Document And Entity Information
Document And Entity Information | 12 Months Ended | ||
Sep. 24, 2022 | Nov. 18, 2022 shares | Mar. 25, 2022 USD ($) | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000785956 | ||
Entity Registrant Name | J&J SNACK FOODS CORP | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --09-24 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Sep. 24, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 000-14616 | ||
City Area Code | 856 | ||
Local Phone Number | 665-9533 | ||
Entity Incorporation, State or Country Code | NJ | ||
Entity Tax Identification Number | 22-1935537 | ||
Entity Address, Address Line One | 6000 Central Highway | ||
Entity Address, Postal Zip Code | 08109 | ||
Entity Address, City or Town | Pennsauken | ||
Entity Address, State or Province | NJ | ||
Title of 12(b) Security | Common Stock, no par value | ||
Trading Symbol | JJSF | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ | $ 2,361,822,496 | ||
Entity Common Stock, Shares Outstanding | shares | 19,221,033 | ||
Auditor Firm ID | 248 | ||
Auditor Name | GRANT THORNTON LLP | ||
Auditor Location | Philadelphia, Pennsylvania | ||
Entity Number of Employees | 1,700 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 24, 2022 | Sep. 25, 2021 |
Current assets | ||
Cash and cash equivalents | $ 35,181 | $ 283,192 |
Marketable securities held to maturity | 4,011 | 7,980 |
Accounts receivable, net | 208,178 | 162,939 |
Inventories | 180,473 | 123,160 |
Prepaid expenses and other | 16,794 | 7,498 |
Total current assets | 444,637 | 584,769 |
Property, plant and equipment, at cost | 860,050 | 757,242 |
Less accumulated depreciation and amortization | 524,683 | 490,055 |
Property, plant and equipment, net | 335,367 | 267,187 |
Other assets | ||
Goodwill | 184,420 | 121,833 |
Other intangible assets, net | 191,732 | 77,776 |
Marketable securities held to maturity | 0 | 4,047 |
Marketable securities available for sale | 5,708 | 10,084 |
Operating lease right-of-use assets | 51,137 | 54,555 |
Other | 3,965 | 1,968 |
Total other assets | 436,962 | 270,263 |
Total Assets | 1,216,966 | 1,122,219 |
Current Liabilities | ||
Current finance lease liabilities | 124 | 182 |
Accounts payable | 108,146 | 96,789 |
Accrued insurance liability | 15,678 | 16,260 |
Accrued liabilities | 9,214 | 10,955 |
Current operating lease liabilities | 13,524 | 13,395 |
Accrued compensation expense | 21,700 | 17,968 |
Dividends payable | 13,453 | 12,080 |
Total current liabilities | 181,839 | 167,629 |
Long-term debt | 55,000 | 0 |
Noncurrent finance lease liabilities | 254 | 392 |
Noncurrent operating lease liabilities | 42,660 | 46,557 |
Deferred income taxes | 70,407 | 61,578 |
Other long-term liabilities | 3,637 | 409 |
Stockholders' Equity | ||
Preferred stock, $1 par value; authorized 10,000,000 shares; none issued | 0 | 0 |
Common stock, no par value; authorized, 50,000,000 shares; issued and outstanding 19,219,000 and 19,084,000 respectively | 94,026 | 73,597 |
Accumulated other comprehensive loss | (13,713) | (13,383) |
Retained Earnings | 782,856 | 785,440 |
Total stockholders' equity | 863,169 | 845,654 |
Total Liabilities and Stockholders' Equity | $ 1,216,966 | $ 1,122,219 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Sep. 24, 2022 | Sep. 25, 2021 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 19,219,000 | 19,084,000 |
Common stock, shares outstanding (in shares) | 19,219,000 | 19,084,000 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | |
Net Sales | $ 1,380,656 | $ 1,144,579 | $ 1,022,038 |
Cost of goods sold | 1,011,014 | 845,651 | 783,611 |
Gross Profit | 369,642 | 298,928 | 238,427 |
Operating expenses | |||
Marketing and selling | 91,636 | 77,922 | 84,977 |
Distribution | 159,637 | 108,297 | 92,759 |
Administrative | 55,189 | 40,538 | 36,747 |
Intangible asset impairment charges | 1,010 | 1,273 | 0 |
Plant shutdown impairment costs | 0 | 0 | 6,387 |
Other expense | 371 | (320) | 363 |
Total operating expenses | 307,843 | 227,710 | 221,233 |
Operating Income | 61,799 | 71,218 | 17,194 |
Other income (expenses) | |||
Investment income | 980 | 2,815 | 4,356 |
Interest expense & other | (1,025) | (7) | (84) |
Earnings before income taxes | 61,754 | 74,026 | 21,466 |
Income taxes | 14,519 | 18,419 | 3,161 |
NET EARNINGS | $ 47,235 | $ 55,607 | $ 18,305 |
Earnings per diluted share (in dollars per share) | $ 2.46 | $ 2.91 | $ 0.96 |
Weighted average number of diluted shares (in shares) | 19,213 | 19,133 | 19,032 |
Earnings per basic share (in dollars per share) | $ 2.47 | $ 2.92 | $ 0.97 |
Weighted average number of basic shares (in shares) | 19,148 | 19,013 | 18,901 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | |
Net Earnings | $ 47,235 | $ 55,607 | $ 18,305 |
Foreign currency translation adjustments | (330) | 2,204 | (2,599) |
Total Other Comprehensive Income (loss), net of tax | (330) | 2,204 | (2,599) |
Comprehensive Income | $ 46,905 | $ 57,811 | $ 15,706 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Common Stock Including Additional Paid in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Sep. 28, 2019 | 18,895,000 | |||
Balance at Sep. 28, 2019 | $ 45,744 | $ (12,988) | $ 800,995 | $ 833,751 |
Issuance of common stock upon exercise of stock options (in shares) | 73,000 | |||
Issuance of common stock upon exercise of stock options | $ 6,406 | 0 | 0 | 6,406 |
Issuance of common stock for employee stock purchase plan (in shares) | 12,000 | |||
Issuance of common stock for employee stock purchase plan | $ 1,495 | 0 | 0 | 1,495 |
Foreign currency translation adjustment | $ 0 | (2,599) | 0 | (2,599) |
Issuance of common stock under deferred stock plan (in shares) | 1,000 | |||
Issuance of common stock under deferred stock plan | $ 91 | 0 | 0 | 91 |
Dividends declared | 0 | 0 | (43,483) | (43,483) |
Share-based compensation | $ 4,504 | 0 | 0 | $ 4,504 |
Repurchase of common stock (in shares) | (66,000) | (65,648) | ||
Repurchase of common stock | $ (8,972) | 0 | 0 | $ (8,972) |
Net earnings | $ 0 | 0 | 18,305 | 18,305 |
Balance (in shares) at Sep. 26, 2020 | 18,915,000 | |||
Balance at Sep. 26, 2020 | $ 49,268 | (15,587) | 775,817 | 809,498 |
Issuance of common stock upon exercise of stock options (in shares) | 158,000 | |||
Issuance of common stock upon exercise of stock options | $ 18,739 | 0 | 0 | 18,739 |
Issuance of common stock for employee stock purchase plan (in shares) | 11,000 | |||
Issuance of common stock for employee stock purchase plan | $ 1,391 | 0 | 0 | 1,391 |
Foreign currency translation adjustment | 0 | 2,204 | 0 | 2,204 |
Dividends declared | 0 | 0 | (45,984) | (45,984) |
Share-based compensation | 4,199 | 0 | 0 | $ 4,199 |
Repurchase of common stock (in shares) | 0 | |||
Net earnings | $ 0 | 0 | 55,607 | $ 55,607 |
Balance (in shares) at Sep. 25, 2021 | 19,084,000 | 19,084,000 | ||
Balance at Sep. 25, 2021 | $ 73,597 | (13,383) | 785,440 | $ 845,654 |
Issuance of common stock upon exercise of stock options (in shares) | 119,000 | |||
Issuance of common stock upon exercise of stock options | $ 14,124 | 0 | 0 | 14,124 |
Issuance of common stock for employee stock purchase plan (in shares) | 16,000 | |||
Issuance of common stock for employee stock purchase plan | $ 2,036 | 0 | 0 | 2,036 |
Foreign currency translation adjustment | 0 | (330) | 0 | (330) |
Dividends declared | 0 | 0 | (49,819) | (49,819) |
Share-based compensation | 4,269 | 0 | 0 | $ 4,269 |
Repurchase of common stock (in shares) | 0 | |||
Net earnings | $ 0 | 0 | 47,235 | $ 47,235 |
Balance (in shares) at Sep. 24, 2022 | 19,219,000 | 19,219,000 | ||
Balance at Sep. 24, 2022 | $ 94,026 | $ (13,713) | $ 782,856 | $ 863,169 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | |
Operating activities: | |||
Net earnings | $ 47,235 | $ 55,607 | $ 18,305 |
Adjustments to reconcile net earnings to net cash provided by operating activities | |||
Depreciation of fixed assets | 49,669 | 46,781 | 49,830 |
Amortization of intangibles and deferred costs | 3,454 | 2,610 | 3,218 |
Intangible asset impairment charges | 1,010 | 1,273 | 0 |
Losses (Gains) from disposals of property & equipment | 220 | (231) | (303) |
Plant shutdown impairment costs | 0 | 0 | 6,387 |
Share-based compensation | 4,269 | 4,199 | 4,595 |
Deferred income taxes | 8,829 | (2,896) | 2,622 |
Loss (Gain) on marketable securities | 315 | (1,026) | 882 |
Other | (95) | 77 | 296 |
Changes in assets and liabilities, net of effects from purchase of companies | |||
(Increase) decrease in accounts receivable | (32,778) | (35,755) | 14,580 |
(Increase) decrease in inventories | (49,431) | (14,155) | 7,877 |
(Increase) decrease in prepaid expenses | (9,343) | 9,629 | (11,366) |
Increase (decrease) in accounts payable and accrued | 2,708 | 35,386 | (4,780) |
Net cash provided by operating activities | 26,062 | 101,499 | 92,143 |
Investing activities: | |||
Payments for purchases of companies, net of cash acquired | (221,301) | 0 | (57,212) |
Purchases of property, plant and equipment | (87,291) | (53,578) | (57,817) |
Purchases of marketable securities | 0 | 0 | (6,103) |
Proceeds from redemption and sales of marketable securities | 12,026 | 60,891 | 73,226 |
Proceeds from disposal of property and equipment | 399 | 2,435 | 3,593 |
Other | 0 | 191 | (150) |
Net cash (used in) provided by investing activities | (296,167) | 9,939 | (44,463) |
Financing activities: | |||
Payments to repurchase common stock | 0 | 0 | (8,972) |
Proceeds from issuance of stock | 16,160 | 20,256 | 7,901 |
Borrowings under credit facility | 125,000 | 0 | 0 |
Repayment of borrowings under credit facility | (70,000) | 0 | 0 |
Payments for debt issuance costs | (225) | 0 | 0 |
Payments on finance lease obligations | (279) | (144) | (340) |
Payment of cash dividends | (48,437) | (44,785) | (42,053) |
Net cash provided by (used in) financing activities | 22,219 | (24,673) | (43,464) |
Effect of exchange rates on cash and cash equivalents | (125) | 618 | (802) |
Net (decrease) increase in cash and cash equivalents | (248,011) | 87,383 | 3,414 |
Cash and cash equivalents at beginning of period | 283,192 | 195,809 | 192,395 |
Cash and cash equivalents at end of period | $ 35,181 | $ 283,192 | $ 195,809 |
Note A - Summary of Significant
Note A - Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 24, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE A SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES J & J Snack Foods Corp. and Subsidiaries (the Company) manufactures, markets and distributes a variety of nutritional snack foods and beverages to the food service and retail supermarket industries. A summary of the significant accounting policies consistently applied in the preparation of the accompanying consolidated financial statements follows. Our fiscal years 2022, 2021 2020 52 1. Principles of Consolidation The consolidated financial statements were prepared in accordance with U.S. GAAP. These financial statements include the accounts of J & J Snack Foods Corp. and its wholly-owned subsidiaries. Intercompany balances and transactions have been eliminated in the consolidated financial statements. 2. Revenue Recognition We recognize revenue in accordance with ASC 606, When Performance Obligations Are Satisfied A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account for revenue recognition. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The singular performance obligation of our customer contracts for product and machine sales is determined by each individual purchase order and the respective products ordered, with revenue being recognized at a point-in-time when the obligation under the terms of the agreement is satisfied and product control is transferred to our customer. Specifically, control transfers to our customers when the product is delivered to, installed or picked up by our customers based upon applicable shipping terms, as our customers can direct the use and obtain substantially all of the remaining benefits from the product at this point in time. The performance obligations in our customer contracts for product are generally satisfied within 30 The singular performance obligation of our customer contracts for time and material repair and maintenance equipment service is the performance of the repair and maintenance with revenue being recognized at a point-in-time when the repair and maintenance is completed. The singular performance obligation of our customer repair and maintenance equipment service contracts is the performance of the repair and maintenance with revenue being recognized over the time the service is expected to be performed. Our customers are billed for service contracts in advance of performance and therefore we have contract liability on our balance sheet. Significant Payment Terms In general, within our customer contracts, the purchase order identifies the product, quantity, price, pick-up allowances, payment terms and final delivery terms. Although some payment terms may 30 not Shipping All amounts billed to customers related to shipping and handling are classified as revenues; therefore, we recognize revenue for shipping and handling fees at the time the products are shipped or when services are performed. The cost of shipping products to the customer is recognized at the time the products are shipped to the customer and our policy is to classify them as Distribution expenses. Variable Consideration In addition to fixed contract consideration, our contracts include some form of variable consideration, including sales discounts, trade promotions and certain other sales and consumer incentives, including rebates and coupon redemptions. In general, variable consideration is treated as a reduction in revenue when the related revenue is recognized. Depending on the specific type of variable consideration, we use the most likely amount method to determine the variable consideration. We believe there will be no September 24, 2022 September 25, 2021. Warranties & Returns We provide all customers with a standard or assurance type warranty. Either stated or implied, we provide assurance the related products will comply with all agreed-upon specifications and other warranties provided under the law. No We do not may may not Contract Balances Our customers are billed for service contracts in advance of performance and therefore we have contract liability on our balance sheet as follows: Fiscal Year Ended September 24, September 25, 2022 2021 (in thousands) Beginning Balance $ 1,097 $ 1,327 Additions to contract liability 9,163 5,544 Amounts recognized as revenue (5,334 ) (5,774 ) Ending Balance $ 4,926 $ 1,097 Disaggregation of Revenue See Note N for disaggregation of our net sales by class of similar product and type of customer. Allowance for Doubtful Receivables The Company continuously monitors collections and payments from its customers and maintains a provision for estimated credit losses. The allowance for doubtful accounts considers a number of factors including the age of receivable balances, the history of losses, expectations of future credit losses and the customers’ ability to pay off obligations. The allowance for doubtful receivables was $2.2 million and $1.4 million on September 24, 2022 September 25, 2021, 3. Foreign Currency Assets and liabilities in foreign currencies are translated into U.S. dollars at the rate of exchange prevailing at the balance sheet date. Revenues and expenses are translated at the average rate of exchange for the period. The cumulative translation adjustment is recorded as a separate component of stockholders’ equity and changes to such are included in comprehensive income. 4. Use of Estimates In preparing financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. 