Insteel Industries (IIIN) 10-K 27 Oct 22 2022 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Oct. 01, 2022	Oct. 26, 2022	Apr. 02, 2022
Document Information [Line Items]
Entity Central Index Key	0000764401
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--10-01
Document Type	10-K
Document Annual Report	true
Document Period End Date	Oct. 01, 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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 576,420,957
Entity Common Stock, Shares Outstanding		19,478,099
Auditor Name	Grant Thornton LLP
Auditor Location	Charlotte, North Carolina
Auditor Firm ID	248

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 03, 2020
Net sales	$ 826,832	$ 590,601	$ 472,618
Cost of sales	629,522	469,053	416,831
Gross profit	197,310	121,548	55,787
Selling, general and administrative expense	36,048	32,388	31,348
Restructuring (recoveries) charges, net	(318)	2,868	1,695
Acquisition costs	0	0	195
Other expense (income), net	88	114	(1,254)
Interest expense	91	96	106
Interest income	(326)	(21)	(473)
Earnings before income taxes	161,727	86,103	24,170
Income taxes	36,716	19,493	5,161
Net earnings	$ 125,011	$ 66,610	$ 19,009
Net earnings per share
Basic (in dollars per share)	$ 6.41	$ 3.44	$ 0.99
Diluted (in dollars per share)	6.37	3.41	0.98
Cash dividends declared (in dollars per share)	$ 2.12	$ 1.62	$ 0.12
Weighted average shares outstanding
Basic (in shares)	19,517	19,344	19,278
Diluted (in shares)	19,629	19,534	19,383

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands		12 Months Ended
		Oct. 01, 2022	Oct. 02, 2021	Oct. 03, 2020
Net earnings		$ 125,011	$ 66,610	$ 19,009
Adjustment to defined benefit plan liability, net of income taxes of ($463), $154 and ($93), respectively		1,465	(486)	292
Other comprehensive income (loss)	[1]	1,465	(486)	292
Comprehensive income		$ 126,476	$ 66,124	$ 19,301
[1]Activity within accumulated other comprehensive income (loss) is reported net of related income taxes: 2020 ($93), 2021 $154 and 2022 ($463).

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income-parentheticals (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 03, 2020
Other comprehensive (loss) income, related income taxes	$ (463)	$ 154	$ (93)

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 01, 2022	Oct. 02, 2021
Assets
Cash and cash equivalents	$ 48,316	$ 89,884
Accounts receivable, net	81,646	67,917
Inventories	197,654	79,049
Other current assets	7,716	10,056
Total current assets	335,332	246,906
Property, plant and equipment, net	108,156	105,624
Intangibles, net	6,847	7,668
Goodwill	9,745	9,745
Other assets	11,665	20,767
Total assets	471,745	390,710
Accounts payable	46,796	49,443
Accrued expenses	15,800	19,406
Total current liabilities	62,596	68,849
Other liabilities	19,405	19,823
Commitments and contingencies
Shareholders’ equity
Preferred stock, no par value Authorized shares: 1,000 None issued	0	0
Common stock, $1 stated value Authorized shares: 50,000 Issued and outstanding shares: 2022, 19,478; 2021, 19,408	19,478	19,408
Additional paid-in capital	81,997	78,688
Retained earnings	289,246	206,384
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total	(977)	(2,442)
Total shareholders’ equity	389,744	302,038
Total liabilities and shareholders’ equity	$ 471,745	$ 390,710

Consolidated Balance Sheets -pa

Consolidated Balance Sheets -parentheticals (Parentheticals) - $ / shares shares in Thousands	Oct. 01, 2022	Oct. 02, 2021
Preferred Stock, No Par Value (in dollars per share)	$ 0	$ 0
Preferred Stock, Shares Authorized (in shares)	1,000	1,000
Preferred Stock, Shares Issued (in shares)	0	0
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 1	$ 1
Common Stock, Shares Authorized (in shares)	50,000	50,000
Common Stock, Shares, Issued (in shares)	19,478	19,408
Common Stock, Shares, Outstanding, Ending Balance (in shares)	19,478	19,408

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands		Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Sep. 28, 2019		19,261
Balance at Sep. 28, 2019		$ 19,261	$ 74,632	$ 154,372	$ (2,248)	$ 246,017
Net earnings				19,009		19,009
Other comprehensive (loss) income	[1]				292	292
Vesting of restricted stock units (in shares)		43
Vesting of restricted stock units		$ 43	(43)			0
Compensation expense associated with stock-based plans			2,028			2,028
Restricted stock units and stock options surrendered for withholding taxes payable			(230)			(230)
Cash dividends declared				(2,313)		(2,313)
Balance (in shares) at Oct. 03, 2020		19,304
Balance at Oct. 03, 2020		$ 19,304	76,387	171,068	(1,956)	264,803
Net earnings				66,610		66,610
Other comprehensive (loss) income	[1]				(486)	(486)
Vesting of restricted stock units (in shares)		30
Vesting of restricted stock units		$ 30	(30)			0
Compensation expense associated with stock-based plans			1,988			1,988
Restricted stock units and stock options surrendered for withholding taxes payable			(665)			(665)
Cash dividends declared				(31,294)		$ (31,294)
Stock options exercised (in shares)		74				128
Stock options exercised		$ 74	1,008			$ 1,082
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				125,011		125,011
Other comprehensive (loss) income	[1]				1,465	1,465
Vesting of restricted stock units (in shares)		40
Vesting of restricted stock units		$ 40	(40)			0
Compensation expense associated with stock-based plans			2,429			2,429
Restricted stock units and stock options surrendered for withholding taxes payable					(483)	(483)
Cash dividends declared				(41,162)		$ (41,162)
Stock options exercised (in shares)		72				85
Stock options exercised		$ 72	1,578			$ 1,650
Repurchases of common stock (in shares)		(42)
Repurchases of common stock		$ (42)	(175)	(987)		(1,204)
Balance (in shares) at Oct. 01, 2022		19,478
Balance at Oct. 01, 2022		$ 19,478	$ 81,997	$ 289,246	$ (977)	$ 389,744
[1]Activity within accumulated other comprehensive income (loss) is reported net of related income taxes: 2020 ($93), 2021 $154 and 2022 ($463).

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Equity -parentheticals (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 03, 2020
Other comprehensive (loss) income, related income taxes	$ (463)	$ 154	$ (93)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 03, 2020
Cash Flows From Operating Activities
Net earnings	$ 125,011,000	$ 66,610,000	$ 19,009,000
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	14,486,000	14,521,000	14,255,000
Amortization of capitalized financing costs	65,000	65,000	66,000
Stock-based compensation expense	2,429,000	1,988,000	2,028,000
Deferred income taxes	327,000	(118,000)	(424,000)
Asset impairment charges	0	1,415,000	343,000
(Gain) loss on sale and disposition of property, plant and equipment and assets held for sale	(480,000)	125,000	(1,114,000)
Increase in cash surrender value of life insurance policies over premiums paid	0	(1,533,000)	(243,000)
Gain from life insurance proceeds	(364,000)	0	(200,000)
Net changes in assets and liabilities (net of assets and liabilities acquired)
Accounts receivable, net	(13,729,000)	(14,100,000)	(5,806,000)
Increase (Decrease) in Inventories, Total	118,605,000	10,086,000	(5,060,000)
Inventories	(118,605,000)	(10,086,000)	5,060,000
Accounts payable and accrued expenses	(1,964,000)	11,891,000	20,159,000
Increase (Decrease) in Other Operating Assets and Liabilities, Net, Total	1,506,000	900,000	(3,091,000)
Other changes	(1,506,000)	(900,000)	3,091,000
Total adjustments	(119,341,000)	3,268,000	37,215,000
Net cash provided by operating activities	5,670,000	69,878,000	56,224,000
Cash Flows From Investing Activities
Acquisition of business	0	0	(18,356,000)
Capital expenditures	(15,900,000)	(17,500,000)	(7,114,000)
Proceeds from sale of property, plant and equipment	0	0	40,000
Proceeds from surrender of life insurance policies	110,000	32,000	260,000
Decrease (increase) in cash surrender value of life insurance policies	1,361,000	(416,000)	(390,000)
Proceeds from sale of assets held for sale	6,934,000	79,000	2,186,000
Proceeds from life insurance claims	1,456,000	0	200,000
Net cash used for investing activities	(6,039,000)	(17,805,000)	(23,174,000)
Cash Flows From Financing Activities
Proceeds from long-term debt	266,000	297,000	322,000
Principal payments on long-term debt	(266,000)	(297,000)	(322,000)
Cash dividends paid	(41,162,000)	(31,294,000)	(2,313,000)
Cash received from exercise of stock options	1,650,000	1,082,000	0
Repurchases of common stock	(1,204,000)	0	0
Payment of employee tax withholdings related to net share transactions	(483,000)	(665,000)	(230,000)
Net cash used for financing activities	(41,199,000)	(30,877,000)	(2,543,000)
Net (decrease) increase in cash and cash equivalents	(41,568,000)	21,196,000	30,507,000
Cash and cash equivalents at beginning of period	89,884,000	68,688,000	38,181,000
Cash and cash equivalents at end of period	48,316,000	89,884,000	68,688,000
Supplemental Disclosures of Cash Flow Information:
Income taxes, net	41,483,000	16,799,000	1,919,000
Non-cash investing and financing activities
Purchases of property, plant and equipment in accounts payable	946,000	501,000	769,000
Restricted stock units and stock options surrendered for withholding taxes payable	483,000	665,000	230,000
Payable related to holdback for business acquired	$ 0	$ 0	$ 1,000,000

