Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Oct. 02, 2015 | Nov. 27, 2015 | Apr. 02, 2015 | |
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Oct. 2, 2015 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,015 | ||
Entity Registrant Name | JOHNSON OUTDOORS INC | ||
Entity Central Index Key | 788,329 | ||
Current Fiscal Year End Date | --10-02 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Public Float | $ 139,000,000 | ||
Class A [Member] | |||
Entity Common Stock, Shares Outstanding | 8,770,612 | ||
Class B [Member] | |||
Entity Common Stock, Shares Outstanding | 1,212,382 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
Net sales | $ 430,489 | $ 425,410 | $ 426,461 |
Cost of sales | 258,756 | 256,797 | 255,412 |
Gross profit | 171,733 | 168,613 | 171,049 |
Operating expenses: | |||
Marketing and selling | 93,707 | 87,902 | 88,218 |
Administrative management, finance and information systems | 43,690 | 39,078 | 41,894 |
Goodwill and other intangible assets impairment | 8,475 | ||
Research and development | 16,483 | 16,467 | 15,346 |
Total operating expenses | 153,880 | 151,922 | 145,458 |
Operating profit | 17,853 | 16,691 | 25,591 |
Interest income | (64) | (85) | (91) |
Interest expense | 865 | 788 | 1,285 |
Other expense (income), net | 1,299 | (1,434) | (263) |
Profit before income taxes | 15,753 | 17,422 | 24,660 |
Income tax expense | 5,137 | 8,299 | 5,333 |
Net income (loss) | $ 10,616 | $ 9,123 | $ 19,327 |
Dilutive stock options and restricted stock units | 3 | 6 | |
Weighted average common shares - Dilutive | 9,727 | 9,635 | 9,523 |
Class A [Member] | |||
Weighted average common shares - Basic: | |||
Weighted average common shares - Basic | 8,515 | 8,420 | 8,305 |
Net (loss) income per common share - Basic: | |||
Net (loss) income per common share - Basic | $ 1.08 | $ 0.93 | $ 1.98 |
Net (loss) income per common share - Diluted: | |||
Net (loss) income per common share - Diluted | 1.06 | 0.90 | $ 1.95 |
Dividends declared per common share: | |||
Dividends Per Common Share | $ 0.31 | $ 0.38 | |
Class B [Member] | |||
Weighted average common shares - Basic: | |||
Weighted average common shares - Basic | 1,212 | 1,212 | 1,212 |
Net (loss) income per common share - Basic: | |||
Net (loss) income per common share - Basic | $ 0.98 | $ 0.84 | $ 1.79 |
Net (loss) income per common share - Diluted: | |||
Net (loss) income per common share - Diluted | 1.06 | 0.90 | $ 1.95 |
Dividends declared per common share: | |||
Dividends Per Common Share | $ 0.28 | $ 0.34 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
Consolidated Statements Of Comprehensive Income [Abstract] | |||
Net income | $ 10,616 | $ 9,123 | $ 19,327 |
Foreign currency translation (loss) gain | (8,348) | (5,500) | (28) |
Write off of currency translation adjustment loss (gain) | 177 | 135 | (84) |
Change in pension plans, net of tax of $541, $750 and $1,976, respectively | (970) | (1,223) | 3,223 |
Amortization of unrealized loss on interest rate swap | 138 | ||
Total other comprehensive income (loss) | (9,141) | (6,588) | 3,249 |
Total comprehensive income | $ 1,475 | $ 2,535 | $ 22,576 |
Consolidated Statements of Com4
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
Consolidated Statements Of Comprehensive Income [Abstract] | |||
Change in pension plan, tax | $ 541 | $ 750 | $ 1,976 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 02, 2015 | Oct. 03, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 69,159 | $ 70,793 |
Accounts receivable, net | 44,798 | 44,452 |
Inventories | 79,919 | 66,341 |
Deferred income taxes | 10,649 | 8,360 |
Other current assets | 4,845 | 7,604 |
Total current assets | 209,370 | 197,550 |
Property, plant and equipment, net of accumulated depreciation of $116,902 and $108,668, respectively | 45,287 | 46,100 |
Deferred income taxes | 5,218 | 5,353 |
Goodwill | 14,292 | 14,416 |
Other intangible assets, net | 11,688 | 12,518 |
Other assets | 13,349 | 12,689 |
Total assets | $ 299,204 | $ 288,626 |
Current liabilities: | ||
Short-term Bank Loans and Notes Payable | ||
Current maturities of long term debt | $ 368 | $ 360 |
Accounts payable | 28,455 | 27,896 |
Accrued liabilities: | ||
Salaries, wages and benefits | 16,815 | 14,780 |
Accrued warranty | 4,301 | 4,078 |
Income taxes payable | 3,837 | 833 |
Other | 15,778 | 12,285 |
Total current liabilities | 69,554 | 60,232 |
Long-term debt, less current maturities | 7,062 | 7,431 |
Deferred income taxes | 1,182 | 1,133 |
Retirement benefits | 10,118 | 7,804 |
Other liabilities | 13,320 | 13,568 |
Total liabilities | $ 101,236 | $ 90,168 |
Shareholders' equity: | ||
Preferred stock: none issued | ||
Common stock: | ||
Capital in excess of par value | $ 69,545 | $ 67,882 |
Retained earnings | 125,173 | 117,573 |
Accumulated other comprehensive income | 3,637 | 12,778 |
Treasury stock at cost, shares of Class A common stock: 33,241 and 11,203, respectively | (889) | (275) |
Total shareholders' equity | 197,968 | 198,458 |
Total liabilities and shareholders' equity | 299,204 | 288,626 |
Class A [Member] | ||
Common stock: | ||
Shares issued and outstanding | 441 | 439 |
Class B [Member] | ||
Common stock: | ||
Shares issued and outstanding | $ 61 | $ 61 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Oct. 02, 2015 | Oct. 03, 2014 |
Property, plant and equipment, accumulated depreciation | $ 116,902 | $ 108,668 |
Preferred Stock, Shares Issued | 0 | 0 |
Treasury stock, shares | 33,241 | 11,203 |
Class A [Member] | ||
Common stock, shares issued | 8,770,612 | 8,769,426 |
Common stock, shares outstanding | 8,770,612 | 8,769,426 |
Class B [Member] | ||
Common stock, shares issued | 1,212,382 | 1,212,382 |
Common stock, shares outstanding | 1,212,382 | 1,212,382 |
Consolidated Statements Of Shar
Consolidated Statements Of Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Capital In Excess Of Par Value [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
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 | |||||
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 loss (gain) | (84) | (84) | ||||
Change in pension plans, net of tax | 3,223 | |||||
Purchase of treasury stock at cost | (886) | |||||
Purchase of treasury stock at cost, Shares | (43,464) | |||||
Reissue of treasury stock | (94) | 180 | ||||
Reissue of treasury stock, Shares | 8,300 | |||||
Amortization of unrealized loss on interest rate swaps | 138 | (138) | ||||
Balance at Sep. 27, 2013 | $ 499 | 66,374 | 112,144 | (715) | 19,366 | |
Balance, Shares at Sep. 27, 2013 | 9,937,404 | |||||
Net income | 9,123 | 9,123 | ||||
Dividends declared | (3,694) | |||||
Issuance of stock under employee stock purchase plan | $ 1 | 328 | ||||
Issuance of stock under employee stock purchase plan, Shares | 15,969 | |||||
Award of non-vested shares, Shares | 4,910 | |||||
Stock-based compensation | 1,688 | |||||
Tax effect on stock based awards | 493 | |||||
Currency translation adjustment | (5,500) | (5,500) | ||||
Write off of currency translation adjustment loss (gain) | 135 | 135 | ||||
Change in pension plans, net of tax | (1,223) | |||||
Purchase of treasury stock at cost | (605) | |||||
Purchase of treasury stock at cost, Shares | (23,399) | |||||
Reissue of treasury stock | (1,001) | 1,045 | ||||
Reissue of treasury stock, Shares | 46,924 | |||||
Balance at Oct. 03, 2014 | $ 500 | 67,882 | 117,573 | (275) | 12,778 | |
Balance, Shares at Oct. 03, 2014 | 9,981,808 | |||||
Net income | 10,616 | 10,616 | ||||
Dividends declared | (3,016) | |||||
Exercise of stock options | 77 | |||||
Issuance of stock under employee stock purchase plan | $ 2 | 194 | ||||
Issuance of stock under employee stock purchase plan, Shares | 8,062 | |||||
Award of non-vested shares, Shares | 40,526 | |||||
Stock-based compensation | 1,573 | |||||
Tax effect on stock based awards | (8) | |||||
Currency translation adjustment | (8,348) | (8,348) | ||||
Write off of currency translation adjustment loss (gain) | 177 | $ 177 | ||||
Change in pension plans, net of tax | (970) | |||||
Non-vested stock forfeitures | (25,364) | |||||
Purchase of treasury stock at cost | (865) | |||||
Purchase of treasury stock at cost, Shares | (31,934) | |||||
Reissue of treasury stock | (173) | 251 | ||||
Reissue of treasury stock, Shares | 9,896 | |||||
Balance at Oct. 02, 2015 | $ 502 | $ 69,545 | $ 125,173 | $ (889) | $ 3,637 | |
Balance, Shares at Oct. 02, 2015 | 9,982,994 |
Consolidated Statements Of Sha8
Consolidated Statements Of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
Statement of Stockholders' Equity [Abstract] | |||
Change in pension plans, tax | $ 541 | $ 750 | $ 1,976 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
CASH PROVIDED BY OPERATING ACTIVITIES | |||
Net income | $ 10,616 | $ 9,123 | $ 19,327 |
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | |||
Depreciation | 10,846 | 9,978 | 9,105 |
Amortization of intangible assets | 856 | 765 | 650 |
Amortization of deferred financing costs | 122 | 120 | 315 |
Impairment losses | 8,475 | ||
Stock based compensation | 1,606 | 1,744 | 1,488 |
Amortization of deferred loss on interest rate swap | 138 | ||
Write off of currency translation adjustment loss (gain) | 178 | 135 | (84) |
Provision for doubtful accounts receivable | 292 | 288 | 769 |
Provision for inventory reserves | 2,123 | 1,043 | 1,269 |
Deferred income taxes | (1,485) | 2,667 | 1,613 |
Change in operating assets and liabilities: | |||
Accounts receivable, net | (2,534) | (1,484) | (3,144) |
Inventories, net | (17,999) | 7,815 | (8,115) |
Accounts payable and accrued liabilities | 10,582 | (3,825) | 3,336 |
Other current assets | 2,599 | (4,197) | 3,377 |
Other non-current assets | (284) | (565) | (1,817) |
Other long-term liabilities | (160) | 1,145 | 1,595 |
Other, net | 698 | (9) | 181 |
Cash provided by operating activities | 18,056 | 33,218 | 30,003 |
CASH USED FOR INVESTING ACTIVITIES | |||
Payments for purchase of business | (15,420) | ||
Capital expenditures | (10,409) | (13,263) | (16,333) |
Proceeds from sales of property, plant and equipment | 15 | 1,376 | |
Cash used for investing activities | (10,394) | (11,887) | (31,753) |
CASH USED FOR FINANCING ACTIVITIES | |||
Principal payments on senior notes and other long-term debt | (360) | (542) | (528) |
Deferred financing costs paid to lenders | (34) | (339) | |
Common stock transactions | 202 | 638 | 712 |
Dividends paid | (2,966) | (2,955) | |
Purchases of treasury stock | (865) | (605) | (886) |
Cash used for financing activities | (3,989) | (3,498) | (1,041) |
Effect of foreign currency rate changes on cash | (5,307) | (2,734) | (419) |
(Decrease) Increase in cash and cash equivalents | (1,634) | 15,099 | (3,210) |
CASH AND CASH EQUIVALENTS | |||
Beginning of period | 70,793 | 55,694 | 58,904 |
End of period | $ 69,159 | $ 70,793 | $ 55,694 |
Indebtedness
Indebtedness | 12 Months Ended |
Oct. 02, 2015 | |
Indebtedness [Abstract] | |
Indebtedness | 2 INDEBTEDNESS Debt was comprised of the following at October 2, 2015 and October 3, 2014: October 2 2015 October 3 2014 Term loans $ $ Revolvers - - Other - Total debt Less current portion of long term debt Less short term debt - - Total long-term debt $ $ 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 October 2, 2015 and October 3, 2014. 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 4 % 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 under this facility may not exceed $60,000 from the period June 30 th through October 31 st of each year under the agreement . The Company had no borrowings against the Revolving Credit Facility as of October 2, 2015 or October 3, 2014. The interest rate on the Revolver is based on LIBOR plus an applicable margin. The applicable margin resets each quarter and ranges from 1.25% to 2.00% and is dependent on the Company’s leverage ratio for the trailing twelve month period . The interest rate on the Revolver at October 2, 2015 and October 3, 2014 was approximately 1.4% . 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 October 2, 2015. The Company utilizes letters of credit primarily as security for the payment of future claims under its workers’ compensation insurance which totaled $ 684 and $ 691 at October 2, 2015 and October 3, 2014, respectively. The Company had no unsecured lines of credit as of October 2, 2015 or October 3, 2014. Aggregate scheduled maturities of long-term debt as of October 2, 2015 were as follows: Fiscal Year 2016 $ 2017 2018 2019 2020 Thereafter Total $ Interest paid was $ 754 , $ 672 and $ 915 for 2015 , 2014 and 2013 , respectively. The weighted average borrowing rate for short-term debt was approximately 1.4 %, 1.4 % and 2.5 % for 2015 , 2014 and 2013 , 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 October 2, 2015 and October 3, 2014. See Note 4 of these 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) at 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 27 , 201 5 , the Johnson Family held 3,831,731 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 Hedg
Derivative Instruments And Hedging Activities | 12 Months Ended |
Oct. 02, 2015 | |
Derivative Instruments And Hedging Activities [Abstract] | |
Derivative Instruments And Hedging Activities | 3 DERIVATIVE 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 these 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 18 % of the Company’s revenues for the fiscal year ended October 2, 2015 were denominated in currencies other than the U.S. dollar. Approximately 8 % were denominated in euros and approximately 6% were denominated in Canadian dollars, with the remaining 4 % denominated in various other foreign currencies. Changes in foreign currency exchange rates can cause unexpected financial losses or cash flow needs. The Company may mitigate the impact on its operating results of 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 may use 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. As of October 2, 2015 and October 3, 2014, 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. The Company held no interest rate swap contracts in 2015 or 2014. As of October 2, 2015, the Company was unhedged with respect to interest rate risk on its floating rate debt. The following discloses the location of the Company’s loss reclassified from Accumulated Other Comprehensive Income (“AOCI”) into net income related to previously held derivative instruments during the years ended October 2, 2015, October 3, 2014, and September 27, 2013: Loss reclassified from AOCI into: 2015 2014 2013 Interest expense $ - $ - $ 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 October 2, 2015, October 3, 2014 and September 27, 2013: Location of loss (gain) Derivatives not designated as recognized in Statement hedging instruments of Operations 2015 2014 2013 Foreign exchange forward contract Other expense (income), net $ - $ - $ |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Oct. 02, 2015 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | 4 FAIR 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 October 2, 2015: Level 1 Level 2 Level 3 Total Assets: Rabbi trust assets $ $ - $ - $ The following table summarizes the Company's financial assets measured at fair value as of October 3, 2014: Level 1 Level 2 Level 3 Total Assets: Rabbi trust assets $ $ - $ - $ 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 expense (income), net” in the accompanying Consolidated Statements of Operations. The effect of changes in the fair value of financial instruments on the Consolidated Statements of Operations for the years ended October 2, 2015, October 3, 2014 and September 27, 2013, was: Location of loss (income) recognized in Statement of Operations 2015 2014 2013 Rabbi trust assets Other expense (income), net $ $ $ Foreign currency forward contracts Other expense (income), net - - Certain assets and liabilities are measured at fair value on a non-recurring basis in periods subsequent to their initial recognition. During 2014, the Company recorded a $2,000 impairment charge in “Goodwill and other intangible assets impairment” on a trademark held by the Outdoor Equipment business reducing its fair value to $3,400 . The Company also recorded an impairment charge on goodwill held by the Outdoor Equipment business during 2014. A $6,475 charge was included in “Goodwill and other intangible assets impairment” related to this impairment during 2014. See further discussion of these impairment charges at Note 1 7 of these Notes to Consolidated Financial Statements. The following table summarizes the Company’s assets measured at fair value on a non-recurring basis as of October 3, 2014 and the losses recognized as a result of this measurement in 2014. The assets and losses were all included in the Outdoor Equipment segment. Level 1 Level 2 Level 3 Losses incurred Goodwill $ - $ - $ - $ Tradename - - No assets or liabilities were measured at fair value on a non-recurring basis in 2015. |