5. Cash Equivalents Cash equivalents are short-term, highly liquid investments with original maturities of three 6. Concentrations and related risks We maintain cash balances at financial institutions located in various states. We have cash balances at six Financial instruments that could potentially subject us to concentrations of credit risk are trade accounts receivable; however, such risks are limited due to the large number of customers comprising our customer base and their dispersion across geographic regions. We have approximately 33 customers with accounts receivable balances of between $1 million and $10 million and five We have several large customers that account for a significant portion of our sales. Our top ten 2022, 2021 2020, 2022, 2021 2020. ten About 26% of our employees are covered by collective bargaining agreements. None 10% 2022, 2021 2020. Virtually all of our accounts receivable are due from trade customers. Credit is extended based on evaluation of our customers’ financial condition and collateral is not September 24, 2022 September 25, 2021, 7. Inventories Inventories are valued at the lower of cost (determined by the first first not not 8. Investment Securities We classify our investment securities in one three September 24, 2022 not one may 9. Depreciation and Amortization Depreciation of equipment and buildings is provided for by the straight-line method over the assets’ estimated useful lives. We review our equipment and buildings to ensure that they provide economic benefit and are not Amortization of leasehold improvements is provided for by the straight-line method over the term of the lease or the assets’ estimated useful lives, whichever is shorter. Licenses and rights, customer relationships, technology, non-compete agreements, and franchise agreements and certain tradenames are being amortized by the straight-line method over periods ranging from 2 to 20 years and amortization expense is reflected throughout operating expenses. Long-lived assets, including fixed assets and amortizing intangibles, are reviewed for impairment as events or changes in circumstances occur indicating that the carrying amount of may not 10. Fair Value of Financial Instruments The carrying value of our short-term financial instruments, such as accounts receivables and accounts payable, approximate their fair values, based on the short-term maturities of these instruments. 11. Income Taxes We account for our income taxes under the liability method. Under the liability method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities as measured by the enacted tax rates that will be in effect when these differences reverse. Deferred tax expense is the result of changes in deferred tax assets and liabilities. Additionally, we recognize a liability for income taxes and associated penalties and interest for tax positions taken or expected to be taken in a tax return which are more likely than not not As of September 24, 2022 September 25, 2021, September 24, 2022 September 25, 2021, (in thousands) Balance at September 25, 2021 $ 343 Additions based on tax positions related to the current year - Reductions for tax positions of prior years - Settlements - Balance at September 24, 2022 $ 343 In addition to our federal tax return and tax returns for Mexico and Canada, we file tax returns in all states that have a corporate income tax. Virtually all the returns noted above are open for examination for three four Our effective tax rate in fiscal 2022 2021 2020 2020 12. Earnings Per Common Share Basic earnings per common share (EPS) excludes dilution and is computed by dividing income available to common shareholders by the weighted average common shares outstanding during the period. Diluted EPS takes into consideration the potential dilution that could occur if securities (stock options) or other contracts to issue common stock were exercised and converted into common stock. Our calculation of EPS is as follows: Fiscal Year Ended September 24, 2022 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net earnings available to common stockholders $ 47,235 19,148 $ 2.47 Effect of dilutive securities Options $ - 65 (0.01 ) Diluted EPS Net earnings available to common stockholders plus assumed conversions $ 47,235 19,213 $ 2.46 287,558 anti-dilutive shares have been excluded in the computation of 2022 Fiscal Year Ended September 25, 2021 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net earnings available to common stockholders $ 55,607 19,013 $ 2.92 Effect of dilutive securities Options $ - 120 (0.01 ) Diluted EPS Net earnings available to common stockholders plus assumed conversions $ 55,607 19,133 $ 2.91 284,480 anti-dilutive shares have been excluded in the computation of 2021 Fiscal Year Ended September 26, 2020 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net earnings available to common stockholders $ 18,305 18,901 $ 0.97 Effect of dilutive securities Options $ - 131 (0.01 ) Diluted EPS Net earnings available to common stockholders plus assumed conversions $ 18,305 19,032 $ 0.96 341,849 anti-dilutive shares have been excluded in the computation of 2020 13. Accounting for Stock-Based Compensation At September 24, 2022, three Fiscal year ended September 24, September 25, September 26, 2022 2021 2020 (in thousands) Stock options $ 2,407 $ 2,265 $ 2,874 Stock purchase plan 389 573 390 Stock issued to an outside director - 44 66 Restricted stock issued to employees 538 93 - Performance stock issued to employees - - - Total share-based compensation $ 3,334 $ 2,975 $ 3,330 The above compensation is net of tax benefits $ 935 $ 1,224 $ 1,265 The fair value of each option grant is estimated on the date of grant using the Black-Scholes options-pricing model with the following weighted average assumptions used for grants in fiscal 2022, 2021 2020: 2022 2021, 2020; 0.3%; Expected volatility is based on the historical volatility of the price of our common shares over the past 51 months for 5 10 The Company issued 9,200 service share units (“RSU”)’s in fiscal 2022. one 2021or 2020. The Company also issued 8,868 performance share units (“PSU”)’s in fiscal 2022. may two 2021 2020. 14. Advertising Costs Advertising costs are expensed as incurred. Total advertising expense was $7.0 million, $4.9 million, and $6.5 million for the fiscal years 2022, 2021 2020, 15. Commodity Price Risk Management Our most significant raw material requirements include flour, packaging, shortening, corn syrup, sugar, juice, cheese, chocolate, and a variety of nuts. We attempt to minimize the effect of future price fluctuations related to the purchase of raw materials primarily through forward purchasing to cover future manufacturing requirements, generally for periods from 1 12 September 24, 2022, not may three not 16. Research and Development Costs Research and development costs are expensed as incurred. Total research and development expense was $0.7 million, $0.6 million and $0.7 million for the fiscal years 2022, 2021 2020, 17. Recent Accounting Pronouncements In June 2016, 2016 13, Measurement of Credit Losses on Financial Instruments, The Company adopted this guidance in the first 2021 2016 13 not 18. Reclassifications Certain prior year financial statement amounts have been reclassified to be consistent with the presentation for the current year. |
Note B - Acquisitions
Note B - Acquisitions | 12 Months Ended |
Sep. 24, 2022 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE B ACQUISITIONS On October 1, 2019, September 25, 2021. September 26, 2020. On February 4, 2020, September 25, 2021. September 26, 2020. The purchase price allocations for these two ICEE Distributors LLC and BAMA ICEE Purchase Price Allocation ICEE BAMA Distributors ICEE Total (in thousands) Accounts Receivable, net $ 721 $ 71 $ 792 Inventories 866 77 943 Property, plant & equipment, net 4,851 1,722 6,573 Customer Relationships 569 133 702 Distribution rights 22,400 6,800 29,200 Goodwill 15,773 3,549 19,322 Total assets acquired 45,180 12,352 57,532 Accounts Payable (210 ) (110 ) (320 ) Purchase Price $ 44,970 $ 12,242 $ 57,212 The goodwill and intangible assets acquired in the business combinations are recorded at estimated fair value. To measure fair value for such assets, we use techniques including discounted expected future cash flows (Level 3 not September 26, 2020. On June 21, 2022, one hundred may Dippin’ Dots is a leading producer of flash-frozen beaded ice cream treats, and the acquisition will leverage synergies in entertainment and amusement locations, theaters, and convenience to continue to expand our business. The acquisition also includes the Doc Popcorn business operated by Dippin’ Dots. The financial results of Dippin’ Dots have been included in our consolidated financial statements since the date of the acquisition. Sales and net earnings of Dippin’ Dots since the date of acquisition were $33.7 million and $6.6 million for the year ended September 24, 2022. September 24, 2022. Upon acquisition, the assets and liabilities of Dippin’ Dots were adjusted to their respective fair values as of the closing date of the transaction, including the identifiable intangible assets acquired. In addition, the excess of the purchase price over the fair value of the net assets acquired has been recorded as goodwill. The fair value estimates used in valuing certain acquired assets and liabilities are based, in part, on inputs that are unobservable. For intangible assets, these include, but are not The purchase price allocation as of the date of acquisition was based on a preliminary valuation and is subject to revision as more detailed analyses are completed and additional information about the fair value of assets acquired and liabilities assumed becomes available. In fiscal year 2022, June 21, 2022, not September 24, 2022. The major classes of assets and liabilities to which we have preliminarily allocated the purchase price were as follows: Preliminary Dippin' Dots Purchase Price Allocation (1) Preliminary Value as of acquisition date (as previously Measurement reported as of Period June 25,2022) Adjustment As Adjusted (in thousands) Cash and cash equivalents $ 2,259 $ 2,259 Accounts receivable, net 12,257 12,257 Inventories 8,812 (301 ) 8,511 Prepaid expenses and other 1,215 1,215 Property, plant and equipment, net 24,622 6,548 31,170 Intangible assets 120,400 (2,200 ) 118,200 Goodwill (2) 66,634 (4,047 ) 62,587 Operating lease right-of-use assets 3,514 3,514 Other noncurrent assets 243 243 Total assets acquired 239,956 - 239,956 Liabilities assumed: Current lease liabilities 619 619 Accounts payable 6,005 6,005 Other current liabilities 3,532 3,532 Noncurrent lease liabilities 2,954 2,954 Other noncurrent liabilities 3,285 3,285 Total liabilities acquired 16,395 - 16,395 Purchase price $ 223,561 $ - $ 223,561 ( 1 ( 2 Acquired Intangible Assets (in thousands) Weighted average June 21, life (years) 2022 Amortizable Trade name indefinite $ 76,900 Developed technology 10 22,900 Customer relationships 10 9,900 Franchise agreements 10 8,500 Total acquired intangible assets $ 118,200 The following unaudited pro forma information presents the consolidated results of operations as if the business combination in 2022 September 27, 2020, 1 2 3 4 September 27, 2020; 5 Dippin' Dots Results Included in the Company's Consolidated Results Fiscal year ended September 24, 2022 (in thousands) Net sales $ 33,734 Net earnings 4,859 J & J Snack Foods Corp and Dippin' Dots Unaudited Pro Forma Combined Financial Information Fiscal year ended September 24, September 25, 2022 2021 (in thousands) Net sales 1,428,505 1,209,055 Net earnings 49,191 61,001 Earnings per diluted share $ 2.56 $ 3.19 Weighted average number of diluted shares 19,213 19,133 |
Note C - Investment Securities
Note C - Investment Securities | 12 Months Ended |
Sep. 24, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE C INVESTMENT SECURITIES We have classified our investment securities as marketable securities held to maturity and available for sale. The FASB defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the FASB has established three may Level 1 Observable inputs such as quoted prices in active markets for identical assets or liabilities; Level 2 Observable inputs, other than Level 1 Level 3 Unobservable inputs for which there is little or no Our marketable securities held to maturity and available for sale consist primarily of investments in mutual funds, preferred stock and corporate bonds. The fair values of mutual funds are based on quoted market prices in active markets and are classified within Level 1 not 2 The amortized cost, unrealized gains and losses, and fair market values of our marketable securities held to maturity at September 24, 2022 Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Corporate bonds $ 4,011 $ - $ 21 $ 3,990 Total marketable securities held to maturity $ 4,011 $ - $ 21 $ 3,990 The amortized cost, unrealized gains and losses, and fair market values of our marketable securities available for sale at September 24, 2022 Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Mutual Funds $ 3,588 $ - $ 742 $ 2,846 Preferred Stock 2,816 46 - 2,862 Total marketable securities available for sale $ 6,404 $ 46 $ 742 $ 5,708 The mutual funds seek current income with an emphasis on maintaining low volatility and overall moderate duration. The mutual funds presently generate income of about 3.7% per year. We have invested $3 million in Fixed-to-Floating Perpetual Preferred Stock which generates fixed income to call dates in 2025 not not not one may 2022 2023, 2023. The amortized cost, unrealized gains and losses, and fair market values of our marketable securities held to maturity at September 25, 2021 Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Corporate Bonds $ 12,027 $ 123 $ 18 $ 12,132 Total marketable securities held to maturity $ 12,027 $ 123 $ 18 $ 12,132 The amortized cost, unrealized gains and losses, and fair market values of our marketable securities available for sale at September 25, 2021 Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Mutual Funds $ 3,588 $ - $ 536 $ 3,052 Preferred Stock 6,892 175 35 7,032 Total marketable securities available for sale $ 10,480 $ 175 $ 571 $ 10,084 The amortized cost and fair value of the Company’s held to maturity securities by contractual maturity at September 24, 2022 September 25, 2021 September 24, 2022 September 25, 2021 Fair Fair Amortized Market Amortized Market Cost Value Cost Value (in thousands) Due in one year or less $ 4,011 $ 3,990 $ 7,980 $ 8,080 Due after one year through five years - - 4,047 4,052 Due after five years through ten years - - - - Total held to maturity securities $ 4,011 $ 3,990 $ 12,027 $ 12,132 Less current portion 4,011 3,990 7,980 8,080 Long term held to maturity securities $ - $ - $ 4,047 $ 4,052 Proceeds from the sale and redemption of marketable securities were $12.0 million, $60.9 million, and $73.2 million in the years ended September 24, 2022, September 26, 2021, September 26, 2020, 2022, 2021 2020. 2022 2021, Total marketable securities held to maturity as of September 24, 2022 September 30, 2022. |
Note D - Inventories
Note D - Inventories | 12 Months Ended |
Sep. 24, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE D INVENTORIES Inventories consist of the following: September 24, September 25, 2022 2021 (in thousands) Finished goods $ 86,464 $ 49,756 Raw materials 41,505 29,529 Packaging materials 16,637 11,168 Equipment parts and other 35,867 32,707 Total inventories $ 180,473 $ 123,160 |
Note E - Property, Plant and Eq
Note E - Property, Plant and Equipment | 12 Months Ended |
Sep. 24, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE E PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consist of the following: Estimated September 24, September 25, Useful Lives 2022 2021 (in years) (in thousands) Land $ 3,714 $ 2,494 - Buildings 34,232 26,582 15 - 39.5 Plant machinery and equipment 374,566 343,716 5 - 20 Marketing equipment 274,904 258,624 5 - 7 Transportation equipment 11,685 10,315 5 Office equipment 45,865 34,648 3 - 5 Improvements 49,331 45,578 5 - 20 Construction in Progress 65,753 35,285 - 860,050 757,242 Less accumulated depreciation and amortization 524,683 490,055 Property, plant and equipment, net $ 335,367 $ 267,187 Depreciation expense was $49.7 million, $46.8 million, and $49.8 million for fiscal years 2022, 2021 2020, . |
Note F - Goodwill and Intangibl
Note F - Goodwill and Intangible Assets | 12 Months Ended |
