Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Jul. 03, 2021 | Aug. 06, 2021 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jul. 3, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-36267 | |
Entity Registrant Name | BLUE BIRD CORPORATION | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 46-3891989 | |
Entity Address, Address Line One | 3920 Arkwright Road | |
Entity Address, Address Line Two | 2nd Floor | |
Entity Address, City or Town | Macon | |
Entity Address, State or Province | GA | |
Entity Address, Postal Zip Code | 31210 | |
City Area Code | 478 | |
Local Phone Number | 822-2801 | |
Title of 12(b) Security | Common stock, $0.0001 par value | |
Trading Symbol | BLBD | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 27,204,435 | |
Entity Central Index Key | 0001589526 | |
Current Fiscal Year End Date | --10-02 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jul. 03, 2021 | Oct. 03, 2020 |
Current assets | ||
Cash and cash equivalents | $ 11,223 | $ 44,507 |
Accounts receivable, net | 10,451 | 7,623 |
Inventories | 133,540 | 56,523 |
Other current assets | 6,982 | 8,243 |
Total current assets | 162,196 | 116,896 |
Property, plant and equipment, net | 106,022 | 103,372 |
Goodwill | 18,825 | 18,825 |
Intangible assets, net | 49,945 | 51,632 |
Equity investment in affiliate | 14,485 | 14,320 |
Deferred tax assets | 4,015 | 4,365 |
Finance lease right-of-use assets | 5,860 | 6,983 |
Other assets | 1,597 | 1,022 |
Total assets | 362,945 | 317,415 |
Current liabilities | ||
Accounts payable | 113,152 | 57,602 |
Warranty | 7,373 | 8,336 |
Accrued expenses | 21,154 | 15,773 |
Deferred warranty income | 7,945 | 8,540 |
Finance lease obligations | 1,315 | 1,280 |
Other current liabilities | 7,656 | 10,217 |
Current portion of long-term debt | 13,613 | 9,900 |
Total current liabilities | 172,208 | 111,648 |
Long-term liabilities | ||
Long-term debt | 153,005 | 164,204 |
Warranty | 11,407 | 13,038 |
Deferred warranty income | 12,563 | 14,048 |
Deferred tax liabilities | 589 | 254 |
Finance lease obligations | 4,874 | 5,879 |
Other liabilities | 15,433 | 14,315 |
Pension | 39,677 | 47,259 |
Total long-term liabilities | 237,548 | 258,997 |
Guarantees, commitments and contingencies (Note 6) | ||
Stockholders' deficit | ||
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, 0 shares outstanding at July 3, 2021 and October 3, 2020 | 0 | 0 |
Common stock, $0.0001 par value, 100,000,000 shares authorized, 27,204,435 and 27,048,404 shares outstanding at July 3, 2021 and October 3, 2020, respectively | 3 | 3 |
Additional paid-in capital | 92,169 | 88,910 |
Accumulated deficit | (31,365) | (33,464) |
Accumulated other comprehensive loss | (57,336) | (58,397) |
Treasury stock, at cost, 1,782,568 shares at July 3, 2021 and October 3, 2020 | (50,282) | (50,282) |
Total stockholders' deficit | (46,811) | (53,230) |
Total liabilities and stockholders' deficit | $ 362,945 | $ 317,415 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jul. 03, 2021 | Oct. 03, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Par Value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par Value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares Outstanding | 27,204,435 | 27,048,404 |
Treasury Stock, Common, Shares | 1,782,568 | 1,782,568 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 03, 2021 | Jul. 04, 2020 | Jul. 03, 2021 | Jul. 04, 2020 | |
Income Statement [Abstract] | ||||
Net sales | $ 196,659 | $ 189,181 | $ 491,791 | $ 597,810 |
Cost of goods sold | 170,500 | 168,099 | 432,671 | 531,259 |
Gross profit | 26,159 | 21,082 | 59,120 | 66,551 |
Operating expenses | ||||
Selling, general and administrative expenses | 18,073 | 17,793 | 50,124 | 58,146 |
Operating profit | 8,086 | 3,289 | 8,996 | 8,405 |
Interest expense | (2,805) | (2,406) | (7,069) | (9,961) |
Interest income | 0 | 27 | 1 | 27 |
Other income, net | 426 | 181 | 1,491 | 555 |
Loss on debt modification | 0 | 0 | (598) | 0 |
Income (loss) before income taxes | 5,707 | 1,091 | 2,821 | (974) |
Income tax (expense) benefit | (1,892) | (765) | (888) | 378 |
Equity in net income of non-consolidated affiliate | 517 | 960 | 166 | 840 |
Net income | $ 4,332 | $ 1,286 | $ 2,099 | $ 244 |
Earnings per share: | ||||
Basic weighted average shares outstanding | 27,172,162 | 27,027,731 | 27,116,915 | 26,784,404 |
Diluted weighted average shares outstanding | 27,428,877 | 27,080,015 | 27,337,360 | 26,980,480 |
Basic earnings per share (in dollars per share) | $ 0.16 | $ 0.05 | $ 0.08 | $ 0.01 |
Diluted earnings per share (in dollars per share) | $ 0.16 | $ 0.05 | $ 0.08 | $ 0.01 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 03, 2021 | Jul. 04, 2020 | Jul. 03, 2021 | Jul. 04, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 4,332 | $ 1,286 | $ 2,099 | $ 244 |
Other comprehensive income, net of tax: | ||||
Net change in defined benefit pension plan | 354 | 327 | 1,061 | 980 |
Total other comprehensive income | 354 | 327 | 1,061 | 980 |
Comprehensive income | $ 4,686 | $ 1,613 | $ 3,160 | $ 1,224 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Jul. 03, 2021 | Jul. 04, 2020 | |
Cash flows from operating activities | ||
Net income | $ 2,099 | $ 244 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation and amortization | 10,145 | 10,728 |
Non-cash interest expense | 2,219 | 3,560 |
Share-based compensation | 1,923 | 4,105 |
Equity in net income of non-consolidated affiliate | (166) | (840) |
Gain on disposal of fixed assets | (681) | (100) |
Deferred taxes | 350 | 32 |
Amortization of deferred actuarial pension losses | 1,397 | 1,289 |
Loss on debt modification | 598 | 0 |
Changes in assets and liabilities: | ||
Accounts receivable | (2,828) | (3,157) |
Inventories | (77,017) | (76,887) |
Other assets | 1,682 | 2,480 |
Accounts payable | 55,150 | (3,115) |
Accrued expenses, pension and other liabilities | (9,109) | (16,644) |
Total adjustments | (16,337) | (78,549) |
Total cash used in operating activities | (14,238) | (78,305) |
Cash flows from investing activities | ||
Cash paid for fixed assets | (10,304) | (16,724) |
Proceeds from sale of fixed assets | 901 | 150 |
Total cash used in investing activities | (9,403) | (16,574) |
Cash flows from financing activities | ||
Borrowings under the revolving credit facility | 0 | 45,000 |
Repayments under the senior term loan | (7,425) | (7,425) |
Principal payments on finance leases | (1,147) | (854) |
Cash paid for debt costs | (2,476) | (935) |
Net cash received (paid) for exercises and employee taxes on vested restricted shares and stock option exercises | 1,405 | (3,568) |
Proceeds from exercises of warrants | 0 | 4,240 |
Total cash (used in) provided by financing activities | (9,643) | 36,458 |
Change in cash and cash equivalents | (33,284) | (58,421) |
Cash and cash equivalents, beginning of period | 44,507 | 70,959 |
Cash and cash equivalents, end of period | 11,223 | 12,538 |
Supplemental disclosures of cash flow information | ||
Interest paid, net of interest received | 8,855 | 6,616 |
Income tax paid (received), net of tax refunds | 52 | (1,668) |
Non-cash investing and financing activities: | ||
Changes in accounts payable for capital additions to property, plant and equipment | 400 | (3,613) |
Cashless exercise of stock options | 0 | 5,246 |
Right-of-use assets obtained in exchange for finance lease obligations | 0 | 1,942 |
Right-of-use assets obtained in exchange for operating lease obligations | $ 107 | $ 0 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Deficit Statement - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In-Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Treasury Stock |
Beginning Balance (in shares) at Sep. 28, 2019 | 26,476,336 | 1,782,568 | ||||
Beginning Balance at Sep. 28, 2019 | $ (67,811) | $ 3 | $ 84,271 | $ (56,154) | $ (45,649) | $ (50,282) |
Warrant exercises (in shares) | 368,712 | |||||
Warrant exercises | 4,240 | 4,240 | ||||
Restricted stock activity (in shares) | 94,724 | |||||
Restricted stock activity | (1,623) | (1,623) | ||||
Stock option activity (in shares) | 108,632 | |||||
Stock option activity | (1,945) | (1,945) | ||||
Share-based compensation expense | 3,987 | 3,987 | ||||
Net income | 244 | 244 | ||||
Other comprehensive income, net of tax | 980 | 980 | ||||
Ending Balance (in shares) at Jul. 04, 2020 | 27,048,404 | 1,782,568 | ||||
Ending Balance at Jul. 04, 2020 | (61,928) | $ 3 | 88,930 | (55,174) | (45,405) | $ (50,282) |
Beginning Balance (in shares) at Apr. 04, 2020 | 27,027,272 | 1,782,568 | ||||
Beginning Balance at Apr. 04, 2020 | (65,063) | $ 3 | 87,408 | (55,501) | (46,691) | $ (50,282) |
Restricted stock activity | (255) | (255) | ||||
Stock option activity (in shares) | 21,132 | |||||
Share-based compensation expense | 1,777 | 1,777 | ||||
Net income | 1,286 | 1,286 | ||||
Other comprehensive income, net of tax | 327 | |||||
Other comprehensive income, net of tax | 327 | 327 | ||||
Ending Balance (in shares) at Jul. 04, 2020 | 27,048,404 | 1,782,568 | ||||
Ending Balance at Jul. 04, 2020 | (61,928) | $ 3 | 88,930 | (55,174) | (45,405) | $ (50,282) |
Beginning Balance (in shares) at Oct. 03, 2020 | 27,048,404 | 1,782,568 | ||||