Leases And Other Commitments
Leases And Other Commitments | 12 Months Ended |
Oct. 02, 2015 | |
Leases And Other Commitments [Abstract] | |
Leases And Other Commitments | 5 Leases 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 October 2, 2015 were as follows: Year Related parties included in total Total 2016 $ $ 2017 2018 2019 2020 Thereafter Rental expense under all leases was approximately $ 6,933 , $8,360 and $ 8,627 for 2015 , 2014 and 2013 , respectively. Rent expense to related parties was $873 , $ 970 and $ 1,127 for 2015 , 2014 and 2013 , respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Oct. 02, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | 6 INCOME TAXES The U.S. and foreign income before income taxes for the respective years consisted of the following: 2015 2014 2013 United States $ $ $ Foreign $ $ $ Income tax expense for the respective years consisted of the following: 2015 2014 2013 Current: Federal $ $ $ State Foreign Deferred $ $ $ 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: 2015 2014 Deferred tax assets: Inventories $ $ Compensation Tax credit carryforwards Net operating loss carryforwards Other Total gross deferred tax assets Less valuation allowance Deferred tax assets Deferred tax liabilities: Goodwill and other intangibles Depreciation and amortization Foreign statutory reserves Net deferred tax assets $ $ The net deferred tax assets recorded in the accompanying Consolidated Balance Sheet as of the years ended October 2, 2015 and October 3, 2014 were as follows: 2015 2014 Current assets $ $ Non-current assets Non-current liabilities Net deferred tax assets $ $ 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: 2015 2014 2013 Statutory U.S. federal income tax rate % % % Foreign rate differential State income tax, net of federal benefit Tax credit Deferred tax asset valuation allowance Unrecognized tax benefit - Goodwill impairment - Other % % % The Company’s net operating loss carryforwards and their expirations as of October 2, 2015 were as follows: State Foreign Total Year of expiration 2016 - 2020 $ $ $ 2021 - 2025 2026 - 2030 - 2031 - 2035 - Indefinite - Total $ $ $ The Company has tax credit carryforwards comprised of state credits as shown in the table below. State Federal Total Year of expiration 2016 - 2020 $ $ - $ 2021 - 2025 - 2026 - 2030 - 2031 - 2035 - Indefinite - Total $ $ $ 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 a jurisdiction’s cumulative losses and expiring tax carryforwards. The negative impact of the valuation allowance in 2015 was primarily the result of more likely than not realizing a significant portion of the U.S. state deferred tax assets. In the fourth quarter of 2015, the Company reached the conclusion that it was appropriate to (1) release the valuation allowance against the Italian deferred tax assets due to the sustained positive operating performance of its Italy operations and (2) setup a valuation allowance against the deferred tax assets in Australia and Switzerland due to continued negative operating performance in both of these jurisdictions. The positive impact of the valuation allowance in fiscal 2014 of a tax benefit was primarily the result of earnings in Italy, Netherlands, Spain and United Kingdom offsetting operating losses in France, Japan and New Zealand. The Company believed at that time that the negative evidence continued to outweigh the positive evidence and, as such, the valuation allowance during fiscal 2014 remained in place. For 2013, the positive impact of the valuation allowance on tax expense was primarily the result of the expected usage of foreign tax credits, offset in part by increases in foreign valuation allowances. Operating losses in France, Netherlands, New Zealand and the United Kingdom were partially offset by income in Italy, Spain and Japan. Taxes paid were $2,269 , $6,581 and $ 2,399 for 2015, 2014 and 2013, respectively. 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 and penalties with respect to income taxes was approximately $787 and $778 for the years ended October 2, 2015 and October 3, 2014, respectively. Interest and penalties of $148 , $186 and ($21) were recorded as a component of income tax expense (benefit) in the accompanying Consolidated Statements of Operations during fiscal years 2015, 2014 and 2013, respectively. A reconciliation of the beginning and ending amount of unrecognized tax benefits for the last three fiscal years was as follows: Balance at September 28, 2012 $ Settlement Lapse of statute of limitations Gross increases - tax positions in period Balance at September 27, 2013 $ Settlement - Lapse of statute of limitations Gross increases - tax positions in period Balance at October 3, 2014 $ Settlement Lapse of statute of limitations Gross increases - tax positions in period Balance at October 2, 2015 $ The Company has not provided additional U.S. income taxes on $104,481 of undistributed earnings of consolidated foreign subsidiaries included in shareholders’ equity attributable to the Company. 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 October 2, 2015, the Company held approximately $55,492 of cash and cash equivalents in foreign jurisdictions. The Company is currently undergoing examinations in Italy and Germany. 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 aforementioned audits may result in adjustments to 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 2012 - 2015 Canada 2011 - 2015 France 2011 - 2015 Germany 2010 - 2015 Italy 2010 - 2015 Japan 2012 - 2015 Switzerland 2005 - 2015 |
Employee Benefits
Employee Benefits | 12 Months Ended |
Oct. 02, 2015 | |
Employee Benefits [Abstract] | |
Employee Benefits | 7 EMPLOYEE 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 2015 and 2014 was as follows: 2015 2014 Projected benefit obligation: Projected benefit obligation, beginning of year $ $ Service cost - - Interest cost Actuarial loss Benefits paid Projected benefit obligation, end of year Fair value of plan assets: Fair value of plan assets, beginning of year Actual (loss) gain on plan assets Company contributions Benefits paid Fair value of plan assets, end of year Funded status of the plans Amounts recognized in the Consolidated Balance Sheets consist of: Current pension liabilities Non-current pension liabilities Accumulated other comprehensive loss Components of accumulated other comprehensive loss: Net actuarial loss Accumulated other comprehensive loss $ $ Net periodic benefit cost for the non-contributory defined benefit pension plans for the respective years included the following pre-tax amounts: 2015 2014 2013 Interest cost $ $ $ Expected return on plan assets Amortization of unrecognized net actuarial loss Net periodic pension cost Other changes in benefit obligations recognized in other comprehensive income (loss), ("OCI"): Net actuarial loss (gain) Total recognized in net periodic pension cost and OCI $ $ $ The Company expects to recognize $ 506 of unrecognized loss amortization as a component of net periodic benefit cost in 2016. This amount is included in accumulated other comprehensive income as of October 2, 2015. At October 2, 2015, the aggregate accumulated benefit obligation and aggregate fair value of plan assets for plans with benefit obligations in excess of plan assets was $26,212 and $ 17 ,020 , respectively, and there were no plans with plan assets in excess of benefit obligations. At October 3, 2014, the aggregate accumulated benefit obligation and aggregate fair value of plan assets for plans with benefit obligations in excess of plan assets was $ 25,301 and $ 17,551 , 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 $476 through September 30, 2016. Estimated benefit payments from the Company’s defined benefit plans to participants for each of the next five years and the five years thereafter are as follows: 2016 $ 2017 2018 2019 2020 Five years thereafter 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 Discount rate Long-term rate of return N/A N/A N/A Average salary increase rate N/A N/A N/A N/A N/A N/A The change in discount rates in 2015 resulted in an actuarial gain during 2015 of approximately $390 . The change in discount rates in 2014 resulted in actuarial losses during 2014 of approximately $2,640 . The change in discount rates in 2013 resulted in an actuarial gain during 2013 of approximately $3,500 . The remainder of the actuarial gains or losses for each of the three years was related to adjustments to mortality tables and other modifications to actuarial assumptions. 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 October 2, 2015 and October 3, 2014, by asset category were as follows: Equity securities Fixed income securities Other securities 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 October 2, 2015: Level 1 Level 2 Level 3 Total Description: Mutual fund $ $ - $ - $ Money market funds - - Group annuity contract - - Total $ $ - $ $ The following table summarizes the Company’s pension plan assets measured at fair value as of October 3, 2014: Level 1 Level 2 Level 3 Total Description: Mutual fund $ $ - $ - $ Money market funds - - Group annuity contract - - Total $ $ - $ $ 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 October 2, 2015 and October 3, 2014: 2015 2014 Level 3 assets, beginning of year $ $ Purchases Unrealized loss Sales Level 3 assets, end of year $ $ The fair values of the money market fund and mutual fund assets 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 $11,445 and $ 10,938 as of October 2, 2015 and October 3, 2014, respectively. A majority of the Company’s full-time employees are covered by defined contribution programs. Expenses attributable to the defined contribution programs were approximately $1,093 , $1,061 and $ 931 for 2015, 2014 and 2013 , respectively. |
Preferred Stock
Preferred Stock | 12 Months Ended |
Oct. 02, 2015 | |
Accumulated Other Comprehensive Income [Abstract] | |
Preferred Stock | 8 PREFERRED 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 |
Oct. 02, 2015 | |
Accumulated Other Comprehensive Income [Abstract] | |
Common Stock | 9 COMMON 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: 2015 2014 Class A, $0.05 par value: Authorized Outstanding Class B, $0.05 par value: Authorized Outstanding 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 2015 and 2014, there were 0 and 38 shares of Class B common stock converted into Class A common stock, respectively. |
Stock-Based Compensation And St
Stock-Based Compensation And Stock Ownership Plans | 12 Months Ended |
Oct. 02, 2015 | |
Stock-Based Compensation And Stock Ownership Plans [Abstract] | |
Stock-Based Compensation And Stock Ownership Plans | 10 STOCK-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 685,138 shares of the Company’s Class A common stock available for grant to key executives and non-employee directors at October 2, 2015 . 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 the vesting of restricted stock of $482 , $493 and $572 for 20 15 , 201 4 and 201 3 , 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 201 5 , 201 4 or 201 3 . 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 September 27, 2013 $ Exercised Cancelled Outstanding and exercisable at October 3, 2014 Exercised Outstanding and exercisable at October 2, 2015 - - $ - - The intrinsic values of the stock received upon exercise of such options at their date of exercise during 201 5 , 201 4 and 201 3 were $ 221 , $ 96 and $ 171 , respectively. The Company received cash proceeds from stock option exercises totaling $ 118 , $ 78 and $ 86 for the years ending October 2, 2015 , October 3, 2014 and September 27, 2013 , 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 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 October 2, 2015 related to the Company’s stock ownership plans is as follows: Weighted Average Shares Grant Price Non-vested stock at September 27, 2013 $ Non-vested stock grants Restricted stock vested Non-vested stock at October 3, 2014 Non-vested stock grants Non-vested stock forfeited Restricted stock vested Non-vested stock at October 2, 2015 $ 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 30,353 and 24,719 during 201 5 and 201 4 , respectively. The fair value of restricted stock vested during 201 5 , 201 4 and 201 3 was approximately $3,294 , $3,123 and $3,607 , respectively. The weighted average grant date fair value for non-vested stock issued in 2015 and 2014 was $30.05 and $27.70 , respectively . Stock compensation expense, net of forfeitures, related to non-vested stock was $1,287 , $ 1,523 and $ 1,400 during 20 15 , 20 14 and 201 3 , respectively. The tax benefit recognized during 201 5 , 201 4 and 201 3 related to stock based compensation was $598 , $641 and $532 , respectively . Unrecognized compensation cost related to non-vested stock as of October 2, 2015 was $ 1,431 , which amount will be amortized to expense through November 2018 or adjusted for changes in future estimated or actual forfeitures. Restricted Stock Units All restricted stock units awarded by the Company during fiscal 2015 and in prior years 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 trading 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 7,336 , 10,792 and 6,600 restricted stock units at a weighted average grant date fair value of $33.40 , $22.71 and $22.73 for the years ended October 2, 2015, October 3, 2014 and September 27, 2013 , respectively. Stock compensation expense, net of forfeitures, related to restricted stock units was $286 , $165 and $88 for the years ended October 2, 2015, October 3, 2014 and September 27, 2013 , respectively. Unrecognized compensation cost related to non-vested restricted stock units as of October 2, 2015 was $102 , which amount will be amortized to expense through February 201 6 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 8,062 , 15,969 and 9,562 shares of Class A common stock under the Purchase Plan during the years 201 5 , 201 4 and 201 3 , respectively, and recognized expense of $ 33 , $ 57 and $ 41 in 201 5 , 201 4 and 201 3 , respectively. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Oct. 02, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 11 RELATED 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 $1,112 , $ 1,246 and $ 1,434 for 2015, 2014 and 2013, respectively. Amounts due to/from related parties were immaterial at October 2, 2015 and October 3, 2014 . |
Segments Of Business
Segments Of Business | 12 Months Ended |
Oct. 02, 2015 | |
Segments Of Business [Abstract] | |
