOYMENT BENEFITS - Amounts Recognized in Accumulated Other Comprehensive Income (Loss) (Details) - Other Postretirement Benefits Plan - USD ($) $ in Thousands	12 Months Ended
	Sep. 29, 2024	Sep. 24, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Unrecognized net actuarial gain	$ 15,548	$ 16,660
Unrecognized prior service benefit	2,008	2,383
Amounts recognized in accumulated other comprehensive income (loss)	$ 17,556	$ 19,043

- Definition

Amount, before tax, after reclassification adjustment, of (increase) decrease in accumulated other comprehensive income for defined benefit plan.

+ References + Details

GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) $ in Thousands	12 Months Ended
	Sep. 29, 2024 USD ($)	Sep. 24, 2023 USD ($)	Sep. 25, 2022 USD ($)
Finite-Lived Intangible Assets [Line Items]
Goodwill, impairment loss	$ 0	$ 0	$ 0
Goodwill attributable to the disposition of non-core operation	$ 1,464	0
Decrease in royalty rates	5000.00%
Non-amortized intangible assets	$ 7,758	$ 7,671	$ 14,203
Increase in discount rate	10000.00%
Impairment, Intangible Asset, Finite-Lived, 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
Amortization expense	$ 17,200	$ 19,000	$ 22,200
Annual amortization of intangible assets, year one	11,200
Annual amortization of intangible assets, year two	7,100
Annual amortization of intangible assets, year three	7,100
Annual amortization of intangible assets, year four	5,700
Annual amortization of intangible assets, year five	4,900
Non-Core Operations
Finite-Lived Intangible Assets [Line Items]
Goodwill attributable to the disposition of non-core operation	1,300		$ 1,300
Customer and Newspaper Subscriber Lists
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, fully amortized	44,500
Estimating Using Royalty Rate
Finite-Lived Intangible Assets [Line Items]
Non-amortized intangible assets	4,600
Estimating Using Discount Rate
Finite-Lived Intangible Assets [Line Items]
Non-amortized intangible assets	$ 100
Minimum \| Measurement Input, Royalty Rate
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input	0.000
Minimum \| Measurement Input, Discount Rate
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input			0.1100
Maximum \| Measurement Input, Royalty Rate
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input	0.010
Maximum \| Measurement Input, Discount Rate
Finite-Lived Intangible Assets [Line Items]
Intangible assets, measurement input	0.1250	0.1300

INCOME TAXES - Income Tax (Benefit) Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 25, 2022
Current Taxes:
Federal	$ 2,430	$ 4,528	$ 4,932
State	488	(336)	142
Current income tax expense	2,918	4,192	5,074
Deferred Taxes:
Federal	(9,388)	(4,973)	(3,913)
State	(1,140)	432	(463)
Deferred income tax expense	(10,528)	(4,541)	(4,376)
Total income tax expense	$ (7,610)	$ (349)	$ 698

- Definition

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

+ References

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+ Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Sep. 29, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

OTHER INFORMATION (Tables)

12 Months Ended

Sep. 29, 2024

Other Information [Abstract]

Schedule of Accrued Liabilities

Compensation and other accrued liabilities consist of the following:


(Thousands of Dollars)	September 29 2024	September 24 2023

Compensation	8,819	9,114
Retirement plans	272	327
Other	30,079	20,007
	39,170	29,448

Schedule of Cash Flow, Supplemental Disclosures

Supplemental cash flow information includes the following cash payments:


(Thousands of Dollars)	2024	2023	2022

Interest	41,232	41,471	41,770
Income tax payments, net	7,374	3,722	5,311

INCOME TAXES - Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 29, 2024	Sep. 24, 2023
Reconciliation of Changes in Gross Unrecognized Tax Benefits [Roll Forward]
Balance, beginning of year	$ 14,914	$ 18,242
Changes in tax positions for prior years	216
Changes in tax positions for prior years		(687)
Increase in tax positions for the current year	837
Decrease in tax positions for the current year		(347)
Lapse in statute of limitations	(1,796)	(2,294)
Balance, end of year	$ 14,171	$ 14,914

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 29, 2024	Sep. 24, 2023	Sep. 25, 2022
Pay vs Performance Disclosure
Loss attributable to Lee Enterprises, Incorporated:	$ (25,845)	$ (5,267)	$ (2,017)

- Definition

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

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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

GOODWILL AND OTHER INTANGIBLE ASSETS - Pretax Impairment Charges (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 25, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Non-amortized intangible assets	$ 7,758	$ 7,671	$ 14,203
Property, equipment and other assets	0	0	0
Pretax impairment charges	$ 7,758	$ 7,671	$ 14,203
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

LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 25, 2022
Leases [Abstract]
Operating cash outflow from operating leases	$ 12,540	$ 13,403	$ 14,325
Right-of-use assets obtained in exchange for operating lease liabilities	$ 4,679	$ 3,855	$ 990

INCOME TAXES

12 Months Ended

Sep. 29, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES

Income tax (benefit) expense consists of the following:


(Thousands of Dollars)	2024	2023	2022

Current Taxes:
Federal	2,430	4,528	4,932
State	488	(336)	142
	2,918	4,192	5,074
Deferred Taxes:
Federal	(9,388)	(4,973)	(3,913)
State	(1,140)	432	(463)
	(10,528)	(4,541)	(4,376)
Income tax expense	(7,610)	(349)	698


(Percent of (Loss) Income Before Income Taxes)	2024	2023	2022

Computed “expected” income tax expense	21.0	21.0	21.0
State income tax benefit, net of federal tax benefit	3.8	(5.4)	(8.9)
Net income of associated companies	2.3	31.2	(77.2)
Resolution of tax matters	1.8	69.7	(32.2)
Remeasurement due to state rate changes	2.5	(84.0)	(11.2)
Non-deductible expenses	(3.6)	(28.5)	124.0
Provision to return adjustment	0.4	(0.5)	70.2
Valuation allowance	(2.4)	28.8	(123.3)
State net operating loss expiration	(3.0)	(12.8)	135.2
Wage credit, net addback	0.1	—	(7.5)
Warrant valuation	—	—	(1.9)
Interest and penalties	(0.3)	(9.0)	—
Recognition of basis differences	1.6	7.5	—
Other	0.2	(6.7)	—
	24.4	11.3	88.2

Net deferred income tax liabilities consist of the following components:


