Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Mar. 26, 2022 | Apr. 29, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000785956 | |
Entity Registrant Name | J&J SNACK FOODS CORP | |
Amendment Flag | false | |
Current Fiscal Year End Date | --09-25 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 26, 2022 | |
Document Transition Report | false | |
Entity File Number | 0-14616 | |
Entity Incorporation, State or Country Code | NJ | |
Entity Tax Identification Number | 22-1935537 | |
Entity Address, Address Line One | 6000 Central Highway | |
Entity Address, City or Town | Pennsauken | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 08109 | |
City Area Code | 856 | |
Local Phone Number | 665-9533 | |
Title of 12(b) Security | Common Stock, no par value | |
Trading Symbol | JJSF | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 19,174,920 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 26, 2022 | Sep. 25, 2021 |
Current assets | ||
Cash and cash equivalents | $ 221,017 | $ 283,192 |
Marketable securities held to maturity | 4,530 | 7,980 |
Accounts receivable, net | 187,933 | 162,939 |
Inventories | 158,991 | 123,160 |
Prepaid expenses and other | 11,805 | 7,498 |
Total current assets | 584,276 | 584,769 |
Property, plant and equipment, at cost | ||
Land | 2,494 | 2,494 |
Buildings | 26,582 | 26,582 |
Plant machinery and equipment | 340,534 | 343,716 |
Marketing equipment | 263,494 | 258,624 |
Transportation equipment | 10,912 | 10,315 |
Office equipment | 44,641 | 34,648 |
Improvements | 48,073 | 45,578 |
Construction in progress | 45,418 | 35,285 |
Total Property, plant and equipment, at cost | 782,148 | 757,242 |
Less accumulated depreciation and amortization | 504,249 | 490,055 |
Property, plant and equipment, net | 277,899 | 267,187 |
Other assets | ||
Goodwill | 121,833 | 121,833 |
Other intangible assets, net | 76,599 | 77,776 |
Marketable securities held to maturity | 0 | 4,047 |
Marketable securities available for sale | 5,951 | 10,084 |
Operating lease right-of-use assets | 53,892 | 54,555 |
Other | 2,878 | 1,968 |
Total other assets | 261,153 | 270,263 |
Total Assets | 1,123,328 | 1,122,219 |
Current Liabilities | ||
Current finance lease liabilities | 127 | 182 |
Accounts payable | 101,238 | 96,789 |
Accrued insurance liability | 15,525 | 16,260 |
Accrued liabilities | 6,456 | 10,955 |
Current operating lease liabilities | 13,747 | 13,395 |
Accrued compensation expense | 16,487 | 17,968 |
Dividends payable | 12,136 | 12,080 |
Total current liabilities | 165,716 | 167,629 |
Noncurrent finance lease liabilities | 336 | 392 |
Noncurrent operating lease liabilities | 45,501 | 46,557 |
Deferred income taxes | 61,339 | 61,578 |
Other long-term liabilities | 455 | 409 |
Stockholders' Equity | ||
Preferred stock, $1 par value; authorized 10,000,000 shares; none issued | 0 | 0 |
Common stock, no par value; authorized, 50,000,000 shares; issued and outstanding 19,173,000 and 19,084,000 respectively | 87,688 | 73,597 |
Accumulated other comprehensive loss | (13,281) | (13,383) |
Retained Earnings | 775,574 | 785,440 |
Total stockholders' equity | 849,981 | 845,654 |
Total Liabilities and Stockholders' Equity | $ 1,123,328 | $ 1,122,219 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 26, 2022 | Sep. 25, 2021 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 19,173,000 | 19,084,000 |
Common stock, shares outstanding (in shares) | 19,173,000 | 19,084,000 |
Consolidated Statements of Earn
Consolidated Statements of Earnings (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 26, 2022 | Mar. 27, 2021 | Mar. 26, 2022 | Mar. 27, 2021 | |
Net sales | $ 281,513 | $ 256,178 | $ 600,003 | $ 497,175 |
Cost of goods sold | 216,165 | 195,282 | 455,280 | 386,154 |
Gross profit | 65,348 | 60,896 | 144,723 | 111,021 |
Operating expenses | ||||
Marketing | 21,036 | 19,192 | 41,943 | 36,493 |
Distribution | 28,349 | 25,443 | 61,664 | 48,332 |
Administrative | 11,719 | 9,216 | 22,088 | 18,656 |
Other general expense | 156 | (185) | 95 | (268) |
Total operating expenses | 61,260 | 53,666 | 125,790 | 103,213 |
Operating income | 4,088 | 7,230 | 18,933 | 7,808 |
Other income (expense) | ||||
Investment income | 160 | 579 | 431 | 1,949 |
Interest expense & other | (57) | 4 | (75) | (11) |
Earnings before income taxes | 4,191 | 7,813 | 19,289 | 9,746 |
Income taxes | 920 | 1,752 | 4,927 | 1,907 |
NET EARNINGS | $ 3,271 | $ 6,061 | $ 14,362 | $ 7,839 |
Earnings per diluted share (in dollars per share) | $ 0.17 | $ 0.32 | $ 0.75 | $ 0.41 |
Weighted average number of diluted shares (in shares) | 19,206 | 19,130 | 19,180 | 19,081 |
Earnings per basic share (in dollars per share) | $ 0.17 | $ 0.32 | $ 0.75 | $ 0.41 |
Weighted average number of basic shares (in shares) | 19,134 | 19,006 | 19,110 | 18,971 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 26, 2022 | Mar. 27, 2021 | Mar. 26, 2022 | Mar. 27, 2021 | |
Net earnings | $ 3,271 | $ 6,061 | $ 14,362 | $ 7,839 |
Foreign currency translation adjustments | 546 | (531) | 102 | 1,748 |
Total other comprehensive (loss) income | 546 | (531) | 102 | 1,748 |
Comprehensive income | $ 3,817 | $ 5,530 | $ 14,464 | $ 9,587 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock Including Additional Paid in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Sep. 26, 2020 | 18,915,000 | |||
Balance at Sep. 26, 2020 | $ 49,268 | $ (15,587) | $ 775,817 | $ 809,498 |
Issuance of common stock upon exercise of stock options (in shares) | 41,000 | |||
Issuance of common stock upon exercise of stock options | $ 4,390 | 0 | 0 | 4,390 |
Foreign currency translation adjustment | 0 | 2,279 | 0 | 2,279 |
Dividends declared | 0 | 0 | (10,900) | (10,900) |
Share-based compensation | 1,244 | 0 | 0 | 1,244 |
Net earnings | $ 0 | 0 | 1,778 | 1,778 |
Balance (in shares) at Dec. 26, 2020 | 18,956,000 | |||
Balance at Dec. 26, 2020 | $ 54,902 | (13,308) | 766,695 | 808,289 |
Balance (in shares) at Sep. 26, 2020 | 18,915,000 | |||
Balance at Sep. 26, 2020 | $ 49,268 | (15,587) | 775,817 | 809,498 |
Foreign currency translation adjustment | 1,748 | |||
Net earnings | 7,839 | |||
Balance (in shares) at Mar. 27, 2021 | 19,034,000 | |||
Balance at Mar. 27, 2021 | $ 65,026 | (13,839) | 761,813 | 813,000 |
Balance (in shares) at Dec. 26, 2020 | 18,956,000 | |||
Balance at Dec. 26, 2020 | $ 54,902 | (13,308) | 766,695 | 808,289 |
Issuance of common stock upon exercise of stock options (in shares) | 72,000 | |||
Issuance of common stock upon exercise of stock options | $ 8,384 | 0 | 0 | 8,384 |
Foreign currency translation adjustment | 0 | (531) | 0 | (531) |
Dividends declared | 0 | 0 | (10,943) | (10,943) |
Share-based compensation | 1,026 | 0 | 0 | 1,026 |
Net earnings | $ 0 | 0 | 6,061 | 6,061 |
Issuance of common stock for employee stock purchase plan (in shares) | 6,000 | |||
Issuance of common stock for employee stock purchase plan | $ 714 | 0 | 0 | 714 |
Balance (in shares) at Mar. 27, 2021 | 19,034,000 | |||
Balance at Mar. 27, 2021 | $ 65,026 | (13,839) | 761,813 | $ 813,000 |
Balance (in shares) at Sep. 25, 2021 | 19,084,000 | 19,084,000 | ||
Balance at Sep. 25, 2021 | $ 73,597 | (13,383) | 785,440 | $ 845,654 |
Issuance of common stock upon exercise of stock options (in shares) | 5,000 | |||
Issuance of common stock upon exercise of stock options | $ 706 | 0 | 0 | 706 |
Foreign currency translation adjustment | 0 | (444) | 0 | (444) |
Dividends declared | 0 | 0 | (12,092) | (12,092) |
Share-based compensation | 1,083 | 0 | 0 | 1,083 |
Net earnings | $ 0 | 0 | 11,091 | 11,091 |
Balance (in shares) at Dec. 25, 2021 | 19,089,000 | |||
Balance at Dec. 25, 2021 | $ 75,386 | (13,827) | 784,439 | $ 845,998 |
Balance (in shares) at Sep. 25, 2021 | 19,084,000 | 19,084,000 | ||
Balance at Sep. 25, 2021 | $ 73,597 | (13,383) | 785,440 | $ 845,654 |
Foreign currency translation adjustment | 102 | |||
Net earnings | $ 14,362 | |||
Balance (in shares) at Mar. 26, 2022 | 19,173,000 | 19,173,000 | ||
Balance at Mar. 26, 2022 | $ 87,688 | (13,281) | 775,574 | $ 849,981 |
Balance (in shares) at Dec. 25, 2021 | 19,089,000 | |||
Balance at Dec. 25, 2021 | $ 75,386 | (13,827) | 784,439 | 845,998 |
Issuance of common stock upon exercise of stock options (in shares) | 76,000 | |||
Issuance of common stock upon exercise of stock options | $ 10,012 | 0 | 0 | 10,012 |
