Insteel Industries (IIIN) 10-Q 21 Jul 22 2022 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Jul. 02, 2022	Jul. 21, 2022
Document Information [Line Items]
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000764401
Amendment Flag	false
Current Fiscal Year End Date	--10-01
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 02, 2022
Document Transition Report	false
Entity File Number	1-9929
Entity Registrant Name	Insteel Industries, Inc.
Entity Incorporation, State or Country Code	NC
Entity Tax Identification Number	56-0674867
Entity Address, Address Line One	1373 Boggs Drive
Entity Address, City or Town	Mount Airy
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	27030
City Area Code	336
Local Phone Number	786-2141
Title of 12(b) Security	Common Stock (No Par Value)
Trading Symbol	IIIN
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		19,505,808

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Net sales	$ 227,173	$ 160,739	$ 618,841	$ 419,343
Cost of sales	169,091	129,189	461,326	337,714
Gross profit	58,082	31,550	157,515	81,629
Selling, general and administrative expense	8,235	6,184	27,718	25,067
Restructuring charges (recoveries), net	0	1,598	(318)	2,800
Other expense (income), net	1	35	(15)	123
Interest expense	23	24	68	73
Interest income	(86)	(5)	(110)	(15)
Earnings before income taxes	49,909	23,714	130,172	53,581
Income taxes	11,350	5,319	29,467	12,123
Net earnings	$ 38,559	$ 18,395	$ 100,705	$ 41,458
Net earnings per share:
Basic (in dollars per share)	$ 1.97	$ 0.95	$ 5.16	$ 2.14
Diluted (in dollars per share)	$ 1.96	$ 0.94	$ 5.13	$ 2.13
Weighted average shares outstanding:
Basic (in shares)	19,537	19,352	19,503	19,330
Diluted (in shares)	19,657	19,573	19,629	19,508
Cash dividends declared per share (in dollars per share)	$ 0.03	$ 0.03	$ 2.09	$ 1.59
Comprehensive income	$ 38,559	$ 18,395	$ 100,705	$ 41,458

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jul. 02, 2022	Oct. 02, 2021
Assets
Cash and cash equivalents	$ 63,045	$ 89,884
Accounts receivable, net	81,175	67,917
Inventories	192,447	79,049
Other current assets	6,998	10,056
Total current assets	343,665	246,906
Property, plant and equipment, net	108,265	105,624
Intangibles, net	7,051	7,668
Goodwill	9,745	9,745
Other assets	12,322	20,767
Total assets	481,048	390,710
Liabilities and shareholders' equity
Accounts payable	77,159	49,443
Accrued expenses	17,877	19,406
Total current liabilities	95,036	68,849
Other liabilities	21,088	19,823
Shareholders' equity:
Common stock	19,506	19,408
Additional paid-in capital	81,349	78,688
Retained earnings	266,511	206,384
Accumulated other comprehensive loss	(2,442)	(2,442)
Total shareholders' equity	364,924	302,038
Total liabilities and shareholders' equity	$ 481,048	$ 390,710

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Jul. 02, 2022	Jul. 03, 2021
Cash Flows From Operating Activities:
Net earnings	$ 100,705,000	$ 41,458,000
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	10,977,000	10,828,000
Amortization of capitalized financing costs	49,000	49,000
Stock-based compensation expense	1,395,000	1,174,000
Deferred income taxes	624,000	(36,000)
Asset impairment charges	0	1,415,000
(Gain) loss on sale of property, plant and equipment and assets held for sale	595,000	(125,000)
Gain from life insurance proceeds	364,000	0
Increase in cash surrender value of life insurance policies over premiums paid	0	1,535,000
Net changes in assets and liabilities:
Accounts receivable, net	13,258,000	5,532,000
Inventories	113,398,000	2,195,000
Accounts payable and accrued expenses	27,197,000	19,642,000
Other changes	(1,782,000)	(69,000)
Total adjustments	(85,591,000)	24,004,000
Net cash provided by operating activities	15,114,000	65,462,000
Cash Flows From Investing Activities:
Capital expenditures	(12,251,000)	(13,681,000)
Decrease (increase) in cash surrender value of life insurance policies	(1,012,000)	309,000
Proceeds from sale of assets held for sale	6,934,000	79,000
Proceeds from life insurance claims	1,456,000	0
Proceeds from surrender of life insurance policies	110,000	27,000
Net cash used for investing activities	(2,739,000)	(13,884,000)
Cash Flows From Financing Activities:
Proceeds from long-term debt	220,000	230,000
Principal payments on long-term debt	(220,000)	(230,000)
Cash dividends paid	40,578,000	30,712,000
Payment of employee tax withholdings related to net share transactions	286,000	161,000
Cash received from exercise of stock options	1,650,000	434,000
Net cash used for financing activities	(39,214,000)	(30,439,000)
Net (decrease) increase in cash and cash equivalents	(26,839,000)	21,139,000
Cash and cash equivalents at beginning of period	89,884,000	68,688,000
Cash and cash equivalents at end of period	63,045,000	89,827,000
Supplemental Disclosures of Cash Flow Information:
Income taxes, net	29,998,000	10,874,000
Non-cash investing and financing activities:
Purchases of property, plant and equipment in accounts payable	1,286,000	946,000
Restricted stock units and stock options surrendered for withholding taxes payable	$ 286,000	$ 161,000

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Oct. 03, 2020	19,304
Balance at Oct. 03, 2020	$ 19,304	$ 76,387	$ 171,068	$ (1,956)	$ 264,803
Net earnings			8,143		8,143
Stock options exercised, net, shares (in shares)	10
Stock options exercised, net	$ 10	118			128
Compensation expense associated with stock-based plans		224			224
Restricted stock units and stock options surrendered for withholding taxes payable		(13)			(13)
Cash dividends declared			(29,551)		(29,551)
Balance (in shares) at Jan. 02, 2021	19,314
Balance at Jan. 02, 2021		76,716		(1,956)	243,734
Balance (in shares) at Oct. 03, 2020	19,304
Balance at Oct. 03, 2020	$ 19,304	76,387	171,068	(1,956)	264,803
Net earnings					41,458
Balance (in shares) at Jul. 03, 2021	19,358
Balance at Jul. 03, 2021	$ 19,358	77,780	181,814	(1,956)	276,996
Balance (in shares) at Jan. 02, 2021	19,314
Balance at Jan. 02, 2021		76,716		(1,956)	243,734
Net earnings			14,920		14,920
Stock options exercised, net, shares (in shares)	2
Stock options exercised, net	$ 2	47			49
Compensation expense associated with stock-based plans		710			710
Restricted stock units and stock options surrendered for withholding taxes payable		(97)			(97)
Cash dividends declared			(580)		(580)
Vesting of restricted stock units, shares (in shares)	25
Vesting of restricted stock units	$ 25	(25)			0
Balance (in shares) at Apr. 03, 2021	19,341
Balance at Apr. 03, 2021	$ 19,341	77,351	164,000	(1,956)	258,736
Net earnings			18,395		18,395
Stock options exercised, net, shares (in shares)	17
Stock options exercised, net	$ 17	240			257
Compensation expense associated with stock-based plans		240			240
Restricted stock units and stock options surrendered for withholding taxes payable		(51)			(51)
Cash dividends declared			(581)		(581)
Balance (in shares) at Jul. 03, 2021	19,358
Balance at Jul. 03, 2021	$ 19,358	77,780	181,814	(1,956)	276,996
Balance (in shares) at Oct. 02, 2021	19,408
Balance at Oct. 02, 2021	$ 19,408	78,688	206,384	(2,442)	302,038
Net earnings			23,129		23,129
Stock options exercised, net, shares (in shares)	6
Stock options exercised, net	$ 6	40			46
Compensation expense associated with stock-based plans		272			272
Restricted stock units and stock options surrendered for withholding taxes payable		(55)			(55)
Cash dividends declared			(39,410)		(39,410)
Balance (in shares) at Jan. 01, 2022	19,414
Balance at Jan. 01, 2022	$ 19,414	78,945	190,103	(2,442)	286,020
Balance (in shares) at Oct. 02, 2021	19,408
Balance at Oct. 02, 2021	$ 19,408	78,688	206,384	(2,442)	302,038
Net earnings					$ 100,705
Stock options exercised, net, shares (in shares)					85
Balance (in shares) at Jul. 02, 2022	19,506
Balance at Jul. 02, 2022	$ 19,506	81,349	266,511	(2,442)	$ 364,924
Balance (in shares) at Jan. 01, 2022	19,414
Balance at Jan. 01, 2022	$ 19,414	78,945	190,103	(2,442)	286,020
Net earnings			39,017		39,017
Compensation expense associated with stock-based plans		830			830
Restricted stock units and stock options surrendered for withholding taxes payable		(137)			(137)
Cash dividends declared			(583)		(583)
Vesting of restricted stock units, shares (in shares)	25
Vesting of restricted stock units	$ 25	(25)			0
Balance (in shares) at Apr. 02, 2022	19,439
Balance at Apr. 02, 2022	$ 19,439	79,613	228,537	(2,442)	325,147
Net earnings			38,559		38,559
Stock options exercised, net, shares (in shares)	67
Stock options exercised, net	$ 67	1,537			1,604
Compensation expense associated with stock-based plans		293			293
Restricted stock units and stock options surrendered for withholding taxes payable		(94)			(94)
Cash dividends declared			(585)		(585)
Balance (in shares) at Jul. 02, 2022	19,506
Balance at Jul. 02, 2022	$ 19,506	$ 81,349	$ 266,511	$ (2,442)	$ 364,924

