Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |||
Sep. 27, 2013 | Mar. 29, 2013 | Nov. 29, 2013 | Nov. 29, 2013 | |
Class A [Member] | Class B [Member] | |||
Document Type | '10-K | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' |
Document Period End Date | 27-Sep-13 | ' | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' | ' |
Entity Registrant Name | 'JOHNSON OUTDOORS INC | ' | ' | ' |
Entity Central Index Key | '0000788329 | ' | ' | ' |
Current Fiscal Year End Date | '--09-27 | ' | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | ' | 8,724,984 | 1,212,420 |
Entity Well-known Seasoned Issuer | 'No | ' | ' | ' |
Entity Public Float | ' | $112,802,441 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' | ' |
Entity Voluntary Filers | 'No | ' | ' | ' |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 |
Net sales | $426,461 | $412,292 | $407,422 |
Cost of sales | 255,412 | 247,970 | 244,287 |
Gross profit | 171,049 | 164,322 | 163,135 |
Operating expenses: | ' | ' | ' |
Marketing and selling | 88,218 | 88,468 | 90,336 |
Administrative management, finance and information systems | 41,894 | 43,209 | 40,310 |
Litigation settlement recovery | ' | -3,500 | ' |
Research and development | 15,346 | 14,732 | 14,819 |
Total operating expenses | 145,458 | 142,909 | 145,465 |
Operating profit | 25,591 | 21,413 | 17,670 |
Interest income | -91 | -140 | -90 |
Interest expense | 1,285 | 2,258 | 3,220 |
Other (income) expense, net | -263 | -631 | 2,290 |
Income before income taxes | 24,660 | 19,926 | 12,250 |
Income tax expense (benefit) | 5,333 | 9,792 | -20,394 |
Net income | $19,327 | $10,134 | $32,644 |
Weighted average common shares - Basic: | ' | ' | ' |
Dilutive stock options and restricted stock units | 6 | 8 | 26 |
Weighted average common shares - Dilutive | 9,523 | 9,379 | 9,287 |
Class A [Member] | ' | ' | ' |
Weighted average common shares - Basic: | ' | ' | ' |
Weighted average common shares - Basic | 8,305 | 8,155 | 8,045 |
Net income per common share - Basic: | ' | ' | ' |
Net income per common share - Basic | $1.98 | $1.04 | $3.40 |
Net income per common share - Diluted: | ' | ' | ' |
Net income per common share - Diluted | $1.95 | $1.03 | $3.36 |
Class B [Member] | ' | ' | ' |
Weighted average common shares - Basic: | ' | ' | ' |
Weighted average common shares - Basic | 1,212 | 1,216 | 1,216 |
Net income per common share - Basic: | ' | ' | ' |
Net income per common share - Basic | $1.79 | $0.94 | $3.07 |
Net income per common share - Diluted: | ' | ' | ' |
Net income per common share - Diluted | $1.95 | $1.03 | $3.36 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 |
Statement of Other Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $19,327 | $10,134 | $32,644 |
Foreign currency translation (loss) gain | -28 | -2,462 | 2,506 |
Write off of currency translation adjustment (gain) loss | -84 | 552 | ' |
Change in pension plans, net of tax of $1,976, $977 and $1,584, respectively | 3,223 | -1,594 | -737 |
Amortization of unrealized loss on interest rate swap | 138 | 789 | 990 |
Total other Comprehensive Income (Loss) | 3,249 | -2,715 | 2,759 |
Total comprehensive income | $22,576 | $7,419 | $35,403 |
Consolidated_Statements_Of_Com1
Consolidated Statements Of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 |
Statement of Other Comprehensive Income [Abstract] | ' | ' | ' |
Change in pension plans, tax | $1,976 | $977 | $1,584 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 27, 2013 | Sep. 28, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $55,694 | $58,904 |
Accounts receivable, net | 44,104 | 40,673 |
Inventories | 76,363 | 67,058 |
Deferred income taxes | 7,869 | 8,645 |
Other current assets | 4,542 | 7,672 |
Total current assets | 188,572 | 182,952 |
Property, plant and equipment, net of accumulated depreciation of $103,314 and $98,235, respectively | 43,394 | 36,667 |
Deferred income taxes | 8,039 | 14,808 |
Goodwill | 21,053 | 14,466 |
Other intangible assets, net | 15,068 | 4,309 |
Other assets | 12,224 | 10,430 |
Total assets | 288,350 | 263,632 |
Current liabilities: | ' | ' |
Current maturities of long-term debt | 539 | 526 |
Accounts payable | 26,466 | 24,559 |
Accrued liabilities: | ' | ' |
Salaries, wages and benefits | 17,702 | 15,365 |
Accrued warranty | 5,214 | 4,751 |
Income taxes payable | 1,300 | 582 |
Other accrued liabilities | 12,151 | 13,184 |
Total current liabilities | 63,372 | 58,967 |
Long-term debt, less current maturities | 7,794 | 8,334 |
Deferred income taxes | 1,114 | 694 |
Retirement benefits | 6,346 | 11,827 |
Other liabilities | 12,056 | 10,206 |
Total liabilities | 90,682 | 90,028 |
Common stock: | ' | ' |
Capital in excess of par value | 66,374 | 64,184 |
Retained earnings | 112,144 | 92,817 |
Accumulated other comprehensive income | 19,366 | 16,117 |
Treasury stock at cost, shares of Class A common stock: 34,766 and 516, respectively | -715 | -9 |
Total shareholders' equity | 197,668 | 173,604 |
Total liabilities and shareholders' equity | 288,350 | 263,632 |
Class A [Member] | ' | ' |
Common stock: | ' | ' |
Shares issued and outstanding | 438 | 434 |
Class B [Member] | ' | ' |
Common stock: | ' | ' |
Shares issued and outstanding | $61 | $61 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 27, 2013 | Sep. 28, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Property, plant and equipment, accumulated depreciation | $103,314 | $98,235 |
Preferred stock issued | 0 | 0 |
Treasury stock, shares | 34,766 | 516 |
Class A [Member] | ' | ' |
Common stock, shares issued | 8,724,984 | 8,676,703 |
Common stock, shares outstanding | 8,724,984 | 8,676,703 |
Class B [Member] | ' | ' |
Common stock, shares issued | 1,212,420 | 1,215,758 |
Common stock, shares outstanding | 1,212,420 | 1,215,758 |
Consolidated_Statements_Of_Sha
Consolidated Statements Of Shareholders' Equity (USD $) | Common Stock [Member] | Capital In Excess Of Par Value [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
In Thousands, except Share data | ||||||
Balance at Oct. 01, 2010 | $479 | $59,779 | $50,039 | ($1) | $16,073 | ' |
Balance, Shares at Oct. 01, 2010 | 9,579,777 | ' | ' | ' | ' | ' |
Net income | ' | ' | 32,644 | ' | ' | 32,644 |
Exercise of stock options | 2 | 218 | ' | ' | ' | ' |
Exercise of stock options, Shares | 40,780 | ' | ' | ' | ' | ' |
Issuance of stock under employee stock purchase plan | ' | 88 | ' | ' | ' | ' |
Issuance of stock under employee stock purchase plan, Shares | 5,475 | ' | ' | ' | ' | 5,475 |
Award of non-vested shares | 8 | ' | ' | ' | ' | ' |
Award of non-vested shares, Shares | 157,359 | ' | ' | ' | ' | ' |
Stock-based compensation | ' | 1,436 | ' | ' | ' | ' |
Currency translation adjustment | ' | ' | ' | ' | 2,506 | 2,506 |
Change in pension plans | ' | ' | ' | ' | -737 | ' |
Reissue of treasury stock | ' | ' | ' | 1 | ' | ' |
Amortization of unrealized loss on interest rate swap | ' | ' | ' | ' | 990 | 990 |
Balance at Sep. 30, 2011 | 489 | 61,521 | 82,683 | ' | 18,832 | ' |
Balance, Shares at Sep. 30, 2011 | 9,783,391 | ' | ' | ' | ' | ' |
Net income | ' | ' | 10,134 | ' | ' | 10,134 |
Exercise of stock options | 2 | 269 | ' | ' | ' | ' |
Exercise of stock options, Shares | 37,285 | ' | ' | ' | ' | ' |
Issuance of stock under employee stock purchase plan | 1 | 167 | ' | ' | ' | ' |
Issuance of stock under employee stock purchase plan, Shares | 10,349 | ' | ' | ' | ' | 10,349 |
Award of non-vested shares | 3 | ' | ' | ' | ' | ' |
Award of non-vested shares, Shares | 61,952 | ' | ' | ' | ' | ' |
Stock-based compensation | ' | 1,666 | ' | ' | ' | ' |
Tax effect on stock based awards | ' | 594 | ' | ' | ' | ' |
Currency translation adjustment | ' | ' | ' | ' | -2,462 | -2,462 |
Write off of currency translation adjustment (gain) loss | ' | ' | ' | ' | 552 | 552 |
Change in pension plans | ' | ' | ' | ' | -1,594 | ' |
Purchase of treasury stock at cost | ' | ' | ' | -9 | ' | ' |
Purchase of treasury stock at cost, Shares | -6,621 | ' | ' | ' | ' | ' |
Reissue of treasury stock, Shares | 6,105 | ' | ' | ' | ' | ' |
Reissue of treasury stock | ' | -33 | ' | ' | ' | ' |
Amortization of unrealized loss on interest rate swap | ' | ' | ' | ' | 789 | 789 |
Balance at Sep. 28, 2012 | 495 | 64,184 | 92,817 | -9 | 16,117 | ' |
Balance, Shares at Sep. 28, 2012 | 9,892,461 | ' | ' | ' | ' | ' |
Net income | ' | ' | 19,327 | ' | ' | 19,327 |
Issuance of stock under employee stock purchase plan | 1 | 227 | ' | ' | ' | ' |
Issuance of stock under employee stock purchase plan, Shares | 9,562 | ' | ' | ' | ' | 9,562 |
Award of non-vested shares | 3 | -3 | ' | ' | ' | ' |
Award of non-vested shares, Shares | 70,545 | ' | ' | ' | ' | ' |
Stock-based compensation | ' | 1,488 | ' | ' | ' | ' |
Tax effect on stock based awards | ' | 572 | ' | ' | ' | ' |
Currency translation adjustment | ' | ' | ' | ' | -28 | -28 |
Write off of currency translation adjustment (gain) loss | ' | ' | ' | ' | -84 | -84 |
Change in pension plans | ' | ' | ' | ' | 3,223 | ' |
Purchase of treasury stock at cost | ' | ' | ' | -886 | ' | ' |
Purchase of treasury stock at cost, Shares | -43,464 | ' | ' | ' | ' | ' |
Reissue of treasury stock, Shares | 8,300 | ' | ' | ' | ' | ' |
Reissue of treasury stock | ' | -94 | ' | 180 | ' | ' |
Amortization of unrealized loss on interest rate swap | ' | ' | ' | ' | 138 | 138 |
Balance at Sep. 27, 2013 | $499 | $66,374 | $112,144 | ($715) | $19,366 | ' |
Balance, Shares at Sep. 27, 2013 | 9,937,404 | ' | ' | ' | ' | ' |
Consolidated_Statements_Of_Sha1
Consolidated Statements Of Shareholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' |
Change in pension plans, tax | $1,976 | $977 | $1,584 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 |
CASH PROVIDED BY OPERATING ACTIVITIES | ' | ' | ' |
Net income | $19,327 | $10,134 | $32,644 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation | 9,105 | 10,473 | 9,843 |
Amortization of intangible assets | 650 | 1,057 | 729 |
Amortization of deferred financing costs | 315 | 352 | 305 |
Stock based compensation | 1,488 | 1,666 | 1,436 |
Amortization of deferred loss on interest rate swap | 138 | 789 | 990 |
Write off of currency translation adjustment (gain) loss | -84 | 552 | ' |
Provision for doubtful accounts receivable | 769 | 1,558 | 448 |
Provision for inventory reserves | 1,269 | 2,307 | 3,317 |
Deferred income taxes | 1,613 | 6,989 | -21,999 |
Change in operating assets and liabilities: | ' | ' | ' |
Accounts receivable, net | -3,144 | 4,591 | -581 |
Inventories, net | -8,115 | -1,507 | 588 |
Accounts payable and accrued liabilities | 3,336 | -2,949 | 3,095 |
Other current assets | 3,377 | -2,548 | 708 |
Other non-current assets | -1,817 | -2,613 | 242 |
Other long-term liabilities | 1,595 | 579 | -1,276 |
Other, net | 181 | 334 | 491 |
Cash provided by operating activities | 30,003 | 31,764 | 30,980 |
CASH USED FOR INVESTING ACTIVITIES | ' | ' | ' |
Payments for purchase of business | -15,420 | ' | -3,969 |
Capital expenditures | -16,333 | -12,032 | -9,367 |
Proceeds from sales of property, plant and equipment | ' | 1,243 | 13 |
Cash used for investing activities | -31,753 | -10,789 | -13,323 |
CASH USED FOR FINANCING ACTIVITIES | ' | ' | ' |
Net borrowings from short-term notes payable and revolving credit lines | ' | ' | -7,546 |
Principal payments on senior notes and other long-term debt | -528 | -6,112 | -1,292 |
Deferred financing costs paid to lenders | -339 | ' | -133 |
Common stock transactions | 712 | 963 | 323 |
Purchases of treasury stock | -886 | -107 | ' |
Cash used for financing activities | -1,041 | -5,256 | -8,648 |
Effect of foreign currency rate changes on cash | -419 | -1,329 | 2,189 |
(Decrease) increase in cash and cash equivalents | -3,210 | 14,390 | 11,198 |
CASH AND CASH EQUIVALENTS | ' | ' | ' |
Beginning of period | 58,904 | 44,514 | 33,316 |
End of period | $55,694 | $58,904 | $44,514 |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||||
Sep. 27, 2013 | |||||||||||||||||||
Summary Of Significant Accounting Policies [Abstract] | ' | ||||||||||||||||||
Summary Of Significant Accounting Policies | ' | ||||||||||||||||||
1SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||||||||
Business | |||||||||||||||||||
Johnson Outdoors Inc. (the “Company”) is an integrated, global outdoor recreation products company engaged in the design, manufacture and marketing of brand name outdoor equipment, diving, watercraft and marine electronics products. | |||||||||||||||||||
Principles of Consolidation | |||||||||||||||||||
The consolidated financial statements include the accounts of Johnson Outdoors Inc. and all majority owned subsidiaries and are stated in conformity with U.S. generally accepted accounting principles. Intercompany accounts and transactions have been eliminated upon consolidation. | |||||||||||||||||||
Use of Estimates | |||||||||||||||||||
The preparation of financial statements requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities and operating results and the disclosure of commitments and contingent liabilities. Actual results could differ significantly from those estimates. | |||||||||||||||||||
Fiscal Year | |||||||||||||||||||
The Company’s fiscal year ends on the Friday nearest September 30. The fiscal years ended September 27, 2013 (hereinafter 2013), September 28, 2012 (hereinafter 2012) and September 30, 2011 (hereinafter 2011) each comprised 52 weeks. | |||||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||||
The Company considers all short-term investments in interest-bearing bank accounts, and all securities and other instruments with an original maturity of three months or less, to be equivalent to cash. Cash equivalents are stated at cost which approximates market value. | |||||||||||||||||||
The Company maintains cash in bank accounts in excess of insured limits. The Company has not experienced any losses and does not believe that significant credit risk exists as a result of this practice. | |||||||||||||||||||
Accounts Receivable | |||||||||||||||||||
Accounts receivable are recorded at face value less an allowance for doubtful accounts. The allowance for doubtful accounts is based on a combination of factors. In circumstances where specific collection concerns exist, a reserve is established to reduce the amount recorded to an amount the Company believes will be collected. For all other customers, the Company recognizes allowances for doubtful accounts based on historical experience of bad debts as a percent of outstanding accounts receivable for each business unit. Uncollectible accounts are written off against the allowance for doubtful accounts after collection efforts have been exhausted. The Company typically does not require collateral on its accounts receivable. | |||||||||||||||||||
Inventories | |||||||||||||||||||
The Company values inventory at the lower of cost (determined using the first-in first-out method) or market. Management’s judgment is required to determine the reserve for obsolete or excess inventory. Inventory on hand may exceed future demand either because the product is outdated or because the amount on hand is more than will be used to meet future needs. Inventory reserves are estimated by the individual operating companies using standard quantitative measures based on criteria established by the Company. The Company also considers current forecast plans, as well as market and industry conditions in establishing reserve levels. Though the Company considers these reserve balances to be adequate, changes in economic conditions, customer inventory levels or competitive conditions could have a favorable or unfavorable effect on required reserve balances. | |||||||||||||||||||
Inventories at the end of the respective fiscal years consisted of the following: | |||||||||||||||||||
27-Sep | 28-Sep | ||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Raw materials | $ | 27,935 | $ | 26,610 | |||||||||||||||
Work in process | 198 | 1,324 | |||||||||||||||||
Finished goods | 48,230 | 39,124 | |||||||||||||||||
$ | 76,363 | $ | 67,058 | ||||||||||||||||
Property, Plant and Equipment | |||||||||||||||||||
Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation of property, plant and equipment is determined by straight-line methods over the following estimated useful lives: | |||||||||||||||||||
Property improvements | 5 - 20 years | ||||||||||||||||||
Buildings and improvements | 20 - 40 years | ||||||||||||||||||
Furniture, fixtures and equipment | 3 - 10 years | ||||||||||||||||||
Upon retirement or disposition, cost and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the results of operations. | |||||||||||||||||||
Property, plant and equipment at the end of the respective years consisted of the following: | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Property improvements | $ | 596 | $ | 599 | |||||||||||||||
Buildings and improvements | 19,379 | 19,336 | |||||||||||||||||
Furniture, fixtures and equipment | 126,733 | 114,967 | |||||||||||||||||
146,708 | 134,902 | ||||||||||||||||||
Less accumulated depreciation | 103,314 | 98,235 | |||||||||||||||||
$ | 43,394 | $ | 36,667 | ||||||||||||||||
Goodwill | |||||||||||||||||||
The Company applies a fair value-based impairment test to the carrying value of goodwill on an annual basis as of the last day of the eleventh month of the Company’s fiscal year and, if certain events or circumstances indicate that an impairment loss may have been incurred, on an interim basis. | |||||||||||||||||||
The analysis of potential impairment of goodwill requires a two-step process. The first step is the estimation of the fair value of the applicable reporting unit. Estimated fair value is based on management judgments and assumptions and the Company cannot predict what future events may occur that could adversely affect the reported value of its goodwill. The fair values as determined by management are compared with the aggregate carrying values of the reporting units. If the fair value of the reporting unit is greater than its carrying amount, there is no impairment. If the reporting unit carrying amount is greater than the fair value, then the second step must be completed to measure the amount of impairment, if any. | |||||||||||||||||||
The second step calculates the implied fair value of the goodwill which is compared to its carrying value. If the implied fair value is less than the carrying value, an impairment loss is recognized equal to the difference. | |||||||||||||||||||
The results of the impairment tests performed in 2013 and 2012 indicated no impairment to the Company’s goodwill. Due to the uncertainty of future events, the Company cannot assure that growth rates will not be lower than expected, discount rates will not increase or the projected cash flows of the individual reporting units will not decline, all of which factors could impact the carrying value of remaining goodwill in future periods. | |||||||||||||||||||
As of September 27, 2013, the Company’s Watercraft segment had no carrying amount of goodwill and as of September 28, 2012, the Company’s Outdoor Equipment and Watercraft segments had no carrying amount of goodwill. The changes in the carrying amount of those segments with goodwill and the composition of consolidated net goodwill for fiscal 2013 and 2012 were as follows: | |||||||||||||||||||
Segment | Consolidated | ||||||||||||||||||
Marine Electronics | Diving | Outdoor Equipment | Consolidated | Gross Goodwill | Accumulated Impairment | Total | |||||||||||||
Balance at September 30, 2011 | $ | 10,397 | $ | 4,254 | $ | - | $ | 14,651 | $ | 54,566 | $ | 39,915 | $ | 14,651 | |||||
Amount attributable to movements in foreign currency rates | -35 | -150 | - | -185 | -185 | - | -185 | ||||||||||||
Balance at September 28, 2012 | $ | 10,362 | $ | 4,104 | $ | - | $ | 14,466 | $ | 54,381 | $ | 39,915 | $ | 14,466 | |||||
Jetboil acquisition | - | - | 6,475 | 6,475 | 6,475 | - | 6,475 | ||||||||||||
Amount attributable to movements in foreign currency rates | 5 | 107 | - | 112 | 112 | - | 112 | ||||||||||||
Balance at September 27, 2013 | $ | 10,367 | $ | 4,211 | $ | 6,475 | $ | 21,053 | $ | 60,968 | $ | 39,915 | $ | 21,053 | |||||
Other Intangible Assets | |||||||||||||||||||
Indefinite-lived intangible assets are also tested for impairment annually. During the fourth quarter of fiscal 2013, the Company completed its annual fair value-based impairment test on indefinite-lived intangible assets. There was no impairment of indefinite-lived intangible assets recorded for the year ended September 27, 2013 or for the year ended September 28, 2012. | |||||||||||||||||||
Intangible assets with definite lives are stated at cost less accumulated amortization. Amortization is computed using the straight-line method over periods ranging from 4 to 15 years. Amortization of patents and other intangible assets with definite lives was $650, $1,057 and $729 for 2013, 2012 and 2011, respectively. Amortization of these definite-lived intangible assets is expected to be approximately $840, $820, $800, $555 and $445 for fiscal years 2014, 2015, 2016, 2017 and 2018, respectively. | |||||||||||||||||||
During 2013, the acquisition of Jetboil resulted in indefinite-lived intangible assets of $5,400. | |||||||||||||||||||
Intangible assets at the end of the last two years consisted of the following: | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Gross Intangible | Accumulated Amortization | Net | Gross Intangible | Accumulated Amortization | Net | ||||||||||||||
Amortized other intangible assets: | |||||||||||||||||||
Patents | $ | 3,937 | $ | -3,598 | $ | 339 | $ | 3,614 | $ | -3,411 | $ | 203 | |||||||
Trademarks | 1,117 | -1,112 | 5 | 1,881 | -1,878 | 3 | |||||||||||||
Other amortizable intangibles | 6,586 | -852 | 5,734 | 1,272 | -759 | 513 | |||||||||||||
Non-amortized trademarks | 8,990 | - | 8,990 | 3,590 | - | 3,590 | |||||||||||||
$ | 20,630 | $ | -5,562 | $ | 15,068 | $ | 10,357 | $ | -6,048 | $ | 4,309 | ||||||||
Impairment of Long-Lived Assets | |||||||||||||||||||
The Company reviews long-lived assets for impairment whenever events or changes in business circumstances indicate that the carrying amount of these assets may not be fully recoverable, and it performs an undiscounted cash flow analysis to determine if impairment exists on these assets. If impairment is determined to exist, any related impairment loss is calculated based on the difference between the fair value and the carrying value on these assets. In 2012, the Company recorded impairment on the Geonav trademark held by the Marine Electronics business, reducing its fair value to $0. During 2011, the Company recognized impairment of $334 on part of its facility in Ferndale, Washington in order to write the asset down to its estimated fair value of $1,300. | |||||||||||||||||||
Warranties | |||||||||||||||||||
The Company provides for warranties of certain products as they are sold. Warranty reserves are estimated by the individual operating companies using standard quantitative measures based on criteria established by the Company. Estimates of costs to service its warranty obligations are based on historical experience, expectation of future conditions and known product issues. The following table summarizes the warranty activity for the three years in the period ended September 27, 2013. | |||||||||||||||||||
Balance at October 1, 2010 | $ | 4,589 | |||||||||||||||||
Expense accruals for warranties issued during the period | 4,551 | ||||||||||||||||||
Less current period warranty claims paid | 3,985 | ||||||||||||||||||
Balance at September 30, 2011 | $ | 5,155 | |||||||||||||||||
Expense accruals for warranties issued during the period | 3,740 | ||||||||||||||||||
Less current period warranty claims paid | 4,144 | ||||||||||||||||||
Balance at September 28, 2012 | $ | 4,751 | |||||||||||||||||
Expense accruals for warranties issued during the period | 2,901 | ||||||||||||||||||
Less current period warranty claims paid | 2,438 | ||||||||||||||||||
Balance at September 27, 2013 | $ | 5,214 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||
The components of “Accumulated other comprehensive income (loss)” on the accompanying balance sheets as of the end of fiscal year 2013, 2012 and 2011 were as follows: | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Pre-Tax Amount | Tax Effect | Net of Tax Effect | Pre-Tax Amount | Tax Effect | Net of Tax Effect | Pre-Tax Amount | Tax Effect | Net of Tax Effect | |||||||||||
Foreign currency translation adjustment | $ | 23,789 | $ | - | $ | 23,789 | $ | 23,901 | $ | - | $ | 23,901 | $ | 25,811 | $ | - | $ | 25,811 | |
Unamortized loss on pension plans | -5,008 | 585 | -4,423 | -10,207 | 2,561 | -7,646 | -7,636 | 1,584 | -6,052 | ||||||||||
Unrealized loss on interest rate swaps | - | - | - | -138 | - | -138 | -927 | - | -927 | ||||||||||
Accumulated other comprehensive income | $ | 18,781 | $ | 585 | $ | 19,366 | $ | 13,556 | $ | 2,561 | $ | 16,117 | $ | 17,248 | $ | 1,584 | $ | 18,832 | |
Earnings per Share (“EPS”) | |||||||||||||||||||
Net income or loss per share of Class A common stock and Class B common stock is computed using the two-class method. Grants of restricted stock (whether vested or unvested) which receive non-forfeitable dividends are required to be included as part of the basic weighted average share calculation under the two-class method. | |||||||||||||||||||
Holders of Class A common stock are entitled to cash dividends equal to 110% of all dividends declared and paid on each share of Class B common stock. The Company grants shares of unvested restricted stock in the form of Class A shares, which carry the same distribution rights as the Class A common stock described above. As such, the undistributed earnings for each period are allocated to each class of common stock based on the proportionate share of the amount of cash dividends that each such class is entitled to receive. | |||||||||||||||||||
Basic EPS | |||||||||||||||||||
Basic net income or loss per share is computed by dividing net income or loss allocated to Class A common stock and Class B common stock by the weighted-average number of shares of Class A common stock and Class B common stock outstanding, respectively. In periods with cumulative year to date net income and undistributed income, the undistributed income for each period is allocated to each class of common stock based on the proportionate share of the amount of cash dividends that each such class is entitled to receive. In periods where there is a cumulative year to date net loss or no undistributed income because distributions through dividends exceed net income, Class B shares are treated as anti-dilutive and, therefore, net losses are allocated equally on a per share basis among all participating securities. | |||||||||||||||||||
For the years ended September 27, 2013, September 28, 2012 and September 30, 2011, basic income per share for Class A and Class B shares has been presented using the two class method as described above. | |||||||||||||||||||
Diluted EPS | |||||||||||||||||||
Diluted net income per share is computed by dividing allocated net income by the weighted-average number of common shares outstanding, adjusted for the effect of dilutive stock options, restricted stock units and non-vested restricted stock. Anti-dilutive stock options, restricted stock units and non-vested stock are excluded from the calculation of diluted EPS. The computation of diluted net income per share of Class A common stock assumes that Class B common stock is converted into Class A common stock. Therefore, diluted net income per share is the same for both Class A and Class B common shares. In periods where the Company reports a net loss, the effect of anti-dilutive stock options, restricted stock units and non-vested stock is excluded and diluted loss per share is equal to basic loss per share. | |||||||||||||||||||
For the years ended September 27, 2013, September 28, 2012 and September 30, 2011, diluted net income per share reflects the effect of dilutive stock options and restricted stock units and assumes the conversion of Class B common stock into Class A common stock. | |||||||||||||||||||
Stock options that could potentially dilute earnings per share in the future which were not included in the fully diluted computation because they would have been anti-dilutive totaled 0, 5,850 and 15,066 for the years ended September 27, 2013, September 28, 2012 and September 30, 2011, respectively. Non-vested stock that could potentially dilute earnings per share in the future which were not included in the fully diluted computation because they would have been anti-dilutive totaled 386,409, 495,235 and 472,761 for the years ended September 27, 2013, September 28, 2012 and September 30, 2011, respectively. | |||||||||||||||||||
