Insteel Industries (IIIN) 10-K 26 Oct 23 2023 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Sep. 30, 2023	Oct. 24, 2023	Apr. 01, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Sep. 30, 2023
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
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 424,911,914
Entity Common Stock, Shares Outstanding (in shares)		19,454,250
Auditor Name	Grant Thornton LLP
Auditor Firm ID	248
Auditor Location	Charlotte, North Carolina
Entity Central Index Key	0000764401
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Oct. 02, 2021
Net sales	$ 649,188	$ 826,832	$ 590,601
Cost of sales	583,790	629,522	469,053
Gross profit	65,398	197,310	121,548
Selling, general and administrative expense	30,685	36,048	32,388
Restructuring (recoveries) charges, net	0	(318)	2,868
Other expense (income), net	(3,423)	88	114
Interest expense	87	91	96
Interest income	(3,706)	(326)	(21)
Earnings before income taxes	41,755	161,727	86,103
Income taxes	9,340	36,716	19,493
Net earnings	$ 32,415	$ 125,011	$ 66,610
Net earnings per share:
Basic (in dollars per share)	$ 1.66	$ 6.41	$ 3.44
Diluted (in dollars per share)	1.66	6.37	3.41
Cash dividends declared (in dollars per share)	$ 2.12	$ 2.12	$ 1.62
Weighted average shares outstanding:
Basic (in shares)	19,504	19,517	19,344
Diluted (in shares)	19,566	19,629	19,534

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands		12 Months Ended
		Sep. 30, 2023	Oct. 01, 2022	Oct. 02, 2021
Net earnings		$ 32,415	$ 125,011	$ 66,610
Adjustment to defined benefit plan liability, net of income taxes of ($219), ($463) and $154, respectively		694	1,465	(486)
Other comprehensive income (loss)	[1]	694	1,465	(486)
Comprehensive income		$ 33,109	$ 126,476	$ 66,124
[1]Activity within accumulated other comprehensive income (loss) is reported net of related income taxes: 2021 $154, 2022 ($463) and 2023 ($219)

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Oct. 02, 2021
Other comprehensive (loss) income, related income taxes	$ (219)	$ (463)	$ 154

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Oct. 01, 2022
Assets:
Cash and cash equivalents	$ 125,670	$ 48,316
Accounts receivable, net	63,424	81,646
Inventories	103,306	197,654
Other current assets	6,453	7,716
Total current assets	298,853	335,332
Property, plant and equipment, net	120,014	108,156
Intangibles, net	6,090	6,847
Goodwill	9,745	9,745
Other assets	12,811	11,665
Total assets	447,513	471,745
Accounts payable	34,346	46,796
Accrued expenses	11,809	15,800
Total current liabilities	46,155	62,596
Other liabilities	19,853	19,405
Commitments and Contingencies
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: 2023, 19,454; 2022, 19,478	19,454	19,478
Additional paid-in capital	83,832	81,997
Retained earnings	278,502	289,246
Accumulated other comprehensive loss	(283)	(977)
Total shareholders’ equity	381,505	389,744
Total liabilities and shareholders’ equity	$ 447,513	$ 471,745

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Sep. 30, 2023	Oct. 01, 2022
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)	50,000,000	50,000,000
Common Stock, Shares, Outstanding (in shares)	19,454,000	19,478,000
Common Stock, Shares, Issued (in shares)	19,454,000	19,478,000

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 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)
Stock options exercised (in shares)		74				128
Stock options exercised		$ 74	1,008			$ 1,082
Vested and released restricted stock units (in shares)		30
Vested and released 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)
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
Stock options exercised (in shares)		72				85
Stock options exercised		$ 72	1,578			$ 1,650
Vested and released restricted stock units (in shares)		40
Vested and released 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)
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
Net earnings				32,415		32,415
Other comprehensive (loss) income	[1]				694	$ 694
Stock options exercised (in shares)		16				32
Stock options exercised		$ 16	223			$ 239
Vested and released restricted stock units (in shares)		40
Vested and released restricted stock units		$ 40	(40)			0
Compensation expense associated with stock-based plans			2,425			2,425
Restricted stock units and stock options surrendered for withholding taxes payable			(432)			(432)
Cash dividends declared				(41,252)		(41,252)
Repurchases of common stock (in shares)		(80)
Repurchases of common stock		$ (80)	(341)	(1,907)		(2,328)
Balance (in shares) at Sep. 30, 2023		19,454
Balance at Sep. 30, 2023		$ 19,454	$ 83,832	$ 278,502	$ (283)	$ 381,505
[1]Activity within accumulated other comprehensive income (loss) is reported net of related income taxes: 2021 $154, 2022 ($463) and 2023 ($219)

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Equity (Parentheticals) - USD ($) $ in Thousands		12 Months Ended
		Sep. 30, 2023	Oct. 01, 2022	Oct. 02, 2021
Other comprehensive (loss) income, related income taxes	[1]	$ (219)	$ (463)	$ 154
[1]Activity within accumulated other comprehensive income (loss) is reported net of related income taxes: 2021 $154, 2022 ($463) and 2023 ($219)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Oct. 02, 2021
Cash Flows From Operating Activities:
Net earnings	$ 32,415,000	$ 125,011,000	$ 66,610,000
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	13,304,000	14,486,000	14,521,000
Amortization of capitalized financing costs	57,000	65,000	65,000
Stock-based compensation expense	2,425,000	2,429,000	1,988,000
Deferred income taxes	238,000	327,000	(118,000)
Asset impairment charges	0	0	1,415,000
(Gain) loss on sale and disposition of property, plant and equipment and assets held for sale	(3,271,000)	(480,000)	125,000
Increase in cash surrender value of life insurance policies over premiums paid	(531,000)	0	(1,533,000)
Gain from life insurance proceeds	0	(364,000)	0
Net changes in assets and liabilities:
Accounts receivable, net	18,222,000	(13,729,000)	(14,100,000)
Inventories	94,348,000	(118,605,000)	(10,086,000)
Accounts payable and accrued expenses	(16,949,000)	(1,964,000)	11,891,000
Other changes	1,942,000	(1,506,000)	(900,000)
Total adjustments	109,785,000	(119,341,000)	3,268,000
Net cash provided by operating activities	142,200,000	5,670,000	69,878,000
Cash Flows From Investing Activities:
Capital expenditures	(30,702,000)	(15,900,000)	(17,500,000)
(Increase) decrease in cash surrender value of life insurance policies	(476,000)	1,361,000	(416,000)
Proceeds from sale of assets held for sale	0	6,934,000	79,000
Proceeds from sale of property, plant and equipment	9,924,000	0	0
Proceeds from surrender of life insurance policies	358,000	110,000	32,000
Proceeds from life insurance claims	0	1,456,000	0
Net cash used for investing activities	(20,896,000)	(6,039,000)	(17,805,000)
Cash Flows From Financing Activities:
Proceeds from long-term debt	323,000	266,000	297,000
Principal payments on long-term debt	(323,000)	(266,000)	(297,000)
Cash dividends paid	(41,252,000)	(41,162,000)	(31,294,000)
Cash received from exercise of stock options	239,000	1,650,000	1,082,000
Financing costs	(177,000)	0	0
Payment of employee tax withholdings related to net share transactions	(432,000)	(483,000)	(665,000)
Repurchases of common stock	(2,328,000)	(1,204,000)	0
Net cash used for financing activities	(43,950,000)	(41,199,000)	(30,877,000)
Net (decrease) increase in cash and cash equivalents	77,354,000	(41,568,000)	21,196,000
Cash and cash equivalents at beginning of period	48,316,000	89,884,000	68,688,000
Cash and cash equivalents at end of period	125,670,000	48,316,000	89,884,000
Supplemental Disclosures of Cash Flow Information:
Income taxes, net	7,834,000	41,483,000	16,799,000
Non-cash investing and financing activities:
Purchases of property, plant and equipment in accounts payable	1,301,000	946,000	501,000
Restricted stock units and stock options surrendered for withholding taxes payable	$ 432,000	$ 483,000	$ 665,000