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	9 Months Ended
	Jul. 02, 2022
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	(1) Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the U.S. (“GAAP”) on a basis consistent with that used in the Annual Report on Form 10-K for the year ended October 2, 2021 (“2021 Form 10-K”) filed by us with the Securities and Exchange Commission (the “SEC”). These statements include all normal recurring adjustments necessary to present fairly the consolidated balance sheets and the statements of operations and comprehensive income, cash flows and shareholders’ equity for the periods indicated. The October 2, 2021 consolidated balance sheet was derived from audited consolidated financial statements but does not include all the disclosures required by GAAP. These statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our 2021 Form 10-K. The results of operations for the periods indicated are not necessarily indicative of the results that may be expected for the full fiscal year or any future periods.

Note 2 - Recent Accounting Pron

Note 2 - Recent Accounting Pronouncements	9 Months Ended
	Jul. 02, 2022
Notes to Financial Statements
Accounting Standards Update and Change in Accounting Principle [Text Block]	(2) Recent Accounting Pronouncements Current Adoptions In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12 "Simplifying the Accounting for Income Taxes (Topic 740)". ASU No. 2019-12 removes certain exceptions to the general principles in Accounting Standards Codification (“ASC”) 740 and also clarifies and amends existing guidance to provide for more consistent application. We adopted ASU No. 2019-12 in the first quarter. The adoption of this guidance did not have a material impact on our consolidated financial statements. Future Adoptions In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”. ASU No. 2020-04 provides optional expedients and exceptions to account for contracts, hedging relationships and other transactions that reference LIBOR or another reference rate if certain criteria are met. ASU No. 2020-04 is effective March 12, 2020 through December 31, 2022. The adoption of this guidance will not have a material impact on our consolidated financial statements and disclosures.

Note 3 - Restructuring

Note 3 - Restructuring	9 Months Ended
	Jul. 02, 2022
Notes to Financial Statements
Restructuring and Related Activities Disclosure [Text Block]	(3) Restructuring On March 16, 2020, we purchased substantially all of the assets of Strand-Tech Manufacturing, Inc. (“STM”) for an adjusted purchase price of $19.4 million, reflecting certain post-closing adjustments (the “STM Acquisition”). STM was a leading manufacturer of prestressed concrete strand (“PC strand”) for concrete construction applications. We acquired, among other assets, STM’s accounts receivable, inventories, production equipment and facility located in Summerville, South Carolina, and assumed certain of its accounts payable and accrued liabilities. In connection with the STM acquisition, we elected to consolidate our PC strand operations through the closure of the Summerville facility and the redeployment of its equipment to our other three PC strand production facilities located in Gallatin, Tennessee; Houston, Texas; and Sanderson, Florida. Operations at the Summerville facility ceased during the third quarter of fiscal 2020, and the facility was sold during the second quarter of the current year. Following is a summary of the restructuring activity during the three- and nine-month periods ended July 2, 2022 and July 3, 2021: (In thousands) Employee Equipment Facility Asset Gain on Sale Separation Costs Relocation Costs Closure Costs Impairments of Property Total 2022 Liability as of October 2, 2021 $ - $ - $ 10 $ - $ - $ 10 Restructuring charges - - 47 - - 47 Cash payments - - (53 ) - - (53 ) Non-cash charges - - - - - - Liability as of January 1, 2022 - - 4 - - 4 Restructuring charges (recoveries) - - 257 - (622 ) (365 ) Cash payments - - (261 ) - - (261 ) Non-cash charges - - - - 622 622 Liability as of April 2, 2022 - - - - - - Restructuring charges - - - - - - Cash payments - - - - - - Non-cash charges - - - - - - Liability as of July 2, 2022 $ - $ - $ - $ - $ - $ - 2021 Liability as of October 3, 2020 $ - $ 20 $ 151 $ - $ - $ 171 Restructuring charges 13 88 552 4 - 657 Cash payments (13 ) (95 ) (669 ) - - (777 ) Non-cash charges - - - (4 ) - (4 ) Liability as of January 2, 2021 - 13 34 - - 47 Restructuring charges - 286 259 - - 545 Cash payments - (299 ) (266 ) - - (565 ) Non-cash charges - - - - - - Liability as of April 3, 2021 - - 27 - - 27 Restructuring charges - 35 176 1,387 - 1,598 Cash payments - (35 ) (183 ) - - (218 ) Non-cash charges - - - (1,387 ) - (1,387 ) Liability as of July 3, 2021 $ - $ - $ 20 $ - $ - $ 20

Note 4 - Revenue Recognition

Note 4 - Revenue Recognition	9 Months Ended
	Jul. 02, 2022
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	(4) Revenue Recognition We recognize revenues when performance obligations under the terms of a contract with our customers are satisfied, which generally occurs when products are shipped and control is transferred. We enter into contracts that pertain to products, which are accounted for as separate performance obligations and typically one year or less in duration. We do not exercise significant judgment in determining the timing for the satisfaction of performance obligations or the transaction price. Revenue is measured as the amount of consideration expected to be received in exchange for our products. We present revenue net of amounts collected from customers for sales tax. Variable consideration that may affect the total transaction price, including contractual discounts, rebates, returns and credits are included in net sales. Estimates for variable consideration are based on historical experience, anticipated performance and management's judgment and are updated as of each reporting date. Shipping and related expenses associated with outbound freight are accounted for as fulfillment costs and included in cost of sales. We do not have significant financing components. Contract costs are not significant and are recognized as incurred. Our net sales by product line are as follows: Three Months Ended Nine Months Ended July 2, July 3, July 2, July 3, (In thousands) 2022 2021 2022 2021 Welded wire reinforcement $ 131,764 $ 96,422 $ 378,808 $ 252,371 Prestressed concrete strand 95,409 64,317 240,033 166,972 Total $ 227,173 $ 160,739 $ 618,841 $ 419,343 Our net sales by geographic region are as follows: Three Months Ended Nine Months Ended July 2, July 3, July 2, July 3, (In thousands) 2022 2021 2022 2021 United States $ 226,038 $ 158,710 $ 614,306 $ 413,826 Foreign 1,135 2,029 4,535 5,517 Total $ 227,173 $ 160,739 $ 618,841 $ 419,343 Contract assets primarily relate to our rights to consideration for products that are delivered but not billed as of the reporting date and are reclassified to receivables when the customer is invoiced. Contract liabilities primarily relate to performance obligations that are to be satisfied in the future and arise when we collect from the customer in advance of shipments. Contract assets and liabilities were not material as of July 2, 2022 and October 2, 2021. Accounts receivable includes amounts billed and currently due from customers stated at their net estimated realizable value. Customer payment terms are generally 30 days. We maintain an allowance for doubtful accounts to provide for the estimated receivables that will not be collected, which is based upon our assessment of customer creditworthiness, historical payment experience and the age of outstanding receivables. Past-due trade receivable balances are written off when our collection efforts have been unsuccessful.

