Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 28, 2018 | Nov. 23, 2018 | Mar. 30, 2018 | |
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Sep. 28, 2018 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,018 | ||
Entity Registrant Name | JOHNSON OUTDOORS INC | ||
Entity Central Index Key | 788,329 | ||
Current Fiscal Year End Date | --09-28 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Public Float | $ 307 | ||
Class A | |||
Entity Common Stock, Shares Outstanding | 8,787,360 | ||
Class B | |||
Entity Common Stock, Shares Outstanding | 1,211,686 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Net sales | $ 544,268,000 | $ 490,565,000 | $ 433,727,000 |
Cost of sales | 302,408,000 | 279,625,000 | 257,265,000 |
Gross profit | 241,860,000 | 210,940,000 | 176,462,000 |
Operating expenses: | |||
Marketing and selling | 112,782,000 | 100,359,000 | 90,690,000 |
Administrative management, finance and information systems | 45,616,000 | 45,824,000 | 38,251,000 |
Goodwill and other intangible assets impairment | 0 | 0 | 6,197,000 |
Research and development | 20,441,000 | 19,166,000 | 18,430,000 |
Total operating expenses | 178,839,000 | 165,349,000 | 153,568,000 |
Operating profit | 63,021,000 | 45,591,000 | 22,894,000 |
Interest income | (1,166,000) | (316,000) | (81,000) |
Interest expense | 203,000 | 757,000 | 727,000 |
Other (income) expense | (4,122,000) | (3,060,000) | (1,407,000) |
Profit before income taxes | 68,106,000 | 48,210,000 | 23,655,000 |
Income tax expense | 27,437,000 | 13,053,000 | 10,154,000 |
Net income | $ 40,669,000 | $ 35,157,000 | $ 13,501,000 |
Weighted average common shares - Basic: | |||
Dilutive stock options and restricted stock units (shares) | 54 | 33 | 16 |
Weighted average common shares - Dilutive (shares) | 9,996 | 9,920 | 9,855 |
Class A | |||
Weighted average common shares - Basic: | |||
Weighted average common shares - Basic (shares) | 8,730 | 8,675 | 8,627 |
Net income per common share - Basic: | |||
Net income per common share - Basic (USD per share) | $ 4.12 | $ 3.56 | $ 1.36 |
Net income per common share - Diluted: | |||
Net income per common share - Diluted (USD per share) | 4.05 | 3.51 | 1.34 |
Dividends declared per common share: | |||
Dividends declared per common share (USD per share) | $ 0.48 | $ 0.37 | $ 0.32 |
Class B | |||
Weighted average common shares - Basic: | |||
Weighted average common shares - Basic (shares) | 1,212 | 1,212 | 1,212 |
Net income per common share - Basic: | |||
Net income per common share - Basic (USD per share) | $ 3.74 | $ 3.23 | $ 1.24 |
Net income per common share - Diluted: | |||
Net income per common share - Diluted (USD per share) | 4.05 | 3.51 | 1.34 |
Dividends declared per common share: | |||
Dividends declared per common share (USD per share) | $ 0.44 | $ 0.337 | $ 0.29 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Comprehensive income: | |||
Net income | $ 40,669 | $ 35,157 | $ 13,501 |
Other comprehensive (loss) income: | |||
Foreign currency translation | (1,005) | 590 | 521 |
Reclassification adjustment for currency translation (gains) losses related to the liquidation of foreign entities included in net income | (2,378) | 64 | (249) |
Unrecognized gain (loss) arising during period, net of tax of ($460), ($938) and $1,168, respectively | 1,457 | 1,532 | (1,906) |
Amortization of unrecognized losses included in net periodic benefit cost, net of tax of ($133), ($278) and ($215), respectively | 420 | 453 | 351 |
Total other comprehensive (loss) income | (1,506) | 2,639 | (1,283) |
Total comprehensive income | $ 39,163 | $ 37,796 | $ 12,218 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Unrecognized gain (loss) arising during period, tax | $ (460) | $ (938) | $ 1,168 |
Change in periodic benefit plan, tax | $ (133) | $ (278) | $ (215) |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 28, 2018 | Sep. 29, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 121,877 | $ 63,810 |