Note 1 - Description of Busines

Note 1 - Description of Business	12 Months Ended
	Sep. 30, 2023
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. We have evaluated all subsequent events that occurred after the balance sheet date through

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	12 Months Ended
	Sep. 30, 2023
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 2024 to be $842,000 for the SRBAs. Cash contributions to the SRBAs during 2024 are estimated to be $611,000. 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 September 30, 2023 by approximately $271,000 and $224,000, respectively, and decreased our expected net periodic pension cost for 2024 by approximately $3,000. Revenue recognition . Inventories . Property, plant and equipment. No 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
	Sep. 30, 2023
Notes to Financial Statements
Accounting Standards Update and Change in Accounting Principle [Text Block]	(3) Recent Accounting Pronouncements There were not any recently adopted or newly issued accounting pronouncements during fiscal 2023, that have had, or are expected to have, a material impact on our consolidated financial statements and disclosures.

Note 4 - Revenue Recognition

Note 4 - Revenue Recognition	12 Months Ended
	Sep. 30, 2023
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 September 30, 2023 and October 1, 2022. 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
	Sep. 30, 2023
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 Strand-Tech Manufacturing (“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 and 2021: 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

Note 6 - Fair Value Measurement

Note 6 - Fair Value Measurements	12 Months Ended
	Sep. 30, 2023
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 September 30, 2023 and October 1, 2022, 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 September 30, 2023: Current assets: Cash equivalents $ 125,805 $ 125,805 $ - Other assets: Cash surrender value of life insurance policies 10,586 - 10,586 Total $ 136,391 $ 125,805 $ 10,586 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 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 September 30, 2023 and October 1, 2022, we had no

Note 7 - Intangible Assets

Note 7 - Intangible Assets	12 Months Ended
	Sep. 30, 2023
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 September 30, 2023: Customer relationships 17.1 $ 9,870 $ (4,779 ) $ 5,091 Developed technology and know-how 20.0 1,800 (818 ) 982 Non-competition agreements 5.0 400 (383 ) 17 $ 12,070 $ (5,980 ) $ 6,090 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 Amortization expense for intangibles was $757,000 in 2023, $821,000 in 2022 and $899,000 in 2021. Amortization expense for the next five years is $750,000 in 2024, $743,000 in 2025, $752,000 in 2026, $480,000 in 2027 and $453,000 in 2028.

Note 8 - Long-term Debt

Note 8 - Long-term Debt	12 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Long-Term Debt [Text Block]	(8) Long-Term Debt Revolving Credit Facility. no 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 SOFR rate plus 1.00% or (2) at our election, a SOFR rate including a credit adjustment of 0.10%, 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 SOFR-based 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 September 30, 2023, the applicable interest rate margins on the Credit Facility were 0.25% for index rate loans and 1.25% for SOFR-based 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 September 30, 2023, 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 $57,000 in 2023, and $65,000 in 2022 and $65,000 in 2021. We expect the amortization of capitalized financing costs to approximate the following amounts for the next five fiscal years: Fiscal year In thousands 2024 $ 50 2025 50 2026 51 2027 50 2028 23

Note 9 - Stock-based Compensati

Note 9 - Stock-based Compensation	12 Months Ended
	Sep. 30, 2023
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 September 30, 2023, there were 430,000 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 2023, 2022 and 2021 were $13.27, $14.67 and $14.47 per share, respectively, based on the following weighted-average assumptions: Year Ended September 30, October 1, October 2, 2023 2022 2021 Expected term (in years) 4.35 4.61 4.87 Risk-free interest rate 4.27 % 3.03 % 0.68 % Expected volatility 49.61 % 49.63 % 50.34 % Expected dividend yield 0.40 % 0.34 % 0.42 % 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 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 Granted 97 30.63 Exercised (32 ) 21.29 350 Forfeited (19 ) 33.22 Outstanding at September 30, 2023 411 30.68 6.59 1,561 Vested and anticipated to vest in the future at September 30, 2023 403 30.66 6.54 1,551 Exercisable at September 30, 2023 258 29.63 5.09 1,364 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 Year Ended September 30, October 1, October 2, (In thousands) 2023 2022 2021 Restricted stock unit grants: Units 57 43 43 Market value $ 1,738 $ 1,563 $ 1,430 Compensation expense 1,392 1,365 1,128 As of September 30, 2023, 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 1.71 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, October 3, 2020 122 $ 23.07 Granted 43 33.22 Vested (36 ) 29.21 $ 1,191 Balance, October 2, 2021 129 24.73 Granted 43 35.93 Forfeited (3 ) 22.09 Vested (49 ) 22.17 1,773 Balance, October 1, 2022 120 29.88 Granted 57 30.53 Forfeited (10 ) 30.36 Vested (62 ) 25.71 1,911 Balance, September 30, 2023 105 35.07