Note 5 - Fair Value Measurement

Note 5 - Fair Value Measurements	9 Months Ended
	Jul. 02, 2022
Notes to Financial Statements
Fair Value Disclosures [Text Block]	(5) Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The authoritative guidance for fair value measurements establishes a three-level fair value hierarchy that encourages an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs used to measure fair value are as follows: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets. Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities, including certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. As of July 2, 2022 and October 2, 2021, we held financial assets that are required to be measured at fair value on a recurring basis, which are summarized below: (In thousands) Total Quoted Prices in Active Markets (Level 1) Observable Inputs (Level 2) As of April 2, 2022: Current assets: Cash equivalents $ 57,180 $ 57,180 $ - Other assets: Cash surrender value of life insurance policies 10,286 - 10,286 Total $ 67,466 $ 57,180 $ 10,286 As of October 2, 2021: Current assets: Cash equivalents $ 86,395 $ 86,395 $ - Other assets: Cash surrender value of life insurance policies 12,501 - 12,501 Total $ 98,896 $ 86,395 $ 12,501 Cash equivalents, which include all highly liquid investments with original maturities of three months or less, are classified as Level 1 of the fair value hierarchy. The carrying amount of our cash equivalents, which consist of investments in money market funds, approximates fair value due to their short maturities. Cash surrender value of life insurance policies are classified as Level 2. The fair value of the life insurance policies was determined by the underwriting insurance company’s valuation models and represents the guaranteed value we would receive upon surrender of these policies as of the reporting date. As of July 2, 2022 and October 2, 2021, we had no nonfinancial assets that were required to be measured at fair value on a nonrecurring basis. The carrying amounts of accounts receivable, accounts payable and accrued expenses approximate fair value due to the short-term maturities of these financial instruments.

Note 6 - Intangible Assets

Note 6 - Intangible Assets	9 Months Ended
	Jul. 02, 2022
Notes to Financial Statements
Intangible Assets Disclosure [Text Block]	(6) Intangible Assets The primary components of our intangible assets and the related accumulated amortization are as follows: (In thousands) Weighted- Average Useful Life (Years) Gross Accumulated Amortization Net Book Value As of July 2, 2022: Customer relationships 17.1 $ 9,870 $ (3,968 ) $ 5,902 Developed technology and know-how 20.0 1,800 (707 ) 1,093 Non-competition agreements 5.0 400 (344 ) 56 $ 12,070 $ (5,019 ) $ 7,051 As of October 2, 2021: Customer relationships 17.1 $ 9,870 $ (3,482 ) $ 6,388 Developed technology and know-how 20.0 1,800 (639 ) 1,161 Non-competition agreements 5.0 400 (284 ) 116 Trade name 2.7 250 (247 ) 3 $ 12,320 $ (4,652 ) $ 7,668 Amortization expense for intangibles was $205,000 and $213,000 for the three-month periods ended July 2, 2022 and July 3, 2021, respectively, and $617,000 and $685,000 for the nine-month periods ended July 2, 2022 and July 3, 2021, respectively. Amortization expense for the next five years is $204,000 in 2022, $756,000 in 2023, $750,000 in 2024, $743,000 in 2025, $752,000 in 2026 and $3.8 million thereafter.

Note 7 - Stock-based Compensati

Note 7 - Stock-based Compensation	9 Months Ended
	Jul. 02, 2022
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	(7) Stock-Based Compensation Under our equity incentive plan, employees and directors may be granted stock options, restricted stock, restricted stock units and performance awards. Effective February 28, 2020, our shareholders approved an amendment to the 2015 Equity Incentive Plan of Insteel Industries, Inc. (the “2015 Plan”), which authorizes up to an additional 750,000 shares of our common stock for future grants under the plan and expires on February 17, 2025. As of July 2, 2022, there were 620,000 shares of our common stock available for future grants under the 2015 Plan, which is our only active equity incentive plan. Stock option awards . three ten The fair value of each option award granted is estimated on the date of grant using a Monte Carlo valuation model. The estimated fair values of stock options granted during the nine-month periods ended July 2, 2022 and July 3, 2021 was $15.45 and $12.33 per share, respectively, based on the following assumptions: Nine Months Ended July 2, July 3, 2022 2021 Risk-free interest rate 1.92 % 0.56 % Dividend yield 0.30 % 0.48 % Expected volatility 48.92 % 51.47 % Expected term (in years) 4.65 4.92 The assumptions utilized in the Monte Carlo valuation model are evaluated and revised, as necessary, to reflect market conditions and actual historical experience. The risk-free interest rate for periods within the contractual life of the option was based on the U.S. Treasury yield curve in effect at the time of the grant. The dividend yield was calculated based on our annual dividend as of the option grant date. The expected volatility was derived using a term structure based on historical volatility and the volatility implied by exchange-traded options on our common stock. The expected term for options was based on the results of a Monte Carlo simulation model, using the model’s estimated fair value as an input to the Black-Scholes-Merton model, and then solving for the expected term. The following table summarizes stock option activity: Contractual Aggregate Options Weighted Term - Weighted Intrinsic Outstanding Average Average Value (in thousands) Exercise Price (in years) (in thousands) Outstanding at October 2, 2021 428 $ 27.73 Granted 36 38.54 Forfeited (60 ) 29.29 Exercised (85 ) 24.23 $ 1,615 Outstanding at July 2, 2022 319 29.61 7.46 2,437 Vested and anticipated to vest in the future at July 2, 2022 308 29.47 7.41 2,382 Exercisable at July 2, 2022 149 29.64 6.23 1,092 Stock option exercises include “net exercises” for which the optionee received shares of common stock equal to the intrinsic value of the options (fair market value of common stock on the date of exercise less exercise price) reduced by any applicable withholding taxes. Restricted stock units. one three As of July 2, 2022, there was $965,000 of unrecognized compensation cost related to unvested RSUs which is expected to be recognized over a weighted average period of 1.48 years The following table summarizes RSU activity: Weighted Restricted Average Stock Units Grant Date (Unit amounts in thousands) Outstanding Fair Value Balance, October 2, 2021 129 $ 24.73 Granted 24 38.54 Forfeited (3 ) 22.09 Released (29 ) 24.86 Balance, July 2, 2022 121 27.48

Note 8 - Income Taxes

Note 8 - Income Taxes	9 Months Ended
	Jul. 02, 2022
Notes to Financial Statements
Income Tax Disclosure [Text Block]	(8) Income Taxes Effective income tax rate . Deferred income taxes. 2037. The realization of our deferred tax assets is entirely dependent upon our ability to generate future taxable income in applicable jurisdictions. GAAP requires that we periodically assess the need to establish a reserve against our deferred tax assets to the extent we no longer believe it is more likely than not that they will be fully realized. As of July 2, 2022 and October 2, 2021, we recorded a valuation allowance of $32,000 and $73,000, respectively, pertaining to various state NOLs that were not expected to be utilized. The valuation allowance is subject to periodic review and adjustment based on changes in facts and circumstances and would be reduced should we utilize the state NOLs against which an allowance had previously been provided or determine that such utilization was more likely than not. Uncertainty in income taxes . We file U.S. federal, state and local income tax returns in various jurisdictions. Federal and various state tax returns filed subsequent to 2016 remain subject to examination.