The following table sets forth a reconciliation of net income to dilutive earnings used in the diluted earnings per common share calculations and the computation of basic and diluted earnings per common share: | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Net income | $ | 19,327 | $ | 10,134 | $ | 32,644 | |||||||||||||
Less: Undistributed earnings reallocated to non-vested shareholders | -792 | -506 | -1,429 | ||||||||||||||||
Dilutive earnings | $ | 18,535 | $ | 9,628 | $ | 31,215 | |||||||||||||
Weighted average common shares – Basic: | |||||||||||||||||||
Class A | 8,305 | 8,155 | 8,045 | ||||||||||||||||
Class B | 1,212 | 1,216 | 1,216 | ||||||||||||||||
Dilutive stock options and restricted stock units | 6 | 8 | 26 | ||||||||||||||||
Weighted average common shares - Dilutive | 9,523 | 9,379 | 9,287 | ||||||||||||||||
Net income per common share – Basic: | |||||||||||||||||||
Class A | $ | 1.98 | $ | 1.04 | $ | 3.40 | |||||||||||||
Class B | $ | 1.79 | $ | 0.94 | $ | 3.07 | |||||||||||||
Net income per common share – Diluted: | |||||||||||||||||||
Class A | $ | 1.95 | $ | 1.03 | $ | 3.36 | |||||||||||||
Class B | $ | 1.95 | $ | 1.03 | $ | 3.36 | |||||||||||||
Stock-Based Compensation | |||||||||||||||||||
Stock-based compensation cost is recorded for all option grants and awards of non-vested stock and restricted stock units based on their grant-date fair value. Stock-based compensation expense is recognized on a straight-line basis over the vesting period of each award. No stock options were granted in 2013, 2012 or 2011. See Note 10 of these Notes to Consolidated Financial Statements for information regarding the Company’s stock-based incentive plans, including stock options, non-vested stock, and employee stock purchase plans. | |||||||||||||||||||
Income Taxes | |||||||||||||||||||
The Company provides for income taxes currently payable and deferred income taxes resulting from temporary differences between financial statement and taxable income. Accrued interest and penalties related to unrecognized tax benefits are recognized as a component of income tax expense. Deferred income tax assets and liabilities are determined based on the difference between the amounts reported in the financial statements and the tax basis of assets and liabilities, using enacted tax rates in effect in the years in which the differences are expected to reverse. Deferred income tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. A valuation allowance is established if it is more likely than not that some portion or all of a deferred income tax asset will not be realized. See Note 6 of these Notes to Consolidated Financial Statements for further discussion. | |||||||||||||||||||
Employee Benefits | |||||||||||||||||||
The Company and certain of its subsidiaries have various retirement and profit sharing plans. The Company does not have any significant foreign retirement plans. Pension obligations, which are generally based on compensation and years of service, are funded by payments to pension fund trustees. The Company’s policy is to annually fund the minimum amount required under the Employee Retirement Income Security Act of 1974 for plans subject thereto. Other retirement costs are funded at least annually. See Note 7 of these Notes to Consolidated Financial Statements for additional discussion. | |||||||||||||||||||
Foreign Operations and Related Derivative Financial Instruments | |||||||||||||||||||
The functional currencies of the Company’s foreign operations are the local currencies. Accordingly, assets and liabilities of foreign operations are translated into U.S. dollars at the rate of exchange existing at the end of the year. Results of operations are translated at monthly average exchange rates. Adjustments resulting from the translation of foreign currency financial statements are classified as Accumulated other comprehensive income (loss), a separate component of Shareholders’ equity. | |||||||||||||||||||
Currency gains and losses are recognized when assets and liabilities of foreign operations, denominated in other than their local currency, are converted into the local currency of the entity. Additionally, currency gains and losses are recognized through the settlement of transactions denominated in other than the local currency. The Company recognized currency losses from transactions of $916 and $2,061 in 2013 and 2011, respectively, and currency gains of $92 in 2012, all of which were included in the “Other (income) expense, net” line of the Company’s Consolidated Statements of Operations. | |||||||||||||||||||
Because the Company operates internationally, it has exposure to market risk from movements in foreign currency exchange rates. Approximately 21% of the Company’s revenues for the year ended September 27, 2013 were denominated in currencies other than the U.S. dollar. Approximately 11% were denominated in euros, with the remaining 10% denominated in various other foreign currencies. The Company may mitigate a portion of the fluctuations in certain foreign currencies through the purchase of foreign currency swaps, forward contracts and options to hedge known commitments denominated in foreign currencies or borrowings in foreign currencies. In 2013, 2012 and 2011 the Company used foreign currency forward contracts to reduce the economic risk of changes in foreign currency exchange rates on foreign currency borrowings. The Company does not enter into foreign exchange contracts for trading or speculative purposes. | |||||||||||||||||||
Revenue Recognition | |||||||||||||||||||
The Company recognizes revenue when all of the following criteria have been met: | |||||||||||||||||||
· | Persuasive evidence of an arrangement exists. Contracts, internet commerce agreements, and customer purchase orders are generally used to determine the existence of an arrangement. | ||||||||||||||||||
· | All substantial risk of ownership transfers to the customer. Shipping documents and customer acceptance, when applicable, are used to verify delivery. | ||||||||||||||||||
· | The fee is fixed or determinable. This is assessed based on the payment terms associated with the transaction and whether the sales price is subject to refund or adjustment. | ||||||||||||||||||
· | Collectability is reasonably assured. Collectability is assessed based on the creditworthiness of the customer as determined by credit checks and analysis, as well as by the customer’s payment history. | ||||||||||||||||||
Estimated costs of returns and allowances and discounts are accrued as a reduction to sales when revenue is recognized. | |||||||||||||||||||
Advertising & Promotions | |||||||||||||||||||
The Company expenses substantially all costs related to the production of advertising the first time the advertising takes place. Cooperative promotional arrangements are accrued as related revenue is earned. | |||||||||||||||||||
Advertising and promotions expense in 2013, 2012 and 2011 totaled $22,902, $21,745 and $22,338, respectively. These charges are included in Marketing and selling expenses. Capitalized advertising costs, included in Other current assets, totaled $1,165 and $1,074 at September 27, 2013 and September 28, 2012, respectively, and primarily included catalogs and costs of advertising which have not yet run for the first time. | |||||||||||||||||||
Shipping and Handling Costs | |||||||||||||||||||
Shipping and handling fees billed to customers are included in Net sales. Shipping and handling costs are included in Marketing and selling expenses and totaled $10,436, $10,803 and $10,591 for 2013, 2012 and 2011, respectively. | |||||||||||||||||||
Research and Development | |||||||||||||||||||
The Company expenses research and development costs as incurred except for costs of software development for new electronic products which are capitalized once technological feasibility is established and are included in Furniture, Fixtures and Equipment. The gross amount capitalized related to software development was $19,968, less accumulated amortization of $7,279, at September 27, 2013 and $14,762, less accumulated amortization of $6,626, at September 28, 2012. These costs are amortized over the expected life of the software of three years. Amortization expense related to capitalized software in 2013, 2012 and 2011 was $1,268, $2,227 and $1,373, respectively, and is included in Depreciation expense on Plant, Property and Equipment. | |||||||||||||||||||
Fair Values | |||||||||||||||||||
The carrying amounts of cash, cash equivalents, accounts receivable, and accounts payable approximated fair value at September 27, 2013 and September 28, 2012 due to the short maturities of these instruments. During 2013, 2012 and 2011, the Company held foreign currency forward contracts and investments in equity and debt securities that were carried at fair value. When indicators of impairment are present, the Company may be required to value certain long-lived assets such as property, plant, and equipment, and other intangibles at fair value. | |||||||||||||||||||
Valuation Techniques | |||||||||||||||||||
Over the Counter Derivative Contracts | |||||||||||||||||||
The value of over the counter derivative contracts, such as interest rate swaps and foreign currency forward contracts, are derived using pricing models, which take into account the contract terms, as well as other inputs, including, where applicable, the notional values of the contracts, payment terms, maturity dates, credit risk, interest rate yield curves, and contractual and market currency exchange rates. The pricing model used for valuing interest rate swaps does not entail material subjectivity because the methodologies employed do not necessitate significant judgment, and the pricing inputs are observed from actively quoted markets. | |||||||||||||||||||
Rabbi Trust Assets | |||||||||||||||||||
Rabbi trust assets, used to fund amounts the Company owes to certain officers and other employees under the Company’s non-qualified deferred compensation plan, are included in Other assets, and are classified as trading securities. These assets are comprised of marketable debt and equity securities that are marked to fair value based on unadjusted quoted prices in active markets. | |||||||||||||||||||
Goodwill and Other Intangible Assets | |||||||||||||||||||
In assessing the recoverability of the Company's goodwill and other intangible assets, the Company estimates the future discounted cash flows of the business segments to which the goodwill relates. When estimated future discounted cash flows are less than the carrying value of the net assets and related goodwill, an impairment test is performed to measure and recognize the amount of the impairment loss, if any. In determining estimated future cash flows, the Company makes assumptions regarding anticipated financial position, future earnings and other factors to determine the fair value of the respective assets. | |||||||||||||||||||
See Note 2 of these Notes to Consolidated Financial Statements for disclosures regarding the fair value of long-term debt and Note 4 of these Notes to Consolidated Financial Statements for disclosures regarding fair value measurement. | |||||||||||||||||||
New Accounting Pronouncements | |||||||||||||||||||
In July 2013, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance that requires that an entity net its liability for unrecognized tax positions against a net operating loss carryforward, a similar tax loss or a tax credit carryforward when settlement in this manner is available under the tax law. The Company will adopt this guidance effective at the beginning of its 2015 fiscal year. The Company is currently evaluating the impact of this pronouncement on its financial statements. | |||||||||||||||||||
In February 2013, the FASB issued authoritative guidance that amends the presentation of accumulated other comprehensive income and clarifies how to report the effect of significant reclassifications out of accumulated other comprehensive income. The guidance, which becomes effective for the Company on a prospective basis at the beginning of its 2014 fiscal year, requires footnote disclosures regarding the changes in accumulated other comprehensive income by component and the line items affected in the statements of operations. The adoption of this updated authoritative guidance is not expected to have a significant impact on the Company’s Consolidated Financial Statements. | |||||||||||||||||||
In December 2011, the FASB issued updated authoritative guidance to amend the presentation of comprehensive income in financial statements. This new guidance allows companies the option to present other comprehensive income in either a single continuous statement or in two separate but consecutive statements. It eliminates the option to present components of other comprehensive income as part of the statement of changes in stockholders’ equity. Under both alternatives, companies are required to present each component of net income and comprehensive income. The Company adopted this updated authoritative guidance effective as of September 29, 2012, the beginning of its first quarter of fiscal 2013. The adoption of this updated authoritative guidance resulted in the addition of separate Consolidated Statements of Comprehensive Income to the Company’s accompanying financial statements but had no effect on our financial condition, results of operations or cash flow. | |||||||||||||||||||
Indebtedness
Indebtedness | 12 Months Ended | ||||
Sep. 27, 2013 | |||||
Indebtedness [Abstract] | ' | ||||
Indebtedness | ' | ||||
2INDEBTEDNESS | |||||
Debt was comprised of the following at September 27, 2013 and September 28, 2012: | |||||
27-Sep | 28-Sep | ||||
2013 | 2012 | ||||
Term loans | $ | 8,142 | $ | 8,456 | |
Revolvers | - | - | |||
Other | 191 | 404 | |||
Total debt | 8,333 | 8,860 | |||
Less current portion of long term debt | 539 | 526 | |||
Less short term notes payable and revolving credit lines | - | - | |||
Total long-term debt | $ | 7,794 | $ | 8,334 | |
Term Loans | |||||
The Company’s term loans have a maturity date of September 29, 2029. Each term loan requires monthly payments of principal and interest. Interest on the aggregate outstanding amount of the term loans is based on the prime rate plus an applicable margin. The interest rate in effect on the term loans was 5.25% at September 27, 2013. | |||||
The term loans are guaranteed in part under the United States Department of Agriculture Rural Development program and are secured with a first priority lien on land, buildings, machinery and equipment of the Company’s domestic subsidiaries and a second priority lien on working capital and certain patents and trademarks of the Company and its subsidiaries. Any proceeds from the sale of secured property are first applied against the related term loans and then against the Revolvers (as defined below). The Company’s term loans include covenants related to its current ratio, debt to net worth ratio, fixed charge ratio, minimum net worth and capital expenditures. | |||||
The aggregate term loan borrowings are subject to a pre-payment penalty. The penalty is currently 7% of the pre-payment amount, and the penalty will decrease by 1% annually on the anniversary date of the effective date of the loan agreement. | |||||
Revolvers | |||||
On September 16, 2013, the Company and certain of its subsidiaries entered into a new credit facility with PNC Bank National Association and certain other lenders which terminated the Amended Revolving Credit and Security agreement with PNC Bank National Association and the other lenders named therein, dated as of November 16, 2010. The new credit facility consists of a Revolving Credit Agreement dated September 16, 2013 among the Company, certain of the Company’s subsidiaries, PNC Bank National Association, as lender and as administrative agent, and the other lenders named therein (the “Revolving Credit Agreement” or “Revolver”). The Revolver has an expiration date of September 16, 2018 and provides for borrowing of up to an aggregate principal amount not to exceed $90,000 with an accordion feature that gives the Company the option to increase the maximum seasonal financing availability subject to the conditions of the Revolving Credit Agreement and subject to the approval of the lenders. The Revolver imposes a seasonal borrowing limit such that borrowings may not exceed $60,000 from the period June 30th through October 31st of each year under the agreement. The Company had no borrowings against the Revolving Credit Facility as of September 27, 2013. | |||||
The interest rate on the Revolver resets each quarter and is based on LIBOR plus an applicable margin. The applicable margin ranges from 1.25 percent to 2.00 percent and is dependent on the Company’s leverage ratio for the trailing twelve month period. The interest rate on the Revolver at September 27, 2013 was approximately 1.42%. | |||||
The Revolver is secured with a first priority lien on working capital assets and certain patents and trademarks of the Company and its subsidiaries and a second priority lien on land, buildings, machinery and equipment of the Company’s domestic subsidiaries. Under the terms of the Revolver, the Company is required to comply with certain financial and non-financial covenants. The Revolving Credit Agreement limits asset or stock acquisitions to no more than $20,000 in the event that the Company’s consolidated leverage ratio is greater than 2.5 times. No limits are imposed if the Company’s consolidated leverage ratio is less than 2.5 times and the remaining borrowing availability under the Revolver is greater than $10,000 at the time of the acquisition. The Revolving Credit Agreement limits the amount of restricted payments (primarily dividends and repurchases of common stock) made during each fiscal year. The Company may declare, and pay, dividends in accordance with historical practices, but in no event may the aggregate amount of all dividends or repurchases of common stock exceed $10,000 in any fiscal year. The Revolving Credit Agreement restricts the Company’s ability to incur additional debt and includes maximum leverage ratio and minimum interest coverage ratio covenants. | |||||
Concurrent with the execution of the Revolving Credit Agreement described above, Johnson Outdoors Canada Inc. repaid and terminated its Amended Revolving Credit and Security Agreement with PNC Bank Canada Branch dated as of November 16, 2010. | |||||
Other Borrowings | |||||
The Company had no unsecured revolving credit facilities at its foreign subsidiaries as of September 27, 2013. The Company utilizes letters of credit primarily as security for the payment of future claims under its workers’ compensation insurance which totaled $846 and $1,401 at September 27, 2013 and September 28, 2012, respectively. The Company had no unsecured lines of credit as of September 27, 2013 or September 28, 2012. | |||||
Aggregate scheduled maturities of long-term debt as of September 27, 2013 were as follows: | |||||
Fiscal Year | |||||
2014 | $ | 539 | |||
2015 | 363 | ||||
2016 | 368 | ||||
2017 | 389 | ||||
2018 | 410 | ||||
Thereafter | 6,264 | ||||
Total | $ | 8,333 | |||
Interest paid was $915, $1,150 and $1,919 for 2013, 2012 and 2011, respectively. | |||||
The weighted average borrowing rate for short-term debt was approximately 2.5%, 2.6% and 3.4% for 2013, 2012 and 2011, respectively. | |||||
Based on the borrowing rates currently available to the Company for debt with similar terms and maturities, the fair value of the Company’s long-term debt approximated its carrying value as of September 27, 2013 and September 28, 2012. See Note 4 of the Notes to Consolidated Financial Statements for additional disclosures regarding the fair value. | |||||
Under the Company’s Revolving Credit Agreement, a change in control of the Company would constitute an event of default. A change in control would be deemed to have occurred if, among other events described in the terms of the Credit Agreement, a person or group other than the Company’s Chief Executive Officer, Helen P. Johnson-Leipold, members of her family and related entities (hereinafter the Johnson Family) became or obtain rights as a beneficial owner (as interpreted under the Securities Exchange Act of 1934) of a certain percentage of the outstanding capital stock of the Company, if the Johnson Family ceases to own (without lien or encumbrance) a least a certain percentage of the shares of capital stock of the Company with voting power or if the members of the Company’s Board of Directors as of the date of the Credit Agreement (together with any new directors elected to the Board who were also approved for appointment by the then serving directors) cease for any reason to constitute a majority of the Company’s Board of Directors. At November 29, 2013, the Johnson Family held 3,801,334 shares or approximately 44% of the Class A common stock, 1,211,196 shares or approximately 100% of the Class B common stock and approximately 77% of the voting power of both classes of common stock taken as a whole. | |||||
Derivative_Instruments_And_Hed
Derivative Instruments And Hedging Activities | 12 Months Ended | ||||||||
Sep. 27, 2013 | |||||||||
Derivative Instruments And Hedging Activities [Abstract] | ' | ||||||||
Derivative Instruments And Hedging Activities | ' | ||||||||
3DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | |||||||||
The following disclosures describe the Company’s objectives in using derivative instruments, the business purpose or context for using derivative instruments, and how the Company believes the use of derivative instruments helps achieve the stated objectives. In addition, the following disclosures describe the effects of the Company’s use of derivative instruments and hedging activities on its financial statements. See Note 4 of the Notes to Consolidated Financial Statements for disclosures regarding the fair value and effects of changes in the fair value of derivative instruments. | |||||||||
Foreign Exchange Risk | |||||||||
The Company has significant foreign operations, for which the functional currencies are denominated primarily in euros, Swiss francs, Hong Kong dollars, Japanese yen and Canadian dollars. As the values of the currencies of the foreign countries in which the Company has operations increase or decrease relative to the U.S. dollar, the sales, expenses, profits, losses, assets and liabilities of the Company’s foreign operations, as reported in the Company’s consolidated financial statements, increase or decrease, accordingly. Approximately 21% of the Company’s revenues for the fiscal year ended September 27, 2013 were denominated in currencies other than the U.S. dollar. Approximately 11% were denominated in euros, with the remaining 10% denominated in various other foreign currencies. Changes in foreign currency exchange rates can cause unexpected financial losses or cash flow needs. | |||||||||
The Company mitigates a portion of the fluctuations in certain foreign currencies through the use of foreign currency forward contracts. Foreign currency forward contracts enable the Company to lock in the foreign currency exchange rate for a fixed amount of currency to be paid or received on a specified date in the future. The Company uses such foreign currency forward contracts to mitigate the risk associated with changes in foreign currency exchange rates on financial instruments and known commitments denominated in foreign currencies. None of the Company’s derivative financial instruments have been designated as hedging instruments. | |||||||||
As of September 27, 2013, the Company held no foreign currency forward contracts. | |||||||||
Interest Rate Risk | |||||||||
The Company operates in a seasonal business and experiences significant fluctuations in operating cash flow as working capital needs increase in advance of the Company’s primary selling and cash generation season, and decline as accounts receivable are collected and cash is accumulated or debt is repaid. The Company’s goal in managing its interest rate risk is to maintain a mix of floating rate and fixed rate debt such that permanent non-equity capital needs are largely funded with long term fixed rate debt and seasonal working capital needs are funded with short term floating rate debt. | |||||||||
When the appropriate mix of fixed rate or floating rate debt cannot be directly obtained in a cost effective manner, the Company may enter into interest rate swap contracts in order to change floating rate interest into fixed rate interest or vice versa for a specific amount of debt in order to achieve the desired proportions of floating rate and fixed rate debt. An interest rate swap is a contract in which the Company agrees to exchange, at specified intervals, the difference between fixed and variable interest amounts calculated by reference to an agreed upon notional principal amount. The notional amount is the equivalent amount of debt that the Company wishes to change from a fixed interest rate to a floating interest rate or vice versa and is the basis for calculating the related interest payments required under the interest rate swap contract. | |||||||||
The Company held no interest rate swap contracts in 2013 or 2012. As of September 27, 2013, the Company was unhedged with respect to interest rate risk on its floating rate debt. | |||||||||
The following discloses the location of loss reclassified from Accumulated Other Comprehensive Income (“AOCI”) into net income related to previously held derivative instruments during the years ended September 27, 2013, September 28, 2012, and September 30, 2011: | |||||||||
Loss reclassified from AOCI into: | 2013 | 2012 | 2011 | ||||||
Interest expense | $ | 138 | $ | 789 | $ | 990 | |||
The following discloses the location and amount of income or loss recognized for changes in the fair value of derivative instruments not designated as hedging instruments for the years ended September 27, 2013, September 28, 2012, and September 30, 2011: | |||||||||
Location of loss (gain) | |||||||||
Derivatives not designated as | recognized in Statement | ||||||||
hedging instruments | of Operations | 2013 | 2012 | 2011 | |||||
Foreign exchange forward contract | Other (income) expense, net | $ | 13 | $ | 306 | $ | -361 | ||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||
Sep. 27, 2013 | |||||||||
Fair Value Measurements [Abstract] | ' | ||||||||
Fair Value Measurements | ' | ||||||||
4FAIR VALUE MEASUREMENTS | |||||||||
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. A fair value hierarchy has been established based on three levels of inputs, of which the first two are considered observable and the last unobservable. | |||||||||
· | Level 1 - Quoted prices in active markets for identical assets or liabilities. These are typically obtained from real-time quotes for transactions in active exchange markets involving identical assets. | ||||||||
· | Level 2 - Inputs, other than quoted prices included within Level 1, which are observable for the asset or liability, either directly or indirectly. These are typically obtained from readily-available pricing sources for comparable instruments. | ||||||||
· | Level 3 - Unobservable inputs, where there is little or no market activity for the asset or liability. These inputs reflect the reporting entity’s own assumptions of the data that market participants would use in pricing the asset or liability, based on the best information available in the circumstances. | ||||||||
The following table summarizes the Company's financial assets measured at fair value as of September 27, 2013: | |||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||
Assets: | |||||||||
Rabbi trust assets | $ | 8,948 | $ | - | $ | - | $ | 8,948 | |
The following table summarizes the Company's financial assets measured at fair value as of September 28, 2012: | |||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||
Assets: | |||||||||
Rabbi trust assets | $ | 7,289 | $ | - | $ | - | $ | 7,289 | |
Foreign currency forward contracts | - | 173 | - | 173 | |||||
Rabbi trust assets are classified as trading securities and are comprised of marketable debt and equity securities that are marked to fair value based on unadjusted quoted prices in active markets. The rabbi trust assets are used to fund amounts the Company owes to certain officers and other employees under the Company’s non-qualified deferred compensation plan. The mark-to-market adjustments are recorded in “Other (income) expense, net” in the Consolidated Statements of Operations. | |||||||||