Note 1 - Description of Busines

Note 1 - Description of Business	12 Months Ended
	Oct. 01, 2022
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	(1) Description of Business Insteel Industries, Inc. (“we,” “us,” “our,” “Insteel” or “the Company”) is the nation’s largest manufacturer of steel wire reinforcing products for concrete construction applications. Insteel is the parent holding company for two wholly-owned subsidiaries, Insteel Wire Products Company (“IWP”), an operating subsidiary, and Intercontinental Metals Corporation, an inactive subsidiary. We manufacture and market prestressed concrete strand (“PC strand”) and welded wire reinforcement (“WWR”), including engineered structural mesh, concrete pipe reinforcement and standard welded wire reinforcement. Our products are primarily sold to manufacturers of concrete products and, to a lesser extent, distributors, rebar fabricators and contractors. We sell our products nationwide across the United States (“U.S.”) and, to a much lesser extent, into Canada, Mexico and Central and South America. On March 16, 2020, we, through our wholly-owned subsidiary, IWP, purchased substantially all of the assets of Strand-Tech Manufacturing, Inc. (“STM”). We have evaluated all subsequent events that occurred after the balance sheet date through the time of filing this Annual Report on Form 10-K and concluded there were no events or transactions during this period that required additional recognition or disclosure in our consolidated financial statements.

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	12 Months Ended
	Oct. 01, 2022
Notes to Financial Statements
Significant Accounting Policies [Text Block]	(2) Summary of Significant Accounting Policies Fiscal year. Principles of consolidation . Use of estimates. Cash equivalents . Concentration of credit risk. The majority of our accounts receivable are due from customers that are located in the U.S. and are generally not secured by collateral depending upon the creditworthiness of the account. We provide an allowance for credit losses based upon our assessment of the credit risk of specific customers, historical trends and other information. We write off accounts receivable when they become uncollectible. There is no disproportionate concentration of credit risk. Stock-based compensation. Employee benefit plan. The discount rate we utilize for determining net periodic pension cost and the related benefit obligation for the SRBAs is based, in part, on current interest rates earned on long-term bonds that receive one of the two highest ratings assigned by recognized rating agencies. Our discount rate assumptions are adjusted as of each valuation date to reflect current interest rates on such long-term bonds. The discount rate is used to determine the actuarial present value of the benefit obligations as of the valuation date as well as the interest component of the net periodic pension cost for the following year. We currently expect net periodic pension cost for 2023 to be $864,000 for the SRBAs. Cash contributions to the SRBAs during 2023 are expected to be $560,000. The assumed discount rate is reevaluated annually. A reduction in the assumed discount rate generally results in an actuarial loss, as the actuarially-determined present value of estimated future benefit payments will increase. Conversely, an increase in the assumed discount rate generally results in an actuarial gain. However, any actuarial gains generated in future periods reduce the negative amortization effect of any cumulative unamortized actuarial losses, while any actuarial losses generated in future periods reduce the favorable amortization effect of any cumulative unamortized actuarial gains. The projected benefit obligations and net periodic pension cost for the SRBAs are based in part on expected increases in future compensation levels. Our assumption for the expected increase in future compensation levels is based upon our average historical experience and our intentions regarding future compensation increases, which generally approximates average long-term inflation rates. A 0.25% decrease in the assumed discount rate for our SRBAs would have increased our projected and accumulated benefit obligations as of October 1, 2022 by approximately $297,000 and $244,000, respectively, and our expected net periodic pension cost for 2023 by approximately $30,000. Revenue recognition Inventories . Property, plant and equipment. Goodwill. Long-lived assets . Fair value of financial instruments. Income taxes. Earnings per share.

Note 3 - Recent Accounting Pron

Note 3 - Recent Accounting Pronouncements	12 Months Ended
	Oct. 01, 2022
Notes to Financial Statements
Accounting Standards Update and Change in Accounting Principle [Text Block]	(3) 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 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 of 2022. 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 4 - Revenue Recognition

Note 4 - Revenue Recognition	12 Months Ended
	Oct. 01, 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. 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 October 1, 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. See Note 15 for the disaggregation of our net sales by product line and geography.

Note 5 - Restructuring

Note 5 - Restructuring	12 Months Ended
	Oct. 01, 2022
Notes to Financial Statements
Restructuring and Related Activities Disclosure [Text Block]	(5) Restructuring On March 16, 2020, we purchased substantially all of the assets of STM for an adjusted purchase price of $19.4 million, reflecting certain post-closing adjustments (the “STM Acquisition”). STM was a leading manufacturer of PC strand for concrete construction applications. We acquired, among other assets, STM’s accounts receivable, inventories, production equipment and facility located in Summerville, South Carolina, and assumed certain of its accounts payable and accrued liabilities. 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 2020, and the facility was sold in 2022. The consolidation of our PC strand operations was completed in 2022. Following is a summary of the restructuring activity during 2022, 2021 and 2020: Employee Equipment Facility Loss (Gain) (In thousands) Separation Relocation Closure Asset on Sale of Costs Costs Costs Impairments Equipment Total 2022 Liability as of October 2, 2021 $ - $ - $ 10 $ - $ - $ 10 Restructuring charges (recoveries), net - - 304 - (622 ) (318 ) Cash payments - - (314 ) - - (314 ) Non-cash charges - - - 622 622 Liability as of October 1, 2022 $ - $ - $ - $ - $ - $ - 2021 Liability as of October 3, 2020 $ - $ 20 $ 151 $ - $ - $ 171 Restructuring charges, net 13 423 1,017 1,415 - 2,868 Cash payments (13 ) (443 ) (1,158 ) - - (1,614 ) Non-cash charges - - (1,415 ) - (1,415 ) Liability as of October 2, 2021 $ - $ - $ 10 $ - $ - $ 10 2020 Restructuring charges, net $ 182 $ 482 $ 806 $ 343 $ (118 ) $ 1,695 Cash payments (182 ) (462 ) (655 ) - - (1,299 ) Non-cash charges - - - (343 ) 118 (225 ) Liability as of October 3, 2020 $ - $ 20 $ 151 $ - $ - $ 171

Note 6 - Fair Value Measurement

Note 6 - Fair Value Measurements	12 Months Ended
	Oct. 01, 2022
Notes to Financial Statements
Fair Value Disclosures [Text Block]	(6) Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The authoritative guidance for fair value measurements establishes a three-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 October 1, 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 October 1, 2022: Current assets: Cash equivalents $ 48,045 $ 48,045 $ - Other assets: Cash surrender value of life insurance policies 9,938 - 9,938 Total $ 57,983 $ 48,045 $ 9,938 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 October 1, 2022 and October 2, 2021, we had no nonfinancial assets that are required to be measured at fair value on a nonrecurring basis. During 2021, we recognized $1.4 million of impairment charges related to the Summerville facility acquired in the STM Acquisition to reflect its fair value of $6.3 million as of October 2, 2021. The Summerville facility, which was sold in 2022, was classified as assets held for sale in other assets on our consolidated balance sheet as of October 2, 2021. 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 7 - Intangible Assets

Note 7 - Intangible Assets	12 Months Ended
	Oct. 01, 2022
Notes to Financial Statements
Intangible Assets Disclosure [Text Block]	(7) Intangible Assets The primary components of our intangible assets and the related accumulated amortization are as follows: (In thousands) Weighted- Average Useful Life (Years) Gross Accumulated Amortization Net Book Value As of October 1, 2022: Customer relationships 17.1 $ 9,870 $ (4,130 ) $ 5,740 Developed technology and know-how 20.0 1,800 (729 ) 1,071 Non-competition agreements 5.0 400 (364 ) 36 $ 12,070 $ (5,223 ) $ 6,847 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 $821,000 in 2022, $899,000 in 2021 and $1.0 million in 2020. Amortization expense for the next five years is $756,000 in 2023, $750,000 in 2024, $743,000 in 2025, $752,000 in 2026 and $480,000 in 2027.