Note 9 - Employee Benefit Plans

Note 9 - Employee Benefit Plans	9 Months Ended
	Jul. 02, 2022
Notes to Financial Statements
Retirement Benefits [Text Block]	(9) Employee Benefit Plans Supplemental retirement benefit plan. five 1/360 Net periodic pension cost for the SRBAs includes the following components: Three Months Ended Nine Months Ended July 2, July 3, July 2, July 3, (In thousands) 2022 2021 2022 2021 Interest cost $ 87 $ 79 $ 261 $ 237 Service cost 100 78 300 234 Recognized net actuarial loss 69 54 207 162 Net periodic pension cost $ 256 $ 211 $ 768 $ 633

Note 10 - Long-term Debt

Note 10 - Long-term Debt	9 Months Ended
	Jul. 02, 2022
Notes to Financial Statements
Long-Term Debt [Text Block]	(10) Long-Term Debt Revolving Credit Facility. Interest rates on the Credit Facility are based upon (1) an index rate that is established at the highest of the prime rate, 0.50% plus the federal funds rate or the LIBOR rate plus the excess of the then-applicable margin for LIBOR loans over the then-applicable margin for index rate loans, or (2) at our election, a LIBOR rate, plus in either case, an applicable interest rate margin. The applicable interest rate margins are adjusted on a quarterly basis based upon the amount of excess availability on the Credit Facility within the range of 0.25% to 0.50% for index rate loans and 1.25% to 1.50% for LIBOR loans. In addition, the applicable interest rate margins would be increased by 2.00% upon the occurrence of certain events of default provided for under the terms of the Credit Facility. Based on our excess availability as of July 2, 2022, the applicable interest rate margins on the Credit Facility were 0.25% for index rate loans and 1.25% for LIBOR loans. Our ability to borrow available amounts under the Credit Facility will be restricted or eliminated in the event of certain covenant breaches, events of default or if we are unable to make certain representations and warranties provided for under the terms of the Credit Facility. We are required to maintain a fixed charge coverage ratio of not less than 1.0 at the end of each fiscal quarter for the twelve-month period then ended when the amount of liquidity on the Credit Facility is less than $10.0 million. In addition, the terms of the Credit Facility restrict our ability to, among other things: engage in certain business combinations or divestitures; make investments in or loans to third parties, unless certain conditions are met with respect to such investments or loans; pay cash dividends or repurchase shares of our stock subject to certain minimum borrowing availability requirements; incur or assume indebtedness; issue securities; enter into certain transactions with our affiliates; or permit liens to encumber our property and assets. The terms of the Credit Facility also provide that an event of default will occur upon the occurrence of, among other things: defaults or breaches under the loan documents, subject in certain cases to cure periods; defaults or breaches by us or any of our subsidiaries under any agreement resulting in the acceleration of amounts above certain thresholds or payment defaults above certain thresholds; certain events of bankruptcy or insolvency; certain entries of judgment against us or any of our subsidiaries, which are not covered by insurance; or a change of control. As of July 2, 2022, we were in compliance with all of the financial and negative covenants under the Credit Facility, and there have not been any events of default. Amortization of capitalized financing costs associated with the Credit Facility was $16,000 and $17,000 for the three-month periods ended July 2, 2022 and July 3, 2021, respectively, and $49,000 for each of the nine-month periods ended July 2, 2022 and July 3, 2021.

Note 11 - Earnings Per Share

Note 11 - Earnings Per Share	9 Months Ended
	Jul. 02, 2022
Notes to Financial Statements
Earnings Per Share [Text Block]	(11) Earnings Per Share The computation of basic and diluted earnings per share attributable to common shareholders is as follows: Three Months Ended Nine Months Ended July 2, July 3, July 2, July 3, (In thousands, except per share amounts) 2022 2021 2022 2021 Net earnings $ 38,559 $ 18,395 $ 100,705 $ 41,458 Basic weighted average shares outstanding 19,537 19,352 19,503 19,330 Dilutive effect of stock-based compensation 120 221 126 178 Diluted weighted average shares outstanding 19,657 19,573 19,629 19,508 Net earnings per share: Basic $ 1.97 $ 0.95 $ 5.16 $ 2.14 Diluted $ 1.96 $ 0.94 $ 5.13 $ 2.13 Options that were antidilutive and not included in the dilutive earnings per share calculation amounted to 14,000 and 83,000 shares for the three-month periods ended July 2, 2022 and July 3, 2021, respectively, and 46,000 and 151,000 shares for the nine-month periods ended July 2, 2022 and July 3, 2021, respectively.

Note 12 - Share Repurchases

Note 12 - Share Repurchases	9 Months Ended
	Jul. 02, 2022
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	(12) Share Repurchases On November 18, 2008, our Board of Directors approved a share repurchase authorization to buy back up to $25.0 million of our outstanding common stock (the “Authorization”). Under the Authorization, repurchases may be made from time to time in the open market or in privately negotiated transactions subject to market conditions, applicable legal requirements and other factors. We are not obligated to acquire any common stock and the program may be commenced or suspended at any time at our discretion without prior notice. The Authorization continues in effect until terminated by the Board of Directors. As of July 2, 2022, there was $24.8 million remaining available for future share repurchases under this Authorization. There were no share repurchases during the three- and nine-month periods ended July 2, 2022 and July 3, 2021.

Note 13 - Other Financial Data

Note 13 - Other Financial Data	9 Months Ended
	Jul. 02, 2022
Notes to Financial Statements
Other Financial Data [Text Block]	(13) Other Financial Data Balance sheet information July 2, October 2, (In thousands) 2022 2021 Accounts receivable, net: Accounts receivable $ 81,571 $ 68,274 Less allowance for doubtful accounts (396 ) (357 ) Total $ 81,175 $ 67,917 Inventories: Raw materials $ 123,421 $ 50,459 Work in process 8,365 6,680 Finished goods 60,661 21,910 Total $ 192,447 $ 79,049 Other current assets: Prepaid insurance $ 4,929 $ 5,169 Other 2,069 4,887 Total $ 6,998 $ 10,056 Other assets: Cash surrender value of life insurance policies $ 10,286 $ 12,501 Right-of-use asset 1,856 1,717 Capitalized financing costs, net 57 106 Assets held for sale - 6,306 Other 123 137 Total $ 12,322 $ 20,767 Property, plant and equipment, net: Land and land improvements $ 14,566 $ 14,554 Buildings 54,408 53,182 Machinery and equipment 191,138 180,654 Construction in progress 10,336 10,191 270,448 258,581 Less accumulated depreciation (162,183 ) (152,957 ) Total $ 108,265 $ 105,624 Accrued expenses: Salaries, wages and related expenses $ 8,122 $ 8,229 Income taxes 2,859 4,014 Customer rebates 2,547 2,354 Property taxes 1,170 1,575 Operating lease liability 1,136 1,030 Sales allowance reserves 1,127 991 State sales and use taxes 453 760 Other 463 453 Total $ 17,877 $ 19,406 Other liabilities: Deferred compensation $ 13,440 $ 12,832 Deferred income taxes 6,920 6,296 Operating lease liability 728 695 Total $ 21,088 $ 19,823