Short-term investments | 28,714 | 46,607 |
Accounts receivable, net | 40,866 | 46,814 |
Inventories | 88,864 | 79,148 |
Other current assets | 5,373 | 4,470 |
Total current assets | 285,694 | 240,849 |
Property, plant and equipment, net of accumulated depreciation of $131,322 and $132,567, respectively | 55,934 | 48,938 |
Deferred income taxes | 11,748 | 22,632 |
Goodwill | 11,199 | 11,238 |
Other intangible assets, net | 12,341 | 13,476 |
Other assets | 19,020 | 16,526 |
Total assets | 395,936 | 353,659 |
Current liabilities: | ||
Accounts payable | 34,160 | 31,686 |
Accrued liabilities: | ||
Salaries, wages and benefits | 22,315 | 21,825 |
Accrued warranty | 8,499 | 6,393 |
Income taxes payable | 7,739 | 5,434 |
Accrued discounts and returns | 7,505 | 5,137 |
Other | 12,566 | 13,602 |
Total current liabilities | 92,784 | 84,077 |
Deferred income taxes | 1,715 | 1,845 |
Retirement benefits | 1,945 | 8,844 |
Other liabilities | 20,295 | 15,889 |
Total liabilities | 116,739 | 110,655 |
Shareholders' equity: | ||
Preferred stock: none issued | 0 | 0 |
Common stock: | ||
Capital in excess of par value | 75,025 | 72,801 |
Retained earnings | 202,828 | 166,905 |
Accumulated other comprehensive income | 3,487 | 4,993 |
Treasury stock at cost, shares of Class A common stock: 67,655 and 67,137, respectively | (2,646) | (2,198) |
Total shareholders' equity | 279,197 | 243,004 |
Total liabilities and shareholders' equity | 395,936 | 353,659 |
Class A | ||
Common stock: | ||
Shares issued and outstanding | 442 | 442 |
Class B | ||
Common stock: | ||
Shares issued and outstanding | $ 61 | $ 61 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 28, 2018 | Sep. 29, 2017 |
Property, plant and equipment, accumulated depreciation | $ 131,322 | $ 132,567 |
Preferred stock, shares issued (shares) | 0 | 0 |
Treasury stock, shares (shares) | 67,655 | 67,137 |
Class A | ||
Common stock, shares issued (shares) | 8,787,360 | 8,784,513 |
Common stock, shares outstanding (shares) | 8,787,360 | 8,784,513 |
Class B | ||
Common stock, shares issued (shares) | 1,211,686 | 1,211,686 |
Common stock, shares outstanding (shares) | 1,211,686 | 1,211,686 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($) $ in Thousands | Total | Common Stock | Capital in Excess of Par Value | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) |
Balance, beginning of period at Oct. 02, 2015 | $ 502 | $ 69,545 | $ 125,173 | $ (889) | $ 3,637 | |
Balance, beginning of period (shares) at Oct. 02, 2015 | 9,982,994 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | $ 13,501 | 13,501 | ||||
Dividends declared | (3,269) | |||||
Issuance of stock under employee stock purchase plan | $ 0 | 160 | ||||
Issuance of stock under employee stock purchase plan (shares) | 7,732 | |||||
Award of non-vested shares | (493) | 493 | ||||
Award of non-vested shares (shares) | 54,850 | |||||
Stock-based compensation | 1,813 | |||||
Tax effects on stock based awards | 112 | |||||
Currency translation adjustment | 521 | 521 | ||||
Write off of currency translation adjustment gain | (249) | (249) | ||||
Change in pension plans, net of tax (of $952, $1216, and $593 respectively) | (1,555) | |||||
Non-vested stock forfeitures (shares) | (7,885) | |||||
Purchase of treasury stock at cost | (1,506) | |||||
Purchase of treasury stock at cost (shares) | (19,973) | |||||
Reissue of treasury stock | (10) | 10 | ||||
Reissue of treasury stock (shares) | 3,416 | |||||
Balance, end of period at Sep. 30, 2016 | $ 502 | 71,127 | 135,405 | (1,892) | 2,354 | |
Balance, end of period (shares) at Sep. 30, 2016 | 10,021,134 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 35,157 | 35,157 | ||||
Dividends declared | (3,657) | |||||
Issuance of stock under employee stock purchase plan | 47 | |||||
Issuance of stock under employee stock purchase plan (shares) | 1,414 | |||||
Award of non-vested shares | $ 1 | (553) | 553 | |||