(Thousands of Dollars)	September 29 2024	September 24 2023

Deferred income tax liabilities:
Property and equipment	(5,327)	(8,461)
Identified intangible assets	(15,097)	(18,679)
ASC 842 - Leases DTL	(8,308)	(9,890)
Other	(2,145)	(2,298)
Investments	(31,473)	(31,296)
	(62,350)	(70,624)
Deferred income tax assets:
Allowance for credit losses	1,112	1,655
Pension and postretirement benefits	2,454	1,102
Interest deduction limitation	16,097	9,828
Operating loss carryforwards	25,267	25,749
ASC 842 - Leases DTA	9,306	11,037
Other	6,211	5,667
	60,447	55,038
Valuation allowance	(26,500)	(25,765)
Net deferred income tax liabilities	(28,403)	(41,351)

A reconciliation of 2024 and 2023 changes in gross unrecognized tax benefits is as follows:


(Thousands of Dollars)	2024	2023

Balance, beginning of year	14,914	18,242
Changes in tax positions for prior years	216	(687)
Increases (decrease) in tax positions for the current year	837	(347)
Lapse in statute of limitations	(1,796)	(2,294)
Balance, end of year	14,171	14,914

Approximately $11.4 million and $10.7 million of the gross unrecognized tax benefit balances for 2024 and 2023, respectively, relate to state net operating losses which are netted against deferred taxes on our Consolidated Balance Sheet. The total amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate was $2.2 million at September 29, 2024. 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, $0.5 million at September 29, 2024 and $1.2 million at September 24, 2023. There were no amounts provided for penalties at September 29, 2024 or September 24, 2023.

At September 29, 2024 and September 24, 2023, we had a deferred tax asset of $16.1 million and $9.8 million, respectively, related to disallowed interest expense.

The valuation allowance increased from $25.8 million in 2023 to $26.5 million in 2024. During 2024, it was determined to be more likely than not that the Company would not be able to realize all of its disallowed interest expense carryforwards. Therefore, a valuation allowance was established on the amount of the deferred tax assets determined to not be realizable. The valuation allowance decreased by $0.9 million and $1.0 million in 2023 and 2022, respectively.

The Company is currently 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 24, 2017 are open for examination. The Federal and remaining state returns are open beginning with the September 30, 2018 year.

At September 29, 2024, we have state tax benefits of approximately $43.3 million in net operating loss ("NOL") carryforwards. Of the NOL balance, $41.3 million expire between 2024 and 2044 and $2.0 million have an indefinite carryforward period. These NOL carryforwards result in a deferred income tax asset of $34.2 million at September 29, 2024, a portion of which is offset by a valuation allowance.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

DEFINED BENEFIT PENSION PLAN - Fair Value Hierarchy of Benefit Plan Assets (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Sep. 24, 2023	Sep. 25, 2022
NAV \| Hedge fund investments
Defined Benefit Plan Disclosure [Line Items]
Pension assets		$ 2,979
Level 1 \| Hedge fund investments
Defined Benefit Plan Disclosure [Line Items]
Pension assets		0
Level 2 \| Hedge fund investments
Defined Benefit Plan Disclosure [Line Items]
Pension assets		0
Level 3 \| Hedge fund investments
Defined Benefit Plan Disclosure [Line Items]
Pension assets		0
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Pension assets	$ 193,192	210,031	$ 211,058
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		2,252
Pension Plan \| NAV \| International equity securities
Defined Benefit Plan Disclosure [Line Items]
Pension assets	5,043	0
Pension Plan \| NAV \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Pension assets		0
Pension Plan \| NAV \| Debt securities
Defined Benefit Plan Disclosure [Line Items]
Pension assets		0
Pension Plan \| NAV \| Hedge fund investments
Defined Benefit Plan Disclosure [Line Items]
Pension assets	5,931	24,441
Pension Plan \| Level 1 \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Pension assets	3,191	1,937
Pension Plan \| Level 1 \| Domestic equity securities
Defined Benefit Plan Disclosure [Line Items]
Pension assets		30,885
Pension Plan \| Level 1 \| International equity securities
Defined Benefit Plan Disclosure [Line Items]
Pension assets	0	7,565
Pension Plan \| Level 1 \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Pension assets		6,263
Pension Plan \| Level 1 \| Debt securities
Defined Benefit Plan Disclosure [Line Items]
Pension assets		78,740
Pension Plan \| Level 1 \| Hedge fund investments
Defined Benefit Plan Disclosure [Line Items]
Pension assets	0	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
Pension Plan \| Level 2 \| International equity securities
Defined Benefit Plan Disclosure [Line Items]
Pension assets	179,042	5,644
Pension Plan \| Level 2 \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Pension assets		0
Pension Plan \| Level 2 \| Debt securities
Defined Benefit Plan Disclosure [Line Items]
Pension assets		52,304
Pension Plan \| Level 2 \| Hedge fund investments
Defined Benefit Plan Disclosure [Line Items]
Pension assets	0	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
Pension Plan \| Level 3 \| International equity securities
Defined Benefit Plan Disclosure [Line Items]
Pension assets	0	0
Pension Plan \| Level 3 \| Equity securities
Defined Benefit Plan Disclosure [Line Items]
Pension assets		0
Pension Plan \| Level 3 \| Debt securities
Defined Benefit Plan Disclosure [Line Items]
Pension assets		0
Pension Plan \| Level 3 \| Hedge fund investments
Defined Benefit Plan Disclosure [Line Items]
Pension assets	$ 0	$ 0

REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 25, 2022
Operating revenue:
Operating revenue	$ 611,380	$ 691,138	$ 780,969
Advertising and marketing services revenue
Operating revenue:
Operating revenue	275,701	318,977	366,428
Advertising and marketing services revenue \| Print
Operating revenue:
Operating revenue	81,488	125,804	184,963
Advertising and marketing services revenue \| Digital
Operating revenue:
Operating revenue	194,213	193,173	181,465
Subscription Revenue
Operating revenue:
Operating revenue	281,915	313,291	353,624
Subscription Revenue \| Print
Operating revenue:
Operating revenue	197,584	252,591	313,504
Subscription Revenue \| Digital
Operating revenue:
Operating revenue	84,331	60,700	40,120
Other revenue
Operating revenue:
Operating revenue	53,764	58,870	60,917
Other revenue \| Print
Operating revenue:
Operating revenue	33,257	39,508	42,962
Other revenue \| Digital
Operating revenue:
Operating revenue	$ 20,507	$ 19,362	$ 17,955

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
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Reference 3: 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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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

