Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Dec. 31, 2022 | Jan. 27, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Fiscal Year Focus | 2023 | |
Document Period End Date | Dec. 31, 2022 | |
Document Transition Report | false | |
Entity Registrant Name | DELTA APPAREL, INC. | |
Entity File Number | 1-15583 | |
Entity Incorporation, State or Country Code | GA | |
Entity Tax Identification Number | 58-2508794 | |
Entity Address, Address Line One | 2750 Premier Parkway | |
Entity Address Address Line 2 | Suite 100 | |
Entity Address, City or Town | Duluth | |
Entity Address, State or Province | GA | |
Entity Address, Postal Zip Code | 30097 | |
City Area Code | 678 | |
Local Phone Number | 775-6900 | |
Title of 12(b) Security | Common Stock, par value $0.01 | |
Trading Symbol | DLA | |
Security Exchange Name | NYSEAMER | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 7,001,020 | |
Entity Central Index Key | 0001101396 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --09-30 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Dec. 31, 2022 | Oct. 01, 2022 |
Assets | ||
Cash and cash equivalents | $ 327,000 | $ 300,000 |
Accounts receivable, less allowances of $63 and $109, respectively | 57,755,000 | 68,215,000 |
Other receivables | 2,396,000 | 1,402,000 |
Income tax receivable | 1,363,000 | 1,969,000 |
Inventories, net | 258,891,000 | 248,538,000 |
Prepaid expenses and other current assets | 4,114,000 | 2,755,000 |
Total current assets | 324,846,000 | 323,179,000 |
Property, plant and equipment, net of accumulated depreciation of $111,194 and $108,565, respectively | 72,771,000 | 74,109,000 |
Goodwill | 37,897,000 | 37,897,000 |
Intangibles, net | 23,427,000 | 24,026,000 |
Deferred income taxes | 1,342,000 | 1,342,000 |
Operating lease assets | 49,313,000 | 50,275,000 |
Equity method investment | 9,045,000 | 9,886,000 |
Other assets | 2,800,000 | 2,967,000 |
Total assets | 521,441,000 | 523,681,000 |
Liabilities: | ||
Accounts payable | 79,844,000 | 83,553,000 |
Accrued expenses | 20,808,000 | 27,414,000 |
Income taxes payable | 321,000 | 379,000 |
Current portion of finance leases | 8,603,000 | 8,163,000 |
Current portion of operating leases | 8,585,000 | 8,876,000 |
Current portion of long-term debt | 9,514,000 | 9,176,000 |
Total current liabilities | 127,675,000 | 137,561,000 |
Long-term income taxes payable | 2,841,000 | 2,841,000 |
Long-term finance leases | 18,465,000 | 16,776,000 |
Long-term operating leases | 42,015,000 | 42,721,000 |
Long-term debt | 148,899,000 | 136,750,000 |
Deferred Income Tax Liabilities Net | 2,232,000 | 4,310,000 |
Total liabilities | 342,127,000 | 340,959,000 |
Shareholder's equity: | ||
Preferred stock - $0.01 par value, 2,000,000 shares authorized, none issued and outstanding | ||
Common stock $0.01 par value, 15,000,000 authorized, 9,646,972 shares issued, and 7,001,020 and 6,915,663 shares outstanding as of December 2022 and September 2022, respectively | 96,000 | 96,000 |
Additional paid-in capital | 60,559,000 | 61,961,000 |
Retained earnings | 163,035,000 | 166,600,000 |
Accumulated other comprehensive income | 210,000 | 141,000 |
Treasury stock - 2,645,952 and 2,731,309 shares as of December 2022 and September 2022, respectively | (43,896,000) | (45,420,000) |
Equity attributable to Delta Apparel, Inc. | 180,004,000 | 183,378,000 |
Equity attributable to non-controlling interest | (690,000) | (656,000) |
Total equity | 179,314,000 | 182,722,000 |
Total liabilities and equity | $ 521,441,000 | $ 523,681,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2022 | Oct. 01, 2022 |
Allowances for accounts receivable | $ 63 | $ 109 |
Property, plant and equipment, accumulated deprecation | $ 111,194 | $ 108,565 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 15,000,000 | 15,000,000 |
Common stock, shares issued (in shares) | 9,646,972 | 9,646,972 |
Common stock, shares outstanding (in shares) | 7,001,020 | 6,915,663 |
Treasury stock (in shares) | 2,645,952 | 2,731,309 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2022 | Jan. 01, 2022 | |
Net sales, Amount | $ 107,295 | $ 110,746 |
Cost of goods sold | 93,672 | 87,743 |
Gross profit | 13,623 | 23,003 |
Selling, general and administrative expenses | 18,870 | 17,482 |
Other (income), net | (2,621) | (395) |
Operating (loss) income | (2,626) | 5,916 |
Interest expense, net | 2,890 | 1,598 |
(Loss) earnings before provision for income taxes | (5,516) | 4,318 |
(Benefit from) provision for income taxes | (1,917) | 648 |
Consolidated net (loss) earnings | (3,599) | 3,670 |
Net (loss) income attributable to non-controlling interest | (34) | 25 |
Net (loss) earnings attributable to shareholders | $ (3,565) | $ 3,645 |
Basic (loss) income per share (in dollars per share) | $ (0.51) | $ 0.52 |
Diluted (loss) income per share (in dollars per share) | $ (0.51) | $ 0.51 |
Weighted average number of shares outstanding (in shares) | 6,954 | 6,999 |
Dilutive effect of stock awards (in shares) | 86 | |
Weighted average number of shares assuming dilution (in shares) | 6,954 | 7,085 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2022 | Jan. 02, 2021 | |
Net (loss) income attributable to shareholders | $ (3,565) | $ 3,645 |
Other comprehensive income related to unrealized gain on derivatives, net of income tax | 69 | 212 |
Consolidated comprehensive (loss) income | $ (3,496) | $ 3,857 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Treasury Stock [Member] | Non-controlling Interest [Member] |
Balance (in shares) at Oct. 02, 2021 | 9,646,972 | 2,672,312 | |||||
Balance at Oct. 02, 2021 | $ 164,194,000 | $ 96,000 | $ 60,831,000 | $ 146,860,000 | $ (786,000) | $ (42,149,000) | $ (658,000) |
Net earnings | 3,645,000 | 3,645,000 | |||||
Other comprehensive income (loss) | 212,000 | 212,000 | |||||
Net (loss) income attributable to non-controlling interest | 25,000 | 25,000 | |||||
Purchase of common stock | (2,143,000) | $ (2,143,000) | |||||
Purchase of common stock (in shares) | 74,232 | ||||||
Vested stock awards | (1,092,000) | (1,766,000) | $ 674,000 | ||||