The fair value of the foreign exchange forward contract reported above was measured using the market value approach based on foreign currency exchange rates and the notional amount of the forward contract. The mark-to-market adjustments are recorded in “Other (income) expense, net.” See Note 2 of the Notes to Consolidated Financial Statements for information regarding the fair value of the Company’s debt instruments. See Note 3 of the Notes to Consolidated Financial Statements for information regarding the Company’s usage of derivative instruments. | |||||||||
The effect of changes in the fair value of financial instruments on the Consolidated Statements of Operations for the years ended September 27, 2013, September 28, 2012 and September 30, 2011, was: | |||||||||
Location of (income) loss recognized in Statement of Operations | 2013 | 2012 | 2011 | ||||||
Rabbi trust assets | Other (income) expense, net | $ | -1,013 | $ | -1,153 | $ | 382 | ||
Foreign currency forward contracts | Other (income) expense, net | 13 | 306 | -361 | |||||
Certain assets and liabilities are measured at fair value on a non-recurring basis in periods subsequent to their initial recognition. | |||||||||
During 2012, the Company recorded impairment on a trademark held by the Marine Electronics business, reducing its fair value to $0. A $609 charge was included in “Administrative management, finance and information systems” expenses in the Marine Electronics segment related to this impairment during 2012. During 2011, the Company recognized impairment of $334 on part of its facility in Ferndale, Washington in order to write the asset down to its estimated fair value of approximately $1,300. The fair value of the facility was determined using a market approach based on recent selling prices of comparable properties. The impairment charge was included in “Other (income) expense, net” in the Company’s accompanying Consolidated Statements of Operations in the Watercraft segment. This facility was sold in 2012 for approximately its fair value. No assets or liabilities were measured at fair value on a non-recurring basis in 2013. | |||||||||
The following table summarizes the Company's assets measured at fair value on a non-recurring basis as of September 28, 2012 and the losses recognized as a result of this measurement in 2012: | |||||||||
Level 1 | Level 2 | Level 3 | Losses incurred | ||||||
Other Intangibles | $ | - | $ | - | $ | - | $ | 609 | |
Leases_And_Other_Commitments
Leases And Other Commitments | 12 Months Ended | |||||
Sep. 27, 2013 | ||||||
Leases And Other Commitments [Abstract] | ' | |||||
Leases And Other Commitments | ' | |||||
5Leases and Other Commitments | ||||||
The Company leases certain facilities and machinery and equipment under long-term, non-cancelable operating leases. Future minimum rental commitments under non-cancelable operating leases with an initial lease term in excess of one year at September 27, 2013 were as follows: | ||||||
Year | Related parties included in total | Total | ||||
2014 | $ | 1,015 | $ | 6,646 | ||
2015 | 844 | 5,590 | ||||
2016 | 878 | 4,263 | ||||
2017 | 909 | 2,144 | ||||
2018 | - | 663 | ||||
Thereafter | - | 636 | ||||
Rental expense under all leases was approximately $8,627, $9,126 and $8,731 for 2013, 2012 and 2011, respectively. Rent expense to related parties was $1,127, $1,124 and $849 for 2013, 2012 and 2011, respectively. | ||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||
Sep. 27, 2013 | |||||||||
Income Taxes [Abstract] | ' | ||||||||
Income Taxes | ' | ||||||||
6INCOME TAXES | |||||||||
The U.S. and foreign income before income taxes for the respective years consisted of the following: | |||||||||
2013 | 2012 | 2011 | |||||||
United States | $ | 19,885 | $ | 20,332 | $ | 11,133 | |||
Foreign | 4,775 | -406 | 1,117 | ||||||
$ | 24,660 | $ | 19,926 | $ | 12,250 | ||||
Income tax expense (benefit) for the respective years consisted of the following: | |||||||||
2013 | 2012 | 2011 | |||||||
Current: | |||||||||
Federal (net of tax benefit from operating loss carryforward of $0, $3,098 and $2,505, respectively) | $ | 2,832 | $ | 828 | $ | - | |||
State | 470 | 378 | 642 | ||||||
Foreign | 1,437 | 1,595 | 2,000 | ||||||
Deferred | 594 | 6,991 | -23,036 | ||||||
$ | 5,333 | $ | 9,792 | $ | -20,394 | ||||
The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities at the end of the respective years are presented below: | |||||||||
2013 | 2012 | ||||||||
Deferred tax assets: | |||||||||
Inventories | $ | 1,974 | $ | 3,700 | |||||
Compensation | 7,074 | 8,635 | |||||||
Tax credit carryforwards | 6,385 | 8,331 | |||||||
Goodwill and other intangibles | - | 3,181 | |||||||
Net operating loss carryforwards | 7,215 | 7,507 | |||||||
Depreciation and amortization | - | 220 | |||||||
Other | 5,109 | 5,178 | |||||||
Total gross deferred tax assets | 27,757 | 36,752 | |||||||
Less valuation allowance | 9,479 | 13,299 | |||||||
Deferred tax assets | 18,278 | 23,453 | |||||||
Deferred tax liabilities: | |||||||||
Goodwill and other intangibles | 1,279 | - | |||||||
Depreciation and amortization | 1,091 | - | |||||||
Foreign statutory reserves | 1,114 | 694 | |||||||
Net deferred tax assets | $ | 14,794 | $ | 22,759 | |||||
The net deferred tax assets recorded in the Consolidated Balance Sheet as of the fiscal years ended September 27, 2013 and September 28, 2012 were as follows: | |||||||||
2013 | 2012 | ||||||||
Current assets | $ | 7,869 | $ | 8,645 | |||||
Non-current assets | 8,039 | 14,808 | |||||||
Non-current liabilities | 1,114 | 694 | |||||||
Net deferred tax assets | $ | 14,794 | $ | 22,759 | |||||
The significant differences between the statutory federal tax rate and the effective income tax rates for the Company for the respective years shown below were as follows: | |||||||||
2013 | 2012 | 2011 | |||||||
Statutory U.S. federal income tax rate | 35.0 | 35.0 | 35.0 | ||||||
Foreign rate differential | -4.1 | -1 | -0.9 | ||||||
State income tax, net of federal benefit | 4.5 | 3.1 | 4.2 | ||||||
Tax credit | -3.1 | - | -2.4 | ||||||
Increase (Decrease) in valuation reserve for deferred tax assets | -11.5 | 7.1 | -211 | ||||||
Other | 0.8 | 4.9 | 8.6 | ||||||
21.6 | 49.1 | -166.5 | |||||||
The Company’s net operating loss carryforwards and their expirations as of September 27, 2013 were as follows: | |||||||||
State | United States | Foreign | Total | ||||||
Year of expiration | |||||||||
2014-2018 | $ | 1,673 | $ | - | $ | 1,226 | $ | 2,899 | |
2019-2023 | 1,049 | - | 1,501 | 2,550 | |||||
2024-2028 | 3,211 | - | 2,006 | 5,217 | |||||
2029-2033 | 29,739 | - | 594 | 30,333 | |||||
Indefinite | - | - | 9,135 | 9,135 | |||||
Total | $ | 35,672 | $ | - | $ | 14,462 | $ | 50,134 | |
The Company has tax credit carryforwards comprised of foreign tax credits, research and development and other state credits as shown in the table below. | |||||||||
State | Federal | Total | |||||||
Year of expiration | |||||||||
2014-2018 | $ | 767 | $ | - | $ | 767 | |||
2019-2023 | 1,143 | 2,464 | 3,607 | ||||||
2024-2028 | 767 | 386 | 1,153 | ||||||
2029-2033 | - | 765 | 765 | ||||||
Indefinite | - | 93 | 93 | ||||||
Total | $ | 2,677 | $ | 3,708 | $ | 6,385 | |||
Under generally accepted accounting principles, the Company considers at each reporting period all available evidence, both positive and negative, to determine whether, based on the weight of that evidence, a valuation allowance is needed to reduce its deferred tax asset to an amount that is more likely than not to be realized. The determination of the need for a valuation allowance for the deferred tax assets is dependent upon management’s evaluation of both positive and negative evidence. Positive evidence includes the probability of achieving forecasted future taxable income, applicable tax strategies and assessments of the current and future economic and business conditions. Negative evidence includes the Company’s cumulative losses and expiring tax carryforwards. | |||||||||
For 2013, the positive impact of the valuation allowance in the amount of $2,831 on tax expense was primarily the result of the expected usage of foreign tax credits of $3,076, offset in part by increases in foreign valuation allowances of $244. Operating losses in France, Netherlands, New Zealand and the United Kingdom were partially offset by income in Italy, Spain and Japan. | |||||||||
The change in the valuation allowance in 2012 provided a negative impact of $1,410 to the effective tax expense. This amount was primarily the result of increases in foreign valuation allowances of $1,787, which were partially offset by U.S. usage of tax attributes totaling $377. In fiscal 2012, the Company established a valuation allowance of $173 against the net deferred tax assets in the New Zealand tax jurisdiction based on a cumulative earnings deficit. Additional operating losses in France, Japan, Italy, Spain and United Kingdom also increased the valuation allowance by $1,614 in fiscal 2012. | |||||||||
At September 30, 2011, the Company’s federal and state deferred tax assets were comprised of future tax benefits associated with net operating loss carryforwards and future deductions and credits and, prior to a valuation allowance, totaled $34,814. Based upon future projections and the fact that the Company’s U.S. operations generated cumulative profits over the three year period ended September 30, 2011, the Company believed it would generate sufficient taxable income before most tax assets will expire. It therefore concluded during fiscal 2011 that a valuation allowance was no longer required for the majority of the federal deferred tax assets. | |||||||||
The decrease in the valuation allowance in 2011, due to usage during the year and the year-end reversal, provided a benefit of $25,305 to the Company’s effective tax expense. This was partially offset by the increase in foreign valuation allowances of $2,419. In fiscal 2011 the Company established a valuation allowance of $903 against the net deferred tax assets in French tax jurisdictions based upon a cumulative earnings deficit. Additional operating losses in Japan, Italy, Spain and United Kingdom also increased the valuation allowance by $1,516 in fiscal 2011. | |||||||||
Taxes paid were $2,399, $3,163 and $878 for 2013, 2012 and 2011, respectively. | |||||||||
The decrease in deferred tax assets due to utilization of U.S. federal net operating loss carryforwards was $0, $5,260 and $3,135 for 2013, 2012 and 2011, respectively. | |||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits for the last three fiscal years was as follows: | |||||||||
Balance at October 1, 2010 | $ | 1,255 | |||||||
Settlement | -168 | ||||||||
Lapse of statute of limitations | -122 | ||||||||
Gross increases - tax positions in period | 719 | ||||||||
Balance at September 30, 2011 | $ | 1,684 | |||||||
Settlement | -773 | ||||||||
Lapse of statute of limitations | -123 | ||||||||
Gross increases - tax positions in period | 1,112 | ||||||||
Balance at September 28, 2012 | $ | 1,900 | |||||||
Settlement | -186 | ||||||||
Lapse of statute of limitations | -214 | ||||||||
Gross increases - tax positions in period | 655 | ||||||||
Balance at September 27, 2013 | $ | 2,155 | |||||||
Unrecognized tax benefits are included in accrued taxes in the accompanying Consolidated Balance Sheets. | |||||||||
In accordance with its accounting policy, the Company recognizes accrued interest and penalties related to unrecognized tax benefits as a component of income tax expense. The total accrued interest with respect to income taxes was approximately $354 and $361 for the years ended September 27, 2013 and September 28, 2012, respectively. Interest of ($6), $113 and $39 was recorded as a component of income tax expense (benefit) in the accompanying Consolidated Statements of Operations during fiscal years 2013, 2012 and 2011, respectively. | |||||||||
The Company is currently undergoing an examination in Italy. There was a change in unrecognized tax benefits as a result of the settlement of a tax audit in Italy in the year ended September 28, 2012 and in Germany in the year ended September 30, 2011. The amount of unrecognized tax benefits recognized within the next twelve months may decrease due to expiration of the statute of limitations for certain years in various jurisdictions. However, it is possible that a jurisdiction may open an audit prior to the statute expiring or one of the above audits may adjust the Company’s tax filings. At this time, an estimate of the range of the reasonably possible change cannot be made. | |||||||||
The Company files income tax returns, including returns for its subsidiaries, with federal, state, local and foreign taxing jurisdictions. The following tax years remain subject to examination by the respective major tax jurisdictions: | |||||||||
Jurisdiction | Fiscal Years | ||||||||
United States | 2010-2013 | ||||||||
Canada | 2009-2013 | ||||||||
France | 2009-2013 | ||||||||
Germany | 2009-2013 | ||||||||
Italy | 2009-2013 | ||||||||
Japan | 2012-2013 | ||||||||
Switzerland | 2003-2013 | ||||||||
The Company has not provided additional U.S. income taxes on $118,542 of undistributed earnings of consolidated foreign subsidiaries included in Shareholders’ Equity attributable to Johnson Outdoors. Such earnings could become taxable upon the sale or liquidation of these foreign subsidiaries or upon dividend repatriation. The Company’s intent is for such earnings to be reinvested by the subsidiaries or to be repatriated only when it would be tax effective through the utilization of foreign tax credits. It is not practicable to estimate the amount of unrecognized withholding taxes and deferred tax liability on such earnings. As of September 27, 2013, the Company held approximately $45,900 of cash and cash equivalents in foreign jurisdictions. | |||||||||
Employee_Benefits
Employee Benefits | 12 Months Ended | ||||||||
Sep. 27, 2013 | |||||||||
Employee Benefits [Abstract] | ' | ||||||||
Employee Benefits | ' | ||||||||
7EMPLOYEE BENEFITS | |||||||||
The Company has non-contributory defined benefit pension plans covering certain U.S. employees. Retirement benefits are generally provided based on employees’ years of service and average earnings. Normal retirement age is 65, with provisions for earlier retirement. The Company elected to freeze its U.S. defined benefit pension plans as of September 30, 2009 and as a result, there are no benefit accruals related to service performed after that date. | |||||||||
The financial position of the Company’s non-contributory defined benefit plans as of fiscal year end 2013 and 2012 was as follows: | |||||||||
2013 | 2012 | ||||||||
Projected benefit obligation: | |||||||||
Projected benefit obligation, beginning of year | $ | 25,516 | $ | 21,032 | |||||
Interest cost | 997 | 1,036 | |||||||
Actuarial (gain) loss | -3,649 | 4,224 | |||||||
Benefits paid | -813 | -776 | |||||||
Projected benefit obligation, end of year | 22,051 | 25,516 | |||||||
Fair value of plan assets: | |||||||||
Fair value of plan assets, beginning of year | 13,673 | 11,304 | |||||||
Actual gain on plan assets | 1,861 | 2,259 | |||||||
Company contributions | 1,143 | 886 | |||||||
Benefits paid | -813 | -776 | |||||||
Fair value of plan assets, end of year | 15,864 | 13,673 | |||||||
Funded status of the plans | -6,187 | -11,843 | |||||||
Amounts recognized in the Consolidated Balance Sheets consist of: | |||||||||
Current pension liabilities | 191 | 191 | |||||||
Non-current pension liabilities | 5,996 | 11,650 | |||||||
Accumulated other comprehensive loss | -5,008 | -10,207 | |||||||
Components of accumulated other comprehensive loss: | |||||||||
Net actuarial loss | -5,008 | -10,207 | |||||||
Accumulated other comprehensive loss | $ | -5,008 | $ | -10,207 | |||||
Net periodic benefit cost for the non-contributory defined benefit pension plans for the respective years included the following pre-tax amounts: | |||||||||
2013 | 2012 | 2011 | |||||||
Interest cost | $ | 997 | $ | 1,036 | $ | 1,003 | |||
Expected return on plan assets | -977 | -942 | -962 | ||||||
Amortization of unrecognized net actuarial loss | 666 | 335 | 177 | ||||||
Net periodic pension cost | 686 | 429 | 218 | ||||||
Other changes in benefit obligations recognized in other comprehensive income (loss), (OCI): | |||||||||
Net actuarial (gain) loss | -5,199 | 2,571 | 2,321 | ||||||
Total recognized in net periodic pension cost and OCI | $ | -4,513 | $ | 3,000 | $ | 2,539 | |||
The Company expects to recognize $333 of unrecognized loss amortization as a component of net periodic benefit cost in 2014. This amount is included in accumulated other comprehensive income as of September 27, 2013. | |||||||||
At September 27, 2013, the aggregate accumulated benefit obligation and aggregate fair value of plan assets for plans with benefit obligations in excess of plan assets was $22,051 and $15,864, respectively, and there were no plans with plan assets in excess of benefit obligations. At September 28, 2012, the aggregate accumulated benefit obligation and aggregate fair value of plan assets for plans with benefit obligations in excess of plan assets was $25,516 and $13,673, respectively, and there were no plans with plan assets in excess of benefit obligations. | |||||||||
The Company anticipates making contributions to the defined benefit pension plans of $492 through October 3, 2014. | |||||||||
Estimated benefit payments from the defined benefit plans to participants for the five years ending September 30, 2018 and five years thereafter are as follows: | |||||||||
2014 | $ | 900 | |||||||
2015 | 912 | ||||||||
2016 | 967 | ||||||||
2017 | 978 | ||||||||
2018 | 1,032 | ||||||||
Five years thereafter | 5,748 | ||||||||
Actuarial assumptions used to determine the projected benefit obligation and net periodic pension cost as of the following fiscal years were as follows: | |||||||||
Projected Benefit Obligation | Net Periodic Pension Cost | ||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||
Discount rate | 5.00% | 4.00% | 5.00% | 4.00% | 5.00% | 5.25% | |||
Long-term rate of return | N/A | N/A | N/A | 7.50% | 7.50% | 7.50% | |||
Average salary increase rate | N/A | N/A | N/A | N/A | N/A | N/A | |||
The change in discount rates in 2013 resulted in an actuarial gain of approximately $3,500. The remainder of the actuarial gain for 2013 was related to adjustments to mortality tables, other modifications to actuarial assumptions and investment returns in excess of, or less than estimates. In 2012 and 2011, the impact of the change in discount rates was actuarial losses of approximately $3,600 and $750, respectively. The remainder of the actuarial losses for each year resulted from adjustments to mortality tables, other modifications to actuarial assumptions and investment returns in excess of, or less than estimates. | |||||||||
To determine the discount rate assumption used in the Company’s pension valuation, the Company identified a benefit payout stream based on the demographics of the pension plans and constructed a hypothetical bond portfolio using high-quality corporate bonds with cash flows that matched that benefit payout stream. A yield curve was calculated based on this hypothetical portfolio which was used for the discount rate determination. | |||||||||
The Company determines the long-term rate of return assumption for plan assets by using the historical asset returns for various investment asset classes and adjusting them to reflect future expectations. The expected asset class returns are weighted by the targeted asset allocations, resulting in a weighted average return which is rounded to the nearest quarter percent. | |||||||||
The Company uses measurement dates of October 1 to determine pension expenses for each year and the last day of the fiscal year to determine the fair value of the pension assets. | |||||||||
The Company’s pension plans’ weighted average asset allocations at September 27, 2013 and September 28, 2012, by asset category were as follows: | |||||||||
2013 | 2012 | ||||||||
Equity securities | 76% | 74% | |||||||
Fixed income securities | 23% | 25% | |||||||
Other securities | 1% | 1% | |||||||
100% | 100% | ||||||||
The Company’s primary investment objective for the plans’ assets is to maximize the probability of meeting the plans’ actuarial target rate of return of 7.5%, with a secondary goal of returning 4% above the rate of inflation. These return objectives are targeted while simultaneously striving to minimize risk of loss to the plans’ assets. The investment horizon over which the investment objectives are expected to be met is a full market cycle or five years, whichever is greater. | |||||||||
The Company’s investment strategy for the plans is to invest in a diversified portfolio that will generate average long-term returns commensurate with the aforementioned objectives while minimizing risk. | |||||||||
The following table summarizes the Company’s pension plan assets measured at fair value as of September 27, 2013: | |||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||
Description: | |||||||||
Mutual fund | $ | 15,560 | $ | - | $ | - | $ | 15,560 | |
Money market funds | 34 | - | - | 34 | |||||
Group annuity contract | - | - | 270 | 270 | |||||
Total | $ | 15,594 | $ | - | $ | 270 | $ | 15,864 | |
The following table summarizes the Company’s pension plan assets measured at fair value as of September 28, 2012: | |||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||
Description: | |||||||||
Mutual fund | $ | 13,290 | $ | - | $ | - | $ | 13,290 | |
Money market funds | 52 | - | - | 52 | |||||
Group annuity contract | - | - | 331 | 331 | |||||
Total | $ | 13,342 | $ | - | $ | 331 | $ | 13,673 | |
The tables below set forth a summary of changes in fair value of the Company’s Level 3 pension plan assets for the years ended September 27, 2013 and September 28, 2012: | |||||||||
2013 | 2012 | ||||||||
Level 3 assets, beginning of year | $ | 331 | $ | 447 | |||||
Purchases | 6 | 8 | |||||||
Unrealized gain (loss) | 1 | -7 | |||||||
Sales | -68 | -117 | |||||||
Level 3 assets, end of year | $ | 270 | $ | 331 | |||||
The fair values of the money market fund and mutual fund were derived from quoted market prices as substantially all of these instruments have active markets. The fair value of the group annuity contract was derived using a discounted cash flow model with inputs based on current yields of similar instruments with comparable durations. The asset allocation of the mutual fund is a U.S. large-cap blend based on a moderate allocation style, generally investing approximately 70% to 75% in equity securities and the remainder in fixed income securities. The annuity contract consists of high quality bonds. | |||||||||
The Company also has a non-qualified deferred compensation plan that provides certain officers and employees the ability to defer a portion of their compensation until a later date. The deferred amounts and earnings thereon are payable to participants, or designated beneficiaries, at specified future dates upon retirement, death or termination of employment from the Company. The deferred compensation liability, which is classified as Other liabilities on our accompanying Consolidated Balance Sheets, was approximately $8,946 and $7,310 as of September 27, 2013 and September 28, 2012, respectively. | |||||||||
A majority of the Company’s full-time employees are covered by defined contribution programs. Expense attributable to the defined contribution programs was approximately $931, $882 and $853 for 2013, 2012 and 2011, respectively. | |||||||||
Preferred_Stock
Preferred Stock | 12 Months Ended |
Sep. 27, 2013 | |
Equity [Abstract] | ' |
Preferred Stock | ' |
8PREFERRED STOCK | |
The Company is authorized to issue 1,000,000 shares of preferred stock in various classes and series, of which there are none currently issued and none outstanding. | |
Common_Stock
Common Stock | 12 Months Ended | ||
Sep. 27, 2013 | |||
Equity [Abstract] | ' | ||
Common Stock | ' | ||
9COMMON STOCK | |||
The number of authorized and outstanding shares of each class of the Company's common stock at the end of the respective years was as follows: | |||
2013 | 2012 | ||
Class A, $0.05 par value: | |||
Authorized | 20,000,000 | 20,000,000 | |
Outstanding | 8,724,984 | 8,676,703 | |
Class B, $0.05 par value: | |||
Authorized | 3,000,000 | 3,000,000 | |
Outstanding | 1,212,420 | 1,215,758 | |
Holders of Class A common stock are entitled to elect 25% of the members of the Company’s Board of Directors and holders of Class B common stock are entitled to elect the remaining directors. With respect to matters other than the election of directors or any matters for which class voting is required by law, holders of Class A common stock are entitled to one vote per share while holders of Class B common stock are entitled to ten votes per share. If any dividends (other than dividends paid in shares of the Company’s stock) are paid by the Company on its common stock, a dividend would be paid on each share of Class A common stock equal to 110% of the amount paid on each share of Class B common stock. Each share of Class B common stock is convertible at any time into one share of Class A common stock. During 2013 and 2012 there were 3,338 and 84 shares of Class B common stock converted into Class A common stock, respectively. There were no shares of Class A common stock converted into Class B common stock. | |||
StockBased_Compensation_And_St
Stock-Based Compensation And Stock Ownership Plans | 12 Months Ended | ||||||
Sep. 27, 2013 | |||||||
Stock-Based Compensation And Stock Ownership Plans [Abstract] | ' | ||||||
Stock-Based Compensation And Stock Ownership Plans | ' | ||||||
10STOCK-BASED COMPENSATION AND Stock Ownership Plans | |||||||
The Company’s current stock ownership plans provide for issuance of options to acquire shares of Class A common stock by key executives and non-employee directors. Current plans also allow for issuance of shares of restricted stock, restricted stock units or stock appreciation rights in lieu of options. | |||||||
Under the Company’s 2010 Long-Term Stock Incentive Plan and the 2012 Non-Employee Director Stock Ownership Plan there were 764,058 shares of the Company’s Class A common stock available for grant to key executives and non-employee directors at September 27, 2013. Shares issued pursuant to the exercise of stock options or grants of restricted stock are typically issued first out of treasury stock to the extent that treasury shares are available. | |||||||
The Company recognized tax benefits from the exercise of stock options and vesting of restricted stock of $572, $594 and $0 for 2013, 2012 and 2011, respectively. These amounts were recorded as increases in additional paid-in capital on the consolidated balance sheets and as cash from financing activities on the consolidated statements of cash flows. | |||||||
Stock Options | |||||||
All stock options have been granted at a price not less than fair market value at the date of grant and are currently exercisable. Stock options generally have a term of 10 years. | |||||||
All of the Company’s stock options outstanding are fully vested, with no further compensation expense to be recorded. There were no grants of stock options in 2013, 2012 or 2011. | |||||||
A summary of stock option activity related to the Company’s plans is shown below. | |||||||
Shares | Weighted Average Exercise Price | Aggregate Intrinsic Value | Weighted Average Remaining Contractual Term (Years) | ||||
Outstanding and exercisable at October 1, 2010 | 113,704 | $ | 8.57 | ||||
Exercised | -40,780 | 5.79 | |||||
Cancelled | -4,334 | 6.28 | |||||
Outstanding and exercisable at September 30, 2011 | 68,590 | 10.37 | |||||
Exercised | -43,390 | 7.79 | |||||
Cancelled | -1,834 | 7.42 | |||||
Outstanding and exercisable at September 28, 2012 | 23,366 | 15.39 | |||||
Exercised | -8,300 | 10.36 | |||||
Outstanding and exercisable at September 27, 2013 | 15,066 | 18.16 | $ | 129 | 1.3 | ||
The aggregate intrinsic value in the preceding table represents the total pretax intrinsic value, based on the Company’s closing stock price of $26.60 as of September 27, 2013, which would have been received by the option holders had those option holders exercised their stock options as of that date. The intrinsic values of the stock received upon exercise of such options at their date of exercise during 2013, 2012 and 2011 were $171, $689 and $567, respectively. | |||||||
