Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Oct. 03, 2020 | Oct. 28, 2020 | Mar. 28, 2020 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000764401 | ||
Entity Registrant Name | INSTEEL INDUSTRIES INC | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --10-03 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Oct. 3, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 1-9929 | ||
Entity Incorporation, State or Country Code | NC | ||
Entity Tax Identification Number | 56-0674867 | ||
Entity Address, Address Line One | 1373 Boggs Drive | ||
Entity Address, City or Town | Mount Airy | ||
Entity Address, State or Province | NC | ||
Entity Address, Postal Zip Code | 27030 | ||
City Area Code | 336 | ||
Local Phone Number | 786-2141 | ||
Title of 12(b) Security | Common Stock (No Par Value) | ||
Trading Symbol | IIIN | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 216,551,141 | ||
Entity Common Stock, Shares Outstanding | 19,305,612 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Oct. 03, 2020 | Sep. 28, 2019 | Sep. 29, 2018 | |
Net sales | $ 472,618 | $ 455,713 | $ 453,217 |
Cost of sales | 416,831 | 425,652 | 382,410 |
Gross profit | 55,787 | 30,061 | 70,807 |
Selling, general and administrative expense | 31,348 | 24,504 | 28,304 |
Restructuring charges, net | 1,695 | 0 | 0 |
Acquisition costs | 195 | 0 | 0 |
Other expense (income), net | (1,254) | (1,773) | 274 |
Interest expense | 106 | 168 | 114 |
Interest income | (473) | (293) | (515) |
Earnings before income taxes | 24,170 | 7,455 | 42,630 |
Income taxes | 5,161 | 1,857 | 6,364 |
Net earnings | $ 19,009 | $ 5,598 | $ 36,266 |
Net earnings per share: | |||
Basic (in dollars per share) | $ 0.99 | $ 0.29 | $ 1.90 |
Diluted (in dollars per share) | 0.98 | 0.29 | 1.88 |
Cash dividends declared (in dollars per share) | $ 0.12 | $ 0.12 | $ 1.12 |
Weighted average shares outstanding: | |||
Basic (in shares) | 19,278 | 19,243 | 19,079 |
Diluted (in shares) | 19,383 | 19,340 | 19,277 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |||
Oct. 03, 2020 | Sep. 28, 2019 | Sep. 29, 2018 | ||
Net earnings | $ 19,009 | $ 5,598 | $ 36,266 | |
Adjustment to defined benefit plan liability, net of income taxes of ($93), $239 and ($44), respectively | 292 | (754) | 139 | |
Other comprehensive (loss) income | [1] | 292 | (754) | 139 |
Comprehensive income | $ 19,301 | $ 4,844 | $ 36,405 | |
[1] | Activity within accumulated other comprehensive income (loss) is reported net of related income taxes: 2018 ($44), 2019 $239 and 2020 ($93). |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 03, 2020 | Sep. 28, 2019 | Sep. 29, 2018 | |
Adjustment to defined benefit plan liability, income taxes | $ (93) | $ 239 | $ (44) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 03, 2020 | Sep. 28, 2019 |
Assets: | ||
Cash and cash equivalents | $ 68,688 | $ 38,181 |
Accounts receivable, net | 53,817 | 44,182 |
Inventories | 68,963 | 70,851 |
Other current assets | 5,570 | 7,370 |
Total current assets | 197,038 | 160,584 |
Property, plant and equipment, net | 101,392 | 104,960 |
Intangibles, net | 8,567 | 8,610 |
Goodwill | 9,745 | 8,293 |
Other assets | 21,160 | 10,562 |
Total assets | 337,902 | 293,009 |
Liabilities and shareholders’ equity: | ||
Accounts payable | 38,961 | 21,595 |
Accrued expenses | 14,717 | 6,818 |
Total current liabilities | 53,678 | 28,413 |
Other liabilities | 19,421 | 18,579 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Preferred stock, no par value Authorized shares: 1,000 None issued | 0 | 0 |
Common stock, $1 stated value Authorized shares: 50,000 Issued and outstanding shares: 2020, 19,304; 2019, 19,261 | 19,304 | 19,261 |
Additional paid-in capital | 76,387 | 74,632 |
Retained earnings | 171,068 | 154,372 |
Accumulated other comprehensive loss | (1,956) | (2,248) |
Total shareholders’ equity | 264,803 | 246,017 |
Total liabilities and shareholders’ equity | $ 337,902 | $ 293,009 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares shares in Thousands | Oct. 03, 2020 | Sep. 28, 2019 |
Preferred stock, no par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 1,000 | 1,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 50,000 | 50,000 |
Common stock, shares issued (in shares) | 19,304 | 19,261 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total | |
Balance (in shares) at Sep. 30, 2017 | 19,041 | |||||
Balance at Sep. 30, 2017 | $ 19,041 | $ 69,817 | $ 135,851 | $ (1,333) | $ 223,376 | |
Net earnings | 36,266 | 36,266 | ||||
Other comprehensive (loss) income | [1] | 139 | $ 139 | |||
Stock options exercised (in shares) | 143 | 196 | ||||
Stock options exercised | $ 143 | 1,938 | $ 2,081 | |||
Vesting of restricted stock units (in shares) | 39 | |||||
Vesting of restricted stock units | $ 39 | (39) | ||||
Compensation expense associated with stock-based plans | 2,078 | 2,078 | ||||
Restricted stock units and stock options surrendered for withholding taxes payable | (942) | (942) | ||||
Reclassification of stranded tax effects | 300 | (300) | 0 | |||
Cash dividends declared | (21,333) | (21,333) | ||||
Balance (in shares) at Sep. 29, 2018 | 19,223 | |||||
Balance at Sep. 29, 2018 | $ 19,223 | 72,852 | 151,084 | (1,494) | 241,665 | |
Net earnings | 5,598 | 5,598 | ||||
Other comprehensive (loss) income | [1] | (754) | $ (754) | |||
Stock options exercised (in shares) | 5 | |||||
Vesting of restricted stock units (in shares) | 38 | |||||
Vesting of restricted stock units | $ 38 | (38) | $ 0 | |||
Compensation expense associated with stock-based plans | 2,057 | 2,057 | ||||
Restricted stock units and stock options surrendered for withholding taxes payable | (239) | (239) | ||||
Cash dividends declared | (2,310) | (2,310) | ||||
Balance (in shares) at Sep. 28, 2019 | 19,261 | |||||
Balance at Sep. 28, 2019 | $ 19,261 | 74,632 | 154,372 | (2,248) | 246,017 | |
Net earnings | 19,009 | 19,009 | ||||
Other comprehensive (loss) income | [1] | 292 | 292 | |||
Vesting of restricted stock units (in shares) | 43 | |||||
Vesting of restricted stock units | $ 43 | (43) | 0 | |||
Compensation expense associated with stock-based plans | 2,028 | 2,028 | ||||
Restricted stock units and stock options surrendered for withholding taxes payable | (230) | (230) | ||||
Cash dividends declared | (2,313) | (2,313) | ||||
Balance (in shares) at Oct. 03, 2020 | 19,304 | |||||
Balance at Oct. 03, 2020 | $ 19,304 | $ 76,387 | $ 171,068 | $ (1,956) | $ 264,803 | |
[1] | Activity within accumulated other comprehensive income (loss) is reported net of related income taxes: 2018 ($44), 2019 $239 and 2020 ($93). |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Oct. 03, 2020 | Sep. 28, 2019 | Sep. 29, 2018 | |
Cash Flows From Operating Activities: | |||
Net earnings | $ 19,009,000 | $ 5,598,000 | $ 36,266,000 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 14,255,000 | 13,553,000 | 12,818,000 |
Amortization of capitalized financing costs | 66,000 | 65,000 | 65,000 |
Stock-based compensation expense | 2,028,000 | 2,057,000 | 2,078,000 |
Deferred income taxes | (424,000) | 1,798,000 | (2,807,000) |
Asset impairment charges | 343,000 | 0 | 0 |
Loss (gain) on sale and disposition of property, plant and equipment | (1,114,000) | (1,688,000) | 381,000 |
Increase in cash surrender value of life insurance policies over premiums paid | (243,000) | (187,000) | (553,000) |
Gain from life insurance proceeds | (200,000) | 0 | 0 |
Net changes in assets and liabilities (net of assets and liabilities acquired): | |||
Accounts receivable, net | (5,806,000) | 7,302,000 | (11,200,000) |
Inventories | 5,060,000 | 23,306,000 | (12,304,000) |
Accounts payable and accrued expenses | 20,159,000 | (42,592,000) | 28,234,000 |
Other changes | 3,091,000 | (2,604,000) | 991,000 |
Total adjustments | 37,215,000 | 1,010,000 | 17,703,000 |
Net cash provided by operating activities | 56,224,000 | 6,608,000 | 53,969,000 |
Cash Flows From Investing Activities: | |||
Acquisition of business | (18,356,000) | 0 | (3,300,000) |
Capital expenditures | (7,114,000) | (10,512,000) | (18,449,000) |
Proceeds from property insurance | 0 | 1,192,000 | 0 |
Proceeds from sale of property, plant and equipment | 40,000 | 19,000 | 0 |
Proceeds from surrender of life insurance policies | 260,000 | 67,000 | 165,000 |
Increase in cash surrender value of life insurance policies | (390,000) | (322,000) | (355,000) |
Proceeds from sale of assets held for sale | 2,186,000 | 0 | 0 |
Proceeds from life insurance claims | 200,000 | 0 | 0 |
Net cash used for investing activities | (23,174,000) | (9,556,000) | (21,939,000) |
Cash Flows From Financing Activities: | |||
Proceeds from long-term debt | 322,000 | 44,333,000 | 372,000 |
Principal payments on long-term debt | (322,000) | (44,333,000) | (372,000) |
Cash dividends paid | (2,313,000) | (2,310,000) | (21,333,000) |
Cash received from exercise of stock options | 0 | 0 | 2,081,000 |
Payment of employee tax withholdings related to net share transactions | (230,000) | (239,000) | (942,000) |
Financing costs | 0 | (263,000) | 0 |
Net cash used for financing activities | (2,543,000) | (2,812,000) | (20,194,000) |
Net increase (decrease) in cash and cash equivalents | 30,507,000 | (5,760,000) | 11,836,000 |
Cash and cash equivalents at beginning of period | 38,181,000 | 43,941,000 | 32,105,000 |
Cash and cash equivalents at end of period | 68,688,000 | 38,181,000 | 43,941,000 |
Supplemental Disclosures of Cash Flow Information: | |||
Interest | 0 | 49,000 | 0 |
Income taxes, net | 1,919,000 | 1,743,000 | 7,777,000 |
Non-cash investing and financing activities: | |||
Purchases of property, plant and equipment in accounts payable | 769,000 | 377,000 | 967,000 |
Restricted stock units and stock options surrendered for withholding taxes payable | 230,000 | 239,000 | 942,000 |
Payable related to holdback for business acquired | $ 1,000,000 | $ 0 | $ 0 |
Note 1 - Description of Busines
Note 1 - Description of Business | 12 Months Ended |