Segments Of Business | 12 SEGMENTS 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 accompanying 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: 2015 2014 2013 Net sales: Marine Electronics: Unaffiliated customers $ $ $ Interunit transfers Outdoor Equipment: Unaffiliated customers Interunit transfers Watercraft: Unaffiliated customers Interunit transfers Diving Unaffiliated customers Interunit transfers Other / Corporate Eliminations Total $ $ $ Operating profit (loss): Marine Electronics $ $ $ Outdoor Equipment Watercraft Diving Other / Corporate $ $ $ Depreciation and amortization expense: Marine Electronics $ $ $ Outdoor Equipment Watercraft Diving Other / Corporate $ $ $ Capital expenditures: Marine Electronics $ $ $ Outdoor Equipment Watercraft Diving Other / Corporate $ $ $ Goodwill, net: Marine Electronics $ $ Outdoor Equipment - - Watercraft - - Diving $ $ Total assets (end of period): Marine Electronics $ $ Outdoor Equipment Watercraft Diving Other / Corporate $ $ A summary of the Company’s operations by geographic area is presented below: 2015 2014 2013 Net sales: United States: Unaffiliated customers $ $ $ Interunit transfers Europe: Unaffiliated customers Interunit transfers Canada: Unaffiliated customers Interunit transfers Other: Unaffiliated customers Interunit transfers Eliminations $ $ $ Total assets: United States $ $ Europe Canada and other $ $ Long-term assets (1) : United States $ $ Europe Canada and other $ $ (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 201 5 , 201 4 or 201 3 . |
Contingencies
Contingencies | 12 Months Ended |
Oct. 02, 2015 | |
Contingencies [Abstract] | |
Contingencies | 13 CONTINGENCIES 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. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Oct. 02, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Event | 14 SUBSEQUENT EVENT On October 27, 2015, the Company purchased certain assets for approximately $2,000 . On that same day, the Company also acquired a diving technology venture for approximately $3,000 . These transactions will be accounted for in the Diving segment. |
Valuation And Qualifying Accoun
Valuation And Qualifying Accounts | 12 Months Ended |
Oct. 02, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts | 15 VALUATION AND QUALIFYING ACCOUNTS The following summarizes changes to valuation and qualifying accounts for 2015 , 2014 and 2013 : Balance at Beginning of Year Additions Charged to Costs and Expenses Less Deductions Balance at End of Year Year ended October 2, 2015 Allowance for doubtful accounts $ $ $ $ Reserves for inventory valuation Valuation of deferred tax assets Reserves for sales returns Year ended October 3, 2014 Allowance for doubtful accounts $ $ $ $ Reserves for inventory valuation Valuation of deferred tax assets Reserves for sales returns Year ended September 27, 2013 Allowance for doubtful accounts $ $ $ $ Reserves for inventory valuation Valuation of deferred tax assets Reserves for sales returns |
Quarterly Financial Summary
Quarterly Financial Summary | 12 Months Ended |
Oct. 02, 2015 | |
Quarterly Financial Summary [Abstract] | |
Quarterly Financial Summary (Unaudited) | 1 6 QUARTERLY 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) 2015 2014 2015 2014 2015 2014 2015 2014 Net sales $ $ $ $ $ $ $ $ Gross profit Operating profit (loss) Income (loss) before income taxes Income tax expense (benefit) Net income (loss) $ $ $ $ $ $ $ $ Net income (loss) per common share - Basic: Class A $ $ $ $ $ $ $ $ Class B $ $ $ $ $ $ $ $ Net income (loss) per common share - Diluted: Class A $ $ $ $ $ $ $ $ Class B $ $ $ $ $ $ $ $ Due to changes in stock prices during the year and the 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 entire year. |
Acquisition
Acquisition | 12 Months Ended |
Oct. 02, 2015 | |
Acquisition [Abstract] | |
Acquisition | 17 Acquisition 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 might 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. On February 14, 2014, the Company filed an indemnity claim against the Sellers and, as a result, received a distribution of $1,600 from the escrow during the third fiscal quarter of 2014, which was recorded as a favorable adjustment in “Administrative management, finance and information systems” in the accompanying Consolidated Statement of Operations in the Outdoor Equipment segment. The remaining escrow balance was released to the Seller during the Company’s fiscal 2014. The acquisition included an indefinite lived tradename valued at $5,400 . During the third quarter of fiscal 2014, forecasted cash flows related to Jetboil declined from the assumptions used in the initial valuation. This change led the Company to perform an interim impairment test on the acquired indefinite lived intangible assets. The test consisted of comparing the carrying value of the assets to their fair value. The fair value was determined using a relief from royalty method under the income approach which uses projected revenue allocable to the tradename and a royalty rate at which it is assumed a market participant would be willing to incur as its cost to manufacture branded product. As a result of this analysis, the Company recognized an impairment charge of $2,000 in “Goodwill and other intangible asset impairment” in the accompanying Consolidated Statements of Operations in the Outdoor Equipment segment in the third quarter of fiscal 2014. Based on these same indicators of potential impairment, the Company also performed an impairment analysis on the goodwill related to the Outdoor Equipment-Consumer reporting unit using the income approach based on estimated cash flows. As of the measurement date of June 27, 2014, the carrying value of the reporting unit exceeded its indicated fair value. As a result, the Company proceeded to Step 2 of the impairment test and determined an impairment charge of $6,475 , the entire carrying amount, was required. The charge was included in “Goodwill and other intangible asset impairment” in the third quarter of fiscal 2014 in the accompanying Consolidated Statements of Operations in the Outdoor Equipment segment. The Company also evaluated long-lived assets and identified no impairment on those assets. There were no further impairment charges recorded in fiscal 2015. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Oct. 02, 2015 | |
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 year ended October 2, 2015 (hereinafter 2015) comprised 52 weeks. The fiscal year ended October 3, 2014 (hereinafter 2014) comprised 53 weeks. The fiscal year ended September 27, 2013 (hereinafter 2013) 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: October 2 October 3 2015 2014 Raw materials $ $ Work in process Finished goods $ $ |
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 applicable account 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: 2015 2014 Property improvements $ $ Buildings and improvements Furniture, fixtures and equipment Less accumulated depreciation $ $ |
Goodwill | 2015 2014 Property improvements $ $ Buildings and improvements Furniture, fixtures and equipment Less accumulated depreciation $ $ 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. See Note 1 7 for a discussion of the impairment charges recognized as a result of the impairment tests performed in 2014. The results of the impairment tests performed in 2015 and 2013 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 any remaining goodwill (or portion thereof) in future periods , and accordingly, whether any impairment losses need to be recorded in future periods . The changes in the carrying amount of those segments with goodwill and the composition of consolidated net goodwill for fiscal 2015 and 2014 were as follows: Segment Consolidated Marine Electronics Diving Outdoor Equipment Consolidated Gross Goodwill Accumulated Impairment Total Balance at September 27, 2013 $ $ $ $ $ $ $ Impairment - - - Amount attributable to movements in foreign currency rates - - - Balance at October 3, 2014 $ $ $ - $ $ $ $ Amount attributable to movements in foreign currency rates - - - Balance at October 2, 2015 $ $ $ - $ $ $ $ |
Other Intangible Assets | Other Intangible Assets Indefinite-lived intangible assets are also tested for impairment annually and, if certain events or circumstances indicate that an impairment loss may have been incurred, on an interim basis. There were no impairment losses recognized in fiscal 2015. During fiscal 2013, the acquisition of Jetboil resulted in indefinite-lived intangible assets of $5,400 consisting of the Jetboil tradename. During the third quarter of fiscal 2014, forecasted cash flows related to Jetboil declined from the assumptions used in the initial valuation. This change led the Company to perform an interim impairment test on the acquired indefinite lived intangible assets by comparing their carrying value to their fair value. The fair value was determined using a relief from royalty method under the income approach which uses projected revenue allocable to the tradename and a royalty rate at which it is assumed a market participant would be willing to incur as its cost in order to manufacture a branded product. As a result of this analysis, the Company recognized an impairment charge of $2,000 in “Goodwill and other intangible assets impairment” in the accompanying Consolidated Statements of Operations in the Outdoor Equipment segment reducing the fair value of the tradename to $3,400 . There was no additional impairment of indefinite-lived intangible assets recorded for fiscal 2014. 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 $856 , $ 765 and $ 650 for 2015, 2014 and 2013, respectively. Amortization of these definite-lived intangible assets is expected to be approximately $ 836 , $502 , $45 8 , $458 and $395 for fiscal years 2016, 2017, 2018, 2019 and 2020, respectively . Intangible assets at the end of the last two years consisted of the following: 2015 2014 Gross Intangible Accumulated Amortization Net Gross Intangible Accumulated Amortization Net Amortized other intangible assets: Patents and trademarks $ $ $ $ $ $ Other amortizable intangibles Non-amortized trademarks - - $ $ $ $ $ $ |
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 such as unplanned negative cash flow indicate that the carrying amount of these assets may not be fully recoverable. In such an event, the carrying amount of the asset group is compared to the future undiscounted cash flows expected to be generated by the asset group 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. |
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 October 2, 2015 . Balance at September 28, 2012 $ Expense accruals for warranties issued during the period Less current period warranty claims paid Balance at September 27, 2013 $ Expense accruals for warranties issued during the period Less current period warranty claims paid Balance at October 3, 2014 $ Expense accruals for warranties issued during the period Less current period warranty claims paid Balance at October 2, 2015 $ |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The components of “Accumulated other comprehensive income (loss)” on the accompanying Consolidated Balance Sheets as of the end of fiscal year 2015 , 2014 and 2013 were as follows: 2015 2014 2013 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 $ $ - $ $ $ - $ $ $ - $ Unamortized loss on pension plans Accumulated other comprehensive income $ $ $ $ $ $ $ $ $ The reclassifications out of AOCI for the year ended October 2, 2015 were as follows: Statement of Operations Presentation Unamortized loss on defined benefit pension plans: Amortization of loss $ Cost of sales / Operating expense Tax effects Income tax expense Foreign currency translation adjustments: Write off of currency translation amounts Other income and expense Total reclassifications for the period $ The reclassifications out of AOCI for the year ended October 3, 2014 were as follows: Statement of Operations Presentation Unamortized loss on defined benefit pension plans: Amortization of loss $ Cost of sales / Operating expense Tax effects Income tax expense Foreign currency translation adjustments: Write off of currency translation amounts Other income and expense Total reclassifications for the period $ The changes in AOCI by component, net of tax, for the year ended October 2, 2015 were as follows: Foreign Currency Translation Adjustment Unamortized Loss on Defined Benefit Pension Plans Accumulated Other Comprehensive Income (Loss) Balance at October 3, 2014 $ $ $ Other comprehensive income before reclassifications Amounts reclassified from accumulated other comprehensive income Tax effects - Balance at October 2, 2015 $ $ $ The changes in AOCI by component, net of tax, for the year ended October 3, 2014 were as follows: Foreign Currency Translation Adjustment Unamortized Loss on Defined Benefit Pension Plans Accumulated Other Comprehensive Income (Loss) Balance at September 27, 2013 $ $ $ Other comprehensive income before reclassifications Amounts reclassified from accumulated other comprehensive income Tax effects - Balance at October 3, 2014 $ $ $ |
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 October 2, 2015, October 3, 2014 and September 27, 2013, 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 October 2, 2015, October 3, 2014 and September 27, 2013, 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. There were no 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 for the years ended October 2, 2015, October 3, 2014 and September 27, 2013. 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 214,027 , 319,632 and 386,409 shares for the years ended October 2, 2015, October 3, 2014 and September 27, 2013, 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: 2015 2014 2013 Net income $ $ $ Less: Undistributed earnings reallocated to non-vested shareholders Dilutive earnings $ $ $ Weighted average common shares – Basic: Class A Class B Dilutive stock options and restricted stock units - Weighted average common shares - Dilutive Net income per common share – Basic: Class A $ $ $ Class B $ $ $ Net income per common share – Diluted: Class A $ $ $ Class B $ $ $ |
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 2015, 2014 or 2013. 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 income/loss and taxable income/loss. 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 $1,196 and $916 in 2015 and 2013, respectively, and currency gains from transactions of $427 in 2014, all of which were included in the “Other expense (income), 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 18 % of the Company’s revenues for the year ended October 2, 2015 were denominated in currencies other than the U.S. dollar. Approximately 8 % were denominated in euros and approximately 6% were denominated in Canadian dollars, with the remaining 4 % denominated in various other foreign currencies. The Company may mitigate the impact on its operating results of 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 2015 the Company did not use foreign currency forward contracts. 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 2015 , 2014 and 2013 totaled $24,460 , $ 22,135 and $ 22,902 , respectively. These charges are included in “Marketing and selling expenses.” Capitalized advertising costs, included in Other current assets, totaled $ 1,049 and $ 1,156 at October 2, 2015 and October 3, 2014, 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 $10,838 , $10,675 and $10,436 for 2015 , 2014 and 2013 , 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 $ 26,487 , less accumulated amortization of $11,858 , at October 2, 2015 and $23,350 , less accumulated amortization of $ 9,324 , at October 3, 2014. These costs are amortized over the expected life of the software of three to seven years. Amortization expense related to capitalized software in 2015 , 2014 and 2013 was $2,535 , $ 2,045 and $ 1,268 , 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 October 2, 2015 and October 3, 2014 due to the short maturities of these instruments. During 2015, 2014 and 2013, the Company held 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 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 measurements. |