Sep. 24, 2022 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE F GOODWILL AND INTANGIBLE ASSETS Our reportable segments are Food Service, Retail Supermarket and Frozen Beverages. The carrying amount of acquired intangible assets for the reportable segments are as follows: September 24, 2022 September 25, 2021 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization FOOD SERVICE Indefinite lived intangible assets Trade names $ 85,872 $ - $ 10,408 $ 812 Amortized intangible assets Non compete agreements 670 670 670 670 Franchise agreements 8,500 212 - - Customer relationships 22,900 7,790 13,000 6,188 Technology 23,110 576 - - License and rights 1,690 1,481 1,690 1,396 TOTAL FOOD SERVICE $ 142,742 $ 10,729 $ 25,768 $ 9,066 RETAIL SUPERMARKETS Indefinite lived intangible assets Trade names $ 11,938 $ - $ 12,777 $ 461 Amortized intangible Assets Trade names 649 649 649 649 Customer relationships 7,907 6,693 7,907 5,931 TOTAL RETAIL SUPERMARKETS $ 20,494 $ 7,342 $ 21,333 $ 7,041 FROZEN BEVERAGES Indefinite lived intangible assets Trade names $ 9,315 $ - $ 9,315 $ - Distribution rights 36,100 - 36,100 - Amortized intangible assets Customer relationships 1,439 545 1,439 400 Licenses and rights 1,400 1,142 1,400 1,072 TOTAL FROZEN BEVERAGES $ 48,254 $ 1,687 $ 48,254 $ 1,472 CONSOLIDATED $ 211,490 $ 19,758 $ 95,355 $ 17,579 The gross carrying amount of intangible assets is determined by applying a discounted cash flow model to the future sales and earnings associated with each intangible asset or is set by contract cost. The amortization period used for definite lived intangible assets is set by contract period or by the period over which the bulk of the discounted cash flow is expected to be generated. We currently believe that we will receive the benefit from the use of the trade names and distribution rights classified as indefinite lived intangible assets indefinitely and they are therefore not Licenses and rights, customer relationships, franchise agreements, technology and non-compete agreements are being amortized by the straight-line method over periods ranging from 2 to 20 years and amortization expense is reflected throughout operating expenses. Amortizing intangibles are reviewed for impairment as events or changes in circumstances occur indicating that the carrying amount of may not 3 In connection with our annual impairment assessment conducted during the fourth 2022, three September 24, 2022. fourth 2022. In fiscal year 2022, June 25, 2022. 2021. 2020, December 28, 2019 March 28, 2020. Aggregate amortization expense of intangible assets for the fiscal years 2022, 2021 2020 Estimated amortization expense for the next five 2023, 2024, 2025 2026, 2027. The weighted amortization period of the intangible assets, in total, is 10.4 years. The weighted amortization period by intangible asset class is 10 years for Technology, 10 years for Customer relationships, 20 years for Licenses & rights, and 10 years for Franchise agreements. Goodwill The carrying amounts of goodwill for the reportable segments are as follows: Food Retail Frozen Service Supermarket Beverages Total (in thousands) September 24, 2022 $ 123,776 $ 4,146 $ 56,498 $ 184,420 September 25, 2021 $ 61,189 $ 4,146 $ 56,498 $ 121,833 The carrying value of goodwill is determined based on the excess of the purchase price of acquisitions over the estimated fair value of tangible and intangible assets. Goodwill is not 2022, 2021 2020 3 2022, 2021 2020. In fiscal year 2022, June 25, 2022. 2021. 2020, December 28, 2019 March 28, 2020. |
Note G - Long-term Debt
Note G - Long-term Debt | 12 Months Ended |
Sep. 24, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE G LONG-TERM DEBT In December 2021, December 2026. Interest accrues, at the Company’s election at (i) the BSBY Rate (as defined in the Credit Agreement) plus an applicable margin, based upon the Consolidated Net Leverage Ratio, as defined in the Credit Agreement, or (ii) the Alternate Base Rate (a rate based on the higher of (a) the prime rate announced from time-to-time by the Administrative Agent, (b) the Federal Reserve System’s federal funds rate, plus 0.50% or (c) the Daily BSBY Rate, plus an applicable margin. The Alternate Base Rate is defined in the Credit Agreement. The Credit Agreement requires the Company to comply with various affirmative and negative covenants, including without limitation (i) covenants to maintain a minimum specified interest coverage ratio and maximum specified net leverage ratio, and (ii) subject to certain exceptions, covenants that prevent or restrict the Company’s ability to pay dividends, engage in certain mergers or acquisitions, make certain investments or loans, incur future indebtedness, alter its capital structure or line of business, prepay subordinated indebtedness, engage in certain transactions with affiliates, or amend its organizational documents. As of September 24, 2022, On June 21, 2022, not As of September 24, 2022, September 24, 2022, September 25, 2021, |
Note H - Income Taxes
Note H - Income Taxes | 12 Months Ended |
Sep. 24, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE H INCOME TAXES Income tax expense (benefit) is as follows: Fiscal year ended September 24, September 25, September 26, 2022 2021 2020 (in thousands) Current U.S. Federal (374 ) $ 13,964 $ 1,992 Foreign 2,854 860 193 State 3,210 6,431 (1,517 ) Total current expense 5,690 21,255 668 Deferred U.S. Federal 10,834 $ (145 ) $ 3,139 Foreign (394 ) (353 ) (536 ) State (1,611 ) (2,338 ) (110 ) Total deferred (benefit) expense 8,829 (2,836 ) 2,493 Total expense $ 14,519 $ 18,419 $ 3,161 The provisions for income taxes differ from the amounts computed by applying the statutory federal income tax rate of 21% 2022, 2021 2020 Fiscal year ended September 24, September 25, September 26, 2022 2021 2020 (in thousands) Income taxes at federal statutory rates $ 12,968 $ 15,545 $ 4,508 Increase (decrease) in taxes resulting from: State income taxes, net of federal income tax benefit 1,261 3,233 (1,285 ) Share-based compensation 162 (124 ) (183 ) Other, net 128 (235 ) 121 Income tax expense $ 14,519 $ 18,419 $ 3,161 Our effective tax rate in fiscal 2022 2021 2020 2020 25.0%. Deferred tax assets and liabilities consist of the following: Fiscal year ended September 24, September 25, 2022 2021 (in thousands) Deferred tax assets: Vacation accrual $ 1,321 $ 1,359 Capital loss carry forwards 17 14 Unrealized gains/losses 504 598 Insurance accrual 3,614 3,918 Operating lease liabilities 14,521 16,235 Deferred income 10 30 Allowances 2,598 2,155 Inventory capitalization 1,620 1,108 Share-based compensation 1,680 1,754 Net operating loss 538 617 Payroll tax accrual 1,142 2,307 Foreign tax credit 404 404 Total deferred tax assets 27,969 30,499 Valuation allowance (521 ) (612 ) Total deferred tax assets, net 27,448 29,887 Deferred tax liabilities: Amortization of goodwill and other intangible assets 32,680 31,540 Depreciation of property, plant and equipement 51,972 44,924 Right-of-use assets 13,058 14,773 Accounting method change 481(a) 145 228 Total deferred tax liabilities 97,855 91,465 Total deferred tax liabilities, net $ 70,407 $ 61,578 As of September 24, 2022, 2017 2019 2020. 2021. no As of September 24, 2022, 382 2033. no not We have undistributed earnings of our Mexican and Canadian subsidiaries. We are no No may The Coronavirus, Aid, Relief and Economic Security (“CARES”) Act was signed into law on March 27, 2020, 2017 2022 September 24, 2022. On August 16, 2022, 2022 December 31, 2022, not 15% $1 three 1% not |
Note I - Commitments
Note I - Commitments | 12 Months Ended |
Sep. 24, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE I COMMITMENTS We are a party to litigation which has arisen in the normal course of business which management currently believes will not We self-insure, up to loss limits, certain insurable risks such as workers’ compensation, automobile, and general liability claims. Accruals for claims under our self-insurance program are recorded on a claims incurred basis. Our total recorded liability for all years’ claims incurred but not September 24, 2022 September 25, 2021, September 24, 2022 September 25, 2021, We have a self-insured medical plan which covers approximately 1,700 of our employees. We record a liability for incurred but not September 24, 2022 September 25, 2021 |
Note J - Capital Stock
Note J - Capital Stock | 12 Months Ended |
Sep. 24, 2022 | |
Notes to Financial Statements | |
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block] | NOTE J CAPITAL STOCK In our fiscal year ended September 26, 2020, We did not September 25, 2021 September 24, 2022. |
Note K - Stock-based Compensati
Note K - Stock-based Compensation | 12 Months Ended |
Sep. 24, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | NOTE K STOCK-BASED COMPENSATION We have a Long-Term Incentive Plan (the “Plan”). Pursuant to the Plan, stock options, which qualify as incentive stock options as well as stock options which are nonqualified, restricted stock units, and performance awards may The exercise price of incentive stock options is at least the fair market value of the common stock on the date of grant. The exercise price for nonqualified options is determined by a committee of the Board of Directors. The options are generally exercisable after three no ten Each restricted stock unit granted will be the equivalent in value to one share of common stock, and grants will generally vest over three thirty-three one third 12 Performance awards may not There are approximately 91,000 shares reserved under the Plan for which options, restricted stock units, and performance awards have not We have an Employee Stock Purchase Plan (“ESPP”) whereby employees purchase stock by making contributions through payroll deductions for six six six 2022, 2021 2020 2022, 2021 2020, Stock Options A summary of the status of our stock option plans as of fiscal years 2022, 2021 2020 Incentive Stock Options Nonqualified Stock Options Weighted- Weighted- Stock Average Stock Average Options Exercise Options Exercise Outstanding Price Outstanding Price Balance, September 28, 2019 434,152 136.53 362,742 118.19 Granted 124,414 126.33 37,074 125.83 Exercised (51,350 ) 109.73 (24,182 ) 53.43 Canceled (36,796 ) 138.34 (29,192 ) 135.79 Balance, September 26, 2020 470,420 136.62 346,442 122.04 Granted 111,862 165.53 43,970 160.14 Exercised (102,976 ) 120.83 (55,453 ) 120.92 Canceled (31,684 ) 143.74 (41,222 ) 95.95 Balance, September 25, 2021 447,622 146.98 293,737 132.29 Granted 103,405 132.38 11,545 132.38 Exercised (67,782 ) 131.35 (60,581 ) 107.17 Canceled (49,886 ) 150.85 (36,383 ) 140.40 Balance, September 24, 2022 433,359 145.48 208,318 138.19 Exercisable Options September 24, 2022 139,174 154.62 107,565 123.65 The weighted-average fair value of incentive stock options granted during fiscal years ended September 26, 2022, September 25, 2021 September 26, 2020 September 24, 2022, September 25, 2021 September 26, 2020 2022, 2021 2020, The total cash received from these option exercises was $14.1 million, $18.7 million and $6.4 million in fiscal years 2022, 2021 2020, 2022, 2021 2020, At September 24, 2022, three The following table summarizes information about incentive stock options outstanding as of September 24, 2022: Options Outstanding Options Exercisable Number Weighted- Number Outstanding Average Weighted- Outstanding Weighted- at Remaining Average at Average Range of September 24, Contractual Exercise September 24, Exercise Exercise Prices 2022 Life Price 2022 Price $125.83 - $158.97 253,675 3.0 $ 131.93 54,966 $ 141.30 $163.29 - $192.13 179,684 2.7 $ 164.61 84,208 $ 163.31 Total options 433,359 139,174 154.62 The following table summarizes information about nonqualified stock options outstanding as of September 24, 2022: Options Outstanding Options Exercisable Number Weighted- Number Outstanding Average Weighted- Outstanding Weighted- at Remaining Average at Average Range of September 24, Contractual Exercise September 24, Exercise Exercise Prices 2022 Life Price 2022 Price $80.79 - $117.85 60,000 2.0 $ 97.63 60,000 $ 97.63 $117.85 - $153.65 82,544 2.8 $ 140.22 23,573 $ 149.39 $163.29 - $191.40 65,774 2.4 $ 172.64 23,992 $ 163.42 Total options 208,318 107,565 123.65 Restricted Stock Units and Performance Awards The Company issued 9,200 service share units (“RSU”)’s in fiscal 2022 September 24, 2022, 2022. 2021 2020. The Company issued 8,868 performance share units (“PSU”)’s in fiscal 2022 September 24, 2022, 2022. 2021 2020. |
Note L - 401(k) Profit-sharing
Note L - 401(k) Profit-sharing Plan | 12 Months Ended |
Sep. 24, 2022 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | NOTE L 401 SHARING PLAN We maintain a 401 may 401 2022, 2021 2020, |
Note M - Cash Flow Information
Note M - Cash Flow Information | 12 Months Ended |
Sep. 24, 2022 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | NOTE M CASH FLOW INFORMATION The following is supplemental cash flow information: Fiscal year ended September 24, September 25, September 26, 2022 2021 2020 (in thousands) Cash paid for: Interest $ 985 $ 23 $ 29 Income taxes 16,814 4,275 11,556 Non cash items: Obtaining a right-of-use asset in exchange for a lease liability $ 11,783 $ 6,513 $ 685 |
Note N - Segment Reporting
Note N - Segment Reporting | 12 Months Ended |
Sep. 24, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE N SEGMENT REPORTING We principally sell our products to the food service and retail supermarket industries. Sales and results of our frozen beverages business are monitored separately from the balance of our food service business because of different distribution and capital requirements. We maintain separate and discrete financial information for the three no Food Service The primary products sold by the food service segment are soft pretzels, frozen novelties, churros, handheld products and baked goods. Our customers in the food service segment include snack bars and food stands in chain, department, and discount stores; malls and shopping centers; casual dining restaurants; fast food outlets; stadiums and sports arenas; leisure and theme parks; convenience stores; movie theatres; warehouse club stores; schools, colleges, and other institutions. Within the food service industry, our products are purchased by the consumer primarily for consumption at the point-of-sale. Retail Supermarkets The primary products sold to the retail supermarket channel are soft pretzel products – including SUPERPRETZEL, frozen novelties including LUIGI’S Real Italian Ice, MINUTE MAID Juice Bars and Soft Frozen Lemonade, WHOLE FRUIT frozen fruit bars and sorbet, PHILLY SWIRL cups and sticks, ICEE Squeeze-Up Tubes and handheld products. Within the retail supermarket channel, our frozen and prepackaged products are purchased by the consumer for consumption at home. Frozen Beverages The Company markets frozen beverages primarily under the names ICEE, SLUSH PUPPIE and PARROT ICE which are sold primarily in the United States, Mexico, and Canada. We also provide repair and maintenance service to customers for customers’ owned equipment. The Chief Operating Decision Maker for Food Service, Retail Supermarkets and Frozen Beverages reviews monthly detailed operating income statements and sales reports in order to assess performance and allocate resources to each individual segment. Sales and operating income are key variables monitored by the Chief Operating Decision Maker and management when determining each segment’s and the company’s financial condition and operating performance. In addition, the Chief Operating Decision Maker reviews and evaluates depreciation, capital spending and assets of each segment on a quarterly basis to monitor cash flow and asset needs of each segment. Information regarding the operations in these three September 24, September 25, September 26, 2022 2021 2020 (52 weeks) (52 weeks) (52 weeks) (in thousands) Sales to external customers: Food Service Soft pretzels $ 205,752 $ 174,977 $ 150,786 Frozen novelties 78,183 44,605 35,176 Churros 88,242 64,916 46,881 Handhelds 92,130 75,627 36,088 Bakery 381,526 342,609 332,514 Other 26,854 22,249 17,448 Total Food Service $ 872,687 $ 724,983 $ 618,893 Retail Supermarket Soft pretzels $ 61,925 $ 54,990 $ 49,157 Frozen novelties 108,911 100,059 88,743 Biscuits 24,695 24,197 28,317 Handhelds 5,640 7,574 12,303 Coupon redemption (3,713 ) (3,689 ) (3,569 ) Other 485 1,766 2,214 Total Retail Supermarket $ 197,943 $ 184,897 $ 177,165 Frozen Beverages Beverages $ 184,063 $ 124,498 $ 107,004 Repair and maintenance service 89,840 81,305 83,420 Machines revenue 33,601 26,953 33,986 Other 2,522 1,943 1,570 Total Frozen Beverages $ 310,026 $ 234,699 $ 225,980 Consolidated sales $ 1,380,656 $ 1,144,579 $ 1,022,038 Depreciation and amortization: Food Service $ 29,807 $ 26,738 $ 28,111 Retail Supermarket 1,536 1,671 1,577 Frozen Beverages 21,780 20,982 23,360 Total depreciation and amortization $ 53,123 $ 49,391 $ 53,048 Operating Income: Food Service $ 18,512 $ 39,172 $ 6,458 Retail Supermarket 9,487 25,914 23,202 Frozen Beverages 33,800 6,132 (12,466 ) Total operating income $ 61,799 $ 71,218 $ 17,194 Capital expenditures: Food Service $ 61,738 $ 38,558 $ 34,798 Retail Supermarket 8,885 288 1,763 Frozen Beverages 16,668 14,732 21,256 Total capital expenditures $ 87,291 $ 53,578 $ 57,817 Assets: Food Service $ 893,045 $ 799,149 $ 738,033 Retail Supermarket 20,302 31,486 31,704 Frozen Beverages 303,619 291,584 286,816 Total assets $ 1,216,966 $ 1,122,219 $ 1,056,553 |