Oct. 03, 2020 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | ( 1 Insteel Industries, Inc. (“we,” “us,” “our,” “Insteel” or “the Company”) is the nation’s largest manufacturer of steel wire reinforcing products for concrete construction applications. Insteel is the parent holding company for two On March 16, 2020, 5 We have evaluated all subsequent events that occurred after the balance sheet date through 10 no |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Oct. 03, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | ( 2 Fiscal year. 52 53 September 30. 2020 53 2019 2018 52 Principles of consolidation . Use of estimates. no not Cash equivalents . three Concentration of c redit r isk . one The majority of our accounts receivable are due from customers that are located in the U.S. and are generally not no Stock- b ased c ompensation . 718, E mployee benefit plan . 715, 715, The discount rate we utilize for determining net periodic pension cost and the related benefit obligation for the SRBAs is based, in part, on current interest rates earned on long-term bonds that receive one two 2021 2021 The assumed discount rate is reevaluated annually. A reduction in the assumed discount rate generally results in an actuarial loss, as the actuarially-determined present value of estimated future benefit payments will increase. Conversely, an increase in the assumed discount rate generally results in an actuarial gain. However, any actuarial gains generated in future periods reduce the negative amortization effect of any cumulative unamortized actuarial losses, while any actuarial losses generated in future periods reduce the favorable amortization effect of any cumulative unamortized actuarial gains. The projected benefit obligations and net periodic pension cost for the SRBAs are based in part on expected increases in future compensation levels. Our assumption for the expected increase in future compensation levels is based upon our average historical experience and our intentions regarding future compensation increases, which generally approximates average long-term inflation rates. A 0.25% decrease in the assumed discount rate for our SRBAs would have increased our projected and accumulated benefit obligations as of October 3, 2020 2021 Revenue recognition . Inventories . first first Property, plant and equipment. 2020, 2019 2018 No 2020, 2019 2018. Goodwill . not not may first fourth not may five may no 2020. no Long-lived assets . 7 may not may not 2020, 5 no 2019 2018. Fair value of financial instruments . Income taxes. no not not may may Earnings per share. not |
Note 3 - Recent Accounting Pron
Note 3 - Recent Accounting Pronouncements | 12 Months Ended |
Oct. 03, 2020 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | ( 3 ) Recent Accounting Pronouncements Current Adoptions In February 2016, No. 2016 02 842 twelve first 2020 one not September 29, 2019. not In May 2017, No. 2017 09 718 No. 2017 09 No. 2017 09 first 2020. not Future Adoptions In June 2016, No. 2016 13 No. 2016 13 No. 2016 13 first 2021. not In January 2017, No. 2017 04 350 2 No. 2017 04 first 2021 not In December 2019, 2019 12 740 No. 2019 12 ASC740 2019 12 first 2021. not |
Note 4 - Revenue Recognition
Note 4 - Revenue Recognition | 12 Months Ended |
Oct. 03, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | ( 4 ) Revenue Recognition We recognize revenues when performance obligations under the terms of a contract with our customers are satisfied, which generally occurs when products are shipped and control is transferred. We enter into contracts that pertain to products, which are accounted for as separate performance obligations and typically one not No. 2014 09 not one Variable consideration that may not Contract assets primarily relate to our rights to consideration for products that are delivered but not not not October 3, 2020. Accounts receivable includes amounts billed and currently due from customers stated at their net estimated realizable value. Customer payment terms are generally 30 not See Note 15 |
Note 5 - Business Combination
Note 5 - Business Combination | 12 Months Ended |
Oct. 03, 2020 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | ( 5 ) Business Combination On March 16, 2020, one STM was a leading manufacturer of PC strand for concrete construction applications. We acquired, among other assets, STM’s accounts receivable, inventories, production equipment and facility located in Summerville, South Carolina, and assumed certain of its accounts payable and accrued liabilities. The STM Acquisition serves to strengthen our competitive position as we contend with increased low-priced import competition. Following is a summary of our final allocation of the adjusted purchase price to the fair values of the assets acquired and liabilities assumed as of the acquisition date: (In thousands) Assets acquired: Accounts receivable $ 3,829 Inventories 3,172 Other current assets 178 Property, plant and equipment 10,919 Intangibles 970 Total assets acquired $ 19,068 Liabilities assumed: Accounts payable $ 852 Accrued expenses 312 Total liabilities assumed 1,164 Net assets acquired 17,904 Adjusted purchase price 19,356 Goodwill $ 1,452 In connection with the STM Acquisition, we acquired certain intangible assets including customer relationships, a trade name and non-competition agreement. Goodwill associated with the STM Acquisition, which is deductible for tax purposes, consists largely of the synergies we expect to realize through the integration of the acquired assets with our operations. The STM Acquisition was accounted for as a business purchase pursuant to ASC Topic 805, Business Combinations 805” 805, Following the STM Acquisition, net sales of the STM facility in 2020 2020 The following unaudited supplemental pro forma financial information reflects our combined results of operations had the STM Acquisition occurred at the beginning of 2019. not may not 2019, Years Ended October 3, September 28, (In thousands) 2020 2019 Net sales $ 485,121 $ 487,467 Earnings before income taxes 22,628 6,085 Net earnings 16,950 4,542 Restructuring charges. three third 2020. 2020: Employee Equipment Facility Loss (Gain) (In thousands) Separation Relocation Closure Asset on Sale of Costs Costs Costs Impairments Equipment Total 2020 Restructuring charges, net $ 182 $ 482 $ 806 $ 343 $ (118 ) $ 1,695 Cash payments (182 ) (462 ) (655 ) - - (1,299 ) Non-cash charges - - - (343 ) 118 (225 ) Liability as of October 3, 2020 $ - $ 20 $ 151 $ - $ - $ 171 As of October 3, 2020, Acquisition costs. 2020, |
Note 6 - Fair Value Measurement
Note 6 - Fair Value Measurements | 12 Months Ended |
Oct. 03, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | ( 6 ) Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The authoritative guidance for fair value measurements establishes a three three Level 1 Level 2 1, Level 3 no As of October 3, 2020 September 28, 2019, (In thousands) Total Quoted Prices in Active Markets (Level 1) Observable Inputs (Level 2) As of October 3, 2020: Current assets: Cash equivalents $ 72,234 $ 72,234 $ - Other assets: Cash surrender value of life insurance policies 10,584 - 10,584 Total $ 82,818 $ 72,234 $ 10,584 As of September 28, 2019: Current assets: Cash equivalents $ 37,826 $ 37,826 $ - Other assets: Cash surrender value of life insurance policies 10,211 - 10,211 Total $ 48,037 $ 37,826 $ 10,211 Cash equivalents, which include all highly liquid investments with original maturities of three 1 2. As of October 3, 2020 September 28, 2019, 5 |
Note 7 - Intangible Assets
Note 7 - Intangible Assets | 12 Months Ended |
Oct. 03, 2020 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | ( 7 ) Intangible Assets The primary components of our intangible assets and the related accumulated amortization are as follows: (In thousands) Weighted- Average Useful Life (Years) Gross Accumulated Amortization Net Book Value As of October 3, 2020: Customer relationships 17.1 $ 9,870 $ (2,837 ) $ 7,033 Developed technology and know-how 20.0 1,800 (551 ) 1,249 Non-competition agreements 5.0 1,860 (1,663 ) 197 Trade name 2.7 250 (162 ) 88 $ 13,780 $ (5,213 ) $ 8,567 As of September 28, 2019: Customer relationships 16.9 $ 9,070 $ (2,207 ) $ 6,863 Developed technology and know-how 20.0 1,800 (461 ) 1,339 Non-competition agreements 5.0 1,800 (1,466 ) 334 Trade name 4.0 140 (66 ) 74 $ 12,810 $ (4,200 ) $ 8,610 Amortization expense for intangibles was $1.0 million in 2020, 2019 2018. five no 2021, 2022, 2023, 2024 2025. |
Note 8 - Long-term Debt
Note 8 - Long-term Debt | 12 Months Ended |
Oct. 03, 2020 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | ( 8 ) Long-Term Debt Revolving Credit Facility. May 2019, June 2010. May 13, 2020 May 15, 2024 may $100.0 October 3, 2020, September 28, 2019, Interest rates on the Credit Facility are based upon ( 1 2 October 3, 2020, Our ability to borrow available amounts under the Credit Facility will be restricted or eliminated in the event of certain covenant breaches, events of default or if we are unable to make certain representations and warranties provided for under the terms of the Credit Facility. We are required to maintain a fixed charge coverage ratio of not twelve third not October 3, 2020, not Amortization of capitalized financing costs associated with the Credit Facility was $66,000 in 2020, 2019 2018. five Fiscal year In thousands 2021 $ 65 2022 65 2023 65 2024 41 |
Note 9 - Stock-based Compensati
Note 9 - Stock-based Compensation | 12 Months Ended |