Beginning Balance at Oct. 03, 2020 | (53,230) | $ 3 | 88,910 | (58,397) | (33,464) | $ (50,282) |
Restricted stock activity (in shares) | 36,404 | |||||
Restricted stock activity | (517) | (517) | ||||
Stock option activity (in shares) | 119,627 | |||||
Stock option activity | 1,922 | 1,922 | ||||
Share-based compensation expense | 1,854 | 1,854 | ||||
Net income | 2,099 | 2,099 | ||||
Other comprehensive income, net of tax | 1,061 | 1,061 | ||||
Ending Balance (in shares) at Jul. 03, 2021 | 27,204,435 | 1,782,568 | ||||
Ending Balance at Jul. 03, 2021 | (46,811) | $ 3 | 92,169 | (57,336) | (31,365) | $ (50,282) |
Beginning Balance (in shares) at Apr. 03, 2021 | 27,153,872 | 1,782,568 | ||||
Beginning Balance at Apr. 03, 2021 | (52,588) | $ 3 | 91,078 | (57,690) | (35,697) | $ (50,282) |
Stock option activity (in shares) | 50,563 | |||||
Stock option activity | 794 | 794 | ||||
Share-based compensation expense | 297 | 297 | ||||
Net income | 4,332 | 4,332 | ||||
Other comprehensive income, net of tax | 354 | 354 | ||||
Ending Balance (in shares) at Jul. 03, 2021 | 27,204,435 | 1,782,568 | ||||
Ending Balance at Jul. 03, 2021 | $ (46,811) | $ 3 | $ 92,169 | $ (57,336) | $ (31,365) | $ (50,282) |
Nature of Business and Basis of
Nature of Business and Basis of Presentation | 9 Months Ended |
Jul. 03, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business and Basis of Presentation | 1. Nature of Business and Basis of Presentation Nature of Business Blue Bird Body Company, a wholly-owned subsidiary of Blue Bird Corporation, was incorporated in 1958 and has manufactured, assembled and sold school buses to a variety of municipal, federal and commercial customers since 1927. The majority of Blue Bird’s sales are made to an independent distributor network, which in turn sells buses to ultimate end users. We are headquartered in Macon, Georgia. References in these notes to financial statements to “Blue Bird,” the “Company,” “we,” “our,” or “us” relate to Blue Bird Corporation and its wholly-owned subsidiaries, unless the context specifically indicates otherwise. COVID-19 Beginning at the end of our second quarter of fiscal year 2020 and continuing through the third quarter of fiscal year 2021, the novel coronavirus known as "COVID-19" spread throughout the world, resulting in a global pandemic. The pandemic significantly impacted our financial results for the second half of fiscal year 2020, which continued throughout the first nine months of fiscal year 2021, causing, among other matters, lower customer orders for both buses and bus parts, supply disruptions, higher rates of absenteeism among our hourly production workforce and a temporary shutdown of manufacturing in April 2020, March 2021, and May 2021. The continuing development and fluidity of the pandemic and its trailing impact precludes any prediction as to the ultimate severity of the adverse impacts on our business, financial condition, results of operations, and liquidity. A prolonged economic downturn resulting from the pandemic would likely have a material adverse impact on our financial results. Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant inter-company transactions and accounts have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting and Article 8 of Regulation S-X. The Company’s fiscal year ends on the Saturday closest to September 30 with its quarters consisting of thirteen weeks in most years. Fiscal year 2021, which ends on October 2, 2021, consists of 52 weeks while fiscal year 2020, which ended on October 3, 2020, consisted of 53 weeks. The third quarters of fiscal years 2021 and 2020 both included 13 weeks. The nine month periods in fiscal years 2021 and 2020 included 39 and 40 weeks, respectively. In the opinion of management, all adjustments considered necessary for a fair presentation of financial results have been made. Such adjustments consist of only those of a normal recurring nature. Operating results for any interim period are not necessarily indicative of the results that may be expected for the entire year. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The Condensed Consolidated Balance Sheet data as of October 3, 2020 was derived from the Company’s audited financial statements but does not include all disclosures required by GAAP. For additional information, including the Company’s significant accounting policies, refer to the consolidated financial statements and related footnotes for the fiscal year ended October 3, 2020 as set forth in the Company's 2020 Form 10-K filed on December 17, 2020. Use of Estimates and Assumptions The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions. At the date of the financial statements, these estimates and assumptions affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities, and during the reporting period, these estimates and assumptions affect the reported amounts of revenues and expenses. For example, significant management judgments are required in determining excess, obsolete, or unsalable inventory; the allowance for doubtful accounts; potential impairment of long-lived assets, goodwill and intangible assets; and the accounting for self-insurance reserves, warranty reserves, pension obligations, income taxes, environmental liabilities and contingencies. Future events, including the extent and duration of COVID-19 related economic impacts, and their effects cannot be predicted with certainty, and, accordingly, the Company’s accounting estimates require the exercise of judgment. The accounting estimates used in the preparation of the Company’s condensed consolidated financial statements may change as new events occur, as more experience is acquired, as additional information is obtained and as the Company’s operating environment changes. The |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Recently Issued Accounting Standards | 9 Months Ended |
Jul. 03, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies and Recently Issued Accounting Standards | 2. Summary of Significant Accounting Policies and Recently Issued Accounting Standards The Company’s significant accounting policies are described in the Company’s 2020 Form 10-K, filed with the SEC on December 17, 2020. Our senior management has reviewed these significant accounting policies and related disclosures and determined that there were no significant changes in our critical accounting policies in the nine months ended July 3, 2021. Recently Adopted Accounting Standards ASU 2016-13 In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which requires that credit losses on most financial instruments measured at amortized cost and certain other financial instruments be measured using an expected credit loss model. Under this model, entities are required to estimate credit losses over the entire contractual term of the financial instrument from the date of initial recognition of the instrument. As required, the Company adopted this guidance on October 4, 2020, the first day of the Company’s first quarter of fiscal year 2021. While a number of financial instruments are subject to the scope of ASU 2016-13, its provisions applied only to the Company’s accounts receivable. Given that the Company extends credit with short contractual terms on only a small percentage of its sales, the adoption of the expected credit loss model did not have any impact on the Company’s condensed consolidated financial statements. Recently Issued Accounting Standards ASU 2020-04 On March 12, 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , providing temporary guidance to ease the potential burden in accounting for reference rate reform primarily resulting from the discontinuation of LIBOR (defined below), which was initially expected to occur on December 31, 2021. The amendments in ASU 2020-04 are elective and apply to all entities that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued. ASU 2021-01 On January 7, 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope , which refines the scope of Accounting Standards Codification Topic ("ASC") 848, Reference Rate Reform , and clarifies some of its guidance as part of the FASB’s ongoing monitoring of global reference rate reform activities. The ASU permits entities to elect certain optional expedients and exceptions when accounting for derivative contracts and certain hedging relationships affected by changes in the interest rates used for discounting cash flows, computing variation margin settlements, and calculating price alignment interest in connection with reference rate reform activities under way in global financial markets. The above amendments are effective for all entities from March 12, 2020 through December 31, 2022. An entity may elect to apply the amendments to contract modifications on a (i) full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020 or (ii) prospective basis from any date within an interim period that includes or is subsequent to March 12, 2020 through the date that the interim financial statements are issued or available to be issued. On March 5, 2021, the Intercontinental