Note O - Accumulated Other Comp
Note O - Accumulated Other Comprehensive Loss | 12 Months Ended |
Sep. 24, 2022 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | NOTE O - ACCUMULATED OTHER COMPREHENSIVE LOSS Changes to the components of accumulated other comprehensive loss are as follows: Fiscal Year Ended September 24, 2022 (in thousands) Foreign Currency Translation Adjustments Beginning Balance $ (13,383 ) Other comprehensive income (loss) (330 ) Ending Balance $ (13,713 ) Fiscal Year Ended September 25, 2021 (in thousands) Foreign Currency Translation Adjustments Beginning Balance $ (15,587 ) Other comprehensive income (loss) 2,204 Ending Balance $ (13,383 ) |
Note P - Leases
Note P - Leases | 12 Months Ended |
Sep. 24, 2022 | |
Notes to Financial Statements | |
Lessee, Leases [Text Block] | NOTE P LEASES General Lease Description We have operating leases with initial noncancelable lease terms in excess of one We have finance leases with initial noncancelable lease terms in excess of one Significant Assumptions and Judgments Contract Contains a Lease In evaluating our contracts to determine whether a contract is or contains a lease, we considered the following: • Whether explicitly or implicitly identified assets have been deployed in the contract; and • Whether we obtain substantially all of the economic benefits from the use of that underlying asset, and we can direct how and for what purpose the asset is used during the term of the contract. Allocation of Consideration In determining how to allocate consideration between lease and non-lease components in a contract that was deemed to contain a lease, we used judgment and consistent application of assumptions to reasonably allocate the consideration. Options to Extend or Terminate Leases We have leases which contain options to extend or terminate the leases. On a lease-by-lease basis, we have determined if the extension should be considered reasonably certain to be exercised and thus a right-of-use asset and a lease liability should be recorded. Discount Rate The discount rate for leases, if not We used a discount rate to calculate the present value of the lease liability at the date of adoption. In the development of the discount rate, we considered our internal borrowing rate, treasury security rates, collateral, and credit risk specific to us, and our lease portfolio characteristics. As of September 24, 2022, September 25, 2021, Amounts Recognized in the Financial Statements The components of lease expense were as follows: Fiscal year ended Fiscal year ended September 24, 2022 September 25, 2021 Operating lease cost in Cost of goods sold and Operating Expenses $ 15,611 $ 15,471 Finance lease cost: Amortization of assets in Cost of goods sold and Operating Expenses $ 160 $ 346 Interest on lease liabilities in Interest expense & other 13 25 Total finance lease cost $ 173 $ 371 Short-term lease cost in Cost of goods sold and Operating Expenses - - Total net lease cost $ 15,784 $ 15,842 Supplemental balance sheet information related to leases is as follows: September 24, 2022 September 25, 2021 Operating Leases Operating lease right-of-use assets $ 51,137 $ 54,555 Current operating lease liabilities $ 13,524 $ 13,395 Noncurrent operating lease liabilities 42,660 46,557 Total operating lease liabilities $ 56,184 $ 59,952 Finance Leases Finance lease right-of-use assets in Property, plant and equipment, net $ 328 $ 561 Current finance lease liabilities $ 124 $ 182 Noncurrent finance lease liabilities 254 392 Total finance lease liabilities $ 378 $ 574 Supplemental cash flow information related to leases is as follows: Fiscal year ended Fiscal year ended September 24, 2022 September 25, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 16,505 $ 15,651 Operating cash flows from finance leases $ 13 $ 144 Financing cash flows from finance leases $ 279 $ 25 Supplemental noncash information on lease liabilities arising from obtaining right-of-use assets $ 11,783 $ 6,513 Supplemental noncash information on lease liabilities removed due to purchase of leased asset $ - $ - As of September 24, 2022, Operating Leases Finance Leases 2023 $ 15,138 $ 160 2024 12,410 113 2025 8,969 53 2026 5,822 39 2027 4,762 32 Thereafter 15,163 - Total minimum payments 62,264 397 Less amount representing interest (6,080 ) (19 ) Present value of lease obligations $ 56,184 $ 378 As of September 24, 2022 |
Note Q - Related Parties
Note Q - Related Parties | 12 Months Ended |
Sep. 24, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE Q Related Parties We have related party expenses for distribution and shipping related costs with NFI Industries, Inc. Our director, Sidney R. Brown, is CEO of NFI Industries, Inc. In the fiscal years ended 2022 2021, 2022 2021. third September 24, 2022 September 25, 2021. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Sep. 24, 2022 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (in thousands) Opening Charged to Closing Year Description Balance Expense Deductions Balance 2022 Allowance for doubtful accounts $ 1,405 $ 1,781 $ 1,028 (1) $ 2,158 2021 Allowance for doubtful accounts $ 1,388 $ 338 $ 321 (1) $ 1,405 2020 Allowance for doubtful accounts $ 572 $ 1,105 $ 289 (1) $ 1,388 ( 1 Write-offs of uncollectible accounts receivable. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 24, 2022 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | 1. Principles of Consolidation The consolidated financial statements were prepared in accordance with U.S. GAAP. These financial statements include the accounts of J & J Snack Foods Corp. and its wholly-owned subsidiaries. Intercompany balances and transactions have been eliminated in the consolidated financial statements. |
Revenue from Contract with Customer [Policy Text Block] | 2. Revenue Recognition We recognize revenue in accordance with ASC 606, When Performance Obligations Are Satisfied A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account for revenue recognition. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The singular performance obligation of our customer contracts for product and machine sales is determined by each individual purchase order and the respective products ordered, with revenue being recognized at a point-in-time when the obligation under the terms of the agreement is satisfied and product control is transferred to our customer. Specifically, control transfers to our customers when the product is delivered to, installed or picked up by our customers based upon applicable shipping terms, as our customers can direct the use and obtain substantially all of the remaining benefits from the product at this point in time. The performance obligations in our customer contracts for product are generally satisfied within 30 The singular performance obligation of our customer contracts for time and material repair and maintenance equipment service is the performance of the repair and maintenance with revenue being recognized at a point-in-time when the repair and maintenance is completed. The singular performance obligation of our customer repair and maintenance equipment service contracts is the performance of the repair and maintenance with revenue being recognized over the time the service is expected to be performed. Our customers are billed for service contracts in advance of performance and therefore we have contract liability on our balance sheet. Significant Payment Terms In general, within our customer contracts, the purchase order identifies the product, quantity, price, pick-up allowances, payment terms and final delivery terms. Although some payment terms may 30 not Shipping All amounts billed to customers related to shipping and handling are classified as revenues; therefore, we recognize revenue for shipping and handling fees at the time the products are shipped or when services are performed. The cost of shipping products to the customer is recognized at the time the products are shipped to the customer and our policy is to classify them as Distribution expenses. Variable Consideration In addition to fixed contract consideration, our contracts include some form of variable consideration, including sales discounts, trade promotions and certain other sales and consumer incentives, including rebates and coupon redemptions. In general, variable consideration is treated as a reduction in revenue when the related revenue is recognized. Depending on the specific type of variable consideration, we use the most likely amount method to determine the variable consideration. We believe there will be no September 24, 2022 September 25, 2021. Warranties & Returns We provide all customers with a standard or assurance type warranty. Either stated or implied, we provide assurance the related products will comply with all agreed-upon specifications and other warranties provided under the law. No We do not may may not Contract Balances Our customers are billed for service contracts in advance of performance and therefore we have contract liability on our balance sheet as follows: Fiscal Year Ended September 24, September 25, 2022 2021 (in thousands) Beginning Balance $ 1,097 $ 1,327 Additions to contract liability 9,163 5,544 Amounts recognized as revenue (5,334 ) (5,774 ) Ending Balance $ 4,926 $ 1,097 Disaggregation of Revenue See Note N for disaggregation of our net sales by class of similar product and type of customer. Allowance for Doubtful Receivables The Company continuously monitors collections and payments from its customers and maintains a provision for estimated credit losses. The allowance for doubtful accounts considers a number of factors including the age of receivable balances, the history of losses, expectations of future credit losses and the customers’ ability to pay off obligations. The allowance for doubtful receivables was $2.2 million and $1.4 million on September 24, 2022 September 25, 2021, |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | 3. Foreign Currency Assets and liabilities in foreign currencies are translated into U.S. dollars at the rate of exchange prevailing at the balance sheet date. Revenues and expenses are translated at the average rate of exchange for the period. The cumulative translation adjustment is recorded as a separate component of stockholders’ equity and changes to such are included in comprehensive income. |
Use of Estimates, Policy [Policy Text Block] | 4. Use of Estimates In preparing financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents, Policy [Policy Text Block] | 5. Cash Equivalents Cash equivalents are short-term, highly liquid investments with original maturities of three |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | 6. Concentrations and related risks We maintain cash balances at financial institutions located in various states. We have cash balances at six Financial instruments that could potentially subject us to concentrations of credit risk are trade accounts receivable; however, such risks are limited due to the large number of customers comprising our customer base and their dispersion across geographic regions. We have approximately 33 customers with accounts receivable balances of between $1 million and $10 million and five We have several large customers that account for a significant portion of our sales. Our top ten 2022, 2021 2020, 2022, 2021 2020. ten About 26% of our employees are covered by collective bargaining agreements. None 10% 2022, 2021 2020. Virtually all of our accounts receivable are due from trade customers. Credit is extended based on evaluation of our customers’ financial condition and collateral is not September 24, 2022 September 25, 2021, |
Inventory, Policy [Policy Text Block] | 7. Inventories Inventories are valued at the lower of cost (determined by the first first not not |
Marketable Securities, Policy [Policy Text Block] | 8. Investment Securities We classify our investment securities in one three September 24, 2022 not one may |
Depreciation, Depletion, and Amortization [Policy Text Block] | 9. Depreciation and Amortization Depreciation of equipment and buildings is provided for by the straight-line method over the assets’ estimated useful lives. We review our equipment and buildings to ensure that they provide economic benefit and are not Amortization of leasehold improvements is provided for by the straight-line method over the term of the lease or the assets’ estimated useful lives, whichever is shorter. Licenses and rights, customer relationships, technology, non-compete agreements, and franchise agreements and certain tradenames are being amortized by the straight-line method over periods ranging from 2 to 20 years and amortization expense is reflected throughout operating expenses. Long-lived assets, including fixed assets and amortizing intangibles, are reviewed for impairment as events or changes in circumstances occur indicating that the carrying amount of may not |
Fair Value of Financial Instruments, Policy [Policy Text Block] | 10. Fair Value of Financial Instruments The carrying value of our short-term financial instruments, such as accounts receivables and accounts payable, approximate their fair values, based on the short-term maturities of these instruments. |
Income Tax, Policy [Policy Text Block] | 11. Income Taxes We account for our income taxes under the liability method. Under the liability method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities as measured by the enacted tax rates that will be in effect when these differences reverse. Deferred tax expense is the result of changes in deferred tax assets and liabilities. Additionally, we recognize a liability for income taxes and associated penalties and interest for tax positions taken or expected to be taken in a tax return which are more likely than not not As of September 24, 2022 September 25, 2021, September 24, 2022 September 25, 2021, (in thousands) Balance at September 25, 2021 $ 343 Additions based on tax positions related to the current year - Reductions for tax positions of prior years - Settlements - Balance at September 24, 2022 $ 343 In addition to our federal tax return and tax returns for Mexico and Canada, we file tax returns in all states that have a corporate income tax. Virtually all the returns noted above are open for examination for three four Our effective tax rate in fiscal 2022 2021 2020 2020 |
Earnings Per Share, Policy [Policy Text Block] | 12. Earnings Per Common Share Basic earnings per common share (EPS) excludes dilution and is computed by dividing income available to common shareholders by the weighted average common shares outstanding during the period. Diluted EPS takes into consideration the potential dilution that could occur if securities (stock options) or other contracts to issue common stock were exercised and converted into common stock. Our calculation of EPS is as follows: Fiscal Year Ended September 24, 2022 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net earnings available to common stockholders $ 47,235 19,148 $ 2.47 Effect of dilutive securities Options $ - 65 (0.01 ) Diluted EPS Net earnings available to common stockholders plus assumed conversions $ 47,235 19,213 $ 2.46 287,558 anti-dilutive shares have been excluded in the computation of 2022 Fiscal Year Ended September 25, 2021 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net earnings available to common stockholders $ 55,607 19,013 $ 2.92 Effect of dilutive securities Options $ - 120 (0.01 ) Diluted EPS Net earnings available to common stockholders plus assumed conversions $ 55,607 19,133 $ 2.91 284,480 anti-dilutive shares have been excluded in the computation of 2021 Fiscal Year Ended September 26, 2020 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net earnings available to common stockholders $ 18,305 18,901 $ 0.97 Effect of dilutive securities Options $ - 131 (0.01 ) Diluted EPS Net earnings available to common stockholders plus assumed conversions $ 18,305 19,032 $ 0.96 341,849 anti-dilutive shares have been excluded in the computation of 2020 |