Note 8 - Long-term Debt

Note 8 - Long-term Debt	12 Months Ended
	Oct. 01, 2022
Notes to Financial Statements
Long-Term Debt [Text Block]	(8) 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 October 1, 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 October 1, 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 $65,000 in 2022, $65,000 in 2021 and $66,000 in 2020. We expect the amortization of capitalized financing costs to approximate the following amounts for the next five fiscal years: Fiscal year In thousands 2023 $ 65 2024 41

Note 9 - Stock-based Compensati

Note 9 - Stock-based Compensation	12 Months Ended
	Oct. 01, 2022
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	(9) 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 11, 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 October 1, 2022, there were 555,000 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 weighted-average estimated fair values of stock options granted during 2022, 2021 and 2020 were $14.67, $14.47 and $8.05 per share, respectively, based on the following weighted-average assumptions: Year Ended October 1, October 2, October 3, 2022 2021 2020 Expected term (in years) 4.61 4.87 4.81 Risk-free interest rate 3.03 % 0.68 % 0.95 % Expected volatility 49.63 % 50.34 % 47.18 % Expected dividend yield 0.34 % 0.42 % 0.59 % The assumptions utilized in the Monte Carlo valuation model are evaluated and revised, as necessary, to reflect market conditions and actual historical experience. The expected term for options was based on the results of a Monte Carlo simulation model, using the model’s estimated fair value as an input to the Black-Scholes-Merton model, and then solving for the expected term. The risk-free interest rate for periods within the contractual life of the option was based on the U.S. Treasury yield curve in effect at the time of the grant. The expected volatility was derived using a term structure based on historical volatility and the volatility implied by exchange-traded options on our common stock. The dividend yield was calculated based on our annual dividend as of the option grant date. The following table summarizes stock option activity: Contractual Aggregate Options Weighted Term - Weighted Intrinsic Outstanding Average Average Value (in thousands) Exercise Price (in years) (in thousands) Outstanding at September 28, 2019 388 $ 26.16 Granted 121 21.08 Forfeited (27 ) 25.88 Outstanding at October 3, 2020 482 24.90 Granted 74 34.76 Exercised (128 ) 21.17 $ 2,212 Outstanding at October 2, 2021 428 27.72 Granted 82 35.32 Exercised (85 ) 24.23 1,615 Forfeited (60 ) 29.29 Outstanding at October 1, 2022 365 30.00 7.55 820 Vested and anticipated to vest in the future at October 1, 2022 357 29.92 7.51 815 Exercisable at October 1, 2022 197 28.30 6.4 614 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 October 1, October 2, October 3, (In thousands) 2022 2021 2020 Restricted stock unit grants: Units 43 43 68 Market value $ 1,563 $ 1,430 $ 1,444 Compensation expense 1,365 1,128 1,218 As of October 1, 2022, there was $1.1 million of unrecognized compensation cost related to unvested RSUs which is expected to be recognized over a weighted average period of 1.73 years. The following table summarizes RSU activity: Weighted Aggregate Restricted Average Intrinsic Stock Units Grant Date Value (Unit amounts in thousands) Outstanding Fair Value (in thousands) Balance, September 28, 2019 115 $ 26.16 Granted 68 21.29 Forfeited (6 ) 25.49 Released (55 ) 27.07 $ 1,127 Balance, October 3, 2020 122 23.07 Granted 43 33.22 Released (36 ) 29.21 1,191 Balance, October 2, 2021 129 24.73 Granted 43 35.93 Forfeited (3 ) 22.09 Released (49 ) 22.17 1,773 Balance, October 1, 2022 120 29.88

Note 10 - Income Taxes

Note 10 - Income Taxes	12 Months Ended
	Oct. 01, 2022
Notes to Financial Statements
Income Tax Disclosure [Text Block]	(10) Income Taxes The components of the provision for income taxes are as follows: Year Ended October 1, October 2, October 3, (Dollars in thousands) 2022 2021 2020 Provision for income taxes: Current: Federal $ 33,377 $ 17,904 $ 5,056 State 3,012 1,707 529 36,389 19,611 5,585 Deferred: Federal 627 (180 ) (288 ) State (300 ) 62 (136 ) 327 (118 ) (424 ) Income taxes $ 36,716 $ 19,493 $ 5,161 Effective income tax rate 22.7 % 22.6 % 21.4 % The reconciliation between income taxes computed at the federal statutory rate and the provision for income taxes is as follows: Year Ended (Dollars in thousands) October 1, 2022 October 2, 2021 October 3, 2020 Provision for income taxes at federal statutory rate $ 33,963 21.0 % $ 18,082 21.0 % $ 5,076 21.0 % State income taxes, net of federal tax benefit 2,108 1.3 1,544 1.8 319 1.3 Stock-based compensation (255 ) (0.2 ) (253 ) (0.3 ) 128 0.5 Valuation allowance (41 ) (0.0 ) (134 ) (0.2 ) (50 ) (0.2 ) Net operating loss carryback - CARES Act - - - - (223 ) (0.9 ) Nondeductible expenses and other, net 941 0.6 254 0.3 (89 ) (0.3 ) Provision for income taxes $ 36,716 22.7 % $ 19,493 22.6 % $ 5,161 21.4 % The components of deferred tax assets and liabilities are as follows: October 1, October 2, (In thousands) 2022 2021 Deferred tax assets: Defined benefit plans $ 2,617 $ 2,921 Accrued expenses and asset reserves 2,430 2,280 Stock-based compensation 1,176 1,204 Operating lease liability 353 387 State net operating loss carryforwards and tax credits 142 54 Valuation allowance (32 ) (73 ) Deferred tax assets 6,686 6,773 Deferred tax liabilities: Plant and equipment (11,546 ) (10,901 ) Prepaid insurance (1,279 ) (1,374 ) Right of use assets (352 ) (385 ) Goodwill (595 ) (409 ) Deferred tax liabilities (13,772 ) (13,069 ) Net deferred tax liability $ (7,086 ) $ (6,296 ) On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") was signed into law. The CARES Act includes several changes impacting business, including, but not limited to, enhanced business interest deductibility, net operating loss ("NOL") carryback provisions, payroll tax deferral provisions and employee retention tax credits. We recorded a $223,000 tax benefit in 2020 resulting from the NOL carryback provisions of the CARES Act. As of October 1, 2022 and October 2, 2021, we recorded deferred tax liabilities (net of valuation allowances) of $7.1 million and $6.3 million, respectively, in other liabilities on our consolidated balance sheet. We have $5.6 million of state NOLs that begin to expire in 2031, but principally expire between 2031 and 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 October 1, 2022, we recorded a valuation allowance of $32,000 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 and tax credits against which an allowance had previously been provided or determine that such utilization was more likely than not. The $ 41,000 As of October 1, 2022, we had no material, known tax exposures that required the establishment of contingency reserves for uncertain tax positions. We classify interest and penalties related to unrecognized tax benefits as part of income tax expense. There were no We file U.S. federal income tax returns as well as state and local income tax returns in various jurisdictions. Federal and various state tax returns filed subsequent to 2017 remain subject to examination.

Note 11 - Employee Benefit Plan

Note 11 - Employee Benefit Plans	12 Months Ended
	Oct. 01, 2022
Notes to Financial Statements
Compensation and Employee Benefit Plans [Text Block]	(11) Employee Benefit Plans Supplemental retirement benefit plan. five 1/360 The reconciliation of the projected benefit obligation, plan assets, funded status and amounts recognized for the SRBAs in our consolidated balance sheets is as follows: Year Ended October 1, October 2, October 3, (In thousands) 2022 2021 2020 Change in benefit obligation: Benefit obligation at beginning of year $ 12,888 $ 11,610 $ 11,278 Service cost 399 312 338 Interest cost 347 316 334 Actuarial (gain) loss (1,650 ) 855 (91 ) Distributions (205 ) (205 ) (249 ) Benefit obligation at end of year $ 11,779 $ 12,888 $ 11,610 Change in plan assets: Actual employer contributions $ 205 $ 205 $ 249 Actual distributions (205 ) (205 ) (249 ) Plan assets at fair value at end of year $ - $ - $ - Reconciliation of funded status to net amount recognized: Funded status $ (11,779 ) $ (12,888 ) $ (11,610 ) Net amount recognized $ (11,779 ) $ (12,888 ) $ (11,610 ) Amounts recognized in accumulated other comprehensive loss: Unrecognized net loss $ 1,285 $ 3,213 $ 2,574 Net amount recognized $ 1,285 $ 3,213 $ 2,574 Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): Net (gain) loss $ (1,650 ) $ 855 $ (91 ) Amortization of net loss (278 ) (215 ) (294 ) Total recognized in other comprehensive (loss) income $ (1,928 ) $ 640 $ (385 ) In 2022, 2021 and 2020, the actuarial (gain) loss includes amounts resulting from changes in actuarial assumptions utilized to calculate our benefit plan obligation such as the discount rate, estimated future compensation levels and changes in plan participants. The accumulated benefit obligation was $10.7 million and $11.7 million as of October 1, 2022 and October 2, 2021, respectively. Net periodic pension cost for the SRBAs includes the following components: Year Ended October 1, October 2, October 3, (In thousands) 2022 2021 2020 Service cost $ 399 $ 312 $ 338 Interest cost 347 316 334 Amortization of net loss 278 215 294 Net periodic pension cost $ 1,024 $ 843 $ 966 The assumptions used in the valuation of the SRBAs are as follows: Measurement Date October 1, October 2, October 3, 2022 2021 2020 Assumptions at year-end: Discount rate 4.50 % 2.75 % 2.75 % Rate of increase in compensation levels 3.00 % 3.00 % 3.00 % The assumed discount rate is established as of our fiscal year-end measurement date. In establishing the discount rate, we review published market indices of high-quality debt securities, adjusted as appropriate for duration, and high-quality bond yield curves applicable to the expected benefit payments of the SRBAs. The SRBAs expected rate of increase in compensation levels is based on the anticipated increases in annual compensation. The projected benefit payments under the SRBAs are as follows: Fiscal year(s) In thousands 2023 $ 560 2024 601 2025 919 2026 844 2027 844 2028 - 2032 4,706 Retirement savings plan. The Plan allows for discretionary contributions to be made by us as determined by the Board of Directors, which are allocated among eligible participants based on their compensation relative to the total compensation of all participants. Employees are permitted to contribute up to 75% of their annual compensation to the Plan, limited to a maximum annual amount as set periodically by the Internal Revenue Code. We match employee contributions up to 100% of the first 1% and 50% of the next 5% of eligible compensation that is contributed by employees. Our contributions to the Plan were $1.7 million in 2022, $1.5 million in 2021 and $1.3 million in 2020. Voluntary Employee Beneficiary Associations (“VEBA”)