Oct. 03, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | ( 9 ) Stock-Based Compensation Under our equity incentive plan, employees and directors may February 11, 2020, 2015 “2015 February 17, 2025. October 3, 2020, 2015 Stock option awards . may three ten 2020, 2019 2018. October 3, 2020, The fair value of each option award granted is estimated on the date of grant using a Monte Carlo valuation model. The weighted-average estimated fair values of stock options granted during 2020, 2019 2018 Year Ended Octo ber 3 , Septem ber 28 , Septem ber 29 , 20 20 201 9 201 8 Expected term (in years) 4.81 4.59 4.79 Risk-free interest rate 2.75 % 2.03 % 2.71 % Expected volatility 47.18 % 42.79 % 37.32 % Expected dividend yield 0.59 % 0.56 % 0.37 % The assumptions utilized in the Monte Carlo valuation model are evaluated and revised, as necessary, to reflect market conditions and actual historical experience. The expected term for options was based on the results of a Monte Carlo simulation model, using the model’s estimated fair value as an input to the Black-Scholes-Merton model, and then solving for the expected term. The risk-free interest rate for periods within the contractual life of the option was based on the U.S. Treasury yield curve in effect at the time of the grant. The expected volatility was derived using a term structure based on historical volatility and the volatility implied by exchange-traded options on our common stock. The dividend yield was calculated based on our annual dividend as of the option grant date. The following table summarizes stock option activity: Contractual Exercise Price Term - Aggregate Per Share Weighted Intrinsic Options Weighted Average Value (Share amounts in thousands) Outstanding Range Average (in years) (in thousands) Outstanding at September 30, 2017 392 $9.16 - $37.06 $ 23.40 Granted 77 29.69 - 41.85 34.84 Exercised (196 ) 9.16 - 37.06 19.68 $ 3,866 Forfeited (9 ) 23.95 - 37.06 29.88 Outstanding at September 29, 2018 264 10.23 - 41.85 29.25 Granted 129 18.25 - 21.57 19.74 Exercised (5 ) 18.05 - 26.75 23.95 21 Outstanding at September 28, 2019 388 10.23 - 41.85 26.16 Granted 121 19.86 - 22.09 21.08 Forfeited (27 ) 18.05 - 41.85 25.88 Outstanding at October 3, 2020 482 10.23 - 41.85 24.90 6.50 160 Vested and anticipated to vest in the future at October 3, 2020 477 24.95 6.47 159 Exercisable at October 3, 2020 283 26.99 4.69 133 Stock option exercises include “net exercises” for which the optionee received shares of common stock equal to the intrinsic value of the options (fair market value of common stock on the date of exercise less exercise price) reduced by any applicable withholding taxes. Restricted stock uni t s. one three not Year Ended October 3, September 28, September 29, (In thousands) 2020 2019 2018 Restricted stock unit grants: Units 68 61 35 Market value $ 1,444 $ 1,225 $ 1,175 Compensation expense 1,218 1,168 1,172 As of October 3, 2020, The following table summarizes RSU activity: Weighted Restricted Average Stock Units Grant Date (Unit amounts in thousands) Outstanding Fair Value Balance, September 30, 2017 128 $ 25.92 Granted 35 33.52 Forfeited (3 ) 29.60 Released (57 ) 22.26 Balance, September 29, 2018 103 30.40 Granted 61 20.18 Released (49 ) 27.64 Balance, September 28, 2019 115 26.16 Granted 68 21.29 Forfeited (6 ) 25.49 Released (55 ) 27.07 Balance, October 3, 2020 122 23.07 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 12 Months Ended |
Oct. 03, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | ( 10 ) Income Taxes The components of the provision for income taxes are as follows: Year Ended October 3, September 28, September 29, (Dollars in thousands) 2020 2019 2018 Provision for income taxes: Current: Federal $ 5,056 $ (126 ) $ 8,265 State 529 185 906 5,585 59 9,171 Deferred: Federal (288 ) 1,649 (2,862 ) State (136 ) 149 55 (424 ) 1,798 (2,807 ) Income taxes $ 5,161 $ 1,857 $ 6,364 Effective income tax rate 21.4 % 24.9 % 14.9 % The reconciliation between income taxes computed at the federal statutory rate and the provision for income taxes is as follows: Year Ended (Dollars in thousands) October 3, 2020 September 28, 2019 September 29, 2018 Provision for income taxes at federal statutory rate $ 5,076 21.0 % $ 1,566 21.0 % $ 10,444 24.5 % State income taxes, net of federal tax benefit 319 1.3 297 4.0 739 1.7 Stock-based compensation 128 0.5 90 1.2 (634 ) (1.5 ) Net operating loss carryback - CARES Act (223 ) (0.9 ) - - - - Valuation allowance (50 ) (0.2 ) 24 0.3 (18 ) (0.0 ) Federal tax return true-up - - (142 ) (1.9 ) (147 ) (0.3 ) Change in federal tax rate - Tax Cuts and Jobs Act - - - - (3,307 ) (7.8 ) Qualified production activities deduction - - - - (832 ) (2.0 ) Other, net (89 ) (0.3 ) 22 0.3 119 0.3 Provision for income taxes $ 5,161 21.4 % $ 1,857 24.9 % $ 6,364 14.9 % The components of deferred tax assets and liabilities are as follows: October 3, September 28, (In thousands) 2020 2019 Deferred tax assets: Defined benefit plans $ 2,727 $ 2,661 Accrued expenses and asset reserves 1,885 1,207 Stock-based compensation 1,328 1,259 Operating lease liability 568 - State net operating loss carryforwards and tax credits 92 120 Federal net operating loss carryforward - 363 Valuation allowance (207 ) (257 ) Deferred tax assets 6,393 5,353 Deferred tax liabilities: Plant and equipment (10,766 ) (10,625 ) Prepaid insurance (1,217 ) (1,311 ) Right of use assets (566 ) - Goodwill (412 ) (317 ) Deferred tax liabilities (12,961 ) (12,253 ) Net deferred tax liability $ (6,568 ) $ (6,900 ) On December 22, 2017, 35% 21% January 1, 2018. September 30 2018 2019 first 2018, 2018. On March 27, 2020, not 2020 As of October 3, 2020 September 28, 2019, 2022, 2022 2035. The realization of our deferred tax assets is entirely dependent upon our ability to generate future taxable income in applicable jurisdictions. GAAP requires that we periodically assess the need to establish a reserve against our deferred tax assets to the extent we no not October 3, 2020, not not. 2020 As of October 3, 2020, no We classify interest and penalties related to unrecognized tax benefits as part of income tax expense. There were no interest and penalties related to unrecognized tax benefits incurred during 2020, 2019 2018. We file U.S. federal income tax returns as well as state and local income tax returns in various jurisdictions. Federal and various state tax returns filed subsequent to 2015 |
Note 11 - Employee Benefit Plan
Note 11 - Employee Benefit Plans | 12 Months Ended |
Oct. 03, 2020 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | ( 1 1 ) Employee Benefit Plans Supplemental retirement benefit plan. five 30 1/360th 30 The reconciliation of the projected benefit obligation, plan assets, funded status and amounts recognized for the SRBAs in our consolidated balance sheets is as follows: Year Ended October 3, September 28, September 29, (In thousands) 2020 2019 2018 Change in benefit obligation: Benefit obligation at beginning of year $ 11,278 $ 9,749 $ 9,389 Service cost 338 297 310 Interest cost 334 384 345 Actuarial loss (gain) (91 ) 1,133 (33 ) Distributions (249 ) (285 ) (262 ) Benefit obligation at end of year $ 11,610 $ 11,278 $ 9,749 Change in plan assets: Actual employer contributions $ 249 $ 285 $ 262 Actual distributions (249 ) (285 ) (262 ) Plan assets at fair value at end of year $ - $ - $ - Reconciliation of funded status to net amount recognized: Funded status $ (11,610 ) $ (11,278 ) $ (9,749 ) Net amount recognized $ (11,610 ) $ (11,278 ) $ (9,749 ) Amounts recognized in accumulated other comprehensive loss: Unrecognized net loss $ 2,574 $ 2,958 $ 1,966 Net amount recognized $ 2,574 $ 2,958 $ 1,966 Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): Net loss (gain) $ (91 ) $ 1,133 $ (33 ) Amortization of net loss (294 ) (140 ) (150 ) Total recognized in other comprehensive income (loss) $ (385 ) $ 993 $ (183 ) Net periodic pension cost for the SRBAs includes the following components: Year Ended October 3, September 28, September 29, (In thousands) 2020 2019 2018 Service cost $ 338 $ 297 $ 310 Interest cost 334 384 345 Amortization of net loss 294 140 150 Net periodic pension cost $ 966 $ 821 $ 805 The estimated net loss that will be amortized from accumulated other comprehensive loss into net periodic pension cost during 2021 The assumptions used in the valuation of the SRBAs are as follows: Measurement Date October 3, September 28, September 29, 2020 2019 2018 Assumptions at year-end: Discount rate 2.75 % 3.00 % 4.00 % Rate of increase in compensation levels 3.00 % 3.00 % 3.00 % The assumed discount rate is established as of our fiscal year-end measurement date. In establishing the discount rate, we review published market indices of high-quality debt securities, adjusted as appropriate for duration, and high-quality bond yield curves applicable to the expected benefit payments of the SRBAs. The SRBAs expected rate of increase in compensation levels is based on the anticipated increases in annual compensation. The projected benefit payments under the SRBAs are as follows: Fiscal year(s) In thousands 2021 $ 255 2022 570 2023 570 2024 530 2025 892 2026 - 2030 4,109 Retirement savings plan. 1996, 401 401 The Plan allows for discretionary contributions to be made by us as determined by the Board of Directors, which are allocated among eligible participants based on their compensation relative to the total compensation of all participants . first 2020, 2019 2018. Voluntary Employee Beneficiary Associations (“ VEBA ” ) 2020, 2019 2018. not |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 12 Months Ended |
Oct. 03, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | ( 1 2 ) Commitments and Contingencies Insurance recoveries. In August 2018, first 2019. 2019, 2018, In August 2017, first 2019. 2019, 2018, The insurance proceeds attributable to the property and equipment damaged are reported in cash flows from investing activities and all other insurance proceeds received are reported in cash flows from operating activities on the consolidated statements of cash flows. P urchase c ommitments . October 3, 2020, not not Legal proceedings not Seve rance and change of control a greements. two one one one eighteen We have also entered into change in control agreements with key members of management, including our executive officers, which specify the terms of separation in the event that termination of their employment followed a change in control. The initial term of each agreement is two one not one two two two three two three two one one three one two |
Note 13 - Leases
Note 13 - Leases | 12 Months Ended |
Oct. 03, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | ( 1 3 ) Leases We have operating leases for certain equipment, office space and vehicles. We determine whether an arrangement is a lease at its inception if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Leases with an initial term of twelve not twelve 2020, 2019 2018. Most of our leases include options to extend or terminate the leases which are exercised at our sole discretion. As most of our leases do not Supplemental cash flow and non-cash information related to leases is as follows: Year Ended (In thousands) October 3, 2020 Cash paid for operating leases included in operating cash flows $ 1,301 Right-of-use assets obtained in exchange for new lease obligations 1,771 Supplemental balance sheet information related to leases is as follows: (In thousands) October 3, 2020 Right-of-use assets: Other assets $ 2,522 Lease liabilities: Accrued expenses 1,230 Other liabilities 1,300 Total operating lease liabilities $ 2,530 As of October 3, 2020, October 3, 2020 (In thousands) 2021 $ 1,290 2022 874 2023 408 2024 59 2025 2 Thereafter - Total future operating lease payments 2,633 Less: imputed interest (103 ) Present value of lease liabilities $ 2,530 |