Vested stock awards (in shares) | (76,460) | ||||||
Stock based compensation | 140,000 | 140,000 | |||||
Balance (in shares) at Jan. 01, 2022 | 9,646,972 | 2,670,084 | |||||
Balance at Jan. 01, 2022 | $ 164,981,000 | $ 96,000 | 59,205,000 | 150,505,000 | (574,000) | $ (43,618,000) | (633,000) |
Balance (in shares) at Oct. 01, 2022 | 6,915,663 | 9,646,972 | 2,731,309 | ||||
Balance at Oct. 01, 2022 | $ 182,722,000 | $ 96,000 | 61,961,000 | 166,600,000 | 141,000 | $ (45,420,000) | (656,000) |
Net earnings | (3,565,000) | (3,565,000) | |||||
Other comprehensive income (loss) | 69,000 | 69,000 | |||||
Net (loss) income attributable to non-controlling interest | $ (34,000) | (34,000) | |||||
Purchase of common stock (in shares) | 0 | ||||||
Vested stock awards | $ (543,000) | (2,067,000) | $ 1,524,000 | ||||
Vested stock awards (in shares) | (85,357) | ||||||
Stock based compensation | $ 665,000 | 665,000 | |||||
Balance (in shares) at Dec. 31, 2022 | 7,001,020 | 2,645,952 | |||||
Balance at Dec. 31, 2022 | $ 179,314,000 | $ 96,000 | $ 60,559,000 | $ 163,035,000 | $ 210,000 | $ (43,896,000) | $ (690,000) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2022 | Jan. 01, 2022 | |
Operating activities: | ||
Consolidated net (loss) earnings | $ (3,599) | $ 3,670 |
Adjustments to reconcile net (loss) earnings to net cash used in operating activities: | ||
Depreciation and amortization | 3,844 | 3,629 |
Amortization of deferred financing fees | 84 | 81 |
(Benefit from) provision for deferred income taxes | (2,101) | 754 |
Change in inventory market reserves | 163 | 851 |
Non-cash stock compensation | 665 | 140 |
Gain on disposal of equipment | 58 | 2 |
Other, net | (89) | (390) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 9,466 | 1,993 |
Inventories, net | (10,516) | (22,206) |
Prepaid expenses and other current assets | (1,443) | (1,449) |
Other non-current assets | 1,188 | 699 |
Accounts payable | (3,723) | 7,584 |
Accrued expenses | (5,030) | (7,572) |
Net operating lease liabilities | (35) | 206 |
Income taxes | (854) | (140) |
Other liabilities | (1,050) | |
Net cash used in operating activities | (11,922) | (13,198) |
Investing activities: | ||
Purchases of property and equipment | (2,081) | (1,822) |
Proceeds from equipment under finance leases | 4,417 | |
Cash paid for intangible asset | (51) | |
Cash paid for business | (583) | |
Net cash provided by (used in) investing activities | 2,336 | (2,456) |
Financing activities: | ||
Proceeds from long-term debt | 133,918 | 138,543 |
Repayment of long-term debt | (121,431) | (121,293) |
Repayment of capital financing | (2,332) | (1,783) |
Repurchase of common stock | (1,718) | |
Payment of withholding taxes on stock awards | (542) | (1,092) |
Net cash provided by financing activities | 9,613 | 12,657 |
Net increase (decrease) in cash and cash equivalents | 27 | (2,997) |
Cash and cash equivalents at beginning of period | 300 | 9,376 |
Cash and cash equivalents at end of period | 327 | 6,379 |
Supplemental cash flow information | ||
Finance lease assets exchanged for finance lease liabilities | 4,461 | 20 |
Operating lease assets exchanged for operating lease liabilities | $ 1,807 | $ 1,401 |
Description of Business and Bas
Description of Business and Basis of Presentation | 3 Months Ended |
Dec. 31, 2022 | |
Business Description and Basis of Presentation [Abstract] | |
Description of Business and Basis of Presentation | Note A— Description of Business and Basis of Presentation Delta Apparel, Inc. (collectively with DTG2Go, LLC, Salt Life, LLC, M.J. Soffe, LLC, and other subsidiaries, "Delta Apparel," "we," "us," "our," or the "Company") is a vertically-integrated, international apparel company with approximately 8,500 of core activewear and lifestyle apparel products under our primary brands of Salt Life®, Soffe®, and Delta. We are a fulfillment industry, through a variety of distribution retailers, mass merchants, eRetailers, the U.S. on our ecommerce sites apparel products to a broad and evolving customer base whose We design and internally manufacture the majority a high degree of located in facilities are strategically located throughout the United States to better serve our customers with same-day shipping on our catalog products and weekly to retailers. We symbol “DLA." We operate on a 2023"). Accordingly, this Quarterly Report on Form 10-Q presents our results for our first quarter of fiscal 2023. Our 2022 fiscal year was a 52-week year and ended on October 1, 2022 ("fiscal 2022"). For presentation purposes herein, all references to period We prepared the accompanying interim Condensed Consolidated X. Accordingly, they do not include all of statements. Operating results for the three months ended December 2022 are not necessarily indicative of the results that may be expected for our fiscal 2023. Although our various product lines are strategies over demand for soft goods, which may or may not coincide with the overall level of discretionary consumer spending. These levels of demand change as regional, domestic and international economic conditions Condensed Consolidated Financial Statements should be Report on Form 10-K for our fiscal 2022, filed with the United Our Condensed Consolidated Financial Statements include the accounts of Delta We apply the equity method of accounting for our investment 31 % of the outstanding capital stock 2022 and December 2021, we received dividends 0.9 0.6 under $ 0.4 We make part of this, or any and other filings Georgia 30097. Requests can also be made by telephone to 864-232-5200, Period Ended Fiscal Year Date Ended December 2021 Fiscal 2022 January 1, 2022 March 2022 Fiscal 2022 April 2, 2022 June 2022 Fiscal 2022 July 2, 2022 September 2022 Fiscal 2022 October 1, 2022 December 2022 Fiscal 2023 December 31, 2022 |
Accounting Policies
Accounting Policies | 3 Months Ended |
Dec. 31, 2022 | |
New Accounting Standards [Abstract] | |
New Accounting Standards | Note B—Accounting Policies Our accounting policies are consistent with those described SEC. See Note C for consideration of recently issued |
New Accounting Standards