New Accounting Pronouncements | 1 SUMMARY 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 year ended October 2, 2015 (hereinafter 2015) comprised 52 weeks. The fiscal year ended October 3, 2014 (hereinafter 2014) comprised 53 weeks. The fiscal year ended September 27, 2013 (hereinafter 2013) 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: October 2 October 3 2015 2014 Raw materials $ $ Work in process Finished goods $ $ 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 applicable account 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: 2015 2014 Property improvements $ $ Buildings and improvements Furniture, fixtures and equipment Less accumulated depreciation $ $ 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. See Note 1 7 for a discussion of the impairment charges recognized as a result of the impairment tests performed in 2014. The results of the impairment tests performed in 2015 and 2013 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 any remaining goodwill (or portion thereof) in future periods , and accordingly, whether any impairment losses need to be recorded in future periods . The changes in the carrying amount of those segments with goodwill and the composition of consolidated net goodwill for fiscal 2015 and 2014 were as follows: Segment Consolidated Marine Electronics Diving Outdoor Equipment Consolidated Gross Goodwill Accumulated Impairment Total Balance at September 27, 2013 $ $ $ $ $ $ $ Impairment - - - Amount attributable to movements in foreign currency rates - - - Balance at October 3, 2014 $ $ $ - $ $ $ $ Amount attributable to movements in foreign currency rates - - - Balance at October 2, 2015 $ $ $ - $ $ $ $ Other Intangible Assets Indefinite-lived intangible assets are also tested for impairment annually and, if certain events or circumstances indicate that an impairment loss may have been incurred, on an interim basis. There were no impairment losses recognized in fiscal 2015. During fiscal 2013, the acquisition of Jetboil resulted in indefinite-lived intangible assets of $5,400 consisting of the Jetboil tradename. During the third quarter of fiscal 2014, forecasted cash flows related to Jetboil declined from the assumptions used in the initial valuation. This change led the Company to perform an interim impairment test on the acquired indefinite lived intangible assets by comparing their carrying value to their fair value. The fair value was determined using a relief from royalty method under the income approach which uses projected revenue allocable to the tradename and a royalty rate at which it is assumed a market participant would be willing to incur as its cost in order to manufacture a branded product. As a result of this analysis, the Company recognized an impairment charge of $2,000 in “Goodwill and other intangible assets impairment” in the accompanying Consolidated Statements of Operations in the Outdoor Equipment segment reducing the fair value of the tradename to $3,400 . There was no additional impairment of indefinite-lived intangible assets recorded for fiscal 2014. 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 $856 , $ 765 and $ 650 for 2015, 2014 and 2013, respectively. Amortization of these definite-lived intangible assets is expected to be approximately $ 836 , $502 , $45 8 , $458 and $395 for fiscal years 2016, 2017, 2018, 2019 and 2020, respectively . Intangible assets at the end of the last two years consisted of the following: 2015 2014 Gross Intangible Accumulated Amortization Net Gross Intangible Accumulated Amortization Net Amortized other intangible assets: Patents and trademarks $ $ $ $ $ $ Other amortizable intangibles Non-amortized trademarks - - $ $ $ $ $ $ Impairment of Long-Lived Assets The Company reviews long-lived assets for impairment whenever events or changes in business circumstances such as unplanned negative cash flow indicate that the carrying amount of these assets may not be fully recoverable. In such an event, the carrying amount of the asset group is compared to the future undiscounted cash flows expected to be generated by the asset group 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. 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 October 2, 2015 . Balance at September 28, 2012 $ Expense accruals for warranties issued during the period Less current period warranty claims paid Balance at September 27, 2013 $ Expense accruals for warranties issued during the period Less current period warranty claims paid Balance at October 3, 2014 $ Expense accruals for warranties issued during the period Less current period warranty claims paid Balance at October 2, 2015 $ Accumulated Other Comprehensive Income (Loss) The components of “Accumulated other comprehensive income (loss)” on the accompanying Consolidated Balance Sheets as of the end of fiscal year 2015 , 2014 and 2013 were as follows: 2015 2014 2013 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 $ $ - $ $ $ - $ $ $ - $ Unamortized loss on pension plans Accumulated other comprehensive income $ $ $ $ $ $ $ $ $ The reclassifications out of AOCI for the year ended October 2, 2015 were as follows: Statement of Operations Presentation Unamortized loss on defined benefit pension plans: Amortization of loss $ Cost of sales / Operating expense Tax effects Income tax expense Foreign currency translation adjustments: Write off of currency translation amounts Other income and expense Total reclassifications for the period $ The reclassifications out of AOCI for the year ended October 3, 2014 were as follows: Statement of Operations Presentation Unamortized loss on defined benefit pension plans: Amortization of loss $ Cost of sales / Operating expense Tax effects Income tax expense Foreign currency translation adjustments: Write off of currency translation amounts Other income and expense Total reclassifications for the period $ The changes in AOCI by component, net of tax, for the year ended October 2, 2015 were as follows: Foreign Currency Translation Adjustment Unamortized Loss on Defined Benefit Pension Plans Accumulated Other Comprehensive Income (Loss) Balance at October 3, 2014 $ $ $ Other comprehensive income before reclassifications Amounts reclassified from accumulated other comprehensive income Tax effects - Balance at October 2, 2015 $ $ $ The changes in AOCI by component, net of tax, for the year ended October 3, 2014 were as follows: Foreign Currency Translation Adjustment Unamortized Loss on Defined Benefit Pension Plans Accumulated Other Comprehensive Income (Loss) Balance at September 27, 2013 $ $ $ Other comprehensive income before reclassifications Amounts reclassified from accumulated other comprehensive income Tax effects - Balance at October 3, 2014 $ $ $ 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 October 2, 2015, October 3, 2014 and September 27, 2013, 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 October 2, 2015, October 3, 2014 and September 27, 2013, 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. There were no 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 for the years ended October 2, 2015, October 3, 2014 and September 27, 2013. 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 214,027 , 319,632 and 386,409 shares for the years ended October 2, 2015, October 3, 2014 and September 27, 2013, 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: 2015 2014 2013 Net income $ $ $ Less: Undistributed earnings reallocated to non-vested shareholders Dilutive earnings $ $ $ Weighted average common shares – Basic: Class A Class B Dilutive stock options and restricted stock units - Weighted average common shares - Dilutive Net income per common share – Basic: Class A $ $ $ Class B $ $ $ Net income per common share – Diluted: Class A $ $ $ Class B $ $ $ 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 2015, 2014 or 2013. 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 income/loss and taxable income/loss. 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 $1,196 and $916 in 2015 and 2013, respectively, and currency gains from transactions of $427 in 2014, all of which were included in the “Other expense (income), 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 18 % of the Company’s revenues for the year ended October 2, 2015 were denominated in currencies other than the U.S. dollar. Approximately 8 % were denominated in euros and approximately 6% were denominated in Canadian dollars, with the remaining 4 % denominated in various other foreign currencies. The Company may mitigate the impact on its operating results of 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 2015 the Company did not use foreign currency forward contracts. 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 2015 , 2014 and 2013 totaled $24,460 , $ 22,135 and $ 22,902 , respectively. These charges are included in “Marketing and selling expenses.” Capitalized advertising costs, included in Other current assets, totaled $ 1,049 and $ 1,156 at October 2, 2015 and October 3, 2014, 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 $10,838 , $10,675 and $10,436 for 2015 , 2014 and 2013 , 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 $ 26,487 , less accumulated amortization of $11,858 , at October 2, 2015 and $23,350 , less accumulated amortization of $ 9,324 , at October 3, 2014. These costs are amortized over the expected life of the software of three to seven years. Amortization expense related to capitalized software in 2015 , 2014 and 2013 was $2,535 , $ 2,045 and $ 1,268 , 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 October 2, 2015 and October 3, 2014 due to the short maturities of these instruments. During 2015, 2014 and 2013, the Company held 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 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 measurements. New Accounting Pronouncements In May 2014, the FASB issued a new standard on revenue recognition from contracts with customers. This standard supersedes nearly all existing revenue recognition guidance and involves a five-step approach to recognizing revenue based on individual performance obligations in a contract. The new standard will also require additional qualitative and quantitative disclosures about the Company’s contracts with customers, any significant judgments made in applying the revenue guidance, and the Company’s assets recognized from the costs to obtain or fulfill a contract. This guidance becomes effective for the Company at the beginning of its 201 9 fiscal year. The Company is currently evaluating the impact the adoption of this guidance will have on its consolidated financial statements and its related disclosures. In April 2015, the FASB issued ASU No. 2015-03, Interest - "Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs." The guidance requires debt issuance costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with the presentation for debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. In August 2015, the FASB issued ASU No. 2015-15, Interest-Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements - Amendments to SEC Paragraphs Pursuant to Staff Announcements at the June 2015 EITF Meeting. ASU 2015-15 amends Subtopic 835-30 to include that the SEC would not object to the deferral and presentation of debt issuance costs as an asset and subsequent amortization of debt issuance costs over the term of the line-of-credit arrangement, whether or not there are any outstanding borrowings on the line-of-credit arrangement. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2015, and must be applied on a retrospective basis with early adoption permitted. The adoption is not expected to have a material impact on the Company’s Consolidated Financial Statements. In July 2015, the FASB issued ASU No. 2015-12, "Plan Accounting—Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962) Health and Welfare Benefit Plans (Topic 965)". There are three parts to the ASU that aim to simplify the accounting and presentation of plan accounting. Part I of this ASU requires fully benefit-responsive investment contracts to be measured at contract value instead of the current fair value measurement. Part II of this ASU requires investments (both participant-directed and nonparticipant-directed investments) of employee benefit plans be grouped only by general type, eliminating the need to disaggregate the investments in multiple ways. Part III of this ASU provides a similar measurement date practical expedient for employee benefit plans as available in ASU No. 2015-04, which allows employers to measure defined benefit plan assets on a month-end date that is nearest to the year’s fiscal year-end when the fiscal period does not coincide with a month-end. Parts I and II of the new guidance should be applied on a retrospective basis. Part III of the new guidance should be applied on a prospective basis. This ASU is effective for fiscal years beginning after December 15, 2015, and for interim periods within those fiscal years. The adoption is not expected to have a material impact on the Company’s Consolidated Financial Statements. In July 2015, the FASB issued ASU No. 2015-11, "Simplifying the Measurement of Inventory," which amends ASC 330, Inventory. This ASU simplifies the subsequent measurement of inventory by using only the lower of cost and net realizable value. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2016, and must be applied on a retrospective basis with early adoption permitted. The adoption is not expected to have a material impact on the Company’s Consolidated Financial Statements. In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805): "Simplifying the Accounting for Measurement-Period Adjustments," which eliminates the requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively. Under this ASU, acquirers must recognize measurement-period adjustments in the period in which they determine the amounts, including the effect on earnings of any amounts they would have recorded in previous periods if the accounting had been completed at the acquisition date. This guidance is effective for fiscal years beginning after December 15, 2016, with early adoption permitted. The Company does not anticipate the adoption of this standard will have a material impact on its Consolidated Financial Statements. |
Summary Of Significant Accoun27
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Oct. 02, 2015 | |
Summary Of Signficant Accounting Policies [Line Items] | |
Schedule of Inventories | October 2 October 3 2015 2014 Raw materials $ $ Work in process Finished goods $ $ |
Schedule Of Property, Plant And Equipment | 2015 2014 Property improvements $ $ Buildings and improvements Furniture, fixtures and equipment Less accumulated depreciation $ $ |
Schedule of Goodwill | Segment Consolidated Marine Electronics Diving Outdoor Equipment Consolidated Gross Goodwill Accumulated Impairment Total Balance at September 27, 2013 $ $ $ $ $ $ $ Impairment - - - Amount attributable to movements in foreign currency rates - - - Balance at October 3, 2014 $ $ $ - $ $ $ $ Amount attributable to movements in foreign currency rates - - - Balance at October 2, 2015 $ $ $ - $ $ $ $ |
Schedule Of Intangible Assets | 2015 2014 Gross Intangible Accumulated Amortization Net Gross Intangible Accumulated Amortization Net Amortized other intangible assets: Patents and trademarks $ $ $ $ $ $ Other amortizable intangibles Non-amortized trademarks - - $ $ $ $ $ $ |
Schedule Of Warranty Activity | Balance at September 28, 2012 $ Expense accruals for warranties issued during the period Less current period warranty claims paid Balance at September 27, 2013 $ Expense accruals for warranties issued during the period Less current period warranty claims paid Balance at October 3, 2014 $ Expense accruals for warranties issued during the period Less current period warranty claims paid Balance at October 2, 2015 $ |
Changes in Accumulated OCI by Component, Net of Tax | 2015 2014 2013 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 $ $ - $ $ $ - $ $ $ - $ Unamortized loss on pension plans Accumulated other comprehensive income $ $ $ $ $ $ $ $ $ |