Note 14 - Business Segment Info

Note 14 - Business Segment Information	9 Months Ended
	Jul. 02, 2022
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	(14) Business Segment Information Our operations are entirely focused on the manufacture and marketing of steel wire reinforcing products for concrete construction applications. Our concrete reinforcing products consist of two product lines: PC strand and welded wire reinforcement. Based on the criteria specified in ASC Topic 280, Segment Reporting one

Note 15 - Leases

Note 15 - Leases	9 Months Ended
	Jul. 02, 2022
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	(15) Leases We have operating leases for certain equipment, office space and vehicles. We determine whether an arrangement is a lease at its inception if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Leases with an initial term of twelve months or less are not recorded on our consolidated balance sheets. Lease expense for operating leases with original terms of more than twelve months was $355,000 and $357,000 for the three-month periods ended July 2, 2022 and July 3, 2021, respectively, and $1.1 million for each of the nine-month periods ended July 2, 2022 and July 3, 2021. Most of our leases include options to extend or terminate the leases which are exercised at our sole discretion. As most of our leases do not provide an implicit interest rate, we use our incremental borrowing rate, which approximates the rate to borrow on a collateralized basis, as of the commencement date in determining the present value of lease payments. Supplemental cash flow and non-cash information related to leases is as follows: Nine Months Ended (In thousands) July 2, 2022 July 3, 2021 Cash paid for operating leases included in operating cash flows $ 1,071 $ 1,084 Right-of-use assets obtained in exchange for new lease obligations 1,182 303 Supplemental balance sheet information related to leases is as follows: (In thousands) July 2, 2022 October 2, 2021 Right-of-use assets: Other assets $ 1,856 $ 1,717 Lease liabilities: Accrued expenses 1,136 1,030 Other liabilities 728 695 Total operating lease liabilities $ 1,864 $ 1,725 The weighted average remaining lease terms and discount rates for operating leases are as follows: July 2, 2022 October 2, 2021 Weighted average lease term (years) 1.86 1.80 Weighted average discount rate 3.7 % 4.1 % Aggregate future operating lease payments as of July 2, 2022 are as follows: (In thousands) 2022 $ 333 2023 1,022 2024 499 2025 69 2026 2 Thereafter 1 Total future operating lease payments 1,926 Less: imputed interest (62 ) Present value of lease liabilities $ 1,864

Note 16 - Contingencies

Note 16 - Contingencies	9 Months Ended
	Jul. 02, 2022
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	(16) Contingencies We are involved in lawsuits, claims, investigations and proceedings, including commercial, environmental and employment matters, which arise in the ordinary course of business. We do not expect the ultimate outcome or cost to resolve these matters will have a material adverse effect on our financial position, results of operations or cash flows.

Note 3 - Restructuring (Tables)

Note 3 - Restructuring (Tables)	9 Months Ended
	Jul. 02, 2022
Notes Tables
Restructuring and Related Costs [Table Text Block]	(In thousands) Employee Equipment Facility Asset Gain on Sale Separation Costs Relocation Costs Closure Costs Impairments of Property Total 2022 Liability as of October 2, 2021 $ - $ - $ 10 $ - $ - $ 10 Restructuring charges - - 47 - - 47 Cash payments - - (53 ) - - (53 ) Non-cash charges - - - - - - Liability as of January 1, 2022 - - 4 - - 4 Restructuring charges (recoveries) - - 257 - (622 ) (365 ) Cash payments - - (261 ) - - (261 ) Non-cash charges - - - - 622 622 Liability as of April 2, 2022 - - - - - - Restructuring charges - - - - - - Cash payments - - - - - - Non-cash charges - - - - - - Liability as of July 2, 2022 $ - $ - $ - $ - $ - $ - 2021 Liability as of October 3, 2020 $ - $ 20 $ 151 $ - $ - $ 171 Restructuring charges 13 88 552 4 - 657 Cash payments (13 ) (95 ) (669 ) - - (777 ) Non-cash charges - - - (4 ) - (4 ) Liability as of January 2, 2021 - 13 34 - - 47 Restructuring charges - 286 259 - - 545 Cash payments - (299 ) (266 ) - - (565 ) Non-cash charges - - - - - - Liability as of April 3, 2021 - - 27 - - 27 Restructuring charges - 35 176 1,387 - 1,598 Cash payments - (35 ) (183 ) - - (218 ) Non-cash charges - - - (1,387 ) - (1,387 ) Liability as of July 3, 2021 $ - $ - $ 20 $ - $ - $ 20

Note 4 - Revenue Recognition (T

Note 4 - Revenue Recognition (Tables)	9 Months Ended
	Jul. 02, 2022
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended Nine Months Ended July 2, July 3, July 2, July 3, (In thousands) 2022 2021 2022 2021 Welded wire reinforcement $ 131,764 $ 96,422 $ 378,808 $ 252,371 Prestressed concrete strand 95,409 64,317 240,033 166,972 Total $ 227,173 $ 160,739 $ 618,841 $ 419,343 Three Months Ended Nine Months Ended July 2, July 3, July 2, July 3, (In thousands) 2022 2021 2022 2021 United States $ 226,038 $ 158,710 $ 614,306 $ 413,826 Foreign 1,135 2,029 4,535 5,517 Total $ 227,173 $ 160,739 $ 618,841 $ 419,343

Note 5 - Fair Value Measureme_2

Note 5 - Fair Value Measurements (Tables)	9 Months Ended
	Jul. 02, 2022
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	(In thousands) Total Quoted Prices in Active Markets (Level 1) Observable Inputs (Level 2) As of April 2, 2022: Current assets: Cash equivalents $ 57,180 $ 57,180 $ - Other assets: Cash surrender value of life insurance policies 10,286 - 10,286 Total $ 67,466 $ 57,180 $ 10,286 As of October 2, 2021: Current assets: Cash equivalents $ 86,395 $ 86,395 $ - Other assets: Cash surrender value of life insurance policies 12,501 - 12,501 Total $ 98,896 $ 86,395 $ 12,501

Note 6 - Intangible Assets (Tab

Note 6 - Intangible Assets (Tables)	9 Months Ended
	Jul. 02, 2022
Notes Tables
Schedule of Finite-Lived Intangible Assets [Table Text Block]	(In thousands) Weighted- Average Useful Life (Years) Gross Accumulated Amortization Net Book Value As of July 2, 2022: Customer relationships 17.1 $ 9,870 $ (3,968 ) $ 5,902 Developed technology and know-how 20.0 1,800 (707 ) 1,093 Non-competition agreements 5.0 400 (344 ) 56 $ 12,070 $ (5,019 ) $ 7,051 As of October 2, 2021: Customer relationships 17.1 $ 9,870 $ (3,482 ) $ 6,388 Developed technology and know-how 20.0 1,800 (639 ) 1,161 Non-competition agreements 5.0 400 (284 ) 116 Trade name 2.7 250 (247 ) 3 $ 12,320 $ (4,652 ) $ 7,668

Note 7 - Stock-based Compensa_2

Note 7 - Stock-based Compensation (Tables)	9 Months Ended
	Jul. 02, 2022
Notes Tables
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Nine Months Ended July 2, July 3, 2022 2021 Risk-free interest rate 1.92 % 0.56 % Dividend yield 0.30 % 0.48 % Expected volatility 48.92 % 51.47 % Expected term (in years) 4.65 4.92
Share-Based Payment Arrangement, Option, Activity [Table Text Block]	Contractual Aggregate Options Weighted Term - Weighted Intrinsic Outstanding Average Average Value (in thousands) Exercise Price (in years) (in thousands) Outstanding at October 2, 2021 428 $ 27.73 Granted 36 38.54 Forfeited (60 ) 29.29 Exercised (85 ) 24.23 $ 1,615 Outstanding at July 2, 2022 319 29.61 7.46 2,437 Vested and anticipated to vest in the future at July 2, 2022 308 29.47 7.41 2,382 Exercisable at July 2, 2022 149 29.64 6.23 1,092
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block]	Weighted Restricted Average Stock Units Grant Date (Unit amounts in thousands) Outstanding Fair Value Balance, October 2, 2021 129 $ 24.73 Granted 24 38.54 Forfeited (3 ) 22.09 Released (29 ) 24.86 Balance, July 2, 2022 121 27.48