DEFINED BENEFIT PENSION PLAN - Narrative (Details)	1 Months Ended	12 Months Ended
DEFINED BENEFIT PENSION PLAN - Narrative (Details)	Sep. 25, 2022 USD ($) plan	Sep. 29, 2024 USD ($) participant investment	Sep. 24, 2023 USD ($) plan	Sep. 25, 2022 USD ($) plan
Defined Benefit Plan Disclosure [Line Items]
Number of defined benefit plans \| plan	7		1	7
Defined benefit plans, number of plans frozen \| plan				2
Amortization of prior service cost (credit) expected to be recognized during the next fiscal year		$ 800,000
Number of investments held \| investment		5
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				$ 6,100,000
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plans, number of plans frozen \| plan				4
Non-cash curtailment gain		$ 1,184,000	$ 0	$ 1,000,000.0
Defined benefit plan, benefit obligation, increase (decrease) for plan amendment				$ 6,100,000
Defined benefit plan, number of frozen plans merged \| plan				6
Number of fully-funded defined benefit plans \| plan	1			1
Decrease in plan liabilities due to purchase of annuities	$ 85,600,000
Increase in defined benefit plan assets	81,400,000	$ 22,620,000	0
Settlement income charge	$ 4,200,000
Number of participants who have elected voluntary settlement \| participant		522
Voluntary lump sum payment of future pension benefits		$ 22,600,000
Settlement gain		2,409,000	$ 0	$ 4,245,000
Defined Benefit Plan, Plan Assets, Period Increase (Decrease)		$ 22,600,000
Assumptions used calculating net periodic benefit cost, expected long-term rate of return on plan assets		5.00%	5.00%	5.00%
Expected future employer contributions, next fiscal year		$ 0
Defined benefit plan accrued liability		$ 4,664,000	$ 10,844,000
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			2,300,000
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			11,700,000
Maximum percentage of equity investment redeemable		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
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
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		$ 5,900,000	12,700,000
Maximum percentage of equity investment redeemable		0.50
Pension Plan \| Global Equity Long/Short Common/Collective Fund
Defined Benefit Plan Disclosure [Line Items]
Investment in equity securities measured at fair value, recognized in net income		$ 2,500,000
Pension Plan \| Global Equity Long/Short Common/Collective Fund 2
Defined Benefit Plan Disclosure [Line Items]
Investment in equity securities measured at fair value, recognized in net income		2,500,000
Other Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan accrued liability		$ 600,000	$ 600,000

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 29, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

DEFINED BENEFIT PENSION PLAN - Benefit Obligations and Plan Assets (Details) - Pension Plan - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Sep. 25, 2022	Sep. 29, 2024	Sep. 24, 2023	Sep. 25, 2022
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation, beginning of year		$ 199,187	$ 210,806
Service cost		5	19	$ 488
Interest cost		9,274	10,368	7,999
Actuarial loss (gain)		15,703	(9,876)
Benefits paid		(13,021)	(12,130)
Settlements	$ (81,400)	(22,620)	0
Benefit obligation, end of year	210,806	188,528	199,187	210,806
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets, beginning of year:		210,031	211,058
Actual return on plan assets		19,957	12,638
Benefits paid		(13,021)	(12,130)
Administrative expenses paid		(1,155)	(1,535)
Settlements		(22,620)	0
Fair value of plan assets, end of year	$ 211,058	193,192	210,031	$ 211,058
Funded status		$ 4,664	$ 10,844

DEFINED BENEFIT PENSION PLAN - Amounts Recognized in the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Sep. 24, 2023
Defined Benefit Plan Disclosure [Line Items]
Accumulated other comprehensive income (before income taxes)	$ 8,804	$ 16,653
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Net pension assets	$ 4,664	$ 10,844

REVENUE - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
REVENUE - Narrative (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Sep. 24, 2023	Sep. 25, 2022
Disaggregation of Revenue [Abstract]
Unearned revenue	$ 31,755	$ 40,843	$ 49,900
Revenue recognized included in contract liability	38,500	47,200	54,700
Accounts receivable, before allowance for credit loss	$ 67,200	$ 74,400	$ 74,800

STOCK OWNERSHIP PLANS - Weighted Average Prices of Stock Options (Details) - $ / shares	12 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 25, 2022
Share-Based Payment Arrangement [Abstract]
Exercised (in dollars per share)	$ 0	$ 0	$ 11.30
Cancelled (in dollars per share)	0	0	11.30
Outstanding, end of year (in dollars per share)	$ 0	$ 0	$ 11.40

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

12 Months Ended

Sep. 29, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Changes in the carrying amount of goodwill are as follows:


(Thousands of Dollars)	2024	2023

Goodwill, gross amount	1,618,233	1,618,233
Accumulated impairment losses	(1,288,729)	(1,288,729)
Goodwill, beginning of year	329,504	329,504
Disposal	(1,464)	—
Goodwill, end of year	328,040	329,504

Schedule of Intangible Assets

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


(Thousands of Dollars)	September 29 2024	September 24 2023

Non-amortized intangible assets:
Mastheads	10,917	18,675
Amortizable intangible assets:
Customer and newspaper subscriber lists	262,242	306,766
Less accumulated amortization	(203,084)	(230,453)
	59,158	76,313
Identified intangible assets	70,075	94,988

Asset Impairment Charges

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


(Thousands of Dollars)	2024	2023	2022

Non-amortized intangible assets	7,758	7,671	14,203
Property, equipment and other assets	—	—	—
	7,758	7,671	14,203

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Sep. 29, 2024	Sep. 24, 2023
Accounts receivable, allowance for credit loss	$ 6,514	$ 5,260
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	6,190	6,064
Common stock, shares outstanding	6,190	6,064
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

OTHER RETIREMENT PLANS - Other Retirement Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 25, 2022
GCIU- Employer Retirement Fund
Multiemployer Plan [Line Items]
Contribution to multiemployer plan	$ 0	$ 0	$ 0
District No. 9, International Association of Machinists and Aerospace Workers Pension Trust
Multiemployer Plan [Line Items]
Contribution to multiemployer plan	0	0	0
CWA/ITU negotiated Pension Plan
Multiemployer Plan [Line Items]
Contribution to multiemployer plan	0	0	0
IAM National Pension Fund
Multiemployer Plan [Line Items]
Contribution to multiemployer plan	0	45	57
Operating Engineers Central Pension Fund of the International Union of Operating Engineers and Participating Employers
Multiemployer Plan [Line Items]
Contribution to multiemployer plan	$ 0	$ 32	$ 50