Note 10 - Income Taxes

Note 10 - Income Taxes	12 Months Ended
	Sep. 30, 2023
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 September 30, October 1, October 2, (Dollars in thousands) 2023 2022 2021 Provision for income taxes: Current: Federal $ 8,320 $ 33,377 $ 17,904 State 782 3,012 1,707 9,102 36,389 19,611 Deferred: Federal 335 627 (180 ) State (97 ) (300 ) 62 238 327 (118 ) Income taxes $ 9,340 $ 36,716 $ 19,493 Effective income tax rate 22.4 % 22.7 % 22.6 % 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) September 30, 2023 October 1, 2022 October 2, 2021 Provision for income taxes at federal statutory rate $ 8,768 21.0 % $ 33,963 21.0 % $ 18,082 21.0 % State income taxes, net of federal tax benefit 548 1.3 2,108 1.3 1,544 1.8 Stock-based compensation (55 ) (0.1 ) (255 ) (0.2 ) (253 ) (0.3 ) Valuation allowance (29 ) (0.1 ) (41 ) (0.0 ) (134 ) (0.2 ) Nondeductible expenses and other, net 108 0.3 941 0.6 254 0.3 Provision for income taxes $ 9,340 22.4 % $ 36,716 22.7 % $ 19,493 22.6 % The components of deferred tax assets and liabilities are as follows: September 30, October 1, (In thousands) 2023 2022 Deferred tax assets: Defined benefit plans $ 2,551 $ 2,617 Accrued expenses and asset reserves 2,392 2,430 Stock-based compensation 1,288 1,176 R & E Capitalization 125 - Operating lease liability 434 353 State net operating loss carryforwards and tax credits 158 142 Valuation allowance (3 ) (32 ) Deferred tax assets 6,945 6,686 Deferred tax liabilities: Plant and equipment (12,143 ) (11,546 ) Prepaid insurance (1,123 ) (1,279 ) Right of use assets (435 ) (352 ) Goodwill (787 ) (595 ) Deferred tax liabilities (14,488 ) (13,772 ) Net deferred tax liability $ (7,543 ) $ (7,086 ) As of September 30, 2023 and October 1, 2022, we recorded deferred tax liabilities (net of valuation allowances) of $7.5 million and $7.1 million, respectively, in other liabilities on our consolidated balance sheet. We have $7.9 million of state NOLs that begin to expire in 2031, but principally expire between 2031 and 2038. 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 September 30, 2023, we recorded a valuation allowance of $3,000 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 $ 29,000 As of September 30, 2023, 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 2018 remain subject to examination.

Note 11 - Employee Benefit Plan

Note 11 - Employee Benefit Plans	12 Months Ended
	Sep. 30, 2023
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 September 30, October 1, October 2, (In thousands) 2023 2022 2021 Change in benefit obligation: Benefit obligation at beginning of year $ 11,779 $ 12,888 $ 11,610 Service cost 333 399 312 Interest cost 518 347 316 Actuarial (gain) loss (900 ) (1,650 ) 855 Distributions (198 ) (205 ) (205 ) Benefit obligation at end of year $ 11,532 $ 11,779 $ 12,888 Change in plan assets: Actual employer contributions $ 198 $ 205 $ 205 Actual distributions (198 ) (205 ) (205 ) Plan assets at fair value at end of year $ - $ - $ - Reconciliation of funded status to net amount recognized: Funded status $ (11,532 ) $ (11,779 ) $ (12,888 ) Net amount recognized $ (11,532 ) $ (11,779 ) $ (12,888 ) Amounts recognized in accumulated other comprehensive loss: Unrecognized net loss $ 373 $ 1,285 $ 3,213 Net amount recognized $ 373 $ 1,285 $ 3,213 Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): Net (gain) loss $ (900 ) $ (1,650 ) $ 855 Amortization of net loss (13 ) (278 ) (215 ) Total recognized in other comprehensive (loss) income $ (913 ) $ (1,928 ) $ 640 In 2023, 2022 and 2021, 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 $10.6 million and $10.7 million as of September 30, 2023 and October 1, 2022, respectively. Net periodic pension cost for the SRBAs includes the following components: Year Ended September 30, October 1, October 2, (In thousands) 2023 2022 2021 Service cost $ 333 $ 399 $ 312 Interest cost 518 347 316 Amortization of net loss 13 278 215 Net periodic pension cost $ 864 $ 1,024 $ 843 The assumptions used in the valuation of the SRBAs are as follows: Measurement Date September 30, October 1, October 2, 2023 2022 2021 Assumptions at year-end: Discount rate 5.25 % 4.50 % 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 2024 $ 611 2025 930 2026 855 2027 855 2028 855 2029 - 2033 4,745 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 . Voluntary Employee Beneficiary Associations ( VEBA )

Note 12 - Commitments and Conti

Note 12 - Commitments and Contingencies	12 Months Ended
	Sep. 30, 2023
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
	Sep. 30, 2023
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: (In thousands) September 30, 2023 October 1, 2022 Cash paid for operating leases included in operating cash flows $ 1,261 $ 1,418 Right-of-use assets obtained in exchange for new lease obligations 1,547 1,206 Supplemental balance sheet information related to leases is as follows: (In thousands) September 30, 2023 October 1, 2022 Right-of-use assets: Other assets $ 1,939 $ 1,565 Lease liabilities: Accrued expenses $ 999 $ 997 Other liabilities 936 572 Total operating lease liabilities $ 1,935 $ 1,569 The weighted average remaining lease terms and discount rates for operating leases are as follows: September 30, 2023 October 1, 2022 Weighted average lease term (in years) 2.2 1.7 Weighted average discount rate 7.1 % 3.7 % Aggregate future operating lease payments as of September 30, 2023, are as follows: (In thousands) 2024 $ 1,103 2025 636 2026 354 2027 6 2028 - Total future operating lease payments 2,099 Less: imputed interest (164 ) Present value of lease liabilities $ 1,935

Note 14 - Earnings Per Share

Note 14 - Earnings Per Share	12 Months Ended
	Sep. 30, 2023
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 September 30, October 1, October 2, (In thousands, except per share amounts) 2023 2022 2021 Net earnings $ 32,415 $ 125,011 $ 66,610 Basic weighted average shares outstanding 19,504 19,517 19,344 Dilutive effect of stock-based compensation 62 112 190 Diluted weighted average shares outstanding 19,566 19,629 19,534 Net earnings per share: Basic $ 1.66 $ 6.41 $ 3.44 Diluted 1.66 6.37 3.41 Options and RSUs that were antidilutive and not included in the diluted EPS calculation amounted to 69,000 shares in 2023, 49,000 shares in 2022 and 142,000 shares in 2021.

Note 15 - Business Segment Info

Note 15 - Business Segment Information	12 Months Ended
	Sep. 30, 2023
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 September 30, October 1, October 2, (In thousands) 2023 2022 2021 Net sales: United States $ 643,156 $ 820,641 $ 583,458 Foreign 6,032 6,191 7,143 Total $ 649,188 $ 826,832 $ 590,601 Our sales by product line are as follows: Year Ended September 30, October 1, October 2, (In thousands) 2023 2022 2021 Net sales: Welded wire reinforcement $ 375,771 $ 495,401 $ 358,334 Prestressed concrete strand 273,417 331,431 232,267 Total $ 649,188 $ 826,832 $ 590,601 There were no customers that accounted for 10% or more of our net sales in 2023, 2022 or 2021.