New Accounting Standards | 3 Months Ended |
Dec. 31, 2022 | |
Accounting Standards Update and Change in Accounting Principle[Abstract] | |
New Accounting Standards | Note C—New Accounting Standards Standards Not Yet Adopted In June 2016, the FASB Financial Instruments - Credit Losses (“ASU 2016-13”), which requires an entity to assess impairment of its 2016-13, the FASB released several amendments 326, Credit Losses (“ASC 326”). As a smaller reporting company as defined by 2024. We are currently evaluating the impacts of the provisions of ASC 326 on our financial condition, |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Dec. 31, 2022 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Note D—Revenue Recognition Our Condensed Consolidated Statements of Operations consumer-facing websites; and sales from wholesale channels, which includes our business-to-business ecommerce sales and sales in below identifies the amount and percentage of net sales The table below provides net sales by reportable segment and Three Months Ended December 2022 December 2021 Retail $ 3,455 3 % $ 2,903 3 % Direct-to-consumer ecommerce 1,509 2 % 1,345 1 % Wholesale 102,331 95 % 106,498 96 % Net sales $ 107,295 100 % $ 110,746 100 % Three Months Ended December 2022 Net Sales Retail Direct-to-consumer ecommerce Wholesale Delta Group $ 97,010 0.1 % 0.2 % 99.7 % Salt Life Group 10,285 33.0 % 12.7 % 54.3 % Total $ 107,295 Three Months Ended December 2021 Net Sales Retail Direct-to-consumer ecommerce Wholesale Delta Group $ 101,921 0.2 % 0.3 % 99.5 % Salt Life Group 8,825 30.4 % 12.0 % 57.6 % Total $ 110,746 |
Inventories
Inventories | 3 Months Ended |
Dec. 31, 2022 | |
Inventories [Abstract] | |
Inventories | Note E—Inventories Inventories, net of reserves of $ 17.8 17.7 Raw materials include finished Salt Life Group. December 2022 September 2022 Raw materials $ 22,166 $ 22,603 Work in process 20,352 23,501 Finished goods 216,373 202,434 $ 258,891 $ 248,538 |
Debt
Debt | 3 Months Ended |
Dec. 31, 2022 | |
Debt [Abstract] | |
Debt | Note F—Debt Credit Facility On May 10, 2016, National Association which are Wells Fargo, the "Borrowers"), are co-borrowers under and the other lenders on November 27, 2017, March 9, 2018, October On June 2, 2022, the Borrowers entered into a Seventh Amendment to the Fifth Amended and Restated Credit Agreement with Wells Fargo Bank (the “Agent”) and the other lenders Financing Rate) as the primary pricing structure, (ii) amends the 10 and 15 0 calculation and resets their respective amortization schedules, (v) sets 5 Charge Coverage Ratio (“FCCR”) for the preceding 12-month period 1.0 1.1 ). The Amended Credit Agreement allows us to borrow 170 25 Provided that no event of default exists, 200 Administrative Agent's ability to secure clause and a “springing” lockbox arrangement (as defined account and Agreement as long-term debt with consideration of current As of December 2022, we had 142.3 6.7 %. Our cash on hand combined with the availability under the 27.2 23.1 24.9 retained earnings free of restrictions to make cash dividends See Note P—Subsequent Events for a discussion of the Eighth and Ninth Amendments to the Fifth Amended and Restated Credit Agreement entered into on January 3, 2023, and February 3, 2023, respectively. Honduran Debt Since March 2011, we have and capital expansion of our five - year terms, and 1.1 9.5 respectively. Additionally, in May 2022, we entered five -year term with a 3.7 priority lien on the assets of our Honduran operations and are not guaranteed by our U.S. entities. the debt approximates its fair value. As the revolving intend to re-borrow funds, subject to those covenants, El Salvador Debt In September 2022, we entered into five -year term with a principal amount of 3.0 investments in our The loan is December 2022 is listed as part of the long-term debt schedule Additional information about these loans and the outstanding balances December 2022 Revolving credit facility with Banco Ficohsa, a Honduran bank, 7.25 %, due August 2025 $ 3,083 Term loan with Banco Ficohsa, a Honduran bank, interest at 7.5 %, quarterly installments which began September 2021 and December 2025 6,086 Term loan with Banco Ficohsa, a Honduran bank, interest at 7.5 %, quarterly installments beginning March 2023 through May 3,656 Term loan with Banco Ficohsa, a Panamanian bank, interest at the prevailing market rate installments which began October 2022 and are due through 2,878 |
Selling, General and Administra
Selling, General and Administrative Expense | 3 Months Ended |
Dec. 31, 2022 | |
Selling, General and Administrative Expense [Abstract] | |
Selling, General and Administrative Expense | Note G—Selling, General and Administrative Expense We include in selling, general and administrative ("SG&A") expenses the costs incurred subsequent to the receipt of finished goods at our distribution facilities, such as the cost of stocking, 5.4 and $ 5.5 personnel, advertising and marketing expenses, retail store |
Stock-based Compensation
Stock-based Compensation | 3 Months Ended |
Dec. 31, 2022 | |
Stock-based Compensation [Abstract] | |
Stock-based Compensation | Note H—Stock-Based Compensation On February 6, 2020, our shareholders approved the Delta Apparel, Inc. 2020 Stock Plan ("2020 approved by our shareholders on February 4, 2015, form and substance to the 2010 Stock to offer a variety of compensatory awards designed to enhance the Company’s long-term success by encouraging stock ownership among its executives, key employees and directors. Under the 2020 Stock Plan, awards may be granted, and stock appreciation rights, restricted stock, restricted employed by the Company or serving as a director, become fully vested under certain circumstances as defined in the 2020 Stock are not limited to, the Stock Plan, to to the 2010 aggregate awards of restricted stock, restricted stock units and performance stock granted in a given calendar year. Shares are generally issued from treasury stock upon the vesting of the restricted stock units, performance units Compensation expense is December 2021 quarters, 0.5 0.4 income tax benefits recognized of $ 0.2 0.1 During the December 2022 quarter, restricted stock 105,000 fiscal 2022 and were issued in accordance with their respective During the forfeited. As of December 3.3 to be recognized over a period of 1.9 |