Exchange, Inc. ("ICE") Benchmark Administration ("IBA"), the administrator of the United States Dollar London Interbank Offering Rate ("LIBOR"), issued a statement, following the completion of a formal consultation process, reaffirming the preliminary announcement it made on November 30, 2020, to cease publication of (i) 1 week and 2 month LIBOR subsequent to December 31, 2021 and (ii) the overnight and 1, 3, 6 and 12 month LIBOR tenors subsequent to June 30, 2023. The IBA’s statement regarding such cessation dates primarily resulted from a majority of LIBOR panel banks communicating to the IBA that they would be unwilling to continue contributing to the relevant LIBOR settings after such dates. As a result, the IBA determined that it would be unable to publish the relevant LIBOR settings on a representative basis after such dates. The United Kingdom Financial Conduct Authority ("FCA"), which regulates the IBA, confirmed that, based on information it received from LIBOR panel banks, it does not expect that any LIBOR settings will become unrepresentative before the announced cessation dates summarized above. Currently, the Company’s interest rate collar, which is not designated in a hedge accounting relationship, and Amended Credit Agreement (defined below) are the only contracts that reference an interest rate index (i.e., 3 month LIBOR) that is subject to the reference rate reform guidance included in the above amendments. While the termination date of the interest rate collar, September 30, 2022, occurs prior to the July 1, 2023 date on which the IBA will no longer publish 3 month LIBOR, the Amended Credit Agreement matures on September 13, 2023, approximately 2.5 months subsequent to such cessation date. However, as management does not currently forecast that the Company will have sufficient cash to fund the term loan borrowings that are expected to be outstanding under the terms of the Amended Credit Agreement upon maturity, it is expecting to refinance such borrowings prior to maturity, with such refinancing likely to occur before the July 1, 2023 LIBOR cessation date. Therefore, it is highly likely that neither the interest |
Supplemental Financial Informat
Supplemental Financial Information | 9 Months Ended |
Jul. 03, 2021 | |
Condensed Financial Information [Abstract] | |
Supplemental Financial Information | 3. Supplemental Financial Information Inventories The following table presents the components of inventories at the dates indicated: (in thousands of dollars) July 3, 2021 October 3, 2020 Raw materials $ 94,173 $ 43,272 Work in process 33,755 8,989 Finished goods 5,612 4,262 Total inventories $ 133,540 $ 56,523 Product Warranties The following table reflects activity in accrued warranty cost (current and long-term portions combined) for the periods presented: Three Months Ended Nine Months Ended (in thousands of dollars) July 3, 2021 July 4, 2020 July 3, 2021 July 4, 2020 Balance at beginning of period $ 19,181 $ 21,398 $ 21,374 $ 22,343 Add current period accruals 2,040 1,947 4,932 6,076 Current period reductions of accrual (2,441) (2,517) (7,526) (7,591) Balance at end of period $ 18,780 $ 20,828 $ 18,780 $ 20,828 Extended Warranties The following table reflects activity in deferred warranty income (current and long-term portions combined), for the sale of extended warranties of two Three Months Ended Nine Months Ended (in thousands of dollars) July 3, 2021 July 4, 2020 July 3, 2021 July 4, 2020 Balance at beginning of period $ 20,724 $ 22,948 $ 22,588 $ 24,045 Add current period deferred income 1,921 1,769 4,421 5,058 Current period recognition of income (2,137) (2,672) (6,501) (7,058) Balance at end of period $ 20,508 $ 22,045 $ 20,508 $ 22,045 The outstanding balance of deferred warranty income in the table above is considered a "contract liability," and represents a performance obligation of the Company that we satisfy over the term of the arrangement but for which we have been paid in full at the time the warranty was sold. We expect to recognize $2.2 million of the outstanding contract liability during the remainder of fiscal 2021, $7.3 million in fiscal 2022, and the remaining balance thereafter. Self-Insurance The following table reflects our total accrued self-insurance liability, comprised of workers' compensation and health insurance related claims, at the dates indicated: (in thousands of dollars) July 3, 2021 October 3, 2020 Current portion $ 2,675 $ 2,993 Long-term portion 1,813 1,962 Total accrued self-insurance $ 4,488 $ 4,955 The current and long-term portions of the accrued self-insurance liability are reflected in accrued expenses and other liabilities, respectively, on the Condensed Consolidated Balance Sheets. Shipping and Handling Revenues Shipping and handling revenues were $3.3 million and $3.9 million for the three months ended July 3, 2021 and July 4, 2020, respectively, and $9.2 million and $11.5 million for the nine months ended July 3, 2021 and July 4, 2020, respectively. The related cost of goods sold was $2.9 million and $3.4 million for the three months ended July 3, 2021 and July 4, 2020, respectively, and $8.0 million and $10.0 million for the nine months ended July 3, 2021 and July 4, 2020, respectively. Pension Expense Components of net periodic pension benefit cost were as follows for the periods presented: Three Months Ended Nine Months Ended (in thousands of dollars) July 3, 2021 July 4, 2020 July 3, 2021 July 4, 2020 Interest cost $ 1,057 $ 1,237 $ 3,171 $ 3,711 Expected return on plan assets (1,944) (1,846) (5,832) (5,538) Amortization of prior loss 466 430 1,397 1,289 Net periodic benefit cost $ (421) $ (179) $ (1,264) $ (538) Amortization of prior loss, recognized in other comprehensive income 466 430 1,397 1,289 Total recognized in net periodic pension benefit cost and other comprehensive income $ (887) $ (609) $ (2,661) $ (1,827) Derivative Instruments We are charged variable rates of interest on our indebtedness outstanding under the Amended Credit Agreement (defined below) which exposes us to fluctuations in interest rates. On October 24, 2018, the Company entered into a four-year interest rate collar with a $150.0 million notional value with an effective date of November 30, 2018. The collar was entered into in order to partially mitigate our exposure to interest rate fluctuations on our variable rate debt. The collar establishes a range whereby we will pay the counterparty if the three month LIBOR rate falls below the established floor rate of 1.5%, and the counterparty will pay us if the three month LIBOR rate exceeds the ceiling rate of 3.3%. The collar settles quarterly through the termination date of September 30, 2022. No payments or receipts are exchanged on the interest rate collar contract unless interest rates rise above or fall below the contracted ceiling or floor rates. During the nine months ended July 3, 2021, the three month LIBOR rate fell below the established floor, which required $1.4 million in total cash payments to the counterparty. Additionally, $0.5 million was paid in the first quarter of fiscal year 2021 for amounts owed to the counterparty that were accrued in the fourth quarter of fiscal 2020. Changes in the interest rate collar fair value are recorded in interest expense as the collar does not qualify for hedge accounting. At July 3, 2021, the fair value of the interest rate collar contract was $(2.5) million and is included in other current liabilities on the Condensed Consolidated Balance Sheets. The fair value of the interest rate collar is a Level 2 fair value measurement, based on quoted prices of similar items in active markets. |
Debt
Debt | 9 Months Ended |
Jul. 03, 2021 | |
Debt Disclosure [Abstract] | |
Debt | 4. Debt On December 4, 2020, the Company executed the third amendment to the Credit Agreement, dated as of December 12, 2016; as amended by that certain first amendment to the Credit Agreement, dated as of September 13, 2018 (the "First Amended Credit Agreement") and second amendment to the Credit Agreement, dated as of May 7, 2020 (the "Second Amended Credit Agreement'); and as further amended by the third amendment (the "Third Amended Credit Agreement" and collectively, the "Amended Credit Agreement"). The Third Amended Credit Agreement, among other things, provides for certain temporary amendments to the Credit Agreement from the third amendment effective date through and including the first date on which (a)(i) a compliance certificate is timely delivered with respect to a fiscal quarter ending on or after March 31, 2022 demonstrating compliance with certain financial performance covenants for such fiscal quarter (the “Limited Availability Period”), or (ii) the Borrower elects to terminate the Limited Availability Period; and (b) the absence of a default or event of default. Amendments to the financial performance covenants provide that during the Limited Availability Period, a higher maximum total net leverage ratio is permitted, and requires the Company to maintain liquidity (in the form of undrawn availability under the Revolving Credit Facility and unrestricted cash and cash equivalents) of at