Note 12 - Commitments and Conti

Note 12 - Commitments and Contingencies	12 Months Ended
	Oct. 01, 2022
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	(12) Commitments and Contingencies Purchase commitments Legal proceedings Severance and change of control agreements. two one-year one-half eighteen We have also entered into change in control agreements with key members of management, including our executive officers, which specify the terms of separation in the event that termination of their employment followed a change in control. The initial term of each agreement is two one-year two two three two one one three one

Note 13 - Leases

Note 13 - Leases	12 Months Ended
	Oct. 01, 2022
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	(13) 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 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 as of the commencement date in determining the present value of lease payments, which represents an estimate of the interest rate we would incur at the lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term. Supplemental cash flow and non-cash information related to leases is as follows: Year Ended (In thousands) October 1, 2022 October 2, 2021 Cash paid for operating leases included in operating cash flows $ 1,418 $ 1,413 Right-of-use assets obtained in exchange for new lease obligations 1,206 579 Supplemental balance sheet information related to leases is as follows: (In thousands) October 1, 2022 October 2, 2021 Right-of-use assets: Other assets $ 1,565 $ 1,717 Lease liabilities: Accrued expenses $ 997 $ 1,030 Other liabilities 572 695 Total operating lease liabilities $ 1,569 $ 1,725 The weighted average remaining lease terms and discount rates for operating leases are as follows: October 1, 2022 October 2, 2021 Weighted average lease term (in years) 1.7 1.8 Weighted average discount rate 3.7 % 4.1 % Aggregate future operating lease payments as of October 1, 2022 are as follows: (In thousands) 2023 $ 1,034 2024 512 2025 69 2026 2 2027 1 Total future operating lease payments 1,618 Less: imputed interest (49 ) Present value of lease liabilities $ 1,569

Note 14 - Earnings Per Share

Note 14 - Earnings Per Share	12 Months Ended
	Oct. 01, 2022
Notes to Financial Statements
Earnings Per Share [Text Block]	(14) Earnings Per Share The computation of basic and diluted earnings per share attributable to common shareholders is as follows: Year Ended October 1, October 2, October 3, (In thousands, except per share amounts) 2022 2021 2020 Net earnings $ 125,011 $ 66,610 $ 19,009 Basic weighted average shares outstanding 19,517 19,344 19,278 Dilutive effect of stock-based compensation 112 190 105 Diluted weighted average shares outstanding 19,629 19,534 19,383 Net earnings per share: Basic $ 6.41 $ 3.44 $ 0.99 Diluted 6.37 3.41 0.98 Options and RSUs that were antidilutive and not included in the diluted EPS calculation amounted to 49,000 shares in 2022, 142,000 shares in 2021 and 369,000 shares in 2020.

Note 15 - Business Segment Info

Note 15 - Business Segment Information	12 Months Ended
	Oct. 01, 2022
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	(15) 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 WWR. Based on the criteria specified in ASC Topic 280, Segment Reporting one Our net sales by geographic region are as follows: Year Ended October 1, October 2, October 3, (In thousands) 2022 2021 2020 Net sales: United States $ 820,641 $ 583,458 $ 470,420 Foreign 6,191 7,143 2,198 Total $ 826,832 $ 590,601 $ 472,618 Our sales by product line are as follows: Year Ended October 1, October 2, October 3, (In thousands) 2022 2021 2020 Net sales: Welded wire reinforcement $ 495,401 $ 358,334 $ 294,129 Prestressed concrete strand 331,431 232,267 178,489 Total $ 826,832 $ 590,601 $ 472,618 There were no customers that accounted for 10% or more of our net sales in 2022, 2021 and 2020.

Note 16 - Other Financial Data

Note 16 - Other Financial Data	12 Months Ended
	Oct. 01, 2022
Notes to Financial Statements
Other Financial Data [Text Block]	(16) Other Financial Data Balance sheet information: October 1, October 2, (In thousands) 2022 2021 Accounts receivable, net: Accounts receivable $ 82,043 $ 68,274 Less allowance for credit losses (397 ) (357 ) Total $ 81,646 $ 67,917 Inventories: Raw materials $ 108,894 $ 50,459 Work in process 8,817 6,680 Finished goods 79,943 21,910 Total $ 197,654 $ 79,049 Other current assets: Prepaid insurance $ 4,563 $ 5,169 Other 3,153 4,887 Total $ 7,716 $ 10,056 Other assets: Cash surrender value of life insurance policies $ 9,938 $ 12,501 Assets held for sale - 6,306 Right-of-use assets 1,565 1,717 Capitalized financing costs, net 41 106 Other 121 137 Total $ 11,665 $ 20,767 Property, plant and equipment, net: Land and land improvements $ 14,947 $ 14,554 Buildings 55,044 53,182 Machinery and equipment 191,790 180,654 Construction in progress 11,745 10,191 273,526 258,581 Less accumulated depreciation (165,370 ) (152,957 ) Total $ 108,156 $ 105,624 Accrued expenses: Salaries, wages and related expenses $ 8,128 $ 8,229 Customer rebates 2,760 2,354 Property taxes 1,782 1,575 Sales allowance reserves 1,013 991 Operating lease liabilities 997 1,030 State sales and use taxes 595 760 Income taxes - 4,014 Other 525 453 Total $ 15,800 $ 19,406 Other liabilities: Deferred compensation $ 11,747 $ 12,832 Deferred income taxes 7,086 6,296 Operating lease liabilities 572 695 Total $ 19,405 $ 19,823

Note 17 - Product Warranties

Note 17 - Product Warranties	12 Months Ended
	Oct. 01, 2022
Notes to Financial Statements
Product Warranty Disclosure [Text Block]	(17) Product Warranties Our products are used in applications which are subject to inherent risks including performance deficiencies, personal injury, property damage, environmental contamination or loss of production. We warrant our products to meet certain specifications, and actual or claimed deficiencies from these specifications may give rise to claims. We do not maintain a reserve for warranties as the historical claims have been immaterial. We maintain product liability insurance coverage to minimize our exposure to such risks.

Note 18 - Share Repurchases

Note 18 - Share Repurchases	12 Months Ended
	Oct. 01, 2022
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	(18) 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 particular amount of 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. During the year ended October 1, 2022, the Company repurchased $1.2 million or 41,706 shares of its common stock. As of October 1, 2022, there was $23.6 million remaining available for future share repurchases under this Authorization. There were no share repurchases during 2021 or 2020.

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Oct. 01, 2022
Accounting Policies [Abstract]
Fiscal Period, Policy [Policy Text Block]	Fiscal year.
Consolidation, Policy [Policy Text Block]	Principles of consolidation .
Use of Estimates, Policy [Policy Text Block]	Use of estimates.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash equivalents .
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration of credit risk.
Share-Based Payment Arrangement [Policy Text Block]	Stock-based compensation.
Pension and Other Postretirement Plans, Policy [Policy Text Block]	Employee benefit plan.
Revenue [Policy Text Block]	Revenue recognition
Inventory, Policy [Policy Text Block]	Inventories .
Property, Plant and Equipment, Impairment [Policy Text Block]	Property, plant and equipment.
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]	Goodwill.
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]	Long-lived assets .
Fair Value Measurement, Policy [Policy Text Block]	Fair value of financial instruments.
Income Tax, Policy [Policy Text Block]	Income taxes.
Earnings Per Share, Policy [Policy Text Block]	Earnings per share.