Foreign currency translation adjustment | 0 | 546 | 0 | 546 |
Dividends declared | 0 | 0 | (12,136) | (12,136) |
Share-based compensation | 1,267 | 0 | 0 | 1,267 |
Net earnings | $ 0 | 0 | 3,271 | 3,271 |
Issuance of common stock for employee stock purchase plan (in shares) | 8,000 | |||
Issuance of common stock for employee stock purchase plan | $ 1,023 | 0 | 0 | $ 1,023 |
Balance (in shares) at Mar. 26, 2022 | 19,173,000 | 19,173,000 | ||
Balance at Mar. 26, 2022 | $ 87,688 | $ (13,281) | $ 775,574 | $ 849,981 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Mar. 26, 2022 | Mar. 27, 2021 | |
Operating activities: | ||
Net earnings | $ 14,362,000 | $ 7,839,000 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation of fixed assets | 23,868,000 | 24,253,000 |
Amortization of intangibles and deferred costs | 1,183,000 | 1,457,000 |
Loss from disposals of property & equipment | 100,000 | 0 |
Share-based compensation | 2,350,000 | 2,270,000 |
Deferred income taxes | (251,000) | (4,000) |
Loss (Gain) on marketable securities | 69,000 | (768,000) |
Other | (184,000) | (163,000) |
Changes in assets and liabilities net of effects from purchase of companies | ||
Increase in accounts receivable | (25,031,000) | (10,884,000) |
Increase in inventories | (36,538,000) | (6,432,000) |
Increase in prepaid expenses | (4,308,000) | (118,000) |
(Decrease) increase in accounts payable and accrued liabilities | (2,055,000) | 9,331,000 |
Net cash (used in) provided by operating activities | (26,435,000) | 26,781,000 |
Investing activities: | ||
Purchases of property, plant and equipment | (35,306,000) | (18,829,000) |
Proceeds from redemption and sales of marketable securities | 11,526,000 | 41,337,000 |
Proceeds from disposal of property and equipment | 589,000 | 1,262,000 |
Other | 0 | 18,000 |
Net cash (used in) provided by investing activities | (23,191,000) | 23,788,000 |
Financing activities: | ||
Proceeds from issuance of stock | 11,741,000 | 13,582,000 |
Payments on finance lease obligations | (111,000) | (173,000) |
Payment of cash dividend | (24,163,000) | (21,776,000) |
Net cash used in financing activities | (12,533,000) | (8,367,000) |
Effect of exchange rate on cash and cash equivalents | (16,000) | 375,000 |
Net (decrease) increase in cash and cash equivalents | (62,175,000) | 42,577,000 |
Cash and cash equivalents at beginning of period | 283,192,000 | 195,809,000 |
Cash and cash equivalents at end of period | $ 221,017,000 | $ 238,386,000 |
Note 1
Note 1 | 6 Months Ended |
Mar. 26, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | Note 1 The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10 10 01 X. not no 10 September 25, 2021. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the financial position and the results of operations and cash flows. The results of operations for the three six March 26, 2022 March 27, 2021 not third fourth 2/3 19. 19 While we believe that the disclosures presented are adequate to make the information not 10 September 25, 2021. |
Note 2
Note 2 | 6 Months Ended |
Mar. 26, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 2 Revenue Recognition When Performance Obligations Are Satisfied A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account for revenue recognition. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The singular performance obligation of our customer contracts for product and machine sales is determined by each individual purchase order and the respective products ordered, with revenue being recognized at a point-in-time when the obligation under the terms of the agreement is satisfied and product control is transferred to our customer. Specifically, control transfers to our customers when the product is delivered to, installed, or picked up by our customers based upon applicable shipping terms, as our customers can direct the use and obtain substantially all of the remaining benefits from the product at this point in time. The performance obligations in our customer contracts for product are generally satisfied within 30 The singular performance obligation of our customer contracts for time and material repair and maintenance equipment service is the performance of the repair and maintenance with revenue being recognized at a point-in-time when the repair and maintenance is completed. The singular performance obligation of our customer repair and maintenance equipment service contracts is the performance of the repair and maintenance with revenue being recognized over the time the service is expected to be performed. Our customers are billed for service contracts in advance of performance and therefore we have a contract liability recorded within Accrued liabilities on our balance sheet. Significant Payment Terms In general, within our customer contracts, the purchase order identifies the product, quantity, price, pick-up allowances, payment terms and final delivery terms. Although some payment terms may 30 not Shipping All amounts billed to customers related to shipping and handling are classified as revenues; therefore, we recognize revenue for shipping and handling fees at the time the products are shipped or when services are performed. The cost of shipping products to the customer is recognized at the time the products are shipped to the customer and our policy is to classify them as Distribution expenses. Variable Consideration In addition to fixed contract consideration, our contracts include some form of variable consideration, including sales discounts, trade promotions and certain other sales and consumer incentives, including rebates and coupon redemptions. In general, variable consideration is treated as a reduction in revenue when the related revenue is recognized. Depending on the specific type of variable consideration, we use the most likely amount method to determine the variable consideration. We believe there will be no March 26, 2022 September 25, 2021. Warranties & Returns We provide all customers with a standard or assurance type warranty. Either stated or implied, we provide assurance the related products will comply with all agreed-upon specifications and other warranties provided under the law. No We do not may may not Contract Balances Our customers are billed for service contracts in advance of performance and therefore we have contract liabilities on our balance sheet as follows: (in thousands) Three Months Ended Six Months Ended March 26, March 27, March 26, March 27, 2022 2021 2022 2021 Beginning Balance $ 1,030 $ 1,716 $ 1,097 $ 1,327 Additions to contract liability 1,374 1,201 2,573 2,945 Amounts recognized as revenue (1,312 ) (1,827 ) (2,578 ) (3,182 ) Ending Balance $ 1,092 $ 1,090 $ 1,092 $ 1,090 Disaggregation of Revenue See Note 9 Allowance for Doubtful Receivables We provide an allowance for doubtful receivables after taking into consideration historical experience and other factors. On September 27, 2020, 2016 13, Measurement of Credit Losses on Financial Instruments not March 26, 2022 September 25, 2021, |
Note 3
Note 3 | 6 Months Ended |
Mar. 26, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 3 Depreciation of equipment and buildings is provided for by the straight-line method over the assets’ estimated useful lives. Amortization of improvements is provided for by the straight-line method over the term of the lease or the assets’ estimated useful lives, whichever is shorter. Licenses and rights, customer relationships and non-compete agreements arising from acquisitions are amortized by the straight-line method over periods ranging from 2 to 20 years. Depreciation expense was $11,945,000 and $11,984,000 for the three March 26, 2022 March 27, 2021, six March 26, 2022 March 27, 2021, |
Note 4
Note 4 | 6 Months Ended |