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ in Millions	12 Months Ended
	Sep. 29, 2024 USD ($) local_media_operation state strategicBusinessUnit	Sep. 24, 2023 USD ($)
Noncontrolling Interest [Line Items]
Number of media operations \| local_media_operation	73
Number of states in which the entity operates \| state	26
Inventory, LIFO reserve	$ 0.8	$ 1.1
Number of strategic business units \| strategicBusinessUnit	50
Cash collateral for insurance	$ 6.7	$ 7.0
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
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 PLAN - Net Periodic (Benefit) Cost (Details) - Pension Plan - USD ($) $ in Thousands	12 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 25, 2022
Defined Benefit Plan Disclosure [Line Items]
Service cost for benefits earned during the year	$ 5	$ 19	$ 488
Interest cost on projected benefit obligation	9,274	10,368	7,999
Expected return on plan assets	(9,382)	(10,192)	(18,261)
Amortization of net (gain) loss	(4)	10	(3,317)
Amortization of prior service benefit	848	852	641
Settlement gain	(2,409)	0	(4,245)
Curtailment gain	0	0	(1,027)
Net periodic pension cost (benefit)	$ (1,668)	$ 1,057	$ (17,722)

ALLOWANCE FOR CREDIT LOSSES (Tables)

12 Months Ended

Sep. 29, 2024

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)	2024	2023	2022

Balance, beginning of year	5,260	5,237	6,574
Additions charged to expense	13,633	6,942	5,190
Deductions from reserves	(12,379)	(6,919)	(6,527)
Balance, end of year	6,514	5,260	5,237

INCOME TAXES - Narrative (Details) - USD ($)	12 Months Ended
INCOME TAXES - Narrative (Details) - USD ($)	Sep. 24, 2023	Sep. 25, 2022	Sep. 29, 2024
Income Tax Contingency [Line Items]
Unrecognized tax benefits that would impact effective tax rate			$ 2,200,000
Accrued interest related to unrecognized tax benefits	$ 1,200,000		500,000
Accrued penalties related to unrecognized tax benefits	0		0
Deferred tax asset	9,800,000		16,100,000
Valuation allowance	25,765,000		26,500,000
Valuation allowance, increase (decrease)	(900,000)	$ (1,000,000)
Operating loss carryforwards	25,749,000		25,267,000
State and Local Jurisdiction
Income Tax Contingency [Line Items]
Unrecognized tax benefits related to net operating loss	$ 10,700,000		11,400,000
State tax benefits in net operating loss carryforwards			43,300,000
Operating loss carryforwards, subject to expiration			41,300,000
Operating loss carryforwards, not subject to expiration			2,000,000
Operating loss carryforwards			$ 34,200,000

INCOME TAXES - Income Tax (Benefit) Expense Related to Continuing Operations (Details)	12 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 25, 2022
(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	3.80%	(5.40%)	(8.90%)
Net income of associated companies	2.30%	31.20%	(77.20%)
Resolution of tax matters	1.80%	69.70%	(32.20%)
Remeasurement due to state rate changes	2.50%	(84.00%)	(11.20%)
Non-deductible expenses	(3.60%)	(28.50%)	124.00%
Provision to return adjustment	0.40%	(0.50%)	70.20%
Valuation allowance	(2.40%)	28.80%	(123.30%)
State net operating loss expiration	(0.030)	(0.128)	1.352
Wage credit, net addback	0.10%	0.00%	(7.50%)
Warrant valuation	0.00%	0.00%	(1.90%)
Interest and penalties	(0.30%)	(9.00%)	0.00%
Recognition of basis differences	0.016	0.075	0
Other	0.20%	(6.70%)	0.00%
Total percent of income (loss) before income taxes	24.40%	11.30%	88.20%

DEFINED BENEFIT PENSION PLAN (Tables)

12 Months Ended

Sep. 29, 2024

Retirement Benefits [Abstract]

Components of Net Periodic Cost (Benefit)

The net periodic (benefit) cost components of our pension plan is as follows:


(Thousands of Dollars)	2024	2023	2022

Service cost for benefits earned during the year	5	19	488
Interest cost on projected benefit obligation	9,274	10,368	7,999
Expected return on plan assets	(9,382)	(10,192)	(18,261)
Amortization of net (gain) loss	(4)	10	(3,317)
Amortization of prior service benefit	848	852	641
Settlement gain	(2,409)	—	(4,245)
Curtailment gain	—	—	(1,027)
Net periodic pension cost (benefit)	(1,668)	1,057	(17,722)

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


(Thousands of Dollars)	2024	2023	2022

Service cost for benefits earned during the year	50	68	108
Interest cost on projected benefit obligation	596	598	340
Expected return on plan assets	(1,279)	(1,182)	(1,053)
Amortization of net actuarial gain	(1,234)	(1,014)	(994)
Amortization of prior service benefit	(375)	(647)	(647)
Curtailment gain	(1,184)	—	—
Net periodic postretirement benefit	(3,426)	(2,177)	(2,246)

Changes in Benefit Obligations and Plan Assets


(Thousands of Dollars)	2024	2023

Benefit obligation, beginning of year	199,187	210,806
Service cost	5	19
Interest cost	9,274	10,368
Actuarial loss (gain)	15,703	(9,876)
Benefits paid	(13,021)	(12,130)
Settlements	(22,620)	—
Benefit obligation, end of year	188,528	199,187
Fair value of plan assets, beginning of year:	210,031	211,058
Actual return on plan assets	19,957	12,638
Benefits paid	(13,021)	(12,130)
Administrative expenses paid	(1,155)	(1,535)
Settlements	(22,620)	—
Fair value of plan assets, end of year	193,192	210,031
Funded status	4,664	10,844

Changes in projected benefit obligations (which approximates the accumulated benefit obligation at each period end) and plan assets are as follows:


(Thousands of Dollars)	2024	2023

Benefit obligation, beginning of year	11,252	12,287
Service cost	50	68
Interest cost	596	598
Actuarial (gain) loss	1,215	(1,049)
Benefits paid, net of premiums received	(1,712)	(652)
Liability (gain)/loss due to curtailment	(1,184)	—
Benefit obligation, end of year	10,217	11,252
Fair value of plan assets, beginning of year	25,809	23,903
Actual return on plan assets	2,615	2,393
Employer contributions	858	165
Benefits paid, net of premiums and Medicare Part D subsidies received	(1,712)	(660)
Plan participant contributions	—	8
Fair value of plan assets at measurement date	27,570	25,809
Funded status	17,353	14,557