Note 5 - Restructuring (Tables)

Note 5 - Restructuring (Tables)	12 Months Ended
	Oct. 01, 2022
Notes Tables
Restructuring and Related Costs [Table Text Block]	Employee Equipment Facility Loss (Gain) (In thousands) Separation Relocation Closure Asset on Sale of Costs Costs Costs Impairments Equipment Total 2022 Liability as of October 2, 2021 $ - $ - $ 10 $ - $ - $ 10 Restructuring charges (recoveries), net - - 304 - (622 ) (318 ) Cash payments - - (314 ) - - (314 ) Non-cash charges - - - 622 622 Liability as of October 1, 2022 $ - $ - $ - $ - $ - $ - 2021 Liability as of October 3, 2020 $ - $ 20 $ 151 $ - $ - $ 171 Restructuring charges, net 13 423 1,017 1,415 - 2,868 Cash payments (13 ) (443 ) (1,158 ) - - (1,614 ) Non-cash charges - - (1,415 ) - (1,415 ) Liability as of October 2, 2021 $ - $ - $ 10 $ - $ - $ 10 2020 Restructuring charges, net $ 182 $ 482 $ 806 $ 343 $ (118 ) $ 1,695 Cash payments (182 ) (462 ) (655 ) - - (1,299 ) Non-cash charges - - - (343 ) 118 (225 ) Liability as of October 3, 2020 $ - $ 20 $ 151 $ - $ - $ 171

Note 6 - Fair Value Measureme_2

Note 6 - Fair Value Measurements (Tables)	12 Months Ended
	Oct. 01, 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 October 1, 2022: Current assets: Cash equivalents $ 48,045 $ 48,045 $ - Other assets: Cash surrender value of life insurance policies 9,938 - 9,938 Total $ 57,983 $ 48,045 $ 9,938 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 7 - Intangible Assets (Tab

Note 7 - Intangible Assets (Tables)	12 Months Ended
	Oct. 01, 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 October 1, 2022: Customer relationships 17.1 $ 9,870 $ (4,130 ) $ 5,740 Developed technology and know-how 20.0 1,800 (729 ) 1,071 Non-competition agreements 5.0 400 (364 ) 36 $ 12,070 $ (5,223 ) $ 6,847 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 8 - Long-term Debt (Tables

Note 8 - Long-term Debt (Tables)	12 Months Ended
	Oct. 01, 2022
Notes Tables
Schedule of Amortization of Financing Costs for Debt [Table Text Block]	Fiscal year In thousands 2023 $ 65 2024 41

Note 9 - Stock-based Compensa_2

Note 9 - Stock-based Compensation (Tables)	12 Months Ended
	Oct. 01, 2022
Notes Tables
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Year Ended October 1, October 2, October 3, 2022 2021 2020 Expected term (in years) 4.61 4.87 4.81 Risk-free interest rate 3.03 % 0.68 % 0.95 % Expected volatility 49.63 % 50.34 % 47.18 % Expected dividend yield 0.34 % 0.42 % 0.59 %
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 September 28, 2019 388 $ 26.16 Granted 121 21.08 Forfeited (27 ) 25.88 Outstanding at October 3, 2020 482 24.90 Granted 74 34.76 Exercised (128 ) 21.17 $ 2,212 Outstanding at October 2, 2021 428 27.72 Granted 82 35.32 Exercised (85 ) 24.23 1,615 Forfeited (60 ) 29.29 Outstanding at October 1, 2022 365 30.00 7.55 820 Vested and anticipated to vest in the future at October 1, 2022 357 29.92 7.51 815 Exercisable at October 1, 2022 197 28.30 6.4 614
Share-Based Payment Arrangement, Cost by Plan [Table Text Block]	October 1, October 2, October 3, (In thousands) 2022 2021 2020 Restricted stock unit grants: Units 43 43 68 Market value $ 1,563 $ 1,430 $ 1,444 Compensation expense 1,365 1,128 1,218
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block]	Weighted Aggregate Restricted Average Intrinsic Stock Units Grant Date Value (Unit amounts in thousands) Outstanding Fair Value (in thousands) Balance, September 28, 2019 115 $ 26.16 Granted 68 21.29 Forfeited (6 ) 25.49 Released (55 ) 27.07 $ 1,127 Balance, October 3, 2020 122 23.07 Granted 43 33.22 Released (36 ) 29.21 1,191 Balance, October 2, 2021 129 24.73 Granted 43 35.93 Forfeited (3 ) 22.09 Released (49 ) 22.17 1,773 Balance, October 1, 2022 120 29.88

Note 10 - Income Taxes (Tables)

Note 10 - Income Taxes (Tables)	12 Months Ended
	Oct. 01, 2022
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	Year Ended October 1, October 2, October 3, (Dollars in thousands) 2022 2021 2020 Provision for income taxes: Current: Federal $ 33,377 $ 17,904 $ 5,056 State 3,012 1,707 529 36,389 19,611 5,585 Deferred: Federal 627 (180 ) (288 ) State (300 ) 62 (136 ) 327 (118 ) (424 ) Income taxes $ 36,716 $ 19,493 $ 5,161 Effective income tax rate 22.7 % 22.6 % 21.4 %
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	Year Ended (Dollars in thousands) October 1, 2022 October 2, 2021 October 3, 2020 Provision for income taxes at federal statutory rate $ 33,963 21.0 % $ 18,082 21.0 % $ 5,076 21.0 % State income taxes, net of federal tax benefit 2,108 1.3 1,544 1.8 319 1.3 Stock-based compensation (255 ) (0.2 ) (253 ) (0.3 ) 128 0.5 Valuation allowance (41 ) (0.0 ) (134 ) (0.2 ) (50 ) (0.2 ) Net operating loss carryback - CARES Act - - - - (223 ) (0.9 ) Nondeductible expenses and other, net 941 0.6 254 0.3 (89 ) (0.3 ) Provision for income taxes $ 36,716 22.7 % $ 19,493 22.6 % $ 5,161 21.4 %
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	October 1, October 2, (In thousands) 2022 2021 Deferred tax assets: Defined benefit plans $ 2,617 $ 2,921 Accrued expenses and asset reserves 2,430 2,280 Stock-based compensation 1,176 1,204 Operating lease liability 353 387 State net operating loss carryforwards and tax credits 142 54 Valuation allowance (32 ) (73 ) Deferred tax assets 6,686 6,773 Deferred tax liabilities: Plant and equipment (11,546 ) (10,901 ) Prepaid insurance (1,279 ) (1,374 ) Right of use assets (352 ) (385 ) Goodwill (595 ) (409 ) Deferred tax liabilities (13,772 ) (13,069 ) Net deferred tax liability $ (7,086 ) $ (6,296 )

Note 11 - Employee Benefit Pl_2

Note 11 - Employee Benefit Plans (Tables)	12 Months Ended
	Oct. 01, 2022
Notes Tables
Schedule of Net Benefit Costs [Table Text Block]	Year Ended October 1, October 2, October 3, (In thousands) 2022 2021 2020 Service cost $ 399 $ 312 $ 338 Interest cost 347 316 334 Amortization of net loss 278 215 294 Net periodic pension cost $ 1,024 $ 843 $ 966
Defined Benefit Plan, Assumptions [Table Text Block]	Measurement Date October 1, October 2, October 3, 2022 2021 2020 Assumptions at year-end: Discount rate 4.50 % 2.75 % 2.75 % Rate of increase in compensation levels 3.00 % 3.00 % 3.00 %
Schedule of Expected Benefit Payments [Table Text Block]	Fiscal year(s) In thousands 2023 $ 560 2024 601 2025 919 2026 844 2027 844 2028 - 2032 4,706
Supplemental Employee Retirement Plan [Member]
Notes Tables
Schedule of Defined Benefit Plans Disclosures [Table Text Block]	Year Ended October 1, October 2, October 3, (In thousands) 2022 2021 2020 Change in benefit obligation: Benefit obligation at beginning of year $ 12,888 $ 11,610 $ 11,278 Service cost 399 312 338 Interest cost 347 316 334 Actuarial (gain) loss (1,650 ) 855 (91 ) Distributions (205 ) (205 ) (249 ) Benefit obligation at end of year $ 11,779 $ 12,888 $ 11,610 Change in plan assets: Actual employer contributions $ 205 $ 205 $ 249 Actual distributions (205 ) (205 ) (249 ) Plan assets at fair value at end of year $ - $ - $ - Reconciliation of funded status to net amount recognized: Funded status $ (11,779 ) $ (12,888 ) $ (11,610 ) Net amount recognized $ (11,779 ) $ (12,888 ) $ (11,610 ) Amounts recognized in accumulated other comprehensive loss: Unrecognized net loss $ 1,285 $ 3,213 $ 2,574 Net amount recognized $ 1,285 $ 3,213 $ 2,574 Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): Net (gain) loss $ (1,650 ) $ 855 $ (91 ) Amortization of net loss (278 ) (215 ) (294 ) Total recognized in other comprehensive (loss) income $ (1,928 ) $ 640 $ (385 )

Note 13 - Leases (Tables)

Note 13 - Leases (Tables)	12 Months Ended
	Oct. 01, 2022
Notes Tables
Lease, Cost [Table Text Block]	Year Ended (In thousands) October 1, 2022 October 2, 2021 Cash paid for operating leases included in operating cash flows $ 1,418 $ 1,413 Right-of-use assets obtained in exchange for new lease obligations 1,206 579 October 1, 2022 October 2, 2021 Weighted average lease term (in years) 1.7 1.8 Weighted average discount rate 3.7 % 4.1 %
Lessee, Operating Lease, Assets and Liabilities [Table Text Block]	(In thousands) October 1, 2022 October 2, 2021 Right-of-use assets: Other assets $ 1,565 $ 1,717 Lease liabilities: Accrued expenses $ 997 $ 1,030 Other liabilities 572 695 Total operating lease liabilities $ 1,569 $ 1,725
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	(In thousands) 2023 $ 1,034 2024 512 2025 69 2026 2 2027 1 Total future operating lease payments 1,618 Less: imputed interest (49 ) Present value of lease liabilities $ 1,569

Note 14 - Earnings Per Share (T

Note 14 - Earnings Per Share (Tables)	12 Months Ended
	Oct. 01, 2022
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Year Ended October 1, October 2, October 3, (In thousands, except per share amounts) 2022 2021 2020 Net earnings $ 125,011 $ 66,610 $ 19,009 Basic weighted average shares outstanding 19,517 19,344 19,278 Dilutive effect of stock-based compensation 112 190 105 Diluted weighted average shares outstanding 19,629 19,534 19,383 Net earnings per share: Basic $ 6.41 $ 3.44 $ 0.99 Diluted 6.37 3.41 0.98