Note 9 - Employee Benefit Pla_2

Note 9 - Employee Benefit Plans (Tables)	9 Months Ended
	Jul. 02, 2022
Notes Tables
Schedule of Net Benefit Costs [Table Text Block]	Three Months Ended Nine Months Ended July 2, July 3, July 2, July 3, (In thousands) 2022 2021 2022 2021 Interest cost $ 87 $ 79 $ 261 $ 237 Service cost 100 78 300 234 Recognized net actuarial loss 69 54 207 162 Net periodic pension cost $ 256 $ 211 $ 768 $ 633

Note 11 - Earnings Per Share (T

Note 11 - Earnings Per Share (Tables)	9 Months Ended
	Jul. 02, 2022
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended Nine Months Ended July 2, July 3, July 2, July 3, (In thousands, except per share amounts) 2022 2021 2022 2021 Net earnings $ 38,559 $ 18,395 $ 100,705 $ 41,458 Basic weighted average shares outstanding 19,537 19,352 19,503 19,330 Dilutive effect of stock-based compensation 120 221 126 178 Diluted weighted average shares outstanding 19,657 19,573 19,629 19,508 Net earnings per share: Basic $ 1.97 $ 0.95 $ 5.16 $ 2.14 Diluted $ 1.96 $ 0.94 $ 5.13 $ 2.13

Note 13 - Other Financial Data

Note 13 - Other Financial Data (Tables)	9 Months Ended
	Jul. 02, 2022
Notes Tables
Other Financial Information, Balance Sheet [Table Text Block]	July 2, October 2, (In thousands) 2022 2021 Accounts receivable, net: Accounts receivable $ 81,571 $ 68,274 Less allowance for doubtful accounts (396 ) (357 ) Total $ 81,175 $ 67,917 Inventories: Raw materials $ 123,421 $ 50,459 Work in process 8,365 6,680 Finished goods 60,661 21,910 Total $ 192,447 $ 79,049 Other current assets: Prepaid insurance $ 4,929 $ 5,169 Other 2,069 4,887 Total $ 6,998 $ 10,056 Other assets: Cash surrender value of life insurance policies $ 10,286 $ 12,501 Right-of-use asset 1,856 1,717 Capitalized financing costs, net 57 106 Assets held for sale - 6,306 Other 123 137 Total $ 12,322 $ 20,767 Property, plant and equipment, net: Land and land improvements $ 14,566 $ 14,554 Buildings 54,408 53,182 Machinery and equipment 191,138 180,654 Construction in progress 10,336 10,191 270,448 258,581 Less accumulated depreciation (162,183 ) (152,957 ) Total $ 108,265 $ 105,624 Accrued expenses: Salaries, wages and related expenses $ 8,122 $ 8,229 Income taxes 2,859 4,014 Customer rebates 2,547 2,354 Property taxes 1,170 1,575 Operating lease liability 1,136 1,030 Sales allowance reserves 1,127 991 State sales and use taxes 453 760 Other 463 453 Total $ 17,877 $ 19,406 Other liabilities: Deferred compensation $ 13,440 $ 12,832 Deferred income taxes 6,920 6,296 Operating lease liability 728 695 Total $ 21,088 $ 19,823

Note 15 - Leases (Tables)

Note 15 - Leases (Tables)	9 Months Ended
	Jul. 02, 2022
Notes Tables
Lease, Cost [Table Text Block]	Nine Months Ended (In thousands) July 2, 2022 July 3, 2021 Cash paid for operating leases included in operating cash flows $ 1,071 $ 1,084 Right-of-use assets obtained in exchange for new lease obligations 1,182 303 July 2, 2022 October 2, 2021 Weighted average lease term (years) 1.86 1.80 Weighted average discount rate 3.7 % 4.1 %
Lessee, Operating Lease, Assets and Liabilities [Table Text Block]	(In thousands) July 2, 2022 October 2, 2021 Right-of-use assets: Other assets $ 1,856 $ 1,717 Lease liabilities: Accrued expenses 1,136 1,030 Other liabilities 728 695 Total operating lease liabilities $ 1,864 $ 1,725
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	(In thousands) 2022 $ 333 2023 1,022 2024 499 2025 69 2026 2 Thereafter 1 Total future operating lease payments 1,926 Less: imputed interest (62 ) Present value of lease liabilities $ 1,864

Note 3 - Restructuring (Details

Note 3 - Restructuring (Details Textual) $ in Millions	Mar. 16, 2020 USD ($)
STM Acquisition [Member]
Business Combination, Consideration Transferred, Total	$ 19.4

Note 3 - Restructuring - Restru

Note 3 - Restructuring - Restructuring Activity (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Jul. 02, 2022	Apr. 02, 2022	Jan. 01, 2022	Jul. 03, 2021	Apr. 03, 2021	Jan. 02, 2021	Jul. 02, 2022	Jul. 03, 2021
Liability	$ 0	$ 4	$ 10	$ 27	$ 47	$ 171	$ 10	$ 171
Restructuring charges	0		47	1,598	545	657
Cash payments	0	(261)	(53)	(218)	(565)	(777)
Non-cash charges	0	622	0	(1,387)	0	(4)
Restructuring charges (recoveries)	0	(365)		1,598			(318)	2,800
Liability	0	0	4	20	27	47	0	20
Employee Severance [Member]
Liability	0	0	0	0	0	0	0	0
Restructuring charges	0		0	0	0	13
Cash payments	0	0	0	0	0	(13)
Non-cash charges	0	0	0	0	0	0
Restructuring charges (recoveries)		0
Liability	0	0	0	0	0	0	0	0
Equipment Relocation [Member]
Liability	0	0	0	0	13	20	0	20
Restructuring charges	0		0	35	286	88
Cash payments	0	0	0	(35)	(299)	(95)
Non-cash charges	0	0	0	0	0	0
Restructuring charges (recoveries)		0
Liability	0	0	0	0	0	13	0	0
Facility Closing [Member]
Liability	0	4	10	27	34	151	10	151
Restructuring charges	0		47	176	259	552
Cash payments	0	(261)	(53)	(183)	(266)	(669)
Non-cash charges	0	0	0	0	0	0
Restructuring charges (recoveries)		257
Liability	0	0	4	20	27	34	0	20
Asset Impairments [Member]
Liability	0	0	0	0	0	0	0	0
Restructuring charges	0		0	1,387	0	4
Cash payments	0	0	0	0	0	0
Non-cash charges	0	0	0	(1,387)	0	(4)
Restructuring charges (recoveries)		0
Liability	0	0	0	0	0	0	0	0
Gain on Sale of Property and Equipment [Member]
Liability	0	0	0	0	0	0	0	0
Restructuring charges	0		0	0	0	0
Cash payments	0	0	0	0	0	0
Non-cash charges	0	622	0	0	0	0
Restructuring charges (recoveries)		(622)
Liability	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0

Note 4 - Revenue Recognition -

Note 4 - Revenue Recognition - Disaggregation of Net Sales by Product Line (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Revenue	$ 227,173	$ 160,739	$ 618,841	$ 419,343
UNITED STATES
Revenue	226,038	158,710	614,306	413,826
Non-US [Member]
Revenue	1,135	2,029	4,535	5,517
Welded Wire Reinforcement [Member]
Revenue	131,764	96,422	378,808	252,371
Prestressed Concrete Strand [Member]
Revenue	$ 95,409	$ 64,317	$ 240,033	$ 166,972