The Company received cash proceeds from stock option exercises totaling $86, $338 and $323 for the years ending September 27, 2013, September 28, 2012 and September 30, 2011, respectively. | |||||||
Non-Vested Stock | |||||||
All shares of non-vested stock awarded by the Company have been granted at their fair market value on the date of grant and vest either immediately or within five years after the grant date. The fair value at date of grant is based on the number of shares granted and the average of the Company’s high and low Class A common stock price on the date of grant or, if the Company’s shares did not trade on the date of grant, the average of the Company’s high and low Class A common stock price on the last preceding date on which the Company’s shares traded. | |||||||
A summary of non-vested stock activity for the two year period ended September 27, 2013 related to the Company’s stock ownership plans is as follows: | |||||||
Weighted Average | |||||||
Shares | Grant Price | ||||||
Non-vested stock at September 30, 2011 | 472,761 | $ | 11.86 | ||||
Non-vested stock grants | 66,312 | 16.02 | |||||
Non-vested stock cancelled | -4,360 | 9.12 | |||||
Restricted stock vested | -41,165 | 17.81 | |||||
Non-vested stock at September 28, 2012 | 493,548 | 11.95 | |||||
Non-vested stock grants | 70,545 | 20.66 | |||||
Restricted stock vested | -177,684 | 11.43 | |||||
Non-vested stock at September 27, 2013 | 386,409 | $ | 13.78 | ||||
Non-vested stock grantees may elect to reimburse the Company for withholding taxes due as a result of the vesting of shares by tendering a portion of the vested shares back to the Company. Shares tendered back to the Company were 43,464 and 6,621 during 2013 and 2012, respectively. The fair value of restricted stock vested during 2013, 2012 and 2011 was approximately $3,607, $660 and $150, respectively. The weighted average grant date fair value for non-vested stock issued in 2011 was $13.74. | |||||||
Stock compensation expense, net of forfeitures, related to non-vested stock was $1,400, $1,666 and $1,436 during 2013, 2012 and 2011, respectively. The tax benefit recognized during 2013 and 2012 related to stock based compensation was $532 and $633. There were no material tax benefits for stock based compensation recognized during 2011. Unrecognized compensation cost related to non-vested stock as of September 27, 2013 was $2,303, which amount will be amortized to expense through November 2016 or adjusted for changes in future estimated or actual forfeitures. | |||||||
Restricted Stock Units | |||||||
All restricted stock units awarded by the Company have been granted at their fair market value on the date of grant and vest on the one year anniversary of the grant date. The fair value at date of grant is based on the number of units granted and the average of the Company’s high and low Class A common stock price on the date of grant or, if the Company’s shares did not trade on the date of grant, the average of the Company’s high and low Class A common stock trading price on the last preceding date on which the Company’s shares traded. | |||||||
The Company issued 6,600 restricted stock units at a weighted average grant fair value of $22.73 for the year ended September 27, 2013. No restricted stock units were granted in 2012 or 2011. | |||||||
Stock compensation expense, net of forfeitures, related to restricted stock units was $88 for the year ended September 27, 2013. There was no stock compensation expense related to the issuance of restricted stock units during 2012 or 2011. Unrecognized compensation cost related to non-vested restricted stock units as of September 27, 2013 was $63, which amount will be amortized to expense through February 2014 or adjusted for changes in future estimated or actual forfeitures. | |||||||
Employee Stock Purchase Plan | |||||||
The 2009 Employees’ Stock Purchase Plan (the “Purchase Plan”) provides for the issuance of shares of Class A common stock at a purchase price of not less than 85% of the fair market value of such shares on the date of grant or at the end of the offering period, whichever is lower. | |||||||
The Company issued 9,562, 10,349 and 5,475 shares of Class A common stock under the Purchase Plan during the years 2013, 2012 and 2011, respectively, and recognized expense of $41, $30 and $16 in 2013, 2012 and 2011, respectively. | |||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Sep. 27, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
11RELATED PARTY Transactions | |
The Company conducts transactions with certain related parties including organizations controlled by the Johnson Family and other related parties. These transactions include consulting services, aviation services, office rental, and certain administrative activities. Total costs of these transactions were $1,434, $1,479 and $1,487 for 2013, 2012 and 2011, respectively. Amounts due to/from related parties were immaterial at September 27, 2013 and September 28, 2012. | |
Segments_Of_Business
Segments Of Business | 12 Months Ended | ||||||
Sep. 27, 2013 | |||||||
Segments Of Business [Abstract] | ' | ||||||
Segments Of Business | ' | ||||||
12SEGMENTS OF BUSINESS | |||||||
The Company conducts its worldwide operations through separate business segments, each of which represent major product lines. Operations are conducted in the U.S. and various foreign countries, primarily in Europe, Canada and the Pacific Basin. | |||||||
Net sales and operating profit include both sales to customers, as reported in the Company’s Consolidated Statements of Operations, and inter-unit transfers, which are priced to recover costs plus an appropriate profit margin. Total assets represent assets that are used in the Company’s operations in each business segment at the end of the years presented. | |||||||
A summary of the Company’s operations by business segment is presented below: | |||||||
2013 | 2012 | 2011 | |||||
Net sales: | |||||||
Marine Electronics: | |||||||
Unaffiliated customers | $ | 247,474 | $ | 231,014 | $ | 221,839 | |
Interunit transfers | 270 | 220 | 276 | ||||
Outdoor Equipment: | |||||||
Unaffiliated customers | 44,147 | 35,267 | 38,832 | ||||
Interunit transfers | 76 | 61 | 50 | ||||
Watercraft: | |||||||
Unaffiliated customers | 50,745 | 58,092 | 57,583 | ||||
Interunit transfers | 113 | 109 | 149 | ||||
Diving | |||||||
Unaffiliated customers | 83,532 | 87,367 | 88,627 | ||||
Interunit transfers | 1,004 | 628 | 917 | ||||
Other / Corporate | 563 | 552 | 541 | ||||
Eliminations | -1,463 | -1,018 | -1,392 | ||||
Total | $ | 426,461 | $ | 412,292 | $ | 407,422 | |
Operating profit (loss): | |||||||
Marine Electronics | $ | 32,172 | $ | 25,230 | $ | 21,074 | |
Outdoor Equipment | 2,180 | 2,831 | 2,996 | ||||
Watercraft | -2,116 | -408 | -1,351 | ||||
Diving | 5,694 | 6,408 | 3,610 | ||||
Other / Corporate | -12,339 | -12,648 | -8,659 | ||||
$ | 25,591 | $ | 21,413 | $ | 17,670 | ||
Depreciation and amortization expense: | |||||||
Marine Electronics | $ | 5,371 | $ | 7,058 | $ | 5,694 | |
Outdoor Equipment | 1,051 | 447 | 479 | ||||
Watercraft | 1,483 | 1,658 | 1,454 | ||||
Diving | 839 | 1,255 | 1,942 | ||||
Other / Corporate | 1,326 | 1,464 | 1,308 | ||||
$ | 10,070 | $ | 11,882 | $ | 10,877 | ||
Capital expenditures: | |||||||
Marine Electronics | $ | 12,400 | $ | 9,569 | $ | 5,283 | |
Outdoor Equipment | 381 | 791 | 262 | ||||
Watercraft | 1,282 | 733 | 1,274 | ||||
Diving | 973 | 589 | 1,269 | ||||
Other / Corporate | 1,297 | 350 | 1,279 | ||||
$ | 16,333 | $ | 12,032 | $ | 9,367 | ||
Goodwill, net: | |||||||
Marine Electronics | $ | 10,367 | $ | 10,362 | |||
Outdoor Equipment | 6,475 | - | |||||
Watercraft | - | - | |||||
Diving | 4,211 | 4,104 | |||||
$ | 21,053 | $ | 14,466 | ||||
Total assets (end of period): | |||||||
Marine Electronics | $ | 111,459 | $ | 97,261 | |||
Outdoor Equipment | 43,630 | 26,978 | |||||
Watercraft | 27,810 | 32,766 | |||||
Diving | 70,810 | 70,957 | |||||
Other / Corporate | 34,641 | 35,670 | |||||
$ | 288,350 | $ | 263,632 | ||||
A summary of the Company’s operations by geographic area is presented below: | |||||||
2013 | 2012 | 2011 | |||||
Net sales: | |||||||
United States: | |||||||
Unaffiliated customers | $ | 327,606 | $ | 307,090 | $ | 298,193 | |
Interunit transfers | 19,881 | 18,972 | 18,276 | ||||
Europe: | |||||||
Unaffiliated customers | 46,740 | 55,651 | 66,681 | ||||
Interunit transfers | 12,018 | 10,776 | 9,854 | ||||
Other: | |||||||
Unaffiliated customers | 52,115 | 49,551 | 42,548 | ||||
Interunit transfers | 668 | 2,149 | 2,324 | ||||
Eliminations | -32,567 | -31,897 | -30,454 | ||||
$ | 426,461 | $ | 412,292 | $ | 407,422 | ||
Total assets: | |||||||
United States | $ | 196,166 | $ | 167,545 | |||
Europe | 56,759 | 57,273 | |||||
Other | 35,425 | 38,814 | |||||
$ | 288,350 | $ | 263,632 | ||||
Long-term assets: | |||||||
United States | $ | 85,100 | $ | 57,894 | |||
Europe | 5,957 | 7,350 | |||||
Other | 682 | 628 | |||||
$ | 91,739 | $ | 65,872 | ||||
-1 | Long term assets consist of net property, plant and equipment, net intangible assets, goodwill and other assets excluding deferred income taxes. | ||||||
The Company had no single customer that accounted for more than 10% of its net sales in fiscal 2013, 2012 or 2011. | |||||||
Litigation
Litigation | 12 Months Ended |
Sep. 27, 2013 | |
Litigation [Abstract] | ' |
Litigation | ' |
13LITIGATION | |
The Company is subject to various legal actions and proceedings in the normal course of business, including those related to commercial disputes, product liability, intellectual property and environmental matters. The Company is insured against loss for certain of these matters. Although litigation is subject to many uncertainties and the ultimate exposure with respect to these matters cannot be ascertained, management does not believe the final outcome of any pending litigation will have a material adverse effect on the financial condition, results of operations, liquidity or cash flows of the Company. | |
In 2012, the Company received a $3,500 settlement payment resolving an ongoing claim with its insurance carriers, which was recognized in the Company’s Watercraft segment. As part of the settlement, the Company’s former lawsuit filed in the U.S. District for the Eastern District of Wisconsin against its insurers was dismissed. The Company originally initiated legal proceedings in May 2005 to seek coverage from its insurers related to an intellectual property dispute between the Company and one of its competitors, which was later settled. | |
The Company considers the defense of its intellectual property assets to be an ordinary and necessary operating activity essential to maintaining its competitive advantages. Such activities are not of a financing nature and are not unusual or infrequent. As a result, and in accordance with the presentation guidance in the Income Statement Subtopics in ASC 225, the Company recognized all of the litigation costs incurred and the payment of the settlement in relation to this matter as a component of operating expenses. Accordingly, the insurance recovery related to these costs was also recognized in operations as a matter of consistency. | |
Significant_Event
Significant Event | 12 Months Ended |
Sep. 27, 2013 | |
Significant Event [Abstract] | ' |
Significant Event | ' |
14SIGNIFICANT EVENT | |
On September 12, 2011, the Company announced a temporary closure of its Binghamton, New York manufacturing facility and administrative offices due to flooding from torrential rains. The Binghamton manufacturing facility houses the Company’s consumer, commercial and military tent businesses. The Company’s finished goods warehouse located nearby was unaffected by the flooding and the Company was able to resume shipments of products within a few days. Production resumed on September 28, 2011. | |
The Company maintains insurance for both property damage and business interruption relating to catastrophic events. Business interruption coverage covers lost profits and other costs incurred. Non-refundable insurance recoveries received in excess of the net book value of damaged assets, clean up and post-event costs are recognized as income in the period received. | |
The Company incurred costs related to the clean-up and repair of the facility and equipment, losses of inventory and fixed assets, rental of temporary office space for administrative and R&D personnel and payroll expenses for labor idled due to the flood totaling approximately $81, $1,578 and 1,868 in 2013, 2012 and 2011, respectively. The Company received $1,488, $2,000 and $1,000 of insurance reimbursements associated with these costs in 2013, 2012 and 2011, respectively. During the year ended September 27, 2013 the Company recognized a gain of $771 under its business interruption coverage. In 2012 the Company recognized expense of $19 and recorded a gain of $220 related to insurance recoveries under its business interruption coverage and a gain of $246 related to insurance proceeds received to replace fixed assets under the Company’s property loss coverage. In 2011, the Company recognized expense of $257. These amounts are included in “Administrative management, finance and information systems” expense in the Outdoor Equipment segment. | |
The Company has received all expected insurance recoveries related to this event. | |
Restructuring
Restructuring | 12 Months Ended | ||||||||
Sep. 27, 2013 | |||||||||
Restructuring [Abstract] | ' | ||||||||
Restructuring | ' | ||||||||
15RESTRUCTURING | |||||||||
On July 11, 2012, the Company announced plans to restructure certain operations related to its Watercraft segment. Specifically, the Company restructured its product sales and distribution in Europe and consolidated all of its U.S. operations at a single location in Old Town, Maine. The Company believes this plan will enhance the competitiveness and profit potential of its Watercraft business. This action resulted in the closure of sales offices in the U.K. and France., the closure of a marketing and R&D facility in Bellingham, Washington and the elimination of approximately 24 positions in the U.S. and Europe. The related charges are included in the “Administrative management, finance and information systems” line in the Company’s Consolidated Statements of Operations in the Watercraft segment. The restructuring accrual is included in the “Other current liabilities” line in the Company’s Consolidated Balance Sheets. As a result of this action the Company increased its allowance for doubtful accounts by $60 and $450 in 2013 and 2012, respectively. The planned actions related to this restructuring were completed at the end of 2013 and the Company expects the total cost of this restructuring to be approximately $2,610. The remaining restructuring liabilities should be settled by the end of 2014. | |||||||||
Employee Termination Costs | Contract Exit Costs | Other Exit Costs | Total | ||||||
Accrued restructuring liabilities as of September 30, 2011 | $ | - | $ | - | $ | - | $ | - | |
Activity during the period ended September 28, 2012: | |||||||||
Charges to earnings | 574 | 282 | 162 | 1,018 | |||||
Settlement payments | -146 | -282 | -62 | -490 | |||||
Accrued restructuring liabilities as of September 28, 2012 | 428 | - | 100 | 528 | |||||
Activity during the period ended September 27, 2013: | |||||||||
Charges to earnings | 766 | 315 | 508 | 1,589 | |||||
Settlement payments | -1,110 | -96 | -405 | -1,611 | |||||
Accrued restructuring liabilities as of September 27, 2013 | $ | 84 | $ | 219 | $ | 203 | $ | 506 | |
Valuation_And_Qualifying_Accou
Valuation And Qualifying Accounts | 12 Months Ended | ||||||||
Sep. 27, 2013 | |||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||
Valuation And Qualifying Accounts | ' | ||||||||
16VALUATION AND QUALIFYING ACCOUNTS | |||||||||
The following summarizes changes to valuation and qualifying accounts for 2013, 2012 and 2011: | |||||||||
Balance at Beginning of Year | Additions Charged to Costs and Expenses | Less Deductions | Balance at End of Year | ||||||
Year ended September 27, 2013 | |||||||||
Allowance for doubtful accounts | $ | 4,172 | $ | 769 | $ | 1,182 | $ | 3,759 | |
Reserves for inventory valuation | 5,679 | 1,269 | 2,933 | 4,015 | |||||
Valuation of deferred tax assets | 13,299 | 1,262 | 5,082 | 9,479 | |||||
Reserves for sales returns | 1,367 | 1,857 | 2,095 | 1,129 | |||||
Year ended September 28, 2012 | |||||||||
Allowance for doubtful accounts | $ | 3,076 | $ | 1,558 | $ | 462 | $ | 4,172 | |
Reserves for inventory valuation | 6,405 | 2,307 | 3,033 | 5,679 | |||||
Valuation of deferred tax assets | 14,300 | 1,461 | 2,462 | 13,299 | |||||
Reserves for sales returns | 1,484 | 1,995 | 2,112 | 1,367 | |||||
Year ended September 30, 2011 | |||||||||
Allowance for doubtful accounts | $ | 2,987 | $ | 448 | $ | 359 | $ | 3,076 | |
Reserves for inventory valuation | 4,851 | 3,317 | 1,763 | 6,405 | |||||
Valuation of deferred tax assets | 39,178 | 2,915 | 27,793 | 14,300 | |||||
Reserves for sales returns | 1,181 | 2,462 | 2,159 | 1,484 | |||||
Quarterly_Financial_Summary
Quarterly Financial Summary | 12 Months Ended | ||||||||||||||||
Sep. 27, 2013 | |||||||||||||||||
Quarterly Financial Summary [Abstract] | ' | ||||||||||||||||
Quarterly Financial Summary (Unaudited) | ' | ||||||||||||||||
17QUARTERLY FINANCIAL SUMMARY (unaudited) | |||||||||||||||||
The following summarizes quarterly operating results for the years presented below: | |||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||
(thousands, except per share data) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||
Net sales | $ | 87,274 | $ | 80,176 | $ | 132,100 | $ | 128,726 | $ | 129,772 | $ | 128,595 | $ | 77,315 | $ | 74,795 | |
Gross profit | 33,814 | 31,101 | 54,084 | 50,527 | 54,337 | 54,247 | 28,814 | 28,447 | |||||||||
Operating profit (loss) | 1,526 | -3,719 | 12,638 | 13,981 | 16,133 | 14,222 | -4,706 | -3,071 | |||||||||
Income (loss) before income taxes | 610 | -3,102 | 13,063 | 13,278 | 15,510 | 14,044 | -4,523 | -4,294 | |||||||||
Income tax expense (benefit) | 363 | -158 | 4,126 | 5,995 | 1,856 | 5,049 | -1,012 | -1,094 | |||||||||
Net income (loss) | $ | 247 | $ | -2,944 | $ | 8,937 | $ | 7,283 | $ | 13,654 | $ | 8,995 | $ | -3,511 | $ | -3,200 | |
Net income (loss) per common share - Basic: | |||||||||||||||||
Class A | $ | 0.03 | $ | -0.3 | $ | 0.91 | $ | 0.75 | $ | 1.39 | $ | 0.92 | $ | -0.36 | $ | -0.33 | |
Class B | $ | 0.02 | $ | -0.3 | $ | 0.83 | $ | 0.68 | $ | 1.26 | $ | 0.84 | $ | -0.33 | $ | -0.28 | |
Net income (loss) per common share - Diluted: | |||||||||||||||||
Class A | $ | 0.02 | $ | -0.3 | $ | 0.90 | $ | 0.74 | $ | 1.37 | $ | 0.91 | $ | -0.35 | $ | -0.32 | |
Class B | $ | 0.02 | $ | -0.3 | $ | 0.90 | $ | 0.74 | $ | 1.37 | $ | 0.91 | $ | -0.35 | $ | -0.32 | |
Due to changes in stock prices during the year and timing of issuance of shares, the cumulative total of quarterly net income (loss) per share amounts may not equal the net income (loss) per share for the year. | |||||||||||||||||
Acquisition
Acquisition | 12 Months Ended | ||||||
Sep. 27, 2013 | |||||||
Acquisition [Abstract] | ' | ||||||
Acquisition | ' | ||||||
18acquisition | |||||||
On November 14, 2012, the Company acquired all of the outstanding common and preferred stock of Jetboil, Inc. (“Jetboil”) in a purchase transaction with Jetboil’s founders and other shareholders (the “Sellers”). Jetboil, founded and based in Manchester, New Hampshire, designs and manufactures the world’s top brand of portable outdoor cooking systems. | |||||||
The $15,420 of consideration paid in this acquisition was funded with existing cash and credit facilities. Approximately $3,200 of the purchase price was paid into a segregated escrow account which was set aside to fund potential indemnity claims that may be made by the Company against the Sellers in connection with the inaccuracy of certain representations and warranties made by Sellers or related to the breach or nonperformance of certain other actions or conditions related to the acquisition, for a period of 15 months from the acquisition date. The Company cannot estimate the probability or likelihood of bringing such indemnity claims against the Sellers or their related costs at this time. The remaining escrow balance, if any, net of any indemnity claims then pending, will be released to the Sellers once the 15 month period has lapsed. | |||||||
The Company believes that sales of Jetboil’s innovative cooking products can be expanded through the Company’s U.S. and Canadian marketing and distribution networks and that the Company’s other camping and paddling brands will benefit from Jetboil’s strong presence in the Specialty trade channel and from its international sales network. The Jetboil acquisition, including acquired goodwill, is included in the Company’s Outdoor Equipment segment. | |||||||
The Company has completed its valuations of the assets acquired and liabilities assumed in the business combination resulting in the following measurement period adjustments to the provisional amounts since the acquisition date. | |||||||
Provisional amount adjustments increase (decrease) | |||||||
Financial assets | $ | -33 | |||||
Inventories | -159 | ||||||
Property, plant and equipment | 80 | ||||||
Identifiable intangible assets and goodwill | 3,865 | ||||||
Deferred tax liabilities | 4,257 | ||||||
Financial liabilities | -390 | ||||||
The following table summarizes the final fair values of the assets acquired and liabilities assumed, and the resulting goodwill acquired at the date of the Jetboil acquisition. | |||||||
Recognized amounts of identifiable assets acquired and liabilities assumed | |||||||
Accounts receivable | $ | 1,184 | |||||
Inventories | 2,232 | ||||||
Other current assets | 167 | ||||||
Property, plant and equipment | 314 | ||||||
Identifiable intangible assets | 10,400 | ||||||
Less, accounts payable and accruals | 1,111 | ||||||
Less, deferred tax liabilities | 4,241 | ||||||
Total identifiable net assets | 8,945 | ||||||
Goodwill | 6,475 | ||||||
Net assets acquired | $ | 15,420 | |||||
The goodwill resulting from this acquisition reflects the strong cash flow expected from the acquisition due primarily to expected expanded distribution and growth in all Outdoor Equipment brands. This goodwill is not deductible for tax purposes. Transaction costs incurred for the acquisition to date were $361, of which $295 was recognized during the fiscal year ended September 27, 2013, and are included in the “Administrative management, finance and information systems” line in the Company’s accompanying Consolidated Statements of Operations in the Other/Corporate segment. | |||||||
The fair value assigned in the acquisition to finite lived intangible assets was as follows: | |||||||
Useful | |||||||
Description | Amount | Life (yrs) | |||||
Patents | 240 | 7 | |||||
Noncontractual customer relationships | 3,700 | 15 | |||||
Non-compete agreements | 1,060 | 4 | |||||
The weighted average useful life at the date of acquisition of total amortizable intangible assets acquired in the acquisition was 12.3 years. The acquisition included an indefinite lived tradename valued at $5,400. | |||||||
Due to the difference in fiscal year end periods between the Company and Jetboil and the timing of certain significant year end accounting procedures performed at Jetboil, it is impractical to present pro-forma results of the combined entities. | |||||||
The amounts of net sales and operating profit for Jetboil from the date of acquisition through September 27, 2013 and for the twelve month periods ending December 31, 2012 and December 31, 2011, were as follows: | |||||||
Acquisition Date through | Twelve months ended | ||||||
27-Sep-13 | December 31, 2012 (unaudited) | December 31, 2011 (unaudited) | |||||
Net sales | $ | 10,672 | $ | 13,745 | $ | 10,775 | |
Operating profit | 564 | 2,469 | 1,203 | ||||
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended | ||||||||||||||||||
Sep. 27, 2013 | |||||||||||||||||||
Summary Of Significant Accounting Policies [Abstract] | ' | ||||||||||||||||||
Business | ' | ||||||||||||||||||
Business | |||||||||||||||||||
Johnson Outdoors Inc. (the “Company”) is an integrated, global outdoor recreation products company engaged in the design, manufacture and marketing of brand name outdoor equipment, diving, watercraft and marine electronics products. | |||||||||||||||||||
Principles Of Consolidation | ' | ||||||||||||||||||
Principles of Consolidation | |||||||||||||||||||
The consolidated financial statements include the accounts of Johnson Outdoors Inc. and all majority owned subsidiaries and are stated in conformity with U.S. generally accepted accounting principles. Intercompany accounts and transactions have been eliminated upon consolidation. | |||||||||||||||||||
Use Of Estimates | ' | ||||||||||||||||||
Use of Estimates | |||||||||||||||||||
The preparation of financial statements requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities and operating results and the disclosure of commitments and contingent liabilities. Actual results could differ significantly from those estimates. | |||||||||||||||||||
Fiscal Year | ' | ||||||||||||||||||
Fiscal Year | |||||||||||||||||||
The Company’s fiscal year ends on the Friday nearest September 30. The fiscal years ended September 27, 2013 (hereinafter 2013), September 28, 2012 (hereinafter 2012) and September 30, 2011 (hereinafter 2011) each comprised 52 weeks. | |||||||||||||||||||
Cash And Cash Equivalents | ' | ||||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||||
The Company considers all short-term investments in interest-bearing bank accounts, and all securities and other instruments with an original maturity of three months or less, to be equivalent to cash. Cash equivalents are stated at cost which approximates market value. | |||||||||||||||||||
The Company maintains cash in bank accounts in excess of insured limits. The Company has not experienced any losses and does not believe that significant credit risk exists as a result of this practice. | |||||||||||||||||||
Accounts Receivable | ' | ||||||||||||||||||
Accounts Receivable | |||||||||||||||||||
Accounts receivable are recorded at face value less an allowance for doubtful accounts. The allowance for doubtful accounts is based on a combination of factors. In circumstances where specific collection concerns exist, a reserve is established to reduce the amount recorded to an amount the Company believes will be collected. For all other customers, the Company recognizes allowances for doubtful accounts based on historical experience of bad debts as a percent of outstanding accounts receivable for each business unit. Uncollectible accounts are written off against the allowance for doubtful accounts after collection efforts have been exhausted. The Company typically does not require collateral on its accounts receivable. | |||||||||||||||||||
Inventories | ' | ||||||||||||||||||
Inventories | |||||||||||||||||||
The Company values inventory at the lower of cost (determined using the first-in first-out method) or market. Management’s judgment is required to determine the reserve for obsolete or excess inventory. Inventory on hand may exceed future demand either because the product is outdated or because the amount on hand is more than will be used to meet future needs. Inventory reserves are estimated by the individual operating companies using standard quantitative measures based on criteria established by the Company. The Company also considers current forecast plans, as well as market and industry conditions in establishing reserve levels. Though the Company considers these reserve balances to be adequate, changes in economic conditions, customer inventory levels or competitive conditions could have a favorable or unfavorable effect on required reserve balances. | |||||||||||||||||||
Inventories at the end of the respective fiscal years consisted of the following: | |||||||||||||||||||
27-Sep | 28-Sep | ||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Raw materials | $ | 27,935 | $ | 26,610 | |||||||||||||||
Work in process | 198 | 1,324 | |||||||||||||||||
Finished goods | 48,230 | 39,124 | |||||||||||||||||
$ | 76,363 | $ | 67,058 | ||||||||||||||||
Property, Plant And Equipment | ' | ||||||||||||||||||
Property, Plant and Equipment | |||||||||||||||||||
Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation of property, plant and equipment is determined by straight-line methods over the following estimated useful lives: | |||||||||||||||||||