Mar. 26, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 4 Basic earnings per common share (EPS) excludes dilution and is computed by dividing income available to common shareholders by the weighted average common shares outstanding during the period. Diluted EPS takes into consideration the potential dilution that could occur if securities (stock options) or other contracts to issue common stock were exercised and converted into common stock. Our calculation of EPS is as follows: Three Months Ended March 26, 2022 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net earnings available to common stockholders $ 3,271 19,134 $ 0.17 Effect of dilutive securities Options - 72 - Diluted EPS Net earnings available to common stockholders plus assumed conversions $ 3,271 19,206 $ 0.17 270,352 anti-dilutive shares have been excluded in the computation of EPS for the three March 26, 2022. Six Months ended March 26, 2022 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net earnings available to common stockholders $ 14,362 19,110 $ 0.75 Effect of dilutive securities Options - 70 - Diluted EPS Net earnings available to common stockholders plus assumed conversions $ 14,362 19,180 $ 0.75 271,452 anti-dilutive shares have been excluded in the computation of EPS for the six March 26, 2022. Three Months Ended March 27, 2021 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net earnings available to common stockholders $ 6,061 19,006 $ 0.32 Effect of dilutive securities Options - 124 - Diluted EPS Net earnings available to common stockholders plus assumed conversions $ 6,061 19,130 $ 0.32 163,072 anti-dilutive shares have been excluded in the computation of EPS for the three March 27, 2021. Six Months Ended March 27, 2021 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net earnings available to common stockholders $ 7,839 18,971 $ 0.41 Effect of dilutive securities Options - 110 - Diluted EPS Net earnings available to common stockholders plus assumed conversions $ 7,839 19,081 $ 0.41 184,672 anti-dilutive shares have been excluded in the computation of EPS for the six March 27, 2021. |
Note 5
Note 5 | 6 Months Ended |
Mar. 26, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 5 At March 26, 2022, three Three Months Ended Six Months Ended March 26, March 27, March 26, March 27, 2022 2021 2022 2021 Stock options $ 586 $ 447 $ 1,400 $ 993 Stock purchase plan 90 64 150 342 Stock issued to an outside director 11 22 22 22 Restricted stock issued to an employee 152 47 224 47 Performance stock issued to employees 82 - 121 - Total share-based compensation $ 921 $ 580 $ 1,917 $ 1,404 The above compensation is net of tax benefits $ 346 $ 446 $ 433 $ 866 The fair value of each option grant is estimated on the date of grant using the Black-Scholes options-pricing model. The Company did not 2022 six During the fiscal year 2021 six In November 2021, one three March 26, 2022 three six March 27, 2021. In November 2021, may two three March 26, 2022 three six March 27, 2021. Expected volatility is based on the historical volatility of the price of our common shares over the past 51 months for 5 10 |
Note 6
Note 6 | 6 Months Ended |
Mar. 26, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 6 We account for our income taxes under the liability method. Under the liability method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities as measured by the enacted tax rates that will be in effect when these differences reverse. Deferred tax expense is the result of changes in deferred tax assets and liabilities. Additionally, we recognize a liability for income taxes and associated penalties and interest for tax positions taken or expected to be taken in a tax return which are more likely than not not The total amount of gross unrecognized tax benefits is $343,000 on both March 26, 2022 September 25, 2021, March 26, 2022, September 25, 2021, In addition to our federal tax return and tax returns for Mexico and Canada, we file tax returns in all states that have a corporate income tax with virtually all open for examination for three four Our effective tax rate for the six March 26, 2022 six March 27, 2021 three March 26, 2022 three March 27, 2021 |
Note 7
Note 7 | 6 Months Ended |
Mar. 26, 2022 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | Note 7 In June 2016, 2016 13, Measurement of Credit Losses on Financial Instruments The Company adopted this guidance in the first 2021 2016 13 not |
Note 8
Note 8 | 6 Months Ended |
Mar. 26, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 8 Inventories consist of the following: March 26, September 25, 2022 2021 (unaudited) (in thousands) Finished goods $ 74,457 $ 49,756 Raw materials 38,023 29,529 Packaging materials 13,130 11,168 Equipment parts and other 33,381 32,707 Total inventories $ 158,991 $ 123,160 |
Note 9
Note 9 | 6 Months Ended |
Mar. 26, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 9 We principally sell our products to the food service and retail supermarket industries. Sales and results of our frozen beverages business are monitored separately from the balance of our food service business because of different distribution and capital requirements. We maintain separate and discrete financial information for the three Our three reportable segments are Food Service, Retail Supermarkets and Frozen Beverages. All inter-segment net sales and expenses have been eliminated in computing net sales and operating income. These segments are described below. Food Service The primary products sold by the food service segment are soft pretzels, frozen novelties, churros, handheld products and baked goods. Our customers in the food service segment include snack bars and food stands in chain, department and discount stores; malls and shopping centers; casual dining restaurants, fast food outlets; stadiums and sports arenas; leisure and theme parks; convenience stores; movie theatres; warehouse club stores; schools, colleges and other institutions. Within the food service industry, our products are purchased by the consumer primarily for consumption at the point-of-sale. Retail Supermarkets The primary products sold to the retail supermarket channel are soft pretzel products – including SUPERPRETZEL, frozen novelties including LUIGI’S Real Italian Ice, MINUTE MAID Juice Bars and Soft Frozen Lemonade, WHOLE FRUIT frozen fruit bars and sorbet, PHILLY SWIRL cups and sticks, ICEE Squeeze-Up Tubes and handheld products. Within the retail supermarket channel, our frozen and prepackaged products are purchased by the consumer for consumption at home. Frozen Beverages The Company markets frozen beverages primarily under the names ICEE, SLUSH PUPPIE and PARROT ICE which are sold primarily in the United States, Mexico and Canada. We also provide repair and maintenance service to customers for customers’ owned equipment. The Chief Operating Decision Maker for Food Service, Retail Supermarkets and Frozen Beverages reviews monthly detailed operating income statements and sales reports in order to assess performance and allocate resources to each individual segment. Sales and operating income are key variables monitored by the Chief Operating Decision Maker and management when determining each segment’s, and the Company’s, financial condition and operating performance. In addition, the Chief Operating Decision Maker reviews and evaluates depreciation, capital spending and assets of each segment on a quarterly basis to monitor cash flow and asset needs of each segment. Information regarding the operations in these three Three Months Ended Six Months Ended March 26, March 27, March 26, March 27, 2022 2021 2022 2021 Sales to external customers: Food Service Soft pretzels $ 43,261 $ 36,776 $ 93,682 $ 69,463 Frozen novelties 7,305 10,590 15,762 16,885 Churros 17,447 14,720 36,936 26,262 Handhelds 20,506 19,992 39,001 37,603 Bakery 83,967 82,910 191,798 171,874 Other 3,854 4,336 10,893 7,662 Total Food Service $ 176,340 $ 169,324 $ 388,072 $ 329,749 Retail Supermarket Soft pretzels $ 15,752 $ 15,789 $ 31,946 $ 29,677 Frozen novelties 18,919 19,386 36,721 34,702 Biscuits 5,687 6,495 13,958 14,155 Handhelds 1,069 2,243 2,345 5,023 Coupon redemption (726 ) (608 ) (1,622 ) (1,683 ) Other 56 601 104 1,126 Total Retail Supermarket $ 40,757 $ 43,906 $ 83,452 $ 83,000 Frozen Beverages Beverages $ 35,365 $ 18,529 $ 69,128 $ 34,384 Repair and maintenance service 21,000 18,218 43,011 37,114 Machines revenue 7,542 5,663 15,389 12,152 Other 509 538 951 776 Total Frozen Beverages $ 64,416 $ 42,948 $ 128,479 $ 84,426 Consolidated sales $ 281,513 $ 256,178 $ 600,003 $ 497,175 Depreciation and amortization: Food Service $ 6,670 $ 7,116 $ 13,339 $ 13,902 Retail Supermarket 386 384 752 770 Frozen Beverages 5,484 5,648 10,960 11,424 Total depreciation and amortization $ 12,540 $ 13,148 $ 25,051 $ 26,096 Operating income: Food Service $ 536 $ 6,055 $ 9,537 $ 12,235 Retail Supermarket 1,091 6,364 6,075 11,087 Frozen Beverages 2,461 (5,189 ) 3,321 (15,514 ) Total operating income $ 4,088 $ 7,230 $ 18,933 $ 7,808 Capital expenditures: Food Service $ 13,851 $ 7,246 $ 24,084 $ 15,532 Retail Supermarket 1,094 80 3,623 101 Frozen Beverages 4,261 1,827 7,599 3,196 Total capital expenditures $ 19,206 $ 9,153 $ 35,306 $ 18,829 Assets: Food Service $ 799,710 $ 760,557 $ 799,710 $ 760,557 Retail Supermarket 33,206 33,395 33,206 33,395 Frozen Beverages 290,412 270,963 290,412 270,963 Total assets $ 1,123,328 $ 1,064,915 $ 1,123,328 $ 1,064,915 |