Schedule of Amounts Recognized in Balance Sheet

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


(Thousands of Dollars)	September 29 2024	September 24 2023

Net pension assets	4,664	10,844
Accumulated other comprehensive income (before income taxes)	8,804	16,653

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


(Thousands of Dollars)	September 29 2024	September 24 2023

Non-current assets	23,300	21,565
Postretirement benefit obligations	(5,947)	(7,008)
Accumulated other comprehensive income (before income tax benefit)	17,556	19,043

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

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


(Thousands of Dollars)	September 29 2024	September 24 2023

Unrecognized net actuarial gain	12,550	21,246
Unrecognized prior service cost	(3,746)	(4,593)
	8,804	16,653

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


(Thousands of Dollars)	September 29 2024	September 24 2023

Unrecognized net actuarial gain	15,548	16,660
Unrecognized prior service benefit	2,008	2,383
	17,556	19,043

Defined Benefit Plan, Assumptions

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


(Percent)	September 29 2024	September 24 2023

Discount rate	4.8	5.7
Interest crediting rate	2.5	2.5

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


(Percent)	2024	2023	2022
Discount rate - service cost	5.8	5.8	5.4
Discount rate - interest cost	5.5	5.7	5.3
Expected long-term return on plan assets	5.0	5.0	5.0

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


(Percent)	September 29 2024	September 24 2023

Discount rate	4.6	5.6
Expected long-term return on plan assets	5.0	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.

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


(Percent)	2024	2023	2022

Discount rate - service cost	5.2	5.9	5.5
Discount rate - interest cost	4.4	5.5	5.1
Expected long-term return on plan assets	5.0	5.0	5.0

Schedule of Allocation of Plan Assets

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


(Percent)	Policy Allocation	Policy Allocation	Actual Allocation
Asset Class	September 29 2024	September 24 2023	September 29 2024	September 24 2023
Fixed Income	100	—	95	—
Equity securities	—	25	—	25
Debt securities	—	65	—	62
Hedge fund investments	—	10	3	12
Cash and cash equivalents	—	—	2	1

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


(Percent)	Policy Allocation		Actual Allocation
Asset Class	September 29 2024	September 24 2023		September 29 2024	September 24 2023

Equity securities	25	20		25	20
Debt securities	—	70		—	68
Fixed income securities	75	—		73	—
Hedge fund investment	—	10		—	12
Cash and cash equivalents	—	—		2	—

Schedule of Changes in Fair Value of Plan Assets

The fair value hierarchy of pension assets at September 29, 2024 is as follows:


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

Cash and cash equivalents	—	3,191	—	—
Fixed income securities	5,043	—	179,042	—
Hedge fund investments	5,931	—	—	—

The fair value hierarchy of pension assets at September 24, 2023 was as follows:


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

Cash and cash equivalents	—	1,937	—	—
Domestic equity securities	2,252	30,885	—	—
International equity securities	—	7,565	5,644	—
Emerging equity securities	—	6,263	—	—
Debt securities	—	78,740	52,304	—
Hedge fund investments	24,441	—	—	—

The fair value hierarchy of postretirement assets at September 29, 2024 is as follows:


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

Cash and cash equivalents	—	436	—	—
Equity securities	—	6,983	—	—
Fixed income securities	—	20,392	—	—
Hedge fund investment	236	—	—	—

The fair value hierarchy of postretirement assets at September 24, 2023 is as follows:


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

Cash and cash equivalents	—	93	—	—
Domestic equity securities	870	2,303	—	—
Emerging equity securities	—	535	—	—
International equity securities	—	814	600	—
Debt securities	—	17,615	—	—
Hedge fund investment	2,979	—	—	—

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

The following tables summarize the components of, and the changes in, Accumulated other comprehensive income (loss), net of tax:


(Thousand of Dollars)	Pension and postretirement benefit plans
Balance at September 27, 2021	$	42,187
Other comprehensive loss before reclassifications	$	(20,866)
Amounts reclassified from accumulated other comprehensive income (a)(b)	$	(4,668)
Net current period other comprehensive income (loss), net of taxes	$	(25,534)
Balance at September 25, 2022	$	16,653
Other comprehensive income before reclassifications	$	10,750
Amounts reclassified from accumulated other comprehensive income(a)(b)	$	(560)
Net current period other comprehensive income (loss), net of taxes	$	10,190
Balance at September 24, 2023	$	26,843
Other comprehensive loss before reclassifications	$	(3,924)
Amounts reclassified from accumulated other comprehensive income(a)(b)(c)	$	(2,999)
Net current period other comprehensive income (loss), net of taxes	$	(6,923)
Balance at September 29, 2024	$	19,920

Schedule of Expected Benefit Payments

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


(Thousands of Dollars)

2025			15,591
2026			14,523
2027			14,405
2028			14,262
2029			14,096
2030-2033			66,122

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

2025	853	—	853
2026	891	—	891
2027	909	—	909
2028	898	—	898
2029	881	—	881
2030-2033	3,990	—	3,990

SIGNIFICANT ACCOUNTING POLICIES - Intangible Assets Amortization Period (Details)	Sep. 29, 2024
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

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

GOODWILL AND OTHER INTANGIBLE ASSETS - Identified Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Sep. 24, 2023
Non-amortized intangible assets:
Mastheads	$ 10,917	$ 18,675
Amortizable intangible assets:
Other intangible assets, net	70,075	94,988
Customer and Newspaper Subscriber Lists
Amortizable intangible assets:
Amortizable intangible assets, gross	262,242	306,766
Less accumulated amortization	(203,084)	(230,453)
Amortizable intangibles assets, net	$ 59,158	$ 76,313

OTHER INFORMATION - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 25, 2022
Other Information [Abstract]
Interest	$ 41,232	$ 41,471	$ 41,770
Income tax payments, net	$ 7,374	$ 3,722	$ 5,311

LEASES

12 Months Ended

Sep. 29, 2024

Leases [Abstract]

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 and terminations are 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.

We 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 $8.0 million, 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 29, 2024, the Company has earned monthly rent credits of $0.3 million, making current annual rent of $5.0 million.

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 asset 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 judgment and are made at a specific point in time. During the period ended September 25, 2022, the Company recorded non-cash impairment losses of $7.8 million for right-of-use assets, which is recorded on the Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income under the line item assets loss (gain) on sales, impairments and other.