Reclassifications Out Of Accumulated OCI | The reclassifications out of AOCI for the year ended October 2, 2015 were as follows: Statement of Operations Presentation Unamortized loss on defined benefit pension plans: Amortization of loss $ Cost of sales / Operating expense Tax effects Income tax expense Foreign currency translation adjustments: Write off of currency translation amounts Other income and expense Total reclassifications for the period $ The reclassifications out of AOCI for the year ended October 3, 2014 were as follows: Statement of Operations Presentation Unamortized loss on defined benefit pension plans: Amortization of loss $ Cost of sales / Operating expense Tax effects Income tax expense Foreign currency translation adjustments: Write off of currency translation amounts Other income and expense Total reclassifications for the period $ |
Schedule Of The Changes In AOCI By Component, Net Of Tax | The changes in AOCI by component, net of tax, for the year ended October 2, 2015 were as follows: Foreign Currency Translation Adjustment Unamortized Loss on Defined Benefit Pension Plans Accumulated Other Comprehensive Income (Loss) Balance at October 3, 2014 $ $ $ Other comprehensive income before reclassifications Amounts reclassified from accumulated other comprehensive income Tax effects - Balance at October 2, 2015 $ $ $ The changes in AOCI by component, net of tax, for the year ended October 3, 2014 were as follows: Foreign Currency Translation Adjustment Unamortized Loss on Defined Benefit Pension Plans Accumulated Other Comprehensive Income (Loss) Balance at September 27, 2013 $ $ $ Other comprehensive income before reclassifications Amounts reclassified from accumulated other comprehensive income Tax effects - Balance at October 3, 2014 $ $ $ |
Schedule Of Basic And Diluted Earnings Per Share | 2015 2014 2013 Net income $ $ $ Less: Undistributed earnings reallocated to non-vested shareholders Dilutive earnings $ $ $ Weighted average common shares – Basic: Class A Class B Dilutive stock options and restricted stock units - Weighted average common shares - Dilutive Net income per common share – Basic: Class A $ $ $ Class B $ $ $ Net income per common share – Diluted: Class A $ $ $ Class B $ $ $ |
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 |
Oct. 02, 2015 | |
Indebtedness [Abstract] | |
Schedule of Debt | October 2 2015 October 3 2014 Term loans $ $ Revolvers - - Other - Total debt Less current portion of long term debt Less short term debt - - Total long-term debt $ $ |
Schedule of Maturities of Long-term Debt | Fiscal Year 2016 $ 2017 2018 2019 2020 Thereafter Total $ |
Derivative Instruments And He29
Derivative Instruments And Hedging Activities (Tables) | 12 Months Ended |
Oct. 02, 2015 | |
Derivative Instruments And Hedging Activities [Abstract] | |
Schedule of Loss Reclassified from AOCI into Net Income | Loss reclassified from AOCI into: 2015 2014 2013 Interest expense $ - $ - $ |
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 2015 2014 2013 Foreign exchange forward contract Other expense (income), net $ - $ - $ |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Oct. 02, 2015 | |
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 October 2, 2015: Level 1 Level 2 Level 3 Total Assets: Rabbi trust assets $ $ - $ - $ The following table summarizes the Company's financial assets measured at fair value as of October 3, 2014: Level 1 Level 2 Level 3 Total Assets: Rabbi trust assets $ $ - $ - $ |
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 October 2, 2015, October 3, 2014 and September 27, 2013, was: Location of loss (income) recognized in Statement of Operations 2015 2014 2013 Rabbi trust assets Other expense (income), net $ $ $ Foreign currency forward contracts Other expense (income), net - - |
Schedule of Assets Measured on a Non-Recurring Basis | 4 FAIR 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 October 2, 2015: Level 1 Level 2 Level 3 Total Assets: Rabbi trust assets $ $ - $ - $ The following table summarizes the Company's financial assets measured at fair value as of October 3, 2014: Level 1 Level 2 Level 3 Total Assets: Rabbi trust assets $ $ - $ - $ 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 expense (income), net” in the accompanying Consolidated Statements of Operations. The effect of changes in the fair value of financial instruments on the Consolidated Statements of Operations for the years ended October 2, 2015, October 3, 2014 and September 27, 2013, was: Location of loss (income) recognized in Statement of Operations 2015 2014 2013 Rabbi trust assets Other expense (income), net $ $ $ Foreign currency forward contracts Other expense (income), net - - Certain assets and liabilities are measured at fair value on a non-recurring basis in periods subsequent to their initial recognition. During 2014, the Company recorded a $2,000 impairment charge in “Goodwill and other intangible assets impairment” on a trademark held by the Outdoor Equipment business reducing its fair value to $3,400 . The Company also recorded an impairment charge on goodwill held by the Outdoor Equipment business during 2014. A $6,475 charge was included in “Goodwill and other intangible assets impairment” related to this impairment during 2014. See further discussion of these impairment charges at Note 1 7 of these Notes to Consolidated Financial Statements. The following table summarizes the Company’s assets measured at fair value on a non-recurring basis as of October 3, 2014 and the losses recognized as a result of this measurement in 2014. The assets and losses were all included in the Outdoor Equipment segment. Level 1 Level 2 Level 3 Losses incurred Goodwill $ - $ - $ - $ Tradename - - No assets or liabilities were measured at fair value on a non-recurring basis in 2015. |
Leases And Other Commitments (T
Leases And Other Commitments (Tables) | 12 Months Ended |
Oct. 02, 2015 | |
Leases And Other Commitments [Abstract] | |
Future Minimum Rental Commitments Under Non-Cancelable Operating Leases | Year Related parties included in total Total 2016 $ $ 2017 2018 2019 2020 Thereafter |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Oct. 02, 2015 | |
Income Taxes [Abstract] | |
U.S. And Foreign Income Before Taxes | 2015 2014 2013 United States $ $ $ Foreign $ $ $ |
Income Tax Expense | 2015 2014 2013 Current: Federal $ $ $ State Foreign Deferred $ $ $ |
Tax Effects Of Temporary Differences Giving Rise To Deferred Tax Assets And Liabilities | 2015 2014 Deferred tax assets: Inventories $ $ Compensation Tax credit carryforwards Net operating loss carryforwards Other Total gross deferred tax assets Less valuation allowance Deferred tax assets Deferred tax liabilities: Goodwill and other intangibles Depreciation and amortization Foreign statutory reserves Net deferred tax assets $ $ |
Schedule of Net Deferred tax assets recorded in Consolidated Balance Sheet | 2015 2014 Current assets $ $ Non-current assets Non-current liabilities Net deferred tax assets $ $ |
Summary Of Earnings Before Tax, Tax Expense and Effective Tax Rate | 2015 2014 2013 Statutory U.S. federal income tax rate % % % Foreign rate differential State income tax, net of federal benefit Tax credit Deferred tax asset valuation allowance Unrecognized tax benefit - Goodwill impairment - Other % % % |
Summary Of Operating Loss Carryforwards | State Foreign Total Year of expiration 2016 - 2020 $ $ $ 2021 - 2025 2026 - 2030 - 2031 - 2035 - Indefinite - Total $ $ $ |
Summary Of Tax Credit Carryforwards | State Federal Total Year of expiration 2016 - 2020 $ $ - $ 2021 - 2025 - 2026 - 2030 - 2031 - 2035 - Indefinite - Total $ $ $ |
Reconciliation Of Beginning And Ending Amount Of Unrecognized Tax Benefits | Balance at September 28, 2012 $ Settlement Lapse of statute of limitations Gross increases - tax positions in period Balance at September 27, 2013 $ Settlement - Lapse of statute of limitations Gross increases - tax positions in period Balance at October 3, 2014 $ Settlement Lapse of statute of limitations Gross increases - tax positions in period Balance at October 2, 2015 $ |
Summary of Income Tax Examinations | Jurisdiction Fiscal Years United States 2012 - 2015 Canada 2011 - 2015 France 2011 - 2015 Germany 2010 - 2015 Italy 2010 - 2015 Japan 2012 - 2015 Switzerland 2005 - 2015 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Oct. 02, 2015 | |
Employee Benefits [Abstract] | |
Financial Position Of Non-Contributory Defined Benefit Plans | 2015 2014 Projected benefit obligation: Projected benefit obligation, beginning of year $ $ Service cost - - Interest cost Actuarial loss Benefits paid Projected benefit obligation, end of year Fair value of plan assets: Fair value of plan assets, beginning of year Actual (loss) gain on plan assets Company contributions Benefits paid Fair value of plan assets, end of year Funded status of the plans Amounts recognized in the Consolidated Balance Sheets consist of: Current pension liabilities Non-current pension liabilities Accumulated other comprehensive loss Components of accumulated other comprehensive loss: Net actuarial loss Accumulated other comprehensive loss $ $ |
Schedule of Net Periodic Benefit Cost | 2015 2014 2013 Interest cost $ $ $ Expected return on plan assets Amortization of unrecognized net actuarial loss Net periodic pension cost Other changes in benefit obligations recognized in other comprehensive income (loss), ("OCI"): Net actuarial loss (gain) Total recognized in net periodic pension cost and OCI $ $ $ |
Estimated Benefit Payments | 2016 $ 2017 2018 2019 2020 Five years thereafter |
Actuaral Assumptions Used To Determine The Projected Benefit Obligation | Projected Benefit Obligation Net Periodic Pension Cost Discount rate Long-term rate of return N/A N/A N/A Average salary increase rate N/A N/A N/A N/A N/A N/A |
Pension Plans' Weighted Average Asset Allocations By Percent | Equity securities Fixed income securities Other securities |
Pension Plan Assets Measured At Fair Value | Level 1 Level 2 Level 3 Total Description: Mutual fund $ $ - $ - $ Money market funds - - Group annuity contract - - Total $ $ - $ $ The following table summarizes the Company’s pension plan assets measured at fair value as of October 3, 2014: Level 1 Level 2 Level 3 Total Description: Mutual fund $ $ - $ - $ Money market funds - - Group annuity contract - - Total $ $ - $ $ |
Summary Of Changes In Fair Value Of Level 3 Pension Plan Assets | 2015 2014 Level 3 assets, beginning of year $ $ Purchases Unrealized loss Sales Level 3 assets, end of year $ $ |
Common Stock (Tables)
Common Stock (Tables) | 12 Months Ended |
Oct. 02, 2015 | |
Accumulated Other Comprehensive Income [Abstract] | |
Schedule Of Authorized And Outstanding Shares By Class | 2015 2014 Class A, $0.05 par value: Authorized Outstanding Class B, $0.05 par value: Authorized Outstanding |
Stock-Based Compensation And 35
Stock-Based Compensation And Stock Ownership Plans (Tables) | 12 Months Ended |
Oct. 02, 2015 | |
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 September 27, 2013 $ Exercised Cancelled Outstanding and exercisable at October 3, 2014 Exercised Outstanding and exercisable at October 2, 2015 - - $ - - |
Schedule of Non-Vested Stock Activity | Weighted Average Shares Grant Price Non-vested stock at September 27, 2013 $ Non-vested stock grants Restricted stock vested Non-vested stock at October 3, 2014 Non-vested stock grants Non-vested stock forfeited Restricted stock vested Non-vested stock at October 2, 2015 $ |
Segments Of Business (Tables)
Segments Of Business (Tables) | 12 Months Ended |
Oct. 02, 2015 | |
Segments Of Business [Abstract] | |
Segments of Business | 2015 2014 2013 Net sales: Marine Electronics: Unaffiliated customers $ $ $ Interunit transfers Outdoor Equipment: Unaffiliated customers Interunit transfers Watercraft: Unaffiliated customers Interunit transfers Diving Unaffiliated customers Interunit transfers Other / Corporate Eliminations Total $ $ $ Operating profit (loss): Marine Electronics $ $ $ Outdoor Equipment Watercraft Diving Other / Corporate $ $ $ Depreciation and amortization expense: Marine Electronics $ $ $ Outdoor Equipment Watercraft Diving Other / Corporate $ $ $ Capital expenditures: Marine Electronics $ $ $ Outdoor Equipment Watercraft Diving Other / Corporate $ $ $ Goodwill, net: Marine Electronics $ $ Outdoor Equipment - - Watercraft - - Diving $ $ Total assets (end of period): Marine Electronics $ $ Outdoor Equipment Watercraft Diving Other / Corporate $ $ |
Schedule Of Operations By Geographic Area | 2015 2014 2013 Net sales: United States: Unaffiliated customers $ $ $ Interunit transfers Europe: Unaffiliated customers Interunit transfers Canada: Unaffiliated customers Interunit transfers Other: Unaffiliated customers Interunit transfers Eliminations $ $ $ Total assets: United States $ $ Europe Canada and other $ $ Long-term assets (1) : United States $ $ Europe Canada and other $ $ (1) Long term assets consist of net property, plant and equipment, net intangible assets, goodwill and other assets excluding deferred income taxes. |
Valuation And Qualifying Acco37
Valuation And Qualifying Accounts (Tables) | 12 Months Ended |
Oct. 02, 2015 | |
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 October 2, 2015 Allowance for doubtful accounts $ $ $ $ Reserves for inventory valuation Valuation of deferred tax assets Reserves for sales returns Year ended October 3, 2014 Allowance for doubtful accounts $ $ $ $ Reserves for inventory valuation Valuation of deferred tax assets Reserves for sales returns Year ended September 27, 2013 Allowance for doubtful accounts $ $ $ $ Reserves for inventory valuation Valuation of deferred tax assets Reserves for sales returns |
Quarterly Financial Summary (Ta
Quarterly Financial Summary (Tables) | 12 Months Ended |
Oct. 02, 2015 | |
Quarterly Financial Summary [Abstract] | |
Schedule Of Quarterly Operating Results | First Quarter Second Quarter Third Quarter Fourth Quarter (thousands, except per share data) 2015 2014 2015 2014 2015 2014 2015 2014 Net sales $ $ $ $ $ $ $ $ Gross profit Operating profit (loss) Income (loss) before income taxes Income tax expense (benefit) Net income (loss) $ $ $ $ $ $ $ $ Net income (loss) per common share - Basic: Class A $ $ $ $ $ $ $ $ Class B $ $ $ $ $ $ $ $ Net income (loss) per common share - Diluted: Class A $ $ $ $ $ $ $ $ Class B $ $ $ $ $ $ $ $ |
Summary Of Significant Accoun39
Summary Of Significant Accounting Policies (Other Intangible Assets) (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 27, 2014 | Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
Amortization of Patents and Other Intangible Assets | $ 856,000 | $ 765,000 | $ 650,000 | |
Amortization of Patents and Other Intangible Assets, 2016 | 836,000 | |||
Amortization of Patents and Other Intangible Assets, 2017 | 502,000 | |||
Amortization of Patents and Other Intangible Assets, 2018 | 458,000 | |||
Amortization of Patents and Other Intangible Assets, 2019 | 458,000 | |||
Amortization of Patents and Other Intangible Assets, 2020 | 395,000 | |||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 0 | 0 | ||
Impairment of Intangible Assets | 2,000,000 | |||
Indefinite-lived Intangible Assets, Fair Value | 3,400,000 | 2,000,000 | ||
Goodwill and Intangible Asset Impairment | $ 8,475,000 | |||
Trade Names [Member] | ||||
Indefinite-Lived Intangible Assets | 5,400,000 | |||
Jetboil Inc [Member] | ||||
Impairment of Intangible Assets | $ 2,000,000 | |||
Indefinite-lived Intangible Assets, Fair Value | 3,400,000 | |||
Goodwill and Intangible Asset Impairment | $ 2,000,000 | |||
Jetboil Inc [Member] | Trade Names [Member] | ||||
Indefinite-Lived Intangible Assets | $ 5,400,000 | |||
Minimum [Member] | ||||
Useful Life | 4 years | |||
Maximum [Member] | ||||
Useful Life | 15 years |
Summary Of Significant Accoun40
Summary Of Significant Accounting Policies (Earnings Per Share ("EPS")) (Narrative) (Details) - shares | 12 Months Ended | ||
Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
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 | 0 | 0 |
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 | 214,027 | 319,632 | 386,409 |
Summary Of Significant Accoun41