Note 16 - Other Financial Data

Note 16 - Other Financial Data	12 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Other Financial Data [Text Block]	(16) Other Financial Data Balance sheet information: September 30, October 1, (In thousands) 2023 2022 Accounts receivable, net: Accounts receivable $ 63,735 $ 82,043 Less allowance for credit losses (311 ) (397 ) Total $ 63,424 $ 81,646 Inventories: Raw materials $ 39,341 $ 108,894 Work in process 5,852 8,817 Finished goods 58,113 79,943 Total $ 103,306 $ 197,654 Other current assets: Prepaid insurance $ 4,043 $ 4,563 Other 2,410 3,153 Total $ 6,453 $ 7,716 Other assets: Cash surrender value of life insurance policies $ 10,586 $ 9,938 Right-of-use assets 1,939 1,565 Capitalized financing costs, net 175 41 Other 111 121 Total $ 12,811 $ 11,665 Property, plant and equipment, net: Land and land improvements $ 15,107 $ 14,947 Buildings 56,653 55,044 Machinery and equipment 198,528 191,790 Construction in progress 18,019 11,745 288,307 273,526 Less accumulated depreciation (168,293 ) (165,370 ) Total $ 120,014 $ 108,156 Accrued expenses: Salaries, wages and related expenses $ 5,082 $ 8,128 Customer rebates 2,132 2,760 Property taxes 1,912 1,782 Operating lease liabilities 999 997 Sales allowance reserves 745 1,013 State sales and use taxes 268 595 Income taxes 187 - Other 484 525 Total $ 11,809 $ 15,800 Other liabilities: Deferred compensation $ 11,374 $ 11,747 Deferred income taxes 7,543 7,086 Operating lease liabilities 936 572 Total $ 19,853 $ 19,405

Note 17 - Product Warranties

Note 17 - Product Warranties	12 Months Ended
	Sep. 30, 2023
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
	Sep. 30, 2023
Notes to Financial Statements
Equity [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 years ended September 30, 2023, and October 1, 2022, the Company repurchased $2.3 million or 80,352 shares of its common stock and $1.2 million or 41,706 shares of its common stock, respectively. As of September 30, 2023, there was $21.2 million remaining available for future share repurchases under this Authorization. There were no share repurchases during 2021.

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Sep. 30, 2023
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. 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.
Share-Based Payment Arrangement [Policy Text Block]	Stock-based compensation.
Pension and Other Postretirement Plans, Policy [Policy Text Block]	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 2024 to be $842,000 for the SRBAs. Cash contributions to the SRBAs during 2024 are estimated to be $611,000. 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 September 30, 2023 by approximately $271,000 and $224,000, respectively, and decreased our expected net periodic pension cost for 2024 by approximately $3,000.
Revenue [Policy Text Block]	Revenue recognition .
Inventory, Policy [Policy Text Block]	Inventories .
Property, Plant and Equipment, Policy [Policy Text Block]	Property, plant and equipment. No
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
	Sep. 30, 2023
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

Note 6 - Fair Value Measureme_2

Note 6 - Fair Value Measurements (Tables)	12 Months Ended
	Sep. 30, 2023
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 September 30, 2023: Current assets: Cash equivalents $ 125,805 $ 125,805 $ - Other assets: Cash surrender value of life insurance policies 10,586 - 10,586 Total $ 136,391 $ 125,805 $ 10,586 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

Note 7 - Intangible Assets (Tab

Note 7 - Intangible Assets (Tables)	12 Months Ended
	Sep. 30, 2023
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 September 30, 2023: Customer relationships 17.1 $ 9,870 $ (4,779 ) $ 5,091 Developed technology and know-how 20.0 1,800 (818 ) 982 Non-competition agreements 5.0 400 (383 ) 17 $ 12,070 $ (5,980 ) $ 6,090 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

Note 8 - Long-term Debt (Tables

Note 8 - Long-term Debt (Tables)	12 Months Ended
	Sep. 30, 2023
Notes Tables
Schedule of Amortization of Financing Costs for Debt [Table Text Block]	Fiscal year In thousands 2024 $ 50 2025 50 2026 51 2027 50 2028 23

Note 9 - Stock-based Compensa_2

Note 9 - Stock-based Compensation (Tables)	12 Months Ended
	Sep. 30, 2023
Notes Tables
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Year Ended September 30, October 1, October 2, 2023 2022 2021 Expected term (in years) 4.35 4.61 4.87 Risk-free interest rate 4.27 % 3.03 % 0.68 % Expected volatility 49.61 % 49.63 % 50.34 % Expected dividend yield 0.40 % 0.34 % 0.42 %
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 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 Granted 97 30.63 Exercised (32 ) 21.29 350 Forfeited (19 ) 33.22 Outstanding at September 30, 2023 411 30.68 6.59 1,561 Vested and anticipated to vest in the future at September 30, 2023 403 30.66 6.54 1,551 Exercisable at September 30, 2023 258 29.63 5.09 1,364
Share-Based Payment Arrangement, Cost by Plan [Table Text Block]	Year Ended September 30, October 1, October 2, (In thousands) 2023 2022 2021 Restricted stock unit grants: Units 57 43 43 Market value $ 1,738 $ 1,563 $ 1,430 Compensation expense 1,392 1,365 1,128
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, October 3, 2020 122 $ 23.07 Granted 43 33.22 Vested (36 ) 29.21 $ 1,191 Balance, October 2, 2021 129 24.73 Granted 43 35.93 Forfeited (3 ) 22.09 Vested (49 ) 22.17 1,773 Balance, October 1, 2022 120 29.88 Granted 57 30.53 Forfeited (10 ) 30.36 Vested (62 ) 25.71 1,911 Balance, September 30, 2023 105 35.07

Note 10 - Income Taxes (Tables)

Note 10 - Income Taxes (Tables)	12 Months Ended
	Sep. 30, 2023
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	Year Ended September 30, October 1, October 2, (Dollars in thousands) 2023 2022 2021 Provision for income taxes: Current: Federal $ 8,320 $ 33,377 $ 17,904 State 782 3,012 1,707 9,102 36,389 19,611 Deferred: Federal 335 627 (180 ) State (97 ) (300 ) 62 238 327 (118 ) Income taxes $ 9,340 $ 36,716 $ 19,493 Effective income tax rate 22.4 % 22.7 % 22.6 %
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	Year Ended (Dollars in thousands) September 30, 2023 October 1, 2022 October 2, 2021 Provision for income taxes at federal statutory rate $ 8,768 21.0 % $ 33,963 21.0 % $ 18,082 21.0 % State income taxes, net of federal tax benefit 548 1.3 2,108 1.3 1,544 1.8 Stock-based compensation (55 ) (0.1 ) (255 ) (0.2 ) (253 ) (0.3 ) Valuation allowance (29 ) (0.1 ) (41 ) (0.0 ) (134 ) (0.2 ) Nondeductible expenses and other, net 108 0.3 941 0.6 254 0.3 Provision for income taxes $ 9,340 22.4 % $ 36,716 22.7 % $ 19,493 22.6 %
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	September 30, October 1, (In thousands) 2023 2022 Deferred tax assets: Defined benefit plans $ 2,551 $ 2,617 Accrued expenses and asset reserves 2,392 2,430 Stock-based compensation 1,288 1,176 R & E Capitalization 125 - Operating lease liability 434 353 State net operating loss carryforwards and tax credits 158 142 Valuation allowance (3 ) (32 ) Deferred tax assets 6,945 6,686 Deferred tax liabilities: Plant and equipment (12,143 ) (11,546 ) Prepaid insurance (1,123 ) (1,279 ) Right of use assets (435 ) (352 ) Goodwill (787 ) (595 ) Deferred tax liabilities (14,488 ) (13,772 ) Net deferred tax liability $ (7,543 ) $ (7,086 )