Share-Based Payment Arrangement [Policy Text Block] | 13. Accounting for Stock-Based Compensation At September 24, 2022, three Fiscal year ended September 24, September 25, September 26, 2022 2021 2020 (in thousands) Stock options $ 2,407 $ 2,265 $ 2,874 Stock purchase plan 389 573 390 Stock issued to an outside director - 44 66 Restricted stock issued to employees 538 93 - Performance stock issued to employees - - - Total share-based compensation $ 3,334 $ 2,975 $ 3,330 The above compensation is net of tax benefits $ 935 $ 1,224 $ 1,265 The fair value of each option grant is estimated on the date of grant using the Black-Scholes options-pricing model with the following weighted average assumptions used for grants in fiscal 2022, 2021 2020: 2022 2021, 2020; 0.3%; Expected volatility is based on the historical volatility of the price of our common shares over the past 51 months for 5 10 The Company issued 9,200 service share units (“RSU”)’s in fiscal 2022. one 2021or 2020. The Company also issued 8,868 performance share units (“PSU”)’s in fiscal 2022. may two 2021 2020. |
Advertising Cost [Policy Text Block] | 14. Advertising Costs Advertising costs are expensed as incurred. Total advertising expense was $7.0 million, $4.9 million, and $6.5 million for the fiscal years 2022, 2021 2020, |
Derivatives, Policy [Policy Text Block] | 15. Commodity Price Risk Management Our most significant raw material requirements include flour, packaging, shortening, corn syrup, sugar, juice, cheese, chocolate, and a variety of nuts. We attempt to minimize the effect of future price fluctuations related to the purchase of raw materials primarily through forward purchasing to cover future manufacturing requirements, generally for periods from 1 12 September 24, 2022, not may three not |
Research, Development, and Computer Software, Policy [Policy Text Block] | 16. Research and Development Costs Research and development costs are expensed as incurred. Total research and development expense was $0.7 million, $0.6 million and $0.7 million for the fiscal years 2022, 2021 2020, |
New Accounting Pronouncements, Policy [Policy Text Block] | 17. Recent Accounting Pronouncements In June 2016, 2016 13, Measurement of Credit Losses on Financial Instruments, The Company adopted this guidance in the first 2021 2016 13 not |
Reclassification, Comparability Adjustment [Policy Text Block] | 18. Reclassifications Certain prior year financial statement amounts have been reclassified to be consistent with the presentation for the current year. |
Note A - Summary of Significa_2
Note A - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 24, 2022 | |
Notes Tables | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Fiscal Year Ended September 24, September 25, 2022 2021 (in thousands) Beginning Balance $ 1,097 $ 1,327 Additions to contract liability 9,163 5,544 Amounts recognized as revenue (5,334 ) (5,774 ) Ending Balance $ 4,926 $ 1,097 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | (in thousands) Balance at September 25, 2021 $ 343 Additions based on tax positions related to the current year - Reductions for tax positions of prior years - Settlements - Balance at September 24, 2022 $ 343 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Fiscal Year Ended September 24, 2022 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net earnings available to common stockholders $ 47,235 19,148 $ 2.47 Effect of dilutive securities Options $ - 65 (0.01 ) Diluted EPS Net earnings available to common stockholders plus assumed conversions $ 47,235 19,213 $ 2.46 Fiscal Year Ended September 25, 2021 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net earnings available to common stockholders $ 55,607 19,013 $ 2.92 Effect of dilutive securities Options $ - 120 (0.01 ) Diluted EPS Net earnings available to common stockholders plus assumed conversions $ 55,607 19,133 $ 2.91 Fiscal Year Ended September 26, 2020 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net earnings available to common stockholders $ 18,305 18,901 $ 0.97 Effect of dilutive securities Options $ - 131 (0.01 ) Diluted EPS Net earnings available to common stockholders plus assumed conversions $ 18,305 19,032 $ 0.96 |
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award [Table Text Block] | Fiscal year ended September 24, September 25, September 26, 2022 2021 2020 (in thousands) Stock options $ 2,407 $ 2,265 $ 2,874 Stock purchase plan 389 573 390 Stock issued to an outside director - 44 66 Restricted stock issued to employees 538 93 - Performance stock issued to employees - - - Total share-based compensation $ 3,334 $ 2,975 $ 3,330 The above compensation is net of tax benefits $ 935 $ 1,224 $ 1,265 |
Note B - Acquisitions (Tables)
Note B - Acquisitions (Tables) | 12 Months Ended |
Sep. 24, 2022 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ICEE Distributors LLC and BAMA ICEE Purchase Price Allocation ICEE BAMA Distributors ICEE Total (in thousands) Accounts Receivable, net $ 721 $ 71 $ 792 Inventories 866 77 943 Property, plant & equipment, net 4,851 1,722 6,573 Customer Relationships 569 133 702 Distribution rights 22,400 6,800 29,200 Goodwill 15,773 3,549 19,322 Total assets acquired 45,180 12,352 57,532 Accounts Payable (210 ) (110 ) (320 ) Purchase Price $ 44,970 $ 12,242 $ 57,212 Preliminary Dippin' Dots Purchase Price Allocation (1) Preliminary Value as of acquisition date (as previously Measurement reported as of Period June 25,2022) Adjustment As Adjusted (in thousands) Cash and cash equivalents $ 2,259 $ 2,259 Accounts receivable, net 12,257 12,257 Inventories 8,812 (301 ) 8,511 Prepaid expenses and other 1,215 1,215 Property, plant and equipment, net 24,622 6,548 31,170 Intangible assets 120,400 (2,200 ) 118,200 Goodwill (2) 66,634 (4,047 ) 62,587 Operating lease right-of-use assets 3,514 3,514 Other noncurrent assets 243 243 Total assets acquired 239,956 - 239,956 Liabilities assumed: Current lease liabilities 619 619 Accounts payable 6,005 6,005 Other current liabilities 3,532 3,532 Noncurrent lease liabilities 2,954 2,954 Other noncurrent liabilities 3,285 3,285 Total liabilities acquired 16,395 - 16,395 Purchase price $ 223,561 $ - $ 223,561 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | Acquired Intangible Assets (in thousands) Weighted average June 21, life (years) 2022 Amortizable Trade name indefinite $ 76,900 Developed technology 10 22,900 Customer relationships 10 9,900 Franchise agreements 10 8,500 Total acquired intangible assets $ 118,200 |
Business Acquisition, Pro Forma Information [Table Text Block] | Dippin' Dots Results Included in the Company's Consolidated Results Fiscal year ended September 24, 2022 (in thousands) Net sales $ 33,734 Net earnings 4,859 J & J Snack Foods Corp and Dippin' Dots Unaudited Pro Forma Combined Financial Information Fiscal year ended September 24, September 25, 2022 2021 (in thousands) Net sales 1,428,505 1,209,055 Net earnings 49,191 61,001 Earnings per diluted share $ 2.56 $ 3.19 Weighted average number of diluted shares 19,213 19,133 |
Note C - Investment Securities
Note C - Investment Securities (Tables) | 12 Months Ended |
Sep. 24, 2022 | |
Notes Tables | |
Unrealized Gain (Loss) on Investments [Table Text Block] | Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Corporate bonds $ 4,011 $ - $ 21 $ 3,990 Total marketable securities held to maturity $ 4,011 $ - $ 21 $ 3,990 Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Mutual Funds $ 3,588 $ - $ 742 $ 2,846 Preferred Stock 2,816 46 - 2,862 Total marketable securities available for sale $ 6,404 $ 46 $ 742 $ 5,708 Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Corporate Bonds $ 12,027 $ 123 $ 18 $ 12,132 Total marketable securities held to maturity $ 12,027 $ 123 $ 18 $ 12,132 Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Mutual Funds $ 3,588 $ - $ 536 $ 3,052 Preferred Stock 6,892 175 35 7,032 Total marketable securities available for sale $ 10,480 $ 175 $ 571 $ 10,084 |
Investments Classified by Contractual Maturity Date [Table Text Block] | September 24, 2022 September 25, 2021 Fair Fair Amortized Market Amortized Market Cost Value Cost Value (in thousands) Due in one year or less $ 4,011 $ 3,990 $ 7,980 $ 8,080 Due after one year through five years - - 4,047 4,052 Due after five years through ten years - - - - Total held to maturity securities $ 4,011 $ 3,990 $ 12,027 $ 12,132 Less current portion 4,011 3,990 7,980 8,080 Long term held to maturity securities $ - $ - $ 4,047 $ 4,052 |
Note D - Inventories (Tables)
Note D - Inventories (Tables) | 12 Months Ended |
Sep. 24, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 24, September 25, 2022 2021 (in thousands) Finished goods $ 86,464 $ 49,756 Raw materials 41,505 29,529 Packaging materials 16,637 11,168 Equipment parts and other 35,867 32,707 Total inventories $ 180,473 $ 123,160 |
Note E - Property, Plant and _2
Note E - Property, Plant and Equipment (Tables) | 12 Months Ended |
Sep. 24, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Estimated September 24, September 25, Useful Lives 2022 2021 (in years) (in thousands) Land $ 3,714 $ 2,494 - Buildings 34,232 26,582 15 - 39.5 Plant machinery and equipment 374,566 343,716 5 - 20 Marketing equipment 274,904 258,624 5 - 7 Transportation equipment 11,685 10,315 5 Office equipment 45,865 34,648 3 - 5 Improvements 49,331 45,578 5 - 20 Construction in Progress 65,753 35,285 - 860,050 757,242 Less accumulated depreciation and amortization 524,683 490,055 Property, plant and equipment, net $ 335,367 $ 267,187 |
Note F - Goodwill and Intangi_2
Note F - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Sep. 24, 2022 | |
Notes Tables | |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | September 24, 2022 September 25, 2021 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization FOOD SERVICE Indefinite lived intangible assets Trade names $ 85,872 $ - $ 10,408 $ 812 Amortized intangible assets Non compete agreements 670 670 670 670 Franchise agreements 8,500 212 - - Customer relationships 22,900 7,790 13,000 6,188 Technology 23,110 576 - - License and rights 1,690 1,481 1,690 1,396 TOTAL FOOD SERVICE $ 142,742 $ 10,729 $ 25,768 $ 9,066 RETAIL SUPERMARKETS Indefinite lived intangible assets Trade names $ 11,938 $ - $ 12,777 $ 461 Amortized intangible Assets Trade names 649 649 649 649 Customer relationships 7,907 6,693 7,907 5,931 TOTAL RETAIL SUPERMARKETS $ 20,494 $ 7,342 $ 21,333 $ 7,041 FROZEN BEVERAGES Indefinite lived intangible assets Trade names $ 9,315 $ - $ 9,315 $ - Distribution rights 36,100 - 36,100 - Amortized intangible assets Customer relationships 1,439 545 1,439 400 Licenses and rights 1,400 1,142 1,400 1,072 TOTAL FROZEN BEVERAGES $ 48,254 $ 1,687 $ 48,254 $ 1,472 CONSOLIDATED $ 211,490 $ 19,758 $ 95,355 $ 17,579 |
Schedule of Goodwill [Table Text Block] | Food Retail Frozen Service Supermarket Beverages Total (in thousands) September 24, 2022 $ 123,776 $ 4,146 $ 56,498 $ 184,420 September 25, 2021 $ 61,189 $ 4,146 $ 56,498 $ 121,833 |
Note H - Income Taxes (Tables)
Note H - Income Taxes (Tables) | 12 Months Ended |
Sep. 24, 2022 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Fiscal year ended September 24, September 25, September 26, 2022 2021 2020 (in thousands) Current U.S. Federal (374 ) $ 13,964 $ 1,992 Foreign 2,854 860 193 State 3,210 6,431 (1,517 ) Total current expense 5,690 21,255 668 Deferred U.S. Federal 10,834 $ (145 ) $ 3,139 Foreign (394 ) (353 ) (536 ) State (1,611 ) (2,338 ) (110 ) Total deferred (benefit) expense 8,829 (2,836 ) 2,493 Total expense $ 14,519 $ 18,419 $ 3,161 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Fiscal year ended September 24, September 25, September 26, 2022 2021 2020 (in thousands) Income taxes at federal statutory rates $ 12,968 $ 15,545 $ 4,508 Increase (decrease) in taxes resulting from: State income taxes, net of federal income tax benefit 1,261 3,233 (1,285 ) Share-based compensation 162 (124 ) (183 ) Other, net 128 (235 ) 121 Income tax expense $ 14,519 $ 18,419 $ 3,161 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Fiscal year ended September 24, September 25, 2022 2021 (in thousands) Deferred tax assets: Vacation accrual $ 1,321 $ 1,359 Capital loss carry forwards 17 14 Unrealized gains/losses 504 598 Insurance accrual 3,614 3,918 Operating lease liabilities 14,521 16,235 Deferred income 10 30 Allowances 2,598 2,155 Inventory capitalization 1,620 1,108 Share-based compensation 1,680 1,754 Net operating loss 538 617 Payroll tax accrual 1,142 2,307 Foreign tax credit 404 404 Total deferred tax assets 27,969 30,499 Valuation allowance (521 ) (612 ) Total deferred tax assets, net 27,448 29,887 Deferred tax liabilities: Amortization of goodwill and other intangible assets 32,680 31,540 Depreciation of property, plant and equipement 51,972 44,924 Right-of-use assets 13,058 14,773 Accounting method change 481(a) 145 228 Total deferred tax liabilities 97,855 91,465 Total deferred tax liabilities, net $ 70,407 $ 61,578 |
Note K - Stock-based Compensa_2
Note K - Stock-based Compensation (Tables) | 12 Months Ended |
Sep. 24, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Incentive Stock Options Nonqualified Stock Options Weighted- Weighted- Stock Average Stock Average Options Exercise Options Exercise Outstanding Price Outstanding Price Balance, September 28, 2019 434,152 136.53 362,742 118.19 Granted 124,414 126.33 37,074 125.83 Exercised (51,350 ) 109.73 (24,182 ) 53.43 Canceled (36,796 ) 138.34 (29,192 ) 135.79 Balance, September 26, 2020 470,420 136.62 346,442 122.04 Granted 111,862 165.53 43,970 160.14 Exercised (102,976 ) 120.83 (55,453 ) 120.92 Canceled (31,684 ) 143.74 (41,222 ) 95.95 Balance, September 25, 2021 447,622 146.98 293,737 132.29 Granted 103,405 132.38 11,545 132.38 Exercised (67,782 ) 131.35 (60,581 ) 107.17 Canceled (49,886 ) 150.85 (36,383 ) 140.40 Balance, September 24, 2022 433,359 145.48 208,318 138.19 Exercisable Options September 24, 2022 139,174 154.62 107,565 123.65 |
Non-qualified Stock Options [Member] | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Options Outstanding Options Exercisable Number Weighted- Number Outstanding Average Weighted- Outstanding Weighted- at Remaining Average at Average Range of September 24, Contractual Exercise September 24, Exercise Exercise Prices 2022 Life Price 2022 Price $80.79 - $117.85 60,000 2.0 $ 97.63 60,000 $ 97.63 $117.85 - $153.65 82,544 2.8 $ 140.22 23,573 $ 149.39 $163.29 - $191.40 65,774 2.4 $ 172.64 23,992 $ 163.42 Total options 208,318 107,565 123.65 |
Incentive Stock Options [Member] | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Options Outstanding Options Exercisable Number Weighted- Number Outstanding Average Weighted- Outstanding Weighted- at Remaining Average at Average Range of September 24, Contractual Exercise September 24, Exercise Exercise Prices 2022 Life Price 2022 Price $125.83 - $158.97 253,675 3.0 $ 131.93 54,966 $ 141.30 $163.29 - $192.13 179,684 2.7 $ 164.61 84,208 $ 163.31 Total options 433,359 139,174 154.62 |
Note M - Cash Flow Information
Note M - Cash Flow Information (Tables) | 12 Months Ended |
Sep. 24, 2022 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Fiscal year ended September 24, September 25, September 26, 2022 2021 2020 (in thousands) Cash paid for: Interest $ 985 $ 23 $ 29 Income taxes 16,814 4,275 11,556 Non cash items: Obtaining a right-of-use asset in exchange for a lease liability $ 11,783 $ 6,513 $ 685 |
Note N - Segment Reporting (Tab
Note N - Segment Reporting (Tables) | 12 Months Ended |
Sep. 24, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | September 24, September 25, September 26, 2022 2021 2020 (52 weeks) (52 weeks) (52 weeks) (in thousands) Sales to external customers: Food Service Soft pretzels $ 205,752 $ 174,977 $ 150,786 Frozen novelties 78,183 44,605 35,176 Churros 88,242 64,916 46,881 Handhelds 92,130 75,627 36,088 Bakery 381,526 342,609 332,514 Other 26,854 22,249 17,448 Total Food Service $ 872,687 $ 724,983 $ 618,893 Retail Supermarket Soft pretzels $ 61,925 $ 54,990 $ 49,157 Frozen novelties 108,911 100,059 88,743 Biscuits 24,695 24,197 28,317 Handhelds 5,640 7,574 12,303 Coupon redemption (3,713 ) (3,689 ) (3,569 ) Other 485 1,766 2,214 Total Retail Supermarket $ 197,943 $ 184,897 $ 177,165 Frozen Beverages Beverages $ 184,063 $ 124,498 $ 107,004 Repair and maintenance service 89,840 81,305 83,420 Machines revenue 33,601 26,953 33,986 Other 2,522 1,943 1,570 Total Frozen Beverages $ 310,026 $ 234,699 $ 225,980 Consolidated sales $ 1,380,656 $ 1,144,579 $ 1,022,038 Depreciation and amortization: Food Service $ 29,807 $ 26,738 $ 28,111 Retail Supermarket 1,536 1,671 1,577 Frozen Beverages 21,780 20,982 23,360 Total depreciation and amortization $ 53,123 $ 49,391 $ 53,048 Operating Income: Food Service $ 18,512 $ 39,172 $ 6,458 Retail Supermarket 9,487 25,914 23,202 Frozen Beverages 33,800 6,132 (12,466 ) Total operating income $ 61,799 $ 71,218 $ 17,194 Capital expenditures: Food Service $ 61,738 $ 38,558 $ 34,798 Retail Supermarket 8,885 288 1,763 Frozen Beverages 16,668 14,732 21,256 Total capital expenditures $ 87,291 $ 53,578 $ 57,817 Assets: Food Service $ 893,045 $ 799,149 $ 738,033 Retail Supermarket 20,302 31,486 31,704 Frozen Beverages 303,619 291,584 286,816 Total assets $ 1,216,966 $ 1,122,219 $ 1,056,553 |