Note 14 - Earnings Per Share
Note 14 - Earnings Per Share | 12 Months Ended |
Oct. 03, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | ( 1 4 ) Earnings Per Share The computation of basic and diluted earnings per share attributable to common shareholders is as follows: Year Ended October 3, September 28, September 29, (In thousands, except per share amounts) 2020 2019 2018 Net earnings $ 19,009 $ 5,598 $ 36,266 Basic weighted average shares outstanding 19,278 19,243 19,079 Dilutive effect of stock-based compensation 105 97 198 Diluted weighted average shares outstanding 19,383 19,340 19,277 Net earnings per share: Basic $ 0.99 $ 0.29 $ 1.90 Diluted 0.98 0.29 1.88 Options and RSUs that were antidilutive and not 2020, 2019 2018. |
Note 15 - Business Segment Info
Note 15 - Business Segment Information | 12 Months Ended |
Oct. 03, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | ( 1 5 ) Business Segment Information Our operations are entirely focused on the manufacture and marketing of steel wire reinforcing products for concrete construction applications. Our concrete reinforcing products consist of two 280, Segment Reporting one Our net sales and long-lived assets (consisting of net property, plant and equipment, assets held for sale, the cash surrender value of life insurance policies, right of use assets, goodwill and intangible assets) by geographic region are as follows: Year Ended October 3, September 28, September 29, (In thousands) 2020 2019 2018 Net sales: United States $ 470,420 $ 454,373 $ 451,418 Foreign 2,198 1,340 1,799 Total $ 472,618 $ 455,713 $ 453,217 Long-lived assets: United States $ 140,588 $ 132,074 $ 133,913 Foreign - - - Total $ 140,588 $ 132,074 $ 133,913 Our net sales by product line are as follows: Year Ended October 3, September 28, September 29, (In thousands) 2020 2019 2018 Net sales: Welded wire reinforcement $ 294,129 $ 290,423 $ 273,658 Prestressed concrete strand 178,489 165,290 179,559 Total $ 472,618 $ 455,713 $ 453,217 There were no 10% 2020, 2019 2018. |
Note 16 - Related Party Transac
Note 16 - Related Party Transactions | 12 Months Ended |
Oct. 03, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | ( 1 6 ) Related Party Transactions Sales to a company affiliated with one 2019 2018. 2020. |
Note 17 - Other Financial Data
Note 17 - Other Financial Data | 12 Months Ended |
Oct. 03, 2020 | |
Notes to Financial Statements | |
Other Financial Data [Text Block] | ( 1 7 ) Other Financial Data Balance sheet information: October 3, September 28, (In thousands) 2020 2019 Accounts receivable, net: Accounts receivable $ 54,108 $ 44,436 Less allowance for doubtful accounts (291 ) (254 ) Total $ 53,817 $ 44,182 Inventories: Raw materials $ 31,553 $ 27,667 Work in process 3,813 4,885 Finished goods 33,597 38,299 Total $ 68,963 $ 70,851 Other current assets: Prepaid insurance $ 4,096 $ 4,545 Income taxes receivable - 1,215 Other 1,474 1,610 Total $ 5,570 $ 7,370 Other assets: Cash surrender value of life insurance policies $ 10,584 $ 10,211 Assets held for sale 7,778 - Right-of-use assets 2,522 - Capitalized financing costs, net 170 237 Other 106 114 Total $ 21,160 $ 10,562 Property, plant and equipment, net: Land and land improvements $ 14,520 $ 14,548 Buildings 52,462 56,404 Machinery and equipment 172,617 165,609 Construction in progress 3,978 5,285 243,577 241,846 Less accumulated depreciation (142,185 ) (136,886 ) Total $ 101,392 $ 104,960 Accrued expenses: Salaries, wages and related expenses $ 4,971 $ 2,463 Property taxes 1,726 1,820 Customer rebates 1,581 1,381 Operating lease liabilities 1,230 - Income taxes 1,201 - Holdback for business acquired 1,000 - State sales and use taxes 544 136 Sales allowance reserves - 544 Other 2,464 474 Total $ 14,717 $ 6,818 Other liabilities: Deferred compensation $ 11,553 $ 11,679 Deferred income taxes 6,568 6,900 Operating lease liabilities 1,300 - Total $ 19,421 $ 18,579 |
Note 18 - Product Warranties
Note 18 - Product Warranties | 12 Months Ended |
Oct. 03, 2020 | |
Notes to Financial Statements | |
Product Warranty Disclosure [Text Block] | ( 1 8 ) Product Warranties Our products are used in applications which are subject to inherent risks including performance deficiencies, personal injury, property damage, environmental contamination or loss of production. We warrant our products to meet certain specifications, and actual or claimed deficiencies from these specifications may not |
Note 19 - Share Repurchases
Note 19 - Share Repurchases | 12 Months Ended |
Oct. 03, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | ( 1 9 ) Share Repurchases On November 18, 2008, may not may October 3, 2020, 2020, 2019 2018. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Oct. 03, 2020 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS YEARS ENDED OCTOBER 3, 2020, SEPTEMBER 2 8 , 201 9 AND SEPTEMBER 29 , 201 8 ALLOWANCE FOR DOUBTFUL ACCOUNTS (In thousands) Year Ended October 3, September 28, September 29, 2020 2019 2018 Balance, beginning of year $ 254 $ 295 $ 201 Amounts charged to earnings 65 (41 ) 100 Write-offs, net of recoveries (28 ) - (6 ) Balance, end of year $ 291 $ 254 $ 295 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Oct. 03, 2020 | |
Accounting Policies [Abstract] | |
Fiscal Period, Policy [Policy Text Block] | Fiscal year. 52 53 September 30. 2020 53 2019 2018 52 |
Consolidation, Policy [Policy Text Block] | Principles of consolidation . |
Use of Estimates, Policy [Policy Text Block] | Use of estimates. no not |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash equivalents . three |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of c redit r isk . one The majority of our accounts receivable are due from customers that are located in the U.S. and are generally not no |
Share-based Payment Arrangement [Policy Text Block] | Stock- b ased c ompensation . 718, |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | E mployee benefit plan . 715, 715, The discount rate we utilize for determining net periodic pension cost and the related benefit obligation for the SRBAs is based, in part, on current interest rates earned on long-term bonds that receive one two 2021 2021 The assumed discount rate is reevaluated annually. A reduction in the assumed discount rate generally results in an actuarial loss, as the actuarially-determined present value of estimated future benefit payments will increase. Conversely, an increase in the assumed discount rate generally results in an actuarial gain. However, any actuarial gains generated in future periods reduce the negative amortization effect of any cumulative unamortized actuarial losses, while any actuarial losses generated in future periods reduce the favorable amortization effect of any cumulative unamortized actuarial gains. The projected benefit obligations and net periodic pension cost for the SRBAs are based in part on expected increases in future compensation levels. Our assumption for the expected increase in future compensation levels is based upon our average historical experience and our intentions regarding future compensation increases, which generally approximates average long-term inflation rates. A 0.25% decrease in the assumed discount rate for our SRBAs would have increased our projected and accumulated benefit obligations as of October 3, 2020 2021 |
Revenue [Policy Text Block] | Revenue recognition . |
Inventory, Policy [Policy Text Block] | Inventories . first first |
Property, Plant and Equipment, Impairment [Policy Text Block] | Property, plant and equipment. 2020, 2019 2018 No 2020, 2019 2018. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill . not not may first fourth not may five may no 2020. no |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long-lived assets . 7 may not may not 2020, 5 no 2019 2018. |
Fair Value Measurement, Policy [Policy Text Block] | Fair value of financial instruments . |
Income Tax, Policy [Policy Text Block] | Income taxes. no not not may may |
Earnings Per Share, Policy [Policy Text Block] | Earnings per share. not |
Note 5 - Business Combination (
Note 5 - Business Combination (Tables) | 12 Months Ended |
Oct. 03, 2020 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | (In thousands) Assets acquired: Accounts receivable $ 3,829 Inventories 3,172 Other current assets 178 Property, plant and equipment 10,919 Intangibles 970 Total assets acquired $ 19,068 Liabilities assumed: Accounts payable $ 852 Accrued expenses 312 Total liabilities assumed 1,164 Net assets acquired 17,904 Adjusted purchase price 19,356 Goodwill $ 1,452 |
Business Acquisition, Pro Forma Information [Table Text Block] | Years Ended October 3, September 28, (In thousands) 2020 2019 Net sales $ 485,121 $ 487,467 Earnings before income taxes 22,628 6,085 Net earnings 16,950 4,542 |
Restructuring and Related Costs [Table Text Block] | Employee Equipment Facility Loss (Gain) (In thousands) Separation Relocation Closure Asset on Sale of Costs Costs Costs Impairments Equipment Total 2020 Restructuring charges, net $ 182 $ 482 $ 806 $ 343 $ (118 ) $ 1,695 Cash payments (182 ) (462 ) (655 ) - - (1,299 ) Non-cash charges - - - (343 ) 118 (225 ) Liability as of October 3, 2020 $ - $ 20 $ 151 $ - $ - $ 171 |
Note 6 - Fair Value Measureme_2
Note 6 - Fair Value Measurements (Tables) | 12 Months Ended |
Oct. 03, 2020 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | (In thousands) Total Quoted Prices in Active Markets (Level 1) Observable Inputs (Level 2) As of October 3, 2020: Current assets: Cash equivalents $ 72,234 $ 72,234 $ - Other assets: Cash surrender value of life insurance policies 10,584 - 10,584 Total $ 82,818 $ 72,234 $ 10,584 As of September 28, 2019: Current assets: Cash equivalents $ 37,826 $ 37,826 $ - Other assets: Cash surrender value of life insurance policies 10,211 - 10,211 Total $ 48,037 $ 37,826 $ 10,211 |