Note 5 - Fair Value Measureme_3

Note 5 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	Jul. 02, 2022	Oct. 02, 2021
Non Financial [Member] | Fair Value, Nonrecurring [Member]
Assets, Fair Value Disclosure, Total	$ 0	$ 0

Note 5 - Fair Value Measureme_4

Note 5 - Fair Value Measurements - Fair Value of Financial Assets (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Jul. 02, 2022	Oct. 02, 2021
Cash equivalents	$ 57,180	$ 86,395
Cash surrender value of life insurance policies	10,286	12,501
Total	67,466	98,896
Fair Value, Inputs, Level 1 [Member]
Cash equivalents	57,180	86,395
Cash surrender value of life insurance policies	0	0
Total	57,180	86,395
Fair Value, Inputs, Level 2 [Member]
Cash equivalents	0	0
Cash surrender value of life insurance policies	10,286	12,501
Total	$ 10,286	$ 12,501

Note 6 - Intangible Assets (Det

Note 6 - Intangible Assets (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Amortization of Intangible Assets	$ 205,000	$ 213,000	$ 617,000	$ 685,000
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year	204,000		204,000
Finite-Lived Intangible Asset, Expected Amortization, Year One	756,000		756,000
Finite-Lived Intangible Asset, Expected Amortization, Year Two	750,000		750,000
Finite-Lived Intangible Asset, Expected Amortization, Year Three	743,000		743,000
Finite-Lived Intangible Asset, Expected Amortization, Year Four	752,000		752,000
Finite-Lived Intangible Asset, Expected Amortization, After Year Four	$ 3,800,000		$ 3,800,000

Note 6 - Intangible Assets - Su

Note 6 - Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Jul. 02, 2022	Oct. 02, 2021
Gross	$ 12,070	$ 12,320
Accumulated Amortization	(5,019)	(4,652)
Net Book Value	$ 7,051	$ 7,668
Customer Relationships [Member]
Weighted-Average Useful Life (Year)	17 years 1 month 6 days	17 years 1 month 6 days
Gross	$ 9,870	$ 9,870
Accumulated Amortization	(3,968)	(3,482)
Net Book Value	$ 5,902	$ 6,388
Technology-Based Intangible Assets [Member]
Weighted-Average Useful Life (Year)	20 years	20 years
Gross	$ 1,800	$ 1,800
Accumulated Amortization	(707)	(639)
Net Book Value	$ 1,093	$ 1,161
Noncompete Agreements [Member]
Weighted-Average Useful Life (Year)	5 years	5 years
Gross	$ 400	$ 400
Accumulated Amortization	(344)	(284)
Net Book Value	$ 56	$ 116
Trade Names [Member]
Weighted-Average Useful Life (Year)		2 years 8 months 12 days
Gross		$ 250
Accumulated Amortization		(247)
Net Book Value		$ 3

Note 7 - Stock-based Compensa_3

Note 7 - Stock-based Compensation (Details Textual) - USD ($)		3 Months Ended		9 Months Ended
	Feb. 28, 2020	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value				$ 15.45	$ 12.33
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period				3 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period				10 years
Share-Based Payment Arrangement, Expense		$ 115,000	$ 89,000	$ 594,000	$ 489,000
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount		530,000		$ 530,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition				1 year 11 months 1 day
Restricted Stock Units (RSUs) [Member]
Share-Based Payment Arrangement, Expense		178,000	$ 151,000	$ 801,000	$ 685,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition				1 year 5 months 23 days
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount		$ 965,000		$ 965,000
Restricted Stock Units (RSUs) [Member] | Director [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period				1 year
Restricted Stock Units (RSUs) [Member] | Employees [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period				3 years
The 2015 Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized	750,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant		620,000		620,000

Note 7 - Stock-based Compensa_4

Note 7 - Stock-based Compensation - Stock Option Valuation Assumptions (Details) - Share-Based Payment Arrangement, Option [Member]	9 Months Ended
	Jul. 02, 2022	Jul. 03, 2021
Risk-free interest rate	1.92%	0.56%
Dividend yield	0.30%	0.48%
Expected volatility	48.92%	51.47%
Expected term (in years) (Year)	4 years 7 months 24 days	4 years 11 months 1 day

Note 7 - Stock-based Compensa_5

Note 7 - Stock-based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended
	Jul. 02, 2022
Options outstanding, balance (in shares)	428
Weighted average exercise price per share (in dollars per share)	$ 27.73
Options outstanding, granted (in shares)	36
Weighted average exercise price per share, granted (in dollars per share)	$ 38.54
Options outstanding, forfeited (in shares)	(60)
Weighted average exercise price per share, forfeited (in dollars per share)	$ 29.29
Options outstanding, exercised (in shares)	(85)
Weighted average exercise price per share, exercised (in dollars per share)	$ 24.23
Aggregate intrinsic value, exercised	$ 1,615
Options outstanding, balance (in shares)	319
Weighted average exercise price per share (in dollars per share)	$ 29.61
Contractual term - weighted average, balance (Year)	7 years 5 months 15 days
Aggregate intrinsic value, outstanding	$ 2,437
Options outstanding, vested and anticipated to vest in future (in shares)	308
Weighted average exercise price per share, vested and anticipated to vest in future (in dollars per share)	$ 29.47
Contractual term - weighted average, vested and anticipated to vest in future (Year)	7 years 4 months 28 days
Vested and anticipated to vest in the future at July 2, 2022	$ 2,382
Options outstanding, exercisable (in shares)	149
Weighted average exercise price per share, exercisable (in dollars per share)	$ 29.64
Contractual term - weighted average, exercisable (Year)	6 years 2 months 23 days
Aggregate intrinsic value, exercisable	$ 1,092

Note 7 - Stock-based Compensa_6

Note 7 - Stock-based Compensation - Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) [Member] shares in Thousands	9 Months Ended
	Jul. 02, 2022 $ / shares shares
Restricted stock units outstanding, beginning balance (in shares) | shares	129
Weighted average grant date fair value, beginning balance (in dollars per share) | $ / shares	$ 24.73
Restricted stock units outstanding, granted (in shares) | shares	24
Weighted average grant date fair value, granted (in dollars per share) | $ / shares	$ 38.54
Restricted stock units outstanding, forfeited (in shares) | shares	(3)
Weighted average grant date fair value, forfeited (in dollars per share) | $ / shares	$ 22.09
Restricted stock units outstanding, released (in shares) | shares	(29)
Weighted average grant date fair value, released (in dollars per share) | $ / shares	$ 24.86
Restricted stock units outstanding, ending balance (in shares) | shares	121
Weighted average grant date fair value, ending balance (in dollars per share) | $ / shares	$ 27.48

Note 8 - Income Taxes (Details

Note 8 - Income Taxes (Details Textual) - USD ($)	9 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Oct. 02, 2021
Effective Income Tax Rate Reconciliation, Percent, Total	22.60%	22.60%
Deferred Tax Liabilities, Net, Total	$ 6,920,000		$ 6,296,000
Operating Loss Carryforwards	5,600,000
Deferred Tax Assets, Valuation Allowance	$ 32,000		$ 73,000
State and Local Jurisdiction [Member] | Earliest Tax Year [Member]
Operating Loss Carryforwards Expiration Date 1	2031
State and Local Jurisdiction [Member] | Latest Tax Year [Member]
Operating Loss Carryforwards Expiration Date 1	2037