Property improvements | 5 - 20 years | ||||||||||||||||||
Buildings and improvements | 20 - 40 years | ||||||||||||||||||
Furniture, fixtures and equipment | 3 - 10 years | ||||||||||||||||||
Upon retirement or disposition, cost and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the results of operations. | |||||||||||||||||||
Property, plant and equipment at the end of the respective years consisted of the following: | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Property improvements | $ | 596 | $ | 599 | |||||||||||||||
Buildings and improvements | 19,379 | 19,336 | |||||||||||||||||
Furniture, fixtures and equipment | 126,733 | 114,967 | |||||||||||||||||
146,708 | 134,902 | ||||||||||||||||||
Less accumulated depreciation | 103,314 | 98,235 | |||||||||||||||||
$ | 43,394 | $ | 36,667 | ||||||||||||||||
Goodwill | ' | ||||||||||||||||||
Goodwill | |||||||||||||||||||
The Company applies a fair value-based impairment test to the carrying value of goodwill on an annual basis as of the last day of the eleventh month of the Company’s fiscal year and, if certain events or circumstances indicate that an impairment loss may have been incurred, on an interim basis. | |||||||||||||||||||
The analysis of potential impairment of goodwill requires a two-step process. The first step is the estimation of the fair value of the applicable reporting unit. Estimated fair value is based on management judgments and assumptions and the Company cannot predict what future events may occur that could adversely affect the reported value of its goodwill. The fair values as determined by management are compared with the aggregate carrying values of the reporting units. If the fair value of the reporting unit is greater than its carrying amount, there is no impairment. If the reporting unit carrying amount is greater than the fair value, then the second step must be completed to measure the amount of impairment, if any. | |||||||||||||||||||
The second step calculates the implied fair value of the goodwill which is compared to its carrying value. If the implied fair value is less than the carrying value, an impairment loss is recognized equal to the difference. | |||||||||||||||||||
The results of the impairment tests performed in 2013 and 2012 indicated no impairment to the Company’s goodwill. Due to the uncertainty of future events, the Company cannot assure that growth rates will not be lower than expected, discount rates will not increase or the projected cash flows of the individual reporting units will not decline, all of which factors could impact the carrying value of remaining goodwill in future periods. | |||||||||||||||||||
As of September 27, 2013, the Company’s Watercraft segment had no carrying amount of goodwill and as of September 28, 2012, the Company’s Outdoor Equipment and Watercraft segments had no carrying amount of goodwill. The changes in the carrying amount of those segments with goodwill and the composition of consolidated net goodwill for fiscal 2013 and 2012 were as follows: | |||||||||||||||||||
Segment | Consolidated | ||||||||||||||||||
Marine Electronics | Diving | Outdoor Equipment | Consolidated | Gross Goodwill | Accumulated Impairment | Total | |||||||||||||
Balance at September 30, 2011 | $ | 10,397 | $ | 4,254 | $ | - | $ | 14,651 | $ | 54,566 | $ | 39,915 | $ | 14,651 | |||||
Amount attributable to movements in foreign currency rates | -35 | -150 | - | -185 | -185 | - | -185 | ||||||||||||
Balance at September 28, 2012 | $ | 10,362 | $ | 4,104 | $ | - | $ | 14,466 | $ | 54,381 | $ | 39,915 | $ | 14,466 | |||||
Jetboil acquisition | - | - | 6,475 | 6,475 | 6,475 | - | 6,475 | ||||||||||||
Amount attributable to movements in foreign currency rates | 5 | 107 | - | 112 | 112 | - | 112 | ||||||||||||
Balance at September 27, 2013 | $ | 10,367 | $ | 4,211 | $ | 6,475 | $ | 21,053 | $ | 60,968 | $ | 39,915 | $ | 21,053 | |||||
Other Intangible Assets | ' | ||||||||||||||||||
Other Intangible Assets | |||||||||||||||||||
Indefinite-lived intangible assets are also tested for impairment annually. During the fourth quarter of fiscal 2013, the Company completed its annual fair value-based impairment test on indefinite-lived intangible assets. There was no impairment of indefinite-lived intangible assets recorded for the year ended September 27, 2013 or for the year ended September 28, 2012. | |||||||||||||||||||
Intangible assets with definite lives are stated at cost less accumulated amortization. Amortization is computed using the straight-line method over periods ranging from 4 to 15 years. Amortization of patents and other intangible assets with definite lives was $650, $1,057 and $729 for 2013, 2012 and 2011, respectively. Amortization of these definite-lived intangible assets is expected to be approximately $840, $820, $800, $555 and $445 for fiscal years 2014, 2015, 2016, 2017 and 2018, respectively. | |||||||||||||||||||
During 2013, the acquisition of Jetboil resulted in indefinite-lived intangible assets of $5,400. | |||||||||||||||||||
Intangible assets at the end of the last two years consisted of the following: | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Gross Intangible | Accumulated Amortization | Net | Gross Intangible | Accumulated Amortization | Net | ||||||||||||||
Amortized other intangible assets: | |||||||||||||||||||
Patents | $ | 3,937 | $ | -3,598 | $ | 339 | $ | 3,614 | $ | -3,411 | $ | 203 | |||||||
Trademarks | 1,117 | -1,112 | 5 | 1,881 | -1,878 | 3 | |||||||||||||
Other amortizable intangibles | 6,586 | -852 | 5,734 | 1,272 | -759 | 513 | |||||||||||||
Non-amortized trademarks | 8,990 | - | 8,990 | 3,590 | - | 3,590 | |||||||||||||
$ | 20,630 | $ | -5,562 | $ | 15,068 | $ | 10,357 | $ | -6,048 | $ | 4,309 | ||||||||
Impairment Of Long-Lived Assets | ' | ||||||||||||||||||
Impairment of Long-Lived Assets | |||||||||||||||||||
The Company reviews long-lived assets for impairment whenever events or changes in business circumstances indicate that the carrying amount of these assets may not be fully recoverable, and it performs an undiscounted cash flow analysis to determine if impairment exists on these assets. If impairment is determined to exist, any related impairment loss is calculated based on the difference between the fair value and the carrying value on these assets. In 2012, the Company recorded impairment on the Geonav trademark held by the Marine Electronics business, reducing its fair value to $0. During 2011, the Company recognized impairment of $334 on part of its facility in Ferndale, Washington in order to write the asset down to its estimated fair value of $1,300. | |||||||||||||||||||
Warranties | ' | ||||||||||||||||||
Warranties | |||||||||||||||||||
The Company provides for warranties of certain products as they are sold. Warranty reserves are estimated by the individual operating companies using standard quantitative measures based on criteria established by the Company. Estimates of costs to service its warranty obligations are based on historical experience, expectation of future conditions and known product issues. The following table summarizes the warranty activity for the three years in the period ended September 27, 2013. | |||||||||||||||||||
Balance at October 1, 2010 | $ | 4,589 | |||||||||||||||||
Expense accruals for warranties issued during the period | 4,551 | ||||||||||||||||||
Less current period warranty claims paid | 3,985 | ||||||||||||||||||
Balance at September 30, 2011 | $ | 5,155 | |||||||||||||||||
Expense accruals for warranties issued during the period | 3,740 | ||||||||||||||||||
Less current period warranty claims paid | 4,144 | ||||||||||||||||||
Balance at September 28, 2012 | $ | 4,751 | |||||||||||||||||
Expense accruals for warranties issued during the period | 2,901 | ||||||||||||||||||
Less current period warranty claims paid | 2,438 | ||||||||||||||||||
Balance at September 27, 2013 | $ | 5,214 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||
The components of “Accumulated other comprehensive income (loss)” on the accompanying balance sheets as of the end of fiscal year 2013, 2012 and 2011 were as follows: | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Pre-Tax Amount | Tax Effect | Net of Tax Effect | Pre-Tax Amount | Tax Effect | Net of Tax Effect | Pre-Tax Amount | Tax Effect | Net of Tax Effect | |||||||||||
Foreign currency translation adjustment | $ | 23,789 | $ | - | $ | 23,789 | $ | 23,901 | $ | - | $ | 23,901 | $ | 25,811 | $ | - | $ | 25,811 | |
Unamortized loss on pension plans | -5,008 | 585 | -4,423 | -10,207 | 2,561 | -7,646 | -7,636 | 1,584 | -6,052 | ||||||||||
Unrealized loss on interest rate swaps | - | - | - | -138 | - | -138 | -927 | - | -927 | ||||||||||
Accumulated other comprehensive income | $ | 18,781 | $ | 585 | $ | 19,366 | $ | 13,556 | $ | 2,561 | $ | 16,117 | $ | 17,248 | $ | 1,584 | $ | 18,832 | |
Earnings Per Share ("EPS") | ' | ||||||||||||||||||
Earnings per Share (“EPS”) | |||||||||||||||||||
Net income or loss per share of Class A common stock and Class B common stock is computed using the two-class method. Grants of restricted stock (whether vested or unvested) which receive non-forfeitable dividends are required to be included as part of the basic weighted average share calculation under the two-class method. | |||||||||||||||||||
Holders of Class A common stock are entitled to cash dividends equal to 110% of all dividends declared and paid on each share of Class B common stock. The Company grants shares of unvested restricted stock in the form of Class A shares, which carry the same distribution rights as the Class A common stock described above. As such, the undistributed earnings for each period are allocated to each class of common stock based on the proportionate share of the amount of cash dividends that each such class is entitled to receive. | |||||||||||||||||||
Basic EPS | |||||||||||||||||||
Basic net income or loss per share is computed by dividing net income or loss allocated to Class A common stock and Class B common stock by the weighted-average number of shares of Class A common stock and Class B common stock outstanding, respectively. In periods with cumulative year to date net income and undistributed income, the undistributed income for each period is allocated to each class of common stock based on the proportionate share of the amount of cash dividends that each such class is entitled to receive. In periods where there is a cumulative year to date net loss or no undistributed income because distributions through dividends exceed net income, Class B shares are treated as anti-dilutive and, therefore, net losses are allocated equally on a per share basis among all participating securities. | |||||||||||||||||||
For the years ended September 27, 2013, September 28, 2012 and September 30, 2011, basic income per share for Class A and Class B shares has been presented using the two class method as described above. | |||||||||||||||||||
Diluted EPS | |||||||||||||||||||
Diluted net income per share is computed by dividing allocated net income by the weighted-average number of common shares outstanding, adjusted for the effect of dilutive stock options, restricted stock units and non-vested restricted stock. Anti-dilutive stock options, restricted stock units and non-vested stock are excluded from the calculation of diluted EPS. The computation of diluted net income per share of Class A common stock assumes that Class B common stock is converted into Class A common stock. Therefore, diluted net income per share is the same for both Class A and Class B common shares. In periods where the Company reports a net loss, the effect of anti-dilutive stock options, restricted stock units and non-vested stock is excluded and diluted loss per share is equal to basic loss per share. | |||||||||||||||||||
For the years ended September 27, 2013, September 28, 2012 and September 30, 2011, diluted net income per share reflects the effect of dilutive stock options and restricted stock units and assumes the conversion of Class B common stock into Class A common stock. | |||||||||||||||||||
Stock options that could potentially dilute earnings per share in the future which were not included in the fully diluted computation because they would have been anti-dilutive totaled 0, 5,850 and 15,066 for the years ended September 27, 2013, September 28, 2012 and September 30, 2011, respectively. Non-vested stock that could potentially dilute earnings per share in the future which were not included in the fully diluted computation because they would have been anti-dilutive totaled 386,409, 495,235 and 472,761 for the years ended September 27, 2013, September 28, 2012 and September 30, 2011, respectively. | |||||||||||||||||||
The following table sets forth a reconciliation of net income to dilutive earnings used in the diluted earnings per common share calculations and the computation of basic and diluted earnings per common share: | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Net income | $ | 19,327 | $ | 10,134 | $ | 32,644 | |||||||||||||
Less: Undistributed earnings reallocated to non-vested shareholders | -792 | -506 | -1,429 | ||||||||||||||||
Dilutive earnings | $ | 18,535 | $ | 9,628 | $ | 31,215 | |||||||||||||
Weighted average common shares – Basic: | |||||||||||||||||||
Class A | 8,305 | 8,155 | 8,045 | ||||||||||||||||
Class B | 1,212 | 1,216 | 1,216 | ||||||||||||||||
Dilutive stock options and restricted stock units | 6 | 8 | 26 | ||||||||||||||||
Weighted average common shares - Dilutive | 9,523 | 9,379 | 9,287 | ||||||||||||||||
Net income per common share – Basic: | |||||||||||||||||||
Class A | $ | 1.98 | $ | 1.04 | $ | 3.40 | |||||||||||||
Class B | $ | 1.79 | $ | 0.94 | $ | 3.07 | |||||||||||||
Net income per common share – Diluted: | |||||||||||||||||||
Class A | $ | 1.95 | $ | 1.03 | $ | 3.36 | |||||||||||||
Class B | $ | 1.95 | $ | 1.03 | $ | 3.36 | |||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||||
Stock-Based Compensation | |||||||||||||||||||
Stock-based compensation cost is recorded for all option grants and awards of non-vested stock and restricted stock units based on their grant-date fair value. Stock-based compensation expense is recognized on a straight-line basis over the vesting period of each award. No stock options were granted in 2013, 2012 or 2011. See Note 10 of these Notes to Consolidated Financial Statements for information regarding the Company’s stock-based incentive plans, including stock options, non-vested stock, and employee stock purchase plans. | |||||||||||||||||||
Income Taxes | ' | ||||||||||||||||||
Income Taxes | |||||||||||||||||||
The Company provides for income taxes currently payable and deferred income taxes resulting from temporary differences between financial statement and taxable income. Accrued interest and penalties related to unrecognized tax benefits are recognized as a component of income tax expense. Deferred income tax assets and liabilities are determined based on the difference between the amounts reported in the financial statements and the tax basis of assets and liabilities, using enacted tax rates in effect in the years in which the differences are expected to reverse. Deferred income tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. A valuation allowance is established if it is more likely than not that some portion or all of a deferred income tax asset will not be realized. See Note 6 of these Notes to Consolidated Financial Statements for further discussion. | |||||||||||||||||||
Employee Benefits | ' | ||||||||||||||||||
Employee Benefits | |||||||||||||||||||
The Company and certain of its subsidiaries have various retirement and profit sharing plans. The Company does not have any significant foreign retirement plans. Pension obligations, which are generally based on compensation and years of service, are funded by payments to pension fund trustees. The Company’s policy is to annually fund the minimum amount required under the Employee Retirement Income Security Act of 1974 for plans subject thereto. Other retirement costs are funded at least annually. See Note 7 of these Notes to Consolidated Financial Statements for additional discussion. | |||||||||||||||||||
Foreign Operations And Related Derivative Financial Instruments | ' | ||||||||||||||||||
Foreign Operations and Related Derivative Financial Instruments | |||||||||||||||||||
The functional currencies of the Company’s foreign operations are the local currencies. Accordingly, assets and liabilities of foreign operations are translated into U.S. dollars at the rate of exchange existing at the end of the year. Results of operations are translated at monthly average exchange rates. Adjustments resulting from the translation of foreign currency financial statements are classified as Accumulated other comprehensive income (loss), a separate component of Shareholders’ equity. | |||||||||||||||||||
Currency gains and losses are recognized when assets and liabilities of foreign operations, denominated in other than their local currency, are converted into the local currency of the entity. Additionally, currency gains and losses are recognized through the settlement of transactions denominated in other than the local currency. The Company recognized currency losses from transactions of $916 and $2,061 in 2013 and 2011, respectively, and currency gains of $92 in 2012, all of which were included in the “Other (income) expense, net” line of the Company’s Consolidated Statements of Operations. | |||||||||||||||||||
Because the Company operates internationally, it has exposure to market risk from movements in foreign currency exchange rates. Approximately 21% of the Company’s revenues for the year ended September 27, 2013 were denominated in currencies other than the U.S. dollar. Approximately 11% were denominated in euros, with the remaining 10% denominated in various other foreign currencies. The Company may mitigate a portion of the fluctuations in certain foreign currencies through the purchase of foreign currency swaps, forward contracts and options to hedge known commitments denominated in foreign currencies or borrowings in foreign currencies. In 2013, 2012 and 2011 the Company used foreign currency forward contracts to reduce the economic risk of changes in foreign currency exchange rates on foreign currency borrowings. The Company does not enter into foreign exchange contracts for trading or speculative purposes. | |||||||||||||||||||
Revenue Recognition | ' | ||||||||||||||||||
Revenue Recognition | |||||||||||||||||||
The Company recognizes revenue when all of the following criteria have been met: | |||||||||||||||||||
· | Persuasive evidence of an arrangement exists. Contracts, internet commerce agreements, and customer purchase orders are generally used to determine the existence of an arrangement. | ||||||||||||||||||
· | All substantial risk of ownership transfers to the customer. Shipping documents and customer acceptance, when applicable, are used to verify delivery. | ||||||||||||||||||
· | The fee is fixed or determinable. This is assessed based on the payment terms associated with the transaction and whether the sales price is subject to refund or adjustment. | ||||||||||||||||||
· | Collectability is reasonably assured. Collectability is assessed based on the creditworthiness of the customer as determined by credit checks and analysis, as well as by the customer’s payment history. | ||||||||||||||||||
Estimated costs of returns and allowances and discounts are accrued as a reduction to sales when revenue is recognized. | |||||||||||||||||||
Advertising & Promotions | ' | ||||||||||||||||||
Advertising & Promotions | |||||||||||||||||||
The Company expenses substantially all costs related to the production of advertising the first time the advertising takes place. Cooperative promotional arrangements are accrued as related revenue is earned. | |||||||||||||||||||
Advertising and promotions expense in 2013, 2012 and 2011 totaled $22,902, $21,745 and $22,338, respectively. These charges are included in Marketing and selling expenses. Capitalized advertising costs, included in Other current assets, totaled $1,165 and $1,074 at September 27, 2013 and September 28, 2012, respectively, and primarily included catalogs and costs of advertising which have not yet run for the first time. | |||||||||||||||||||
Shipping And Handling Costs | ' | ||||||||||||||||||
Shipping and Handling Costs | |||||||||||||||||||
Shipping and handling fees billed to customers are included in Net sales. Shipping and handling costs are included in Marketing and selling expenses and totaled $10,436, $10,803 and $10,591 for 2013, 2012 and 2011, respectively. | |||||||||||||||||||
Research And Development | ' | ||||||||||||||||||
Research and Development | |||||||||||||||||||
The Company expenses research and development costs as incurred except for costs of software development for new electronic products which are capitalized once technological feasibility is established and are included in Furniture, Fixtures and Equipment. The gross amount capitalized related to software development was $19,968, less accumulated amortization of $7,279, at September 27, 2013 and $14,762, less accumulated amortization of $6,626, at September 28, 2012. These costs are amortized over the expected life of the software of three years. Amortization expense related to capitalized software in 2013, 2012 and 2011 was $1,268, $2,227 and $1,373, respectively, and is included in Depreciation expense on Plant, Property and Equipment. | |||||||||||||||||||
Fair Values | ' | ||||||||||||||||||
Fair Values | |||||||||||||||||||
The carrying amounts of cash, cash equivalents, accounts receivable, and accounts payable approximated fair value at September 27, 2013 and September 28, 2012 due to the short maturities of these instruments. During 2013, 2012 and 2011, the Company held foreign currency forward contracts and investments in equity and debt securities that were carried at fair value. When indicators of impairment are present, the Company may be required to value certain long-lived assets such as property, plant, and equipment, and other intangibles at fair value. | |||||||||||||||||||
Valuation Techniques | ' | ||||||||||||||||||
Valuation Techniques | |||||||||||||||||||
Over the Counter Derivative Contracts | |||||||||||||||||||
The value of over the counter derivative contracts, such as interest rate swaps and foreign currency forward contracts, are derived using pricing models, which take into account the contract terms, as well as other inputs, including, where applicable, the notional values of the contracts, payment terms, maturity dates, credit risk, interest rate yield curves, and contractual and market currency exchange rates. The pricing model used for valuing interest rate swaps does not entail material subjectivity because the methodologies employed do not necessitate significant judgment, and the pricing inputs are observed from actively quoted markets. | |||||||||||||||||||
Rabbi Trust Assets | |||||||||||||||||||
Rabbi trust assets, used to fund amounts the Company owes to certain officers and other employees under the Company’s non-qualified deferred compensation plan, are included in Other assets, and are classified as trading securities. These assets are comprised of marketable debt and equity securities that are marked to fair value based on unadjusted quoted prices in active markets. | |||||||||||||||||||
Goodwill and Other Intangible Assets | |||||||||||||||||||
In assessing the recoverability of the Company's goodwill and other intangible assets, the Company estimates the future discounted cash flows of the business segments to which the goodwill relates. When estimated future discounted cash flows are less than the carrying value of the net assets and related goodwill, an impairment test is performed to measure and recognize the amount of the impairment loss, if any. In determining estimated future cash flows, the Company makes assumptions regarding anticipated financial position, future earnings and other factors to determine the fair value of the respective assets. | |||||||||||||||||||
See Note 2 of these Notes to Consolidated Financial Statements for disclosures regarding the fair value of long-term debt and Note 4 of these Notes to Consolidated Financial Statements for disclosures regarding fair value measurement. | |||||||||||||||||||
New Accounting Pronouncements | ' | ||||||||||||||||||
New Accounting Pronouncements | |||||||||||||||||||
In July 2013, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance that requires that an entity net its liability for unrecognized tax positions against a net operating loss carryforward, a similar tax loss or a tax credit carryforward when settlement in this manner is available under the tax law. The Company will adopt this guidance effective at the beginning of its 2015 fiscal year. The Company is currently evaluating the impact of this pronouncement on its financial statements. | |||||||||||||||||||
In February 2013, the FASB issued authoritative guidance that amends the presentation of accumulated other comprehensive income and clarifies how to report the effect of significant reclassifications out of accumulated other comprehensive income. The guidance, which becomes effective for the Company on a prospective basis at the beginning of its 2014 fiscal year, requires footnote disclosures regarding the changes in accumulated other comprehensive income by component and the line items affected in the statements of operations. The adoption of this updated authoritative guidance is not expected to have a significant impact on the Company’s Consolidated Financial Statements. | |||||||||||||||||||
In December 2011, the FASB issued updated authoritative guidance to amend the presentation of comprehensive income in financial statements. This new guidance allows companies the option to present other comprehensive income in either a single continuous statement or in two separate but consecutive statements. It eliminates the option to present components of other comprehensive income as part of the statement of changes in stockholders’ equity. Under both alternatives, companies are required to present each component of net income and comprehensive income. The Company adopted this updated authoritative guidance effective as of September 29, 2012, the beginning of its first quarter of fiscal 2013. The adoption of this updated authoritative guidance resulted in the addition of separate Consolidated Statements of Comprehensive Income to the Company’s accompanying financial statements but had no effect on our financial condition, results of operations or cash flow | |||||||||||||||||||
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||||
Sep. 27, 2013 | |||||||||||||||||||
Summary Of Signficant Accounting Policies [Line Items] | ' | ||||||||||||||||||
Schedule Of Inventories | ' | ||||||||||||||||||
27-Sep | 28-Sep | ||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Raw materials | $ | 27,935 | $ | 26,610 | |||||||||||||||
Work in process | 198 | 1,324 | |||||||||||||||||
Finished goods | 48,230 | 39,124 | |||||||||||||||||
$ | 76,363 | $ | 67,058 | ||||||||||||||||
Schedule Of Property, Plant And Equipment | ' | ||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Property improvements | $ | 596 | $ | 599 | |||||||||||||||
Buildings and improvements | 19,379 | 19,336 | |||||||||||||||||
Furniture, fixtures and equipment | 126,733 | 114,967 | |||||||||||||||||
146,708 | 134,902 | ||||||||||||||||||
Less accumulated depreciation | 103,314 | 98,235 | |||||||||||||||||
$ | 43,394 | $ | 36,667 | ||||||||||||||||
Schedule Of Goodwill | ' | ||||||||||||||||||
Segment | Consolidated | ||||||||||||||||||
Marine Electronics | Diving | Outdoor Equipment | Consolidated | Gross Goodwill | Accumulated Impairment | Total | |||||||||||||
Balance at September 30, 2011 | $ | 10,397 | $ | 4,254 | $ | - | $ | 14,651 | $ | 54,566 | $ | 39,915 | $ | 14,651 | |||||
Amount attributable to movements in foreign currency rates | -35 | -150 | - | -185 | -185 | - | -185 | ||||||||||||
Balance at September 28, 2012 | $ | 10,362 | $ | 4,104 | $ | - | $ | 14,466 | $ | 54,381 | $ | 39,915 | $ | 14,466 | |||||
Jetboil acquisition | - | - | 6,475 | 6,475 | 6,475 | - | 6,475 | ||||||||||||
Amount attributable to movements in foreign currency rates | 5 | 107 | - | 112 | 112 | - | 112 | ||||||||||||