Note O - Accumulated Other Co_2
Note O - Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Sep. 24, 2022 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Fiscal Year Ended September 24, 2022 (in thousands) Foreign Currency Translation Adjustments Beginning Balance $ (13,383 ) Other comprehensive income (loss) (330 ) Ending Balance $ (13,713 ) Fiscal Year Ended September 25, 2021 (in thousands) Foreign Currency Translation Adjustments Beginning Balance $ (15,587 ) Other comprehensive income (loss) 2,204 Ending Balance $ (13,383 ) |
Note P - Leases (Tables)
Note P - Leases (Tables) | 12 Months Ended |
Sep. 24, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Fiscal year ended Fiscal year ended September 24, 2022 September 25, 2021 Operating lease cost in Cost of goods sold and Operating Expenses $ 15,611 $ 15,471 Finance lease cost: Amortization of assets in Cost of goods sold and Operating Expenses $ 160 $ 346 Interest on lease liabilities in Interest expense & other 13 25 Total finance lease cost $ 173 $ 371 Short-term lease cost in Cost of goods sold and Operating Expenses - - Total net lease cost $ 15,784 $ 15,842 |
Assets and Liabilities, Lessee [Table Text Block] | September 24, 2022 September 25, 2021 Operating Leases Operating lease right-of-use assets $ 51,137 $ 54,555 Current operating lease liabilities $ 13,524 $ 13,395 Noncurrent operating lease liabilities 42,660 46,557 Total operating lease liabilities $ 56,184 $ 59,952 Finance Leases Finance lease right-of-use assets in Property, plant and equipment, net $ 328 $ 561 Current finance lease liabilities $ 124 $ 182 Noncurrent finance lease liabilities 254 392 Total finance lease liabilities $ 378 $ 574 |
Lessee, Cash Flow Information [Table Text Block] | Fiscal year ended Fiscal year ended September 24, 2022 September 25, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 16,505 $ 15,651 Operating cash flows from finance leases $ 13 $ 144 Financing cash flows from finance leases $ 279 $ 25 Supplemental noncash information on lease liabilities arising from obtaining right-of-use assets $ 11,783 $ 6,513 Supplemental noncash information on lease liabilities removed due to purchase of leased asset $ - $ - |
Lessee, Lease Liability, Maturity [Table Text Block] | Operating Leases Finance Leases 2023 $ 15,138 $ 160 2024 12,410 113 2025 8,969 53 2026 5,822 39 2027 4,762 32 Thereafter 15,163 - Total minimum payments 62,264 397 Less amount representing interest (6,080 ) (19 ) Present value of lease obligations $ 56,184 $ 378 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Sep. 24, 2022 | |
Notes Tables | |
Summary of Valuation Allowance [Table Text Block] | Opening Charged to Closing Year Description Balance Expense Deductions Balance 2022 Allowance for doubtful accounts $ 1,405 $ 1,781 $ 1,028 (1) $ 2,158 2021 Allowance for doubtful accounts $ 1,388 $ 338 $ 321 (1) $ 1,405 2020 Allowance for doubtful accounts $ 572 $ 1,105 $ 289 (1) $ 1,388 |
Note A - Summary of Significa_3
Note A - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 12 Months Ended | ||
Sep. 24, 2022 USD ($) shares | Sep. 25, 2021 USD ($) shares | Sep. 26, 2020 USD ($) shares | |
Contract with Customer, Asset, Allowance for Deductions | $ 14,700 | $ 14,600 | |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | 2,200 | 1,400 | |
Cash, Uninsured Amount | 13,000 | ||
Accounts Receivable, after Allowance for Credit Loss, Total | $ 208,200 | 162,900 | |
Employees Covered Under Collective Bargaining Agreement, Percentage | 26% | ||
Unrecognized Tax Benefits, Ending Balance | $ 343 | 343 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 300 | $ 300 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 23.50% | 24.90% | 25% |
Effective Income Tax Rate Reconciliation, State Deferred Taxes and Provision to Return Adjustment, Amount | $ 2,200 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares | 287,558 | 284,480 | 341,849 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 25.80% | 25.80% | 17.40% |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.80% | 0.80% | 0.30% |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 1.60% | 1.40% | 1.80% |
Advertising Expense | $ 7,000 | $ 4,900 | $ 6,500 |
Unrecorded Unconditional Purchase Obligation, Total | 130,000 | ||
Research and Development Expense, Total | $ 700 | $ 600 | $ 700 |
Five Year Options [Member] | |||
Share Based Compensation Arrangement by Share Based Payment Award Fair Value Assumptions Volatility Calculation Term (Year) | 51 years | ||
Ten Year Options [Member] | |||
Share Based Compensation Arrangement by Share Based Payment Award Fair Value Assumptions Volatility Calculation Term (Year) | 10 years | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period (in shares) | shares | 9,200 | 0 | 0 |
Performance Shares [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period (in shares) | shares | 8,868 | 0 | 0 |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||
Number of Major Customers | 10 | 10 | 10 |
Minimum [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 2 years | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year) | 4 years | 4 years | 4 years |
Maximum [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 20 years | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year) | 10 years | 10 years | 10 years |
Customer Group One [Member] | |||
Approximate Number of Customers | 33 | ||
Customer Group One [Member] | Minimum [Member] | |||
Accounts Receivable, after Allowance for Credit Loss, Total | $ 1,000 | ||
Customer Group One [Member] | Maximum [Member] | |||
Accounts Receivable, after Allowance for Credit Loss, Total | 10,000 | ||
Five Customers [Member] | Minimum [Member] | |||
Accounts Receivable, after Allowance for Credit Loss, Total | 10,000 | ||
Largest Customer [Member] | |||
Accounts Receivable, after Allowance for Credit Loss, Total | $ 23,000 | ||
Largest Customer [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk, Percentage | 8% | 11% | 13% |
Top Ten Customers [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk, Percentage | 43% | 43% | 43% |
Note A - Summary of Significa_4
Note A - Summary of Significant Accounting Policies - Contract Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 24, 2022 | Sep. 25, 2021 | |
Beginning Balance | $ 1,097 | $ 1,327 |
Additions to contract liability | 9,163 | 5,544 |
Amounts recognized as revenue | (5,334) | (5,774) |
Ending Balance | $ 4,926 | $ 1,097 |
Note A - Summary of Significa_5
Note A - Summary of Significant Accounting Policies - Unrecognized Tax Benefits (Details) $ in Thousands | 12 Months Ended |
Sep. 24, 2022 USD ($) | |
Balance | $ 343 |
Reductions for tax positions of prior years | 0 |
Settlements | 0 |
Balance | $ 343 |
Note A - Summary of Significa_6
Note A - Summary of Significant Accounting Policies - Calculation of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | |
Net earnings available to common stockholders | $ 47,235 | $ 55,607 | $ 18,305 |
Net earnings available to common stockholders (in shares) | 19,148 | 19,013 | 18,901 |
Net earnings available to common stockholders (in dollars per share) | $ 2.47 | $ 2.92 | $ 0.97 |
Options, shares | $ 0 | $ 0 | $ 0 |
Options, shares (in shares) | 65 | 120 | 131 |
Options, per share (in dollars per share) | $ (0.01) | $ (0.01) | $ (0.01) |
Net earnings available to common stockholders plus assumed conversions | $ 47,235 | $ 55,607 | $ 18,305 |
Net earnings available to common stockholders plus assumed conversions (in shares) | 19,213 | 19,133 | 19,032 |
Net earnings available to common stockholders plus assumed conversions (in dollars per share) | $ 2.46 | $ 2.91 | $ 0.96 |
Options, per share (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Note A - Summary of Significa_7
Note A - Summary of Significant Accounting Policies - Recognized Share-based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | |
Share-based compensation expense | $ 3,334 | $ 2,975 | $ 3,330 |
The above compensation is net of tax benefits | 935 | 1,224 | 1,265 |
Share-Based Payment Arrangement, Option [Member] | |||
Share-based compensation expense | 2,407 | 2,265 | 2,874 |
Stock Purchase Plan [Member] | |||
Share-based compensation expense | 389 | 573 | 390 |
Stock Issued to Outside Directors [Member] | |||
Share-based compensation expense | 0 | 44 | 66 |
Restricted Stock [Member] | |||
Share-based compensation expense | 538 | 93 | 0 |
Performance Shares [Member] | |||
Share-based compensation expense | $ 0 | $ 0 | $ 0 |
Note B - Acquisitions (Details
Note B - Acquisitions (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Jun. 21, 2022 | Feb. 04, 2020 | Oct. 01, 2019 | Sep. 24, 2022 | Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | ||
ICEE Distributors LLC [Member] | ||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 9,700 | $ 11,400 | ||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 2,400 | 3,600 | ||||||
BAMA ICEE [Member] | ||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 1,800 | 1,700 | ||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ 500 | 600 | ||||||
Dippin’ Dots Holding, L.L.C. [Member] | ||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 33,700 | |||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 6,600 | |||||||
ICEE Distributors LLC [Member] | ||||||||
Payments to Acquire Businesses, Gross | $ 45,000 | |||||||
BAMA ICEE [Member] | ||||||||
Payments to Acquire Businesses, Gross | $ 12,000 | |||||||
ICEE Distributors LLC and BAMA ICEE [Member] | Other Operating Income (Expense) [Member] | ||||||||
Business Combination, Acquisition Related Costs | $ 100 | |||||||
Dippin’ Dots Holding, L.L.C. [Member] | ||||||||
Payments to Acquire Businesses, Gross | $ 223,600 | |||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 33,734 | |||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 4,859 | |||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100% | |||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | $ 6,548 | |||||||
Goodwill, Purchase Accounting Adjustments | [1] | (4,047) | ||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | (2,200) | |||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory | $ (301) | |||||||
Dippin’ Dots Holding, L.L.C. [Member] | General and Administrative Expense [Member] | ||||||||
Business Combination, Acquisition Related Costs | $ 3,100 | |||||||
[1]Goodwill was assigned to our Food Services segment and was primarily attributed to the assembled workforce of the acquired business and to our expectations of favorable growth opportunities in entertainment and amusement locations, theaters, and convenience based on increased synergies that are expected to be achieved from the integration of Dippin’ Dots. |
Note B - Acquisitions - Purchas
Note B - Acquisitions - Purchase Price Allocation for Acquisitions (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||||
Sep. 24, 2022 | Jun. 25, 2022 | Jun. 21, 2022 | Sep. 25, 2021 | Feb. 04, 2020 | Oct. 01, 2019 | ||
Goodwill | $ 184,420 | $ 121,833 | |||||
Goodwill (2) | 184,420 | $ 121,833 | |||||
ICEE Distributor [Member] | |||||||
Accounts Receivable, net | $ 721 | ||||||
Inventories | 866 | ||||||
Property, plant & equipment, net | 4,851 | ||||||
Goodwill | 15,773 | ||||||
Total assets acquired | (45,180) | ||||||
Accounts Payable | (210) | ||||||
Purchase Price | 44,970 | ||||||
Goodwill (2) | 15,773 | ||||||
Total assets acquired | 45,180 | ||||||
Liabilities assumed: | |||||||
Accounts payable | 210 | ||||||
Purchase Price | 44,970 | ||||||
ICEE Distributor [Member] | Distribution Rights [Member] | |||||||
Indefinite-Lived Intangible Assets | 22,400 | ||||||
ICEE Distributor [Member] | Customer Relationships [Member] | |||||||
Finite-Lived Intangible Assets | $ 569 | ||||||
BAMA ICEE [Member] | |||||||
Accounts Receivable, net | $ 71 | ||||||
Inventories | 77 | ||||||
Property, plant & equipment, net | 1,722 | ||||||
Goodwill | 3,549 | ||||||
Total assets acquired | (12,352) | ||||||
Accounts Payable | (110) | ||||||
Purchase Price | 12,242 | ||||||
Goodwill (2) | 3,549 | ||||||
Total assets acquired | 12,352 | ||||||
Liabilities assumed: | |||||||
Accounts payable | 110 | ||||||
Purchase Price | 12,242 | ||||||
BAMA ICEE [Member] | Distribution Rights [Member] | |||||||
Indefinite-Lived Intangible Assets | 6,800 | ||||||
BAMA ICEE [Member] | Customer Relationships [Member] | |||||||
Finite-Lived Intangible Assets | 133 | ||||||
ICEE Distributors LLC and BAMA ICEE [Member] | |||||||
Accounts Receivable, net | 792 | ||||||
Inventories | 943 | ||||||
Property, plant & equipment, net | 6,573 | ||||||
Goodwill | 19,322 | ||||||
Total assets acquired | (57,532) | ||||||
Accounts Payable | (320) | ||||||
Purchase Price | 57,212 | ||||||
Goodwill (2) | 19,322 | ||||||
Total assets acquired | 57,532 | ||||||
Liabilities assumed: | |||||||
Accounts payable | 320 | ||||||
Purchase Price | 57,212 | ||||||
ICEE Distributors LLC and BAMA ICEE [Member] | Distribution Rights [Member] | |||||||
Indefinite-Lived Intangible Assets | 29,200 | ||||||
ICEE Distributors LLC and BAMA ICEE [Member] | Customer Relationships [Member] | |||||||
Finite-Lived Intangible Assets | $ 702 | ||||||
Dippin’ Dots Holding, L.L.C. [Member] | |||||||
Accounts Receivable, net | 12,257 | $ 12,257 | |||||
Inventories | 8,511 | 8,812 | |||||
Property, plant & equipment, net | 31,170 | 24,622 | |||||
Goodwill | [1] | 62,587 | 66,634 | ||||
Total assets acquired | (239,956) | (239,956) | |||||
Accounts Payable | (6,005) | (6,005) | |||||
Purchase Price | 223,561 | 223,561 | |||||
Cash and cash equivalents | [2] | 2,259 | 2,259 | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory | (301) | ||||||
Prepaid expenses and other | 1,215 | 1,215 | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | 6,548 | ||||||
Intangible assets | 118,200 | 120,400 | $ 118,200 | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | (2,200) | ||||||
Goodwill (2) | [1] | 62,587 | 66,634 | ||||
Goodwill, Purchase Accounting Adjustments | [1] | (4,047) | |||||
Operating lease right-of-use assets | 3,514 | 3,514 | |||||
Other noncurrent assets | 243 | 243 | |||||
Total assets acquired | 239,956 | 239,956 | |||||
Liabilities assumed: | |||||||
Current lease liabilities | 619 | 619 | |||||
Accounts payable | 6,005 | 6,005 | |||||
Other current liabilities | 3,532 | 3,532 | |||||
Noncurrent lease liabilities | 2,954 | 2,954 | |||||
Other noncurrent liabilities | 3,285 | 3,285 | |||||
Total liabilities acquired | 16,395 | 16,395 | |||||
Purchase Price | $ 223,561 | $ 223,561 | |||||
[1]Goodwill was assigned to our Food Services segment and was primarily attributed to the assembled workforce of the acquired business and to our expectations of favorable growth opportunities in entertainment and amusement locations, theaters, and convenience based on increased synergies that are expected to be achieved from the integration of Dippin’ Dots.[2]Due to the limited time since the date of the acquisition, the purchase price allocation remains preliminary. |
Note B - Acquisitions - Acquire
Note B - Acquisitions - Acquired Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 21, 2022 | Sep. 24, 2022 | Jun. 25, 2022 | |
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | 10 years 4 months 24 days | ||
Customer Relationships [Member] | |||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | 10 years | ||
Franchise Rights [Member] | |||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | 10 years | ||
Dippin’ Dots Holding, L.L.C. [Member] | |||
Intangible assets | $ 118.2 | $ 118.2 | $ 120.4 |
Dippin’ Dots Holding, L.L.C. [Member] | Developed Technology Rights [Member] | |||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | 10 years | ||
Acquired Finite-Lived Intangible Assets | $ 22.9 | ||
Dippin’ Dots Holding, L.L.C. [Member] | Customer Relationships [Member] | |||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | 10 years | ||
Acquired Finite-Lived Intangible Assets | $ 9.9 | ||
Dippin’ Dots Holding, L.L.C. [Member] | Franchise Rights [Member] | |||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | 10 years | ||
Acquired Finite-Lived Intangible Assets | $ 8.5 | ||
Trade Names [Member] | Dippin’ Dots Holding, L.L.C. [Member] | |||
Acquired indefinite-Lived Intangible Assets | $ 76.9 |
Note B - Acquisitions - Proform
Note B - Acquisitions - Proforma Results from Acquisitions (Details) - Dippin’ Dots Holding, L.L.C. [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Sep. 24, 2022 | Sep. 25, 2021 | |