Award of non-vested shares (shares) | 20,460 | |||||
Stock-based compensation | 1,985 | |||||
Currency translation adjustment | 590 | 590 | ||||
Write off of currency translation adjustment gain | 64 | 64 | ||||
Change in pension plans, net of tax (of $952, $1216, and $593 respectively) | 1,985 | |||||
Non-vested stock forfeitures | 195 | (195) | ||||
Purchase of treasury stock at cost | (664) | |||||
Purchase of treasury stock at cost (shares) | (46,809) | |||||
Balance, end of period at Sep. 29, 2017 | 243,004 | $ 503 | 72,801 | 166,905 | (2,198) | 4,993 |
Balance, end of period (shares) at Sep. 29, 2017 | 9,996,199 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 40,669 | 40,669 | ||||
Dividends declared | (4,746) | |||||
Issuance of stock under employee stock purchase plan | 154 | |||||
Issuance of stock under employee stock purchase plan (shares) | 3,365 | |||||
Award of non-vested shares | (227) | 227 | ||||
Award of non-vested shares (shares) | 8,859 | |||||
Stock-based compensation | 2,297 | |||||
Currency translation adjustment | (1,005) | (1,005) | ||||
Write off of currency translation adjustment gain | (2,378) | (2,378) | ||||
Change in pension plans, net of tax (of $952, $1216, and $593 respectively) | 1,877 | |||||
Purchase of treasury stock at cost | (675) | |||||
Purchase of treasury stock at cost (shares) | (9,377) | |||||
Balance, end of period at Sep. 28, 2018 | $ 279,197 | $ 503 | $ 75,025 | $ 202,828 | $ (2,646) | $ 3,487 |
Balance, end of period (shares) at Sep. 28, 2018 | 9,999,046 |
CONSOLIDATED STATEMENTS OF SH_2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Statement of Stockholders' Equity [Abstract] | |||
Change in pension plans, tax benefit (expense) | $ 593 | $ 1,216 | $ (952) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
CASH PROVIDED BY OPERATING ACTIVITIES | |||
Net income | $ 40,669,000 | $ 35,157,000 | $ 13,501,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 11,994,000 | 11,804,000 | 10,654,000 |
Amortization of intangible assets | 1,111,000 | 1,276,000 | 1,179,000 |
Amortization of deferred financing costs | 58,000 | 297,000 | 122,000 |
(Gain) loss on sale of productive assets | (1,134,000) | (17,000) | 16,000 |
Impairment losses | 0 | 0 | 6,197,000 |
Stock based compensation | 2,297,000 | 1,986,000 | 1,832,000 |
Write off of currency translation adjustment (gain) loss | (2,378,000) | 64,000 | (249,000) |
Provision for doubtful accounts receivable | 21,000 | 876,000 | 299,000 |
Provision for inventory reserves | 394,000 | 1,356,000 | 3,650,000 |
Pension contributions | (5,188,000) | (1,365,000) | (482,000) |
Deferred income taxes | 10,772,000 | (2,784,000) | (2,219,000) |
Change in operating assets and liabilities: | |||
Accounts receivable, net | 5,409,000 | (5,364,000) | 3,390,000 |
Inventories, net | (10,495,000) | (11,413,000) | 8,524,000 |
Accounts payable and accrued liabilities | 8,432,000 | 15,901,000 | (2,513,000) |
Other current assets | (837,000) | 193,000 | 197,000 |
Other non-current assets | 0 | 57,000 | (246,000) |
Other long-term liabilities | 1,990,000 | (1,034,000) | (140,000) |
Other, net | 243,000 | (640,000) | (278,000) |
Cash provided by operating activities | 63,358,000 | 46,350,000 | 43,434,000 |
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES | |||
Payments for purchase of business | 0 | 0 | (9,152,000) |
Purchase of short-term investments | (34,789,000) | (46,607,000) | 0 |
Proceeds from sales of short-term investments | 52,682,000 | 0 | 0 |
Capital expenditures | (19,152,000) | (11,613,000) | (11,702,000) |
Proceeds from sale of productive assets | 1,307,000 | 212,000 | 113,000 |
Cash used for investing activities | 48,000 | (58,008,000) | (20,741,000) |
CASH USED FOR FINANCING ACTIVITIES | |||
Principal payments on term loans and other long-term debt | 0 | (7,376,000) | (332,000) |
Debt issuance costs paid | (63,000) | 0 | 0 |