Summary Of Significant Accounting Policies (Foreign Operations And Related Derivative Financial Instruments) (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
Foreign Currencies [Line Items] | |||
Currency gains from transactions | $ 427 | ||
Currency losses from transactions | $ 1,196 | $ 916 | |
Percent Of Revenues In Foreign Currency | 18.00% | ||
Euro [Member] | |||
Foreign Currencies [Line Items] | |||
Percent Of Revenues In Foreign Currency | 8.00% | ||
Other Foreign Currencies [Member] | |||
Foreign Currencies [Line Items] | |||
Percent Of Revenues In Foreign Currency | 4.00% | ||
Canadian Dollars [Member] | |||
Foreign Currencies [Line Items] | |||
Percent Of Revenues In Foreign Currency | 6.00% |
Summary Of Significant Accoun42
Summary Of Significant Accounting Policies (Advertising & Promotions) (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
Summary Of Significant Accounting Policies [Abstract] | |||
Advertising and Promotions Expense | $ 24,460 | $ 22,135 | $ 22,902 |
Capitalized Advertising Costs | $ 1,049 | $ 1,156 |
Summary Of Significant Accoun43
Summary Of Significant Accounting Policies (Shipping And Handling Costs) (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
Summary Of Significant Accounting Policies [Abstract] | |||
Shipping and Handling Costs | $ 10,838 | $ 10,675 | $ 10,436 |
Summary Of Significant Accoun44
Summary Of Significant Accounting Policies (Research And Development) (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross Amount Capitalized Related to Software Development | $ 26,487 | $ 23,350 | |
Accumulated Amortization | 11,858 | 9,324 | |
Amortization Expense Related to Capitalized Software | $ 2,535 | $ 2,045 | $ 1,268 |
Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Expected Life | 4 years | ||
Maximum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Expected Life | 15 years | ||
Computer Software, Intangible Asset [Member] | Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Expected Life | 3 years | ||
Computer Software, Intangible Asset [Member] | Maximum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Expected Life | 7 years |
Summary Of Significant Accoun45
Summary Of Significant Accounting Policies (Schedule Of Inventories) (Details) - USD ($) $ in Thousands | Oct. 02, 2015 | Oct. 03, 2014 |
Summary Of Significant Accounting Policies [Abstract] | ||
Raw materials | $ 34,711 | $ 27,295 |
Work in process | 24 | 72 |
Finished goods | 45,184 | 38,974 |
Total Inventories | $ 79,919 | $ 66,341 |
Summary Of Significant Accoun46
Summary Of Significant Accounting Policies (Schedule Of Property, Plant And Equipment Useful Life) (Details) | 12 Months Ended |
Oct. 02, 2015 | |
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 |
Summary Of Significant Accoun47
Summary Of Significant Accounting Policies (Schedule Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands | Oct. 02, 2015 | Oct. 03, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | $ 162,189 | $ 154,768 |
Less accumulated depreciation | 116,902 | 108,668 |
Property, Plant and Equipment, Net, Total | 45,287 | 46,100 |
Property Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | 588 | 633 |
Buildings And Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | 21,127 | 20,956 |
Furnitures, Fixtures And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | $ 140,474 | $ 133,179 |
Summary Of Significant Accoun48
Summary Of Significant Accounting Policies (Schedule Of Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
Goodwill [Line Items] | |||
Goodwill, balance at beginning of period | $ 14,416 | $ 21,053 | |
Impairment | 0 | (6,475) | $ 0 |
Amount attributable to movements in foreign currency rates | (124) | (162) | |
Goodwill, Balance at end of period | 14,292 | 14,416 | 21,053 |
Gross Goodwill | 60,682 | 60,806 | 60,968 |
Accumulated Impairment | (46,390) | (46,390) | (39,915) |
Marine Electronics [Member] | |||
Goodwill [Line Items] | |||
Goodwill, balance at beginning of period | $ 10,367 | $ 10,367 | |
Impairment | |||
Amount attributable to movements in foreign currency rates | |||
Goodwill, Balance at end of period | $ 10,367 | $ 10,367 | 10,367 |
Diving [Member] | |||
Goodwill [Line Items] | |||
Goodwill, balance at beginning of period | 4,049 | 4,211 | |
Amount attributable to movements in foreign currency rates | (124) | (162) | |
Goodwill, Balance at end of period | $ 3,925 | 4,049 | 4,211 |
Outdoor Equipment [Member] | |||
Goodwill [Line Items] | |||
Goodwill, balance at beginning of period | 6,475 | ||
Impairment | $ (6,475) | ||
Goodwill, Balance at end of period | $ 6,475 |
Summary Of Significant Accoun49
Summary Of Significant Accounting Policies (Schedule Of Intangible Assets) (Details) - USD ($) $ in Thousands | Oct. 02, 2015 | Oct. 03, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated Amortization | $ (6,232) | $ (5,562) |
Non-amortized trademarks | 7,025 | 7,025 |
Gross Intangible | 17,920 | 18,080 |
Intangible Assets, Net (Excluding Goodwill), Total | 11,688 | 12,518 |
Patents and Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible, Amortized other intangible assets | 4,149 | 4,306 |
Accumulated Amortization | (3,929) | (4,006) |
Net | 220 | 300 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible, Amortized other intangible assets | 6,746 | 6,749 |
Accumulated Amortization | (2,303) | (1,556) |
Net | $ 4,443 | $ 5,193 |
Summary Of Significant Accoun50
Summary Of Significant Accounting Policies (Schedule Of Warranties) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
Summary Of Significant Accounting Policies [Abstract] | |||
Product Warranty Accrual, Balance at beginning of period | $ 4,078 | $ 5,214 | $ 4,751 |
Expense accruals for warranties issued during the period | 5,631 | 3,717 | 2,901 |
Less current period warranty claims paid | 5,408 | 4,853 | 2,438 |
Product Warranty Accrual, Balance at end of period | $ 4,301 | $ 4,078 | $ 5,214 |
Summary Of Significant Accoun51
Summary Of Significant Accounting Policies (Schedule Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 |
Summary Of Significant Accounting Policies [Abstract] | |||
Foreign currency translation adjustment, Pre-Tax Amount | $ 10,253 | $ 18,424 | $ 23,789 |
Foreign currency translation adjustment, Net of Tax Amount | 10,253 | 18,424 | 23,789 |
Unamortized loss on pension plans, Pre-Tax Amount | (8,492) | (6,981) | (5,008) |
Unamortized loss on pension plans, Tax Effect | 1,876 | 1,335 | 585 |
Unamortized loss on pension plans, Net of Tax Amount | (6,616) | (5,646) | (4,423) |
Accumulated Other Comprehensive income, Pre-Tax Amount | 1,761 | 11,443 | 18,781 |
Accumulated Other Comprehensive income, Tax Effect | 1,876 | 1,335 | 585 |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | $ 3,637 | $ 12,778 | $ 19,366 |
Summary Of Significant Accoun52
Summary Of Significant Accounting Policies (Reclassifications Out of Accumulated OCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 02, 2015 | Jul. 03, 2015 | Apr. 03, 2015 | Jan. 02, 2015 | Oct. 03, 2014 | Jun. 27, 2014 | Mar. 28, 2014 | Dec. 27, 2013 | Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Other income and expense | $ (1,299) | $ 1,434 | $ 263 | ||||||||
Income tax expense (benefit) | $ (1,411) | $ 6,104 | $ 3,174 | $ (2,730) | $ (191) | $ 5,407 | $ 3,810 | $ (727) | 5,137 | 8,299 | 5,333 |
Net income (loss) | $ 1,167 | $ 9,997 | $ 3,646 | $ (4,194) | $ (786) | $ 4,698 | $ 7,404 | $ (2,193) | 10,616 | 9,123 | $ 19,327 |
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net income (loss) | 562 | 346 | |||||||||
Unamortized Loss On Defined Benefit Pension Plans [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Cost of Sales / Operating Expense | 622 | 341 | |||||||||
Income tax expense (benefit) | (237) | (130) | |||||||||
Foreign Currency Translation Adjustment [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Other income and expense | $ 177 | $ 135 |
Summary Of Significant Accoun53
Summary Of Significant Accounting Policies (Changes in Accumulated OCI By Component) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 02, 2015 | Oct. 03, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | $ 12,778 | $ 19,366 |
Other comprehensive income before reclassifications | (10,481) | (7,814) |
Amounts reclassified from accumulated other comprehensive income | 799 | 476 |
Tax effects | 541 | 750 |
Ending balance | 3,637 | 12,778 |
Foreign Currency Translation Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | 18,424 | 23,789 |
Other comprehensive income before reclassifications | (8,348) | (5,500) |
Amounts reclassified from accumulated other comprehensive income | 177 | 135 |
Ending balance | 10,253 | 18,424 |
Unamortized Loss On Defined Benefit Pension Plans [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (5,646) | (4,423) |
Other comprehensive income before reclassifications | (2,133) | (2,314) |
Amounts reclassified from accumulated other comprehensive income | 622 | 341 |
Tax effects | 541 | 750 |
Ending balance | $ (6,616) | $ (5,646) |
Summary Of Significant Accoun54
Summary Of Significant Accounting Policies (Schedule Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 02, 2015 | Jul. 03, 2015 | Apr. 03, 2015 | Jan. 02, 2015 | Oct. 03, 2014 | Jun. 27, 2014 | Mar. 28, 2014 | Dec. 27, 2013 | Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
Net income | $ 1,167 | $ 9,997 | $ 3,646 | $ (4,194) | $ (786) | $ 4,698 | $ 7,404 | $ (2,193) | $ 10,616 | $ 9,123 | $ 19,327 |
Less: Undistributed earnings reallocated to non-vested shareholders | (191) | (304) | (792) | ||||||||
Dilutive earnings | $ 10,425 | $ 8,819 | $ 18,535 | ||||||||
Dilutive stock options and restricted stock units | 3 | 6 | |||||||||
Weighted average common shares - Dilutive | 9,727 | 9,635 | 9,523 | ||||||||
Class A [Member] | |||||||||||
Weighted average common shares - Basic | 8,515 | 8,420 | 8,305 | ||||||||
Net (loss) income per common share - Basic | $ 0.12 | $ 1.01 | $ 0.37 | $ (0.42) | $ (0.08) | $ 0.48 | $ 0.75 | $ (0.22) | $ 1.08 | $ 0.93 | $ 1.98 |
Net income per common Class A and B share - Diluted | 0.12 | 1 | 0.36 | (0.42) | (0.08) | 0.47 | 0.74 | (0.22) | $ 1.06 | $ 0.90 | $ 1.95 |
Class B [Member] | |||||||||||
Weighted average common shares - Basic | 1,212 | 1,212 | 1,212 | ||||||||
Net (loss) income per common share - Basic | 0.11 | 0.92 | 0.34 | (0.42) | (0.07) | 0.43 | 0.68 | (0.22) | $ 0.98 | $ 0.84 | $ 1.79 |
Net income per common Class A and B share - Diluted | $ 0.12 | $ 1 | $ 0.36 | $ (0.42) | $ (0.08) | $ 0.47 | $ 0.74 | $ (0.22) | $ 1.06 | $ 0.90 | $ 1.95 |
Indebtedness (Narrative) (Detai
Indebtedness (Narrative) (Details) - USD ($) | Nov. 27, 2015 | Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 |
Line of Credit Facility [Line Items] | ||||
Weighted Average Borrowing Rate for Short-Term Debt | 1.40% | 1.40% | 2.50% | |
Interest Paid | $ 754,000 | $ 672,000 | $ 915,000 | |
Subsequent Event [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Voting power of shares closely held, percent | 77.00% | |||
Class A [Member] | Subsequent Event [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Number of closely held shares | 3,831,731 | |||
Outstanding shares closely held, percent | 44.00% | |||
Class B [Member] | Subsequent Event [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Number of closely held shares | 1,211,196 | |||
Outstanding shares closely held, percent | 100.00% | |||
Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Annual Seasonal Pay Down Duration | June 30th through October 31st of each year under the agreement | |||
Long-term Line of Credit | $ 0 | $ 0 | ||
Initiation Date | Sep. 16, 2013 | |||
Expiration Date | Sep. 16, 2018 | |||
Interest Rate at Period End | 1.40% | 1.40% | ||
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, 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 | |||
Line of Credit Facility, Interest Rate Description | The interest rate on the Revolver is based on LIBOR plus an applicable margin. The applicable margin resets each quarter and ranges from 1.25% to 2.00% and is dependent on the Company's leverage ratio for the trailing twelve month period | |||
Revolving Credit Facility [Member] | Revolvers Borrowing Capacity Standard [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Maximum Borrowing Capacity | $ 90,000,000 | |||
Revolving Credit Facility [Member] | Revolvers Borrowing Capacity Seasonal [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Maximum Borrowing Capacity | $ 60,000,000 | |||
Term Loans [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt maturity date | Sep. 29, 2029 | |||
Interest Rate in Effect | 5.25% | 5.25% | ||
Pre Payment Penalty Percent | 4.00% | |||
Annual Decrease Of Pre Payment Penalty | 1.00% | |||
Financial Standby Letter of Credit [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Letters of Credit Outstanding | $ 684,000 | $ 691,000 |
Indebtedness (Schedule of Debt)
Indebtedness (Schedule of Debt) (Details) - USD ($) $ in Thousands | Oct. 02, 2015 | Oct. 03, 2014 |
Indebtedness [Abstract] | ||
Term Loans | $ 7,430 | $ 7,781 |
Other | 10 | |
Total Debt | 7,430 | 7,791 |
Less current portion of long term debt | 368 | 360 |
Total long-term debt | $ 7,062 | $ 7,431 |
Indebtedness (Schedule of Matur
Indebtedness (Schedule of Maturities of Long-term Debt) (Details) $ in Thousands | Oct. 02, 2015USD ($) |
Indebtedness [Abstract] | |
2,016 | $ 368 |
2,017 | 389 |
2,018 | 410 |
2,019 | 432 |
2,020 | 455 |
Thereafter | 5,376 |
Total Long Term Debt | $ 7,430 |
Derivative Instruments And He58
Derivative Instruments And Hedging Activities (Narrative) (Details) | 12 Months Ended | |
Oct. 02, 2015itemcontract | Oct. 03, 2014itemcontract | |
Derivative [Line Items] | ||
Percent Of Revenues In Foreign Currency | 18.00% | |
Derivative, Number of Instruments Held | 0 | 0 |
Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Derivative, Number of Instruments Held | item | 0 | 0 |
Euro [Member] | ||
Derivative [Line Items] | ||
Percent Of Revenues In Foreign Currency | 8.00% | |
Other Foreign Currencies [Member] | ||
Derivative [Line Items] | ||
Percent Of Revenues In Foreign Currency | 4.00% | |
Canadian Dollars [Member] | ||
Derivative [Line Items] | ||
Percent Of Revenues In Foreign Currency | 6.00% |
Derivative Instruments And He59
Derivative Instruments And Hedging Activities (Schedule of Loss Reclassified from AOCI into Net Income) (Details) $ in Thousands | 12 Months Ended |
Sep. 27, 2013USD ($) | |
Interest Expense [Member] | |
Derivative [Line Items] | |
Loss reclassified from AOCI into interest expense | $ 138 |
Derivative Instruments And He60
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) $ in Thousands | 12 Months Ended |
Sep. 27, 2013USD ($) | |
Foreign Exchange Forward [Member] | Other Expense (Income) [Member] | |
Derivative [Line Items] | |
Derivative instruments not designated as hedging instruments, (gain) loss | $ 13 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jun. 27, 2014 | Oct. 02, 2015 | Oct. 03, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Goodwill and other intangible assets impairment | $ 8,475 | ||
Impairment of Intangible Assets | $ 2,000 | ||
Indefinite-lived Intangible Assets, Fair Value | $ 3,400 | $ 2,000 | |
Outdoor Equipment [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Goodwill and other intangible assets impairment | $ 6,475 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands | Oct. 02, 2015 | Oct. 03, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Rabbi trust assets | $ 11,441 | $ 10,933 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Rabbi trust assets | $ 11,441 | $ 10,933 |
Fair Value Measurements (Sche63
Fair Value Measurements (Schedule of the Location and Amount of Income or Loss Recognized for Changes in Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Goodwill and Intangible Asset Impairment | $ 8,475 | ||
Rabbi trust assets (Assets) [Member] | Other Expense (Income) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Changes in fair value, (income) loss | $ 638 | $ (703) | $ (1,013) |