least $15.0 million. For the duration between the fiscal quarter ending on or around December 31, 2020 and the fiscal quarter ending on or around September 30, 2021 that falls within the Limited Availability Period, a quarterly minimum consolidated EBITDA covenant applies instead of a maximum total net leverage ratio. The pricing grid in the First Amended Credit Agreement, which is based on the ratio of the Company’s consolidated net debt to consolidated EBITDA, remains unchanged. However, during the Limited Availability Period, an additional margin of 0.50% applies. During the Limited Availability Period, the Borrower is required to prepay existing revolving loans and, if undrawn and unreimbursed letters of credit exceed $7.0 million, cash collateralize letters of credit if unrestricted cash and cash equivalents exceed $20.0 million, as determined on a semi-monthly basis. Any issuance, amendment, renewal, or extension of credit during the Limited Availability Period may not cause unrestricted cash and cash equivalents to exceed $20.0 million, or cause the aggregate outstanding Revolving Credit Facility principal to exceed $100.0 million. The Third Amended Credit Agreement also implements a cap on permissible investments, restricted payments, certain payments of indebtedness and the fair market value of all assets subject to permitted dispositions during the Limited Availability Period. For the duration of the Limited Availability Period, there are additional monthly reporting requirements and requirements relating to subordination agreements and intercreditor arrangements for certain other indebtedness and liens subject to administrative agent approval. The Company incurred approximately $2.5 million in lender fees and other issuance costs relating to the third amendment. Of such total, $1.1 million and $0.9 million was capitalized within other assets and long-term debt (as a contra-balance), respectively, on the Condensed Consolidated Balance Sheets and will be amortized as an adjustment to interest expense on a straight-line basis and utilizing the effective interest method, respectively, until maturity of the Credit Agreement. The remaining $0.5 million was recorded to loss on debt modification on the Condensed Consolidated Statements of Operations. In conjunction with executing the third amendment, previously capitalized lender fees and other issuance costs incurred in prior periods totaling $0.1 million were expensed to loss on debt modification on the Condensed Consolidated Statements of Operations. Term debt consisted of the following at the dates indicated: (in thousands of dollars) July 3, 2021 October 3, 2020 2023 term loan, net of deferred financing costs of $2,307 and $2,246, respectively $ 166,618 $ 174,104 Less: current portion of long-term debt 13,613 9,900 Long-term debt, net of current portion $ 153,005 $ 164,204 Term loans are recognized on the Condensed Consolidated Balance Sheets at the unpaid principal balance, and are not subject to fair value measurement; however, given the variable rates on the loans, the Company estimates that the unpaid principal balance approximates fair value. If measured at fair value in the financial statements, the term loans would be classified as Level 2 in the fair value hierarchy. At July 3, 2021 and October 3, 2020, $168.9 million and $176.4 million, respectively, were outstanding on the term loans. At July 3, 2021 and October 3, 2020, the stated interest rates on the term loans were 4.0% and 3.5%, respectively. At July 3, 2021 and October 3, 2020, the weighted-average annual effective interest rates for the term loans were 6.0% and 4.1%, respectively, which includes amortization of the deferred financing costs and interest relating to the interest rate collar, as applicable. At July 3, 2021, $6.9 million of Letters of Credit were outstanding, which reduces the availability on the revolving line of credit. No borrowings were outstanding on the Revolving Credit Facility; therefore, the Company would have been able to borrow $93.1 million on the revolving line of credit. Interest expense on all indebtedness was $2.8 million and $2.4 million for the three months ended July 3, 2021 and July 4, 2020, respectively, and $7.1 million and $10.0 million for the nine months ended July 3, 2021 and July 4, 2020, respectively. The schedule of remaining principal payments through maturity for total debt is as follows: (in thousands of dollars) Fiscal Year Principal Payments 2021 $ 2,475 2022 14,850 2023 151,600 Total remaining principal payments $ 168,925 |
Income Taxes
Income Taxes | 9 Months Ended |
Jul. 03, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 5. Income Taxes Income tax provisions for interim periods are based on estimated annual income tax rates, adjusted to reflect the effects of any significant infrequent or unusual items that are required to be discretely recognized within the current interim period. The effective tax rates in the periods presented are largely based upon the forecast pre-tax earnings mix and allocation of certain expenses in various taxing jurisdictions where the Company conducts its business, primarily in the United States. In periods where our operating income approximates or is equal to break-even, the effective tax rates for quarter-to-date and full-year periods may not be meaningful due to discrete period items. On December 27, 2020, the President of the United States signed the Consolidated Appropriations Act (the "Act") into law. While the Act has broad income tax implications for many companies stemming from COVID-19 relief and various tax extenders, it did not have a material impact on our reported income tax accounts. The guidance for accounting for uncertainty in income taxes requires that a determination be made regarding whether a tax position, based solely on its technical merits, is more likely than not to be sustained upon examination, which is the threshold required for recognition of the tax position in the financial statements. As of October 2, 2020, there were no amounts recorded in the consolidated financial statements for gross unrecognized tax benefits. During the three months ended July 3, 2021, management obtained additional information that resulted in a conclusion that certain tax positions previously recognized in specific prior year financial statements may be subject to adjustment in conjunction with an examination. Accordingly, such determination resulted in the derecognition of these tax positions during the third quarter of fiscal year 2021, resulting in gross unrecognized tax benefits of $0.5 million as of July 3, 2021. These tax positions would impact the Company's effective tax rate in future periods if subsequently recognized. The Company recognizes accrued interest and penalties related to unrecognized tax positions in income tax expense, with such accrual totaling $0.3 million as of July 3, 2021. The Company's liability arising from uncertain tax positions ("UTPs"), including accrued interest and penalties, is recorded in other liabilities in the Condensed Consolidated Balance Sheets. Three Months The effective tax rate for the three months ended July 3, 2021 was 33.2%, which differed from the statutory federal income tax rate of 21%. The difference is mainly due to normal tax rate items, including impacts from state taxes, net non-deductible compensation expenses and other tax adjustments. The effective tax rate was also impacted by discrete period tax expense resulting from recording a liability for UTPs, including accrued interest and penalties, that was partially offset by discrete period tax benefits resulting from share-based compensation expenses and prior year tax return adjustments. The effective tax rate for the three months ended July 4, 2020 was 70.1%, which differed from the statutory federal tax rate of 21%. The difference is mainly due to discrete period tax expense from prior year tax return adjustments and normal tax rate items, such as the benefit from federal and state tax credits (net of valuation allowance), which were partially offset by net non-deductible compensation expenses and other tax adjustments. Nine Months The effective tax rate for the nine months ended July 3, 2021 was 31.5%, which differed from the statutory federal income tax rate of 21%. The difference is mainly due to normal tax rate items, including impacts from state taxes, net non-deductible compensation expenses and other tax adjustments. The effective tax rate was also impacted by discrete period tax benefits resulting from share-based compensation expenses and prior year tax return adjustments that were partially offset by discrete period tax expense resulting from recording a liability for UTPs, including accrued interest and penalties. The effective tax rate for the nine months ended July 4, 2020 was 38.8%, which differed from the statutory federal tax rate of 21%. The difference is mainly due to a net discrete period tax benefit from share-based compensation expenses, but also due to normal tax rate items, such as the benefit from federal and state tax credits (net of valuation allowance), which were partially offset by net non-deductible compensation expenses and other tax adjustments. |