Note 7 - Intangible Assets (Tab
Note 7 - Intangible Assets (Tables) | 12 Months Ended |
Oct. 03, 2020 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | (In thousands) Weighted- Average Useful Life (Years) Gross Accumulated Amortization Net Book Value As of October 3, 2020: Customer relationships 17.1 $ 9,870 $ (2,837 ) $ 7,033 Developed technology and know-how 20.0 1,800 (551 ) 1,249 Non-competition agreements 5.0 1,860 (1,663 ) 197 Trade name 2.7 250 (162 ) 88 $ 13,780 $ (5,213 ) $ 8,567 As of September 28, 2019: Customer relationships 16.9 $ 9,070 $ (2,207 ) $ 6,863 Developed technology and know-how 20.0 1,800 (461 ) 1,339 Non-competition agreements 5.0 1,800 (1,466 ) 334 Trade name 4.0 140 (66 ) 74 $ 12,810 $ (4,200 ) $ 8,610 |
Note 8 - Long-term Debt (Tables
Note 8 - Long-term Debt (Tables) | 12 Months Ended |
Oct. 03, 2020 | |
Notes Tables | |
Schedule of Amortization of Financing Costs for Debt [Table Text Block] | Fiscal year In thousands 2021 $ 65 2022 65 2023 65 2024 41 |
Note 9 - Stock-based Compensa_2
Note 9 - Stock-based Compensation (Tables) | 12 Months Ended |
Oct. 03, 2020 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year Ended Octo ber 3 , Septem ber 28 , Septem ber 29 , 20 20 201 9 201 8 Expected term (in years) 4.81 4.59 4.79 Risk-free interest rate 2.75 % 2.03 % 2.71 % Expected volatility 47.18 % 42.79 % 37.32 % Expected dividend yield 0.59 % 0.56 % 0.37 % |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Contractual Exercise Price Term - Aggregate Per Share Weighted Intrinsic Options Weighted Average Value (Share amounts in thousands) Outstanding Range Average (in years) (in thousands) Outstanding at September 30, 2017 392 $9.16 - $37.06 $ 23.40 Granted 77 29.69 - 41.85 34.84 Exercised (196 ) 9.16 - 37.06 19.68 $ 3,866 Forfeited (9 ) 23.95 - 37.06 29.88 Outstanding at September 29, 2018 264 10.23 - 41.85 29.25 Granted 129 18.25 - 21.57 19.74 Exercised (5 ) 18.05 - 26.75 23.95 21 Outstanding at September 28, 2019 388 10.23 - 41.85 26.16 Granted 121 19.86 - 22.09 21.08 Forfeited (27 ) 18.05 - 41.85 25.88 Outstanding at October 3, 2020 482 10.23 - 41.85 24.90 6.50 160 Vested and anticipated to vest in the future at October 3, 2020 477 24.95 6.47 159 Exercisable at October 3, 2020 283 26.99 4.69 133 |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Weighted Restricted Average Stock Units Grant Date (Unit amounts in thousands) Outstanding Fair Value Balance, September 30, 2017 128 $ 25.92 Granted 35 33.52 Forfeited (3 ) 29.60 Released (57 ) 22.26 Balance, September 29, 2018 103 30.40 Granted 61 20.18 Released (49 ) 27.64 Balance, September 28, 2019 115 26.16 Granted 68 21.29 Forfeited (6 ) 25.49 Released (55 ) 27.07 Balance, October 3, 2020 122 23.07 |
Restricted Stock Units (RSUs) [Member] | |
Notes Tables | |
Share-based Payment Arrangement, Cost by Plan [Table Text Block] | Year Ended October 3, September 28, September 29, (In thousands) 2020 2019 2018 Restricted stock unit grants: Units 68 61 35 Market value $ 1,444 $ 1,225 $ 1,175 Compensation expense 1,218 1,168 1,172 |
Note 10 - Income Taxes (Tables)
Note 10 - Income Taxes (Tables) | 12 Months Ended |
Oct. 03, 2020 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended October 3, September 28, September 29, (Dollars in thousands) 2020 2019 2018 Provision for income taxes: Current: Federal $ 5,056 $ (126 ) $ 8,265 State 529 185 906 5,585 59 9,171 Deferred: Federal (288 ) 1,649 (2,862 ) State (136 ) 149 55 (424 ) 1,798 (2,807 ) Income taxes $ 5,161 $ 1,857 $ 6,364 Effective income tax rate 21.4 % 24.9 % 14.9 % |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended (Dollars in thousands) October 3, 2020 September 28, 2019 September 29, 2018 Provision for income taxes at federal statutory rate $ 5,076 21.0 % $ 1,566 21.0 % $ 10,444 24.5 % State income taxes, net of federal tax benefit 319 1.3 297 4.0 739 1.7 Stock-based compensation 128 0.5 90 1.2 (634 ) (1.5 ) Net operating loss carryback - CARES Act (223 ) (0.9 ) - - - - Valuation allowance (50 ) (0.2 ) 24 0.3 (18 ) (0.0 ) Federal tax return true-up - - (142 ) (1.9 ) (147 ) (0.3 ) Change in federal tax rate - Tax Cuts and Jobs Act - - - - (3,307 ) (7.8 ) Qualified production activities deduction - - - - (832 ) (2.0 ) Other, net (89 ) (0.3 ) 22 0.3 119 0.3 Provision for income taxes $ 5,161 21.4 % $ 1,857 24.9 % $ 6,364 14.9 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | October 3, September 28, (In thousands) 2020 2019 Deferred tax assets: Defined benefit plans $ 2,727 $ 2,661 Accrued expenses and asset reserves 1,885 1,207 Stock-based compensation 1,328 1,259 Operating lease liability 568 - State net operating loss carryforwards and tax credits 92 120 Federal net operating loss carryforward - 363 Valuation allowance (207 ) (257 ) Deferred tax assets 6,393 5,353 Deferred tax liabilities: Plant and equipment (10,766 ) (10,625 ) Prepaid insurance (1,217 ) (1,311 ) Right of use assets (566 ) - Goodwill (412 ) (317 ) Deferred tax liabilities (12,961 ) (12,253 ) Net deferred tax liability $ (6,568 ) $ (6,900 ) |
Note 11 - Employee Benefit Pl_2
Note 11 - Employee Benefit Plans (Tables) | 12 Months Ended |
Oct. 03, 2020 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Year Ended October 3, September 28, September 29, (In thousands) 2020 2019 2018 Service cost $ 338 $ 297 $ 310 Interest cost 334 384 345 Amortization of net loss 294 140 150 Net periodic pension cost $ 966 $ 821 $ 805 |
Defined Benefit Plan, Assumptions [Table Text Block] | Measurement Date October 3, September 28, September 29, 2020 2019 2018 Assumptions at year-end: Discount rate 2.75 % 3.00 % 4.00 % Rate of increase in compensation levels 3.00 % 3.00 % 3.00 % |
Schedule of Expected Benefit Payments [Table Text Block] | Fiscal year(s) In thousands 2021 $ 255 2022 570 2023 570 2024 530 2025 892 2026 - 2030 4,109 |
Supplemental Employee Retirement Plan [Member] | |
Notes Tables | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Year Ended October 3, September 28, September 29, (In thousands) 2020 2019 2018 Change in benefit obligation: Benefit obligation at beginning of year $ 11,278 $ 9,749 $ 9,389 Service cost 338 297 310 Interest cost 334 384 345 Actuarial loss (gain) (91 ) 1,133 (33 ) Distributions (249 ) (285 ) (262 ) Benefit obligation at end of year $ 11,610 $ 11,278 $ 9,749 Change in plan assets: Actual employer contributions $ 249 $ 285 $ 262 Actual distributions (249 ) (285 ) (262 ) Plan assets at fair value at end of year $ - $ - $ - Reconciliation of funded status to net amount recognized: Funded status $ (11,610 ) $ (11,278 ) $ (9,749 ) Net amount recognized $ (11,610 ) $ (11,278 ) $ (9,749 ) Amounts recognized in accumulated other comprehensive loss: Unrecognized net loss $ 2,574 $ 2,958 $ 1,966 Net amount recognized $ 2,574 $ 2,958 $ 1,966 Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): Net loss (gain) $ (91 ) $ 1,133 $ (33 ) Amortization of net loss (294 ) (140 ) (150 ) Total recognized in other comprehensive income (loss) $ (385 ) $ 993 $ (183 ) |
Note 13 - Leases (Tables)
Note 13 - Leases (Tables) | 12 Months Ended |
Oct. 03, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Year Ended (In thousands) October 3, 2020 Cash paid for operating leases included in operating cash flows $ 1,301 Right-of-use assets obtained in exchange for new lease obligations 1,771 |
Lessee, Operating Lease, Assets and Liabilities [Table Text Block] | (In thousands) October 3, 2020 Right-of-use assets: Other assets $ 2,522 Lease liabilities: Accrued expenses 1,230 Other liabilities 1,300 Total operating lease liabilities $ 2,530 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | (In thousands) 2021 $ 1,290 2022 874 2023 408 2024 59 2025 2 Thereafter - Total future operating lease payments 2,633 Less: imputed interest (103 ) Present value of lease liabilities $ 2,530 |
Note 14 - Earnings Per Share (T
Note 14 - Earnings Per Share (Tables) | 12 Months Ended |
Oct. 03, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended October 3, September 28, September 29, (In thousands, except per share amounts) 2020 2019 2018 Net earnings $ 19,009 $ 5,598 $ 36,266 Basic weighted average shares outstanding 19,278 19,243 19,079 Dilutive effect of stock-based compensation 105 97 198 Diluted weighted average shares outstanding 19,383 19,340 19,277 Net earnings per share: Basic $ 0.99 $ 0.29 $ 1.90 Diluted 0.98 0.29 1.88 |
Note 15 - Business Segment In_2
Note 15 - Business Segment Information (Tables) | 12 Months Ended |
Oct. 03, 2020 | |
Notes Tables | |
Schedule of Revenue and Long-lived Assets by Geographic Area [Table Text Block] | Year Ended October 3, September 28, September 29, (In thousands) 2020 2019 2018 Net sales: United States $ 470,420 $ 454,373 $ 451,418 Foreign 2,198 1,340 1,799 Total $ 472,618 $ 455,713 $ 453,217 Long-lived assets: United States $ 140,588 $ 132,074 $ 133,913 Foreign - - - Total $ 140,588 $ 132,074 $ 133,913 |
Revenue from External Customers by Products and Services [Table Text Block] | Year Ended October 3, September 28, September 29, (In thousands) 2020 2019 2018 Net sales: Welded wire reinforcement $ 294,129 $ 290,423 $ 273,658 Prestressed concrete strand 178,489 165,290 179,559 Total $ 472,618 $ 455,713 $ 453,217 |
Note 17 - Other Financial Data
Note 17 - Other Financial Data (Tables) | 12 Months Ended |
Oct. 03, 2020 | |
Notes Tables | |
Other Financial Information, Balance Sheet [Table Text Block] | October 3, September 28, (In thousands) 2020 2019 Accounts receivable, net: Accounts receivable $ 54,108 $ 44,436 Less allowance for doubtful accounts (291 ) (254 ) Total $ 53,817 $ 44,182 Inventories: Raw materials $ 31,553 $ 27,667 Work in process 3,813 4,885 Finished goods 33,597 38,299 Total $ 68,963 $ 70,851 Other current assets: Prepaid insurance $ 4,096 $ 4,545 Income taxes receivable - 1,215 Other 1,474 1,610 Total $ 5,570 $ 7,370 Other assets: Cash surrender value of life insurance policies $ 10,584 $ 10,211 Assets held for sale 7,778 - Right-of-use assets 2,522 - Capitalized financing costs, net 170 237 Other 106 114 Total $ 21,160 $ 10,562 Property, plant and equipment, net: Land and land improvements $ 14,520 $ 14,548 Buildings 52,462 56,404 Machinery and equipment 172,617 165,609 Construction in progress 3,978 5,285 243,577 241,846 Less accumulated depreciation (142,185 ) (136,886 ) Total $ 101,392 $ 104,960 Accrued expenses: Salaries, wages and related expenses $ 4,971 $ 2,463 Property taxes 1,726 1,820 Customer rebates 1,581 1,381 Operating lease liabilities 1,230 - Income taxes 1,201 - Holdback for business acquired 1,000 - State sales and use taxes 544 136 Sales allowance reserves - 544 Other 2,464 474 Total $ 14,717 $ 6,818 Other liabilities: Deferred compensation $ 11,553 $ 11,679 Deferred income taxes 6,568 6,900 Operating lease liabilities 1,300 - Total $ 19,421 $ 18,579 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Oct. 03, 2020 | |