Total lease expense consists of the following:


(Thousands of Dollars)	2024	2023	2022
Operating lease costs	11,925	12,688	13,786
Variable lease costs	996	1,175	1,201
Short-term lease costs	301	355	217
Total Operating Lease Expense	13,222	14,218	15,204

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


(Thousands of Dollars)	2024	2023	2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflow from operating leases	12,540	13,403	14,325
Right-of-use assets obtained in exchange for operating lease liabilities	4,679	3,855	990

As of September 29, 2024, maturities of lease liabilities were as follows:


(Thousands of Dollars)
2025			11,814
2026			10,078
2027			8,067
2028			6,394
2029			5,808
Thereafter			4,715
Total lease payments			46,877
Less: interest			(8,969)
Present value of lease liabilities			37,908

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.


	2024		2023
Weighted average remaining lease term	4.8 years		5.6 years
Weighted Average discount rate	7.91	%	7.88	%

DEFINED BENEFIT PENSION PLAN - Allocation of Benefit Plan Assets (Details) - Pension Plan	Sep. 29, 2024	Sep. 24, 2023
Fixed Income
Defined Benefit Plan Disclosure [Line Items]
Policy Allocation, percentage	100.00%	0.00%
Actual Allocation, percentage	95.00%	0.00%
Equity securities
Defined Benefit Plan Disclosure [Line Items]
Policy Allocation, percentage	0.00%	25.00%
Actual Allocation, percentage	0.00%	25.00%
Debt securities
Defined Benefit Plan Disclosure [Line Items]
Policy Allocation, percentage	0.00%	65.00%
Actual Allocation, percentage	0.00%	62.00%
Hedge fund investments
Defined Benefit Plan Disclosure [Line Items]
Policy Allocation, percentage	0.00%	10.00%
Actual Allocation, percentage	3.00%	12.00%
Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Policy Allocation, percentage	0.00%	0.00%
Actual Allocation, percentage	2.00%	1.00%

OTHER RETIREMENT PLANS

12 Months Ended

Sep. 29, 2024

Retirement Benefits [Abstract]

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 $3.1 million in 2024, $3.5 million in 2023, and $3.6 million in 2022.

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

2024

2023

Status

2024

2023

2022

Surcharge Imposed

EIN

Expiration Dates of
CBAs

GCIU- Employer Retirement Fund

Critical

Implemented

—

91-6024903

N/A (1)

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

Endangered

Implemented

—

N/A

51-0138317

N/A (1)

CWA/ITU negotiated Pension Plan

Critical

Implemented

—

13-6212879

N/A (1)

IAM National Pension Fund

Green

N/A

—

N/A

51-6031295

N/A (1)

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

Green

N/A

—

N/A

36-6052390

N/A (1)

(1)The Company has withdrawn from the multiemployer plan

The Company has effectuated withdrawals from all 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 29, 2024 and September 24, 2023, we had $23.6 million and $25.1 million of accrued withdrawal liabilities. The liabilities reflect the estimated net present value of payments to the fund, payable over 20 years.

DEFINED BENEFIT PENSION PLAN

12 Months Ended

Sep. 29, 2024

Retirement Benefits [Abstract]

DEFINED BENEFIT PENSION PLAN

The net periodic (benefit) cost components of our pension plan is as follows:


(Thousands of Dollars)	2024	2023	2022

Service cost for benefits earned during the year	5	19	488
Interest cost on projected benefit obligation	9,274	10,368	7,999
Expected return on plan assets	(9,382)	(10,192)	(18,261)
Amortization of net (gain) loss	(4)	10	(3,317)
Amortization of prior service benefit	848	852	641
Settlement gain	(2,409)	—	(4,245)
Curtailment gain	—	—	(1,027)
Net periodic pension cost (benefit)	(1,668)	1,057	(17,722)

Changes in projected benefit obligations (which approximates the accumulated benefit obligation at each period end) and plan assets are as follows:


(Thousands of Dollars)	2024	2023

Benefit obligation, beginning of year	199,187	210,806
Service cost	5	19
Interest cost	9,274	10,368
Actuarial loss (gain)	15,703	(9,876)
Benefits paid	(13,021)	(12,130)
Settlements	(22,620)	—
Benefit obligation, end of year	188,528	199,187
Fair value of plan assets, beginning of year:	210,031	211,058
Actual return on plan assets	19,957	12,638
Benefits paid	(13,021)	(12,130)
Administrative expenses paid	(1,155)	(1,535)
Settlements	(22,620)	—
Fair value of plan assets, end of year	193,192	210,031
Funded status	4,664	10,844

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


(Thousands of Dollars)	September 29 2024	September 24 2023

Net pension assets	4,664	10,844
Accumulated other comprehensive income (before income taxes)	8,804	16,653

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


(Thousands of Dollars)	September 29 2024	September 24 2023

Unrecognized net actuarial gain	12,550	21,246
Unrecognized prior service cost	(3,746)	(4,593)
	8,804	16,653

We expect to recognize $0.8 million of unrecognized prior service cost in net periodic pension costs in 2025.

Assumptions

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


(Percent)	September 29 2024	September 24 2023

Discount rate	4.8	5.7
Interest crediting rate	2.5	2.5

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


(Percent)	2024	2023	2022
Discount rate - service cost	5.8	5.8	5.4
Discount rate - interest cost	5.5	5.7	5.3
Expected long-term return on plan assets	5.0	5.0	5.0

Plan Assets

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


(Percent)	Policy Allocation	Policy Allocation	Actual Allocation
Asset Class	September 29 2024	September 24 2023	September 29 2024	September 24 2023
Fixed Income	100	—	95	—
Equity securities	—	25	—	25
Debt securities	—	65	—	62
Hedge fund investments	—	10	3	12
Cash and cash equivalents	—	—	2	1

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

Fair Value Measurements

The fair value hierarchy of pension assets at September 29, 2024 is as follows:


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

Cash and cash equivalents	—	3,191	—	—
Fixed income securities	5,043	—	179,042	—
Hedge fund investments	5,931	—	—	—

The fair value hierarchy of pension assets at September 24, 2023 was as follows:


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

Cash and cash equivalents	—	1,937	—	—
Domestic equity securities	2,252	30,885	—	—
International equity securities	—	7,565	5,644	—
Emerging equity securities	—	6,263	—	—
Debt securities	—	78,740	52,304	—
Hedge fund investments	24,441	—	—	—


			•			U.S. small cap value equity common/collective fund for which fund prices are not publicly available. This investment was completely liquidated during 2024, the balance was $2.3 million as of September 24, 2023. 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 investment was completely liquidated during 2024, the balance was $11.7 million as of September 24, 2023. 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 $5.9 million and $12.7 million as of September 29, 2024 and September 24, 2023, respectively. We can redeem up to 50% of our investment in this fund twice per year.