Purchase Contracts
Purchase Contracts | 3 Months Ended |
Dec. 31, 2022 | |
Purchase Contracts [Abstract] | |
Purchase Contracts | Note I—Purchase Contracts We payments under these contracts were as follows (in thousands): Yarn $ 22,294 Finished fabric 4,435 Finished products 9,517 $ 36,246 |
Business Segments
Business Segments | 3 Months Ended |
Dec. 31, 2022 | |
Business Segments [Abstract] | |
Business Segments | Note J—Business Segments Our operations are managed and reported in two reviewed by the Chief Executive Officer, who is our chief operating decision maker. The Delta Group is comprised of the following business DTG2Go is a many customers. Our ‘On-Demand DC’ digital solution provides retailers facilities, while offering our proprietary software to deliver on-demand, the United States, DTG2Go offers countries worldwide. DTG2Go has made significant investments in its “digital first” retail model providing digital graphic prints that meet the high-quality standards of brands, retailers and intellectual property holders. print marketplaces, among others. Delta Activewear is a preferred supplier of organized around three key customer customer bases customers that sell through to many mid-tier and mass market retailers. Delta Direct products include a broad portfolio of apparel and accessories under the Delta, Delta Platinum, and Soffe silhouettes with a luxurious look and feel, built with moisture-wicking material an incredible feel and price. We also offer our heritage, mid- The iconic Soffe brand offers activewear for spirit Soffe carries a wide range of activewear for the entire family. Soffe's heritage is anchored in the military, and we continue to be a proud supplier to both active duty and veteran United States from physical training Complementing the Delta and Soffe bags and other accessories. Our Soffe products are also available www.soffe.com . Our Global branches of the United States armed forces, added services including embellishment, hangtags, and Our Retail Direct and department stores, and solution for replenishment strategies, small-run decoration The Salt Life Group is the salt air, and, more importantly, a way of life and all it offers, from surfing, fishing, and diving to beach fun and sun-soaked relaxation. The Salt Life brand combines function and fashion with a tailored fit for the active lifestyles of those that “live the Salt Life.” With increased worldwide appeal, Salt Life has continued to provide the cotton graphic tees and logo decals that originally accessories. Consumers can also seamlessly experience the Salt Life merchants or by accessing our Salt Life ecommerce site www.saltlife.com . Our Chief Operating Decision Maker and management evaluate performance and special charges ("segment operating earnings"). accounting policies Intercompany transfers thousands). The following table reconciles the segment operating earnings Three Months Ended December 2022 December 2021 Segment net sales: Delta Group $ 97,010 $ 101,921 Salt Life Group 10,285 8,825 Total net sales $ 107,295 $ 110,746 Segment operating earnings: Delta Group $ 123 $ 8,438 Salt Life Group 218 156 Total segment operating earnings $ 341 $ 8,594 Three Months Ended December 2022 December 2021 Segment operating earnings $ 341 $ 8,594 Unallocated corporate expenses 2,967 2,678 Unallocated interest expense 2,890 1,598 Consolidated (loss) income before provision for income taxes $ (5,516) $ 4,318 |
Income Taxes
Income Taxes | 3 Months Ended |
Dec. 31, 2022 | |
Income Taxes [Abstract] | |
Income Taxes | Note K—Income Taxes The Tax other things, lowering repatriated cumulative earnings of foreign subsidiaries tax on global intangible low-taxed income (“GILTI”) as well as a limitation on the deduction for business interest expense (“Section 163(j)"). GILTI is the excess of the shareholder’s net controlled foreign corporations of the income inclusion, interest to effective tax rate the estimated impact of record deferred taxes related to GILTI on our foreign subsidiaries. Our effective income tax rate on operations for the three-months 35.0 % compared to a rate of 15.1 % in the same period of the prior year, and an effective rate of 17.9 % for fiscal 2022. We that are lower than those significant impact on our overall effective tax rate. |
Derivatives and Fair Value Meas
Derivatives and Fair Value Measurements | 3 Months Ended |
Dec. 31, 2022 | |
Derivatives and Fair Value Measurements [Abstract] | |
Derivatives and Fair Value Measurements | Note L—Derivatives and Fair Value Measurements From time to time, we may use interest rate swaps or other instruments to manage our interest rate exposure and reduce the impact of future interest rate changes. These financial instruments are payments. As a result, the gains the related interest payments interest. The following table summarizes the fair value and presentation in the Condensed Consolidated of December 2022 and September 2022 (in thousands): From time to time, we may purchase do not receive hedge accounting goods sold on the Condensed Consolidated Statement of Operations. ASC 820, Fair Value fair value measurements. assets or liabilities. These levels are: Level 1 – Quoted prices (unadjusted) in active markets for Level 2 – Inputs other assets or liabilities in active markets and quoted prices for Level 3 – Unobservable methodologies and similar techniques. The following financial liabilities are measured at fair The fair value adjusted for our credit value based on quoted measurement). December 2022 September 2022 Deferred tax assets $ (70) $ (48) Other non-current liabilities 280 189 Accumulated other comprehensive loss $ 210 $ 141 Fair Value Measurements Using Quoted Prices in Significant Active Markets Other Significant for Observable Unobservable Identical Assets Inputs Inputs Period Ended Total (Level 1) (Level 2) (Level 3) Interest Rate Swaps December 2022 $ 280 - $ 280 - September 2022 $ 189 - $ 189 - Effective Date Notional Amount Fixed LIBOR Rate Maturity Date Interest Rate Swap July 25, 2018 $ 20.0 3.18% July 25, 2023 |