Note 10
Note 10 | 6 Months Ended |
Mar. 26, 2022 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 10 Our three reporting units, which are also reportable segments, are Food Service, Retail Supermarkets and Frozen Beverages. The carrying amounts of acquired intangible assets for the Food Service, Retail Supermarkets and Frozen Beverage segments as of March 26, 2022 September 25, 2021 March 26, 2022 September 25, 2021 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization (in thousands) FOOD SERVICE Indefinite lived intangible assets Trade names $ 9,596 $ - $ 10,408 $ 812 Amortized intangible assets Non compete agreements 670 670 670 670 Customer relationships 13,000 6,838 13,000 6,188 License and rights 1,690 1,438 1,690 1,396 TOTAL FOOD SERVICE $ 24,956 $ 8,946 $ 25,768 $ 9,066 RETAIL SUPERMARKETS Indefinite lived intangible assets Trade names $ 12,316 $ - $ 12,777 $ 461 Amortized intangible Assets Trade names 649 649 649 649 Customer relationships 7,907 6,308 7,907 5,931 TOTAL RETAIL SUPERMARKETS $ 20,872 $ 6,957 $ 21,333 $ 7,041 FROZEN BEVERAGES Indefinite lived intangible assets Trade names $ 9,315 $ - $ 9,315 $ - Distribution rights 36,100 - 36,100 - Amortized intangible assets Customer relationships 1,439 473 1,439 400 Licenses and rights 1,400 1,107 1,400 1,072 TOTAL FROZEN BEVERAGES $ 48,254 $ 1,580 $ 48,254 $ 1,472 CONSOLIDATED $ 94,082 $ 17,483 $ 95,355 $ 17,579 Amortizing intangible assets are being amortized by the straight-line method over periods ranging from 2 to 20 years and amortization expense is reflected throughout operating expenses. Aggregate amortization expense of intangible assets for the three March 26, 2022 March 27, 2021 six March 26, 2022 March 27, 2021 Estimated amortization expense for the next five 2022, 2023, 2024, 2025, 2026. The weighted amortization period of the intangible assets, in total, is 11.2 years. The weighted amortization period by intangible asset class is 10.0 years for Customer relationships and 20.0 years for Licenses & rights. Goodwill The carrying amounts of goodwill for the Food Service, Retail Supermarket and Frozen Beverage segments are as follows: Food Retail Frozen Service Supermarket Beverages Total (in thousands) Balance at March 26, 2022 $ 61,189 $ 4,146 $ 56,498 $ 121,833 Balance at September 25, 2021 $ 61,189 $ 4,146 $ 56,498 $ 121,833 |
Note 11
Note 11 | 6 Months Ended |
Mar. 26, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 11 We have classified our investment securities as marketable securities held to maturity and available for sale. The FASB defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the FASB has established three may Level 1 Observable input such as quoted prices in active markets for identical assets or liabilities; Level 2 Observable inputs, other than Level 1 Level 3 Unobservable inputs for which there is little or no Marketable securities held to maturity and available for sale consist primarily of investments in mutual funds, preferred stock, and corporate bonds. The fair values of mutual funds are based on quoted market prices in active markets and are classified within Level 1 not 2 The amortized cost, unrealized gains and losses, and fair market values of our investment securities held to maturity at March 26, 2022 Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Corporate bonds $ 4,530 $ 2 $ 59 $ 4,473 Total marketable securities held to maturity $ 4,530 $ 2 $ 59 $ 4,473 The amortized cost, unrealized gains and losses, and fair market values of our investment securities available for sale at March 26, 2022 Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Mutual funds $ 3,588 $ - $ 549 $ 3,039 Preferred stock 2,816 96 - 2,912 Total marketable securities available for sale $ 6,404 $ 96 $ 549 $ 5,951 The mutual funds seek current income with an emphasis on maintaining low volatility and overall moderate duration. The Fixed-to-Floating Perpetual Preferred Stock generate fixed income to call dates in 2025 not not one may 2022 2023, The amortized cost, unrealized gains and losses, and fair market values of our investment securities held to maturity at September 25, 2021 Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Corporate bonds 12,027 123 18 12,132 Total marketable securities held to maturity $ 12,027 $ 123 $ 18 $ 12,132 The amortized cost, unrealized gains and losses, and fair market values of our investment securities available for sale at September 25, 2021 Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Mutual funds $ 3,588 $ - $ 536 $ 3,052 Preferred stock 6,892 175 35 7,032 Total marketable securities available for sale $ 10,480 $ 175 $ 571 $ 10,084 The amortized cost and fair value of the Company’s held to maturity securities by contractual maturity at March 26, 2022 September 25, 2021 March 26, 2022 September 25, 2021 Fair Fair Amortized Market Amortized Market Cost Value Cost Value (in thousands) Due in one year or less $ 4,530 $ 4,473 $ 7,980 $ 8,080 Due after one year through five years - - 4,047 4,052 Total held to maturity securities $ 4,530 $ 4,473 $ 12,027 $ 12,132 Less current portion 4,530 4,473 7,980 8,080 Long term held to maturity securities $ - $ - $ 4,047 $ 4,052 Proceeds from the redemption and sale of marketable securities were $4,326,000 and $11,526,000 in the three six March 26, 2022 three six March 27, 2021, three six March 26, 2022, three six March 27, 2021. six March 26, 2022 March 27, 2021, three March 26, 2022, March 27, 2021, Total marketable securities held to maturity as of March 26, 2022, March 31, 2022. |
Note 12
Note 12 | 6 Months Ended |
Mar. 26, 2022 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 12 Changes to the components of accumulated other comprehensive loss are as follows: Three Months Ended Six Months Ended March 26, 2022 March 26, 2022 Foreign Currency Foreign Currency Translation Translation Adjustments Adjustments (unaudited) (in thousands) (unaudited) (in thousands) Beginning balance $ (13,827 ) $ (13,383 ) Other comprehensive income 546 102 Ending balance $ (13,281 ) $ (13,281 ) Three Months Ended Six Months Ended March 27, 2021 March 27, 2021 Foreign Currency Foreign Currency Translation Translation Adjustments Adjustments (unaudited) (in thousands) (unaudited) (in thousands) Beginning balance $ (13,308 ) $ (15,587 ) Other comprehensive (loss) income (531 ) 1,748 Ending balance $ (13,839 ) $ (13,839 ) |
Note 13 - Leases
Note 13 - Leases | 6 Months Ended |
Mar. 26, 2022 | |
Notes to Financial Statements | |
Lessee, Leases [Text Block] | Note 13 General Lease Description We have operating leases with initial noncancelable lease terms in excess of one We have finance leases with initial noncancelable lease terms in excess of one Significant Assumptions and Judgments Contract Contains a Lease In evaluating our contracts to determine whether a contract is or contains a lease, we considered the following: • Whether explicitly or implicitly identified assets have been deployed in the contract; and • Whether we obtain substantially all of the economic benefits from the use of that underlying asset, and we can direct how and for what purpose the asset is used during the term of the contract. Allocation of Consideration In determining how to allocate consideration between lease and non-lease components in a contract that was deemed to contain a lease, we used judgment and consistent application of assumptions to reasonably allocate the consideration. Options to Extend or Terminate Leases We have leases which contain options to extend or terminate the leases. On a lease-by-lease basis, we have determined if the extension should be considered reasonably certain to be exercised and thus a right-of-use asset and a lease liability should be recorded. Discount