Note 11 - Employee Benefit Pl_2

Note 11 - Employee Benefit Plans (Tables)	12 Months Ended
	Sep. 30, 2023
Notes Tables
Schedule of Net Benefit Costs [Table Text Block]	Year Ended September 30, October 1, October 2, (In thousands) 2023 2022 2021 Service cost $ 333 $ 399 $ 312 Interest cost 518 347 316 Amortization of net loss 13 278 215 Net periodic pension cost $ 864 $ 1,024 $ 843
Defined Benefit Plan, Assumptions [Table Text Block]	Measurement Date September 30, October 1, October 2, 2023 2022 2021 Assumptions at year-end: Discount rate 5.25 % 4.50 % 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 2024 $ 611 2025 930 2026 855 2027 855 2028 855 2029 - 2033 4,745
Supplemental Employee Retirement Plan [Member]
Notes Tables
Schedule of Defined Benefit Plans Disclosures [Table Text Block]	Year Ended September 30, October 1, October 2, (In thousands) 2023 2022 2021 Change in benefit obligation: Benefit obligation at beginning of year $ 11,779 $ 12,888 $ 11,610 Service cost 333 399 312 Interest cost 518 347 316 Actuarial (gain) loss (900 ) (1,650 ) 855 Distributions (198 ) (205 ) (205 ) Benefit obligation at end of year $ 11,532 $ 11,779 $ 12,888 Change in plan assets: Actual employer contributions $ 198 $ 205 $ 205 Actual distributions (198 ) (205 ) (205 ) Plan assets at fair value at end of year $ - $ - $ - Reconciliation of funded status to net amount recognized: Funded status $ (11,532 ) $ (11,779 ) $ (12,888 ) Net amount recognized $ (11,532 ) $ (11,779 ) $ (12,888 ) Amounts recognized in accumulated other comprehensive loss: Unrecognized net loss $ 373 $ 1,285 $ 3,213 Net amount recognized $ 373 $ 1,285 $ 3,213 Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): Net (gain) loss $ (900 ) $ (1,650 ) $ 855 Amortization of net loss (13 ) (278 ) (215 ) Total recognized in other comprehensive (loss) income $ (913 ) $ (1,928 ) $ 640

Note 13 - Leases (Tables)

Note 13 - Leases (Tables)	12 Months Ended
	Sep. 30, 2023
Notes Tables
Lease, Cost [Table Text Block]	(In thousands) September 30, 2023 October 1, 2022 Cash paid for operating leases included in operating cash flows $ 1,261 $ 1,418 Right-of-use assets obtained in exchange for new lease obligations 1,547 1,206 September 30, 2023 October 1, 2022 Weighted average lease term (in years) 2.2 1.7 Weighted average discount rate 7.1 % 3.7 %
Lessee, Operating Lease, Assets and Liabilities [Table Text Block]	(In thousands) September 30, 2023 October 1, 2022 Right-of-use assets: Other assets $ 1,939 $ 1,565 Lease liabilities: Accrued expenses $ 999 $ 997 Other liabilities 936 572 Total operating lease liabilities $ 1,935 $ 1,569
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]	(In thousands) 2024 $ 1,103 2025 636 2026 354 2027 6 2028 - Total future operating lease payments 2,099 Less: imputed interest (164 ) Present value of lease liabilities $ 1,935

Note 14 - Earnings Per Share (T

Note 14 - Earnings Per Share (Tables)	12 Months Ended
	Sep. 30, 2023
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Year Ended September 30, October 1, October 2, (In thousands, except per share amounts) 2023 2022 2021 Net earnings $ 32,415 $ 125,011 $ 66,610 Basic weighted average shares outstanding 19,504 19,517 19,344 Dilutive effect of stock-based compensation 62 112 190 Diluted weighted average shares outstanding 19,566 19,629 19,534 Net earnings per share: Basic $ 1.66 $ 6.41 $ 3.44 Diluted 1.66 6.37 3.41

Note 15 - Business Segment In_2

Note 15 - Business Segment Information (Tables)	12 Months Ended
	Sep. 30, 2023
Notes Tables
Revenue from External Customers by Geographic Areas [Table Text Block]	Year Ended September 30, October 1, October 2, (In thousands) 2023 2022 2021 Net sales: United States $ 643,156 $ 820,641 $ 583,458 Foreign 6,032 6,191 7,143 Total $ 649,188 $ 826,832 $ 590,601
Revenue from External Customers by Products and Services [Table Text Block]	Year Ended September 30, October 1, October 2, (In thousands) 2023 2022 2021 Net sales: Welded wire reinforcement $ 375,771 $ 495,401 $ 358,334 Prestressed concrete strand 273,417 331,431 232,267 Total $ 649,188 $ 826,832 $ 590,601

Note 16 - Other Financial Data

Note 16 - Other Financial Data (Tables)	12 Months Ended
	Sep. 30, 2023
Notes Tables
Other Financial Information, Balance Sheet [Table Text Block]	September 30, October 1, (In thousands) 2023 2022 Accounts receivable, net: Accounts receivable $ 63,735 $ 82,043 Less allowance for credit losses (311 ) (397 ) Total $ 63,424 $ 81,646 Inventories: Raw materials $ 39,341 $ 108,894 Work in process 5,852 8,817 Finished goods 58,113 79,943 Total $ 103,306 $ 197,654 Other current assets: Prepaid insurance $ 4,043 $ 4,563 Other 2,410 3,153 Total $ 6,453 $ 7,716 Other assets: Cash surrender value of life insurance policies $ 10,586 $ 9,938 Right-of-use assets 1,939 1,565 Capitalized financing costs, net 175 41 Other 111 121 Total $ 12,811 $ 11,665 Property, plant and equipment, net: Land and land improvements $ 15,107 $ 14,947 Buildings 56,653 55,044 Machinery and equipment 198,528 191,790 Construction in progress 18,019 11,745 288,307 273,526 Less accumulated depreciation (168,293 ) (165,370 ) Total $ 120,014 $ 108,156 Accrued expenses: Salaries, wages and related expenses $ 5,082 $ 8,128 Customer rebates 2,132 2,760 Property taxes 1,912 1,782 Operating lease liabilities 999 997 Sales allowance reserves 745 1,013 State sales and use taxes 268 595 Income taxes 187 - Other 484 525 Total $ 11,809 $ 15,800 Other liabilities: Deferred compensation $ 11,374 $ 11,747 Deferred income taxes 7,543 7,086 Operating lease liabilities 936 572 Total $ 19,853 $ 19,405