Notes Tables | |
Valuation Allowances and Reserves [Table Text Block] | Year Ended October 3, September 28, September 29, 2020 2019 2018 Balance, beginning of year $ 254 $ 295 $ 201 Amounts charged to earnings 65 (41 ) 100 Write-offs, net of recoveries (28 ) - (6 ) Balance, end of year $ 291 $ 254 $ 295 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | |||
Oct. 02, 2021 | Oct. 03, 2020 | Sep. 28, 2019 | Sep. 29, 2018 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year One | $ 255,000 | |||
Depreciation, Total | 13,200,000 | $ 12,500,000 | $ 11,600,000 | |
Interest Costs Capitalized | 0 | 0 | 0 | |
Goodwill, Impairment Loss | 0 | |||
Asset Impairment Charges, Total | $ 343,000 | $ 0 | $ 0 | |
Computer Software, Intangible Asset [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | |||
Machinery and Equipment [Member] | Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |||
Machinery and Equipment [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 15 years | |||
Building [Member] | Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 10 years | |||
Building [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 30 years | |||
Land Improvements [Member] | Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | |||
Land Improvements [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 15 years | |||
Forecast [Member] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total | $ 843,000 | |||
Decrease in Assumed Discount Rate [Member] | ||||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 0.25% | |||
Defined Benefit Plan, Increase of Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets | $ 320,000 | |||
Defined Benefit Plan, Increase in Accumulated Benefit Obligation | 277,000 | |||
Defined Benefit Plan, Increase in Expected Net Periodic Benefit Cost (Credit), Next Twelve Months | $ 35,000 |
Note 3 - Recent Accounting Pr_2
Note 3 - Recent Accounting Pronouncements (Details Textual) - USD ($) $ in Thousands | Oct. 03, 2020 | Sep. 29, 2019 | Sep. 28, 2019 |
Operating Lease, Right-of-Use Asset | $ 2,522 | $ 0 | |
Accounting Standards Update 2016-02 [Member] | |||
Operating Lease, Liability, Total | $ 1,900 | ||
Operating Lease, Right-of-Use Asset | $ 1,900 |
Note 5 - Business Combination_2
Note 5 - Business Combination (Details Textual) - USD ($) | Mar. 16, 2020 | Oct. 03, 2020 | Sep. 28, 2019 | Sep. 29, 2018 |
Restructuring Reserve, Ending Balance | $ 171,000 | |||
Restructuring and Related Cost, Expected Cost, Total | 700,000 | |||
Business Combination, Acquisition Related Costs | 195,000 | $ 0 | $ 0 | |
Accrued Expenses [Member] | ||||
Restructuring Reserve, Ending Balance | 171,000 | |||
STM [Member] | ||||
Business Combination, Consideration Transferred, Total | $ 19,400,000 | |||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 1,000,000 | |||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 3,000,000 | |||
Business Combination, Acquisition Related Costs | $ 195,000 |
Note 5 - Business Combination -
Note 5 - Business Combination - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Oct. 03, 2020 | Mar. 16, 2020 | Sep. 28, 2019 |
Goodwill | $ 9,745 | $ 8,293 | |
STM [Member] | |||
Accounts receivable | $ 3,829 | ||
Inventories | 3,172 | ||
Other current assets | 178 | ||
Property, plant and equipment | 10,919 | ||
Intangibles | 970 | ||
Total assets acquired | 19,068 | ||
Accounts payable | 852 | ||
Accrued expenses | 312 | ||
Total liabilities assumed | 1,164 | ||
Net assets acquired | 17,904 | ||
Adjusted purchase price | 19,356 | ||
Goodwill | $ 1,452 |
Note 5 - Business Combination_3
Note 5 - Business Combination - Pro Forma Results (Details) - STM [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 03, 2020 | Sep. 28, 2019 | |
Net sales | $ 485,121 | $ 487,467 |
Earnings before income taxes | 22,628 | 6,085 |
Net earnings | $ 16,950 | $ 4,542 |
Note 5 - Business Combination_4
Note 5 - Business Combination - Restructuring Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 03, 2020 | Sep. 28, 2019 | Sep. 29, 2018 | |
Restructuring charges, net | $ 1,695 | $ 0 | $ 0 |
Restructuring charges, net | (1,695) | $ 0 | $ 0 |
Cash payments | (1,299) | ||
Non-cash charges | (225) | ||
Non-cash charges | 225 | ||
Liability balance | 171 | ||
Employee Severance [Member] | |||
Restructuring charges, net | 182 | ||
Restructuring charges, net | (182) | ||
Cash payments | (182) | ||
Non-cash charges | 0 | ||
Non-cash charges | 0 | ||
Liability balance | 0 | ||
Equipment Relocation [Member] | |||
Restructuring charges, net | 482 | ||
Restructuring charges, net | (482) | ||
Cash payments | (462) | ||
Non-cash charges | 0 | ||
Non-cash charges | 0 | ||
Liability balance | 20 | ||
Facility Closing [Member] | |||
Restructuring charges, net | 806 | ||
Restructuring charges, net | (806) | ||
Cash payments | (655) | ||
Non-cash charges | 0 | ||
Non-cash charges | 0 | ||
Liability balance | 151 | ||
Asset Impairments [Member] | |||
Restructuring charges, net | 343 | ||
Restructuring charges, net | (343) | ||
Cash payments | 0 | ||
Non-cash charges | (343) | ||
Non-cash charges | 343 | ||
Liability balance | 0 | ||
Gain on Sale of Property and Equipment [Member] | |||
Restructuring charges, net | 118 | ||
Restructuring charges, net | (118) | ||
Cash payments | 0 | ||
Non-cash charges | (118) | ||
Non-cash charges | 118 | ||
Liability balance | $ 0 |
Note 6 - Fair Value Measureme_3
Note 6 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Oct. 03, 2020 | Sep. 28, 2019 |
Non Financial [Member] | Fair Value, Nonrecurring [Member] | ||
Assets, Fair Value Disclosure | $ 0 | $ 0 |
Note 6 - Fair Value Measureme_4
Note 6 - Fair Value Measurements - Fair Value of Financial Assets (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Oct. 03, 2020 | Sep. 28, 2019 |
Cash equivalents | $ 72,234 | $ 37,826 |
Cash surrender value of life insurance policies | 10,584 | 10,211 |
Total | 82,818 | 48,037 |
Fair Value, Inputs, Level 1 [Member] | ||
Cash equivalents | 72,234 | 37,826 |
Cash surrender value of life insurance policies | 0 | 0 |
Total | 72,234 | 37,826 |
Fair Value, Inputs, Level 2 [Member] | ||
Cash equivalents | 0 | 0 |
Cash surrender value of life insurance policies | 10,584 | 10,211 |
Total | $ 10,584 | $ 10,211 |
Note 7 - Intangible Assets (Det
Note 7 - Intangible Assets (Details Textual) - USD ($) | 12 Months Ended | ||
Oct. 03, 2020 | Sep. 28, 2019 | Sep. 29, 2018 | |
Amortization of Intangible Assets, Total | $ 1,000,000 | $ 1,100,000 | $ 1,300,000 |
Finite-Lived Intangible Asset, Expected Amortization, Year One | 910,000 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 822,000 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 757,000 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 751,000 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Five | $ 744,000 |
Note 7 - Intangible Assets - Su
Note 7 - Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 03, 2020 | Sep. 28, 2019 | |
Gross | $ 13,780 | $ 12,810 |
Accumulated Amortization | (5,213) | (4,200) |
Net Book Value | $ 8,567 | $ 8,610 |
Customer Relationships [Member] | ||
Weighted-Average Useful Life (Year) | 17 years 1 month 6 days | 16 years 10 months 24 days |
Gross | $ 9,870 | $ 9,070 |
Accumulated Amortization | (2,837) | (2,207) |
Net Book Value | $ 7,033 | $ 6,863 |
Technology-Based Intangible Assets [Member] | ||
Weighted-Average Useful Life (Year) | 20 years | 20 years |
Gross | $ 1,800 | $ 1,800 |
Accumulated Amortization | (551) | (461) |
Net Book Value | $ 1,249 | $ 1,339 |
Noncompete Agreements [Member] | ||
Weighted-Average Useful Life (Year) | 5 years | 5 years |
Gross | $ 1,860 | $ 1,800 |
Accumulated Amortization | (1,663) | (1,466) |
Net Book Value | $ 197 | $ 334 |
Trade Names [Member] | ||
Weighted-Average Useful Life (Year) | 2 years 8 months 12 days | 4 years |
Gross | $ 250 | $ 140 |
Accumulated Amortization | (162) | (66) |
Net Book Value | $ 88 | $ 74 |
Note 8 - Long-term Debt (Detail
Note 8 - Long-term Debt (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||
May 31, 2019 | Oct. 03, 2020 | Sep. 28, 2019 | Sep. 29, 2018 | |
Amortization of Debt Issuance Costs | $ 66,000 | $ 65,000 | $ 65,000 | |
Revolving Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 100,000,000 | |||
Line Of Credit Facility, Additional Borrowing Capacity | $ 50,000,000 | |||
Long-term Line of Credit, Total | 0 | $ 0 | ||
Line of Credit Facility, Remaining Borrowing Capacity | 90,000,000 | |||
Letters of Credit Outstanding, Amount | $ 1,500,000 | |||
Debt Instrument, Interest Rate, Increase (Decrease) | 2.00% | |||
Fixed Charge Coverage Ratio | 1 | |||
Credit Facility, Liquidity Amount | $ 10,000,000 | |||
Revolving Credit Facility [Member] | Federal Funds Rate [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||
Revolving Credit Facility [Member] | Base Rate [Member] | ||||
Line of Credit Facility, Interest Rate at Period End | 0.25% | |||
Revolving Credit Facility [Member] | Base Rate [Member] | Minimum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |||
Revolving Credit Facility [Member] | Base Rate [Member] | Maximum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Line of Credit Facility, Interest Rate at Period End | 1.25% | |||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% |
Note 8 - Long-term Debt - Amort
Note 8 - Long-term Debt - Amortization of Financing Costs (Details) $ in Thousands | Oct. 03, 2020USD ($) |
2021, Amortization | $ 65 |
2022, Amortization | 65 |
2023, Amortization | 65 |
2024, Amortization | $ 41 |
Note 9 - Stock-based Compensa_3
Note 9 - Stock-based Compensation (Details Textual) - USD ($) | Feb. 28, 2020 | Oct. 03, 2020 | Sep. 28, 2019 | Sep. 29, 2018 |