			•			Global long common/collective fund for which funds prices are not publicly available. The balance of this investment is $2.5 million as of September 29, 2024. We can redeem this fund on a daily basis.

			•			Global long/short common/collective fund for which funds prices are not publicly available. The balance of this investment is $2.5 million as of September 29, 2024. We can redeem this fund on a daily basis.

Accumulated Other Comprehensive Income (Loss)

The following tables summarize the components of, and the changes in, Accumulated other comprehensive income (loss), net of tax:


(Thousand of Dollars)	Pension and postretirement benefit plans
Balance at September 27, 2021	$	42,187
Other comprehensive loss before reclassifications	$	(20,866)
Amounts reclassified from accumulated other comprehensive income (a)(b)	$	(4,668)
Net current period other comprehensive income (loss), net of taxes	$	(25,534)
Balance at September 25, 2022	$	16,653
Other comprehensive income before reclassifications	$	10,750
Amounts reclassified from accumulated other comprehensive income(a)(b)	$	(560)
Net current period other comprehensive income (loss), net of taxes	$	10,190
Balance at September 24, 2023	$	26,843
Other comprehensive loss before reclassifications	$	(3,924)
Amounts reclassified from accumulated other comprehensive income(a)(b)(c)	$	(2,999)
Net current period other comprehensive income (loss), net of taxes	$	(6,923)
Balance at September 29, 2024	$	19,920

Cash Flows

Based on our forecast at September 29, 2024, we expect to make no contributions to our pension trust in 2025.

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


(Thousands of Dollars)

2025			15,591
2026			14,523
2027			14,405
2028			14,262
2029			14,096
2030-2033			66,122

Other Plans

POSTRETIREMENT AND POSTEMPLOYMENT BENEFITS

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


(Thousands of Dollars)	2024	2023	2022

Service cost for benefits earned during the year	50	68	108
Interest cost on projected benefit obligation	596	598	340
Expected return on plan assets	(1,279)	(1,182)	(1,053)
Amortization of net actuarial gain	(1,234)	(1,014)	(994)
Amortization of prior service benefit	(375)	(647)	(647)
Curtailment gain	(1,184)	—	—
Net periodic postretirement benefit	(3,426)	(2,177)	(2,246)

Changes in projected benefit obligations (which approximates the accumulated benefit obligation at each period end) and plan assets are as follows:


(Thousands of Dollars)	2024	2023

Benefit obligation, beginning of year	11,252	12,287
Service cost	50	68
Interest cost	596	598
Actuarial (gain) loss	1,215	(1,049)
Benefits paid, net of premiums received	(1,712)	(652)
Liability (gain)/loss due to curtailment	(1,184)	—
Benefit obligation, end of year	10,217	11,252
Fair value of plan assets, beginning of year	25,809	23,903
Actual return on plan assets	2,615	2,393
Employer contributions	858	165
Benefits paid, net of premiums and Medicare Part D subsidies received	(1,712)	(660)
Plan participant contributions	—	8
Fair value of plan assets at measurement date	27,570	25,809
Funded status	17,353	14,557

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


(Thousands of Dollars)	September 29 2024	September 24 2023

Non-current assets	23,300	21,565
Postretirement benefit obligations	(5,947)	(7,008)
Accumulated other comprehensive income (before income tax benefit)	17,556	19,043

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


(Thousands of Dollars)	September 29 2024	September 24 2023

Unrecognized net actuarial gain	15,548	16,660
Unrecognized prior service benefit	2,008	2,383
	17,556	19,043

We expect to recognize $1.2 million and $0.3 million of unrecognized net actuarial gain and unrecognized prior service benefit, respectively, in net periodic postretirement benefit in 2025.

Assumptions

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


(Percent)	September 29 2024	September 24 2023

Discount rate	4.6	5.6
Expected long-term return on plan assets	5.0	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.

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


(Percent)	2024	2023	2022

Discount rate - service cost	5.2	5.9	5.5
Discount rate - interest cost	4.4	5.5	5.1
Expected long-term return on plan assets	5.0	5.0	5.0

Assumed health care cost trend rates are as follows:


(Percent)	September 29 2024	September 24 2023

Health care cost trend rates	18.9	3.9
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	2034	2033

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

expectations. The plans also recognized actuarial gains due to increases in bond yields that resulted in increases to the discount rates.

Plan Assets

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 29 2024	September 24 2023		September 29 2024	September 24 2023

Equity securities	25	20		25	20
Debt securities	—	70		—	68
Fixed income securities	75	—		73	—
Hedge fund investment	—	10		—	12
Cash and cash equivalents	—	—		2	—

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

Fair Value Measurements

The fair value hierarchy of postretirement assets at September 29, 2024 is as follows:


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

Cash and cash equivalents	—	436	—	—
Equity securities	—	6,983	—	—
Fixed income securities	—	20,392	—	—
Hedge fund investment	236	—	—	—

The fair value hierarchy of postretirement assets at September 24, 2023 is as follows:


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

Cash and cash equivalents	—	93	—	—
Domestic equity securities	870	2,303	—	—
Emerging equity securities	—	535	—	—
International equity securities	—	814	600	—
Debt securities	—	17,615	—	—
Hedge fund investment	2,979	—	—	—


			•			U.S. small cap value equity common/collective fund for which fund prices are not publicly available. The balance of this investment is $— and $0.9 million as of September 29, 2024 and September 24, 2023, 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 $0.2 million and $3.0 million as of September 29, 2024 and September 24, 2023, 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 29, 2024, we do not expect to contribute to our postretirement plans in 2025.

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

2025	853	—	853
2026	891	—	891
2027	909	—	909
2028	898	—	898
2029	881	—	881
2030-2033	3,990	—	3,990

Postemployment Plan

Our postemployment benefit obligation, which represents certain disability benefits, was $1.6 million at September 29, 2024 and $1.6 million at September 24, 2023.

- Definition

The entire disclosure for retirement benefits.