Foreign currency forward contracts [Member] | Other Expense (Income) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Changes in fair value, (income) loss | $ 13 |
Fair Value Measurements (Sche64
Fair Value Measurements (Schedule of Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 02, 2015 | Oct. 03, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Tradename | $ 3,400 | $ 2,000 |
Goodwill and Intangible Asset Impairment | 8,475 | |
Trade name, losses incurred | $ 2,000 | |
Goodwill [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Goodwill and Intangible Asset Impairment | 6,475 | |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Tradename | $ 3,400 |
Leases And Other Commitments (N
Leases And Other Commitments (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
Operating Leased Assets [Line Items] | |||
Rental expense | $ 6,933 | $ 8,360 | $ 8,627 |
Related Parties [Member] | |||
Operating Leased Assets [Line Items] | |||
Rental expense | $ 873 | $ 970 | $ 1,127 |
Leases And Other Commitments (F
Leases And Other Commitments (Future Minimum Rental Commitments Under Non-Cancelable Operating Leases) (Details) $ in Thousands | Oct. 02, 2015USD ($) |
Operating Leased Assets [Line Items] | |
2,016 | $ 5,868 |
2,017 | 4,468 |
2,018 | 3,736 |
2,019 | 3,535 |
2,020 | 3,569 |
Thereafter | 6,682 |
Related Parties [Member] | |
Operating Leased Assets [Line Items] | |
2,016 | 853 |
2,017 | $ 170 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | Sep. 28, 2012 | |
Income Tax [Line Items] | ||||
Deferred tax assets, valuation allowance | $ 9,786 | $ 8,734 | ||
Taxes paid | 2,269 | 6,581 | $ 2,399 | |
Accrued interest on income taxes | 787 | 778 | ||
Interest included in income tax expense | 148 | 186 | (21) | |
Net undistributed earnings of foreign subsidiaries | 104,481 | |||
Cash and cash equivalents | 69,159 | $ 70,793 | $ 55,694 | $ 58,904 |
Foreign [Member] | ||||
Income Tax [Line Items] | ||||
Cash and cash equivalents | $ 55,492 |
Income Taxes (U.S. And Foreign
Income Taxes (U.S. And Foreign Income Before Income Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 02, 2015 | Jul. 03, 2015 | Apr. 03, 2015 | Jan. 02, 2015 | Oct. 03, 2014 | Jun. 27, 2014 | Mar. 28, 2014 | Dec. 27, 2013 | Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
Income Taxes [Abstract] | |||||||||||
United States | $ 11,886 | $ 11,592 | $ 19,885 | ||||||||
Foreign | 3,867 | 5,830 | 4,775 | ||||||||
Profit before income taxes | $ (244) | $ 16,101 | $ 6,820 | $ (6,924) | $ (977) | $ 10,105 | $ 11,214 | $ (2,920) | $ 15,753 | $ 17,422 | $ 24,660 |
Income Taxes (Income Tax Expens
Income Taxes (Income Tax Expenses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 02, 2015 | Jul. 03, 2015 | Apr. 03, 2015 | Jan. 02, 2015 | Oct. 03, 2014 | Jun. 27, 2014 | Mar. 28, 2014 | Dec. 27, 2013 | Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
Income Taxes [Abstract] | |||||||||||
Federal | $ 4,916 | $ 3,888 | $ 2,832 | ||||||||
State | 882 | 403 | 470 | ||||||||
Foreign | 1,469 | 1,886 | 1,437 | ||||||||
Deferred | (2,130) | 2,122 | 594 | ||||||||
Income tax expense, Total | $ (1,411) | $ 6,104 | $ 3,174 | $ (2,730) | $ (191) | $ 5,407 | $ 3,810 | $ (727) | $ 5,137 | $ 8,299 | $ 5,333 |
Income Taxes (Tax Effects Of Te
Income Taxes (Tax Effects Of Temporary Differences Giving Rise To Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Oct. 02, 2015 | Oct. 03, 2014 |
Income Taxes [Abstract] | ||
Inventories | $ 2,495 | $ 1,809 |
Compensation | 12,312 | 10,362 |
Tax credit carryforwards | 4,888 | 3,462 |
Net operating loss carryforwards | 6,360 | 7,333 |
Other | 5,532 | 4,635 |
Total gross deferred tax assets | 31,587 | 27,601 |
Less valuation allowance | 9,786 | 8,734 |
Deferred tax assets | 21,801 | 18,867 |
Goodwill and other intangibles | 1,185 | 989 |
Depreciation and amortization | 5,411 | 4,795 |
Foreign statutory reserves | 520 | 503 |
Net deferred tax assets | $ 14,685 | $ 12,580 |
Income Taxes (Schedule Of Locat
Income Taxes (Schedule Of Location Of Net Deferred Tax Assets In Consolidated Balance Sheet) (Details) - USD ($) $ in Thousands | Oct. 02, 2015 | Oct. 03, 2014 |
Income Taxes [Abstract] | ||
Current assets | $ 10,649 | $ 8,360 |
Non-current assets | 5,218 | 5,353 |
Non-current liabilities | 1,182 | 1,133 |
Net deferred tax assets | $ 14,685 | $ 12,580 |
Income Taxes (Significant Diffe
Income Taxes (Significant Differences Between Statutory Federal Tax Rate And Effective Income Tax Rate) (Details) | 12 Months Ended | ||
Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
Income Taxes [Abstract] | |||
Statutory U.S. federal income tax rate | 35.00% | 35.00% | 35.00% |
Foreign rate differential | (2.40%) | (0.50%) | (4.10%) |
State income tax, net of federal benefit | 2.40% | 4.40% | 4.50% |
Tax credit | 18.80% | 6.30% | 3.10% |
Deferred tax asset valuation allowance | 10.00% | (4.30%) | (11.50%) |
Unrecognized tax benefit | 1.70% | 5.40% | |
Goodwill impairment | 0.00% | 10.40% | |
Other | 4.70% | 3.60% | 0.80% |
Effective income tax rate, continuing operations, Total | 32.60% | 47.70% | 21.60% |
Income Taxes (Summary Of Operat
Income Taxes (Summary Of Operating Loss Carryforwards) (Details) $ in Thousands | 12 Months Ended |
Oct. 02, 2015USD ($) | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | $ 49,142 |
State [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | 36,431 |
Foreign [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | 12,711 |
2016-2020 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | 3,620 |
2016-2020 [Member] | State [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | 1,357 |
2016-2020 [Member] | Foreign [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | $ 2,263 |
2016-2020 [Member] | Minimum [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards expiration | Dec. 31, 2016 |
2016-2020 [Member] | Maximum [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards expiration | Dec. 31, 2020 |
2021-2025 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | $ 6,530 |
2021-2025 [Member] | State [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | 3,232 |
2021-2025 [Member] | Foreign [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | $ 3,298 |
2021-2025 [Member] | Minimum [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards expiration | Dec. 31, 2021 |
2021-2025 [Member] | Maximum [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards expiration | Dec. 31, 2025 |
2026-2030 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | $ 30,149 |
2026-2030 [Member] | State [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | $ 30,149 |
2026-2030 [Member] | Minimum [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards expiration | Dec. 31, 2026 |
2026-2030 [Member] | Maximum [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards expiration | Dec. 31, 2030 |
2031-2035 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | $ 1,693 |
2031-2035 [Member] | State [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | $ 1,693 |
2031-2035 [Member] | Minimum [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards expiration | Dec. 31, 2031 |
2031-2035 [Member] | Maximum [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards expiration | Dec. 31, 2035 |
Indefinite [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | $ 7,150 |
Indefinite [Member] | Foreign [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | $ 7,150 |
Income Taxes (Summary Of Tax Cr
Income Taxes (Summary Of Tax Credit Carryforwards (Details) $ in Thousands | 12 Months Ended |
Oct. 02, 2015USD ($) | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward amount | $ 4,888 |
2016-2020 [Member] | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward amount | 1,408 |
2021-2025 [Member] | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward amount | 1,851 |
2026-2030 [Member] | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward amount | 1,058 |
2031-2035 [Member] | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward amount | 478 |
Indefinite [Member] | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward amount | 93 |
State [Member] | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward amount | 4,795 |
State [Member] | 2016-2020 [Member] | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward amount | 1,408 |
State [Member] | 2021-2025 [Member] | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward amount | 1,851 |
State [Member] | 2026-2030 [Member] | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward amount | 1,058 |
State [Member] | 2031-2035 [Member] | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward amount | 478 |
Federal [Member] | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward amount | 93 |
Federal [Member] | Indefinite [Member] | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward amount | $ 93 |
Minimum [Member] | 2016-2020 [Member] | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward, Expiration date | Dec. 31, 2016 |
Minimum [Member] | 2021-2025 [Member] | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward, Expiration date | Dec. 31, 2021 |
Minimum [Member] | 2026-2030 [Member] | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward, Expiration date | Dec. 31, 2026 |
Minimum [Member] | 2031-2035 [Member] | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward, Expiration date | Dec. 31, 2031 |
Maximum [Member] | 2016-2020 [Member] | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward, Expiration date | Dec. 31, 2020 |
Maximum [Member] | 2021-2025 [Member] | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward, Expiration date | Dec. 31, 2025 |
Maximum [Member] | 2026-2030 [Member] | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward, Expiration date | Dec. 31, 2030 |
Maximum [Member] | 2031-2035 [Member] | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward, Expiration date | Dec. 31, 2035 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of Beginning And Ending Amount Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
Income Taxes [Abstract] | |||
Balance at beginning of year | $ 3,091 | $ 2,155 | $ 1,900 |
Settlement | (103) | (186) | |
Lapse of statute of limitations | (329) | (161) | (214) |
Gross increases - tax positions in period | 698 | 1,097 | 655 |
Balance at end of year | $ 3,357 | $ 3,091 | $ 2,155 |
Income Taxes (Summary of Income
Income Taxes (Summary of Income Tax Examinations) (Details) | 12 Months Ended |
Oct. 02, 2015 | |
United States [Member] | Minimum [Member] | |
Tax years remaining subject to examination | 2,012 |
United States [Member] | Maximum [Member] | |
Tax years remaining subject to examination | 2,015 |
Canada [Member] | Minimum [Member] | |
Tax years remaining subject to examination | 2,011 |
Canada [Member] | Maximum [Member] | |
Tax years remaining subject to examination | 2,015 |
France [Member] | Minimum [Member] | |
Tax years remaining subject to examination | 2,011 |
France [Member] | Maximum [Member] | |
Tax years remaining subject to examination | 2,015 |
Germany [Member] | Minimum [Member] | |
Tax years remaining subject to examination | 2,010 |
Germany [Member] | Maximum [Member] | |
Tax years remaining subject to examination | 2,015 |
Italy [Member] | Minimum [Member] | |
Tax years remaining subject to examination | 2,010 |
Italy [Member] | Maximum [Member] | |
Tax years remaining subject to examination | 2,015 |
Japan [Member] | Minimum [Member] | |
Tax years remaining subject to examination | 2,012 |
Japan [Member] | Maximum [Member] | |
Tax years remaining subject to examination | 2,015 |
Switzerland [Member] | Minimum [Member] | |
Tax years remaining subject to examination | 2,005 |
Switzerland [Member] | Maximum [Member] | |
Tax years remaining subject to examination | 2,015 |
Employee Benefits (Narrative) (
Employee Benefits (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Amount of Unrecognized Loss Amortization Expected to be Recognized | $ 506 | ||
Aggregate Accumulated Benefit Obligation, Plans With Benefit Obligations in Excess of Plan Assets | 26,212 | $ 25,301 | |
Aggregate Fair Falue of Plan Assets, Plans With Benefit Obligations in Excess of Plan Assets | 17,020 | 17,551 | |
Anticipated Contributions to Defined Benefit Plans Through Next Year | 476 | ||
Actuarial Loss Due to Impact of the Change in Discount Rates | $ 390 | 2,640 | |
Actuarial Gain Due To Impact Of Change In Discount Rate | $ 3,500 | ||
Actuarial Target Rate of Return | 7.50% | ||
Target Return Above the Rate of Inflation | 4.00% | ||
Deferred Compensation Liability | $ 11,445 | 10,938 | |
Expense Attributable to the Defined Contribution Programs | $ 1,093 | $ 1,061 | $ 931 |
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 ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
Employee Benefits [Abstract] | |||
Projected benefit obligation, beginning of year | $ 25,301 | $ 22,051 | |
Interest cost | 1,108 | 1,078 | $ 997 |
Actuarial loss | 684 | 3,012 | |
Benefits paid | (881) | (840) | |
Projected benefit obligation, end of year | 26,212 | 25,301 | 22,051 |
Fair value of plan assets, beginning of year | 17,551 | 15,864 | |
Actual (loss) gain on plan assets | (252) | 1,795 | |
Company contributions | 602 | 732 | |
Fair value of plan assets, end of year | 17,020 | 17,551 | $ 15,864 |
Funded status of the plans | (9,192) | (7,750) | |
Current pension liabilities | 192 | 189 | |
Non-current pension liabilities | 9,000 | 7,561 | |
Net actuarial loss | (8,493) | (6,981) | |
Accumulated other comprehensive loss | $ (8,493) | $ (6,981) |
Employee Benefits (Net Periodic
Employee Benefits (Net Periodic Benefit Cost For The Non-Contributory Defined Benefit Pension Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
Employee Benefits [Abstract] | |||
Interest cost | $ 1,108 | $ 1,078 | $ 997 |
Less expected return on plan assets | (1,197) | (1,097) | (977) |
Amortization of unrecognized net actuarial loss | 622 | 341 | 666 |
Net periodic pension cost | 533 | 322 | 686 |
Net actuarial loss (gain) | 1,511 | 1,974 | (5,199) |
Total recognized in net periodic pension cost and OCI | $ 2,044 | $ 2,296 | $ (4,513) |
Employee Benefits (Estimated Be
Employee Benefits (Estimated Benefit Payments) (Details) $ in Thousands | Oct. 02, 2015USD ($) |
Employee Benefits [Abstract] | |
2,016 | $ 1,025 |
2,017 | 1,034 |
2,018 | 1,083 |
2,019 | 1,123 |
2,020 | 1,178 |
Five years thereafter | $ 6,368 |
Employee Benefits (Actuarial As
Employee Benefits (Actuarial Assumptions Used To Determine The Projected Benefit Obligation) (Details) | 12 Months Ended | ||
Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
Employee Benefits [Abstract] | |||
Discount rate, Projected Benefit Obligation | 4.35% | 4.25% | 5.00% |
Long-term rate of return, Projected Benefit Obligation | |||
Average salary increase rate, Projected Benefit Obligation | |||
Discount rate, Net Periodic Pension Cost | 4.25% | 5.00% | 4.00% |
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) | Oct. 02, 2015 | Oct. 03, 2014 |
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 | 74.00% | 74.00% |
Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan asset allocation | 25.00% | 24.00% |
Other Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan asset allocation | 1.00% | 2.00% |
Employee Benefits (Pension Pl83
Employee Benefits (Pension Plan Assets Measured At Fair Value) (Details) - USD ($) $ in Thousands | Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 |
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets measured at fair value | $ 17,020 | $ 17,551 | $ 15,864 |
Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets measured at fair value | 16,865 | 17,335 | |
Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets measured at fair value | 155 | 216 | $ 270 |
Mutual Fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets measured at fair value | 16,821 | 17,299 | |
Mutual Fund [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets measured at fair value | 16,821 | 17,299 | |
Money Market Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets measured at fair value | 44 | 36 | |
Money Market Funds [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets measured at fair value | 44 | 36 | |