Guarantees, Commitments and Con
Guarantees, Commitments and Contingencies | 9 Months Ended |
Jul. 03, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Guarantees, Commitments and Contingencies | 6. Guarantees, Commitments and Contingencies Litigation At July 3, 2021, the Company had a number of product liability and other cases pending. Management believes that, considering the Company’s insurance coverage and its intention to vigorously defend its positions, the ultimate resolution of these matters will not have a material adverse effect on the Company’s financial statements. Environmental The Company is subject to a variety of environmental regulations relating to the use, storage, discharge and disposal of hazardous materials used in its manufacturing processes. Failure by the Company to comply with present and future regulations could subject it to future liabilities. In addition, such regulations could require the Company to acquire costly equipment or to incur other significant expenses to comply with environmental regulations. The Company is currently not involved in any material environmental proceedings and therefore, management believes that the resolution of pending environmental matters will not have a material adverse effect on the Company’s financial statements. Guarantees |
Segment Information
Segment Information | 9 Months Ended |
Jul. 03, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | 7. Segment Information We manage our business in two operating segments: (i) the Bus segment, which includes the manufacturing and assembly of buses to be sold to a variety of customers across the United States, Canada and in international markets; and (ii) the Parts segment, which consists primarily of the purchase of parts from third parties to be sold to dealers within the Company’s network. The tables below present segment net sales and gross profit for the periods presented: Net sales Three Months Ended Nine Months Ended (in thousands of dollars) July 3, 2021 July 4, 2020 July 3, 2021 July 4, 2020 Bus (1) $ 181,735 $ 180,592 $ 449,876 $ 554,061 Parts (1) 14,924 8,589 41,915 43,749 Segment net sales $ 196,659 $ 189,181 $ 491,791 $ 597,810 (1) Parts segment revenue includes $0.9 million and $0.8 million for the three months ended July 3, 2021 and July 4, 2020, respectively, and $2.9 million and $3.2 million for the nine months ended July 3, 2021 and July 4, 2020, respectively, related to inter-segment sales of parts that were eliminated by the Bus segment upon consolidation. Gross profit Three Months Ended Nine Months Ended (in thousands of dollars) July 3, 2021 July 4, 2020 July 3, 2021 July 4, 2020 Bus $ 20,471 $ 18,079 $ 43,265 $ 50,884 Parts 5,688 3,003 15,855 15,667 Segment gross profit $ 26,159 $ 21,082 $ 59,120 $ 66,551 The following table is a reconciliation of segment gross profit to consolidated income (loss) before income taxes for the periods presented: Three Months Ended Nine Months Ended (in thousands of dollars) July 3, 2021 July 4, 2020 July 3, 2021 July 4, 2020 Segment gross profit $ 26,159 $ 21,082 $ 59,120 $ 66,551 Adjustments: Selling, general and administrative expenses (18,073) (17,793) (50,124) (58,146) Interest expense (2,805) (2,406) (7,069) (9,961) Interest income — 27 1 27 Other income, net 426 181 1,491 555 Loss on debt modification — — (598) — Income (loss) before income taxes $ 5,707 $ 1,091 $ 2,821 $ (974) Sales are attributable to geographic areas based on customer location and were as follows for the periods presented: Three Months Ended Nine Months Ended (in thousands of dollars) July 3, 2021 July 4, 2020 July 3, 2021 July 4, 2020 United States $ 179,850 $ 175,433 $ 436,286 $ 544,176 Canada 15,072 13,429 49,257 49,331 Rest of world 1,737 319 6,248 4,303 Total net sales $ 196,659 $ 189,181 $ 491,791 $ 597,810 |
Revenue
Revenue | 9 Months Ended |
Jul. 03, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer | 8. Revenue The following table disaggregates revenue by product category for the periods presented: Three Months Ended Nine Months Ended (in thousands of dollars) July 3, 2021 July 4, 2020 July 3, 2021 July 4, 2020 Diesel buses $ 76,753 $ 88,299 $ 212,578 $ 278,698 Alternative power buses (1) 95,877 80,975 214,133 245,766 Other (2) 9,495 11,583 24,240 30,931 Parts 14,534 8,324 40,840 42,415 Net sales $ 196,659 $ 189,181 $ 491,791 $ 597,810 (1) Includes buses sold with any power source other than diesel (e.g., gasoline, propane, compressed natural gas "CNG", electric). (2) Includes shipping and handling revenue, extended warranty income, surcharges and chassis and bus shell sales. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Jul. 03, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 9. Earnings Per Share The following table presents the earnings per share computation for the periods presented: Three Months Ended Nine Months Ended (in thousands except for share data) July 3, 2021 July 4, 2020 July 3, 2021 July 4, 2020 Numerator: Net income $ 4,332 $ 1,286 $ 2,099 $ 244 Denominator: Weighted-average common shares outstanding 27,172,162 27,027,731 27,116,915 26,784,404 Weighted-average dilutive securities, restricted stock 121,399 50,769 144,835 135,792 Weighted-average dilutive securities, stock options 135,316 1,515 75,610 60,284 Weighted-average shares and dilutive potential common shares (1) 27,428,877 27,080,015 27,337,360 26,980,480 Earnings per share: Basic earnings per share $ 0.16 $ 0.05 $ 0.08 $ 0.01 Diluted earnings per share $ 0.16 $ 0.05 $ 0.08 $ 0.01 (1) Potentially dilutive securities representing 0.0 million and 0.4 million shares of common stock were excluded from the computation of diluted earnings per share for the three months ending July 3, 2021 and July 4, 2020, respectively, and potentially dilutive securities representing 0.1 million and 0.3 million shares of common stock were excluded from the computation of diluted earnings per share for the nine months ending July 3, 2021 and July 4, 2020, respectively, as their effect would have been antidilutive. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Jul. 03, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | 10. Accumulated Other Comprehensive Loss The following table provides information on changes in accumulated other comprehensive loss ("AOCL") for the periods presented: Three Months Ended Nine Months Ended (in thousands of dollars) Defined Benefit Pension Plan Total AOCL Defined Benefit Pension Plan Total AOCL July 3, 2021 Beginning Balance $ (57,690) $ (57,690) $ (58,397) $ (58,397) Amounts reclassified and included in earnings 466 466 1,397 1,397 Total before taxes 466 466 1,397 1,397 Income taxes (112) (112) (336) (336) Ending Balance July 3, 2021 $ (57,336) $ (57,336) $ (57,336) $ (57,336) July 4, 2020 Beginning Balance $ (55,501) $ (55,501) $ (56,154) $ (56,154) Amounts reclassified and included in earnings 430 430 1,289 1,289 Total before taxes 430 430 1,289 1,289 Income taxes (103) (103) (309) (309) Ending Balance July 4, 2020 $ (55,174) $ (55,174) $ (55,174) $ (55,174) |
Nature of Business and Basis _2
Nature of Business and Basis of Presentation (Policies) | 9 Months Ended |
Jul. 03, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant inter-company transactions and accounts have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting and Article 8 of Regulation S-X. The Company’s fiscal year ends on the Saturday closest to September 30 with its quarters consisting of thirteen weeks in most years. Fiscal year 2021, which ends on October 2, 2021, consists of 52 weeks while fiscal year 2020, which ended on October 3, 2020, consisted of 53 weeks. The third quarters of fiscal years 2021 and 2020 both included 13 weeks. The nine month periods in fiscal years 2021 and 2020 included 39 and 40 weeks, respectively. In the opinion of management, all adjustments considered necessary for a fair presentation of financial results have been made. Such adjustments consist of only those of a normal recurring nature. Operating results for any interim period are not necessarily indicative of the results that may be expected for the entire year. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The Condensed Consolidated Balance Sheet data as of October 3, 2020 was derived from the Company’s audited financial statements but does not include all disclosures required by GAAP. For additional information, including the Company’s significant accounting policies, refer to the consolidated financial statements and related footnotes for the fiscal year ended October 3, 2020 as set forth in the Company's 2020 Form 10-K filed on December 17, 2020. |