Note 15 - Business Segment In_2

Note 15 - Business Segment Information (Tables)	12 Months Ended
	Oct. 01, 2022
Notes Tables
Revenue from External Customers by Geographic Areas [Table Text Block]	Year Ended October 1, October 2, October 3, (In thousands) 2022 2021 2020 Net sales: United States $ 820,641 $ 583,458 $ 470,420 Foreign 6,191 7,143 2,198 Total $ 826,832 $ 590,601 $ 472,618
Revenue from External Customers by Products and Services [Table Text Block]	Year Ended October 1, October 2, October 3, (In thousands) 2022 2021 2020 Net sales: Welded wire reinforcement $ 495,401 $ 358,334 $ 294,129 Prestressed concrete strand 331,431 232,267 178,489 Total $ 826,832 $ 590,601 $ 472,618

Note 16 - Other Financial Data

Note 16 - Other Financial Data (Tables)	12 Months Ended
	Oct. 01, 2022
Notes Tables
Other Financial Information, Balance Sheet [Table Text Block]	October 1, October 2, (In thousands) 2022 2021 Accounts receivable, net: Accounts receivable $ 82,043 $ 68,274 Less allowance for credit losses (397 ) (357 ) Total $ 81,646 $ 67,917 Inventories: Raw materials $ 108,894 $ 50,459 Work in process 8,817 6,680 Finished goods 79,943 21,910 Total $ 197,654 $ 79,049 Other current assets: Prepaid insurance $ 4,563 $ 5,169 Other 3,153 4,887 Total $ 7,716 $ 10,056 Other assets: Cash surrender value of life insurance policies $ 9,938 $ 12,501 Assets held for sale - 6,306 Right-of-use assets 1,565 1,717 Capitalized financing costs, net 41 106 Other 121 137 Total $ 11,665 $ 20,767 Property, plant and equipment, net: Land and land improvements $ 14,947 $ 14,554 Buildings 55,044 53,182 Machinery and equipment 191,790 180,654 Construction in progress 11,745 10,191 273,526 258,581 Less accumulated depreciation (165,370 ) (152,957 ) Total $ 108,156 $ 105,624 Accrued expenses: Salaries, wages and related expenses $ 8,128 $ 8,229 Customer rebates 2,760 2,354 Property taxes 1,782 1,575 Sales allowance reserves 1,013 991 Operating lease liabilities 997 1,030 State sales and use taxes 595 760 Income taxes - 4,014 Other 525 453 Total $ 15,800 $ 19,406 Other liabilities: Deferred compensation $ 11,747 $ 12,832 Deferred income taxes 7,086 6,296 Operating lease liabilities 572 695 Total $ 19,405 $ 19,823

Note 2 - Summary of Significa_2

Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($)	12 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Oct. 02, 2021	Oct. 03, 2020
Depreciation, Total		$ 13,700,000	$ 13,600,000	$ 13,200,000
Interest Costs Capitalized		0	0	0
Goodwill, Impairment Loss		0	0	0
Asset Impairment Charges, Total		$ 0	$ 1,415,000	$ 343,000
Computer Software, Intangible Asset [Member]
Finite-Lived Intangible Asset, Useful Life		5 years
Machinery and Equipment [Member] | Minimum [Member]
Property, Plant and Equipment, Useful Life		3 years
Machinery and Equipment [Member] | Maximum [Member]
Property, Plant and Equipment, Useful Life		15 years
Building [Member] | Minimum [Member]
Property, Plant and Equipment, Useful Life		10 years
Building [Member] | Maximum [Member]
Property, Plant and Equipment, Useful Life		30 years
Land Improvements [Member] | Minimum [Member]
Property, Plant and Equipment, Useful Life		10 years
Land Improvements [Member] | Maximum [Member]
Property, Plant and Equipment, Useful Life		20 years
Forecast [Member]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total	$ 864,000
Defined Benefit Plan, Expected Future Benefit Payment	560,000
Defined Benefit Plan, Increase in Expected Net Periodic Benefit Cost (Credit), Next Twelve Months	$ 30,000
Decrease in Assumed Discount Rate [Member]
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate		0.25%
Defined Benefit Plan, Increase of Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets		$ 297,000
Defined Benefit Plan, Increase in Accumulated Benefit Obligation		$ 244,000

Note 5 - Restructuring (Details

Note 5 - Restructuring (Details Textual) $ in Millions	Mar. 16, 2020 USD ($)
STM Acquisition [Member]
Business Combination, Consideration Transferred, Total	$ 19.4

Note 5 - Restructuring - Restru

Note 5 - Restructuring - Restructuring Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 03, 2020
Liability as of October 2, 2021	$ 10	$ 171
Restructuring charges (recoveries), net	(318)	2,868	$ 1,695
Cash payments	(314)	(1,614)	(1,299)
Non-cash charges	622	(1,415)	(225)
Liability as of October 1, 2022	0	10	171
Employee Severance [Member]
Liability as of October 2, 2021	0	0
Restructuring charges (recoveries), net	0	13	182
Cash payments	0	(13)	(182)
Non-cash charges	0	0	0
Liability as of October 1, 2022	0	0	0
Equipment Relocation [Member]
Liability as of October 2, 2021	0	20
Restructuring charges (recoveries), net	0	423	482
Cash payments	0	(443)	(462)
Non-cash charges	0	0	0
Liability as of October 1, 2022	0	0	20
Facility Closing [Member]
Liability as of October 2, 2021	10	151
Restructuring charges (recoveries), net	304	1,017	806
Cash payments	(314)	(1,158)	(655)
Non-cash charges			0
Liability as of October 1, 2022	0	10	151
Asset Impairments [Member]
Liability as of October 2, 2021	0	0
Restructuring charges (recoveries), net	0	1,415	343
Cash payments	0	0	0
Non-cash charges	0	(1,415)	(343)
Liability as of October 1, 2022	0	0	0
Gain on Sale of Property and Equipment [Member]
Liability as of October 2, 2021	0	0
Restructuring charges (recoveries), net	(622)	0	(118)
Cash payments	0	0	0
Non-cash charges	622	0	118
Liability as of October 1, 2022	$ 0	$ 0	$ 0

Note 6 - Fair Value Measureme_3

Note 6 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Oct. 02, 2021	Oct. 01, 2022
Disposal Group, Including Discontinued Operation, Assets, Total	$ 6,306	$ 0
Summerville Facility Acquired in STM Acquisition [Member]
Disposal Group, Including Discontinued Operation, Assets, Total	6,300
Summerville Facility Acquired in STM Acquisition [Member] | Restructuring Charges [Member]
Impairment of Long-Lived Assets to be Disposed of	1,400
Non Financial [Member] | Fair Value, Nonrecurring [Member]
Assets, Fair Value Disclosure, Total	$ 0	$ 0

Note 6 - Fair Value Measureme_4

Note 6 - Fair Value Measurements - Fair Value of Financial Assets (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Oct. 01, 2022	Oct. 02, 2021
Cash equivalents	$ 48,045	$ 86,395
Cash surrender value of life insurance policies	9,938	12,501
Total	57,983	98,896
Fair Value, Inputs, Level 1 [Member]
Cash equivalents	48,045	86,395
Cash surrender value of life insurance policies	0	0
Total	48,045	86,395
Fair Value, Inputs, Level 2 [Member]
Cash equivalents	0	0
Cash surrender value of life insurance policies	9,938	12,501
Total	$ 9,938	$ 12,501

Note 7 - Intangible Assets (Det

Note 7 - Intangible Assets (Details Textual) - USD ($)	12 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 03, 2020
Amortization of Intangible Assets	$ 821,000	$ 899,000	$ 1,000,000
Finite-Lived Intangible Asset, Expected Amortization, Year One	756,000
Finite-Lived Intangible Asset, Expected Amortization, Year Two	750,000
Finite-Lived Intangible Asset, Expected Amortization, Year Three	743,000
Finite-Lived Intangible Asset, Expected Amortization, Year Four	752,000
Finite-Lived Intangible Asset, Expected Amortization, Year Five	$ 480,000

Note 7 - Intangible Assets - Su

Note 7 - Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 01, 2022	Oct. 02, 2021
Intangible assets, gross	$ 12,070	$ 12,320
Intangible assets, accumulated amortization	(5,223)	(4,652)
Net book value	$ 6,847	$ 7,668
Customer Relationships [Member]
Weighted average useful life (Year)	17 years 1 month 6 days	17 years 1 month 6 days
Intangible assets, gross	$ 9,870	$ 9,870
Intangible assets, accumulated amortization	(4,130)	(3,482)
Net book value	5,740	6,388
Technology-Based Intangible Assets [Member]
Intangible assets, gross	1,800	1,800
Intangible assets, accumulated amortization	(729)	(639)
Net book value	$ 1,071	$ 1,161
Noncompete Agreements [Member]
Weighted average useful life (Year)	5 years	5 years
Intangible assets, gross	$ 400	$ 400
Intangible assets, accumulated amortization	(364)	(284)
Net book value	$ 36	$ 116
Trade Names [Member]
Weighted average useful life (Year)		2 years 8 months 12 days
Intangible assets, gross		$ 250
Intangible assets, accumulated amortization		(247)
Net book value		$ 3