Group Annuity Contract [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets measured at fair value | 155 | 216 | |
Group Annuity Contract [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets measured at fair value | $ 155 | $ 216 |
Employee Benefits (Summary Of C
Employee Benefits (Summary Of Changes In Fair Vale of Level 3 Pension Plan Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 02, 2015 | Oct. 03, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, beginning of year | $ 17,551 | $ 15,864 |
Fair value of plan assets, end of year | 17,020 | 17,551 |
Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets, beginning of year | 216 | 270 |
Defined Benefit Plan, Purchases | 3 | 7 |
Defined Benefit Plan, Unrealized loss | (10) | (15) |
Defined Benefit Plan, Sales | (54) | (46) |
Fair value of plan assets, end of year | $ 155 | $ 216 |
Preferred Stock (Details)
Preferred Stock (Details) - shares | Oct. 02, 2015 | Oct. 03, 2014 |
Accumulated Other Comprehensive Income [Abstract] | ||
Shares Authorized | 1,000,000 | 1,000,000 |
Shares Issued | 0 | 0 |
Shares Outstanding | 0 | 0 |
Common Stock (Narrative) (Detai
Common Stock (Narrative) (Details) | 12 Months Ended | |
Oct. 02, 2015item / sharesshares | Oct. 03, 2014shares | |
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 | shares | 1 | |
Shares converted | shares | 0 | 38 |
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) - $ / shares | Oct. 02, 2015 | Oct. 03, 2014 |
Class A [Member] | ||
Class of Stock [Line Items] | ||
Par Value | $ 0.05 | $ 0.05 |
Authorized | 20,000,000 | 20,000,000 |
Outstanding | 8,770,612 | 8,769,426 |
Class B [Member] | ||
Class of Stock [Line Items] | ||
Par Value | $ 0.05 | $ 0.05 |
Authorized | 3,000,000 | 3,000,000 |
Outstanding | 1,212,382 | 1,212,382 |
Stock-Based Compensation And 88
Stock-Based Compensation And Stock Ownership Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares Tendered for Tax Withholding on Vesting of Restricted Shares | 30,353 | 24,719 | |
Employee Stock Purchase Plan Expense | $ 33 | $ 57 | $ 41 |
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Purchase Date | 85.00% | ||
Class A [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares Available for Grant Under Stock-Based Compensation Plans | 685,138 | ||
Employee Stock Purchase Plan Shares Issued | 8,062 | 15,969 | 9,562 |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Stock Options Granted During Period | 0 | 0 | 0 |
Cash Received from Stock Option Exercises | $ 118 | $ 78 | $ 86 |
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | P10Y | ||
Tax Benefit on Stock Based Compensation Expense | $ 482 | 493 | 572 |
Aggregated Intrinsic Value Of Shares Received Option Excercise | $ 221 | $ 96 | 171 |
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 | ||
Non-vested Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-Stock Option Equity Grants | 38,222 | 47,934 | |
Non-Vested Stock Grants, Weighted Average Grant Price | $ 30.05 | $ 27.70 | |
Stock-Based Compensation Expense Related to Non-Vested Stock, Net of Forfeitures | $ 1,287 | $ 1,523 | 1,400 |
Unrecognized Stock-Based Compensation Expense Related to Non-vested Stock | 1,431 | ||
Fair Value Of Vested Restricted Stock | 3,294 | 3,123 | 3,607 |
Tax Benefit on Stock Based Compensation Expense | $ 598 | $ 641 | $ 532 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Non-Stock Option Equity Grants | 7,336 | 10,792 | 6,600 |
Non-Vested Stock Grants, Weighted Average Grant Price | $ 33.40 | $ 22.71 | $ 22.73 |
Stock-Based Compensation Expense Related to Non-Vested Stock, Net of Forfeitures | $ 286 | $ 165 | $ 88 |
Unrecognized Stock-Based Compensation Expense Related to Non-vested Stock | $ 102 |
Stock-Based Compensation And 89
Stock-Based Compensation And Stock Ownership Plans (Schedule of Stock Option Activity) (Details) - Stock Options [Member] - $ / shares | 12 Months Ended | |
Oct. 02, 2015 | Oct. 03, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Stock Options Outstanding and Exercisable, Beginning Balance | 9,216 | 15,066 |
Number of Stock Options Exercised | (9,216) | (3,900) |
Number of Stock Options Cancelled | (1,950) | |
Number of Stock Options Outstanding and Exercisable, Ending Balance | 9,216 | |
Weighted Average Exercise Price for Stock Options Outstanding and Exercisable, Beginning Balance | $ 17.07 | $ 18.16 |
Weighted Average Exercise Price for Stock Options Exercised | $ 17.07 | 19.88 |
Weighted Average Exercise Price for Stock Options Cancelled | 19.88 | |
Weighted Average Exercise Price for Stock Options Outstanding and Exercisable, Ending Balance | $ 17.07 |
Stock-Based Compensation And 90
Stock-Based Compensation And Stock Ownership Plans (Schedule of Non-Vested Stock Activity) (Details) - Non-vested Stock [Member] - $ / shares | 12 Months Ended | |
Oct. 02, 2015 | Oct. 03, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Non-Vested Stock, Beginning Balance | 319,632 | 386,409 |
Non-Vested Stock Grants | 38,222 | 47,934 |
Non-Vested Stock Forfeited | (25,364) | |
Restricted Stock Vested | (118,463) | (114,711) |
Non-Vested Stock, Ending Balance | 214,027 | 319,632 |
Non-Vested Stock, Weighted Average Grant Date Fair Value, Beginning Balance | $ 17.10 | $ 13.78 |
Non-Vested Stock Grants, Weighted Average Grant Price | 30.05 | 27.70 |
Non-Vested Stock Forfeited, Weighted Averge Grant Price | 21.27 | |
Restricted Stock Vested, Weighted Average Grant Date Fair Value, Vested | 12.57 | 10.32 |
Non-Vested Stock, Weighted Average Grant Date Fair Value, Ending Balance | $ 21.43 | $ 17.10 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
Related Party Transactions [Abstract] | |||
Costs Associated with Related Party Transactions | $ 1,112 | $ 1,246 | $ 1,434 |
Segments of Business (Schedule
Segments of Business (Schedule Of Operations By Business Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 02, 2015 | Jul. 03, 2015 | Apr. 03, 2015 | Jan. 02, 2015 | Oct. 03, 2014 | Jun. 27, 2014 | Mar. 28, 2014 | Dec. 27, 2013 | Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 85,673 | $ 140,883 | $ 133,111 | $ 70,822 | $ 84,904 | $ 137,133 | $ 124,273 | $ 79,100 | $ 430,489 | $ 425,410 | $ 426,461 |
Operating profit (loss) | 1,140 | $ 16,421 | $ 7,623 | $ (7,331) | (1,279) | $ 9,332 | $ 11,546 | $ (2,908) | 17,853 | 16,691 | 25,591 |
Depreciation and amortization expense | 11,824 | 10,863 | 10,070 | ||||||||
Capital expenditures | 10,409 | 13,263 | 16,333 | ||||||||
Goodwil, net | 14,292 | 14,416 | 14,292 | 14,416 | 21,053 | ||||||
Total assets | 299,204 | 288,626 | 299,204 | 288,626 | |||||||
Marine Electronics [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 262,184 | 249,344 | 247,474 | ||||||||
Operating profit (loss) | 26,055 | 30,722 | 32,172 | ||||||||
Depreciation and amortization expense | 7,749 | 6,409 | 5,371 | ||||||||
Capital expenditures | 6,739 | 9,726 | 12,400 | ||||||||
Goodwil, net | 10,367 | 10,367 | 10,367 | 10,367 | 10,367 | ||||||
Total assets | 125,113 | 111,411 | 125,113 | 111,411 | |||||||
Outdoor Equipment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 47,526 | 47,393 | 44,147 | ||||||||
Operating profit (loss) | 3,847 | (3,726) | 2,180 | ||||||||
Depreciation and amortization expense | 1,128 | 1,099 | 1,051 | ||||||||
Capital expenditures | 427 | 348 | 381 | ||||||||
Goodwil, net | 6,475 | ||||||||||
Total assets | 33,663 | 32,033 | 33,663 | 32,033 | |||||||
Watercraft [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 48,805 | 49,349 | 50,745 | ||||||||
Operating profit (loss) | 1,620 | 210 | (2,116) | ||||||||
Depreciation and amortization expense | 972 | 1,274 | 1,483 | ||||||||
Capital expenditures | 889 | 837 | 1,282 | ||||||||
Total assets | 20,898 | 20,367 | 20,898 | 20,367 | |||||||
Diving [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 71,414 | 78,779 | 83,532 | ||||||||
Operating profit (loss) | 934 | 3,596 | 5,694 | ||||||||
Depreciation and amortization expense | 826 | 904 | 839 | ||||||||
Capital expenditures | 661 | 947 | 973 | ||||||||
Goodwil, net | 3,925 | 4,049 | 3,925 | 4,049 | 4,211 | ||||||
Total assets | 62,589 | 64,933 | 62,589 | 64,933 | |||||||
Corporate and Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 560 | 545 | 563 | ||||||||
Operating profit (loss) | (14,603) | (14,111) | (12,339) | ||||||||
Depreciation and amortization expense | 1,149 | 1,177 | 1,326 | ||||||||
Capital expenditures | 1,693 | 1,405 | 1,297 | ||||||||
Total assets | $ 56,941 | $ 59,882 | 56,941 | 59,882 | |||||||
Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | (1,248) | (1,190) | (1,463) | ||||||||
Intersegment Eliminations [Member] | Marine Electronics [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 334 | 217 | 270 | ||||||||
Intersegment Eliminations [Member] | Outdoor Equipment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 47 | 50 | 76 | ||||||||
Intersegment Eliminations [Member] | Watercraft [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 156 | 143 | 113 | ||||||||
Intersegment Eliminations [Member] | Diving [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 711 | $ 780 | $ 1,004 |
Segments of Business (Schedul93
Segments of Business (Schedule Of Operations By Geographic Area) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Oct. 02, 2015 | Jul. 03, 2015 | Apr. 03, 2015 | Jan. 02, 2015 | Oct. 03, 2014 | Jun. 27, 2014 | Mar. 28, 2014 | Dec. 27, 2013 | Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | ||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | $ 85,673 | $ 140,883 | $ 133,111 | $ 70,822 | $ 84,904 | $ 137,133 | $ 124,273 | $ 79,100 | $ 430,489 | $ 425,410 | $ 426,461 | |
Total assets | 299,204 | 288,626 | 299,204 | 288,626 | ||||||||
Long-term assets | [1] | 84,616 | 85,723 | 84,616 | 85,723 | |||||||
United States: [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 350,340 | 337,603 | 327,606 | |||||||||
Total assets | 210,060 | 190,069 | 210,060 | 190,069 | ||||||||
Long-term assets | [1] | 79,045 | 79,585 | 79,045 | 79,585 | |||||||
Europe: [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 35,547 | 40,659 | 46,740 | |||||||||
Total assets | 59,740 | 65,116 | 59,740 | 65,116 | ||||||||
Long-term assets | [1] | 5,162 | 5,669 | 5,162 | 5,669 | |||||||
Canada: [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 28,155 | 27,715 | 29,656 | |||||||||
Other Geographic Areas: [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 16,447 | 19,433 | 22,459 | |||||||||
Canada And Other: [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Total assets | 29,404 | 33,441 | 29,404 | 33,441 | ||||||||
Long-term assets | [1] | $ 409 | $ 469 | 409 | 469 | |||||||
GeographyEliminations [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | (27,336) | (28,732) | (32,567) | |||||||||
GeographyEliminations [Member] | United States: [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 17,872 | 16,186 | 19,881 | |||||||||
GeographyEliminations [Member] | Europe: [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 9,371 | 12,349 | 12,018 | |||||||||
GeographyEliminations [Member] | Canada: [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 11 | 11 | 4 | |||||||||
GeographyEliminations [Member] | Other Geographic Areas: [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | $ 82 | $ 186 | $ 664 | |||||||||
[1] | Long term assets consist of net property, plant and equipment, net intangible assets, goodwill and other assets excluding deferred income taxes. |
Subsequent Event (Narrative) (D
Subsequent Event (Narrative) (Details) - USD ($) $ in Thousands | Oct. 27, 2015 | Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 |
Payments To Acquire Productive Assets | $ 10,409 | $ 13,263 | $ 16,333 | |
Subsequent Event [Member] | ||||
Payments To Acquire Productive Assets | $ 2,000 | |||
Diving [Member] | Subsequent Event [Member] | ||||
Payments To Acquire Productive Assets | $ 3,000 |
Valuation And Qualifying Acco95
Valuation And Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
Allowance For Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $ 2,665 | $ 3,759 | $ 4,172 |
Additions Charged to Costs and Expenses | 292 | 288 | 769 |
Less Deductions | 628 | 1,382 | 1,182 |
Balance at End of Year | 2,329 | 2,665 | 3,759 |
Reserves For Inventory Valuation [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 3,950 | 4,015 | 5,679 |
Additions Charged to Costs and Expenses | 2,123 | 1,043 | 1,269 |
Less Deductions | 1,194 | 1,108 | 2,933 |
Balance at End of Year | 4,879 | 3,950 | 4,015 |
Valuation Of Deferred Tax Assets [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 8,734 | 9,479 | 13,299 |
Additions Charged to Costs and Expenses | 2,602 | 668 | 1,262 |
Less Deductions | 1,550 | 1,413 | 5,082 |
Balance at End of Year | 9,786 | 8,734 | 9,479 |
Reserves For Sales Returns [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 1,428 | 1,129 | 1,367 |
Additions Charged to Costs and Expenses | 3,139 | 2,553 | 1,857 |
Less Deductions | 2,622 | 2,254 | 2,095 |
Balance at End of Year | $ 1,945 | $ 1,428 | $ 1,129 |
Quarterly Financial Summary (De
Quarterly Financial Summary (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 02, 2015 | Jul. 03, 2015 | Apr. 03, 2015 | Jan. 02, 2015 | Oct. 03, 2014 | Jun. 27, 2014 | Mar. 28, 2014 | Dec. 27, 2013 | Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
Net sales | $ 85,673 | $ 140,883 | $ 133,111 | $ 70,822 | $ 84,904 | $ 137,133 | $ 124,273 | $ 79,100 | $ 430,489 | $ 425,410 | $ 426,461 |
Gross profit | 33,711 | 58,752 | 51,936 | 27,334 | 34,019 | 55,819 | 48,846 | 29,929 | 171,733 | 168,613 | 171,049 |
Operating profit (loss) | 1,140 | 16,421 | 7,623 | (7,331) | (1,279) | 9,332 | 11,546 | (2,908) | 17,853 | 16,691 | 25,591 |
Income (loss) before income taxes | (244) | 16,101 | 6,820 | (6,924) | (977) | 10,105 | 11,214 | (2,920) | 15,753 | 17,422 | 24,660 |
Income tax expense (benefit) | (1,411) | 6,104 | 3,174 | (2,730) | (191) | 5,407 | 3,810 | (727) | 5,137 | 8,299 | 5,333 |
Net income (loss) | $ 1,167 | $ 9,997 | $ 3,646 | $ (4,194) | $ (786) | $ 4,698 | $ 7,404 | $ (2,193) | $ 10,616 | $ 9,123 | $ 19,327 |
Class A [Member] | |||||||||||
Net income (loss) per common share - Basic | $ 0.12 | $ 1.01 | $ 0.37 | $ (0.42) | $ (0.08) | $ 0.48 | $ 0.75 | $ (0.22) | $ 1.08 | $ 0.93 | $ 1.98 |
Net (loss) income per common share - Diluted | 0.12 | 1 | 0.36 | (0.42) | (0.08) | 0.47 | 0.74 | (0.22) | 1.06 | 0.90 | 1.95 |
Class B [Member] | |||||||||||
Net income (loss) per common share - Basic | 0.11 | 0.92 | 0.34 | (0.42) | (0.07) | 0.43 | 0.68 | (0.22) | 0.98 | 0.84 | 1.79 |
Net (loss) income per common share - Diluted | $ 0.12 | $ 1 | $ 0.36 | $ (0.42) | $ (0.08) | $ 0.47 | $ 0.74 | $ (0.22) | $ 1.06 | $ 0.90 | $ 1.95 |
Acquisition (Narrative) (Detail
Acquisition (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 27, 2014 | Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
Business Acquisition [Line Items] | ||||
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 Combination, Control Obtained Description | the Company acquired all of the outstanding common and preferred stock | |||
Distribution from escrow account | $ 1,600 | |||
Impairment of Intangible Assets | $ 2,000 | |||
Goodwill and other intangible assets impairment | $ 8,475 | |||
Jetboil Inc [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Date of Acquisition Agreement | Nov. 14, 2012 | |||
Total Consideration of Acquisition | $ 15,420 | |||
Indemnity Escrow Amount | $ 3,200 | |||
Period of Time from Acquisition Date for Indemnity Claims | 15 months | |||
Impairment of Intangible Assets | 2,000 | |||
Goodwill and other intangible assets impairment | $ 2,000 | |||
Outdoor Equipment [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill and other intangible assets impairment | $ 6,475 | |||
Trade Names [Member] | ||||
Business Acquisition [Line Items] | ||||
Indefinite-lived Intangible Assets Acquired | $ 5,400 | |||
Trade Names [Member] | Jetboil Inc [Member] | ||||
Business Acquisition [Line Items] | ||||
Indefinite-lived Intangible Assets Acquired | $ 5,400 |