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 33,734 | |
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 4,859 | |
Net sales | 1,428,505 | $ 1,209,055 |
Net earnings | $ 49,191 | $ 61,001 |
Earnings per diluted share (in dollars per share) | $ 2,560 | $ 3,190 |
Weighted average number of diluted shares (in shares) | 19,213 | 19,133 |
Note C - Investment Securitie_2
Note C - Investment Securities (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | |
Proceeds from Sale and Maturity of Marketable Securities | $ 12,026 | $ 60,891 | $ 73,226 |
Marketable Securities, Gain (Loss) | 300 | 200 | $ 100 |
Marketable Securities, Unrealized Gain (Loss) | (300) | 800 | |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss, Total | 4,011 | $ 12,027 | |
BBB/BB/B Rating [Member] | |||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss, Total | $ 4,000 | ||
Mutual Fund [Member] | |||
Marketable Securities, Annual Income, Percentage | 3.70% | ||
Marketable Securities, Total | $ 3,000 | ||
Preferred Stock [Member] | |||
Marketable Securities, Annual Income, Percentage | 5.50% | ||
Marketable Securities, Annual Income, Percentage, not Subject to Tax | 50% | ||
Corporate Bond Securities [Member] | |||
Marketable Securities, Annual Income, Percentage | 3.30% | ||
Marketable Securities, Total | $ 4,000 | ||
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, without Single Maturity Date | $ 4,000 |
Note C - Investment Securitie_3
Note C - Investment Securities - Summary of Securities (Details) - USD ($) $ in Thousands | Sep. 24, 2022 | Sep. 25, 2021 |
Held-to-maturity securities, amortized cost | $ 4,011 | $ 12,027 |
Held-to-maturity securities, gross unrealized gains | 0 | 123 |
Held-to-maturity securities, gross unrealized losses | 21 | 18 |
Held-to-maturity securities, fair market value | 3,990 | 12,132 |
Investment securities, cost | 6,404 | 10,480 |
Investment securities, gross unrealized gains | 46 | 175 |
Investment securities, gross unrealized losses | 742 | 571 |
Investment securities, fair market value | 5,708 | 10,084 |
Corporate Bond Securities [Member] | ||
Held-to-maturity securities, amortized cost | 4,011 | 12,027 |
Held-to-maturity securities, gross unrealized gains | 0 | 123 |
Held-to-maturity securities, gross unrealized losses | 21 | 18 |
Held-to-maturity securities, fair market value | 3,990 | 12,132 |
Mutual Funds [Member] | ||
Investment securities, cost | 3,588 | 3,588 |
Investment securities, gross unrealized gains | 0 | 0 |
Investment securities, gross unrealized losses | 742 | 536 |
Investment securities, fair market value | 2,846 | 3,052 |
Preferred Stock [Member] | ||
Investment securities, cost | 2,816 | 6,892 |
Investment securities, gross unrealized gains | 46 | 175 |
Investment securities, gross unrealized losses | 0 | 35 |
Investment securities, fair market value | $ 2,862 | $ 7,032 |
Note C - Investment Securitie_4
Note C - Investment Securities - Held-to-maturity Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Sep. 24, 2022 | Sep. 25, 2021 |
Due in one year or less, amortized cost | $ 4,011 | $ 7,980 |
Due in one year or less, fair market value | 3,990 | 8,080 |
Due after one year through five years, amortized cost | 0 | 4,047 |
Due after one year through five years, fair market value | 0 | 4,052 |
Due after five years through ten years, amortized cost | 0 | 0 |
Due after five years through ten years, fair market value | 0 | 0 |
Total held to maturity securities, amortized cost | 4,011 | 12,027 |
Total held to maturity securities, fair market value | 3,990 | 12,132 |
Less current portion, amortized cost | 4,011 | 7,980 |
Less current portion, fair market value | 3,990 | 8,080 |
Long term held to maturity securities, amortized cost | 0 | 4,047 |
Long term held to maturity securities, fair market value | $ 0 | $ 4,052 |
Note D - Inventories - Summary
Note D - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Sep. 24, 2022 | Sep. 25, 2021 |
Finished goods | $ 86,464 | $ 49,756 |
Raw materials | 41,505 | 29,529 |
Packaging materials | 16,637 | 11,168 |
Equipment parts and other | 35,867 | 32,707 |
Total inventories | $ 180,473 | $ 123,160 |
Note E - Property, Plant and _3
Note E - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | |
Depreciation, Total | $ 49,669 | $ 46,781 | $ 49,830 |
Note E - Property, Plant and _4
Note E - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 24, 2022 | Sep. 25, 2021 | |
Property, plant and equipment, at cost | $ 860,050 | $ 757,242 |
Less accumulated depreciation and amortization | 524,683 | 490,055 |
Property, plant and equipment, net | 335,367 | 267,187 |
Land [Member] | ||
Property, plant and equipment, at cost | 3,714 | 2,494 |
Building [Member] | ||
Property, plant and equipment, at cost | $ 34,232 | 26,582 |
Building [Member] | Minimum [Member] | ||
Property, plant and equipment, estimated useful life (Year) | 15 years | |
Building [Member] | Maximum [Member] | ||
Property, plant and equipment, estimated useful life (Year) | 39 years 6 months | |
Machinery and Equipment [Member] | ||
Property, plant and equipment, at cost | $ 374,566 | 343,716 |
Machinery and Equipment [Member] | Minimum [Member] | ||
Property, plant and equipment, estimated useful life (Year) | 5 years | |
Machinery and Equipment [Member] | Maximum [Member] | ||
Property, plant and equipment, estimated useful life (Year) | 20 years | |
Equipment [Member] | ||
Property, plant and equipment, at cost | $ 274,904 | 258,624 |
Equipment [Member] | Minimum [Member] | ||
Property, plant and equipment, estimated useful life (Year) | 5 years | |
Equipment [Member] | Maximum [Member] | ||
Property, plant and equipment, estimated useful life (Year) | 7 years | |
Transportation Equipment [Member] | ||
Property, plant and equipment, at cost | $ 11,685 | 10,315 |
Property, plant and equipment, estimated useful life (Year) | 5 years | |
Office Equipment [Member] | ||
Property, plant and equipment, at cost | $ 45,865 | 34,648 |
Office Equipment [Member] | Minimum [Member] | ||
Property, plant and equipment, estimated useful life (Year) | 3 years | |
Office Equipment [Member] | Maximum [Member] | ||
Property, plant and equipment, estimated useful life (Year) | 5 years | |
Improvements [Member] | ||
Property, plant and equipment, at cost | $ 49,331 | 45,578 |
Improvements [Member] | Minimum [Member] | ||
Property, plant and equipment, estimated useful life (Year) | 5 years | |
Improvements [Member] | Maximum [Member] | ||
Property, plant and equipment, estimated useful life (Year) | 20 years | |
Construction in Progress [Member] | ||
Property, plant and equipment, at cost | $ 65,753 | $ 35,285 |
Note F - Goodwill and Intangi_3
Note F - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Jun. 21, 2022 | Sep. 24, 2022 | Jun. 25, 2022 | Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | Sep. 28, 2019 | |
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) | $ 1,010 | $ 1,273 | $ 0 | ||||
Intangible Assets Acquired | 0 | ||||||
Amortization of Intangible Assets | 3,500 | 2,600 | 3,200 | ||||
Finite-Lived Intangible Asset, Expected Amortization, Year One | $ 6,700 | 6,700 | |||||
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 6,400 | 6,400 | |||||
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 5,800 | 5,800 | |||||
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 4,800 | $ 4,800 | |||||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | 10 years 4 months 24 days | ||||||
Goodwill, Impairment Loss | $ 0 | 0 | 0 | ||||
Goodwill, Acquired During Period | $ 0 | ||||||
Technology-Based Intangible Assets [Member] | |||||||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | 10 years | ||||||
Customer Relationships [Member] | |||||||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | 10 years | ||||||
License and Rights [Member] | |||||||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | 20 years | ||||||
Franchise Rights [Member] | |||||||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | 10 years | ||||||
Dippin’ Dots Holding, L.L.C. [Member] | |||||||
Intangible Assets Acquired | $ 118,200 | ||||||
Goodwill, Acquired During Period | $ 62,600 | ||||||
Dippin’ Dots Holding, L.L.C. [Member] | Customer Relationships [Member] | |||||||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | 10 years | ||||||
Dippin’ Dots Holding, L.L.C. [Member] | Franchise Rights [Member] | |||||||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | 10 years | ||||||
Frozen Beverages [Member] | ICEE Distributor [Member] | |||||||
Intangible Assets Acquired | 23,000 | ||||||
Goodwill, Acquired During Period | 15,800 | ||||||
Frozen Beverages [Member] | BAMA ICEE [Member] | |||||||
Intangible Assets Acquired | $ 6,900 | ||||||
Goodwill, Acquired During Period | $ 3,500 | ||||||
Trade Names [Member] | |||||||
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) | 1,000 | ||||||
Trade Names [Member] | Food Service [Member] | |||||||
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) | 600 | ||||||
Trade Names [Member] | Retail Supermarket [Member] | |||||||
Impairment of Intangible Assets, Indefinite-Lived (Excluding Goodwill) | $ 400 | ||||||
Minimum [Member] | |||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 2 years | ||||||
Maximum [Member] | |||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 20 years |
Note F - Goodwill and Intangi_4
Note F - Goodwill and Intangible Assets - Intangible Assets by Reporting Segment (Details) - USD ($) $ in Thousands | Sep. 24, 2022 | Sep. 25, 2021 |
Finite-lived intangible assets, accumulated amortization | $ 19,758 | $ 17,579 |
Intangible assets | 211,490 | 95,355 |
Food Service [Member] | ||
Finite-lived intangible assets, accumulated amortization | 10,729 | 9,066 |
Intangible assets | 142,742 | 25,768 |
Food Service [Member] | Noncompete Agreements [Member] | ||
Finite-lived intangible assets, gross | 670 | 670 |
Finite-lived intangible assets, accumulated amortization | 670 | 670 |
Food Service [Member] | Franchise Rights [Member] | ||
Finite-lived intangible assets, gross | 8,500 | 0 |
Finite-lived intangible assets, accumulated amortization | 212 | 0 |
Food Service [Member] | Customer Relationships [Member] | ||
Finite-lived intangible assets, gross | 22,900 | 13,000 |
Finite-lived intangible assets, accumulated amortization | 7,790 | 6,188 |
Food Service [Member] | Technology-Based Intangible Assets [Member] | ||
Finite-lived intangible assets, gross | 23,110 | 0 |
Finite-lived intangible assets, accumulated amortization | 576 | 0 |
Food Service [Member] | License and Rights [Member] | ||
Finite-lived intangible assets, gross | 1,690 | 1,690 |
Finite-lived intangible assets, accumulated amortization | 1,481 | 1,396 |
Retail Supermarket [Member] | ||
Finite-lived intangible assets, accumulated amortization | 7,342 | 7,041 |
Intangible assets | 20,494 | 21,333 |
Retail Supermarket [Member] | Customer Relationships [Member] | ||
Finite-lived intangible assets, gross | 7,907 | 7,907 |
Finite-lived intangible assets, accumulated amortization | 6,693 | 5,931 |
Retail Supermarket [Member] | Finite-lived Trade Names [Member] | ||
Finite-lived intangible assets, gross | 649 | 649 |
Finite-lived intangible assets, accumulated amortization | 649 | 649 |
Frozen Beverages [Member] | ||
Finite-lived intangible assets, accumulated amortization | 1,687 | 1,472 |
Intangible assets | 48,254 | 48,254 |
Frozen Beverages [Member] | Customer Relationships [Member] | ||
Finite-lived intangible assets, gross | 1,439 | 1,439 |
Finite-lived intangible assets, accumulated amortization | 545 | 400 |
Frozen Beverages [Member] | License and Rights [Member] | ||
Finite-lived intangible assets, gross | 1,400 | 1,400 |
Finite-lived intangible assets, accumulated amortization | 1,142 | 1,072 |
Trade Names [Member] | Food Service [Member] | ||
Indefinite-lived intangible assets, gross | 85,872 | 10,408 |
Trade Names [Member] | Retail Supermarket [Member] | ||
Indefinite-lived intangible assets, gross | 11,938 | 12,777 |
Trade Names [Member] | Frozen Beverages [Member] | ||
Indefinite-lived intangible assets, gross | 9,315 | 9,315 |
Distribution Rights, Indefinite-lived [Member] | Frozen Beverages [Member] | ||
Indefinite-lived intangible assets, gross | $ 36,100 | $ 36,100 |
Note F - Goodwill and Intangi_5
Note F - Goodwill and Intangible Assets - Goodwill by Reporting Segment (Details) - USD ($) $ in Thousands | Sep. 24, 2022 | Sep. 25, 2021 |
Goodwill | $ 184,420 | $ 121,833 |
Food Service [Member] | ||
Goodwill | 123,776 | 61,189 |
Retail Supermarket [Member] | ||
Goodwill | 4,146 | 4,146 |
Frozen Beverages [Member] | ||
Goodwill | $ 56,498 | $ 56,498 |
Note G - Long-term Debt (Detail
Note G - Long-term Debt (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 24, 2022 | Jun. 21, 2022 | Dec. 31, 2021 | Sep. 25, 2021 | |
The Credit Agreement [Member] | ||||
Long-Term Line of Credit, Total | $ 0 | |||
The Credit Agreement [Member] | Federal Funds Rate [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||
The Amended Credit Agreement [Member] | ||||
Long-Term Line of Credit, Total | $ 55,000 | |||
Debt, Weighted Average Interest Rate | 3.87% | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 160,200 | |||
Revolving Credit Facility [Member] | The Credit Agreement [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000 | |||
Revolving Credit Facility [Member] | The Amended Credit Agreement [Member] | ||||
Line Of Credit Facility Increase In Maximum Borrowing Capacity | $ 175,000 | |||
Line of Credit Facility, Options to Increase Size of Credit Facility, Value 1 | 225,000 | |||
Line of Credit Facility, Options to Increase Size of Credit Facility, Value 2 | $ 50,000 |
Note H - Income Taxes (Details
Note H - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | 21% |
Effective Income Tax Rate Reconciliation, Percent, Total | 23.50% | 24.90% | 25% |
Effective Income Tax Rate Reconciliation, State Deferred Taxes and Provision to Return Adjustment, Amount | $ 2,200 | ||
Accrual for Taxes Other than Income Taxes | $ 4,300 | ||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |||
Operating Loss Carryforwards | 2,000 | ||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | PHILLY SWIRL [Member] | |||
Operating Loss Carryforwards | 2,500 | ||
Operating Loss Carryforwards, Subject to Limitation and Expiration | $ 400 | ||
Operating Loss Carryforwards, Valuation Allowance, Total | $ 0 |
Note H - Income Taxes - Income
Note H - Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | |
Current | |||
U.S. Federal | $ (374) | $ 13,964 | $ 1,992 |
Foreign | 2,854 | 860 | 193 |
State | 3,210 | 6,431 | (1,517) |
Total current expense | 5,690 | 21,255 | 668 |
Deferred | |||
U.S. Federal | 10,834 | (145) | 3,139 |
Foreign | (394) | (353) | (536) |
State | (1,611) | (2,338) | (110) |
Total deferred (benefit) expense | 8,829 | (2,836) | 2,493 |
Total expense | $ 14,519 | $ 18,419 | $ 3,161 |
Note H - Income Taxes - Effecti
Note H - Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | |
Income taxes at federal statutory rates | $ 12,968 | $ 15,545 | $ 4,508 |
State income taxes, net of federal income tax benefit | 1,261 | 3,233 | (1,285) |
Share-based compensation, tax rate | 162 | (124) | (183) |
Other, net | 128 | (235) | 121 |
Income tax expense | $ 14,519 | $ 18,419 | $ 3,161 |
Note H - Income Taxes - Deferre
Note H - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 24, 2022 | Sep. 25, 2021 |
Deferred tax assets: | ||
Vacation accrual | $ 1,321 | $ 1,359 |
Capital loss carry forwards | 17 | 14 |
Unrealized gains/losses | 504 | 598 |
Insurance accrual | 3,614 | 3,918 |
Operating lease liabilities | 14,521 | 16,235 |
Deferred income | 10 | 30 |
Allowances | 2,598 | 2,155 |
Inventory capitalization | 1,620 | 1,108 |
Share-based compensation | 1,680 | 1,754 |
Net operating loss | 538 | 617 |
Payroll tax accrual | 1,142 | 2,307 |
Foreign tax credit | 404 | 404 |
Total deferred tax assets | 27,969 | 30,499 |
Valuation allowance | (521) | (612) |
Total deferred tax assets, net | 27,448 | 29,887 |
Deferred tax liabilities: | ||
Amortization of goodwill and other intangible assets | 32,680 | 31,540 |
Depreciation of property, plant and equipement | 51,972 | 44,924 |
Right-of-use assets | 13,058 | 14,773 |
Accounting method change 481(a) | 145 | 228 |
Total deferred tax liabilities | 97,855 | 91,465 |
Total deferred tax liabilities, net | $ 70,407 | $ 61,578 |
Note I - Commitments (Details T
Note I - Commitments (Details Textual) $ in Millions | Sep. 24, 2022 USD ($) | Sep. 25, 2021 USD ($) |
Accrued Insurance | $ 13.7 | $ 14.5 |