Note 2 - Summary of Significa_2

Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($)	12 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Oct. 01, 2022	Oct. 02, 2021
Depreciation		$ 12,500,000	$ 13,700,000	$ 13,600,000
Interest Costs Capitalized		0	0	0
Asset Impairment Charges		$ 0	$ 0	$ 1,415,000
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)	$ 842,000
Defined Benefit Plan, Expected Future Benefit Payment	611,000
Defined Benefit Plan, Increase in Expected Net Periodic Benefit Cost (Credit), Next Twelve Months	$ 3,000
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		$ 271,000
Defined Benefit Plan, Increase in Accumulated Benefit Obligation		$ 224,000

Note 5 - Restructuring (Details

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

Note 5 - Restructuring - Restru

Note 5 - Restructuring - Restructuring Activity (Details) - USD ($)	12 Months Ended
	Oct. 01, 2022	Oct. 02, 2021
Liability as of October 2, 2021	$ 10,000	$ 171,000
Restructuring charges (recoveries), net	(318,000)	2,868,000
Cash payments	(314,000)	(1,614,000)
Non-cash charges	622,000	(1,415,000)
Restructuring Reserve, Non-cash Charges	622,000	(1,415,000)
Liability as of October 1, 2022	0	10,000
Employee Severance [Member]
Liability as of October 2, 2021	0	0
Restructuring charges (recoveries), net	0	13,000
Cash payments	0	(13,000)
Non-cash charges	0	0
Restructuring Reserve, Non-cash Charges	0	0
Liability as of October 1, 2022	0	0
Equipment Relocation [Member]
Liability as of October 2, 2021	0	20,000
Restructuring charges (recoveries), net	0	423,000
Cash payments	0	(443,000)
Non-cash charges	0	0
Restructuring Reserve, Non-cash Charges	0	0
Liability as of October 1, 2022	0	0
Facility Closing [Member]
Liability as of October 2, 2021	10,000	151,000
Restructuring charges (recoveries), net	304,000	1,017,000
Cash payments	(314,000)	(1,158,000)
Non-cash charges	0	0
Restructuring Reserve, Non-cash Charges	0	0
Liability as of October 1, 2022	0	10,000
Asset Impairments [Member]
Liability as of October 2, 2021	0	0
Restructuring charges (recoveries), net	0	1,415,000
Cash payments	0	0
Non-cash charges	0	(1,415,000)
Restructuring Reserve, Non-cash Charges	0	(1,415,000)
Liability as of October 1, 2022	0	0
Gain on Sale of Property and Equipment [Member]
Liability as of October 2, 2021	0	0
Restructuring charges (recoveries), net	(622,000)	0
Cash payments	0	0
Non-cash charges	622,000	0
Restructuring Reserve, Non-cash Charges	622,000	0
Liability as of October 1, 2022	$ 0	$ 0

Note 6 - Fair Value Measureme_3

Note 6 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2023	Oct. 01, 2022
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	Sep. 30, 2023	Oct. 01, 2022
Cash equivalents	$ 125,805	$ 48,045
Cash surrender value of life insurance policies	10,586	9,938
Total	136,391	57,983
Fair Value, Inputs, Level 1 [Member]
Cash equivalents	125,805	48,045
Cash surrender value of life insurance policies	0	0
Total	125,805	48,045
Fair Value, Inputs, Level 2 [Member]
Cash equivalents	0	0
Cash surrender value of life insurance policies	10,586	9,938
Total	$ 10,586	$ 9,938

Note 7 - Intangible Assets (Det

Note 7 - Intangible Assets (Details Textual) - USD ($)	12 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Oct. 02, 2021
Amortization of Intangible Assets	$ 757,000	$ 821,000	$ 899,000
Finite-Lived Intangible Asset, Expected Amortization, Year One	750,000
Finite-Lived Intangible Asset, Expected Amortization, Year Two	743,000
Finite-Lived Intangible Asset, Expected Amortization, Year Three	752,000
Finite-Lived Intangible Asset, Expected Amortization, Year Four	480,000
Finite-Lived Intangible Asset, Expected Amortization, Year Five	$ 453,000

Note 7 - Intangible Assets - Su

Note 7 - Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Oct. 01, 2022
Intangible assets, gross	$ 12,070	$ 12,070
Intangible assets, accumulated amortization	(5,980)	(5,223)
Net book value	$ 6,090	$ 6,847
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	(4,779)	(4,130)
Net book value	$ 5,091	$ 5,740
Technology-Based Intangible Assets [Member]
Weighted average useful life (Year)	20 years	20 years
Intangible assets, gross	$ 1,800	$ 1,800
Intangible assets, accumulated amortization	(818)	(729)
Net book value	$ 982	$ 1,071
Noncompete Agreements [Member]
Weighted average useful life (Year)	5 years	5 years
Intangible assets, gross	$ 400	$ 400
Intangible assets, accumulated amortization	(383)	(364)
Net book value	$ 17	$ 36

Note 8 - Long-term Debt (Detail

Note 8 - Long-term Debt (Details Textual) - USD ($)	12 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Oct. 02, 2021
Amortization of Debt Issuance Costs	$ 57,000	$ 65,000	$ 65,000
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	98,500,000
Letters of Credit Outstanding, Amount	$ 1,500,000
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] | Secured Overnight Financing Rate (SOFR) [Member]
Debt Instrument, Basis Spread on Variable Rate	1%
Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	1.25%
Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate	1.50%
Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) [Member] | SOFR Based Loans [Member]
Debt Instrument, Basis Spread on Variable Rate	1.25%
Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Credit Adjustment [Member] | SOFR Based Loans [Member]
Debt Instrument, Basis Spread on Variable Rate	0.10%
Revolving Credit Facility [Member] | Base Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	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%

Note 8 - Long-term Debt - Amort

Note 8 - Long-term Debt - Amortization of Financing Costs (Details) $ in Thousands	Sep. 30, 2023 USD ($)
2024, Amortization	$ 50
Amortization of Financing Costs, Year 2	50
Amortization of Financing Costs, Year 3	51
Amortization of Financing Costs, Year 4	50
Amortization of Financing Costs, Year 5	$ 23

Note 9 - Stock-based Compensa_3

Note 9 - Stock-based Compensation (Details Textual) - USD ($)		12 Months Ended
	Feb. 11, 2020	Sep. 30, 2023	Oct. 01, 2022	Oct. 02, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 13.27	$ 14.67	$ 14.47
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		$ 1,000,000	$ 1,100,000	$ 860,000
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount		$ 731,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition		2 years 1 month 17 days
Restricted Stock Units (RSUs) [Member]
Share-Based Payment Arrangement, Expense		$ 1,392,000	$ 1,365,000	$ 1,128,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition		1 year 8 months 15 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		430,000