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 367,000 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 8 months 8 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 8.05 | $ 7.15 | $ 12.06 | |
Share-based Payment Arrangement, Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||
Share-based Payment Arrangement, Expense | $ 810,000 | $ 889,000 | $ 906,000 | |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Payment Arrangement, Expense | $ 1,218,000 | $ 1,168,000 | $ 1,172,000 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 10 months 9 days | |||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 589,000 | |||
Restricted Stock Units (RSUs) [Member] | Director [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | |||
Restricted Stock Units (RSUs) [Member] | Employees [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||
The 2015 Equity Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 750,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 738,000 |
Note 9 - Stock-based Compensa_4
Note 9 - Stock-based Compensation - Stock Option Valuation Assumptions (Details) - Share-based Payment Arrangement, Option [Member] | 12 Months Ended | ||
Oct. 03, 2020 | Sep. 28, 2019 | Sep. 29, 2018 | |
Expected term (Year) | 4 years 9 months 21 days | 4 years 7 months 2 days | 4 years 9 months 14 days |
Risk-free interest rate | 2.75% | 2.03% | 2.71% |
Expected volatility | 47.18% | 42.79% | 37.32% |
Expected dividend yield | 0.59% | 0.56% | 0.37% |
Note 9 - Stock-based Compensa_5
Note 9 - Stock-based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Oct. 03, 2020 | Sep. 28, 2019 | Sep. 29, 2018 | Sep. 30, 2017 | |
Options outstanding, balance (in shares) | 388 | 264 | 392 | |
Weighted average exercise price per share (in dollars per share) | $ 26.16 | $ 29.25 | $ 23.40 | |
Options outstanding, granted (in shares) | 121 | 129 | 77 | |
Weighted average exercise price per share, granted (in dollars per share) | $ 21.08 | $ 19.74 | $ 34.84 | |
Options outstanding, exercised (in shares) | (5) | (196) | ||
Weighted average exercise price per share, exercised (in dollars per share) | $ 23.95 | $ 19.68 | ||
Aggregate intrinsic value, exercised | $ 21 | $ 3,866 | ||
Options outstanding, forfeited (in shares) | (27) | (9) | ||
Weighted average exercise price per share, forfeited (in dollars per share) | $ 25.88 | $ 29.88 | ||
Options outstanding, balance (in shares) | 482 | 388 | 264 | 392 |
Weighted average exercise price per share (in dollars per share) | $ 24.90 | $ 26.16 | $ 29.25 | $ 23.40 |
Contractual term - weighted average, balance (Year) | 6 years 6 months | |||
Aggregate intrinsic value, outstanding | $ 160 | |||
Options outstanding, vested and anticipated to vest in future (in shares) | 477 | |||
Weighted average exercise price per share, vested and anticipated to vest in future (in dollars per share) | $ 24.95 | |||
Contractual term - weighted average, vested and anticipated to vest in future (Year) | 6 years 5 months 19 days | |||
Aggregate intrinsic value, vested and anticipated to vest in future | $ 159 | |||
Options outstanding, exercisable (in shares) | 283 | |||
Weighted average exercise price per share, exercisable (in dollars per share) | $ 26.99 | |||
Contractual term - weighted average, exercisable (Year) | 4 years 8 months 8 days | |||
Aggregate intrinsic value, exercisable | $ 133 | |||
Minimum [Member] | ||||
Exercise price per share, balance, lower (in dollars per share) | $ 10.23 | 10.23 | 10.23 | 9.16 |
Exercise price per share, granted, lower (in dollars per share) | 19.86 | 18.25 | 29.69 | |
Exercise price per share, exercised, lower (in dollars per share) | 18.05 | 9.16 | ||
Exercise price per share, forfeited, lower (in dollars per share) | 18.05 | 23.95 | ||
Maximum [Member] | ||||
Exercise price per share, balance, upper (in dollars per share) | 41.85 | 41.85 | 41.85 | $ 37.06 |
Exercise price per share, granted, upper (in dollars per share) | 22.09 | 21.57 | 41.85 | |
Exercise price per share, exercised, upper (in dollars per share) | $ 26.75 | 37.06 | ||
Exercise price per share, forfeited, upper (in dollars per share) | $ 41.85 | $ 37.06 |
Note 9 - Stock-based Compensa_6
Note 9 - Stock-based Compensation - RSU Grants and Compensation Expense (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Oct. 03, 2020 | Sep. 28, 2019 | Sep. 29, 2018 | |
Units (in shares) | 68 | 61 | 35 |
Market value | $ 1,444 | $ 1,225 | $ 1,175 |
Compensation expense | $ 1,218 | $ 1,168 | $ 1,172 |
Note 9 - Stock-based Compensa_7
Note 9 - Stock-based Compensation - RSU Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Oct. 03, 2020 | Sep. 28, 2019 | Sep. 29, 2018 | |
Restricted stock units outstanding, beginning balance (in shares) | 115 | 103 | 128 |
Weighted average grant date fair value, beginning balance (in dollars per share) | $ 26.16 | $ 30.40 | $ 25.92 |
Units (in shares) | 68 | 61 | 35 |
Weighted average grant date fair value, granted (in dollars per share) | $ 21.29 | $ 20.18 | $ 33.52 |
Restricted stock units outstanding, forfeited (in shares) | (6) | (3) | |
Weighted average grant date fair value, forfeited (in dollars per share) | $ 25.49 | $ 29.60 | |
Restricted stock units outstanding, released (in shares) | (55) | (49) | (57) |
Weighted average grant date fair value, released (in dollars per share) | $ 27.07 | $ 27.64 | $ 22.26 |
Restricted stock units outstanding, ending balance (in shares) | 122 | 115 | 103 |
Weighted average grant date fair value, ending balance (in dollars per share) | $ 23.07 | $ 26.16 | $ 30.40 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | ||
Oct. 03, 2020 | Sep. 28, 2019 | Sep. 29, 2018 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 24.50% |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 3,300,000 | ||
Income Tax Benefit Cares Act | $ 223,000 | ||
Deferred Tax Liabilities, Net, Total | 6,568,000 | $ 6,900,000 | |
Deferred Tax Assets, Valuation Allowance, Total | 207,000 | 257,000 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 50,000 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | 0 | $ 0 | $ 0 |
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards, Total | $ 2,500,000 | ||
State and Local Jurisdiction [Member] | Earliest Tax Year [Member] | |||
Operating Loss Carryforwards Expiration Date 1 | 2022 | ||
State and Local Jurisdiction [Member] | Latest Tax Year [Member] | |||
Operating Loss Carryforwards Expiration Date 1 | 2035 |
Note 10 - Income Taxes - Compon
Note 10 - Income Taxes - Components of Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 03, 2020 | Sep. 28, 2019 | Sep. 29, 2018 | |
Federal | $ 5,056 | $ (126) | $ 8,265 |
State | 529 | 185 | 906 |
Total current | 5,585 | 59 | 9,171 |
Federal | (288) | 1,649 | (2,862) |
State | (136) | 149 | 55 |
Total deferred | (424) | 1,798 | (2,807) |
Provision for income taxes | $ 5,161 | $ 1,857 | $ 6,364 |
Effective income tax rate | 21.40% | 24.90% | 14.90% |
Note 10 - Income Taxes - Income
Note 10 - Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 03, 2020 | Sep. 28, 2019 | Sep. 29, 2018 | |
Provision for income taxes at federal statutory rate | $ 5,076 | $ 1,566 | $ 10,444 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 24.50% |
State income taxes, net of federal tax benefit | $ 319 | $ 297 | $ 739 |
State income taxes, net of federal tax benefit, percentage | 1.30% | 4.00% | 1.70% |
Stock-based compensation | $ 128 | $ 90 | $ (634) |
Stock-based compensation, percentage | 0.50% | 1.20% | (1.50%) |
Net operating loss carryback - CARES Act | $ (223) | $ 0 | $ 0 |
Net operating loss carryback - CARES Act, percentage | (0.90%) | 0.00% | 0.00% |
Valuation allowance | $ (50) | $ 24 | $ (18) |
Valuation allowance, percentage | (0.20%) | 0.30% | (0.00%) |
Federal tax return true-up | $ 0 | $ (142) | $ (147) |
Federal tax return true-up, percentage | 0.00% | (1.90%) | (0.30%) |
Change in federal tax rate - Tax Cuts and Jobs Act | $ 0 | $ 0 | $ (3,307) |
Change in federal tax rate - Tax Cuts and Jobs Act, percentage | 0 | 0 | (0.078) |
Qualified production activities deduction | $ 0 | $ 0 | $ (832) |
Qualified production activities deduction, percentage | 0.00% | 0.00% | (2.00%) |
Other, net | $ (89) | $ 22 | $ 119 |
Other, net, percentage | (0.30%) | 0.30% | 0.30% |
Provision for income taxes | $ 5,161 | $ 1,857 | $ 6,364 |
Provision for income taxes, percentage | 21.40% | 24.90% | 14.90% |
Note 10 - Income Taxes - Deferr
Note 10 - Income Taxes - Deferred Tax Asset and Liability Components (Details) - USD ($) | Oct. 03, 2020 | Sep. 28, 2019 |
Defined benefit plans | $ 2,727,000 | $ 2,661,000 |
Accrued expenses and asset reserves | 1,885,000 | 1,207,000 |
Stock-based compensation | 1,328,000 | 1,259,000 |
Operating lease liability | 568,000 | 0 |
State net operating loss carryforwards and tax credits | 92,000 | 120,000 |
Federal net operating loss carryforward | 0 | 363,000 |
Valuation allowance | (207,000) | (257,000) |
Deferred tax assets | 6,393,000 | 5,353,000 |
Plant and equipment | (10,766,000) | (10,625,000) |
Prepaid insurance | (1,217,000) | (1,311,000) |
Right of use assets | (566,000) | 0 |
Goodwill | (412,000) | (317,000) |
Deferred tax liabilities | (12,961,000) | (12,253,000) |
Net deferred tax liability | $ (6,568,000) | $ (6,900,000) |
Note 11 - Employee Benefit Pl_3
Note 11 - Employee Benefit Plans (Details Textual) - USD ($) | 12 Months Ended | ||
Oct. 03, 2020 | Sep. 28, 2019 | Sep. 29, 2018 | |
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | $ 215,000 | ||
Supplemental Employee Retirement Plan [Member] | |||
Supplemental Retirement Benefit Period (Year) | 15 years | ||
Defined Benefit Plan Percent of Highest Average Salary Base | 50.00% | ||
Defined Benefit Plan Number of Years in Average Annual Base Salary (Year) | 5 years | ||
Defined Benefit Plan Number of Years Preceding Retirement for Average Annual Base Salary Calculation (Year) | 10 years | ||
Supplemental Employee Retirement Plan [Member] | Minimum [Member] | |||
Defined Benefit Plan Employment Term (Year) | 30 years | ||
Reduced SERP [Member] | |||
Defined Benefit Plan Retirement Age | 65 | ||
Defined Benefit Plan, Reduction for Each Month | 0.0028% | ||
Reduced SERP [Member] | Minimum [Member] | |||
Defined Benefit Plan Employment Term (Year) | 10 years | ||
Retirement Savings Plan [Member] | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 75.00% | ||