Legal Proceedings
Legal Proceedings | 3 Months Ended |
Dec. 31, 2022 | |
Legal Proceedings [Abstract] | |
Legal Proceedings | Note M—Legal Proceedings At times, with parties believed to be financially capable, such actions |
Repurchase of Common Stock
Repurchase of Common Stock | 3 Months Ended |
Dec. 31, 2022 | |
Repurchase of Common Stock [Abstract] | |
Repurchase of Common Stock | Note N—Repurchase of Common Stock As of September 28, 2019, 60.0 Repurchase no t 3,735,114 56.4 of management and pursuant 3.6 Stock Repurchase Program, which does not have an expiration |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets [Abstract] | |
Goodwill and Intangible Assets | Note O—Goodwill and Intangible Assets Components of intangible assets consist of the following Goodwill represents the acquired goodwill net of 0.6 include $ 18.0 19.9 Depending on the type intangible 0.6 0.6 approximately $ 1.4 1.4 1.4 years ended September 2025, 2026, and 2027. December 2022 September 2022 Accumulated Net Accumulated Net Economic Cost Amortization Value Cost Amortization Life Goodwill $ 37,897 $ - $ 37,897 $ 37,897 $ - $ 37,897 N/A Intangibles: Tradename/trademarks $ 16,000 $ (4,984) $ 11,016 $ 16,000 $ (4,851) $ 11,149 20 30 Customer relationships 7,400 (3,398) 4,002 7,400 (3,213) 4,187 20 Technology 10,083 (2,834) 7,249 10,083 (2,610) 7,473 10 License agreements 2,100 (966) 1,134 2,100 (940) 1,160 15 30 Non-compete 1,657 (1,631) 26 1,657 (1,600) 57 4 8.5 Total intangibles $ 37,240 $ (13,813) $ 23,427 $ 37,240 $ (13,214) $ 24,026 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Dec. 31, 2022 | |
Notes To Financial Statements [Abstract] | |
Subsequent Events | Note P—Subsequent Events On January 3, 2023, Delta Apparel, Inc. and its DTG2Go, LLC (f/k/a Art Fargo Bank (the provisions regarding the inclusion of eligible in-transit inventory in the borrowing base and amends the definition of Increased Reporting Event to include 12.5% of the lesser of the borrowing base and the maximum revolver On February 3, 2023, the therein (the “Ninth Amendment”). The Ninth Amendment adds an Accommodation Period beginning on the amendment date and continuing through the date following September 30, 2023, upon which Borrowers satisfy minimum availability thresholds and during which: (i) the Amended Credit 7,500,000 , (b) on 9,000,000 , (c) on and after June 5, 2023, through 10,000,000 ; and (d) at all times thereafter, $ 0 ; (ii) the Fixed three-month periods starting March 4, 2023; (iv) the Applicable Margin with respect to loans under the Amended Credit Agreement is increased by 50 (v) a Cash Dominion 2,000,000 . calculation by reloading 5 % of eligible accounts receivable (capped at $ 3,000,000 ) and deferring the applicable amortization schedules to August 1, 2023; (ii) defers monthly amortization payments for through the date following the date following September 30, 2023, upon which Borrowers The foregoing summary of the Eighth and Ninth Amendments and the by reference to the text of the incorporated herein by reference. We while easing the financial covenant restrictions for the remainder See Part II, Item 5. Other Information for additional |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Dec. 31, 2022 | |
Revenue Recognition [Abstract] | |
Disaggregation of Revenue | Three Months Ended December 2022 December 2021 Retail $ 3,455 3 % $ 2,903 3 % Direct-to-consumer ecommerce 1,509 2 % 1,345 1 % Wholesale 102,331 95 % 106,498 96 % Net sales $ 107,295 100 % $ 110,746 100 % Three Months Ended December 2022 Net Sales Retail Direct-to-consumer ecommerce Wholesale Delta Group $ 97,010 0.1 % 0.2 % 99.7 % Salt Life Group 10,285 33.0 % 12.7 % 54.3 % Total $ 107,295 Three Months Ended December 2021 Net Sales Retail Direct-to-consumer ecommerce Wholesale Delta Group $ 101,921 0.2 % 0.3 % 99.5 % Salt Life Group 8,825 30.4 % 12.0 % 57.6 % Total $ 110,746 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Dec. 31, 2022 | |
Inventories [Abstract] | |
Schedule of Inventory, Current | December 2022 September 2022 Raw materials $ 22,166 $ 22,603 Work in process 20,352 23,501 Finished goods 216,373 202,434 $ 258,891 $ 248,538 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Dec. 31, 2022 | |
Debt [Abstract] | |
Schedule of Long-Term Debt Instruments | December 2022 Revolving credit facility with Banco Ficohsa, a Honduran bank, 7.25 %, due August 2025 $ 3,083 Term loan with Banco Ficohsa, a Honduran bank, interest at 7.5 %, quarterly installments which began September 2021 and December 2025 6,086 Term loan with Banco Ficohsa, a Honduran bank, interest at 7.5 %, quarterly installments beginning March 2023 through May 3,656 Term loan with Banco Ficohsa, a Panamanian bank, interest at the prevailing market rate installments which began October 2022 and are due through 2,878 |
Purchase Contracts (Tables)
Purchase Contracts (Tables) | 3 Months Ended |
Dec. 31, 2022 | |
Purchase Contracts [Abstract] | |
Long-Term Purchase Commitment | Yarn $ 22,294 Finished fabric 4,435 Finished products 9,517 $ 36,246 |
Business Segments (Tables)
Business Segments (Tables) | 3 Months Ended |
Dec. 31, 2022 | |
Business Segments [Abstract] | |
Schedule of Segment Information | Three Months Ended December 2022 December 2021 Segment net sales: Delta Group $ 97,010 $ 101,921 Salt Life Group 10,285 8,825 Total net sales $ 107,295 $ 110,746 Segment operating earnings: Delta Group $ 123 $ 8,438 Salt Life Group 218 156 Total segment operating earnings $ 341 $ 8,594 |
Segment Operating Income to the Consolidated Income Before Provision for Income Taxes | Three Months Ended December 2022 December 2021 Segment operating earnings $ 341 $ 8,594 Unallocated corporate expenses 2,967 2,678 Unallocated interest expense 2,890 1,598 Consolidated (loss) income before provision for income taxes $ (5,516) $ 4,318 |
Derivatives and Fair Value Me_2