Note 8 - Long-term Debt (Detail

Note 8 - Long-term Debt (Details Textual) - USD ($)		12 Months Ended
	May 31, 2019	Oct. 01, 2022	Oct. 02, 2021	Oct. 03, 2020
Amortization of Debt Issuance Costs		$ 65,000	$ 65,000	$ 66,000
Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity		100,000,000
Line Of Credit Facility, Additional Borrowing Capacity	$ 50,000,000
Long-Term Line of Credit, Total		0
Line of Credit Facility, Remaining Borrowing Capacity		98,600,000
Letters of Credit Outstanding, Amount		$ 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%
Revolving Credit Facility [Member] | Base Rate [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate		0.25%
Revolving Credit Facility [Member] | Base Rate [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate		0.50%
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility, Interest Rate at Period End		1.25%
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate		1.25%
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate		1.50%

Note 8 - Long-term Debt - Amort

Note 8 - Long-term Debt - Amortization of Financing Costs (Details) $ in Thousands	Oct. 01, 2022 USD ($)
2023, Amortization	$ 65
2024, Amortization	$ 41

Note 9 - Stock-based Compensa_3

Note 9 - Stock-based Compensation (Details Textual) - USD ($)		12 Months Ended
	Feb. 11, 2020	Oct. 01, 2022	Oct. 02, 2021	Oct. 03, 2020
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 14.67	$ 14.47	$ 8.05
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		$ 1,100,000	$ 860,000	$ 810,000
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount		$ 714,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition		2 years 1 month 9 days
Restricted Stock Units (RSUs) [Member]
Share-Based Payment Arrangement, Expense		$ 1,365,000	$ 1,128,000	$ 1,218,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition		1 year 8 months 23 days
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount		$ 1,100,000
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		555,000

Note 9 - Stock-based Compensa_4

Note 9 - Stock-based Compensation - Stock Option Valuation Assumptions (Details) - Share-Based Payment Arrangement, Option [Member]	12 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 03, 2020
Expected term (in years) (Year)	4 years 7 months 9 days	4 years 10 months 13 days	4 years 9 months 21 days
Risk-free interest rate	3.03%	0.68%	0.95%
Expected volatility	49.63%	50.34%	47.18%
Expected dividend yield	0.34%	0.42%	0.59%

Note 9 - Stock-based Compensa_5

Note 9 - Stock-based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 03, 2020
Outstanding, shares (in shares)	428	482	388
Outstanding, weighted average exercise price (in dollars per share)	$ 27.72	$ 24.90	$ 26.16
Granted, shares (in shares)	82	74	121
Granted, weighted average exercise price (in dollars per share)	$ 35.32	$ 34.76	$ 21.08
Forfeited, shares (in shares)	(60)		(27)
Forfeited, weighted average exercise price (in dollars per share)	$ 29.29		$ 25.88
Exercised, shares (in shares)	(85)	(128)
Exercised, weighted average exercise price (in dollars per share)	$ 24.23	$ 21.17
Exercised, intrinsic value	$ 1,615	$ 2,212
Outstanding, shares (in shares)	365	428	482
Outstanding, weighted average exercise price (in dollars per share)	$ 30	$ 27.72	$ 24.90
Outstanding, contractual term (Year)	7 years 6 months 18 days
Outstanding, intrinsic value	$ 820
Vested and anticipated to vest, shares (in shares)	357
Vested and anticipated to vest, weighted average exercise price (in dollars per share)	$ 29.92
Vested and anticipated to vest, contractual term (Year)	7 years 6 months 3 days
Vested and anticipated to vest, intrinsic value	$ 815
Exercisable, shares (in shares)	197
Exercisable, weighted average exercise price (in dollars per share)	$ 28.30
Exercisable, contractual term (Year)	6 years 4 months 24 days
Exercisable, intrinsic value	$ 614

Note 9 - Stock-based Compensa_6

Note 9 - Stock-based Compensation - RSU Grants and Compensation Expense (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 03, 2020
Units (in shares)	43	43	68
Market value	$ 1,563	$ 1,430	$ 1,444
Compensation expense	$ 1,365	$ 1,128	$ 1,218

Note 9 - Stock-based Compensa_7

Note 9 - Stock-based Compensation - RSU Activity (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 03, 2020
Restricted stock units outstanding, beginning balance (in shares)	129	122	115
Weighted average grant date fair value, beginning balance (in dollars per share)	$ 24.73	$ 23.07	$ 26.16
Restricted stock units outstanding, granted (in shares)	43	43	68
Weighted average grant date fair value, granted (in dollars per share)	$ 35.93	$ 33.22	$ 21.29
Restricted stock units outstanding, forfeited (in shares)	3		6
Weighted average grant date fair value, forfeited (in dollars per share)	$ 22.09		$ 25.49
Restricted stock units outstanding, released (in shares)	49	36	55
Weighted average grant date fair value, released (in dollars per share)	$ 22.17	$ 29.21	$ 27.07
Aggregate intrinsic value, released	$ 1,773	$ 1,191	$ 1,127
Restricted stock units outstanding, ending balance (in shares)	120	129	122
Weighted average grant date fair value, ending balance (in dollars per share)	$ 29.88	$ 24.73	$ 23.07

Note 10 - Income Taxes (Details

Note 10 - Income Taxes (Details Textual) - USD ($)	12 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 03, 2020
Income Tax Benefit Cares Act			$ 223,000
Deferred Tax Liabilities, Net, Total	$ 7,086,000	$ 6,296,000
Deferred Tax Assets, Valuation Allowance	32,000	73,000
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	(41,000)
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total	0	$ 0	$ 0
State and Local Jurisdiction [Member]
Operating Loss Carryforwards	$ 5,600,000
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 10 - Income Taxes - Compon

Note 10 - Income Taxes - Components of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 03, 2020
Federal	$ 33,377	$ 17,904	$ 5,056
State	3,012	1,707	529
Current Income Tax Expense (Benefit), Total	36,389	19,611	5,585
Federal	627	(180)	(288)
State	(300)	62	(136)
Deferred Income Tax Expense (Benefit), Total	327	(118)	(424)
Income taxes	$ 36,716	$ 19,493	$ 5,161
Effective income tax rate	22.70%	22.60%	21.40%

Note 10 - Income Taxes - Income

Note 10 - Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 03, 2020
Provision for income taxes at federal statutory rate	$ 33,963	$ 18,082	$ 5,076
Provision for income taxes at federal statutory rate, percent	21%	21%	21%
State income taxes, net of federal tax benefit	$ 2,108	$ 1,544	$ 319
State income taxes, net of federal tax benefit, percent	1.30%	1.80%	1.30%
Stock-based compensation	$ (255)	$ (253)	$ 128
Stock-based compensation, percent	(0.20%)	(0.30%)	0.50%
Valuation allowance, percent	(0.00%)	(0.20%)	(0.20%)
Valuation allowance		$ (134)	$ (50)
Net operating loss carryback - CARES Act	$ 0	$ 0	$ (223)
Net operating loss carryback - CARES Act, percent	0%	0%	(0.90%)
Nondeductible expenses and other, net, percent	0.60%	0.30%	(0.30%)
Nondeductible expenses and other, net		$ 254	$ (89)
Provision for income taxes	$ 36,716	$ 19,493	$ 5,161
Provision for income taxes, percent	22.70%	22.60%	21.40%

Note 10 - Income Taxes - Deferr

Note 10 - Income Taxes - Deferred Tax Asset and Liability Components (Details) - USD ($)	Oct. 01, 2022	Oct. 02, 2021
Defined benefit plans	$ 2,617,000	$ 2,921,000
Accrued expenses and asset reserves	2,430,000	2,280,000
Stock-based compensation	1,176,000	1,204,000
Operating lease liability	353,000	387,000
State net operating loss carryforwards and tax credits	142,000	54,000
Valuation allowance	(32,000)	(73,000)
Deferred tax assets	6,686,000	6,773,000
Plant and equipment	(11,546,000)	(10,901,000)
Prepaid insurance	(1,279,000)	(1,374,000)
Right of use assets	(352,000)	(385,000)
Goodwill	(595,000)	(409,000)
Deferred tax liabilities	(13,772,000)	(13,069,000)
Net deferred tax liability	$ (7,086,000)	$ (6,296,000)

Note 11 - Employee Benefit Pl_3

Note 11 - Employee Benefit Plans (Details Textual) - USD ($)	12 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 03, 2020
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
Defined Benefit Plan, Accumulated Benefit Obligation	$ 10,700,000	$ 11,700,000
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
Retirement Savings Plan [Member]
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent	75%
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	50%
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	5%
Defined Contribution Plan, Cost	$ 1,700,000	1,500,000	$ 1,300,000
Retirement Savings Plan, First 1% of Employee Contribution [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	100%
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	1%
VEBA [Member]
Self-insured Health Insurance Plan, Contribution Cost	$ 5,400,000	$ 6,400,000	$ 6,000,000
Healthcare Coverage Claims in Excess of	$ 175,000