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
	Sep. 30, 2023	Oct. 01, 2022	Oct. 02, 2021
Expected term (in years) (Year)	4 years 4 months 6 days	4 years 7 months 9 days	4 years 10 months 13 days
Risk-free interest rate	4.27%	3.03%	0.68%
Expected volatility	49.61%	49.63%	50.34%
Expected dividend yield	0.40%	0.34%	0.42%

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
	Sep. 30, 2023	Oct. 01, 2022	Oct. 02, 2021
Outstanding, shares (in shares)	365	428	482
Outstanding, weighted average exercise price (in dollars per share)	$ 30	$ 27.72	$ 24.90
Granted, shares (in shares)	97	82	74
Granted, weighted average exercise price (in dollars per share)	$ 30.63	$ 35.32	$ 34.76
Exercised, options (in shares)	(32)	(85)	(128)
Exercised, weighted average exercise price (in dollars per share)	$ 21.29	$ 24.23	$ 21.17
Exercised, intrinsic value	$ 350	$ 1,615	$ 2,212
Forfeited, options (in shares)	(19)	(60)
Forfeited, weighted average exercise price (in dollars per share)	$ 33.22	$ 29.29
Outstanding, shares (in shares)	411	365	428
Outstanding, weighted average exercise price (in dollars per share)	$ 30.68	$ 30	$ 27.72
Outstanding, contractual term (Year)	6 years 7 months 2 days
Outstanding, intrinsic value	$ 1,561
Vested and anticipated to vest, shares (in shares)	403
Vested and anticipated to vest, weighted average exercise price (in dollars per share)	$ 30.66
Vested and anticipated to vest, contractual term (Year)	6 years 6 months 14 days
Vested and anticipated to vest, intrinsic value	$ 1,551
Exercisable, shares (in shares)	258
Exercisable, weighted average exercise price (in dollars per share)	$ 29.63
Exercisable, term (Year)	5 years 1 month 2 days
Exercisable, intrinsic value	$ 1,364

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
	Sep. 30, 2023	Oct. 01, 2022	Oct. 02, 2021
Units (in shares)	57	43	43
Market value	$ 1,738	$ 1,563	$ 1,430
Compensation expense	$ 1,392	$ 1,365	$ 1,128

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
	Sep. 30, 2023	Oct. 01, 2022	Oct. 02, 2021
Restricted stock units outstanding, beginning balance (in shares)	120	129	122
Balance, weighted average grant date fair value (in dollars per share)	$ 29.88	$ 24.73	$ 23.07
Restricted stock units outstanding, granted (in shares)	57	43	43
Weighted average grant date fair value, granted (in dollars per share)	$ 30.53	$ 35.93	$ 33.22
Vested, units (in shares)	(62)	(49)	(36)
Vested, weighted average grant date fair value (in dollars per share)	$ 25.71	$ 22.17	$ 29.21
Aggregate intrinsic value, vested	$ 1,911	$ 1,773	$ 1,191
Forfeited, units (in shares)	(10)	(3)
Forfeited, weighted average grant date fair value (in dollars per share)	$ 30.36	$ 22.09
Restricted stock units outstanding, ending balance (in shares)	105	120	129
Weighted average grant date fair value, ending balance (in dollars per share)	$ 35.07	$ 29.88	$ 24.73

Note 10 - Income Taxes (Details

Note 10 - Income Taxes (Details Textual) - USD ($)	12 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Oct. 02, 2021
Deferred Tax Liabilities, Net	$ 7,543,000	$ 7,086,000
Deferred Tax Assets, Valuation Allowance	3,000	32,000
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	(29,000)
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total	0	$ 0	$ 0
State and Local Jurisdiction [Member]
Operating Loss Carryforwards	$ 7,900,000
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	2038

Note 10 - Income Taxes - Compon

Note 10 - Income Taxes - Components of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Oct. 02, 2021
Federal	$ 8,320	$ 33,377	$ 17,904
State	782	3,012	1,707
Current Income Tax Expense (Benefit)	9,102	36,389	19,611
Federal	335	627	(180)
State	(97)	(300)	62
Deferred Income Tax Expense (Benefit)	238	327	(118)
Income taxes	$ 9,340	$ 36,716	$ 19,493
Effective income tax rate	22.40%	22.70%	22.60%

Note 10 - Income Taxes - Income

Note 10 - Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Oct. 02, 2021
Provision for income taxes at federal statutory rate	$ 8,768	$ 33,963	$ 18,082
Provision for income taxes at federal statutory rate, percent	21%	21%	21%
State income taxes, net of federal tax benefit	$ 548	$ 2,108	$ 1,544
State income taxes, net of federal tax benefit, percent	1.30%	1.30%	1.80%
Stock-based compensation	$ (55)	$ (255)	$ (253)
Stock-based compensation, percent	(0.10%)	(0.20%)	(0.30%)
Valuation allowance	$ (29)	$ (41)	$ (134)
Valuation allowance, percent	(0.10%)	(0.00%)	(0.20%)
Nondeductible expenses and other, net, amount	$ 108	$ 941	$ 254
Nondeductible expenses and other, net, percent	0.30%	0.60%	0.30%
Income taxes	$ 9,340	$ 36,716	$ 19,493
Provision for income taxes, percent	22.40%	22.70%	22.60%

Note 10 - Income Taxes - Deferr

Note 10 - Income Taxes - Deferred Tax Asset and Liability Components (Details) - USD ($)	Sep. 30, 2023	Oct. 01, 2022
Defined benefit plans	$ 2,551,000	$ 2,617,000
Accrued expenses and asset reserves	2,392,000	2,430,000
Stock-based compensation	1,288,000	1,176,000
R & E Capitalization	125,000	0
Operating lease liability	434,000	353,000
State net operating loss carryforwards and tax credits	158,000	142,000
Valuation allowance	(3,000)	(32,000)
Deferred tax assets	6,945,000	6,686,000
Plant and equipment	(12,143,000)	(11,546,000)
Prepaid insurance	(1,123,000)	(1,279,000)
Right of use assets	(435,000)	(352,000)
Goodwill	(787,000)	(595,000)
Deferred tax liabilities	(14,488,000)	(13,772,000)
Net deferred tax liability	$ (7,543,000)	$ (7,086,000)