Balance at September 27, 2013 | $ | 10,367 | $ | 4,211 | $ | 6,475 | $ | 21,053 | $ | 60,968 | $ | 39,915 | $ | 21,053 | |||||
Schedule Of Intangible Assets | ' | ||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Gross Intangible | Accumulated Amortization | Net | Gross Intangible | Accumulated Amortization | Net | ||||||||||||||
Amortized other intangible assets: | |||||||||||||||||||
Patents | $ | 3,937 | $ | -3,598 | $ | 339 | $ | 3,614 | $ | -3,411 | $ | 203 | |||||||
Trademarks | 1,117 | -1,112 | 5 | 1,881 | -1,878 | 3 | |||||||||||||
Other amortizable intangibles | 6,586 | -852 | 5,734 | 1,272 | -759 | 513 | |||||||||||||
Non-amortized trademarks | 8,990 | - | 8,990 | 3,590 | - | 3,590 | |||||||||||||
$ | 20,630 | $ | -5,562 | $ | 15,068 | $ | 10,357 | $ | -6,048 | $ | 4,309 | ||||||||
Schedule Of Warranty Activity | ' | ||||||||||||||||||
Balance at October 1, 2010 | $ | 4,589 | |||||||||||||||||
Expense accruals for warranties issued during the period | 4,551 | ||||||||||||||||||
Less current period warranty claims paid | 3,985 | ||||||||||||||||||
Balance at September 30, 2011 | $ | 5,155 | |||||||||||||||||
Expense accruals for warranties issued during the period | 3,740 | ||||||||||||||||||
Less current period warranty claims paid | 4,144 | ||||||||||||||||||
Balance at September 28, 2012 | $ | 4,751 | |||||||||||||||||
Expense accruals for warranties issued during the period | 2,901 | ||||||||||||||||||
Less current period warranty claims paid | 2,438 | ||||||||||||||||||
Balance at September 27, 2013 | $ | 5,214 | |||||||||||||||||
Schedule Of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Pre-Tax Amount | Tax Effect | Net of Tax Effect | Pre-Tax Amount | Tax Effect | Net of Tax Effect | Pre-Tax Amount | Tax Effect | Net of Tax Effect | |||||||||||
Foreign currency translation adjustment | $ | 23,789 | $ | - | $ | 23,789 | $ | 23,901 | $ | - | $ | 23,901 | $ | 25,811 | $ | - | $ | 25,811 | |
Unamortized loss on pension plans | -5,008 | 585 | -4,423 | -10,207 | 2,561 | -7,646 | -7,636 | 1,584 | -6,052 | ||||||||||
Unrealized loss on interest rate swaps | - | - | - | -138 | - | -138 | -927 | - | -927 | ||||||||||
Accumulated other comprehensive income | $ | 18,781 | $ | 585 | $ | 19,366 | $ | 13,556 | $ | 2,561 | $ | 16,117 | $ | 17,248 | $ | 1,584 | $ | 18,832 | |
Schedule Of Basic And Diluted Earnings Per Share | ' | ||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
Net income | $ | 19,327 | $ | 10,134 | $ | 32,644 | |||||||||||||
Less: Undistributed earnings reallocated to non-vested shareholders | -792 | -506 | -1,429 | ||||||||||||||||
Dilutive earnings | $ | 18,535 | $ | 9,628 | $ | 31,215 | |||||||||||||
Weighted average common shares – Basic: | |||||||||||||||||||
Class A | 8,305 | 8,155 | 8,045 | ||||||||||||||||
Class B | 1,212 | 1,216 | 1,216 | ||||||||||||||||
Dilutive stock options and restricted stock units | 6 | 8 | 26 | ||||||||||||||||
Weighted average common shares - Dilutive | 9,523 | 9,379 | 9,287 | ||||||||||||||||
Net income per common share – Basic: | |||||||||||||||||||
Class A | $ | 1.98 | $ | 1.04 | $ | 3.40 | |||||||||||||
Class B | $ | 1.79 | $ | 0.94 | $ | 3.07 | |||||||||||||
Net income per common share – Diluted: | |||||||||||||||||||
Class A | $ | 1.95 | $ | 1.03 | $ | 3.36 | |||||||||||||
Class B | $ | 1.95 | $ | 1.03 | $ | 3.36 | |||||||||||||
Estimated Useful Life [Member] | ' | ||||||||||||||||||
Summary Of Signficant Accounting Policies [Line Items] | ' | ||||||||||||||||||
Schedule Of Property, Plant And Equipment | ' | ||||||||||||||||||
Property improvements | 5 - 20 years | ||||||||||||||||||
Buildings and improvements | 20 - 40 years | ||||||||||||||||||
Furniture, fixtures and equipment | 3 - 10 years | ||||||||||||||||||
Indebtedness_Tables
Indebtedness (Tables) | 12 Months Ended | ||||
Sep. 27, 2013 | |||||
Indebtedness [Abstract] | ' | ||||
Schedule Of Debt | ' | ||||
27-Sep | 28-Sep | ||||
2013 | 2012 | ||||
Term loans | $ | 8,142 | $ | 8,456 | |
Revolvers | - | - | |||
Other | 191 | 404 | |||
Total debt | 8,333 | 8,860 | |||
Less current portion of long term debt | 539 | 526 | |||
Less short term notes payable and revolving credit lines | - | - | |||
Total long-term debt | $ | 7,794 | $ | 8,334 | |
Schedule Of Maturities Of Long-Term Debt | ' | ||||
Fiscal Year | |||||
2014 | $ | 539 | |||
2015 | 363 | ||||
2016 | 368 | ||||
2017 | 389 | ||||
2018 | 410 | ||||
Thereafter | 6,264 | ||||
Total | $ | 8,333 | |||
Derivative_Instruments_And_Hed1
Derivative Instruments And Hedging Activities (Tables) | 12 Months Ended | ||||||||
Sep. 27, 2013 | |||||||||
Derivative Instruments And Hedging Activities [Abstract] | ' | ||||||||
Schedule Of Loss Reclassified From AOCI Into Net Income | ' | ||||||||
Loss reclassified from AOCI into: | 2013 | 2012 | 2011 | ||||||
Interest expense | $ | 138 | $ | 789 | $ | 990 | |||
Schedule Of The Location And Amount Of Income Or Loss Recognized For Changes In Fair Value Of Derivative Instruments Not Designated As Hedging Instruments | ' | ||||||||
Location of loss (gain) | |||||||||
Derivatives not designated as | recognized in Statement | ||||||||
hedging instruments | of Operations | 2013 | 2012 | 2011 | |||||
Foreign exchange forward contract | Other (income) expense, net | $ | 13 | $ | 306 | $ | -361 | ||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||
Sep. 27, 2013 | |||||||||
Fair Value Measurements [Abstract] | ' | ||||||||
Schedule Of Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis | ' | ||||||||
The following table summarizes the Company's financial assets measured at fair value as of September 27, 2013: | |||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||
Assets: | |||||||||
Rabbi trust assets | $ | 8,948 | $ | - | $ | - | $ | 8,948 | |
The following table summarizes the Company's financial assets measured at fair value as of September 28, 2012: | |||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||
Assets: | |||||||||
Rabbi trust assets | $ | 7,289 | $ | - | $ | - | $ | 7,289 | |
Foreign currency forward contracts | - | 173 | - | 173 | |||||
Schedule Of The Location And Amount Of Income Or Loss Recognized For Changes In Fair Value Of Financial Instruments | ' | ||||||||
The effect of changes in the fair value of financial instruments on the Consolidated Statements of Operations for the years ended September 27, 2013, September 28, 2012 and September 30, 2011, was: | |||||||||
Location of (income) loss recognized in Statement of Operations | 2013 | 2012 | 2011 | ||||||
Rabbi trust assets | Other (income) expense, net | $ | -1,013 | $ | -1,153 | $ | 382 | ||
Foreign currency forward contracts | Other (income) expense, net | 13 | 306 | -361 | |||||
Schedule Of Assets Measured At Fair Value On A Non-Recurring Basis | ' | ||||||||
The following table summarizes the Company's assets measured at fair value on a non-recurring basis as of September 28, 2012 and the losses recognized as a result of this measurement in 2012: | |||||||||
Level 1 | Level 2 | Level 3 | Losses incurred | ||||||
Other Intangibles | $ | - | $ | - | $ | - | $ | 609 | |
Leases_And_Other_Commitments_T
Leases And Other Commitments (Tables) | 12 Months Ended | |||||
Sep. 27, 2013 | ||||||
Leases And Other Commitments [Abstract] | ' | |||||
Future Minimum Rental Commitments Under Non-Cancelable Operating Leases | ' | |||||
Year | Related parties included in total | Total | ||||
2014 | $ | 1,015 | $ | 6,646 | ||
2015 | 844 | 5,590 | ||||
2016 | 878 | 4,263 | ||||
2017 | 909 | 2,144 | ||||
2018 | - | 663 | ||||
Thereafter | - | 636 | ||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||
Sep. 27, 2013 | |||||||||
Income Taxes [Abstract] | ' | ||||||||
U.S. And Foreign Income Before Income Taxes | ' | ||||||||
2013 | 2012 | 2011 | |||||||
United States | $ | 19,885 | $ | 20,332 | $ | 11,133 | |||
Foreign | 4,775 | -406 | 1,117 | ||||||
$ | 24,660 | $ | 19,926 | $ | 12,250 | ||||
Income Tax Expense | ' | ||||||||
2013 | 2012 | 2011 | |||||||
Current: | |||||||||
Federal (net of tax benefit from operating loss carryforward of $0, $3,098 and $2,505, respectively) | $ | 2,832 | $ | 828 | $ | - | |||
State | 470 | 378 | 642 | ||||||
Foreign | 1,437 | 1,595 | 2,000 | ||||||
Deferred | 594 | 6,991 | -23,036 | ||||||
$ | 5,333 | $ | 9,792 | $ | -20,394 | ||||
Tax Effects Of Temporary Differences Giving Rise To Deferred Tax Assets And Liabilities | ' | ||||||||
2013 | 2012 | ||||||||
Deferred tax assets: | |||||||||
Inventories | $ | 1,974 | $ | 3,700 | |||||
Compensation | 7,074 | 8,635 | |||||||
Tax credit carryforwards | 6,385 | 8,331 | |||||||
Goodwill and other intangibles | - | 3,181 | |||||||
Net operating loss carryforwards | 7,215 | 7,507 | |||||||
Depreciation and amortization | - | 220 | |||||||
Other | 5,109 | 5,178 | |||||||
Total gross deferred tax assets | 27,757 | 36,752 | |||||||
Less valuation allowance | 9,479 | 13,299 | |||||||
Deferred tax assets | 18,278 | 23,453 | |||||||
Deferred tax liabilities: | |||||||||
Goodwill and other intangibles | 1,279 | - | |||||||
Depreciation and amortization | 1,091 | - | |||||||
Foreign statutory reserves | 1,114 | 694 | |||||||
Net deferred tax assets | $ | 14,794 | $ | 22,759 | |||||
Schedule Of Location Of Net Deferred Tax Assets In Consolidated Balance Sheet | ' | ||||||||
2013 | 2012 | ||||||||
Current assets | $ | 7,869 | $ | 8,645 | |||||
Non-current assets | 8,039 | 14,808 | |||||||
Non-current liabilities | 1,114 | 694 | |||||||
Net deferred tax assets | $ | 14,794 | $ | 22,759 | |||||
Significant Differences Between Statutory Federal Tax Rate And Effective Income Tax Rate | ' | ||||||||
2013 | 2012 | 2011 | |||||||
Statutory U.S. federal income tax rate | 35.0 | 35.0 | 35.0 | ||||||
Foreign rate differential | -4.1 | -1 | -0.9 | ||||||
State income tax, net of federal benefit | 4.5 | 3.1 | 4.2 | ||||||
Tax credit | -3.1 | - | -2.4 | ||||||
Increase (Decrease) in valuation reserve for deferred tax assets | -11.5 | 7.1 | -211 | ||||||
Other | 0.8 | 4.9 | 8.6 | ||||||
21.6 | 49.1 | -166.5 | |||||||
Summary Of Operating Loss Carryforwards | ' | ||||||||
State | United States | Foreign | Total | ||||||
Year of expiration | |||||||||
2014-2018 | $ | 1,673 | $ | - | $ | 1,226 | $ | 2,899 | |
2019-2023 | 1,049 | - | 1,501 | 2,550 | |||||
2024-2028 | 3,211 | - | 2,006 | 5,217 | |||||
2029-2033 | 29,739 | - | 594 | 30,333 | |||||
Indefinite | - | - | 9,135 | 9,135 | |||||
Total | $ | 35,672 | $ | - | $ | 14,462 | $ | 50,134 | |
Summary of Tax Credit Carryforwards | ' | ||||||||
State | Federal | Total | |||||||
Year of expiration | |||||||||
2014-2018 | $ | 767 | $ | - | $ | 767 | |||
2019-2023 | 1,143 | 2,464 | 3,607 | ||||||
2024-2028 | 767 | 386 | 1,153 | ||||||
2029-2033 | - | 765 | 765 | ||||||
Indefinite | - | 93 | 93 | ||||||
Total | $ | 2,677 | $ | 3,708 | $ | 6,385 | |||
Reconciliation Of Beginning And Ending Amount Of Unrecognized Tax Benefits | ' | ||||||||
Balance at October 1, 2010 | $ | 1,255 | |||||||
Settlement | -168 | ||||||||
Lapse of statute of limitations | -122 | ||||||||
Gross increases - tax positions in period | 719 | ||||||||
Balance at September 30, 2011 | $ | 1,684 | |||||||
Settlement | -773 | ||||||||
Lapse of statute of limitations | -123 | ||||||||
Gross increases - tax positions in period | 1,112 | ||||||||
Balance at September 28, 2012 | $ | 1,900 | |||||||
Settlement | -186 | ||||||||
Lapse of statute of limitations | -214 | ||||||||
Gross increases - tax positions in period | 655 | ||||||||
Balance at September 27, 2013 | $ | 2,155 | |||||||
Tax Years Subject To Examination By Major Jurisdiction | ' | ||||||||
Jurisdiction | Fiscal Years | ||||||||
United States | 2010-2013 | ||||||||
Canada | 2009-2013 | ||||||||
France | 2009-2013 | ||||||||
Germany | 2009-2013 | ||||||||
Italy | 2009-2013 | ||||||||
Japan | 2012-2013 | ||||||||
Switzerland | 2003-2013 | ||||||||
Employee_Benefits_Tables
Employee Benefits (Tables) | 12 Months Ended | ||||||||
Sep. 27, 2013 | |||||||||
Employee Benefits [Abstract] | ' | ||||||||
Financial Position Of Non-Contributory Defined Benefit Plans | ' | ||||||||
2013 | 2012 | ||||||||
Projected benefit obligation: | |||||||||
Projected benefit obligation, beginning of year | $ | 25,516 | $ | 21,032 | |||||
Interest cost | 997 | 1,036 | |||||||
Actuarial (gain) loss | -3,649 | 4,224 | |||||||
Benefits paid | -813 | -776 | |||||||
Projected benefit obligation, end of year | 22,051 | 25,516 | |||||||
Fair value of plan assets: | |||||||||
Fair value of plan assets, beginning of year | 13,673 | 11,304 | |||||||
Actual gain on plan assets | 1,861 | 2,259 | |||||||
Company contributions | 1,143 | 886 | |||||||
Benefits paid | -813 | -776 | |||||||
Fair value of plan assets, end of year | 15,864 | 13,673 | |||||||
Funded status of the plans | -6,187 | -11,843 | |||||||
Amounts recognized in the Consolidated Balance Sheets consist of: | |||||||||
Current pension liabilities | 191 | 191 | |||||||
Non-current pension liabilities | 5,996 | 11,650 | |||||||
Accumulated other comprehensive loss | -5,008 | -10,207 | |||||||
Components of accumulated other comprehensive loss: | |||||||||
Net actuarial loss | -5,008 | -10,207 | |||||||
Accumulated other comprehensive loss | $ | -5,008 | $ | -10,207 | |||||
Net Periodic Benefit Cost For The Non-Contributory Defined Benefit Pension Plans | ' | ||||||||
2013 | 2012 | 2011 | |||||||
Interest cost | $ | 997 | $ | 1,036 | $ | 1,003 | |||
Expected return on plan assets | -977 | -942 | -962 | ||||||
Amortization of unrecognized net actuarial loss | 666 | 335 | 177 | ||||||
Net periodic pension cost | 686 | 429 | 218 | ||||||
Other changes in benefit obligations recognized in other comprehensive income (loss), (OCI): | |||||||||
Net actuarial (gain) loss | -5,199 | 2,571 | 2,321 | ||||||
Total recognized in net periodic pension cost and OCI | $ | -4,513 | $ | 3,000 | $ | 2,539 | |||
Estimated Benefit Payments | ' | ||||||||
2014 | $ | 900 | |||||||
2015 | 912 | ||||||||
2016 | 967 | ||||||||
2017 | 978 | ||||||||
2018 | 1,032 | ||||||||
Five years thereafter | 5,748 | ||||||||
Actuarial Assumptions Used To Determine The Projected Benefit Obligation | ' | ||||||||
Projected Benefit Obligation | Net Periodic Pension Cost | ||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||
Discount rate | 5.00% | 4.00% | 5.00% | 4.00% | 5.00% | 5.25% | |||
Long-term rate of return | N/A | N/A | N/A | 7.50% | 7.50% | 7.50% | |||
Average salary increase rate | N/A | N/A | N/A | N/A | N/A | N/A | |||
Pension Plans' Weighted Average Asset Allocations By Percent | ' | ||||||||
2013 | 2012 | ||||||||
Equity securities | 76% | 74% | |||||||
Fixed income securities | 23% | 25% | |||||||
Other securities | 1% | 1% | |||||||
100% | 100% | ||||||||
Pension Plan Assets Measured At Fair Value | ' | ||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||
Description: | |||||||||
Mutual fund | $ | 15,560 | $ | - | $ | - | $ | 15,560 | |
Money market funds | 34 | - | - | 34 | |||||
Group annuity contract | - | - | 270 | 270 | |||||
Total | $ | 15,594 | $ | - | $ | 270 | $ | 15,864 | |
The following table summarizes the Company’s pension plan assets measured at fair value as of September 28, 2012: | |||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||
Description: | |||||||||
Mutual fund | $ | 13,290 | $ | - | $ | - | $ | 13,290 | |
Money market funds | 52 | - | - | 52 | |||||
Group annuity contract | - | - | 331 | 331 | |||||
Total | $ | 13,342 | $ | - | $ | 331 | $ | 13,673 | |
Summary Of Changes In Fair Vale of Level 3 Pension Plan Assets | ' | ||||||||
2013 | 2012 | ||||||||
Level 3 assets, beginning of year | $ | 331 | $ | 447 | |||||
Purchases | 6 | 8 | |||||||
Unrealized gain (loss) | 1 | -7 | |||||||
Sales | -68 | -117 | |||||||
Level 3 assets, end of year | $ | 270 | $ | 331 | |||||
Common_Stock_Tables
Common Stock (Tables) | 12 Months Ended | ||
Sep. 27, 2013 | |||
Equity [Abstract] | ' | ||
Schedule Of Authorized And Outstanding Shares By Class | ' | ||
2013 | 2012 | ||
Class A, $0.05 par value: | |||
Authorized | 20,000,000 | 20,000,000 | |
Outstanding | 8,724,984 | 8,676,703 | |
Class B, $0.05 par value: | |||
Authorized | 3,000,000 | 3,000,000 | |
Outstanding | 1,212,420 | 1,215,758 | |
StockBased_Compensation_And_St1
Stock-Based Compensation And Stock Ownership Plans (Tables) | 12 Months Ended | ||||||
Sep. 27, 2013 | |||||||
Stock-Based Compensation And Stock Ownership Plans [Abstract] | ' | ||||||
Schedule Of Stock Option Activity | ' | ||||||
Shares | Weighted Average Exercise Price | Aggregate Intrinsic Value | Weighted Average Remaining Contractual Term (Years) | ||||
Outstanding and exercisable at October 1, 2010 | 113,704 | $ | 8.57 | ||||
Exercised | -40,780 | 5.79 | |||||
Cancelled | -4,334 | 6.28 | |||||
Outstanding and exercisable at September 30, 2011 | 68,590 | 10.37 | |||||
Exercised | -43,390 | 7.79 | |||||
Cancelled | -1,834 | 7.42 | |||||
Outstanding and exercisable at September 28, 2012 | 23,366 | 15.39 | |||||
Exercised | -8,300 | 10.36 | |||||
Outstanding and exercisable at September 27, 2013 | 15,066 | 18.16 | $ | 129 | 1.3 | ||
Schedule Of Non-Vested Stock Activity | ' | ||||||
A summary of non-vested stock activity for the two year period ended September 27, 2013 related to the Company’s stock ownership plans is as follows: | |||||||
Weighted Average | |||||||
Shares | Grant Price | ||||||
Non-vested stock at September 30, 2011 | 472,761 | $ | 11.86 | ||||
Non-vested stock grants | 66,312 | 16.02 | |||||
Non-vested stock cancelled | -4,360 | 9.12 | |||||
Restricted stock vested | -41,165 | 17.81 | |||||
Non-vested stock at September 28, 2012 | 493,548 | 11.95 | |||||
Non-vested stock grants | 70,545 | 20.66 | |||||
Restricted stock vested | -177,684 | 11.43 | |||||
Non-vested stock at September 27, 2013 | 386,409 | $ | 13.78 | ||||
Segments_Of_Business_Tables
Segments Of Business (Tables) | 12 Months Ended | ||||||
Sep. 27, 2013 | |||||||
Segments Of Business [Abstract] | ' | ||||||
Schedule Of Operations By Business Segment | ' | ||||||
2013 | 2012 | 2011 | |||||
Net sales: | |||||||
Marine Electronics: | |||||||
Unaffiliated customers | $ | 247,474 | $ | 231,014 | $ | 221,839 | |
Interunit transfers | 270 | 220 | 276 | ||||
Outdoor Equipment: | |||||||
Unaffiliated customers | 44,147 | 35,267 | 38,832 | ||||
Interunit transfers | 76 | 61 | 50 | ||||
Watercraft: | |||||||
Unaffiliated customers | 50,745 | 58,092 | 57,583 | ||||
Interunit transfers | 113 | 109 | 149 | ||||
Diving | |||||||
Unaffiliated customers | 83,532 | 87,367 | 88,627 | ||||
Interunit transfers | 1,004 | 628 | 917 | ||||
Other / Corporate | 563 | 552 | 541 | ||||
Eliminations | -1,463 | -1,018 | -1,392 | ||||
Total | $ | 426,461 | $ | 412,292 | $ | 407,422 | |
Operating profit (loss): | |||||||
Marine Electronics | $ | 32,172 | $ | 25,230 | $ | 21,074 | |
Outdoor Equipment | 2,180 | 2,831 | 2,996 | ||||
Watercraft | -2,116 | -408 | -1,351 | ||||
Diving | 5,694 | 6,408 | 3,610 | ||||
Other / Corporate | -12,339 | -12,648 | -8,659 | ||||
$ | 25,591 | $ | 21,413 | $ | 17,670 | ||
Depreciation and amortization expense: | |||||||
Marine Electronics | $ | 5,371 | $ | 7,058 | $ | 5,694 | |
Outdoor Equipment | 1,051 | 447 | 479 | ||||
Watercraft | 1,483 | 1,658 | 1,454 | ||||
Diving | 839 | 1,255 | 1,942 | ||||
Other / Corporate | 1,326 | 1,464 | 1,308 | ||||
$ | 10,070 | $ | 11,882 | $ | 10,877 | ||
Capital expenditures: | |||||||
Marine Electronics | $ | 12,400 | $ | 9,569 | $ | 5,283 | |
Outdoor Equipment | 381 | 791 | 262 | ||||
Watercraft | 1,282 | 733 | 1,274 | ||||
Diving | 973 | 589 | 1,269 | ||||
Other / Corporate | 1,297 | 350 | 1,279 | ||||
$ | 16,333 | $ | 12,032 | $ | 9,367 | ||
Goodwill, net: | |||||||
Marine Electronics | $ | 10,367 | $ | 10,362 | |||
Outdoor Equipment | 6,475 | - | |||||
Watercraft | - | - | |||||
Diving | 4,211 | 4,104 | |||||
$ | 21,053 | $ | 14,466 | ||||
Total assets (end of period): | |||||||
Marine Electronics | $ | 111,459 | $ | 97,261 | |||
Outdoor Equipment | 43,630 | 26,978 | |||||
Watercraft | 27,810 | 32,766 | |||||
Diving | 70,810 | 70,957 | |||||
Other / Corporate | 34,641 | 35,670 | |||||
$ | 288,350 | $ | 263,632 | ||||
Schedule Of Operations By Geographic Area | ' | ||||||
2013 | 2012 | 2011 | |||||
Net sales: | |||||||
United States: | |||||||
Unaffiliated customers | $ | 327,606 | $ | 307,090 | $ | 298,193 | |
Interunit transfers | 19,881 | 18,972 | 18,276 | ||||
Europe: | |||||||
Unaffiliated customers | 46,740 | 55,651 | 66,681 | ||||
Interunit transfers | 12,018 | 10,776 | 9,854 | ||||
Other: | |||||||
Unaffiliated customers | 52,115 | 49,551 | 42,548 | ||||
Interunit transfers | 668 | 2,149 | 2,324 | ||||
Eliminations | -32,567 | -31,897 | -30,454 | ||||
$ | 426,461 | $ | 412,292 | $ | 407,422 | ||
Total assets: | |||||||
United States | $ | 196,166 | $ | 167,545 | |||
Europe | 56,759 | 57,273 | |||||
Other | 35,425 | 38,814 | |||||
$ | 288,350 | $ | 263,632 | ||||
Long-term assets: | |||||||
United States | $ | 85,100 | $ | 57,894 | |||
Europe | 5,957 | 7,350 | |||||
Other | 682 | 628 | |||||
$ | 91,739 | $ | 65,872 | ||||
Restructuring_Tables
Restructuring (Tables) | 12 Months Ended | ||||||||
Sep. 27, 2013 | |||||||||
Restructuring [Abstract] | ' | ||||||||
Schedule Of Restructuring Reserve | ' | ||||||||
Employee Termination Costs | Contract Exit Costs | Other Exit Costs | Total | ||||||
Accrued restructuring liabilities as of September 30, 2011 | $ | - | $ | - | $ | - | $ | - | |
Activity during the period ended September 28, 2012: | |||||||||
Charges to earnings | 574 | 282 | 162 | 1,018 | |||||
Settlement payments | -146 | -282 | -62 | -490 | |||||
Accrued restructuring liabilities as of September 28, 2012 | 428 | - | 100 | 528 | |||||
Activity during the period ended September 27, 2013: | |||||||||
Charges to earnings | 766 | 315 | 508 | 1,589 | |||||
Settlement payments | -1,110 | -96 | -405 | -1,611 | |||||
Accrued restructuring liabilities as of September 27, 2013 | $ | 84 | $ | 219 | $ | 203 | $ | 506 | |
Valuation_And_Qualifying_Accou1
Valuation And Qualifying Accounts (Tables) | 12 Months Ended | ||||||||
Sep. 27, 2013 | |||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||
Schedule Of Valuation And Qualifying Accounts | ' | ||||||||
Balance at Beginning of Year | Additions Charged to Costs and Expenses | Less Deductions | Balance at End of Year | ||||||
Year ended September 27, 2013 | |||||||||
Allowance for doubtful accounts | $ | 4,172 | $ | 769 | $ | 1,182 | $ | 3,759 | |
Reserves for inventory valuation | 5,679 | 1,269 | 2,933 | 4,015 | |||||
Valuation of deferred tax assets | 13,299 | 1,262 | 5,082 | 9,479 | |||||
Reserves for sales returns | 1,367 | 1,857 | 2,095 | 1,129 | |||||
Year ended September 28, 2012 | |||||||||
Allowance for doubtful accounts | $ | 3,076 | $ | 1,558 | $ | 462 | $ | 4,172 | |
Reserves for inventory valuation | 6,405 | 2,307 | 3,033 | 5,679 | |||||
Valuation of deferred tax assets | 14,300 | 1,461 | 2,462 | 13,299 | |||||
Reserves for sales returns | 1,484 | 1,995 | 2,112 | 1,367 | |||||
Year ended September 30, 2011 | |||||||||
Allowance for doubtful accounts | $ | 2,987 | $ | 448 | $ | 359 | $ | 3,076 | |
Reserves for inventory valuation | 4,851 | 3,317 | 1,763 | 6,405 | |||||
Valuation of deferred tax assets | 39,178 | 2,915 | 27,793 | 14,300 | |||||
Reserves for sales returns | 1,181 | 2,462 | 2,159 | 1,484 | |||||
Quarterly_Financial_Summary_Ta
Quarterly Financial Summary (Tables) | 12 Months Ended | ||||||||||||||||
Sep. 27, 2013 | |||||||||||||||||
Quarterly Financial Summary [Abstract] | ' | ||||||||||||||||
Schedule Of Quarterly Operating Results | ' | ||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||
(thousands, except per share data) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||
Net sales | $ | 87,274 | $ | 80,176 | $ | 132,100 | $ | 128,726 | $ | 129,772 | $ | 128,595 | $ | 77,315 | $ | 74,795 | |
Gross profit | 33,814 | 31,101 | 54,084 | 50,527 | 54,337 | 54,247 | 28,814 | 28,447 | |||||||||
Operating profit (loss) | 1,526 | -3,719 | 12,638 | 13,981 | 16,133 | 14,222 | -4,706 | -3,071 | |||||||||
Income (loss) before income taxes | 610 | -3,102 | 13,063 | 13,278 | 15,510 | 14,044 | -4,523 | -4,294 | |||||||||
Income tax expense (benefit) | 363 | -158 | 4,126 | 5,995 | 1,856 | 5,049 | -1,012 | -1,094 | |||||||||
Net income (loss) | $ | 247 | $ | -2,944 | $ | 8,937 | $ | 7,283 | $ | 13,654 | $ | 8,995 | $ | -3,511 | $ | -3,200 | |
Net income (loss) per common share - Basic: | |||||||||||||||||
Class A | $ | 0.03 | $ | -0.3 | $ | 0.91 | $ | 0.75 | $ | 1.39 | $ | 0.92 | $ | -0.36 | $ | -0.33 | |
Class B | $ | 0.02 | $ | -0.3 | $ | 0.83 | $ | 0.68 | $ | 1.26 | $ | 0.84 | $ | -0.33 | $ | -0.28 | |
Net income (loss) per common share - Diluted: | |||||||||||||||||
Class A | $ | 0.02 | $ | -0.3 | $ | 0.90 | $ | 0.74 | $ | 1.37 | $ | 0.91 | $ | -0.35 | $ | -0.32 | |
Class B | $ | 0.02 | $ | -0.3 | $ | 0.90 | $ | 0.74 | $ | 1.37 | $ | 0.91 | $ | -0.35 | $ | -0.32 | |
Acquisition_Tables
Acquisition (Tables) (Jetboil Inc [Member]) | 12 Months Ended | ||||||
Sep. 27, 2013 | |||||||
Jetboil Inc [Member] | ' | ||||||
Schedule Of Provisional Amount Adjustments | ' | ||||||
Provisional amount adjustments increase (decrease) | |||||||
Financial assets | $ | -33 | |||||
Inventories | -159 | ||||||
Property, plant and equipment | 80 | ||||||
Identifiable intangible assets and goodwill | 3,865 | ||||||
Deferred tax liabilities | 4,257 | ||||||
Financial liabilities | -390 | ||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | ' | ||||||
Recognized amounts of identifiable assets acquired and liabilities assumed | |||||||
Accounts receivable | $ | 1,184 | |||||
Inventories | 2,232 | ||||||
Other current assets | 167 | ||||||
Property, plant and equipment | 314 | ||||||
Identifiable intangible assets | 10,400 | ||||||
Less, accounts payable and accruals | 1,111 | ||||||
Less, deferred tax liabilities | 4,241 | ||||||
Total identifiable net assets | 8,945 | ||||||
Goodwill | 6,475 | ||||||
Net assets acquired | $ | 15,420 | |||||
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | ' | ||||||
Useful | |||||||
Description | Amount | Life (yrs) | |||||
Patents | 240 | 7 | |||||
Noncontractual customer relationships | 3,700 | 15 | |||||
Non-compete agreements | 1,060 | 4 | |||||
Schedule Of Acquiree Net Sales And Operating Profit | ' | ||||||
Acquisition Date through | Twelve months ended | ||||||
27-Sep-13 | December 31, 2012 (unaudited) | December 31, 2011 (unaudited) | |||||
Net sales | $ | 10,672 | $ | 13,745 | $ | 10,775 | |
Operating profit | 564 | 2,469 | 1,203 | ||||
Summary_Of_Significant_Account3
Summary Of Significant Accounting Policies (Other Intangible Assets) (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 |
Amortization of Patents and Other Intangible Assets | $650 | $1,057 | $729 |
Amortization of Patents and Other Intangible Assets, 2014 | 840 | ' | ' |
Amortization of Patents and Other Intangible Assets, 2015 | 820 | ' | ' |
Amortization of Patents and Other Intangible Assets, 2016 | 800 | ' | ' |
Amortization of Patents and Other Intangible Assets, 2017 | 555 | ' | ' |
Amortization of Patents and Other Intangible Assets, 2018 | 445 | ' | ' |
Indefinite-Lived Intangible Assets | $5,400 | ' | ' |
Minimum [Member] | ' | ' | ' |
Useful Life | '4 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Useful Life | '15 years | ' | ' |
Summary_Of_Significant_Account4
Summary Of Significant Accounting Policies (Impairment Of Long-Lived Assets) (Narrative) (Details) (Ferndale, Washington Facility [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2011 |
Ferndale, Washington Facility [Member] | ' |
Impairment Of Long Lived Assets By Segment And Location [Line Items] | ' |
Impairment Charge of Facility | $334 |
Fair Value of Facility | 1,300 |
Impairment Charge of Intangible Asset | $334 |
Summary_Of_Significant_Account5
Summary Of Significant Accounting Policies (Earnings Per Share ("EPS")) (Narrative) (Details) | 12 Months Ended | ||
Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Percentage of Class Dividends on Class A Common Stock Relative to Class B Common Stock | 110.00% | ' | ' |
Stock Options [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 5,850 | 15,066 |
Non-vested Stock [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 386,409 | 495,235 | 472,761 |
Summary_Of_Significant_Account6
Summary Of Significant Accounting Policies (Foreign Operations And Related Derivative Financial Instruments) (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 |
Foreign Currencies [Line Items] | ' | ' | ' |
Currency gains from transactions | ' | $92 | ' |
Currency losses from transactions | $916 | ' | $2,061 |
Percent of Revenues in Foreign Currency | 21.00% | ' | ' |
Euro [Member] | ' | ' | ' |