Use of Estimates and Assumptions | Use of Estimates and Assumptions The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions. At the date of the financial statements, these estimates and assumptions affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities, and during the reporting period, these estimates and assumptions affect the reported amounts of revenues and expenses. For example, significant management judgments are required in determining excess, obsolete, or unsalable inventory; the allowance for doubtful accounts; potential impairment of long-lived assets, goodwill and intangible assets; and the accounting for self-insurance reserves, warranty reserves, pension obligations, income taxes, environmental liabilities and contingencies. Future events, including the extent and duration of COVID-19 related economic impacts, and their effects cannot be predicted with certainty, and, accordingly, the Company’s accounting estimates require the exercise of judgment. The accounting estimates used in the preparation of the Company’s condensed consolidated financial statements may change as new events occur, as more experience is acquired, as additional information is obtained and as the Company’s operating environment changes. The |
Recently Issued Accounting Standards and Recently Adopted Accounting Standards | Recently Adopted Accounting Standards ASU 2016-13 In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which requires that credit losses on most financial instruments measured at amortized cost and certain other financial instruments be measured using an expected credit loss model. Under this model, entities are required to estimate credit losses over the entire contractual term of the financial instrument from the date of initial recognition of the instrument. As required, the Company adopted this guidance on October 4, 2020, the first day of the Company’s first quarter of fiscal year 2021. While a number of financial instruments are subject to the scope of ASU 2016-13, its provisions applied only to the Company’s accounts receivable. Given that the Company extends credit with short contractual terms on only a small percentage of its sales, the adoption of the expected credit loss model did not have any impact on the Company’s condensed consolidated financial statements. Recently Issued Accounting Standards ASU 2020-04 On March 12, 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , providing temporary guidance to ease the potential burden in accounting for reference rate reform primarily resulting from the discontinuation of LIBOR (defined below), which was initially expected to occur on December 31, 2021. The amendments in ASU 2020-04 are elective and apply to all entities that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued. ASU 2021-01 On January 7, 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope , which refines the scope of Accounting Standards Codification Topic ("ASC") 848, Reference Rate Reform , and clarifies some of its guidance as part of the FASB’s ongoing monitoring of global reference rate reform activities. The ASU permits entities to elect certain optional expedients and exceptions when accounting for derivative contracts and certain hedging relationships affected by changes in the interest rates used for discounting cash flows, computing variation margin settlements, and calculating price alignment interest in connection with reference rate reform activities under way in global financial markets. The above amendments are effective for all entities from March 12, 2020 through December 31, 2022. An entity may elect to apply the amendments to contract modifications on a (i) full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020 or (ii) prospective basis from any date within an interim period that includes or is subsequent to March 12, 2020 through the date that the interim financial statements are issued or available to be issued. On March 5, 2021, the Intercontinental Exchange, Inc. ("ICE") Benchmark Administration ("IBA"), the administrator of the United States Dollar London Interbank Offering Rate ("LIBOR"), issued a statement, following the completion of a formal consultation process, reaffirming the preliminary announcement it made on November 30, 2020, to cease publication of (i) 1 week and 2 month LIBOR subsequent to December 31, 2021 and (ii) the overnight and 1, 3, 6 and 12 month LIBOR tenors subsequent to June 30, 2023. The IBA’s statement regarding such cessation dates primarily resulted from a majority of LIBOR panel banks communicating to the IBA that they would be unwilling to continue contributing to the relevant LIBOR settings after such dates. As a result, the IBA determined that it would be unable to publish the relevant LIBOR settings on a representative basis after such dates. The United Kingdom Financial Conduct Authority ("FCA"), which regulates the IBA, confirmed that, based on information it received from LIBOR panel banks, it does not expect that any LIBOR settings will become unrepresentative before the announced cessation dates summarized above. Currently, the Company’s interest rate collar, which is not designated in a hedge accounting relationship, and Amended Credit Agreement (defined below) are the only contracts that reference an interest rate index (i.e., 3 month LIBOR) that is subject to the reference rate reform guidance included in the above amendments. While the termination date of the interest rate collar, September 30, 2022, occurs prior to the July 1, 2023 date on which the IBA will no longer publish 3 month LIBOR, the Amended Credit Agreement matures on September 13, 2023, approximately 2.5 months subsequent to such cessation date. However, as management does not currently forecast that the Company will have sufficient cash to fund the term loan borrowings that are expected to be outstanding under the terms of the Amended Credit Agreement upon maturity, it is expecting to refinance such borrowings prior to maturity, with such refinancing likely to occur before the July 1, 2023 LIBOR cessation date. Therefore, it is highly likely that neither the interest |
Supplemental Financial Inform_2
Supplemental Financial Information (Tables) | 9 Months Ended |
Jul. 03, 2021 | |
Condensed Financial Information [Abstract] | |
Inventories | The following table presents the components of inventories at the dates indicated: (in thousands of dollars) July 3, 2021 October 3, 2020 Raw materials $ 94,173 $ 43,272 Work in process 33,755 8,989 Finished goods 5,612 4,262 Total inventories $ 133,540 $ 56,523 |
Product Warranties | The following table reflects activity in accrued warranty cost (current and long-term portions combined) for the periods presented: Three Months Ended Nine Months Ended (in thousands of dollars) July 3, 2021 July 4, 2020 July 3, 2021 July 4, 2020 Balance at beginning of period $ 19,181 $ 21,398 $ 21,374 $ 22,343 Add current period accruals 2,040 1,947 4,932 6,076 Current period reductions of accrual (2,441) (2,517) (7,526) (7,591) Balance at end of period $ 18,780 $ 20,828 $ 18,780 $ 20,828 Extended Warranties The following table reflects activity in deferred warranty income (current and long-term portions combined), for the sale of extended warranties of two Three Months Ended Nine Months Ended (in thousands of dollars) July 3, 2021 July 4, 2020 July 3, 2021 July 4, 2020 Balance at beginning of period $ 20,724 $ 22,948 $ 22,588 $ 24,045 Add current period deferred income 1,921 1,769 4,421 5,058 Current period recognition of income (2,137) (2,672) (6,501) (7,058) Balance at end of period $ 20,508 $ 22,045 $ 20,508 $ 22,045 |
Self-Insurance | The following table reflects our total accrued self-insurance liability, comprised of workers' compensation and health insurance related claims, at the dates indicated: (in thousands of dollars) July 3, 2021 October 3, 2020 Current portion $ 2,675 $ 2,993 Long-term portion 1,813 1,962 Total accrued self-insurance $ 4,488 $ 4,955 |
Pension Expense | Components of net periodic pension benefit cost were as follows for the periods presented: Three Months Ended Nine Months Ended (in thousands of dollars) July 3, 2021 July 4, 2020 July 3, 2021 July 4, 2020 Interest cost $ 1,057 $ 1,237 $ 3,171 $ 3,711 Expected return on plan assets (1,944) (1,846) (5,832) (5,538) Amortization of prior loss 466 430 1,397 1,289 Net periodic benefit cost $ (421) $ (179) $ (1,264) $ (538) Amortization of prior loss, recognized in other comprehensive income 466 430 1,397 1,289 Total recognized in net periodic pension benefit cost and other comprehensive income $ (887) $ (609) $ (2,661) $ (1,827) |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Jul. 03, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Term Debt Instruments | Term debt consisted of the following at the dates indicated: (in thousands of dollars) July 3, 2021 October 3, 2020 2023 term loan, net of deferred financing costs of $2,307 and $2,246, respectively $ 166,618 $ 174,104 Less: current portion of long-term debt 13,613 9,900 Long-term debt, net of current portion $ 153,005 $ 164,204 |