Note 9 - Employee Benefit Pla_3

Note 9 - Employee Benefit Plans (Details Textual)	9 Months Ended
	Jul. 02, 2022
Supplemental Employee Retirement Plan [Member]
Supplemental Retirement Benefit Period (Year)	15 years
Defined Benefit Plan Percent of Highest Average Salary Base	50%
Defined Benefit Plan Number of Years in Average Annual Base Salary (Year)	5 years
Defined Benefit Plan Number of Years Preceding Retirement for Average Annual Base Salary Calculation (Year)	10 years
Supplemental Employee Retirement Plan [Member] | Minimum [Member]
Defined Benefit Plan, Employment Term (Year)	30 years
Reduced SERP [Member]
Defined Benefit Plan Retirement Age	65
Defined Benefit Plan, Reduction for Each Month	0.28%
Reduced SERP [Member] | Minimum [Member]
Defined Benefit Plan, Employment Term (Year)	10 years

Note 9 - Employee Benefit Pla_4

Note 9 - Employee Benefit Plans - Net Periodic Pension Costs and Related Components (Details) - Supplemental Employee Retirement Plan [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Interest cost	$ 87	$ 79	$ 261	$ 237
Service cost	100	78	300	234
Recognized net actuarial loss	69	54	207	162
Net periodic pension cost	$ 256	$ 211	$ 768	$ 633

Note 10 - Long-term Debt (Detai

Note 10 - Long-term Debt (Details Textual) - USD ($)		3 Months Ended		9 Months Ended
	May 31, 2019	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Amortization of Debt Issuance Costs		$ 16,000	$ 17,000	$ 49,000	$ 49,000
Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity		100,000,000		100,000,000
Line Of Credit Facility, Additional Borrowing Capacity	$ 50,000,000
Long-Term Line of Credit, Total		0		0
Line of Credit Facility, Remaining Borrowing Capacity		98,600,000		98,600,000
Letters of Credit Outstanding, Amount		$ 1,400,000		$ 1,400,000
Debt Instrument, Interest Rate, Increase (Decrease)				2%
Fixed Charge Coverage Ratio				1
Credit Facility, Liquidity Amount				$ 10,000,000
Revolving Credit Facility [Member] | Federal Funds Rate [Member]
Debt Instrument, Basis Spread on Variable Rate				0.50%
Revolving Credit Facility [Member] | Base Rate [Member]
Line of Credit Facility, Interest Rate at Period End		0.25%		0.25%
Revolving Credit Facility [Member] | Base Rate [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate				0.25%
Revolving Credit Facility [Member] | Base Rate [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate				0.50%
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility, Interest Rate at Period End		1.25%		1.25%
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate				1.25%
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate				1.50%

Note 11 - Earnings Per Share (D

Note 11 - Earnings Per Share (Details Textual) - shares	3 Months Ended		9 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	14,000	83,000	46,000	151,000

Note 11 - Earnings Per Share -

Note 11 - Earnings Per Share - Basic and Diluted Earnings Per Share Attributable to Common Shareholders (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Jul. 02, 2022	Apr. 02, 2022	Jan. 01, 2022	Jul. 03, 2021	Apr. 03, 2021	Jan. 02, 2021	Jul. 02, 2022	Jul. 03, 2021
Net earnings	$ 38,559	$ 39,017	$ 23,129	$ 18,395	$ 14,920	$ 8,143	$ 100,705	$ 41,458
Basic weighted average shares outstanding (in shares)	19,537			19,352			19,503	19,330
Dilutive effect of stock-based compensation (in shares)	120			221			126	178
Diluted weighted average shares outstanding (in shares)	19,657			19,573			19,629	19,508
Net earnings per share:
Basic (in dollars per share)	$ 1.97			$ 0.95			$ 5.16	$ 2.14
Diluted (in dollars per share)	$ 1.96			$ 0.94			$ 5.13	$ 2.13

Note 12 - Share Repurchases (De

Note 12 - Share Repurchases (Details Textual) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021	Nov. 18, 2008
Stock Repurchase Program, Authorized Amount					$ 25
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 24.8		$ 24.8
Stock Repurchased During Period, Shares (in shares)	0	0	0	0

Note 13 - Other Financial Dat_2

Note 13 - Other Financial Data - Balance Sheet Information (Details) - USD ($) $ in Thousands	Jul. 02, 2022	Oct. 02, 2021
Accounts receivable	$ 81,571	$ 68,274
Less allowance for doubtful accounts	(396)	(357)
Total	81,175	67,917
Raw materials	123,421	50,459
Work in process	8,365	6,680
Finished goods	60,661	21,910
Total	192,447	79,049
Prepaid insurance	4,929	5,169
Other	2,069	4,887
Total	6,998	10,056
Cash surrender value of life insurance policies	10,286	12,501
Right-of-use asset	1,856	1,717
Capitalized financing costs, net	57	106
Assets held for sale	0	6,306
Other	123	137
Total	12,322	20,767
Land and land improvements	14,566	14,554
Buildings	54,408	53,182
Machinery and equipment	191,138	180,654
Construction in progress	10,336	10,191
Property, plant and equipment, gross	270,448	258,581
Less accumulated depreciation	(162,183)	(152,957)
Total	108,265	105,624
Salaries, wages and related expenses	8,122	8,229
Income taxes	2,859	4,014
Customer rebates	2,547	2,354
Property taxes	1,170	1,575
Operating lease liability	1,136	1,030
Sales allowance reserves	1,127	991
State sales and use taxes	453	760
Other	463	453
Total	17,877	19,406
Deferred compensation	13,440	12,832
Deferred Tax Liabilities, Net, Total	6,920	6,296
Operating lease liability	728	695
Total	$ 21,088	$ 19,823

Note 14 - Business Segment In_2

Note 14 - Business Segment Information (Details Textual)	9 Months Ended
	Jul. 02, 2022
Number of Reportable Segments	1

Note 15 - Leases (Details Textu

Note 15 - Leases (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Jul. 02, 2022	Jul. 03, 2021
Operating Lease, Expense	$ 355,000	$ 357,000	$ 1,100,000	$ 1,100,000

Note 15 - Leases - Supplement C

Note 15 - Leases - Supplement Cash Flow and Non-cash Information, Weighted Average Remaining Lease Term and Discount Rate Related to Lease (Details) - USD ($) $ in Thousands	9 Months Ended
	Jul. 02, 2022	Jul. 03, 2021	Oct. 02, 2021
Cash paid for operating leases included in operating cash flows	$ 1,071	$ 1,084
Weighted average lease term (years) (Year)	1 year 10 months 9 days		1 year 9 months 18 days
Right-of-use assets obtained in exchange for new lease obligations	$ 1,182	$ 303
Weighted average discount rate	3.70%		4.10%

Note 15 - Leases - Supplemental

Note 15 - Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Jul. 02, 2022	Oct. 02, 2021
Right-of-use asset	$ 1,856	$ 1,717
Accrued expenses	1,136	1,030
Other liabilities	728	695
Other Noncurrent Assets [Member]
Right-of-use asset	1,856	1,717
Accrued Expenses, Current [Member]
Accrued expenses	1,136	1,030
Other Noncurrent Liabilities [Member]
Other liabilities	728	695
Accrued Expenses Current and Other Noncurrent Liabilities [Member]
Total operating lease liabilities	$ 1,864	$ 1,725

Note 15 - Leases - Aggregate Fu

Note 15 - Leases - Aggregate Future Operating Lease Payments (Details) $ in Thousands	Jul. 02, 2022 USD ($)
2022	$ 333
2023	1,022
2024	499
2025	69
2026	2
Thereafter	1
Total future operating lease payments	1,926
Less: imputed interest	(62)
Other Liabilities [Member]
Present value of lease liabilities	$ 1,864