Foreign Currencies [Line Items] | ' | ' | ' |
Percent of Revenues in Foreign Currency | 11.00% | ' | ' |
Other Foreign Currencies [Member] | ' | ' | ' |
Foreign Currencies [Line Items] | ' | ' | ' |
Percent of Revenues in Foreign Currency | 10.00% | ' | ' |
Summary_Of_Significant_Account7
Summary Of Significant Accounting Policies (Advertising & Promotions) (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 |
Summary Of Significant Accounting Policies [Abstract] | ' | ' | ' |
Advertising and Promotions Expense | $22,902 | $21,745 | $22,338 |
Capitalized Advertising Costs | $1,165 | $1,074 | ' |
Summary_Of_Significant_Account8
Summary Of Significant Accounting Policies (Shipping And Handling Costs) (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 |
Summary Of Significant Accounting Policies [Abstract] | ' | ' | ' |
Shipping and Handling Costs | $10,436 | $10,803 | $10,591 |
Summary_Of_Significant_Account9
Summary Of Significant Accounting Policies (Research And Development) (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Gross Amount Capitalized Related to Software Development | $19,968 | $14,762 | ' |
Accumulated Amortization | 7,279 | 6,626 | ' |
Amortization Expense Related to Capitalized Software | $1,268 | $2,227 | $1,373 |
Computer Software [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Expected Life | '3 years | ' | ' |
Recovered_Sheet1
Summary Of Significant Accounting Policies (Schedule Of Inventories) (Details) (USD $) | Sep. 27, 2013 | Sep. 28, 2012 |
In Thousands, unless otherwise specified | ||
Summary Of Significant Accounting Policies [Abstract] | ' | ' |
Raw materials | $27,935 | $26,610 |
Work in process | 198 | 1,324 |
Finished goods | 48,230 | 39,124 |
Total Inventories | $76,363 | $67,058 |
Recovered_Sheet2
Summary Of Significant Accounting Policies (Schedule Of Property, Plant And Equipment Useful Life) (Details) | 12 Months Ended |
Sep. 27, 2013 | |
Property Improvements [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '5 years |
Property Improvements [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '20 years |
Buildings And Improvements [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '20 years |
Buildings And Improvements [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '40 years |
Furnitures, Fixtures And Equipment [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '3 years |
Furnitures, Fixtures And Equipment [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '10 years |
Recovered_Sheet3
Summary Of Significant Accounting Policies (Schedule Of Property, Plant And Equipment) (Details) (USD $) | Sep. 27, 2013 | Sep. 28, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant, and equipment, gross | $146,708 | $134,902 |
Less accumulated depreciation | 103,314 | 98,235 |
Property, plant, and equipment, net | 43,394 | 36,667 |
Property Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant, and equipment, gross | 596 | 599 |
Buildings And Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant, and equipment, gross | 19,379 | 19,336 |
Furnitures, Fixtures And Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant, and equipment, gross | $126,733 | $114,967 |
Recovered_Sheet4
Summary Of Significant Accounting Policies (Schedule Of Goodwill) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 |
Goodwill [Line Items] | ' | ' | ' |
Balance, Beginning Period | $14,466 | $14,651 | ' |
Jetboil acquisition | 6,475 | ' | ' |
Amount attributable to movements in foreign currency rates | 112 | -185 | ' |
Balance, Ending Period | 21,053 | 14,466 | ' |
Gross Goodwill | 60,968 | 54,381 | 54,566 |
Accumulated Impairment | 39,915 | 39,915 | 39,915 |
Marine Electronics [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Balance, Beginning Period | 10,362 | 10,397 | ' |
Amount attributable to movements in foreign currency rates | 5 | -35 | ' |
Balance, Ending Period | 10,367 | 10,362 | ' |
Diving [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Balance, Beginning Period | 4,104 | 4,254 | ' |
Amount attributable to movements in foreign currency rates | 107 | -150 | ' |
Balance, Ending Period | 4,211 | 4,104 | ' |
Outdoor Equipment [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Jetboil acquisition | 6,475 | ' | ' |
Balance, Ending Period | $6,475 | ' | ' |
Recovered_Sheet5
Summary Of Significant Accounting Policies (Schedule Of Intangible Assets) (Details) (USD $) | Sep. 27, 2013 | Sep. 28, 2012 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Accumulated Amortization | ($5,562) | ($6,048) |
Non-amortized trademarks | 8,990 | 3,590 |
Gross Intangible | 20,630 | 10,357 |
Total Intangible Assets | 15,068 | 4,309 |
Patents [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Intangible, Amortized other intangible assets | 3,937 | 3,614 |
Accumulated Amortization | -3,598 | -3,411 |
Net | 339 | 203 |
Trademarks [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Intangible, Amortized other intangible assets | 1,117 | 1,881 |
Accumulated Amortization | -1,112 | -1,878 |
Net | 5 | 3 |
Other Intangibles [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Intangible, Amortized other intangible assets | 6,586 | 1,272 |
Accumulated Amortization | -852 | -759 |
Net | $5,734 | $513 |
Recovered_Sheet6
Summary Of Significant Accounting Policies (Schedule Of Warranties) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 |
Summary Of Significant Accounting Policies [Abstract] | ' | ' | ' |
Beginning Balance | $4,751 | $5,155 | $4,589 |
Expense accruals for warranties issued during the period | 2,901 | 3,740 | 4,551 |
Less current period warranty claims paid | 2,438 | 4,144 | 3,985 |
Ending Balance | $5,214 | $4,751 | $5,155 |
Recovered_Sheet7
Summary Of Significant Accounting Policies (Schedule Of Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 |
In Thousands, unless otherwise specified | |||
Summary Of Significant Accounting Policies [Abstract] | ' | ' | ' |
Foreign currency translation adjustment, Pre-Tax Amount | $23,789 | $23,901 | $25,811 |
Foreign currency translation adjustment, Net of Tax Amount | 23,789 | 23,901 | 25,811 |
Unamortized loss on pension plans, Pre-Tax Amount | -5,008 | -10,207 | -7,636 |
Unamortized loss on pension plans, Tax Effect | 585 | 2,561 | 1,584 |
Unamortized loss on pension plans, Net of Tax Amount | -4,423 | -7,646 | -6,052 |
Unrealized loss on interest rate swaps, Pre-Tax Amount | ' | -138 | -927 |
Unrealized loss on interest rate swaps, Net of Tax Amount | ' | -138 | -927 |
Accumulated Other Comprehensive income, Pre-Tax Amount | 18,781 | 13,556 | 17,248 |
Accumulated Other Comprehensive income, Tax Effect | 585 | 2,561 | 1,584 |
Accumulated Other Comprehensive income, Net of Tax Amount | $19,366 | $16,117 | $18,832 |
Recovered_Sheet8
Summary Of Significant Accounting Policies (Schedule Of Basic And Diluted Earnings Per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 27, 2013 | Jun. 28, 2013 | Mar. 29, 2013 | Dec. 28, 2012 | Sep. 28, 2012 | Jun. 29, 2012 | Mar. 30, 2012 | Dec. 30, 2011 | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 |
Net income | ($3,511) | $13,654 | $8,937 | $247 | ($3,200) | $8,995 | $7,283 | ($2,944) | $19,327 | $10,134 | $32,644 |
Less: Undistributed earnings reallocated to non-vested shareholders | ' | ' | ' | ' | ' | ' | ' | ' | -792 | -506 | -1,429 |
Dilutive earnings | ' | ' | ' | ' | ' | ' | ' | ' | $18,535 | $9,628 | $31,215 |
Dilutive stock options and restricted stock units | ' | ' | ' | ' | ' | ' | ' | ' | 6 | 8 | 26 |
Weighted average common shares - Dilutive | ' | ' | ' | ' | ' | ' | ' | ' | 9,523 | 9,379 | 9,287 |
Class A [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average common shares - Basic | ' | ' | ' | ' | ' | ' | ' | ' | 8,305 | 8,155 | 8,045 |
Net income per common share - Basic | ' | ' | ' | ' | ' | ' | ' | ' | $1.98 | $1.04 | $3.40 |
Net income per common share - Diluted | ' | ' | ' | ' | ' | ' | ' | ' | $1.95 | $1.03 | $3.36 |
Class B [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average common shares - Basic | ' | ' | ' | ' | ' | ' | ' | ' | 1,212 | 1,216 | 1,216 |
Net income per common share - Basic | ' | ' | ' | ' | ' | ' | ' | ' | $1.79 | $0.94 | $3.07 |
Net income per common share - Diluted | ' | ' | ' | ' | ' | ' | ' | ' | $1.95 | $1.03 | $3.36 |
Indebtedness_Narrative_Details
Indebtedness (Narrative) (Details) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 | Nov. 29, 2013 |
Indebtedness [Line Items] | ' | ' | ' | ' |
Interest Paid | $915 | $1,150 | $1,919 | ' |
Weighted Average Borrowing Rate for Short-Term Debt | 2.50% | 2.60% | 3.40% | ' |
Johnson Family Voting Power from Common Stock Owned | ' | ' | ' | 77.00% |
Revolvers [Member] | ' | ' | ' | ' |
Indebtedness [Line Items] | ' | ' | ' | ' |
Initiation Date | 16-Sep-13 | ' | ' | ' |
Expiration Date | 16-Sep-18 | ' | ' | ' |
Annual Seasonal Pay Down Duration | 'June 30th through October 31st of each year under the agreement | ' | ' | ' |
Interest Rate at Period End | 1.42% | ' | ' | ' |
Line of Credit Facility, Dividend Restrictions | 'The Revolving Credit Agreement limits the amount of restricted payments (primarily dividends and repurchases of common stock) made during each fiscal year. The Company may declare, and pay, dividends in accordance with historical practices, but in no event may the aggregate amount of all dividends or repurchases of common stock exceed $10,000 in any fiscal year | ' | ' | ' |
Line of Credit Facility, Asset Restrictions | 'Under the terms of the Revolver, the Company is required to comply with certain financial and non-financial covenants. The Revolving Credit Agreement limits asset or stock acquisitions to no more than $20,000 in the event that the Company's consolidated leverage ratio is greater than 2.5 times. No limits are imposed if the Company's consolidated leverage ratio is less than 2.5 times and the remaining borrowing availability under the Revolver is greater than $10,000 at the time of the acquisition | ' | ' | ' |
Line of Credit Facility, Covenant Terms | 'The Revolving Credit Agreement restricts the Company's ability to incur additional debt and includes maximum leverage ratio and minimum interest coverage ratio covenants | ' | ' | ' |
Line of Credit Facility, Interest Rate Description | 'The interest rate on the Revolver resets each quarter and is based on LIBOR plus an applicable margin. The applicable margin ranges from 1.25 percent to 2.00 percent and is dependent on the Company's leverage ratio for the trailing twelve month period | ' | ' | ' |
Line of Credit Facility, Collateral | 'The Revolver is secured with a first priority lien on working capital assets and certain patents and trademarks of the Company and its subsidiaries and a second priority lien on land, buildings, machinery and equipment of the Company's domestic subsidiaries | ' | ' | ' |
Revolvers Borrowing Capacity Standard [Member] | ' | ' | ' | ' |
Indebtedness [Line Items] | ' | ' | ' | ' |
Maximum Borrowing Capacity | 90,000 | ' | ' | ' |
Revolvers Borrowing Capacity Seasonal [Member] | ' | ' | ' | ' |
Indebtedness [Line Items] | ' | ' | ' | ' |
Maximum Borrowing Capacity | 60,000 | ' | ' | ' |
Term Loans [Member] | ' | ' | ' | ' |
Indebtedness [Line Items] | ' | ' | ' | ' |
Pre-Payment Penalty | 7.00% | ' | ' | ' |
Annual Decrease of Pre-Payment Penalty | 1.00% | ' | ' | ' |
Interest Rate at Period End | 5.25% | ' | ' | ' |
Financial Standby Letter of Credit [Member] | ' | ' | ' | ' |
Indebtedness [Line Items] | ' | ' | ' | ' |
Letters of Credit Outstanding | $846 | $1,401 | ' | ' |
Class A [Member] | ' | ' | ' | ' |
Indebtedness [Line Items] | ' | ' | ' | ' |
Common Stock Owned by Johnson Family, Shares | ' | ' | ' | 3,801,334 |
Common Stock Owned by Johnson Family, Percent | ' | ' | ' | 44.00% |
Class B [Member] | ' | ' | ' | ' |
Indebtedness [Line Items] | ' | ' | ' | ' |
Common Stock Owned by Johnson Family, Shares | ' | ' | ' | 1,211,196 |
Common Stock Owned by Johnson Family, Percent | ' | ' | ' | 100.00% |
Indebtedness_Schedule_Of_Debt_
Indebtedness (Schedule Of Debt) (Details) (USD $) | Sep. 27, 2013 | Sep. 28, 2012 |
In Thousands, unless otherwise specified | ||
Indebtedness [Abstract] | ' | ' |
Term loans | $8,142 | $8,456 |
Other | 191 | 404 |
Total debt | 8,333 | 8,860 |
Less current portion of long term debt | 539 | 526 |
Total long-term debt | $7,794 | $8,334 |
Indebtedness_Schedule_Of_Matur
Indebtedness (Schedule Of Maturities Of Long-Term Debt) (Details) (USD $) | Sep. 27, 2013 |
In Thousands, unless otherwise specified | |
Indebtedness [Abstract] | ' |
2014 | $539 |
2015 | 363 |
2016 | 368 |
2017 | 389 |
2018 | 410 |
Thereafter | 6,264 |
Total | $8,333 |
Derivative_Instruments_And_Hed2
Derivative Instruments And Hedging Activities (Narrative) (Details) | 12 Months Ended |
Sep. 27, 2013 | |
contract | |
Derivative [Line Items] | ' |
Percent of Revenues in Foreign Currency | 21.00% |
Number of Instruments Held | 0 |
Euro [Member] | ' |
Derivative [Line Items] | ' |
Percent of Revenues in Foreign Currency | 11.00% |
Other Foreign Currencies [Member] | ' |
Derivative [Line Items] | ' |
Percent of Revenues in Foreign Currency | 10.00% |
Derivative_Instruments_And_Hed3
Derivative Instruments And Hedging Activities (Schedule Of Loss Reclassified From AOCI Into Net Income) (Details) (Interest Expense [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 |
Interest Expense [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Loss reclassified from AOCI to net income | $138 | $789 | $990 |
Derivative_Instruments_And_Hed4
Derivative Instruments And Hedging Activities (Schedule Of The Location And Amount Of Income Or Loss Recognized For Changes In Fair Value Of Derivative Instruments Not Designated As Hedging Instruments) (Details) (Foreign Exchange Forward Contracts [Member], Other (Income) Expense, Net [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 |
Foreign Exchange Forward Contracts [Member] | Other (Income) Expense, Net [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Amount of income (loss) recognized for changes in the fair value | $13 | $306 | ($361) |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 28, 2012 | Sep. 30, 2011 |
In Thousands, unless otherwise specified | Trademarks [Member] | Trademarks [Member] | Marine Electronics [Member] | Ferndale, Washington Facility [Member] |
Trademarks [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Fair Value of Intangible Assets, Finite-lived | $5 | $3 | $0 | ' |
Impairment of Intangible Assets, Finite-lived | ' | ' | 609 | 334 |
Impairment Charge of Facility | ' | ' | ' | 334 |
Fair Value of Facility | ' | ' | ' | $1,300 |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule Of Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) (USD $) | Sep. 27, 2013 | Sep. 28, 2012 |
In Thousands, unless otherwise specified | ||
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Rabbi trust assets | $8,948 | $7,289 |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign currency forward contracts | ' | 173 |
Netting [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Rabbi trust assets | 8,948 | 7,289 |
Foreign currency forward contracts | ' | $173 |
Fair_Value_Measurements_Schedu1
Fair Value Measurements (Schedule Of The Location And Amount Of Income Or Loss Recognized For Changes In Fair Value Of Financial Instruments) (Details) (Other (Income) Expense, Net [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 |
Rabbi Trust Assets [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Changes in fair value | ($1,013) | ($1,153) | $382 |
Foreign Currency Forward Contracts [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Changes in fair value | $13 | $306 | ($361) |
Fair_Value_Measurements_Schedu2
Fair Value Measurements (Schedule Of Assets Measured At Fair Value On A Non-Recurring Basis) (Details) (Other Intangibles [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 28, 2012 |
Other Intangibles [Member] | ' |
Losses incurred | $609 |
Leases_And_Other_Commitments_N
Leases And Other Commitments (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 |
Operating Leased Assets [Line Items] | ' | ' | ' |
Rental expense | $8,627 | $9,126 | $8,731 |
Related Parties [Member] | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Rental expense | $1,127 | $1,124 | $849 |
Leases_And_Other_Commitments_F
Leases And Other Commitments (Future Minimum Rental Commitments Under Non-Cancelable Operating Leases) (Details) (USD $) | Sep. 27, 2013 |
In Thousands, unless otherwise specified | |
Operating Leased Assets [Line Items] | ' |
2014 | $6,646 |
2015 | 5,590 |
2016 | 4,263 |
2017 | 2,144 |
2018 | 663 |
Thereafter | 636 |
Related Parties [Member] | ' |
Operating Leased Assets [Line Items] | ' |
2014 | 1,015 |
2015 | 844 |
2016 | 878 |
2017 | $909 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 | Oct. 01, 2010 |
Income Tax [Line Items] | ' | ' | ' | ' |
Change In Deferred Tax Assets From Net Operating Loss Carryforward Usage | $0 | ($5,260) | ($3,135) | ' |
Deferred Tax Assets Before Valuation Allowance | 27,757 | 36,752 | ' | ' |
Increase (Decrease) in Valuation Allowance | -2,831 | -1,410 | -25,305 | ' |
Net Operating Loss Carry Forwards | 50,134 | ' | ' | ' |
Valuation Allowance | 9,479 | 13,299 | ' | ' |
Taxes Paid | 2,399 | 3,163 | 878 | ' |
Unrecognized Tax Benefits | 2,155 | 1,900 | 1,684 | 1,255 |
Accrued Interest on Income Taxes | 354 | 361 | ' | ' |
Interest Included in Income Tax Expense | -6 | 113 | 39 | ' |
Net Undistributed Earnings of Foreign Subsidiaries | 118,542 | ' | ' | ' |
Cash and Cash Equivalents | 55,694 | 58,904 | 44,514 | 33,316 |
Foreign [Member] | ' | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' | ' |
Usage of foreign tax credits | 3,076 | ' | ' | ' |
Increase (Decrease) in Valuation Allowance | 244 | 1,787 | 2,419 | ' |
Net Operating Loss Carry Forwards | 14,462 | ' | ' | ' |
Cash and Cash Equivalents | 45,900 | ' | ' | ' |
France, Japan, Italy, Spain And United Kingdom [Member] | ' | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' | ' |
Increase (Decrease) in Valuation Allowance | ' | 1,614 | ' | ' |
United States [Member] | ' | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' | ' |
Deferred Tax Assets Before Valuation Allowance | ' | ' | 34,814 | ' |
Increase (Decrease) in Valuation Allowance | ' | -377 | ' | ' |
Federal [Member] | ' | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' | ' |
Net Operating Loss Carry Forwards | ' | ' | ' | ' |
France [Member] | ' | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' | ' |
Valuation Allowance | ' | ' | 903 | ' |
Japan, Italy, Spain And United Kingdom [Member] | ' | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' | ' |
Increase (Decrease) in Valuation Allowance | ' | ' | 1,516 | ' |
State [Member] | ' | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' | ' |
Net Operating Loss Carry Forwards | 35,672 | ' | ' | ' |
New Zealand [Member] | ' | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' | ' |
Valuation Allowance | ' | $173 | ' | ' |
Income_Taxes_US_And_Foreign_In
Income Taxes (U.S. And Foreign Income Before Income Taxes) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 27, 2013 | Jun. 28, 2013 | Mar. 29, 2013 | Dec. 28, 2012 | Sep. 28, 2012 | Jun. 29, 2012 | Mar. 30, 2012 | Dec. 30, 2011 | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 |
Income Taxes [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
United States | ' | ' | ' | ' | ' | ' | ' | ' | $19,885 | $20,332 | $11,133 |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | 4,775 | -406 | 1,117 |
Income before income taxes | ($4,523) | $15,510 | $13,063 | $610 | ($4,294) | $14,044 | $13,278 | ($3,102) | $24,660 | $19,926 | $12,250 |
Income_Taxes_Income_Tax_Expens
Income Taxes (Income Tax Expenses) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 27, 2013 | Jun. 28, 2013 | Mar. 29, 2013 | Dec. 28, 2012 | Sep. 28, 2012 | Jun. 29, 2012 | Mar. 30, 2012 | Dec. 30, 2011 | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 |
Income Tax [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal (net of tax benefit from operating loss carryforward of $0, $3,098 and $2,505, respectively) | ' | ' | ' | ' | ' | ' | ' | ' | $2,832 | $828 | ' |
State | ' | ' | ' | ' | ' | ' | ' | ' | 470 | 378 | 642 |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | 1,437 | 1,595 | 2,000 |
Deferred | ' | ' | ' | ' | ' | ' | ' | ' | 594 | 6,991 | -23,036 |
Total income tax expense | -1,012 | 1,856 | 4,126 | 363 | -1,094 | 5,049 | 5,995 | -158 | 5,333 | 9,792 | -20,394 |
Federal [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefit from operating loss carryforward | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $3,098 | $2,505 |
Income_Taxes_Tax_Effects_Of_Te
Income Taxes (Tax Effects Of Temporary Differences Giving Rise To Deferred Tax Assets And Liabilities) (Details) (USD $) | Sep. 27, 2013 | Sep. 28, 2012 |
In Thousands, unless otherwise specified | ||
Income Taxes [Abstract] | ' | ' |
Inventories | $1,974 | $3,700 |
Compensation | 7,074 | 8,635 |
Tax credit carryforwards | 6,385 | 8,331 |
Goodwill and other intangibles | ' | 3,181 |
Net operating loss carryforwards | 7,215 | 7,507 |
Depreciation and amortization | ' | 220 |
Other | 5,109 | 5,178 |
Total gross deferred tax assets | 27,757 | 36,752 |
Less valuation allowance | 9,479 | 13,299 |
Deferred tax assets | 18,278 | 23,453 |
Goodwill and other intangibles | 1,279 | ' |
Depreciation and amortization | 1,091 | ' |
Foreign statutory reserves | 1,114 | 694 |
Net deferred tax assets | $14,794 | $22,759 |
Income_Taxes_Schedule_Of_Locat
Income Taxes (Schedule Of Location Of Net Deferred Tax Assets In Consolidated Balance Sheet) (Details) (USD $) | Sep. 27, 2013 | Sep. 28, 2012 |
In Thousands, unless otherwise specified | ||
Income Taxes [Abstract] | ' | ' |
Current assets | $7,869 | $8,645 |
Non-current assets | 8,039 | 14,808 |
Non-current liabilities | 1,114 | 694 |
Net deferred tax assets | $14,794 | $22,759 |
Income_Taxes_Significant_Diffe
Income Taxes (Significant Differences Between Statutory Federal Tax Rate And Effective Income Tax Rate) (Details) | 12 Months Ended | ||
Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 | |
Income Taxes [Abstract] | ' | ' | ' |
Statutory U.S. federal income tax rate | 35.00% | 35.00% | 35.00% |
Foreign rate differential | -4.10% | -1.00% | -0.90% |
State income tax, net of federal benefit | 4.50% | 3.10% | 4.20% |
Tax credit | -3.10% | ' | -2.40% |
Increase (Decrease) in valuation reserve for deferred assets | -11.50% | 7.10% | -211.00% |
Other | 0.80% | 4.90% | 8.60% |
Effective income tax rate | 21.60% | 49.10% | -166.50% |
Income_Taxes_Summary_Of_Operat
Income Taxes (Summary Of Operating Loss Carryforwards) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 27, 2013 |
Operating Loss Carryforwards [Line Items] | ' |
Net Operating Loss Carry Forwards | 50,134 |
State [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net Operating Loss Carry Forwards | 35,672 |
Foreign [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net Operating Loss Carry Forwards | 14,462 |
Federal [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net Operating Loss Carry Forwards | ' |
2014-2018 [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net Operating Loss Carry Forwards | 2,899 |
2014-2018 [Member] | State [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net Operating Loss Carry Forwards | 1,673 |
2014-2018 [Member] | Foreign [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net Operating Loss Carry Forwards | 1,226 |
2014-2018 [Member] | Federal [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net Operating Loss Carry Forwards | ' |
2014-2018 [Member] | Minimum [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating Loss Carryforward Expiration | '2014 |
2014-2018 [Member] | Maximum [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating Loss Carryforward Expiration | '-2018 |
2019-2023 [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net Operating Loss Carry Forwards | 2,550 |
2019-2023 [Member] | State [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net Operating Loss Carry Forwards | 1,049 |
2019-2023 [Member] | Foreign [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net Operating Loss Carry Forwards | 1,501 |
2019-2023 [Member] | Federal [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net Operating Loss Carry Forwards | ' |
2019-2023 [Member] | Minimum [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating Loss Carryforward Expiration | '2019 |
2019-2023 [Member] | Maximum [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating Loss Carryforward Expiration | '-2023 |
2024-2028 [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net Operating Loss Carry Forwards | 5,217 |
2024-2028 [Member] | State [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net Operating Loss Carry Forwards | 3,211 |
2024-2028 [Member] | Foreign [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net Operating Loss Carry Forwards | 2,006 |
2024-2028 [Member] | Federal [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net Operating Loss Carry Forwards | ' |
2024-2028 [Member] | Minimum [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating Loss Carryforward Expiration | '2024 |
2024-2028 [Member] | Maximum [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating Loss Carryforward Expiration | '-2028 |
2029-2033 [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net Operating Loss Carry Forwards | 30,333 |
2029-2033 [Member] | State [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net Operating Loss Carry Forwards | 29,739 |
2029-2033 [Member] | Foreign [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net Operating Loss Carry Forwards | 594 |
2029-2033 [Member] | Federal [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net Operating Loss Carry Forwards | ' |
2029-2033 [Member] | Minimum [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating Loss Carryforward Expiration | '2029 |
2029-2033 [Member] | Maximum [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating Loss Carryforward Expiration | '-2033 |
Indefinite [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net Operating Loss Carry Forwards | 9,135 |
Indefinite [Member] | Foreign [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net Operating Loss Carry Forwards | 9,135 |
Indefinite [Member] | Federal [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Net Operating Loss Carry Forwards | ' |
Income_Taxes_Reconciliation_Of
Income Taxes (Reconciliation Of Beginning And Ending Amount Of Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 |
Income Taxes [Abstract] | ' | ' | ' |
Balance at beginning of year | $1,900 | $1,684 | $1,255 |
Settlement | -186 | -773 | -168 |
Lapse of statute of limitations | -214 | -123 | -122 |
Gross increases - tax positions in current period | 655 | 1,112 | 719 |
Balance at end of year | $2,155 | $1,900 | $1,684 |
Income_Taxes_Tax_Years_Subject
Income Taxes (Tax Years Subject To Examination By Major Jurisdiction) (Details) | 12 Months Ended |
Sep. 27, 2013 | |
Maximum [Member] | United States [Member] | ' |
Income Tax Examination [Line Items] | ' |
Fiscal Years | '2013 |
Maximum [Member] | Canada [Member] | ' |
Income Tax Examination [Line Items] | ' |
Fiscal Years | '2013 |
Maximum [Member] | France [Member] | ' |
Income Tax Examination [Line Items] | ' |
Fiscal Years | '2013 |
Maximum [Member] | Germany [Member] | ' |
Income Tax Examination [Line Items] | ' |
Fiscal Years | '2013 |
Maximum [Member] | Italy [Member] | ' |
Income Tax Examination [Line Items] | ' |
Fiscal Years | '2013 |
Maximum [Member] | Japan [Member] | ' |
Income Tax Examination [Line Items] | ' |
Fiscal Years | '-2013 |
Maximum [Member] | Switzerland [Member] | ' |
Income Tax Examination [Line Items] | ' |
Fiscal Years | '2013 |
Minimum [Member] | United States [Member] | ' |
Income Tax Examination [Line Items] | ' |
Fiscal Years | '2010 |
Minimum [Member] | Canada [Member] | ' |
Income Tax Examination [Line Items] | ' |
Fiscal Years | '2009 |
Minimum [Member] | France [Member] | ' |
Income Tax Examination [Line Items] | ' |
Fiscal Years | '2009 |
Minimum [Member] | Germany [Member] | ' |
Income Tax Examination [Line Items] | ' |
Fiscal Years | '2009 |
Minimum [Member] | Italy [Member] | ' |
Income Tax Examination [Line Items] | ' |
Fiscal Years | '2009 |
Minimum [Member] | Japan [Member] | ' |
Income Tax Examination [Line Items] | ' |
Fiscal Years | '2012 |
Minimum [Member] | Switzerland [Member] | ' |
Income Tax Examination [Line Items] | ' |
Fiscal Years | '2003 |
Income_Taxes_Summary_Of_Tax_Cr
Income Taxes (Summary Of Tax Credit Carryforwards (Details) (USD $) | Sep. 27, 2013 |