Defined Contribution Plan, Cost | $ 1,300,000 | $ 1,200,000 | $ 1,100,000 |
Retirement Savings Plan, First 1% of Employee Contribution [Member] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 1.00% | ||
Retirement Savings Plan, Next 5% of Employee Contribution [Member] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 5.00% | ||
VEBA [Member] | |||
Defined Contribution Plan, Cost | $ 6,000,000 | $ 5,800,000 | $ 5,100,000 |
Healthcare Coverage Claims in Excess of | $ 175,000 |
Note 11 - Employee Benefit Pl_4
Note 11 - Employee Benefit Plans - Projected Benefit Obligation Reconciliation for SERP (Details) - Supplemental Employee Retirement Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 03, 2020 | Sep. 28, 2019 | Sep. 29, 2018 | |
Benefit obligation | $ 11,278 | $ 9,749 | $ 9,389 |
Service cost | 338 | 297 | 310 |
Interest cost | 334 | 384 | 345 |
Actuarial loss (gain) | (91) | 1,133 | (33) |
Distributions | (249) | (285) | (262) |
Benefit obligation | 11,610 | 11,278 | 9,749 |
Actual employer contributions | 249 | 285 | 262 |
Actual distributions | (249) | (285) | (262) |
Fair value of plan assets | 0 | 0 | 0 |
Funded status | (11,610) | (11,278) | (9,749) |
Net amount recognized | (11,610) | (11,278) | (9,749) |
Unrecognized net loss | 2,574 | 2,958 | 1,966 |
Net amount recognized | 2,574 | 2,958 | 1,966 |
Net loss (gain) | (91) | 1,133 | (33) |
Amortization of net loss | (294) | (140) | (150) |
Total recognized in other comprehensive income (loss) | $ (385) | $ 993 | $ (183) |
Note 11 - Employee Benefit Pl_5
Note 11 - Employee Benefit Plans - Net Periodic Pension Costs and Related Components (Details) - Supplemental Employee Retirement Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 03, 2020 | Sep. 28, 2019 | Sep. 29, 2018 | |
Service cost | $ 338 | $ 297 | $ 310 |
Interest cost | 334 | 384 | 345 |
Amortization of net loss | 294 | 140 | 150 |
Net periodic pension cost | $ 966 | $ 821 | $ 805 |
Note 11 - Employee Benefit Pl_6
Note 11 - Employee Benefit Plans - Plan Valuation Assumptions (Details) - Supplemental Employee Retirement Plan [Member] | Oct. 03, 2020 | Sep. 28, 2019 | Sep. 29, 2018 |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.75% | 3.00% | 4.00% |
Rate of increase in compensation levels | 3.00% | 3.00% | 3.00% |
Note 11 - Employee Benefit Pl_7
Note 11 - Employee Benefit Plans - Projected Benefit Payments (Details) | Oct. 03, 2020USD ($) |
2021 | $ 255,000 |
2022 | 570,000 |
2023 | 570,000 |
2024 | 530,000 |
2025 | 892,000 |
2026-2030 | $ 4,109,000 |
Note 12 - Commitments and Con_2
Note 12 - Commitments and Contingencies (Details Textual) - USD ($) | 12 Months Ended | ||
Oct. 03, 2020 | Sep. 28, 2019 | Sep. 29, 2018 | |
Non-cancelable Purchase Commitment for Raw Material [Member] | |||
Purchase Commitment, Remaining Minimum Amount Committed | $ 32,800,000 | ||
Non-cancelable Purchase Commitment Term (Day) | 100 days | ||
Purchase Commitment for Equipment [Member] | |||
Purchase Commitment, Remaining Minimum Amount Committed | $ 9,700,000 | ||
Fire [Member] | |||
Insurance Recoveries | $ 2,200,000 | $ 183,000 | |
Insurance Settlements Receivable | 462,000 | ||
Fire [Member] | Other Income [Member] | |||
Insurance Recoveries | 1,100,000 | ||
Fire [Member] | Cost of Sales [Member] | |||
Insurance Recoveries | 645,000 | ||
Fire [Member] | Selling, General and Administrative Expenses [Member] | |||
Insurance Recoveries | 48,000 | ||
Storm [Member] | |||
Insurance Recoveries | 150,000 | 439,000 | |
Insurance Settlements Receivable | 52,000 | ||
Storm [Member] | Other Income [Member] | |||
Insurance Recoveries | $ 98,000 | 26,000 | |
Storm [Member] | Cost of Sales [Member] | |||
Insurance Recoveries | 439,000 | ||
Storm [Member] | Selling, General and Administrative Expenses [Member] | |||
Insurance Recoveries | $ 26,000 |
Note 13 - Leases (Details Textu
Note 13 - Leases (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 03, 2020 | Sep. 28, 2019 | Sep. 29, 2018 | |
Operating Lease, Expense | $ 1.3 | $ 1.6 | $ 1.5 |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 2 years 3 months 18 days | ||
Operating Lease, Weighted Average Discount Rate, Percent | 4.40% |
Note 13 - Leases - Supplement C
Note 13 - Leases - Supplement Cash Flow and Non-cash Information, Weighted Average Remaining Lease Term and Discount Rate Related to Lease (Details) $ in Thousands | 12 Months Ended |
Oct. 03, 2020USD ($) | |
Cash paid for operating leases included in operating cash flows | $ 1,301 |
Right-of-use assets obtained in exchange for new lease obligations | $ 1,771 |
Note 13 - Leases - Supplemental
Note 13 - Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands | Oct. 03, 2020 | Sep. 28, 2019 |
Operating Lease, Right-of-Use Asset | $ 2,522 | $ 0 |
Other Noncurrent Assets [Member] | ||
Operating Lease, Right-of-Use Asset | 2,522 | |
Accrued Expenses, Current [Member] | ||
Operating lease liabilities | 1,230 | 0 |
Other Noncurrent Liabilities [Member] | ||
Other liabilities | 1,300 | $ 0 |
Accrued Expenses Current and Other Noncurrent Liabilities [Member] | ||
Total operating lease liabilities | $ 2,530 |
Note 13 - Leases - Aggregate Fu
Note 13 - Leases - Aggregate Future Operating Lease Payments (Details) $ in Thousands | Oct. 03, 2020USD ($) |
2021 | $ 1,290 |
2022 | 874 |
2023 | 408 |
2024 | 59 |
2025 | 2 |
Thereafter | 0 |
Total future operating lease payments | 2,633 |
Less: imputed interest | (103) |
Other Liabilities [Member] | |
Operating Lease, Liability, Total | $ 2,530 |
Note 14 - Earnings Per Share (D
Note 14 - Earnings Per Share (Details Textual) - shares | 12 Months Ended | ||
Oct. 03, 2020 | Sep. 28, 2019 | Sep. 29, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 369,000 | 240,000 | 83,000 |
Note 14 - Earnings Per Share -
Note 14 - Earnings Per Share - Basic and Diluted Earnings Per Share Attributable to Common Shareholders (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Oct. 03, 2020 | Sep. 28, 2019 | Sep. 29, 2018 | |
Net earnings | $ 19,009 | $ 5,598 | $ 36,266 |
Basic weighted average shares outstanding (in shares) | 19,278 | 19,243 | 19,079 |
Dilutive effect of stock-based compensation (in shares) | 105 | 97 | 198 |
Diluted weighted average shares outstanding (in shares) | 19,383 | 19,340 | 19,277 |
Basic (in dollars per share) | $ 0.99 | $ 0.29 | $ 1.90 |
Diluted (in dollars per share) | $ 0.98 | $ 0.29 | $ 1.88 |
Note 15 - Business Segment In_3
Note 15 - Business Segment Information (Details Textual) | 12 Months Ended |
Oct. 03, 2020 | |
Number of Reportable Segments | 1 |
Note 15 - Business Segment In_4
Note 15 - Business Segment Information - Net Sales And Long-lived Assets By Geographic Region (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 03, 2020 | Sep. 28, 2019 | Sep. 29, 2018 | |
Revenue | $ 472,618 | $ 455,713 | $ 453,217 |
Long-term Assets | 140,588 | 132,074 | 133,913 |
UNITED STATES | |||
Revenue | 470,420 | 454,373 | 451,418 |
Long-term Assets | 140,588 | 132,074 | 133,913 |
Non-US [Member] | |||
Revenue | 2,198 | 1,340 | 1,799 |
Long-term Assets | $ 0 | $ 0 | $ 0 |
Note 15 - Business Segment In_5
Note 15 - Business Segment Information - Net Sales By Product Line (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 03, 2020 | Sep. 28, 2019 | Sep. 29, 2018 | |
Revenue | $ 472,618 | $ 455,713 | $ 453,217 |
Welded Wire Reinforcement [Member] | |||
Revenue | 294,129 | 290,423 | 273,658 |
PC Strand [Member] | |||
Revenue | $ 178,489 | $ 165,290 | $ 179,559 |
Note 16 - Related Party Trans_2
Note 16 - Related Party Transactions (Details Textual) - USD ($) | 12 Months Ended | ||
Oct. 03, 2020 | Sep. 28, 2019 | Sep. 29, 2018 | |
Revenue from Related Parties | $ 0 | $ 716,000 | $ 699,000 |
Note 17 - Other Financial Dat_2
Note 17 - Other Financial Data - Balance Sheet Information (Details) - USD ($) $ in Thousands | Oct. 03, 2020 | Sep. 28, 2019 |
Accounts receivable, net: | ||
Accounts receivable | $ 54,108 | $ 44,436 |
Less allowance for doubtful accounts | (291) | (254) |
Total | 53,817 | 44,182 |
Inventories: | ||
Raw materials | 31,553 | 27,667 |
Work in process | 3,813 | 4,885 |
Finished goods | 33,597 | 38,299 |
Total | 68,963 | 70,851 |
Other current assets: | ||
Prepaid insurance | 4,096 | 4,545 |
Income taxes receivable | 0 | 1,215 |
Other | 1,474 | 1,610 |
Total | 5,570 | 7,370 |
Other assets: | ||
Cash surrender value of life insurance policies | 10,584 | 10,211 |
Assets held for sale | 7,778 | 0 |
Right-of-use assets | 2,522 | 0 |
Capitalized financing costs, net | 170 | 237 |
Other | 106 | 114 |
Total | 21,160 | 10,562 |
Property, plant and equipment, net: | ||
Land and land improvements | 14,520 | 14,548 |
Buildings | 52,462 | 56,404 |
Machinery and equipment | 172,617 | 165,609 |
Construction in progress | 3,978 | 5,285 |
Property, plant and equipment, gross | 243,577 | 241,846 |
Less accumulated depreciation | (142,185) | (136,886) |
Total | 101,392 | 104,960 |
Accrued expenses: | ||
Salaries, wages and related expenses | 4,971 | 2,463 |
Property taxes | 1,726 | 1,820 |
Customer rebates | 1,581 | 1,381 |
Income taxes | 1,201 | 0 |
Holdback for business acquired | 1,000 | 0 |
State sales and use taxes | 544 | 136 |
Sales allowance reserves | 0 | 544 |
Other | 2,464 | 474 |
Total | 14,717 | 6,818 |
Other liabilities: | ||
Deferred compensation | 11,553 | 11,679 |
Deferred Tax Liabilities, Net, Total | 6,568 | 6,900 |
Total | 19,421 | 18,579 |
Accrued Expenses, Current [Member] | ||
Accrued expenses: | ||
Operating lease liabilities | 1,230 | 0 |
Other Noncurrent Liabilities [Member] | ||
Other liabilities: | ||
Operating lease liabilities | $ 1,300 | $ 0 |
Note 19 - Share Repurchases (De
Note 19 - Share Repurchases (Details Textual) - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | |||
Oct. 03, 2020 | Sep. 28, 2019 | Sep. 29, 2018 | Nov. 18, 2008 | |
Stock Repurchase Program, Authorized Amount | $ 25 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 24.8 | |||
Stock Repurchased During Period, Shares (in shares) | 0 | 0 | 0 |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 03, 2020 | Sep. 28, 2019 | Sep. 29, 2018 | |
Balance, beginning of year | $ 254 | $ 295 | $ 201 |
Amounts charged to earnings | 65 | (41) | 100 |
Write-offs, net of recoveries | (28) | 0 | (6) |
Balance, end of year | $ 291 | $ 254 | $ 295 |