Derivatives and Fair Value Measurements (Tables) | 3 Months Ended |
Dec. 31, 2022 | |
Derivatives and Fair Value Measurements [Abstract] | |
Outstanding Instruments | December 2022 September 2022 Deferred tax assets $ (70) $ (48) Other non-current liabilities 280 189 Accumulated other comprehensive loss $ 210 $ 141 |
Fair Value of Derivative Instruments | Fair Value Measurements Using Quoted Prices in Significant Active Markets Other Significant for Observable Unobservable Identical Assets Inputs Inputs Period Ended Total (Level 1) (Level 2) (Level 3) Interest Rate Swaps December 2022 $ 280 - $ 280 - September 2022 $ 189 - $ 189 - |
Financial Assets (Liabilities) Measured at Fair Value | Effective Date Notional Amount Fixed LIBOR Rate Maturity Date Interest Rate Swap July 25, 2018 $ 20.0 3.18% July 25, 2023 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets [Abstract] | |
Goodwill and Components of Intangible Assets | December 2022 September 2022 Accumulated Net Accumulated Net Economic Cost Amortization Value Cost Amortization Life Goodwill $ 37,897 $ - $ 37,897 $ 37,897 $ - $ 37,897 N/A Intangibles: Tradename/trademarks $ 16,000 $ (4,984) $ 11,016 $ 16,000 $ (4,851) $ 11,149 20 30 Customer relationships 7,400 (3,398) 4,002 7,400 (3,213) 4,187 20 Technology 10,083 (2,834) 7,249 10,083 (2,610) 7,473 10 License agreements 2,100 (966) 1,134 2,100 (940) 1,160 15 30 Non-compete 1,657 (1,631) 26 1,657 (1,600) 57 4 8.5 Total intangibles $ 37,240 $ (13,813) $ 23,427 $ 37,240 $ (13,214) $ 24,026 |
Description of Business and B_2
Description of Business and Basis of Presentation (Narrative) (Details) $ in Millions | 3 Months Ended | |
Dec. 31, 2022 USD ($) Item | Jan. 01, 2022 USD ($) | |
Business Description and Basis of Presentation [Line Items] | ||
Number of employees | Item | 8,500 | |
Ceiba Textiles Manufacturing Facility Lease [Member] | ||
Business Description and Basis of Presentation [Line Items] | ||
Operating lease payments | $ 0.4 | $ 0.4 |
Honduran Equity Method Investment [Member] | ||
Business Description and Basis of Presentation [Line Items] | ||
Ownership percentage | 31% | |
Dividends from investment | $ 0.9 | $ 0.6 |
Revenue Recognition (Disaggrega
Revenue Recognition (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2022 | Jan. 01, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Net sales, Amount | $ 107,295 | $ 110,746 |
Net Sales [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales, Amount | $ 110,746 | |
Net Sales [Member] | Reportable Segment Concentration Risk [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales, Percentage | 100% | 100% |
Delta Group [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales, Amount | $ 97,010 | |
Delta Group [Member] | Net Sales [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales, Amount | $ 101,921 | |
Salt Life Group [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales, Amount | 10,285 | |
Salt Life Group [Member] | Net Sales [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales, Amount | 8,825 | |
Retail [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales, Amount | $ 3,455 | $ 2,903 |
Retail [Member] | Net Sales [Member] | Reportable Segment Concentration Risk [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales, Percentage | 3% | 3% |
Retail [Member] | Delta Group [Member] | Net Sales [Member] | Reportable Segment Concentration Risk [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales, Percentage | 0.10% | 0.20% |
Retail [Member] | Salt Life Group [Member] | Net Sales [Member] | Reportable Segment Concentration Risk [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales, Percentage | 33% | 30.40% |
Ecommerce [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales, Amount | $ 1,509 | $ 1,345 |
Ecommerce [Member] | Net Sales [Member] | Reportable Segment Concentration Risk [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales, Percentage | 2% | 1% |
Ecommerce [Member] | Delta Group [Member] | Net Sales [Member] | Reportable Segment Concentration Risk [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales, Percentage | 0.20% | 0.30% |
Ecommerce [Member] | Salt Life Group [Member] | Net Sales [Member] | Reportable Segment Concentration Risk [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales, Percentage | 12.70% | 12% |
Wholesale [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales, Amount | $ 102,331 | $ 106,498 |
Wholesale [Member] | Net Sales [Member] | Reportable Segment Concentration Risk [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales, Percentage | 95% | 96% |
Wholesale [Member] | Delta Group [Member] | Net Sales [Member] | Reportable Segment Concentration Risk [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales, Percentage | 99.70% | 99.50% |
Wholesale [Member] | Salt Life Group [Member] | Net Sales [Member] | Reportable Segment Concentration Risk [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales, Percentage | 54.30% | 57.60% |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Oct. 01, 2022 |
Inventories [Abstract] | ||
Inventory reserves | $ 17.8 | $ 17.7 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventory, Current) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Oct. 01, 2022 |
Inventories [Abstract] | ||
Raw materials | $ 22,166 | $ 22,603 |
Work in process | 20,352 | 23,501 |
Finished goods | 216,373 | 202,434 |
Inventories, net of reserves | $ 258,891 | $ 248,538 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | |||
May 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | Jan. 01, 2022 USD ($) | Oct. 01, 2022 USD ($) | Apr. 02, 2022 | |
Debt Instrument [Line Items] | |||||
Repayments of long-term debt | $ 121,431 | $ 121,293 | |||
Term Loan Established December 2020 [Member] | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 7.50% | ||||
Term Loan Established December 2020 [Member] | Banco Ficohsa [Member] | |||||
Debt Instrument [Line Items] | |||||
Maturity (Years) | 5 years | ||||
Repayments of long-term debt | $ 1,100 | ||||