Rate The discount rate for leases, if not We used the discount rate to calculate the present value of the lease liability at the date of adoption. In the development of the discount rate, we considered our incremental borrowing rate as provided by our lender which was based on cash collateral and credit risk specific to us, and our lease portfolio characteristics. As of March 26, 2022, March 27, 2021, Practical Expedients and Accounting Policy Elections We elected the package of practical expedients that permits us not 12 Amounts Recognized in the Financial Statements The components of lease expense were as follows: Three Months Ended Three Months Ended Six Months Ended Six Months Ended March 26, 2022 March 27, 2021 March 26, 2022 March 27, 2021 (in thousands) (in thousands) (in thousands) (in thousands) Operating lease cost in cost of goods sold and operating expenses $ 3,922 $ 3,962 $ 7,920 $ 7,901 Finance lease cost: Amortization of assets in cost of goods sold and operating expenses 50 78 122 154 Interest on lease liabilities in Interest expense & other 2 11 7 25 Total finance lease cost $ 52 $ 89 $ 129 $ 179 Short-term lease cost in cost of goods sold and operating expenses - - - - Total net lease cost $ 3,974 $ 4,051 $ 8,049 $ 8,080 Supplemental balance sheet information related to leases is as follows: March 26, 2022 September 25, 2021 (in thousands) (in thousands) Operating Leases Operating lease right-of-use assets $ 53,892 $ 54,555 Current operating lease liabilities $ 13,747 $ 13,395 Noncurrent operating lease liabilities 45,501 46,557 Total operating lease liabilities $ 59,248 $ 59,952 Finance Leases Finance lease right-of-use assets in property, plant and equipment, net $ - $ 561 Current finance lease liabilities $ 127 $ 182 Noncurrent finance lease liabilities 336 392 Total finance lease liabilities $ 463 $ 574 Supplemental cash flow information related to leases is as follows: Three Months Ended Three Months Ended Six Months Ended Six Months Ended March 26, 2022 March 27, 2021 March 26, 2022 March 27, 2021 (in thousands) (in thousands) (in thousands) (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,970 $ 4,001 $ 8,008 $ 7,987 Operating cash flows from finance leases $ 2 $ 87 $ 7 $ 173 Financing cash flows from finance leases $ 37 $ 11 $ 111 $ 25 Supplemental noncash information on lease liabilities arising from obtaining right-of-use assets $ 5,922 $ 578 $ 7,065 $ 1,354 Supplemental noncash information on lease liabilities removed due to purchase of leased asset $ - $ - $ - $ - As of March 26, 2022, (in thousands) Operating Leases Finance Leases Six months ending September 24, 2022 $ 7,924 $ 68 2023 14,304 136 2024 11,663 136 2025 8,266 65 2026 5,354 39 Thereafter 18,419 33 Total minimum payments $ 65,930 $ 477 Less amount representing interest (6,682 ) (14 ) Present value of lease obligations $ 59,248 $ 463 |
Note 14
Note 14 | 6 Months Ended |
Mar. 26, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 14 We have related party expenses for distribution and shipping related costs with NFI Industries, Inc. Our director, Sidney R. Brown, is CEO of NFI Industries, Inc. The Company paid $2,871,000 and $3,980,000 to NFI in the three six March 26, 2022 three six March 27, 2021. March 26, 2022 September 25, 2021. |
Note 2 (Tables)
Note 2 (Tables) | 6 Months Ended |
Mar. 26, 2022 | |
Notes Tables | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | (in thousands) Three Months Ended Six Months Ended March 26, March 27, March 26, March 27, 2022 2021 2022 2021 Beginning Balance $ 1,030 $ 1,716 $ 1,097 $ 1,327 Additions to contract liability 1,374 1,201 2,573 2,945 Amounts recognized as revenue (1,312 ) (1,827 ) (2,578 ) (3,182 ) Ending Balance $ 1,092 $ 1,090 $ 1,092 $ 1,090 |
Note 4 (Tables)
Note 4 (Tables) | 6 Months Ended |
Mar. 26, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 26, 2022 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net earnings available to common stockholders $ 3,271 19,134 $ 0.17 Effect of dilutive securities Options - 72 - Diluted EPS Net earnings available to common stockholders plus assumed conversions $ 3,271 19,206 $ 0.17 Six Months ended March 26, 2022 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net earnings available to common stockholders $ 14,362 19,110 $ 0.75 Effect of dilutive securities Options - 70 - Diluted EPS Net earnings available to common stockholders plus assumed conversions $ 14,362 19,180 $ 0.75 Three Months Ended March 27, 2021 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net earnings available to common stockholders $ 6,061 19,006 $ 0.32 Effect of dilutive securities Options - 124 - Diluted EPS Net earnings available to common stockholders plus assumed conversions $ 6,061 19,130 $ 0.32 Six Months Ended March 27, 2021 Income Shares Per Share (Numerator) (Denominator) Amount (in thousands, except per share amounts) Basic EPS Net earnings available to common stockholders $ 7,839 18,971 $ 0.41 Effect of dilutive securities Options - 110 - Diluted EPS Net earnings available to common stockholders plus assumed conversions $ 7,839 19,081 $ 0.41 |
Note 5 (Tables)
Note 5 (Tables) | 6 Months Ended |
Mar. 26, 2022 | |
Notes Tables | |
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award [Table Text Block] | Three Months Ended Six Months Ended March 26, March 27, March 26, March 27, 2022 2021 2022 2021 Stock options $ 586 $ 447 $ 1,400 $ 993 Stock purchase plan 90 64 150 342 Stock issued to an outside director 11 22 22 22 Restricted stock issued to an employee 152 47 224 47 Performance stock issued to employees 82 - 121 - Total share-based compensation $ 921 $ 580 $ 1,917 $ 1,404 The above compensation is net of tax benefits $ 346 $ 446 $ 433 $ 866 |
Note 8 (Tables)
Note 8 (Tables) | 6 Months Ended |
Mar. 26, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 26, September 25, 2022 2021 (unaudited) (in thousands) Finished goods $ 74,457 $ 49,756 Raw materials 38,023 29,529 Packaging materials 13,130 11,168 Equipment parts and other 33,381 32,707 Total inventories $ 158,991 $ 123,160 |
Note 9 (Tables)
Note 9 (Tables) | 6 Months Ended |
Mar. 26, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended Six Months Ended March 26, March 27, March 26, March 27, 2022 2021 2022 2021 Sales to external customers: Food Service Soft pretzels $ 43,261 $ 36,776 $ 93,682 $ 69,463 Frozen novelties 7,305 10,590 15,762 16,885 Churros 17,447 14,720 36,936 26,262 Handhelds 20,506 19,992 39,001 37,603 Bakery 83,967 82,910 191,798 171,874 Other 3,854 4,336 10,893 7,662 Total Food Service $ 176,340 $ 169,324 $ 388,072 $ 329,749 Retail Supermarket Soft pretzels $ 15,752 $ 15,789 $ 31,946 $ 29,677 Frozen novelties 18,919 19,386 36,721 34,702 Biscuits 5,687 6,495 13,958 14,155 Handhelds 1,069 2,243 2,345 5,023 Coupon redemption (726 ) (608 ) (1,622 ) (1,683 ) Other 56 601 104 1,126 Total Retail Supermarket $ 40,757 $ 43,906 $ 83,452 $ 83,000 Frozen Beverages Beverages $ 35,365 $ 18,529 $ 69,128 $ 34,384 Repair and maintenance service 21,000 18,218 43,011 37,114 Machines revenue 7,542 5,663 15,389 12,152 Other 509 538 951 776 Total Frozen Beverages $ 64,416 $ 42,948 $ 128,479 $ 84,426 Consolidated sales $ 281,513 $ 256,178 $ 600,003 $ 497,175 Depreciation and amortization: Food Service $ 6,670 $ 7,116 $ 13,339 $ 13,902 Retail Supermarket 386 384 752 770 Frozen Beverages 5,484 5,648 10,960 11,424 Total depreciation and amortization $ 12,540 $ 13,148 $ 25,051 $ 26,096 Operating income: Food Service $ 536 $ 6,055 $ 9,537 $ 12,235 Retail Supermarket 1,091 6,364 6,075 11,087 Frozen Beverages 2,461 (5,189 ) 3,321 (15,514 ) Total operating income $ 4,088 $ 7,230 $ 18,933 $ 7,808 Capital expenditures: Food Service $ 13,851 $ 7,246 $ 24,084 $ 15,532 Retail Supermarket 1,094 80 3,623 101 Frozen Beverages 4,261 1,827 7,599 3,196 Total capital expenditures $ 19,206 $ 9,153 $ 35,306 $ 18,829 Assets: Food Service $ 799,710 $ 760,557 $ 799,710 $ 760,557 Retail Supermarket 33,206 33,395 33,206 33,395 Frozen Beverages 290,412 270,963 290,412 270,963 Total assets $ 1,123,328 $ 1,064,915 $ 1,123,328 $ 1,064,915 |
Note 10 (Tables)
Note 10 (Tables) | 6 Months Ended |
Mar. 26, 2022 | |