In Thousands, unless otherwise specified | |
Tax Credit Carryforward [Line Items] | ' |
Tax credit carryforward amount | $6,385 |
2014-2018 [Member] | ' |
Tax Credit Carryforward [Line Items] | ' |
Tax credit carryforward amount | 767 |
2019-2023 [Member] | ' |
Tax Credit Carryforward [Line Items] | ' |
Tax credit carryforward amount | 3,607 |
2024-2028 [Member] | ' |
Tax Credit Carryforward [Line Items] | ' |
Tax credit carryforward amount | 1,153 |
2029-2033 [Member] | ' |
Tax Credit Carryforward [Line Items] | ' |
Tax credit carryforward amount | 765 |
Indefinite [Member] | ' |
Tax Credit Carryforward [Line Items] | ' |
Tax credit carryforward amount | 93 |
State [Member] | ' |
Tax Credit Carryforward [Line Items] | ' |
Tax credit carryforward amount | 2,677 |
State [Member] | 2014-2018 [Member] | ' |
Tax Credit Carryforward [Line Items] | ' |
Tax credit carryforward amount | 767 |
State [Member] | 2019-2023 [Member] | ' |
Tax Credit Carryforward [Line Items] | ' |
Tax credit carryforward amount | 1,143 |
State [Member] | 2024-2028 [Member] | ' |
Tax Credit Carryforward [Line Items] | ' |
Tax credit carryforward amount | 767 |
Federal [Member] | ' |
Tax Credit Carryforward [Line Items] | ' |
Tax credit carryforward amount | 3,708 |
Federal [Member] | 2019-2023 [Member] | ' |
Tax Credit Carryforward [Line Items] | ' |
Tax credit carryforward amount | 2,464 |
Federal [Member] | 2024-2028 [Member] | ' |
Tax Credit Carryforward [Line Items] | ' |
Tax credit carryforward amount | 386 |
Federal [Member] | 2029-2033 [Member] | ' |
Tax Credit Carryforward [Line Items] | ' |
Tax credit carryforward amount | 765 |
Federal [Member] | Indefinite [Member] | ' |
Tax Credit Carryforward [Line Items] | ' |
Tax credit carryforward amount | $93 |
Employee_Benefits_Narrative_De
Employee Benefits (Narrative) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 26, 2014 | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Amount of Unrecognized Loss Amortization Expected to be Recognized | $333 | ' | ' | ' |
Aggregate Accumulated Benefit Obligation, Plans With Benefit Obligations in Excess of Plan Assets | ' | 22,051 | 25,516 | ' |
Aggregate Fair Falue of Plan Assets, Plans With Benefit Obligations in Excess of Plan Assets | ' | 15,864 | 13,673 | ' |
Anticipated Contributions to Defined Benefit Plans Through Next Year | ' | 492 | ' | ' |
Actuarial Loss Due to Impact of the Change in Discount Rates | ' | 3,500 | 3,600 | 750 |
Actuarial Target Rate of Return | ' | 7.50% | ' | ' |
Target Return Above the Rate of Inflation | ' | 4.00% | ' | ' |
Deferred Compensation Liability | ' | 8,946 | 7,310 | ' |
Expense Attributable to the Defined Contribution Programs | ' | $931 | $882 | $853 |
Minimum [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Percentage of Equity Securities as a Component of the Mutual Fund | ' | 70.00% | ' | ' |
Maximum [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Investment Horizon Over Which the Investment Objectives Are Expected to be Met | ' | '5 years | ' | ' |
Percentage of Equity Securities as a Component of the Mutual Fund | ' | 75.00% | ' | ' |
Employee_Benefits_Financial_Po
Employee Benefits (Financial Position Of Non-Contributory Defined Benefit Plans) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 |
Employee Benefits [Abstract] | ' | ' | ' |
Projected benefit obligation, beginning of year | $25,516 | $21,032 | ' |
Interest cost | 997 | 1,036 | 1,003 |
Actuarial loss | -3,649 | 4,224 | ' |
Benefits paid | -813 | -776 | ' |
Projected benefit obligation, end of year | 22,051 | 25,516 | 21,032 |
Fair value of plan assets, beginning of year | 13,673 | 11,304 | ' |
Actual gain (loss) on plan assets | 1,861 | 2,259 | ' |
Company contributions | 1,143 | 886 | ' |
Fair value of plan assets, end of year | 15,864 | 13,673 | 11,304 |
Funded status of the plans | -6,187 | -11,843 | ' |
Current penion liabilities | 191 | 191 | ' |
Non-current pension liabilities | 5,996 | 11,650 | ' |
Net actuarial loss | -5,008 | -10,207 | ' |
Accumulated other comprehensive loss | ($5,008) | ($10,207) | ' |
Employee_Benefits_Net_Periodic
Employee Benefits (Net Periodic Benefit Cost For The Non-Contributory Defined Benefit Pension Plans) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 |
Employee Benefits [Abstract] | ' | ' | ' |
Interest cost | $997 | $1,036 | $1,003 |
Expected return on plan assets | -977 | -942 | -962 |
Amortization of unrecognized net actuarial loss | 666 | 335 | 177 |
Net periodic pension cost | 686 | 429 | 218 |
Net actuarial loss | -5,199 | 2,571 | 2,321 |
Total recognized in net periodic pension cost and OCI | ($4,513) | $3,000 | $2,539 |
Employee_Benefits_Estimated_Be
Employee Benefits (Estimated Benefit Payments) (Details) (USD $) | Sep. 27, 2013 |
In Thousands, unless otherwise specified | |
Employee Benefits [Abstract] | ' |
2014 | $900 |
2015 | 912 |
2016 | 967 |
2017 | 978 |
2018 | 1,032 |
Five years thereafter | $5,748 |
Employee_Benefits_Actuarial_As
Employee Benefits (Actuarial Assumptions Used To Determine The Projected Benefit Obligation) (Details) | 12 Months Ended | ||
Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 | |
Employee Benefits [Abstract] | ' | ' | ' |
Discount rate, Projected Benefit Obligation | 5.00% | 4.00% | 5.00% |
Long-term rate of return, Projected Benefit Obligation | ' | ' | ' |
Average salary increase rate, Projected Benefit Obligation | ' | ' | ' |
Discount rate, Net Periodic Pension Cost | 4.00% | 5.00% | 5.25% |
Long-term rate of return, Net Periodic Pension Cost | 7.50% | 7.50% | 7.50% |
Average salary increase rate, Net Periodic Pension Cost | ' | ' | ' |
Employee_Benefits_Pension_Plan
Employee Benefits (Pension Plans' Weighted Average Asset Allocations By Percent) (Details) | Sep. 27, 2013 | Sep. 28, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan asset allocation | 100.00% | 100.00% |
Equity Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan asset allocation | 76.00% | 74.00% |
Fixed Income Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan asset allocation | 23.00% | 25.00% |
Other Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension plan asset allocation | 1.00% | 1.00% |
Employee_Benefits_Pension_Plan1
Employee Benefits (Pension Plan Assets Measured At Fair Value) (Details) (USD $) | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension plan assets measured at fair value | $15,864 | $13,673 | $11,304 |
Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension plan assets measured at fair value | 15,594 | 13,342 | ' |
Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension plan assets measured at fair value | 270 | 331 | 447 |
Mutual Fund [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension plan assets measured at fair value | 15,560 | 13,290 | ' |
Mutual Fund [Member] | Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension plan assets measured at fair value | 15,560 | 13,290 | ' |
Money Market Funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension plan assets measured at fair value | 34 | 52 | ' |
Money Market Funds [Member] | Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension plan assets measured at fair value | 34 | 52 | ' |
Group Annuity Contract [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension plan assets measured at fair value | 270 | 331 | ' |
Group Annuity Contract [Member] | Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension plan assets measured at fair value | $270 | $331 | ' |
Employee_Benefits_Summary_Of_C
Employee Benefits (Summary Of Changes In Fair Vale of Level 3 Pension Plan Assets) (Details) (USD $) | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 | Sep. 27, 2013 | Sep. 28, 2012 |
In Thousands, unless otherwise specified | Level 3 [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Fair value of plan assets, beginning of year | $15,864 | $13,673 | $11,304 | $331 | $447 |
Defined Benefit Plan, Purchases | ' | ' | ' | 6 | 8 |
Unrealized gain (loss) | ' | ' | ' | 1 | -7 |
Defined Benefit Plan, Sales | ' | ' | ' | -68 | -117 |
Fair value of plan assets, end of year | $15,864 | $13,673 | $11,304 | $270 | $331 |
Preferred_Stock_Details
Preferred Stock (Details) | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 |
Equity [Abstract] | ' | ' | ' |
Shares Authorized | 1,000,000 | 1,000,000 | ' |
Shares Issued | 0 | 0 | 0 |
Shares Outstanding | 0 | ' | ' |
Common_Stock_Narrative_Details
Common Stock (Narrative) (Details) | 12 Months Ended | |
Sep. 27, 2013 | Sep. 28, 2012 | |
Class of Stock [Line Items] | ' | ' |
Percentage of Class Dividends on Class A Common Stock Relative to Class B Common Stock | 110.00% | ' |
Ratio of Class B Common Stock Convertible to Class A Common Stock | 1 | ' |
Shares converted | 3,338 | 84 |
Class A [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Percentage of Members of the Board Elected by Class of Stock | 25.00% | ' |
Vote Per Share Owned by Class of Stock | 1 | ' |
Class B [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Percentage of Members of the Board Elected by Class of Stock | 75.00% | ' |
Vote Per Share Owned by Class of Stock | 10 | ' |
Common_Stock_Schedule_Of_Autho
Common Stock (Schedule Of Authorized And Outstanding Shares By Class) (Details) (USD $) | Sep. 27, 2013 | Sep. 28, 2012 |
Class A [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Par Value | $0.05 | ' |
Authorized | 20,000,000 | 20,000,000 |
Outstanding | 8,724,984 | 8,676,703 |
Class B [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Par Value | $0.05 | ' |
Authorized | 3,000,000 | 3,000,000 |
Outstanding | 1,212,420 | 1,215,758 |
StockBased_Compensation_And_St2
Stock-Based Compensation And Stock Ownership Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares Tendered for Tax Withholding on Vesting of Restricted Shares | 43,464 | 6,621 | ' |
Stock Based Compensation Tax Benefit | $532 | $633 | $0 |
Minimum Percentage of Fair Market Value for Employee Stock Purchase Plan Purchase Price | 85.00% | ' | ' |
Employee Stock Purchase Plan Shares Issued | 9,562 | 10,349 | 5,475 |
Employee Stock Purchase Plan Expense | 41 | 30 | 16 |
Tax Benefits from Share-based Awards | 572 | 594 | 0 |
Parent Company [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Company's Closing Stock Price | $26.60 | ' | ' |
Non-vested Stock, Directors [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | '0 years 0 months 0 days | ' |
Non-vested Stock, Employees [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '5 years | ' | ' |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Term of Stock Options | '10 years | ' | ' |
Number of Stock Options Granted During Period | 0 | 0 | 0 |
Cash Received from Stock Option Exercises | 86 | 338 | 323 |
Stock Option Exercises, Aggregate Intrinsic Value of Shares Received | 171 | 689 | 567 |
Non-vested Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Non-vested stock grants | 70,545 | 66,312 | ' |
Non-vested stock grants, Weighted Average Grant Price | $20.66 | $16.02 | $13.74 |
Restricted Stock Vested, Aggregated Intrinsic Value | 3,607 | 660 | 150 |
Stock-Based Compensation Expense, Net of Forfeitures | 1,400 | 1,666 | 1,436 |
Unrecognized Stock-Based Compensation Expense Related to Non-vested Stock | 2,303 | ' | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Non-vested stock grants | 6,600 | 0 | 0 |
Non-vested stock grants, Weighted Average Grant Price | $22.73 | ' | ' |
Stock-Based Compensation Expense, Net of Forfeitures | 88 | 0 | 0 |
Unrecognized Stock-Based Compensation Expense Related to Non-vested Stock | $63 | ' | ' |
Class A [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares Available for Grant Under Stock-Based Compensation Plans | 764,058 | ' | ' |
StockBased_Compensation_And_St3
Stock-Based Compensation And Stock Ownership Plans (Stock Option Activity) (Details) (Stock Options [Member], USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Outstanding and exercisable, Beginning balance, Shares | 23,366 | 68,590 | 113,704 |
Exercised, Shares | -8,300 | -43,390 | -40,780 |
Cancelled, Shares | ' | -1,834 | -4,334 |
Outstanding and exercisable, Ending balance, Shares | 15,066 | 23,366 | 68,590 |
Outstanding and exercisable, Beginning balance, Weighted Average Exercise Price | $15.39 | $10.37 | $8.57 |
Exercised, Weighted Average Exercise Price | $10.36 | $7.79 | $5.79 |
Cancelled, Weighted Average Exercise Price | ' | $7.42 | $6.28 |
Outstanding and exercisable, Ending balance, Weighted Average Exercise Price | $18.16 | $15.39 | $10.37 |
Options outstanding and exercisable at September 27, 2013, Aggregate Intrinsic Value | $129 | ' | ' |
Options outstanding and exercisable at September 27, 2013, Weighted Average Remaining Contractual Term (Years) | '1 year 3 months 18 days | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | '1 year 3 months 18 days | ' | ' |
StockBased_Compensation_And_St4
Stock-Based Compensation And Stock Ownership Plans (Non-Vested Stock Activity) (Details) (Non-vested Stock [Member], USD $) | 12 Months Ended | ||
Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 | |
Non-vested Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Non-vested stock, Beginning balance | 493,548 | 472,761 | ' |
Non-vested stock grants | 70,545 | 66,312 | ' |
Non-vested stock cancelled | ' | -4,360 | ' |
Restricted stock vested | -177,684 | -41,165 | ' |
Non-vested stock, Ending balance | 386,409 | 493,548 | 472,761 |
Non-vested stock, Beginning balance, Weighted Average Grant Price | $11.95 | $11.86 | ' |
Non-vested stock grants, Weighted Average Grant Price | $20.66 | $16.02 | $13.74 |
Non-vested stock cancelled, Weighted Average Grant Price | ' | $9.12 | ' |
Restricted stock vested, Weighted Average Grant Price | $11.43 | $17.81 | ' |
Non-vested stock, Ending balance, Weighted Average Grant Price | $13.78 | $11.95 | $11.86 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 |
Related Party Transactions [Abstract] | ' | ' | ' |
Costs Associated with Related Party Transactions | $1,434 | $1,479 | $1,487 |
Segments_of_Business_Schedule_
Segments of Business (Schedule Of Operations By Business Segment) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 27, 2013 | Jun. 28, 2013 | Mar. 29, 2013 | Dec. 28, 2012 | Sep. 28, 2012 | Jun. 29, 2012 | Mar. 30, 2012 | Dec. 30, 2011 | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $77,315 | $129,772 | $132,100 | $87,274 | $74,795 | $128,595 | $128,726 | $80,176 | $426,461 | $412,292 | $407,422 |
Operating profit (loss) | -4,706 | 16,133 | 12,638 | 1,526 | -3,071 | 14,222 | 13,981 | -3,719 | 25,591 | 21,413 | 17,670 |
Depreciation and amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 10,070 | 11,882 | 10,877 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 16,333 | 12,032 | 9,367 |
Goodwil, net | 21,053 | ' | ' | ' | 14,466 | ' | ' | ' | 21,053 | 14,466 | 14,651 |
Total assets | 288,350 | ' | ' | ' | 263,632 | ' | ' | ' | 288,350 | 263,632 | ' |
Marine Electronics [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unaffiliated customers | ' | ' | ' | ' | ' | ' | ' | ' | 247,474 | 231,014 | 221,839 |
Interunit transfers | ' | ' | ' | ' | ' | ' | ' | ' | 270 | 220 | 276 |
Operating profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 32,172 | 25,230 | 21,074 |
Depreciation and amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 5,371 | 7,058 | 5,694 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 12,400 | 9,569 | 5,283 |
Goodwil, net | 10,367 | ' | ' | ' | 10,362 | ' | ' | ' | 10,367 | 10,362 | 10,397 |
Total assets | 111,459 | ' | ' | ' | 97,261 | ' | ' | ' | 111,459 | 97,261 | ' |
Outdoor Equipment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unaffiliated customers | ' | ' | ' | ' | ' | ' | ' | ' | 44,147 | 35,267 | 38,832 |
Interunit transfers | ' | ' | ' | ' | ' | ' | ' | ' | 76 | 61 | 50 |
Operating profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 2,180 | 2,831 | 2,996 |
Depreciation and amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 1,051 | 447 | 479 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 381 | 791 | 262 |
Goodwil, net | 6,475 | ' | ' | ' | ' | ' | ' | ' | 6,475 | ' | ' |
Total assets | 43,630 | ' | ' | ' | 26,978 | ' | ' | ' | 43,630 | 26,978 | ' |
Watercraft [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unaffiliated customers | ' | ' | ' | ' | ' | ' | ' | ' | 50,745 | 58,092 | 57,583 |
Interunit transfers | ' | ' | ' | ' | ' | ' | ' | ' | 113 | 109 | 149 |
Operating profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -2,116 | -408 | -1,351 |
Depreciation and amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 1,483 | 1,658 | 1,454 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 1,282 | 733 | 1,274 |
Total assets | 27,810 | ' | ' | ' | 32,766 | ' | ' | ' | 27,810 | 32,766 | ' |
Diving [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unaffiliated customers | ' | ' | ' | ' | ' | ' | ' | ' | 83,532 | 87,367 | 88,627 |
Interunit transfers | ' | ' | ' | ' | ' | ' | ' | ' | 1,004 | 628 | 917 |
Operating profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 5,694 | 6,408 | 3,610 |
Depreciation and amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 839 | 1,255 | 1,942 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 973 | 589 | 1,269 |
Goodwil, net | 4,211 | ' | ' | ' | 4,104 | ' | ' | ' | 4,211 | 4,104 | 4,254 |
Total assets | 70,810 | ' | ' | ' | 70,957 | ' | ' | ' | 70,810 | 70,957 | ' |
Other/Corporate [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unaffiliated customers | ' | ' | ' | ' | ' | ' | ' | ' | 563 | 552 | 541 |
Operating profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -12,339 | -12,648 | -8,659 |
Depreciation and amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 1,326 | 1,464 | 1,308 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 1,297 | 350 | 1,279 |
Total assets | 34,641 | ' | ' | ' | 35,670 | ' | ' | ' | 34,641 | 35,670 | ' |
Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interunit transfers | ' | ' | ' | ' | ' | ' | ' | ' | ($1,463) | ($1,018) | ($1,392) |
Segments_of_Business_Schedule_1
Segments of Business (Schedule Of Operations By Geographic Area) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 27, 2013 | Jun. 28, 2013 | Mar. 29, 2013 | Dec. 28, 2012 | Sep. 28, 2012 | Jun. 29, 2012 | Mar. 30, 2012 | Dec. 30, 2011 | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $77,315 | $129,772 | $132,100 | $87,274 | $74,795 | $128,595 | $128,726 | $80,176 | $426,461 | $412,292 | $407,422 |
Total assets | 288,350 | ' | ' | ' | 263,632 | ' | ' | ' | 288,350 | 263,632 | ' |
Long-term assets | 91,739 | ' | ' | ' | 65,872 | ' | ' | ' | 91,739 | 65,872 | ' |
Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interunit transfers | ' | ' | ' | ' | ' | ' | ' | ' | -1,463 | -1,018 | -1,392 |
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unaffiliated customers | ' | ' | ' | ' | ' | ' | ' | ' | 327,606 | 307,090 | 298,193 |
Interunit transfers | ' | ' | ' | ' | ' | ' | ' | ' | 19,881 | 18,972 | 18,276 |
Total assets | 196,166 | ' | ' | ' | 167,545 | ' | ' | ' | 196,166 | 167,545 | ' |
Long-term assets | 85,100 | ' | ' | ' | 57,894 | ' | ' | ' | 85,100 | 57,894 | ' |
Europe [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unaffiliated customers | ' | ' | ' | ' | ' | ' | ' | ' | 46,740 | 55,651 | 66,681 |
Interunit transfers | ' | ' | ' | ' | ' | ' | ' | ' | 12,018 | 10,776 | 9,854 |
Total assets | 56,759 | ' | ' | ' | 57,273 | ' | ' | ' | 56,759 | 57,273 | ' |
Long-term assets | 5,957 | ' | ' | ' | 7,350 | ' | ' | ' | 5,957 | 7,350 | ' |
Other Geographic Areas [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unaffiliated customers | ' | ' | ' | ' | ' | ' | ' | ' | 52,115 | 49,551 | 42,548 |
Interunit transfers | ' | ' | ' | ' | ' | ' | ' | ' | 668 | 2,149 | 2,324 |
Total assets | 35,425 | ' | ' | ' | 38,814 | ' | ' | ' | 35,425 | 38,814 | ' |
Long-term assets | 682 | ' | ' | ' | 628 | ' | ' | ' | 682 | 628 | ' |
Other Geographic Areas [Member] | Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interunit transfers | ' | ' | ' | ' | ' | ' | ' | ' | ($32,567) | ($31,897) | ($30,454) |
Litigation_Details
Litigation (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 28, 2012 |
Litigation [Abstract] | ' |
Settlement Payment Received | $3,500 |
Litigation Settlement Recovery | $3,500 |
Significant_Event_Details
Significant Event (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 |
Extraordinary Item [Line Items] | ' | ' | ' |
Flood Insurance Proceeds Received | $1,488 | $2,000 | $1,000 |
Flood Costs Incurred | 81 | 1,578 | 1,868 |
Outdoor Equipment [Member] | ' | ' | ' |
Extraordinary Item [Line Items] | ' | ' | ' |
Flood Expense | ' | 19 | 257 |
Gain on Business Interruption Insurance Recovery | 771 | 220 | ' |
Gain (loss) on Fixed Asset Replacement | ' | $246 | ' |
Restructuring_Narrative_Detail
Restructuring (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 |
employee | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring and Related Activities, Initiation Date | 11-Jul-12 | ' | ' |
Restructuring and Related Cost, Expected Number of Positions Eliminated | 24 | ' | ' |
Provision for Doubtful Accounts | $769 | $1,558 | $448 |
Restructuring and Related Cost, Expected Cost | 2,610 | ' | ' |
Trade Accounts Receivable Restructuring Related [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Provision for Doubtful Accounts | $60 | $450 | ' |
Restructuring_Schedule_Of_Rest
Restructuring (Schedule Of Restructuring Reserve) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Beginning Balance | $528 | ' |
Charges to earnings | 1,589 | 1,018 |
Settlement payments | -1,611 | -490 |
Ending Balance | 506 | 528 |
Employee Termination Costs [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Beginning Balance | 428 | ' |
Charges to earnings | 766 | 574 |
Settlement payments | -1,110 | -146 |
Ending Balance | 84 | 428 |
Contract Exit Costs [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Beginning Balance | ' | ' |
Charges to earnings | 315 | 282 |
Settlement payments | -96 | -282 |
Ending Balance | 219 | ' |
Other Exit Costs [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Beginning Balance | 100 | ' |
Charges to earnings | 508 | 162 |
Settlement payments | -405 | -62 |
Ending Balance | $203 | $100 |
Valuation_And_Qualifying_Accou2
Valuation And Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 |
Allowance For Doubtful Accounts [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at Beginning of Year | $4,172 | $3,076 | $2,987 |
Additions Charged to Costs and Expenses | 769 | 1,558 | 448 |
Less Deductions | 1,182 | 462 | 359 |
Balance at End of Year | 3,759 | 4,172 | 3,076 |
Reserves For Inventory Valuation [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at Beginning of Year | 5,679 | 6,405 | 4,851 |
Additions Charged to Costs and Expenses | 1,269 | 2,307 | 3,317 |
Less Deductions | 2,933 | 3,033 | 1,763 |
Balance at End of Year | 4,015 | 5,679 | 6,405 |
Valuation Of Deferred Tax Assets [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at Beginning of Year | 13,299 | 14,300 | 39,178 |
Additions Charged to Costs and Expenses | 1,262 | 1,461 | 2,915 |
Less Deductions | 5,082 | 2,462 | 27,793 |
Balance at End of Year | 9,479 | 13,299 | 14,300 |
Reserves For Sales Returns [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at Beginning of Year | 1,367 | 1,484 | 1,181 |
Additions Charged to Costs and Expenses | 1,857 | 1,995 | 2,462 |
Less Deductions | 2,095 | 2,112 | 2,159 |
Balance at End of Year | $1,129 | $1,367 | $1,484 |
Quarterly_Financial_Summary_De
Quarterly Financial Summary (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 27, 2013 | Jun. 28, 2013 | Mar. 29, 2013 | Dec. 28, 2012 | Sep. 28, 2012 | Jun. 29, 2012 | Mar. 30, 2012 | Dec. 30, 2011 | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 |
Net sales | $77,315 | $129,772 | $132,100 | $87,274 | $74,795 | $128,595 | $128,726 | $80,176 | $426,461 | $412,292 | $407,422 |
Gross profit | 28,814 | 54,337 | 54,084 | 33,814 | 28,447 | 54,247 | 50,527 | 31,101 | 171,049 | 164,322 | 163,135 |
Operating profit (loss) | -4,706 | 16,133 | 12,638 | 1,526 | -3,071 | 14,222 | 13,981 | -3,719 | 25,591 | 21,413 | 17,670 |
Income (loss) before income taxes | -4,523 | 15,510 | 13,063 | 610 | -4,294 | 14,044 | 13,278 | -3,102 | 24,660 | 19,926 | 12,250 |
Income tax expense (benefit) | -1,012 | 1,856 | 4,126 | 363 | -1,094 | 5,049 | 5,995 | -158 | 5,333 | 9,792 | -20,394 |
Net income | ($3,511) | $13,654 | $8,937 | $247 | ($3,200) | $8,995 | $7,283 | ($2,944) | $19,327 | $10,134 | $32,644 |
Class A [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) per common share - Basic | ($0.36) | $1.39 | $0.91 | $0.03 | ($0.33) | $0.92 | $0.75 | ($0.30) | $1.98 | $1.04 | $3.40 |
Net income (loss) per common share - Diluted | ($0.35) | $1.37 | $0.90 | $0.02 | ($0.32) | $0.91 | $0.74 | ($0.30) | $1.95 | $1.03 | $3.36 |
Class B [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) per common share - Basic | ($0.33) | $1.26 | $0.83 | $0.02 | ($0.28) | $0.84 | $0.68 | ($0.30) | $1.79 | $0.94 | $3.07 |
Net income (loss) per common share - Diluted | ($0.35) | $1.37 | $0.90 | $0.02 | ($0.32) | $0.91 | $0.74 | ($0.30) | $1.95 | $1.03 | $3.36 |
Acquisition_Narrative_Details
Acquisition (Narrative) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 27, 2013 |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Acquisition Transaction Costs To Date | $361 |
Business Acquisition, Cost of Acquired Entity, Transaction Costs | 295 |
Indemnity Escrow Amount | 3,200 |
Business Acquisition, Cost of Acquired Entity, Cash Paid | 15,420 |
Business Acquisition, Description of Acquired Entity | 'founded and based in Manchester, New Hampshire, designs and manufactures the world's top brand of portable outdoor cooking systems |
Business Acquisition, Name of Acquired Entity | 'Jetboil, Inc. ("Jetboil") |
Business Acquisition, Date of Acquisition Agreement | 14-Nov-12 |
Business Acquisition, Purchase Price Allocation, Goodwill, Expected Tax Deductible Amount | 0 |
Business Combination, Control Obtained Description | 'the Company acquired all of the outstanding common and preferred stock |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '12 years 3 months 18 days |
Trade Names [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Acquired Indefinite-lived Intangible Asset, Amount | $5,400 |
Acquisition_Provisional_Amount
Acquisition (Provisional Amounts Adjustment) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 27, 2013 |
Acquisition [Abstract] | ' |
Financial assets | ($33) |
Inventories | -159 |
Property, plant and equipment | 80 |
Identifiable intangible assets and goodwill | 3,865 |
Deferred tax liabilities | 4,257 |
Financial liabilities | ($390) |
Acquisition_Identifiable_Asset
Acquisition (Identifiable Assets Acquired and Liabilities Assumed) (Details) (Jetboil Inc [Member], USD $) | Sep. 27, 2013 |
In Thousands, unless otherwise specified | |
Jetboil Inc [Member] | ' |
Accounts receivable | $1,184 |
Inventory | 2,232 |
Other current assets | 167 |
Property, plant and equipment | 314 |
Identifiable intangible assets | 10,400 |
Less, accounts payable and accruals | 1,111 |
Less, deferred tax liabilities | 4,241 |
Total identifiable net assets | 8,945 |
Goodwill | 6,475 |
Net assets acquired | $15,420 |
Acquisition_Intangibles_Acquir
Acquisition (Intangibles Acquired) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 27, 2013 |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '12 years 3 months 18 days |
Noncontractual customer relationships [Member] | Jetboil Inc [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '15 years |
Acquired Finite-lived Intangible Asset, Amount | 3,700 |
Noncompete agreements [Member] | Jetboil Inc [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '4 years |
Acquired Finite-lived Intangible Asset, Amount | 1,060 |
Patents [Member] | Jetboil Inc [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '7 years |
Acquired Finite-lived Intangible Asset, Amount | 240 |
Acquisition_Acquiree_Net_Sales
Acquisition (Acquiree Net Sales And Operating Profit) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Sep. 27, 2013 | Jun. 28, 2013 | Mar. 29, 2013 | Dec. 28, 2012 | Sep. 28, 2012 | Jun. 29, 2012 | Mar. 30, 2012 | Dec. 30, 2011 | Sep. 27, 2013 | Sep. 28, 2012 | Sep. 30, 2011 | Sep. 27, 2013 | Dec. 30, 2012 | Dec. 30, 2011 |
Jetboil Inc [Member] | Jetboil Inc [Member] | Jetboil Inc [Member] | ||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10,672 | $13,745 | $10,775 |
Operating profit | ($4,706) | $16,133 | $12,638 | $1,526 | ($3,071) | $14,222 | $13,981 | ($3,719) | $25,591 | $21,413 | $17,670 | $564 | $2,469 | $1,203 |