Note 11 - Employee Benefit Pl_4

Note 11 - Employee Benefit Plans - Projected Benefit Obligation Reconciliation for SERP (Details) - Supplemental Employee Retirement Plan [Member] - USD ($) $ in Thousands	12 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 03, 2020
Benefit obligation at beginning of year	$ 12,888	$ 11,610	$ 11,278
Service cost	399	312	338
Interest cost	347	316	334
Actuarial (gain) loss	(1,650)	855	(91)
Distributions	(205)	(205)	(249)
Benefit obligation at end of year	11,779	12,888	11,610
Actual employer contributions	205	205	249
Actual distributions	(205)	(205)	(249)
Plan assets at fair value at end of year	0	0	0
Funded status	(11,779)	(12,888)	(11,610)
Net amount recognized	(11,779)	(12,888)	(11,610)
Unrecognized net loss	1,285	3,213	2,574
Net amount recognized	1,285	3,213	2,574
Net (gain) loss	(1,650)	855	(91)
Amortization of net loss	(278)	(215)	(294)
Total recognized in other comprehensive (loss) income	$ (1,928)	$ 640	$ (385)

Note 11 - Employee Benefit Pl_5

Note 11 - Employee Benefit Plans - Net Periodic Pension Costs and Related Components (Details) - Supplemental Employee Retirement Plan [Member] - USD ($) $ in Thousands	12 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 03, 2020
Service cost	$ 399	$ 312	$ 338
Interest cost	347	316	334
Amortization of net loss	278	215	294
Net periodic pension cost	$ 1,024	$ 843	$ 966

Note 11 - Employee Benefit Pl_6

Note 11 - Employee Benefit Plans - Plan Valuation Assumptions (Details) - Supplemental Employee Retirement Plan [Member]	Oct. 01, 2022	Oct. 02, 2021	Oct. 03, 2020
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate	4.50%	2.75%	2.75%
Rate of increase in compensation levels	3%	3%	3%

Note 11 - Employee Benefit Pl_7

Note 11 - Employee Benefit Plans - Projected Benefit Payments (Details) $ in Thousands	Oct. 01, 2022 USD ($)
2023	$ 560
2024	601
2025	919
2026	844
2027	844
2028-2032	$ 4,706

Note 12 - Commitments and Con_2

Note 12 - Commitments and Contingencies (Details Textual) $ in Millions	12 Months Ended
	Oct. 01, 2022 USD ($)
Severance Benefit, Ratio of Base Compensation Received if Other Key Members of Management Termination Within Two Years	1
Severance Benefit, Ratio of Average Bonus Received if Other Key Members of Management Termination Within Two Years	1
Chief Executive Officer [Member]
Severance Agreement, Initial Term (Year)	2 years
Severance Agreement, Renewal Term (Year)	1 year
Termination Benefit, Ratio of Annual Base Salary Received on Termination Date	1.5
Termination Benefit, Continuation Term for Health and Welfare Benefit (Month)	18 months
Severance Benefit, Ratio of Base Compensation Received if Termination Within Two Years	2
Severance Benefit, Ratio of Average Bonus Received if CEO Termination Within Two Years	2
Severance Benefit Received Term for the Prior Years if CEO Termination Within Two Years (Year)	3 years
Severance Benefits Continuation of Health and Welfare Benefits Term if CEO Termination Within Two Years (Year)	2 years
Key Members of Management [Member]
Control Agreement, Initial Term (Year)	2 years
Control Agreement, Automatically Renewal Term (Year)	1 year
Severance Benefit Received Term for the Prior Years if Other Members of Management Termination Within Two Years (Year)	3 years
Severance Benefits Continuation of Health and Welfare Benefits Term if Other Members of Management Termination Within Two Years (Year)	1 year
Non-cancelable Purchase Commitment for Raw Material [Member]
Purchase Commitment, Remaining Minimum Amount Committed	$ 57.1
Non-cancelable Purchase Commitment Term (Day)	30 days
Purchase Commitment for Equipment [Member]
Purchase Commitment, Remaining Minimum Amount Committed	$ 31.9

Note 13 - Leases (Details Textu

Note 13 - Leases (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 03, 2020
Operating Lease, Term Required to be Recorded on the Balance Sheet, Threshold (Month)	12 months
Operating Lease, Expense	$ 1.4	$ 1.4	$ 1.3

Note 13 - Leases - Supplement C

Note 13 - Leases - Supplement Cash Flow and Non-cash Information, Weighted Average Remaining Lease Term and Discount Rate Related to Lease (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 01, 2022	Oct. 02, 2021
Cash paid for operating leases included in operating cash flows	$ 1,418	$ 1,413
Weighted average lease term (in years) (Year)	1 year 8 months 12 days	1 year 9 months 18 days
Right-of-use assets obtained in exchange for new lease obligations	$ 1,206	$ 579
Weighted average discount rate	3.70%	4.10%

Note 13 - Leases - Supplemental

Note 13 - Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Oct. 01, 2022	Oct. 02, 2021
Other Noncurrent Assets [Member]
Other assets	$ 1,565	$ 1,717
Accrued Expenses, Current [Member]
Accrued expenses	997	1,030
Other Noncurrent Liabilities [Member]
Other liabilities	572	695
Accrued Expenses Current and Other Noncurrent Liabilities [Member]
Total operating lease liabilities	$ 1,569	$ 1,725

Note 13 - Leases - Aggregate Fu

Note 13 - Leases - Aggregate Future Operating Lease Payments (Details) $ in Thousands	Oct. 01, 2022 USD ($)
2023	$ 1,034
2024	512
2025	69
2026	2
2027	1
Total future operating lease payments	1,618
Less: imputed interest	(49)
Other Liabilities [Member]
Present value of lease liabilities	$ 1,569

Note 14 - Earnings Per Share (D

Note 14 - Earnings Per Share (Details Textual) - shares	12 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 03, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	49,000	142,000	369,000

Note 14 - Earnings Per Share -

Note 14 - Earnings Per Share - Basic and Diluted Earnings Per Share Attributable to Common Shareholders (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 03, 2020
Net earnings	$ 125,011	$ 66,610	$ 19,009
Basic weighted average shares outstanding (in shares)	19,517	19,344	19,278
Dilutive effect of stock-based compensation (in shares)	112	190	105
Diluted weighted average shares outstanding (in shares)	19,629	19,534	19,383
Basic (in dollars per share)	$ 6.41	$ 3.44	$ 0.99
Diluted (in dollars per share)	$ 6.37	$ 3.41	$ 0.98

Note 15 - Business Segment In_3

Note 15 - Business Segment Information (Details Textual)	12 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 03, 2020
Number of Reportable Segments	1
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | No Customers [Member]
Concentration Risk, Percentage	10%	10%	10%

Note 15 - Business Segment In_4

Note 15 - Business Segment Information - Net Sales And Long-lived Assets By Geographic Region (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 03, 2020
Revenue	$ 826,832	$ 590,601	$ 472,618
UNITED STATES
Revenue	820,641	583,458	470,420
Non-US [Member]
Revenue	$ 6,191	$ 7,143	$ 2,198

Note 15 - Business Segment In_5

Note 15 - Business Segment Information - Net Sales By Product Line (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 03, 2020
Revenue	$ 826,832	$ 590,601	$ 472,618
Welded Wire Reinforcement [Member]
Revenue	495,401	358,334	294,129
PC Strand [Member]
Revenue	$ 331,431	$ 232,267	$ 178,489

Note 16 - Other Financial Dat_2

Note 16 - Other Financial Data - Balance Sheet Information (Details) - USD ($) $ in Thousands	Oct. 01, 2022	Oct. 02, 2021
Accounts receivable	$ 82,043	$ 68,274
Less allowance for credit losses	(397)	(357)
Total	81,646	67,917
Raw materials	108,894	50,459
Work in process	8,817	6,680
Finished goods	79,943	21,910
Total	197,654	79,049
Prepaid insurance	4,563	5,169
Other	3,153	4,887
Total	7,716	10,056
Cash surrender value of life insurance policies	9,938	12,501
Disposal Group, Including Discontinued Operation, Assets, Total	0	6,306
Capitalized financing costs, net	41	106
Other	121	137
Total	11,665	20,767
Land and land improvements	14,947	14,554
Buildings	55,044	53,182
Machinery and equipment	191,790	180,654
Construction in progress	11,745	10,191
Property, Plant and Equipment, Gross, Ending Balance	273,526	258,581
Less accumulated depreciation	(165,370)	(152,957)
Total	108,156	105,624
Salaries, wages and related expenses	8,128	8,229
Customer rebates	2,760	2,354
Property taxes	1,782	1,575
Sales allowance reserves	1,013	991
State sales and use taxes	595	760
Income taxes	0	4,014
Other	525	453
Total	15,800	19,406
Deferred compensation	11,747	12,832
Deferred Tax Liabilities, Net, Total	7,086	6,296
Total	19,405	19,823
Other Noncurrent Assets [Member]
Other assets	1,565	1,717
Accrued Expenses, Current [Member]
Accrued expenses	997	1,030
Other Noncurrent Liabilities [Member]
Operating lease liabilities	$ 572	$ 695

Note 18 - Share Repurchases (De

Note 18 - Share Repurchases (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 03, 2020	Nov. 18, 2008
Stock Repurchase Program, Authorized Amount				$ 25
Stock Repurchased During Period, Value	$ 1.2
Stock Repurchased During Period, Shares	41,706	0	0
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 23.6