Notes Tables | |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | March 26, 2022 September 25, 2021 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization (in thousands) FOOD SERVICE Indefinite lived intangible assets Trade names $ 9,596 $ - $ 10,408 $ 812 Amortized intangible assets Non compete agreements 670 670 670 670 Customer relationships 13,000 6,838 13,000 6,188 License and rights 1,690 1,438 1,690 1,396 TOTAL FOOD SERVICE $ 24,956 $ 8,946 $ 25,768 $ 9,066 RETAIL SUPERMARKETS Indefinite lived intangible assets Trade names $ 12,316 $ - $ 12,777 $ 461 Amortized intangible Assets Trade names 649 649 649 649 Customer relationships 7,907 6,308 7,907 5,931 TOTAL RETAIL SUPERMARKETS $ 20,872 $ 6,957 $ 21,333 $ 7,041 FROZEN BEVERAGES Indefinite lived intangible assets Trade names $ 9,315 $ - $ 9,315 $ - Distribution rights 36,100 - 36,100 - Amortized intangible assets Customer relationships 1,439 473 1,439 400 Licenses and rights 1,400 1,107 1,400 1,072 TOTAL FROZEN BEVERAGES $ 48,254 $ 1,580 $ 48,254 $ 1,472 CONSOLIDATED $ 94,082 $ 17,483 $ 95,355 $ 17,579 |
Schedule of Goodwill [Table Text Block] | Food Retail Frozen Service Supermarket Beverages Total (in thousands) Balance at March 26, 2022 $ 61,189 $ 4,146 $ 56,498 $ 121,833 Balance at September 25, 2021 $ 61,189 $ 4,146 $ 56,498 $ 121,833 |
Note 11 (Tables)
Note 11 (Tables) | 6 Months Ended |
Mar. 26, 2022 | |
Notes Tables | |
Unrealized Gain (Loss) on Investments [Table Text Block] | Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Corporate bonds $ 4,530 $ 2 $ 59 $ 4,473 Total marketable securities held to maturity $ 4,530 $ 2 $ 59 $ 4,473 Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Mutual funds $ 3,588 $ - $ 549 $ 3,039 Preferred stock 2,816 96 - 2,912 Total marketable securities available for sale $ 6,404 $ 96 $ 549 $ 5,951 Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Corporate bonds 12,027 123 18 12,132 Total marketable securities held to maturity $ 12,027 $ 123 $ 18 $ 12,132 Gross Gross Fair Amortized Unrealized Unrealized Market Cost Gains Losses Value (in thousands) Mutual funds $ 3,588 $ - $ 536 $ 3,052 Preferred stock 6,892 175 35 7,032 Total marketable securities available for sale $ 10,480 $ 175 $ 571 $ 10,084 |
Investments Classified by Contractual Maturity Date [Table Text Block] | March 26, 2022 September 25, 2021 Fair Fair Amortized Market Amortized Market Cost Value Cost Value (in thousands) Due in one year or less $ 4,530 $ 4,473 $ 7,980 $ 8,080 Due after one year through five years - - 4,047 4,052 Total held to maturity securities $ 4,530 $ 4,473 $ 12,027 $ 12,132 Less current portion 4,530 4,473 7,980 8,080 Long term held to maturity securities $ - $ - $ 4,047 $ 4,052 |
Note 12 (Tables)
Note 12 (Tables) | 6 Months Ended |
Mar. 26, 2022 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Three Months Ended Six Months Ended March 26, 2022 March 26, 2022 Foreign Currency Foreign Currency Translation Translation Adjustments Adjustments (unaudited) (in thousands) (unaudited) (in thousands) Beginning balance $ (13,827 ) $ (13,383 ) Other comprehensive income 546 102 Ending balance $ (13,281 ) $ (13,281 ) Three Months Ended Six Months Ended March 27, 2021 March 27, 2021 Foreign Currency Foreign Currency Translation Translation Adjustments Adjustments (unaudited) (in thousands) (unaudited) (in thousands) Beginning balance $ (13,308 ) $ (15,587 ) Other comprehensive (loss) income (531 ) 1,748 Ending balance $ (13,839 ) $ (13,839 ) |
Note 13 - Leases (Tables)
Note 13 - Leases (Tables) | 6 Months Ended |
Mar. 26, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended Three Months Ended Six Months Ended Six Months Ended March 26, 2022 March 27, 2021 March 26, 2022 March 27, 2021 (in thousands) (in thousands) (in thousands) (in thousands) Operating lease cost in cost of goods sold and operating expenses $ 3,922 $ 3,962 $ 7,920 $ 7,901 Finance lease cost: Amortization of assets in cost of goods sold and operating expenses 50 78 122 154 Interest on lease liabilities in Interest expense & other 2 11 7 25 Total finance lease cost $ 52 $ 89 $ 129 $ 179 Short-term lease cost in cost of goods sold and operating expenses - - - - Total net lease cost $ 3,974 $ 4,051 $ 8,049 $ 8,080 |
Assets and Liabilities, Lessee [Table Text Block] | March 26, 2022 September 25, 2021 (in thousands) (in thousands) Operating Leases Operating lease right-of-use assets $ 53,892 $ 54,555 Current operating lease liabilities $ 13,747 $ 13,395 Noncurrent operating lease liabilities 45,501 46,557 Total operating lease liabilities $ 59,248 $ 59,952 Finance Leases Finance lease right-of-use assets in property, plant and equipment, net $ - $ 561 Current finance lease liabilities $ 127 $ 182 Noncurrent finance lease liabilities 336 392 Total finance lease liabilities $ 463 $ 574 |
Lessee, Cash Flow Information [Table Text Block] | Three Months Ended Three Months Ended Six Months Ended Six Months Ended March 26, 2022 March 27, 2021 March 26, 2022 March 27, 2021 (in thousands) (in thousands) (in thousands) (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,970 $ 4,001 $ 8,008 $ 7,987 Operating cash flows from finance leases $ 2 $ 87 $ 7 $ 173 Financing cash flows from finance leases $ 37 $ 11 $ 111 $ 25 Supplemental noncash information on lease liabilities arising from obtaining right-of-use assets $ 5,922 $ 578 $ 7,065 $ 1,354 Supplemental noncash information on lease liabilities removed due to purchase of leased asset $ - $ - $ - $ - |
Lessee, Lease Liability, Maturity [Table Text Block] | (in thousands) Operating Leases Finance Leases Six months ending September 24, 2022 $ 7,924 $ 68 2023 14,304 136 2024 11,663 136 2025 8,266 65 2026 5,354 39 Thereafter 18,419 33 Total minimum payments $ 65,930 $ 477 Less amount representing interest (6,682 ) (14 ) Present value of lease obligations $ 59,248 $ 463 |
Note 2 (Details Textual)
Note 2 (Details Textual) - USD ($) | Mar. 26, 2022 | Sep. 25, 2021 |
Contract with Customer, Asset, Allowance for Deductions | $ 15,200,000 | $ 14,600,000 |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 1,564,000 | $ 1,405,000 |
Note 2 - Contract Liability (De
Note 2 - Contract Liability (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 26, 2022 | Mar. 27, 2021 | Mar. 26, 2022 | Mar. 27, 2021 | |
Beginning Balance | $ 1,030 | $ 1,716 | $ 1,097 | $ 1,327 |
Additions to contract liability | 1,374 | 1,201 | 2,573 | 2,945 |
Amounts recognized as revenue | (1,312) | (1,827) | (2,578) | (3,182) |
Ending Balance | $ 1,092 | $ 1,090 | $ 1,092 | $ 1,090 |
Note 3 (Details Textual)
Note 3 (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 26, 2022 | Mar. 27, 2021 | Mar. 26, 2022 | Mar. 27, 2021 | |
Depreciation, Total | $ 11,945,000 | $ 11,984,000 | $ 23,868,000 | $ 24,253,000 |
Minimum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 2 years | |||
Maximum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 20 years |
Note 4 (Details Textual)
Note 4 (Details Textual) - shares | 3 Months Ended | 6 Months Ended | ||
Mar. 26, 2022 | Mar. 27, 2021 | Mar. 26, 2022 | Mar. 27, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 270,352 | 163,072 | 271,452 | 184,672 |
Note 4 - Calculation of EPS (De
Note 4 - Calculation of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 26, 2022 | Mar. 27, 2021 | Mar. 26, 2022 | Mar. 27, 2021 | |
Net earnings available to common stockholders | $ 3,271 | $ 6,061 | $ 14,362 | $ 7,839 |
Weighted average number of basic shares (in shares) | 19,134 | 19,006 | 19,110 | 18,971 |
Earnings (loss) per basic share (in dollars per share) | $ 0.17 | $ 0.32 | $ 0.75 | $ 0.41 |
Options | $ 0 | $ 0 | $ 0 | $ 0 |
Options, shares (in shares) | 72 | 124 | 70 | 110 |
Options, per share (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 |
Net earnings available to common stockholders plus assumed conversions | $ 3,271 | $ 6,061 | $ 14,362 | $ 7,839 |
Weighted average number of diluted shares (in shares) | 19,206 | 19,130 | 19,180 | 19,081 |
Earnings (loss) per diluted share (in dollars per share) | $ 0.17 | $ 0.32 | $ 0.75 | $ 0.41 |
Note 5 (Details Textual)
Note 5 (Details Textual) - $ / shares | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Nov. 30, 2021 | Mar. 26, 2022 | Mar. 27, 2021 | Mar. 26, 2022 | Mar. 27, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 300 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 29.54 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Month) | 51 months | ||||