Term Loan Established May 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 7.50% | ||||
Term Loan Established May 2022 [Member] | Banco Ficohsa [Member] | |||||
Debt Instrument [Line Items] | |||||
Maturity (Years) | 5 years | ||||
Face amount | $ 3,700 | ||||
Term Loan Established September 2022 [Member] | Banco Ficohsa [Member] | |||||
Debt Instrument [Line Items] | |||||
Maturity (Years) | 5 years | ||||
Face amount | $ 3,000 | ||||
Revolving Credit Facility [Member] | Banco Ficohsa [Member] | |||||
Debt Instrument [Line Items] | |||||
Repayments of long-term debt | $ 9,500 | ||||
Revolving Credit Facility [Member] | Line of Credit [Member] | Banco Ficohsa [Member] | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 7.25% | ||||
Amended Credit Agreement [Member] | Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Maturity (Years) | 5 years | ||||
Fixed Charge Coverage Ratio requirement | 1 | 1.1 | |||
Maximum borrowing capacity | $ 170,000 | ||||
Maximum borrowing capacity provided that no event of default exists | 200,000 | ||||
Outstanding | $ 142,300 | ||||
Interest rate during the period | 6.70% | ||||
Remaining available | $ 27,200 | ||||
Retained earnings free of restrictions to make cash dividends or stock repurchases | $ 23,100 | $ 24,900 | |||
Amended Credit Agreement [Member] | Revolving Credit Facility [Member] | One Month SOFR [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis point spread | 10% | ||||
Amended Credit Agreement [Member] | Revolving Credit Facility [Member] | Three Month SOFR [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis point spread | 15% | ||||
Amended Credit Agreement [Member] | Revolving Credit Facility [Member] | SOFR Floor [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis point spread | 0% | ||||
Amended Credit Agreement [Member] | Letter of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 25,000 |
Debt (Schedule of Long-Term Deb
Debt (Schedule of Long-Term Debt Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Oct. 01, 2022 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 148,899 | $ 136,750 |
Line of Credit [Member] | Revolving Credit Facility [Member] | Banco Ficohsa [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 3,083 | |
Stated interest rate | 7.25% | |
Term Loan Established December 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 6,086 | |
Stated interest rate | 7.50% | |
Term Loan Established May 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 3,656 | |
Stated interest rate | 7.50% | |
Term Loan Established October 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 2,878 |
Selling, General and Administ_2
Selling, General and Administrative Expense (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2022 | Jan. 01, 2022 | |
Selling, General and Administrative Expense [Abstract] | ||
Distribution costs | $ 5.4 | $ 5.5 |
Stock-based Compensation (Narra
Stock-based Compensation (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2022 | Jan. 01, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 0.5 | $ 0.4 |
Stock-based compensation expense, tax benefit | $ 0.2 | $ 0.1 |
Restricted Stock Units (RSUs) [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Vested in period (in shares) | 105,000 | |
The 2020 Stock Plan [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Unrecognized compensation | $ 3.3 | |
Period for recognition (Years) | 1 year 10 months 24 days |
Purchase Contracts (Minimum Pay
Purchase Contracts (Minimum Payments Under Contracts) (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Purchase Commitment, Excluding Long-Term Commitment [Line Items] | |
Minimum payments | $ 36,246 |
Yarn [Member] | |
Purchase Commitment, Excluding Long-Term Commitment [Line Items] | |
Minimum payments | 22,294 |
Finished Fabric [Member] | |
Purchase Commitment, Excluding Long-Term Commitment [Line Items] | |
Minimum payments | 4,435 |
Finished Products [Member] | |
Purchase Commitment, Excluding Long-Term Commitment [Line Items] | |
Minimum payments | $ 9,517 |
Business Segments (Narrative) (
Business Segments (Narrative) (Details) | 3 Months Ended |
Dec. 31, 2022 Item | |
Business Segments [Abstract] | |
Number of operating segments | 2 |
Business Segments (Schedule of
Business Segments (Schedule of Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2022 | Jan. 01, 2022 | |
Segment Reporting Information [Line Items] | ||
Net sales | $ 107,295 | $ 110,746 |
Segment operating earnings | (2,626) | 5,916 |
Delta Group [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 97,010 | |
Salt Life Group [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 10,285 | |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 107,295 | 110,746 |
Segment operating earnings | 341 | 8,594 |
Operating Segments [Member] | Delta Group [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 97,010 | 101,921 |
Segment operating earnings | 123 | 8,438 |
Operating Segments [Member] | Salt Life Group [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 10,285 | 8,825 |
Segment operating earnings | $ 218 | $ 156 |
Business Segments (Segment Oper
Business Segments (Segment Operating Income to the Consolidated Income Before Provision for Income Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2022 | Jan. 01, 2022 | |
Segment Reporting Information [Line Items] | ||
Segment operating earnings | $ (2,626) | $ 5,916 |
Unallocated corporate expenses | 18,870 | 17,482 |
Unallocated interest expense | 2,890 | 1,598 |
(Loss) earnings before provision for income taxes | (5,516) | 4,318 |
Corporate, Non-Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Segment operating earnings | 341 | 8,594 |
Unallocated corporate expenses | 2,967 | 2,678 |
Unallocated interest expense | 2,890 | 1,598 |
(Loss) earnings before provision for income taxes | $ (5,516) | $ 4,318 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2022 | Jan. 01, 2022 | Oct. 01, 2022 | |
Income Taxes [Abstract] | |||
Effective income tax rate, percent | 35% | 15.10% | 17.90% |
Derivatives and Fair Value Me_3
Derivatives and Fair Value Measurements (Outstanding Instruments) (Details) - Interest Rate Swap [Member] $ in Millions | 3 Months Ended |