Common stock transactions | 153,000 | 47,000 | 271,000 |
Dividends paid | (4,350,000) | (3,559,000) | (3,169,000) |
Purchases of treasury stock | (675,000) | (663,000) | (1,506,000) |
Cash used for financing activities | (4,935,000) | (11,551,000) | (4,736,000) |
Effect of foreign currency rate changes on cash | (404,000) | (275,000) | 178,000 |
Increase (decrease) in cash and cash equivalents | 58,067,000 | (23,484,000) | 18,135,000 |
CASH AND CASH EQUIVALENTS | |||
Beginning of period | 63,810,000 | 87,294,000 | 69,159,000 |
End of period | 121,877,000 | 63,810,000 | 87,294,000 |
Supplemental Disclosure: | |||
Cash paid for taxes | 14,422,000 | 13,751,000 | 14,496,000 |
Cash paid for interest | $ 143,000 | $ 493,000 | $ 732,000 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Sep. 28, 2018 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 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 camping, diving, watercraft and marine electronics products. Principles of Consolidation The consolidated financial statements include the accounts of Johnson Outdoors Inc. and all majority owned subsidiaries and are stated in conformity with U.S. generally accepted accounting principles. Intercompany accounts and transactions have been eliminated upon consolidation. Use of Estimates The preparation of financial statements requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities and operating results and the disclosure of commitments and contingent liabilities. Actual results could differ significantly from those estimates. Fiscal Year The Company’s fiscal year ends on the Friday nearest September 30. The fiscal years ended September 28, 2018 (hereinafter 2018 ), September 29, 2017 (hereinafter 2017 ) and September 30, 2016 (hereinafter 2016 ) all comprised 52 weeks. Cash, Cash Equivalents and Short-term Investments 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. Short-term investments consist of certificates of deposit with original maturities greater than three months but less than one year. 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. As of September 28, 2018 , the Company held approximately $ 40,999 of cash and cash equivalents in bank accounts in foreign jurisdictions. 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 net realizable value. 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: September 28 September 29 Raw materials $ 40,375 $ 32,826 Work in process 39 48 Finished goods 48,450 46,274 $ 88,864 $ 79,148 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 and fixtures, equipment and computer software 3-10 years Upon retirement or disposition of any of the foregoing types of assets, cost and the related accumulated depreciation are removed from the applicable account and any resulting gain or loss is recognized in the statements of operations. Property, plant and equipment at the end of the respective years consisted of the following: 2018 2017 Property improvements $ 590 $ 590 Buildings and improvements 21,669 21,770 Furniture and fixtures, equipment and computer software 164,997 159,145 187,256 181,505 Less accumulated depreciation 131,322 132,567 $ 55,934 $ 48,938 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 results of the impairment tests performed in 2018 and 2017 indicated no impairment to the Company’s goodwill. During the third quarter of fiscal 2016 , the Company recognized an impairment charge of $ 6,197 in the Diving reporting unit. Revised projections for the unit based on lower than anticipated results due to a sustained decline in sales and unfavorable operating margins were considered an indicator of potential goodwill impairment, and accordingly, the Company performed an impairment analysis on the goodwill of the Diving reporting unit following the previous guidance which required a two step approach. In conducting its analysis, the Company uses the income approach to compare the reporting unit’s carrying value to its