Share Based Compensation Arrangement by Share Based Payment Award Fair Value Assumptions Volatility Calculation Term (Year) | 10 years | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period (in shares) | 8,873 | 0 | 0 | 0 | |
Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period (in shares) | 8,868 | 0 | 0 | 0 |
Note 5 - Summary of Share-based
Note 5 - Summary of Share-based Compensation Expense (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 26, 2022 | Mar. 27, 2021 | Mar. 26, 2022 | Mar. 27, 2021 | |
Employee share-based compensation | $ 921 | $ 580 | $ 1,917 | $ 1,404 |
The above compensation is net of tax benefits | 346 | 446 | 433 | 866 |
Share-Based Payment Arrangement, Option [Member] | ||||
Employee share-based compensation | 586 | 447 | 1,400 | 993 |
Stock Purchase Plan [Member] | ||||
Employee share-based compensation | 90 | 64 | 150 | 342 |
Stock Issued to Outside Directors [Member] | ||||
Employee share-based compensation | 11 | 22 | 22 | 22 |
Restricted Stock Units (RSUs) [Member] | ||||
Employee share-based compensation | 152 | 47 | 224 | 47 |
Performance Shares [Member] | ||||
Employee share-based compensation | $ 82 | $ 0 | $ 121 | $ 0 |
Note 6 (Details Textual)
Note 6 (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Mar. 26, 2022 | Mar. 27, 2021 | Mar. 26, 2022 | Mar. 27, 2021 | Sep. 25, 2021 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 343,000 | $ 343,000 | $ 343,000 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 267,000 | $ 267,000 | $ 267,000 | ||
Effective Income Tax Rate Reconciliation, Percent, Total (Rate) | 22.00% | 22.00% | 26.00% | 20.00% |
Note 8 - Inventories - Summary
Note 8 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Mar. 26, 2022 | Sep. 25, 2021 |
Finished goods | $ 74,457 | $ 49,756 |
Raw materials | 38,023 | 29,529 |
Packaging materials | 13,130 | 11,168 |
Equipment parts and other | 33,381 | 32,707 |
Total inventories | $ 158,991 | $ 123,160 |
Note 9 (Details Textual)
Note 9 (Details Textual) | 6 Months Ended |
Mar. 26, 2022 | |
Number of Reportable Segments | 3 |
Note 9 - Segment Reporting - Op
Note 9 - Segment Reporting - Operations Information by Reporting Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Mar. 26, 2022 | Mar. 27, 2021 | Mar. 26, 2022 | Mar. 27, 2021 | Sep. 25, 2021 | |
Sales | $ 281,513 | $ 256,178 | $ 600,003 | $ 497,175 | |
Depreciation and amortization | 12,540 | 13,148 | 25,051 | 26,096 | |
Operating income | 4,088 | 7,230 | 18,933 | 7,808 | |
Capital expenditures | 19,206 | 9,153 | 35,306 | 18,829 | |
Assets | 1,123,328 | 1,064,915 | 1,123,328 | 1,064,915 | $ 1,122,219 |
Food Service [Member] | |||||
Sales | 176,340 | 169,324 | 388,072 | 329,749 | |
Depreciation and amortization | 6,670 | 7,116 | 13,339 | 13,902 | |
Operating income | 536 | 6,055 | 9,537 | 12,235 | |
Capital expenditures | 13,851 | 7,246 | 24,084 | 15,532 | |
Assets | 799,710 | 760,557 | 799,710 | 760,557 | |
Retail Supermarket [Member] | |||||
Sales | 40,757 | 43,906 | 83,452 | 83,000 | |
Depreciation and amortization | 386 | 384 | 752 | 770 | |
Operating income | 1,091 | 6,364 | 6,075 | 11,087 | |
Capital expenditures | 1,094 | 80 | 3,623 | 101 | |
Assets | 33,206 | 33,395 | 33,206 | 33,395 | |
Frozen Beverages [Member] | |||||
Sales | 64,416 | 42,948 | 128,479 | 84,426 | |
Depreciation and amortization | 5,484 | 5,648 | 10,960 | 11,424 | |
Operating income | 2,461 | (5,189) | 3,321 | (15,514) | |
Capital expenditures | 4,261 | 1,827 | 7,599 | 3,196 | |
Assets | 290,412 | 270,963 | 290,412 | 270,963 | |
Soft Pretzels [Member] | Food Service [Member] | |||||
Sales | 43,261 | 36,776 | 93,682 | 69,463 | |
Soft Pretzels [Member] | Retail Supermarket [Member] | |||||
Sales | 15,752 | 15,789 | 31,946 | 29,677 | |
Frozen Juices and Ices [Member] | Food Service [Member] | |||||
Sales | 7,305 | 10,590 | 15,762 | 16,885 | |
Frozen Juices and Ices [Member] | Retail Supermarket [Member] | |||||
Sales | 18,919 | 19,386 | 36,721 | 34,702 | |
Churros [Member] | Food Service [Member] | |||||
Sales | 17,447 | 14,720 | 36,936 | 26,262 | |
Handhelds [Member] | Food Service [Member] | |||||
Sales | 20,506 | 19,992 | 39,001 | 37,603 | |
Handhelds [Member] | Retail Supermarket [Member] | |||||
Sales | 1,069 | 2,243 | 2,345 | 5,023 | |
Bakery [Member] | Food Service [Member] | |||||
Sales | 83,967 | 82,910 | 191,798 | 171,874 | |
Other Products [Member] | Food Service [Member] | |||||
Sales | 3,854 | 4,336 | 10,893 | 7,662 | |
Other Products [Member] | Retail Supermarket [Member] | |||||
Sales | 56 | 601 | 104 | 1,126 | |
Other Products [Member] | Frozen Beverages [Member] | |||||
Sales | 509 | 538 | 951 | 776 | |
Biscuits [Member] | Retail Supermarket [Member] | |||||
Sales | 5,687 | 6,495 | 13,958 | 14,155 | |
Coupon Redemtion [Member] | Retail Supermarket [Member] | |||||
Sales | (726) | (608) | (1,622) | (1,683) | |
Beverage [Member] | Frozen Beverages [Member] | |||||
Sales | 35,365 | 18,529 | 69,128 | 34,384 | |
Repair and Maintenance Service [Member] | Frozen Beverages [Member] | |||||
Sales | 21,000 | 18,218 | 43,011 | 37,114 | |
Machine Sales [Member] | Frozen Beverages [Member] | |||||
Sales | $ 7,542 | $ 5,663 | $ 15,389 | $ 12,152 |
Note 10 (Details Textual)
Note 10 (Details Textual) | 3 Months Ended | 6 Months Ended | ||
Mar. 26, 2022USD ($) | Mar. 27, 2021USD ($) | Mar. 26, 2022USD ($) | Mar. 27, 2021USD ($) | |
Number of Reportable Segments | 3 | |||
Amortization of Intangible Assets | $ 594,000 | $ 777,000 | $ 1,174,000 | $ 1,457,000 |
Finite-Lived Intangible Asset, Expected Amortization, Year One | 2,300,000 | 2,300,000 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 2,300,000 | 2,300,000 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 2,000,000 | 2,000,000 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 1,400,000 | 1,400,000 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Five | $ 1,400,000 | $ 1,400,000 | ||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | 11 years 2 months 12 days | |||
Customer Relationships [Member] | ||||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | 10 years | |||
License and Rights [Member] | ||||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | 20 years | |||
Minimum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 2 years | |||
Maximum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 20 years |
Note 10 - Intangible Assets by
Note 10 - Intangible Assets by Reporting Segment (Details) - USD ($) $ in Thousands | Mar. 26, 2022 | Sep. 25, 2021 |
Finite-lived intangible assets, accumulated amortization | $ 17,483 | $ 17,579 |
Intangible assets | 94,082 | 95,355 |
Food Service [Member] | ||
Finite-lived intangible assets, accumulated amortization | 8,946 | 9,066 |
Intangible assets | 24,956 | 25,768 |
Food Service [Member] | Noncompete Agreements [Member] | ||
Finite-lived intangible assets, accumulated amortization | 670 | 670 |
Finite-lived intangible assets, gross | 670 | 670 |
Food Service [Member] | Customer Relationships [Member] | ||
Finite-lived intangible assets, accumulated amortization | 6,838 | 6,188 |
Finite-lived intangible assets, gross | 13,000 | 13,000 |
Food Service [Member] | License and Rights [Member] | ||
Finite-lived intangible assets, accumulated amortization | 1,438 | 1,396 |
Finite-lived intangible assets, gross | 1,690 | 1,690 |
Retail Supermarket [Member] | ||
Finite-lived intangible assets, accumulated amortization | 6,957 | 7,041 |
Intangible assets | 20,872 | 21,333 |
Retail Supermarket [Member] | Customer Relationships [Member] | ||
Finite-lived intangible assets, accumulated amortization | 6,308 | 5,931 |
Finite-lived intangible assets, gross | 7,907 | 7,907 |
Retail Supermarket [Member] | Finite-lived Trade Names [Member] | ||
Finite-lived intangible assets, accumulated amortization | 649 | 649 |
Finite-lived intangible assets, gross | 649 | 649 |
Frozen Beverages [Member] | ||
Finite-lived intangible assets, accumulated amortization | 1,580 | 1,472 |
Intangible assets | 48,254 | 48,254 |
Frozen Beverages [Member] | Customer Relationships [Member] | ||
Finite-lived intangible assets, accumulated amortization | 473 | 400 |
Finite-lived intangible assets, gross | 1,439 | 1,439 |
Frozen Beverages [Member] | License and Rights [Member] | ||
Finite-lived intangible assets, accumulated amortization | 1,107 | 1,072 |
Finite-lived intangible assets, gross | 1,400 | 1,400 |