+ References

+ Details

STOCK OWNERSHIP PLANS (Tables)

12 Months Ended

Sep. 29, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

A summary of stock option activity is as follows:


(Thousands of Shares)	2024	2023	2022

Outstanding, beginning of year	—	—	36
Exercised	—	—	(9)
Canceled	—	—	(27)
Outstanding, end of year	—	—	—
Exercisable, end of year	—	—	—

Weighted Average Prices of Stock Options

Weighted average prices of stock options are as follows:


(Dollars)	2024	2023	2022

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

Summary of Restricted Common Stock

A summary of restricted Common Stock activity is as follows:


(Thousands of Shares)	2024	2023	2022

Outstanding, beginning of year	162	165	154
Granted	93	69	78
Vested	(35)	(62)	(66)
Forfeited	(1)	(10)	(1)
Outstanding, end of year	219	162	165

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


(Dollars)	2024	2023	2022

Outstanding, beginning of year	21.14	21.21	16.70
Granted	9.56	17.87	30.01
Vested	11.79	17.27	20.93
Forfeited	14.24	24.04	23.60
Outstanding, end of year	17.74	21.14	21.21

SIGNIFICANT ACCOUNTING POLICIES - Components of Inventory (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Sep. 24, 2023
Inventory [Line Items]
Specific identification	$ 3,081	$ 4,519
Inventories	5,643	7,504
Newsprint
Inventory [Line Items]
FIFO method	71	200
LIFO method	465	612
Other Inventory
Inventory [Line Items]
FIFO method	$ 2,026	$ 2,173

COMMITMENTS AND CONTINGENT LIABILITIES	12 Months Ended
COMMITMENTS AND CONTINGENT LIABILITIES	Sep. 29, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENT LIABILITIES	COMMITMENTS AND CONTINGENT LIABILITIES Capital Expenditures At September 29, 2024, we had construction and equipment purchase commitments totaling approximately $6.4 million. 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 12. 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 (Loss) 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 except for one case, which amounts are recognized in "Prepaids and Other" and "Compensation and other accrued liabilities" on the Consolidated Balance Sheets), 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. The Company was named as a defendant by a group of Plaintiffs acting on behalf of a proposed class of digital subscribers in a lawsuit in 2022. The lawsuit alleged that the Company violated the Video Privacy Protection Act (“VPPA”) by using pixels to track subscribers’ video viewing activity on Company websites and sharing it with Meta without consent. The Company has agreed to a preliminary settlement with the Plaintiffs for $9.5 million, subject to required court approval. The entire settlement amount will be paid by the Company’s insurance carriers. The settlement liability and insurance receivable are recorded within “Compensation and other accrued liabilities” and “Prepaids and other” on the Consolidated Balance Sheets as of September 29, 2024, respectively.

OTHER INFORMATION - Compensation and Other Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Sep. 24, 2023
Other Information [Abstract]
Compensation	$ 8,819	$ 9,114
Retirement plans	272	327
Other	30,079	20,007
Compensation and other accrued liabilities	$ 39,170	$ 29,448

DEFINED BENEFIT PENSION PLAN - Amounts Recognized in Accumulated Other Comprehensive Income (Loss) (Details) - Pension Plan - USD ($) $ in Thousands	12 Months Ended
	Sep. 29, 2024	Sep. 24, 2023
Defined Benefit Plan Disclosure [Line Items]
Unrecognized net actuarial gain	$ 12,550	$ 21,246
Unrecognized prior service cost	(3,746)	(4,593)
Amounts recognized in accumulated other comprehensive income (loss)	$ 8,804	$ 16,653

- Definition

Amount, before tax, after reclassification adjustment, of (increase) decrease in accumulated other comprehensive income for defined benefit plan.

+ References + Details

SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Sep. 29, 2024

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 73 principally mid-sized media operations (including TNI Partners ("TNI") and Madison Newspapers, Inc. ("MNI")) across 26 states.

SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Fiscal Year

Accounting Estimates

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 29, 2024 and September 24, 2023 are less than replacement cost by $0.8 million and $1.1 million, respectively.

The components of inventory by cost method are as follows:


(Thousands of Dollars)	September 29, 2024	September 24, 2023

Newsprint - FIFO method	71	200
Newsprint - LIFO method	465	612
Other inventory - FIFO method	2,026	2,173
Specific identification	3,081	4,519
	5,643	7,504

Investments

The Company has elected to account for distributions under the cumulative earnings approach.

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 2024, 2023 and 2022 was $10.4 million, $11.6 million, and $14.4 million, respectively.

Goodwill and Other Intangible Assets

Goodwill and other intangible assets are summarized in Note 4. 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 with the acquisition of BH Media Group, Inc. and The Buffalo News, Inc. in 2020, 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

Revenue Recognition

Restructuring Costs and Other

Pension, Postretirement and Postemployment Benefit Plans

applicable, employee turnover rates, anticipated mortality rates, expected investment returns on plan assets, asset allocation assumptions of plan assets and other factors.

Multiemployer Pension Plans

Income Taxes

Fair Value Measurements

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 measured at fair value are as follows:

Financial instruments consist of short term deposits valued based on quoted prices in active markets. Such investments are classified as Level 1.

Segments

Stock Compensation

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.

Uninsured Risks

New Accounting Pronouncements not yet Adopted

POSTRETIREMENT AND POSTEMPLOYMENT BENEFITS - Fair Value Hierarchy of Benefit Plan Assets (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Sep. 24, 2023	Sep. 25, 2022
NAV \| Hedge fund investments
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets		$ 2,979
Level 1 \| Hedge fund investments
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets		0
Level 2 \| Hedge fund investments
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets		0
Level 3 \| Hedge fund investments
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets		0
Other Postretirement Benefits Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	$ 27,570	25,809	$ 23,903
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		870
Other Postretirement Benefits Plan \| NAV \| 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
Other Postretirement Benefits Plan \| NAV \| Debt securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets		0
Other Postretirement Benefits Plan \| NAV \| Fixed income securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	0
Other Postretirement Benefits Plan \| NAV \| Hedge fund investments
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	236
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	436	93
Other Postretirement Benefits Plan \| Level 1 \| Domestic equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets		2,303
Other Postretirement Benefits Plan \| Level 1 \| Equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	6,983	535
Other Postretirement Benefits Plan \| Level 1 \| International equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets		814
Other Postretirement Benefits Plan \| Level 1 \| Debt securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets		17,615
Other Postretirement Benefits Plan \| Level 1 \| Fixed income securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	20,392
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
Other Postretirement Benefits Plan \| Level 2 \| 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		600
Other Postretirement Benefits Plan \| Level 2 \| Debt securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets		0
Other Postretirement Benefits Plan \| Level 2 \| Fixed income securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	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
Other Postretirement Benefits Plan \| Level 3 \| 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
Other Postretirement Benefits Plan \| Level 3 \| Debt securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets		$ 0
Other Postretirement Benefits Plan \| Level 3 \| Fixed income securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Postretirement assets	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