Schedule of Maturities of Long-term Debt | The schedule of remaining principal payments through maturity for total debt is as follows: (in thousands of dollars) Fiscal Year Principal Payments 2021 $ 2,475 2022 14,850 2023 151,600 Total remaining principal payments $ 168,925 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Jul. 03, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The tables below present segment net sales and gross profit for the periods presented: Net sales Three Months Ended Nine Months Ended (in thousands of dollars) July 3, 2021 July 4, 2020 July 3, 2021 July 4, 2020 Bus (1) $ 181,735 $ 180,592 $ 449,876 $ 554,061 Parts (1) 14,924 8,589 41,915 43,749 Segment net sales $ 196,659 $ 189,181 $ 491,791 $ 597,810 (1) Parts segment revenue includes $0.9 million and $0.8 million for the three months ended July 3, 2021 and July 4, 2020, respectively, and $2.9 million and $3.2 million for the nine months ended July 3, 2021 and July 4, 2020, respectively, related to inter-segment sales of parts that were eliminated by the Bus segment upon consolidation. Gross profit Three Months Ended Nine Months Ended (in thousands of dollars) July 3, 2021 July 4, 2020 July 3, 2021 July 4, 2020 Bus $ 20,471 $ 18,079 $ 43,265 $ 50,884 Parts 5,688 3,003 15,855 15,667 Segment gross profit $ 26,159 $ 21,082 $ 59,120 $ 66,551 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | The following table is a reconciliation of segment gross profit to consolidated income (loss) before income taxes for the periods presented: Three Months Ended Nine Months Ended (in thousands of dollars) July 3, 2021 July 4, 2020 July 3, 2021 July 4, 2020 Segment gross profit $ 26,159 $ 21,082 $ 59,120 $ 66,551 Adjustments: Selling, general and administrative expenses (18,073) (17,793) (50,124) (58,146) Interest expense (2,805) (2,406) (7,069) (9,961) Interest income — 27 1 27 Other income, net 426 181 1,491 555 Loss on debt modification — — (598) — Income (loss) before income taxes $ 5,707 $ 1,091 $ 2,821 $ (974) |
Revenue from External Customers by Geographic Areas | Sales are attributable to geographic areas based on customer location and were as follows for the periods presented: Three Months Ended Nine Months Ended (in thousands of dollars) July 3, 2021 July 4, 2020 July 3, 2021 July 4, 2020 United States $ 179,850 $ 175,433 $ 436,286 $ 544,176 Canada 15,072 13,429 49,257 49,331 Rest of world 1,737 319 6,248 4,303 Total net sales $ 196,659 $ 189,181 $ 491,791 $ 597,810 |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Jul. 03, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table disaggregates revenue by product category for the periods presented: Three Months Ended Nine Months Ended (in thousands of dollars) July 3, 2021 July 4, 2020 July 3, 2021 July 4, 2020 Diesel buses $ 76,753 $ 88,299 $ 212,578 $ 278,698 Alternative power buses (1) 95,877 80,975 214,133 245,766 Other (2) 9,495 11,583 24,240 30,931 Parts 14,534 8,324 40,840 42,415 Net sales $ 196,659 $ 189,181 $ 491,791 $ 597,810 (1) Includes buses sold with any power source other than diesel (e.g., gasoline, propane, compressed natural gas "CNG", electric). |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Jul. 03, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table presents the earnings per share computation for the periods presented: Three Months Ended Nine Months Ended (in thousands except for share data) July 3, 2021 July 4, 2020 July 3, 2021 July 4, 2020 Numerator: Net income $ 4,332 $ 1,286 $ 2,099 $ 244 Denominator: Weighted-average common shares outstanding 27,172,162 27,027,731 27,116,915 26,784,404 Weighted-average dilutive securities, restricted stock 121,399 50,769 144,835 135,792 Weighted-average dilutive securities, stock options 135,316 1,515 75,610 60,284 Weighted-average shares and dilutive potential common shares (1) 27,428,877 27,080,015 27,337,360 26,980,480 Earnings per share: Basic earnings per share $ 0.16 $ 0.05 $ 0.08 $ 0.01 Diluted earnings per share $ 0.16 $ 0.05 $ 0.08 $ 0.01 (1) Potentially dilutive securities representing 0.0 million and 0.4 million shares of common stock were excluded from the computation of diluted earnings per share for the three months ending July 3, 2021 and July 4, 2020, respectively, and potentially dilutive securities representing 0.1 million and 0.3 million shares of common stock were excluded from the computation of diluted earnings per share for the nine months ending July 3, 2021 and July 4, 2020, respectively, as their effect would have been antidilutive. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Jul. 03, 2021 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table provides information on changes in accumulated other comprehensive loss ("AOCL") for the periods presented: Three Months Ended Nine Months Ended (in thousands of dollars) Defined Benefit Pension Plan Total AOCL Defined Benefit Pension Plan Total AOCL July 3, 2021 Beginning Balance $ (57,690) $ (57,690) $ (58,397) $ (58,397) Amounts reclassified and included in earnings 466 466 1,397 1,397 Total before taxes 466 466 1,397 1,397 Income taxes (112) (112) (336) (336) Ending Balance July 3, 2021 $ (57,336) $ (57,336) $ (57,336) $ (57,336) July 4, 2020 Beginning Balance $ (55,501) $ (55,501) $ (56,154) $ (56,154) Amounts reclassified and included in earnings 430 430 1,289 1,289 Total before taxes 430 430 1,289 1,289 Income taxes (103) (103) (309) (309) Ending Balance July 4, 2020 $ (55,174) $ (55,174) $ (55,174) $ (55,174) |
Supplemental Financial Inform_3
Supplemental Financial Information - Inventories (Details) - USD ($) $ in Thousands | Jul. 03, 2021 | Oct. 03, 2020 |
Condensed Financial Information [Abstract] | ||
Raw materials | $ 94,173 | $ 43,272 |
Work in process | 33,755 | 8,989 |
Finished goods | 5,612 | 4,262 |
Total inventories | $ 133,540 | $ 56,523 |
Supplemental Financial Inform_4
Supplemental Financial Information - Product Warranty Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 03, 2021 | Jul. 04, 2020 | Jul. 03, 2021 | Jul. 04, 2020 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||||
Balance at beginning of period | $ 19,181 | $ 21,398 | $ 21,374 | $ 22,343 |
Add current period accruals | 2,040 | 1,947 | 4,932 | 6,076 |
Current period reductions of accrual | (2,441) | (2,517) | (7,526) | (7,591) |
Balance at end of period | $ 18,780 | $ 20,828 | $ 18,780 | $ 20,828 |
Supplemental Financial Inform_5
Supplemental Financial Information - Extended Warranty Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 03, 2021 | Jul. 04, 2020 | Jul. 03, 2021 | Jul. 04, 2020 | |
Movement in Extended Product Warranty Accrual [Roll Forward] | ||||
Balance at beginning of period | $ 20,724 | $ 22,948 | $ 22,588 | $ 24,045 |
Add current period deferred income | 1,921 | 1,769 | 4,421 | 5,058 |
Current period recognition of income | (2,137) | (2,672) | (6,501) | (7,058) |
Balance at end of period | $ 20,508 | $ 22,045 | $ 20,508 | $ 22,045 |
Supplemental Financial Inform_6
Supplemental Financial Information Remaining Performance Obligation (Details) $ in Millions | Jul. 03, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-04 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 2.2 |
Revenue, performance obligation, (in years) | 3 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-03 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 7.3 |
Revenue, performance obligation, (in years) | 1 year |
Supplemental Financial Inform_7
Supplemental Financial Information - Self Insurance (Details) - USD ($) $ in Thousands | Jul. 03, 2021 | Oct. 03, 2020 |
Condensed Financial Information [Abstract] | ||
Current portion | $ 2,675 | $ 2,993 |
Long-term portion | 1,813 | 1,962 |
Total accrued self-insurance | $ 4,488 | $ 4,955 |
Supplemental Financial Inform_8
Supplemental Financial Information - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 03, 2021 | Jul. 04, 2020 | Jul. 03, 2021 | Jul. 04, 2020 | |
Product Warranty Liability [Line Items] | ||||
Shipping and handling revenues | $ 196,659 | $ 189,181 | $ 491,791 | $ 597,810 |
Minimum | ||||
Product Warranty Liability [Line Items] | ||||
Extended product warranty, period | 2 years | |||
Maximum | ||||
Product Warranty Liability [Line Items] | ||||
Extended product warranty, period | 5 years | |||
Shipping and Handling | ||||
Product Warranty Liability [Line Items] | ||||
Shipping and handling revenues | 3,300 | 3,900 | $ 9,200 | 11,500 |
Shipping and handling cost of goods sold | $ 2,900 | $ 3,400 | $ 8,000 | $ 10,000 |
Supplemental Financial Inform_9
Supplemental Financial Information - Pension Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 03, 2021 | Jul. 04, 2020 | Jul. 03, 2021 | Jul. 04, 2020 | |
Condensed Financial Information [Abstract] | ||||
Interest cost | $ 1,057 | $ 1,237 | $ 3,171 | $ 3,711 |
Expected return on plan assets | (1,944) | (1,846) | (5,832) | (5,538) |
Amortization of prior loss | 466 | 430 | 1,397 | 1,289 |
Net periodic benefit cost | (421) | (179) | (1,264) | (538) |
Amortization of prior loss, recognized in other comprehensive income | 466 | 430 | 1,397 | 1,289 |
Total recognized in net periodic pension benefit cost and other comprehensive income | $ (887) | $ (609) | $ (2,661) | $ (1,827) |
Supplemental Financial Infor_10
Supplemental Financial Information Supplemental Financial Information - Derivative Instruments (Details) - USD ($) $ in Millions | Nov. 30, 2018 | Jul. 03, 2021 | Jan. 02, 2021 |
Derivative [Line Items] | |||
Interest rate collar | 4 years | ||
Derivative, notional amount | $ 150 | ||
Floor interest rate | 1.50% | ||
Ceiling interest rate | 3.30% | ||