Dec. 31, 2022 USD ($) | |
Derivative [Line Items] | |
Effective Date | Jul. 25, 2018 |
Notional amount | $ 20 |
Maturity Date | Jul. 25, 2023 |
London Interbank Offered Rate (LIBOR) [Member] | |
Derivative [Line Items] | |
Fixed LIBOR Rate | 0.0318% |
Derivatives and Fair Value Me_4
Derivatives and Fair Value Measurements (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Oct. 01, 2022 |
Deferred Tax Assets [Member] | ||
Derivative [Line Items] | ||
Derivative assets (liabilities) | $ (70) | $ (48) |
Other Non-current Liabilities [Member] | ||
Derivative [Line Items] | ||
Derivative assets (liabilities) | 280 | 189 |
Accumulated Other Comprehensive (Loss) [Member] | ||
Derivative [Line Items] | ||
Derivative assets (liabilities) | $ 210 | $ 141 |
Derivatives and Fair Value Me_5
Derivatives and Fair Value Measurements (Financial Assets (Liabilities) Measured at Fair Value) (Details) - Interest Rate Swap [Member] - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2022 | Oct. 01, 2022 |
Derivative [Line Items] | ||
Derivative liabilities | $ (280) | $ (189) |
Fair Value, Inputs, Level 2 [Member] | ||
Derivative [Line Items] | ||
Derivative liabilities | $ (280) | $ (189) |
Repurchase of Common Stock (Nar
Repurchase of Common Stock (Narrative) (Details) - USD ($) | 3 Months Ended | 33 Months Ended | ||
Dec. 31, 2022 | Jan. 01, 2022 | Jul. 02, 2022 | Oct. 03, 2020 | |
Repurchase of Common Stock [Abstract] | ||||
Amount authorized for repurchase | $ 60,000,000 | |||
Shares repurchased (in shares) | 0 | 3,735,114 | ||
Value of stock repurchased | $ 2,143,000 | $ 56,400,000 | ||
Remaining amount authorized for repurchase | $ 3,600,000 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 | Jan. 01, 2022 | Jul. 02, 2011 | Oct. 01, 2022 | |
Goodwill and Intangible Assets [Line Items] | ||||
Goodwill impairment loss | $ 600 | |||
Goodwill, Net Value | $ 37,897 | $ 37,897 | ||
Amortization expense for intangible assets | 600 | $ 600 | ||
Amortization expense, remainder of the year | 1,400 | |||
Amortization expense, 2023 | 1,400 | |||
Amortization expense, 2024 | 1,400 | |||
Amortization expense, 2025 | 1,400 | |||
Amortization expense, 2026 | 1,400 | |||
Amortization expense, 2027 | $ 1,400 | |||
Payment for intangible asset | $ 51 | |||
Technology-Based Intangible Assets [Member] | ||||
Goodwill and Intangible Assets [Line Items] | ||||
Economic Life (Years) | 10 years | |||
Delta Group [Member] | ||||
Goodwill and Intangible Assets [Line Items] | ||||
Goodwill, Net Value | $ 18,000 | |||
Salt Life Group [Member] | ||||
Goodwill and Intangible Assets [Line Items] | ||||
Goodwill, Net Value | $ 19,900 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Goodwill and Components of Intangible Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2022 | Oct. 01, 2022 | |
Goodwill and Intangible Assets [Line Items] | ||
Goodwill, Cost | $ 37,897 | $ 37,897 |
Goodwill, Net Value | 37,897 | 37,897 |
Intangibles, Cost | 37,240 | 37,240 |
Intangibles, Accumulated Amortization | (13,813) | (13,214) |
Intangibles, Net Value | 23,427 | 24,026 |
Trademarks and Trade Names [Member] | ||
Goodwill and Intangible Assets [Line Items] | ||
Intangibles, Cost | 16,000 | 16,000 |
Intangibles, Accumulated Amortization | (4,984) | (4,851) |
Intangibles, Net Value | $ 11,016 | 11,149 |
Trademarks and Trade Names [Member] | Minimum [Member] | ||
Goodwill and Intangible Assets [Line Items] | ||
Economic Life (Years) | 20 years | |
Trademarks and Trade Names [Member] | Maximum [Member] | ||
Goodwill and Intangible Assets [Line Items] | ||
Economic Life (Years) | 30 years | |
Customer Relationships [Member] | ||
Goodwill and Intangible Assets [Line Items] | ||
Intangibles, Cost | $ 7,400 | 7,400 |
Intangibles, Accumulated Amortization | (3,398) | (3,213) |
Intangibles, Net Value | $ 4,002 | 4,187 |
Economic Life (Years) | 20 years | |
Technology-Based Intangible Assets [Member] | ||
Goodwill and Intangible Assets [Line Items] | ||
Intangibles, Cost | $ 10,083 | 10,083 |
Intangibles, Accumulated Amortization | (2,834) | (2,610) |
Intangibles, Net Value | $ 7,249 | 7,473 |
Economic Life (Years) | 10 years | |
Licensing Agreements [Member] | ||
Goodwill and Intangible Assets [Line Items] | ||
Intangibles, Cost | $ 2,100 | 2,100 |
Intangibles, Accumulated Amortization | (966) | (940) |
Intangibles, Net Value | $ 1,134 | 1,160 |
Licensing Agreements [Member] | Minimum [Member] | ||
Goodwill and Intangible Assets [Line Items] | ||
Economic Life (Years) | 15 years | |
Licensing Agreements [Member] | Maximum [Member] | ||
Goodwill and Intangible Assets [Line Items] | ||
Economic Life (Years) | 30 years | |
Noncompete Agreements [Member] | ||
Goodwill and Intangible Assets [Line Items] | ||
Intangibles, Cost | $ 1,657 | 1,657 |
Intangibles, Accumulated Amortization | (1,631) | (1,600) |
Intangibles, Net Value | $ 26 | $ 57 |
Noncompete Agreements [Member] | Minimum [Member] | ||
Goodwill and Intangible Assets [Line Items] | ||
Economic Life (Years) | 4 years | |
Noncompete Agreements [Member] | Maximum [Member] | ||
Goodwill and Intangible Assets [Line Items] | ||
Economic Life (Years) | 8 years 6 months |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - Subsequent Event [Member] - Revolving Credit Facility [Member] | Jan. 03, 2023 USD ($) |
Subsequent Event [Line Items] | |
Line of Credit Facility, Minimum Available Threshold | |
Line of Credit Facility, Increase In Applicable Margin | 50% |
Line of Credit Facility, Cash Dominion Trigger Event | $ 2,000,000 |
Line of Credit Facility, FILO Maximum, Eligible Accounts Receivable | 5% |
Line of Credit Facility, FILO Maximum, Eligible Accounts Receivable, Cap | $ 3,000,000 |
April 1, 2023 | |
Subsequent Event [Line Items] | |
Line of Credit Facility, Minimum Available Threshold | 7,500,000 |
June 4, 2023 | |
Subsequent Event [Line Items] | |
Line of Credit Facility, Minimum Available Threshold | 9,000,000 |
September 30, 2023 | |
Subsequent Event [Line Items] | |
Line of Credit Facility, Minimum Available Threshold | $ 10,000,000 |