Trade Names [Member] | Food Service [Member] | ||
Indefinite-lived intangible assets, gross | 9,596 | 10,408 |
Finite-lived intangible assets, accumulated amortization | 0 | 812 |
Trade Names [Member] | Retail Supermarket [Member] | ||
Indefinite-lived intangible assets, gross | 12,316 | 12,777 |
Finite-lived intangible assets, accumulated amortization | 0 | 461 |
Trade Names [Member] | Frozen Beverages [Member] | ||
Indefinite-lived intangible assets, gross | 9,315 | 9,315 |
Distribution Rights, Indefinite-lived [Member] | Frozen Beverages [Member] | ||
Indefinite-lived intangible assets, gross | $ 36,100 | $ 36,100 |
Note 10 - Goodwill by Reporting
Note 10 - Goodwill by Reporting Segment (Details) - USD ($) $ in Thousands | Mar. 26, 2022 | Sep. 25, 2021 |
Goodwill | $ 121,833 | $ 121,833 |
Food Service [Member] | ||
Goodwill | 61,189 | 61,189 |
Retail Supermarket [Member] | ||
Goodwill | 4,146 | 4,146 |
Frozen Beverages [Member] | ||
Goodwill | $ 56,498 | $ 56,498 |
Note 11 (Details Textual)
Note 11 (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Mar. 26, 2022 | Mar. 27, 2021 | Mar. 26, 2022 | Mar. 27, 2021 | Sep. 25, 2021 | |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss, Total | $ 4,530,000 | $ 4,530,000 | $ 12,027,000 | ||
Proceeds from Sale and Maturity of Marketable Securities | 4,326,000 | $ 15,189,000 | 11,526,000 | $ 41,337,000 | |
Marketable Securities, Gain (Loss) | (25,000) | 41,000 | (69,000) | 119,000 | |
Marketable Securities, Unrealized Gain (Loss) | (53,000) | $ (46,000) | (58,000) | $ 649,000 | |
Corporate Bond Securities [Member] | |||||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss, Total | $ 4,500,000 | $ 4,500,000 | |||
Investment Securities Maturity Term (Month) | 12 months |
Note 11 - Investment Securities
Note 11 - Investment Securities - Summary of Securities (Details) - USD ($) $ in Thousands | Mar. 26, 2022 | Sep. 25, 2021 |
Held-to-maturity securities, amortized cost | $ 4,530 | $ 12,027 |
Held-to-maturity securities, gross unrealized gains | 2 | 123 |
Held-to-maturity securities, gross unrealized losses | 59 | 18 |
Held-to-maturity securities, fair market value | 4,473 | 12,132 |
Investment securities, cost | 6,404 | 10,480 |
Investment securities, gross unrealized gains | 96 | 175 |
Investment securities, gross unrealized losses | 549 | 571 |
Investment securities, fair market value | 5,951 | 10,084 |
Corporate Bond Securities [Member] | ||
Held-to-maturity securities, amortized cost | 4,530 | 12,027 |
Held-to-maturity securities, gross unrealized gains | 2 | 123 |
Held-to-maturity securities, gross unrealized losses | 59 | 18 |
Held-to-maturity securities, fair market value | 4,473 | 12,132 |
Mutual Funds [Member] | ||
Investment securities, cost | 3,588 | 3,588 |
Investment securities, gross unrealized gains | 0 | 0 |
Investment securities, gross unrealized losses | 549 | 536 |
Investment securities, fair market value | 3,039 | 3,052 |
Preferred Stock [Member] | ||
Investment securities, cost | 2,816 | 6,892 |
Investment securities, gross unrealized gains | 96 | 175 |
Investment securities, gross unrealized losses | 0 | 35 |
Investment securities, fair market value | $ 2,912 | $ 7,032 |
Note 11 - Investment Securiti_2
Note 11 - Investment Securities - Held-to-maturity Securities by Contractual Maturity (Details) - USD ($) | Mar. 26, 2022 | Sep. 25, 2021 |
Due in one year or less, amortized cost | $ 4,530,000 | $ 7,980,000 |
Due in one year or less, fair market value | 4,473,000 | 8,080,000 |
Due after one year through five years, amortized cost | 4,047,000 | |
Due after one year through five years, fair market value | 4,052,000 | |
Total held to maturity securities, amortized cost | 4,530,000 | 12,027,000 |
Total held to maturity securities, fair market value | 4,473,000 | 12,132,000 |
Less current portion, amortized cost | 4,530,000 | 7,980,000 |
Less current portion, fair market value | 4,473,000 | 8,080,000 |
Long term held to maturity securities, amortized cost | $ 0 | 4,047,000 |
Long term held to maturity securities, fair market value | $ 4,052,000 |
Note 12 - Changes to the Compon
Note 12 - Changes to the Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 26, 2022 | Mar. 27, 2021 | Mar. 26, 2022 | Mar. 27, 2021 | |
Balance | $ 845,998 | $ 808,289 | $ 845,654 | $ 809,498 |
Other comprehensive income | 546 | (531) | 102 | 1,748 |
Balance | 849,981 | 813,000 | 849,981 | 813,000 |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
Balance | (13,827) | (13,308) | (13,383) | (15,587) |
Other comprehensive income | 546 | (531) | 102 | 1,748 |
Balance | $ (13,281) | $ (13,839) | $ (13,281) | $ (13,839) |
Note 13 - Leases (Details Textu
Note 13 - Leases (Details Textual) | Mar. 26, 2022 | Mar. 27, 2021 |
Operating Lease, Weighted Average Discount Rate, Percent | 3.30% | 3.30% |
Finance Lease, Weighted Average Discount Rate, Percent | 3.20% | 3.20% |
Minimum [Member] | ||
Lessee, Operating Lease, Remaining Lease Term (Month) | 1 month | |
Lessee, Finance Lease, Remaining Lease Term (Year) | 1 year | |
Maximum [Member] | ||
Lessee, Operating Lease, Remaining Lease Term (Month) | 13 years | |
Lessee, Finance Lease, Remaining Lease Term (Year) | 5 years |
Note 13 - Leases - Components o
Note 13 - Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 26, 2022 | Mar. 27, 2021 | Mar. 26, 2022 | Mar. 27, 2021 | |
Operating lease cost in cost of goods sold and operating expenses | $ 3,922 | $ 3,962 | $ 7,920 | $ 7,901 |
Amortization of assets in cost of goods sold and operating expenses | 50 | 78 | 122 | 154 |
Interest on lease liabilities in Interest expense & other | 2 | 11 | 7 | 25 |
Total finance lease cost | 52 | 89 | 129 | 179 |
Short-term lease cost in cost of goods sold and operating expenses | 0 | 0 | 0 | 0 |
Total net lease cost | $ 3,974 | $ 4,051 | $ 8,049 | $ 8,080 |
Note 13 - Leases - Supplemental
Note 13 - Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands | Mar. 26, 2022 | Sep. 25, 2021 |
Operating lease right-of-use assets | $ 53,892 | $ 54,555 |
Current operating lease liabilities | 13,747 | 13,395 |
Noncurrent operating lease liabilities | 45,501 | 46,557 |
Total operating lease liabilities | 59,248 | 59,952 |
Current finance lease liabilities | 127 | 182 |
Noncurrent finance lease liabilities | 336 | 392 |
Total finance lease liabilities | 463 | 574 |
Property, Plant and Equipment, Net [Member] | ||
Finance lease right-of-use assets in property, plant and equipment, net | $ 0 | $ 561 |
Note 13 - Leases - Supplement_2
Note 13 - Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 26, 2022 | Mar. 27, 2021 | Mar. 26, 2022 | Mar. 27, 2021 | |
Operating cash flows from operating leases | $ 3,970 | $ 4,001 | $ 8,008 | $ 7,987 |
Operating cash flows from finance leases | 2 | 87 | 7 | 173 |
Financing cash flows from finance leases | 37 | 11 | 111 | 25 |
Supplemental noncash information on lease liabilities arising from obtaining right-of-use assets | $ 5,922 | $ 578 | $ 7,065 | $ 1,354 |
Note 13 - Leases - Maturities o
Note 13 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 26, 2022 | Sep. 25, 2021 |
Six months ending September 24, 2022, operating leases | $ 7,924 | |
Six months ending September 24, 2022, finance leases | 68 | |
2023, operating leases | 14,304 | |
2023, finance leases | 136 | |
2024, operating leases | 11,663 | |
2024, finance leases | 136 | |
2025, operating leases | 8,266 | |
2025, finance leases | 65 | |
2026, operating leases | 5,354 | |
2026, finance leases | 39 | |
Thereafter | 18,419 | |
Thereafter, finance leases | 33 | |
Total minimum payments, operating leases | 65,930 | |
Total minimum payments, finance leases | 477 | |
Less amount representing interest, operating leases | (6,682) | |
Less amount representing interest, finance leases | (14) | |
Present value of lease obligations, operating leases | 59,248 | $ 59,952 |
Present value of lease obligations, finance leases | $ 463 | $ 574 |
Note 14 (Details Textual)
Note 14 (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Mar. 26, 2022 | Mar. 27, 2021 | Mar. 26, 2022 | Mar. 27, 2021 | Sep. 25, 2021 | |
Accounts Payable, Related Parties | $ 424,000 | $ 424,000 | $ 0 | ||
NFI [Member] | Distribution and Shipping Costs [Member] | |||||
Related Party Transaction, Amounts of Transaction | $ 2,871,000 | $ 96,000 | $ 3,980,000 | $ 96,000 |