Letters of Credit Outstanding, Amount | $ 9.8 | 9.3 |
Entity Number of Employees | 1,700 | |
Self Insurance Reserve | $ 1.8 | $ 1.8 |
Note J - Capital Stock (Details
Note J - Capital Stock (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | |
Stock Repurchased and Retired During Period, Shares (in shares) | 0 | 0 | 65,648 |
Stock Repurchased and Retired During Period, Value | $ 8,972 |
Note K - Stock-based Compensa_3
Note K - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | |
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 Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 91,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date | 85% | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 4,100 | $ 6,000 | $ 5,700 |
Proceeds from Stock Options Exercised | 14,100 | 18,700 | 6,400 |
Share-Based Payment Arrangement, Exercise of Option, Tax Benefit | $ 700 | $ 1,200 | $ 1,100 |
Employee Stock Purchase Plan [Member] | |||
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares) | 16,274 | 11,988 | 12,292 |
Share Price (in dollars per share) | $ 124.94 | $ 116.03 | $ 121.62 |
Share-Based Payment Arrangement, Expense | $ 300 | $ 600 | $ 400 |
Restricted Stock Units (RSUs) [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, Number of Common Shares Issued Upon Vesting (in shares) | 1 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 600 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 9,200 | 0 | 0 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 154.85 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Remaining Contractual Term (Year) | 2 years 1 month 6 days | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Grants in Period | $ 1,300 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 0 | 0 | 0 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | 0 | 0 | 0 |
Restricted Stock Units (RSUs) [Member] | Vesting Every 12 Months [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 33% | ||
Incentive Stock Options [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 23.36 | $ 31.20 | $ 14.43 |
Non-qualified Stock Options [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 23.36 | $ 29.76 | $ 14.32 |
Share-Based Payment Arrangement, Option [Member] | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 5,200 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years | ||
Performance Shares [Member] | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 0 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 8,868 | 0 | 0 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 155.01 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Remaining Contractual Term (Year) | 2 years 1 month 6 days | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Grants in Period | $ 1,200 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 0 | 0 | 0 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | 0 | 0 | 0 |
Note K - Stock-based Compensa_4
Note K - Stock-based Compensation - Stock Option Activity (Details) - $ / shares | 12 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | |
Incentive Stock Options [Member] | |||
Balance (in shares) | 447,622 | 470,420 | 434,152 |
Balance, weighted average exercise price (in dollars per share) | $ 146.98 | $ 136.62 | $ 136.53 |
Granted (in shares) | 103,405 | 111,862 | 124,414 |
Granted, weighted average exercise price (in dollars per share) | $ 132.38 | $ 165.53 | $ 126.33 |
Exercised (in shares) | (67,782) | (102,976) | (51,350) |
Exercised, weighted average exercise price (in dollars per share) | $ 131.35 | $ 120.83 | $ 109.73 |
Canceled (in shares) | (49,886) | (31,684) | (36,796) |
Canceled, weighted average exercise price (in dollars per share) | $ 150.85 | $ 143.74 | $ 138.34 |
Balance (in shares) | 433,359 | 447,622 | 470,420 |
Balance, weighted average exercise price (in dollars per share) | $ 145.48 | $ 146.98 | $ 136.62 |
Exercisable options (in shares) | 139,174 | ||
Exercisable Options, weighted average exercise price (in dollars per share) | $ 154.62 | ||
Non-qualified Stock Options [Member] | |||
Balance (in shares) | 293,737 | 346,442 | 362,742 |
Balance, weighted average exercise price (in dollars per share) | $ 132.29 | $ 122.04 | $ 118.19 |
Granted (in shares) | 11,545 | 43,970 | 37,074 |
Granted, weighted average exercise price (in dollars per share) | $ 132.38 | $ 160.14 | $ 125.83 |
Exercised (in shares) | (60,581) | (55,453) | (24,182) |
Exercised, weighted average exercise price (in dollars per share) | $ 107.17 | $ 120.92 | $ 53.43 |
Canceled (in shares) | (36,383) | (41,222) | (29,192) |
Canceled, weighted average exercise price (in dollars per share) | $ 140.40 | $ 95.95 | $ 135.79 |
Balance (in shares) | 208,318 | 293,737 | 346,442 |
Balance, weighted average exercise price (in dollars per share) | $ 138.19 | $ 132.29 | $ 122.04 |
Exercisable options (in shares) | 107,565 | ||
Exercisable Options, weighted average exercise price (in dollars per share) | $ 123.65 |
Note K - Stock-based Compensa_5
Note K - Stock-based Compensation - Incentive Stock Options by Exercise Price Range (Details) - Incentive Stock Options [Member] - $ / shares | 12 Months Ended | |||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | Sep. 28, 2019 | |
Options outstanding (in shares) | 433,359 | 447,622 | 470,420 | 434,152 |
Options outstanding, weighted-average exercise price (in dollars per share) | $ 145.48 | $ 146.98 | $ 136.62 | $ 136.53 |
Exercisable options (in shares) | 139,174 | |||
Exercisable Options, weighted average exercise price (in dollars per share) | $ 154.62 | |||
Exercise Price Range 1 [Member] | ||||
Range of exercise price, lower limit (in dollars per share) | 125.83 | |||
Range of exercise price, upper limit (in dollars per share) | $ 158.97 | |||
Options outstanding (in shares) | 253,675 | |||
Options oustanding, weighted-average remaining contractual life (Year) | 3 years | |||
Options outstanding, weighted-average exercise price (in dollars per share) | $ 131.93 | |||
Exercisable options (in shares) | 54,966 | |||
Exercisable Options, weighted average exercise price (in dollars per share) | $ 141.30 | |||
Exercise Price Range 2 [Member] | ||||
Range of exercise price, lower limit (in dollars per share) | 163.29 | |||
Range of exercise price, upper limit (in dollars per share) | $ 192.13 | |||
Options outstanding (in shares) | 179,684 | |||
Options oustanding, weighted-average remaining contractual life (Year) | 2 years 8 months 12 days | |||
Options outstanding, weighted-average exercise price (in dollars per share) | $ 164.61 | |||
Exercisable options (in shares) | 84,208 | |||
Exercisable Options, weighted average exercise price (in dollars per share) | $ 163.31 |
Note K - Stock-based Compensa_6
Note K - Stock-based Compensation - Nonqualified Stock Options by Exercise Price Range (Details) - Non-qualified Stock Options [Member] - $ / shares | 12 Months Ended | |||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | Sep. 28, 2019 | |
Options outstanding (in shares) | 208,318 | 293,737 | 346,442 | 362,742 |
Options outstanding, weighted-average exercise price (in dollars per share) | $ 138.19 | $ 132.29 | $ 122.04 | $ 118.19 |
Exercisable options (in shares) | 107,565 | |||
Exercisable Options, weighted average exercise price (in dollars per share) | $ 123.65 | |||
Exercise Price Range 1 [Member] | ||||
Range of exercise price, lower limit (in dollars per share) | 80.79 | |||
Range of exercise price, upper limit (in dollars per share) | $ 117.85 | |||
Options outstanding (in shares) | 60,000 | |||
Options oustanding, weighted-average remaining contractual life (Year) | 2 years | |||
Options outstanding, weighted-average exercise price (in dollars per share) | $ 97.63 | |||
Exercisable options (in shares) | 60,000 | |||
Exercisable Options, weighted average exercise price (in dollars per share) | $ 97.63 | |||
Exercise Price Range 2 [Member] | ||||
Range of exercise price, lower limit (in dollars per share) | 117.85 | |||
Range of exercise price, upper limit (in dollars per share) | $ 153.65 | |||
Options outstanding (in shares) | 82,544 | |||
Options oustanding, weighted-average remaining contractual life (Year) | 2 years 9 months 18 days | |||
Options outstanding, weighted-average exercise price (in dollars per share) | $ 140.22 | |||
Exercisable options (in shares) | 23,573 | |||
Exercisable Options, weighted average exercise price (in dollars per share) | $ 149.39 | |||
Exercise Price Range 3 [Member] | ||||
Range of exercise price, lower limit (in dollars per share) | 163.29 | |||
Range of exercise price, upper limit (in dollars per share) | $ 191.40 | |||
Options outstanding (in shares) | 65,774 | |||
Options oustanding, weighted-average remaining contractual life (Year) | 2 years 4 months 24 days | |||
Options outstanding, weighted-average exercise price (in dollars per share) | $ 172.64 | |||
Exercisable options (in shares) | 23,992 | |||
Exercisable Options, weighted average exercise price (in dollars per share) | $ 163.42 |
Note L - 401(k) Profit-sharin_2
Note L - 401(k) Profit-sharing Plan (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 2.5 | $ 2.3 | $ 2.4 |
Note M - Cash Flow Informatio_2
Note M - Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | |
Interest | $ 985 | $ 23 | $ 29 |
Income taxes | 16,814 | 4,275 | 11,556 |
Obtaining a right-of-use asset in exchange for a lease liability | $ 11,783 | $ 6,513 | $ 685 |
Note N - Segment Reporting (Det
Note N - Segment Reporting (Details Textual) | 12 Months Ended |
Sep. 24, 2022 | |
Number of Reportable Segments | 3 |
Note N - Segment Reporting - Op
Note N - Segment Reporting - Operations Information by Reporting Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | |
Sales | $ 1,380,656 | $ 1,144,579 | $ 1,022,038 |
Depreciation and amortization | 53,123 | 49,391 | 53,048 |
Operating income | 61,799 | 71,218 | 17,194 |
Capital expenditures | 87,291 | 53,578 | 57,817 |
Assets | 1,216,966 | 1,122,219 | 1,056,553 |
Food Service [Member] | |||
Sales | 872,687 | 724,983 | 618,893 |
Depreciation and amortization | 29,807 | 26,738 | 28,111 |
Operating income | 18,512 | 39,172 | 6,458 |
Capital expenditures | 61,738 | 38,558 | 34,798 |
Assets | 893,045 | 799,149 | 738,033 |
Retail Supermarket [Member] | |||
Sales | 197,943 | 184,897 | 177,165 |
Depreciation and amortization | 1,536 | 1,671 | 1,577 |
Operating income | 9,487 | 25,914 | 23,202 |
Capital expenditures | 8,885 | 288 | 1,763 |
Assets | 20,302 | 31,486 | 31,704 |
Frozen Beverages [Member] | |||
Sales | 310,026 | 234,699 | 225,980 |
Depreciation and amortization | 21,780 | 20,982 | 23,360 |
Operating income | 33,800 | 6,132 | (12,466) |
Capital expenditures | 16,668 | 14,732 | 21,256 |
Assets | 303,619 | 291,584 | 286,816 |
Soft Pretzels [Member] | Food Service [Member] | |||
Sales | 205,752 | 174,977 | 150,786 |
Soft Pretzels [Member] | Retail Supermarket [Member] | |||
Sales | 61,925 | 54,990 | 49,157 |
Frozen Juices and Ices [Member] | Food Service [Member] | |||
Sales | 78,183 | 44,605 | 35,176 |
Frozen Juices and Ices [Member] | Retail Supermarket [Member] | |||
Sales | 108,911 | 100,059 | 88,743 |
Churros [Member] | Food Service [Member] | |||
Sales | 88,242 | 64,916 | 46,881 |
Handhelds [Member] | Food Service [Member] | |||
Sales | 92,130 | 75,627 | 36,088 |
Handhelds [Member] | Retail Supermarket [Member] | |||
Sales | 5,640 | 7,574 | 12,303 |
Bakery [Member] | Food Service [Member] | |||
Sales | 381,526 | 342,609 | 332,514 |
Other Products [Member] | Food Service [Member] | |||
Sales | 26,854 | 22,249 | 17,448 |
Other Products [Member] | Retail Supermarket [Member] | |||
Sales | 485 | 1,766 | 2,214 |
Other Products [Member] | Frozen Beverages [Member] | |||
Sales | 2,522 | 1,943 | 1,570 |
Biscuits [Member] | Retail Supermarket [Member] | |||
Sales | 24,695 | 24,197 | 28,317 |
Coupon Redemtion [Member] | Retail Supermarket [Member] | |||
Sales | (3,713) | (3,689) | (3,569) |
Beverage [Member] | Frozen Beverages [Member] | |||
Sales | 184,063 | 124,498 | 107,004 |
Repair and Maintenance Service [Member] | Frozen Beverages [Member] | |||
Sales | 89,840 | 81,305 | 83,420 |
Machine Sales [Member] | Frozen Beverages [Member] | |||
Sales | $ 33,601 | $ 26,953 | $ 33,986 |
Note O - Accumulated Other Co_3
Note O - Accumulated Other Comprehensive Loss - Changes to the Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | |
Balance | $ 845,654 | $ 809,498 | $ 833,751 |
Other comprehensive income (loss) | (330) | 2,204 | (2,599) |
Balance | 863,169 | 845,654 | 809,498 |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||
Balance | (13,383) | (15,587) | |
Other comprehensive income (loss) | (330) | 2,204 | |
Balance | $ (13,713) | $ (13,383) | $ (15,587) |
Note P - Leases (Details Textua
Note P - Leases (Details Textual) | Sep. 24, 2022 | Sep. 25, 2021 |
Operating Lease, Weighted Average Discount Rate, Percent | 3.30% | 3.30% |
Finance Lease, Weighted Average Discount Rate, Percent | 3.20% | 3.20% |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 5 years 9 months 18 days | |
Finance Lease, Weighted Average Remaining Lease Term (Year) | 3 years 3 months 18 days | |
Minimum [Member] | ||
Lessee, Operating Lease, Remaining Lease Term (Month) | 1 month | |
Lessee, Finance Lease, Remaining Lease Term (Year) | 1 year | |
Maximum [Member] | ||
Lessee, Operating Lease, Remaining Lease Term (Month) | 12 years | |
Lessee, Finance Lease, Remaining Lease Term (Year) | 5 years |
Note P - Leases - Components of
Note P - Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 24, 2022 | Sep. 25, 2021 | |
Operating lease cost in Cost of goods sold and Operating Expenses | $ 15,611 | $ 15,471 |
Amortization of assets in Cost of goods sold and Operating Expenses | 160 | 346 |
Interest on lease liabilities in Interest expense & other | 13 | 25 |
Total finance lease cost | 173 | 371 |
Short-term lease cost in Cost of goods sold and Operating Expenses | 0 | 0 |
Total net lease cost | $ 15,784 | $ 15,842 |
Note P - Leases - Supplemental
Note P - Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands | Sep. 24, 2022 | Sep. 25, 2021 |
Operating lease right-of-use assets | $ 51,137 | $ 54,555 |
Current operating lease liabilities | 13,524 | 13,395 |
Noncurrent operating lease liabilities | 42,660 | 46,557 |
Total operating lease liabilities | 56,184 | 59,952 |
Current finance lease liabilities | 124 | 182 |
Noncurrent finance lease liabilities | 254 | 392 |
Total finance lease liabilities | 378 | 574 |
Property, Plant and Equipment, Net [Member] | ||
Finance lease right-of-use assets in Property, plant and equipment, net | $ 328 | $ 561 |
Note P - Leases - Supplementa_2
Note P - Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | |
Operating cash flows from operating leases | $ 16,505 | $ 15,651 | |
Operating cash flows from finance leases | 13 | 144 | |
Financing cash flows from finance leases | 279 | 25 | |
Supplemental noncash information on lease liabilities arising from obtaining right-of-use assets | $ 11,783 | $ 6,513 | $ 685 |
Note P - Leases - Maturities of
Note P - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Sep. 24, 2022 | Sep. 25, 2021 |
2023, operating leases | $ 15,138 | |
2023, finance lease | 160 | |
2024, operating leases | 12,410 | |
2024, finance lease | 113 | |
2025, operating leases | 8,969 | |
2025, finance lease | 53 | |
2026, operating leases | 5,822 | |
2026, finance lease | 39 | |
2027, operating leases | 4,762 | |
2027, finance lease | 32 | |
Thereafter, operating leases | 15,163 | |
Thereafter, finance leases | 0 | |
Total minimum payments, operating leases | 62,264 | |
Total minimum payments, finance leases | 397 | |
Less amount representing interest, operating leases | (6,080) | |
Less amount representing interest, finance leases | (19) | |
Present value of lease obligations, operating leases | 56,184 | $ 59,952 |
Present value of lease obligations, finance leases | $ 378 | $ 574 |
Note Q - Related Parties (Detai
Note Q - Related Parties (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 24, 2022 | Sep. 25, 2021 | |
Accounts Payable, Related Parties | $ 2,900 | $ 0 |
NFI [Member] | Distribution and Shipping Costs [Member] | ||
Related Party Transaction, Amounts of Transaction | 29,500 | 200 |
NFI [Member] | Management Services [Member] | ||
Related Party Transaction, Amounts of Transaction | $ 600 | $ 200 |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | ||
Opening Balance | $ 1,405 | $ 1,388 | $ 572 | |
Charged to Expense | 1,781 | 338 | 1,105 | |
Deductions | [1] | 1,028 | 321 | 289 |
Closing Balance | $ 2,158 | $ 1,405 | $ 1,388 | |
[1]Write-offs of uncollectible accounts receivable. |