Payments for interest rate collar | $ 0.5 | ||
Fair value of interest rate contract | $ (2.5) | ||
Interest Rate Collar | |||
Derivative [Line Items] | |||
Payments for interest rate collar | $ 1.4 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) | Dec. 04, 2020 | Jul. 03, 2021 | Jul. 04, 2020 | Jul. 03, 2021 | Jul. 04, 2020 | Oct. 03, 2020 |
Debt Instrument [Line Items] | ||||||
Interest expense | $ 2,800,000 | $ 2,400,000 | $ 7,100,000 | $ 10,000,000 | ||
Senior Term Loan | Senior Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Long-term line of credit | $ 168,900,000 | $ 168,900,000 | $ 176,400,000 | |||
Stated interest rate (as a percent) | 4.00% | 4.00% | 3.50% | |||
Weighted average effective interest rate (as a percent) | 6.00% | 6.00% | 4.10% | |||
Revolving Credit Facility | Line of Credit | Third Amendment to the Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Minimum liquidity requirement | $ 15,000,000 | |||||
Basis spread on variable rate (as a percent) | 0.50% | |||||
Maximum liquidity requirement | $ 20,000,000 | |||||
Long-term line of credit | 100,000,000 | |||||
Lender fees and other issuance costs | 2,500,000 | |||||
Revolving Credit Facility | Line of Credit | Third Amendment to the Credit Agreement | Gain (Loss) o Extinguishment of Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Lender fees and other issuance costs | 500,000 | |||||
Revolving Credit Facility | Line of Credit | Third Amendment to the Credit Agreement | Other Noncurrent Assets | ||||||
Debt Instrument [Line Items] | ||||||
Lender fees and other issuance costs | 1,100,000 | |||||
Revolving Credit Facility | Line of Credit | Third Amendment to the Credit Agreement | Senior Notes, Noncurrent | ||||||
Debt Instrument [Line Items] | ||||||
Lender fees and other issuance costs | 900,000 | |||||
Revolving Credit Facility | Line of Credit | Second Amendment to Credit Agreement | Gain (Loss) o Extinguishment of Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Lender fees and other issuance costs | 100,000 | |||||
Revolving Credit Facility | Line of Credit | Senior Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Long-term line of credit | $ 0 | $ 0 | ||||
Letters of Credit | Line of Credit | Third Amendment to the Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Remaining borrowing capacity | $ 7,000,000 | |||||
Letters of Credit | Line of Credit | Senior Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Remaining borrowing capacity | 93,100,000 | 93,100,000 | ||||
Letters of credit, amount outstanding | $ 6,900,000 | $ 6,900,000 |
Debt - Schedule of Long-term De
Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Jul. 03, 2021 | Oct. 03, 2020 |
Debt Instrument [Line Items] | ||
Current portion of long-term debt | $ 13,613 | $ 9,900 |
Long-term debt | 153,005 | 164,204 |
Senior Term Loan | 2023 Term Loan | ||
Debt Instrument [Line Items] | ||
Total debt | 166,618 | 174,104 |
Deferred financing costs | $ 2,307 | $ 2,246 |
Debt - Maturity Schedule (Detai
Debt - Maturity Schedule (Details) $ in Thousands | Jul. 03, 2021USD ($) |
Long-term Debt, Fiscal Year Maturity | |
2021 | $ 2,475 |
2022 | 14,850 |
2023 | 151,600 |
Total debt | $ 168,925 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Jul. 03, 2021 | Jul. 04, 2020 | Jul. 03, 2021 | Jul. 04, 2020 | Oct. 03, 2020 | |
Income Tax Disclosure [Abstract] | |||||
Unrecognized tax benefits | $ 500,000 | $ 500,000 | $ 0 | ||
Unrecognized tax benefits, income tax penalties and interest accrued | $ 300,000 | $ 300,000 | |||
Effective tax rate (as a percent) | 33.20% | 70.10% | 31.50% | 38.80% | |
Statutory Federal income tax rate (as a percent) | 21.00% | 21.00% | 21.00% | 21.00% |
Guarantees, Commitments and C_2
Guarantees, Commitments and Contingencies Guarantees, Commitments and Contingencies - Narrative (Details) $ in Millions | 9 Months Ended |
Jul. 03, 2021USD ($) | |
Lessee, Lease, Description [Line Items] | |
Maximum exposure of guarantor | $ 3 |
Fair value of guarantees | $ 0.2 |
Remaining maturity on term loan on guarantee (up to) | 1 year 6 months |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 03, 2021USD ($) | Jul. 04, 2020USD ($) | Jul. 03, 2021USD ($)segment | Jul. 04, 2020USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of Operating Segments | segment | 2 | |||
Net sales | $ 196,659 | $ 189,181 | $ 491,791 | $ 597,810 |
Gross profit | 26,159 | 21,082 | 59,120 | 66,551 |
United States | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 179,850 | 175,433 | 436,286 | 544,176 |
Canada | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 15,072 | 13,429 | 49,257 | 49,331 |
Rest of world | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,737 | 319 | 6,248 | 4,303 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Gross profit | 26,159 | 21,082 | 59,120 | 66,551 |
Operating Segments | Bus | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 181,735 | 180,592 | 449,876 | 554,061 |
Gross profit | 20,471 | 18,079 | 43,265 | 50,884 |
Operating Segments | Parts | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 14,924 | 8,589 | 41,915 | 43,749 |
Gross profit | 5,688 | 3,003 | 15,855 | 15,667 |
Intersegment Eliminations | Parts | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 900 | $ 800 | $ 2,900 | $ 3,200 |
Segment Information - Reconcili
Segment Information - Reconciliation of Segment Gross Profit (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 03, 2021 | Jul. 04, 2020 | Jul. 03, 2021 | Jul. 04, 2020 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Segment gross profit | $ 26,159 | $ 21,082 | $ 59,120 | $ 66,551 |
Selling, general and administrative expenses | (18,073) | (17,793) | (50,124) | (58,146) |
Interest expense | (2,805) | (2,406) | (7,069) | (9,961) |
Interest income | 0 | 27 | 1 | 27 |
Other income, net | 426 | 181 | 1,491 | 555 |
Loss on debt modification | 0 | 0 | (598) | 0 |
Income (loss) before income taxes | 5,707 | 1,091 | 2,821 | (974) |
Operating Segments | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Segment gross profit | 26,159 | 21,082 | 59,120 | 66,551 |
Segment Reconciling Items | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Selling, general and administrative expenses | (18,073) | (17,793) | (50,124) | (58,146) |
Interest expense | (2,805) | (2,406) | (7,069) | (9,961) |
Interest income | 0 | 27 | 1 | 27 |
Other income, net | 426 | 181 | 1,491 | 555 |
Loss on debt modification | $ 0 | $ 0 | $ (598) | $ 0 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 03, 2021 | Jul. 04, 2020 | Jul. 03, 2021 | Jul. 04, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 196,659 | $ 189,181 | $ 491,791 | $ 597,810 |
Diesel buses | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 76,753 | 88,299 | 212,578 | 278,698 |
Alternative fuel buses | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 95,877 | 80,975 | 214,133 | 245,766 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 9,495 | 11,583 | 24,240 | 30,931 |
Parts | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 14,534 | $ 8,324 | $ 40,840 | $ 42,415 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 03, 2021 | Jul. 04, 2020 | Jul. 03, 2021 | Jul. 04, 2020 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net income | $ 4,332 | $ 1,286 | $ 2,099 | $ 244 |
Weighted-average common shares outstanding | 27,172,162 | 27,027,731 | 27,116,915 | 26,784,404 |
Weighted-average shares and dilutive potential common shares | 27,428,877 | 27,080,015 | 27,337,360 | 26,980,480 |
Basic earnings per share (in dollars per share) | $ 0.16 | $ 0.05 | $ 0.08 | $ 0.01 |
Diluted earnings per share (in dollars per share) | $ 0.16 | $ 0.05 | $ 0.08 | $ 0.01 |
Restricted Stock | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Weighted-average dilutive securities | 121,399 | 50,769 | 144,835 | 135,792 |
Options | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Weighted-average dilutive securities | 135,316 | 1,515 | 75,610 | 60,284 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Jul. 03, 2021 | Jul. 04, 2020 | Jul. 03, 2021 | Jul. 04, 2020 | |
Earnings Per Share [Abstract] | ||||
Anti-dilutive securities excluded from computation of earnings per share (in shares) | 0 | 0.4 | 0.1 | 0.3 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 03, 2021 | Jul. 04, 2020 | Jul. 03, 2021 | Jul. 04, 2020 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | $ (53,230) | |||
Ending Balance | $ (46,811) | (46,811) | ||
Defined Benefit Pension Plan | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | (57,690) | $ (55,501) | (58,397) | $ (56,154) |
Amounts reclassified and included in earnings | 466 | 430 | 1,397 | 1,289 |
Total before taxes | 466 | 430 | 1,397 | 1,289 |
Income taxes | (112) | (103) | (336) | (309) |
Ending Balance | (57,336) | (55,174) | (57,336) | (55,174) |
AOCI Attributable to Parent | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | (57,690) | (55,501) | (58,397) | (56,154) |
Amounts reclassified and included in earnings | 466 | 430 | 1,397 | 1,289 |
Total before taxes | 466 | 430 | 1,397 | 1,289 |
Income taxes | (112) | (103) | (336) | (309) |
Ending Balance | $ (57,336) | $ (55,174) | $ (57,336) | $ (55,174) |