Note 11 - Employee Benefit Pl_3

Note 11 - Employee Benefit Plans (Details Textual) - USD ($)	12 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Oct. 02, 2021
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	$ 10,600,000	$ 10,700,000
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	1,700,000	$ 1,500,000
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	$ 6,500,000	$ 5,400,000	$ 6,400,000
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
	Sep. 30, 2023	Oct. 01, 2022	Oct. 02, 2021
Benefit obligation at beginning of year	$ 11,779	$ 12,888	$ 11,610
Service cost	333	399	312
Interest cost	518	347	316
Actuarial (gain) loss	(900)	(1,650)	855
Distributions	(198)	(205)	(205)
Benefit obligation at end of year	11,532	11,779	12,888
Actual employer contributions	198	205	205
Actual distributions	(198)	(205)	(205)
Plan assets at fair value at end of year	0	0	0
Funded status	(11,532)	(11,779)	(12,888)
Net amount recognized	(11,532)	(11,779)	(12,888)
Unrecognized net loss	373	1,285	3,213
Net amount recognized	373	1,285	3,213
Net (gain) loss	(900)	(1,650)	855
Amortization of net loss	(13)	(278)	(215)
Total recognized in other comprehensive (loss) income	$ (913)	$ (1,928)	$ 640

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
	Sep. 30, 2023	Oct. 01, 2022	Oct. 02, 2021
Service cost	$ 333	$ 399	$ 312
Interest cost	518	347	316
Amortization of net loss	13	278	215
Net periodic pension cost	$ 864	$ 1,024	$ 843

Note 11 - Employee Benefit Pl_6

Note 11 - Employee Benefit Plans - Plan Valuation Assumptions (Details) - Supplemental Employee Retirement Plan [Member]	Sep. 30, 2023	Oct. 01, 2022	Oct. 02, 2021
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate	5.25%	4.50%	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	Sep. 30, 2023 USD ($)
2024	$ 611
2025	930
2026	855
2027	855
2028	855
2029 - 2033	$ 4,745

Note 12 - Commitments and Con_2

Note 12 - Commitments and Contingencies (Details Textual) $ in Millions	12 Months Ended
	Sep. 30, 2023 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	$ 51.6
Non-cancelable Purchase Commitment Term (Day)	90 days
Purchase Commitment for Equipment [Member]
Purchase Commitment, Remaining Minimum Amount Committed	$ 15.3

Note 13 - Leases (Details Textu

Note 13 - Leases (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Oct. 02, 2021
Operating Lease, Term Required to be Recorded on the Balance Sheet, Threshold (Month)	12 months
Operating Lease, Expense	$ 1.3	$ 1.4	$ 1.4

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
	Sep. 30, 2023	Oct. 01, 2022
Cash paid for operating leases included in operating cash flows	$ 1,261	$ 1,418
Weighted average lease term (in years) (Year)	2 years 2 months 12 days	1 year 8 months 12 days
Right-of-use assets obtained in exchange for new lease obligations	$ 1,547	$ 1,206
Weighted average discount rate	7.10%	3.70%

Note 13 - Leases - Supplemental

Note 13 - Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Oct. 01, 2022
Other assets	$ 1,939	$ 1,565
Other Noncurrent Assets [Member]
Other assets	1,939	1,565
Accrued Expenses, Current [Member]
Accrued expenses	999	997
Other Noncurrent Liabilities [Member]
Other liabilities	936	572
Accrued Expenses Current and Other Noncurrent Liabilities [Member]
Total operating lease liabilities	$ 1,935	$ 1,569

Note 13 - Leases - Aggregate Fu

Note 13 - Leases - Aggregate Future Operating Lease Payments (Details) $ in Thousands	Sep. 30, 2023 USD ($)
2024	$ 1,103
2025	636
2026	354
2027	6
2028	0
Total future operating lease payments	2,099
Less: imputed interest	(164)
Other Liabilities [Member]
Present value of lease liabilities	$ 1,935

Note 14 - Earnings Per Share (D

Note 14 - Earnings Per Share (Details Textual) - shares	12 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Oct. 02, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	69,000	49,000	142,000

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
	Sep. 30, 2023	Oct. 01, 2022	Oct. 02, 2021
Net earnings	$ 32,415	$ 125,011	$ 66,610
Basic weighted average shares outstanding (in shares)	19,504	19,517	19,344
Dilutive effect of stock-based compensation (in shares)	62	112	190
Diluted weighted average shares outstanding (in shares)	19,566	19,629	19,534
Basic (in dollars per share)	$ 1.66	$ 6.41	$ 3.44
Diluted (in dollars per share)	$ 1.66	$ 6.37	$ 3.41

Note 15 - Business Segment In_3

Note 15 - Business Segment Information (Details Textual)	12 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Oct. 02, 2021
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
	Sep. 30, 2023	Oct. 01, 2022	Oct. 02, 2021
Revenue	$ 649,188	$ 826,832	$ 590,601
UNITED STATES
Revenue	643,156	820,641	583,458
Non-US [Member]
Revenue	$ 6,032	$ 6,191	$ 7,143

Note 15 - Business Segment In_5

Note 15 - Business Segment Information - Net Sales By Product Line (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Oct. 02, 2021
Revenue	$ 649,188	$ 826,832	$ 590,601
Welded Wire Reinforcement [Member]
Revenue	375,771	495,401	358,334
PC Strand [Member]
Revenue	$ 273,417	$ 331,431	$ 232,267

Note 16 - Other Financial Dat_2

Note 16 - Other Financial Data - Balance Sheet Information (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Oct. 01, 2022
Accounts receivable	$ 63,735	$ 82,043
Less allowance for credit losses	(311)	(397)
Total	63,424	81,646
Raw materials	39,341	108,894
Work in process	5,852	8,817
Finished goods	58,113	79,943
Total	103,306	197,654
Prepaid insurance	4,043	4,563
Other	2,410	3,153
Total	6,453	7,716
Cash surrender value of life insurance policies	10,586	9,938
Right-of-use assets	1,939	1,565
Capitalized financing costs, net	175	41
Other	111	121
Total	12,811	11,665
Land and land improvements	15,107	14,947
Buildings	56,653	55,044
Machinery and equipment	198,528	191,790
Construction in progress	18,019	11,745
Property, Plant and Equipment, Gross	288,307	273,526
Less accumulated depreciation	(168,293)	(165,370)
Total	120,014	108,156
Salaries, wages and related expenses	5,082	8,128
Customer rebates	2,132	2,760
Property taxes	1,912	1,782
Sales allowance reserves	745	1,013
State sales and use taxes	268	595
Income taxes	187	0
Other	484	525
Total	11,809	15,800
Deferred compensation	11,374	11,747
Deferred Tax Liabilities, Net	7,543	7,086
Total	19,853	19,405
Accrued Expenses, Current [Member]
Accrued expenses	999	997
Other Noncurrent Liabilities [Member]
Operating lease liabilities	$ 936	$ 572

Note 18 - Share Repurchases (De

Note 18 - Share Repurchases (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Oct. 02, 2021	Nov. 18, 2008
Stock Repurchase Program, Authorized Amount				$ 25
Stock Repurchased During Period, Value	$ 2.3	$ 1.2
Stock Repurchased During Period, Shares	80,352	41,706	0
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 21.2