indicated fair value. Fair value is determined primarily by using a discounted cash flow methodology that requires considerable management judgment and long-term assumptions and is considered a Level 3 (unobservable) fair value determination in the fair value hierarchy (see Note 4 below). The Company’s analysis indicated the carrying value of the Diving reporting unit exceeded its indicated fair value as of the measurement date of June 3, 2016 resulting in performing a step 2 hypothetical business combination analysis, which determined that the carrying amount of goodwill exceeded its implied fair value. As a result, the Company recognized an impairment charge in the third quarter of fiscal 2016 of $ 6,197 in “Goodwill and other intangible assets impairment” in the accompanying Condensed Consolidated Statements of Operations in the Diving segment, thereby reducing its carrying value to $ 0 . The Company’s impairment analysis is based on management’s estimates. Due to the uncertainty of future events, the Company cannot assure that growth rates will not be lower than expected, that discount rates will not increase or that projected cash flows 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 and the composition of the Company's goodwill for fiscal 2018 and 2017 were as follows: Fishing Camping Watercraft Diving Total Balance at September 30, 2016 Goodwill $ 17,425 $ 7,038 $ 6,242 $ 33,078 $ 63,783 Accumulated impairment losses (6,229 ) (7,038 ) (6,242 ) (33,078 ) (52,587 ) 11,196 — — — 11,196 Currency translation 42 — — — 42 Balance at September 29, 2017 Goodwill 17,467 7,038 6,242 33,078 63,825 Accumulated impairment losses (6,229 ) (7,038 ) (6,242 ) (33,078 ) (52,587 ) 11,238 — — — 11,238 Currency translation (39 ) — — — (39 ) Balance at September 28, 2018 Goodwill 17,428 7,038 6,242 33,078 63,786 Accumulated impairment losses (6,229 ) (7,038 ) (6,242 ) (33,078 ) (52,587 ) $ 11,199 $ — $ — $ — $ 11,199 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 2018 , 2017 or 2016. 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 $ 1,111 , $ 1,276 and $ 1,179 for 2018 , 2017 and 2016 , respectively. Amortization of these definite-lived intangible assets is expected to be approximately $ 1,073 , $ 1,007 , $ 817 , $ 688 and $ 688 for fiscal years 2019, 2020, 2021, 2022 and 2023, respectively. Intangible assets at the end of the last two years consisted of the following: 2018 2017 Gross Intangible Accumulated Amortization Net Gross Intangible Accumulated Amortization Net Amortized other intangible assets: Patents and trademarks $ 4,205 $ (4,170 ) $ 35 $ 4,213 $ (4,144 ) $ 69 Other amortizable intangibles 11,095 (5,814 ) 5,281 11,131 (4,749 ) 6,382 Non-amortized trademarks 7,025 — 7,025 7,025 — 7,025 $ 22,325 $ (9,984 ) $ 12,341 $ 22,369 $ (8,893 ) $ 13,476 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. The Company performed an impairment analysis, which included a discounted cash flow analysis, on the long-lived assets in its Watercraft segment during the fourth quarter of fiscal 2018. No impairment was indicated. Warranties The Company provides for warranties of certain products as they are sold. Warranty reserves are estimated using standard quantitative measures based on criteria established by the Company. Estimates of costs to service its warranty obligations are based on historical experience, expectation of future conditions and known product issues. The following table summarizes the warranty activity for the three years in the period ended September 28, 2018 . Balance at October 2, 2015 $ 4,301 Expense accruals for warranties issued during the period 4,699 Less current period warranty claims paid 4,674 Balance at September 30, 2016 $ 4,326 Expense accruals for warranties issued during the period 7,452 Less current period warranty claims paid 5,385 Balance at September 29, 2017 $ 6,393 Expense accruals for warranties issued during the period 9,389 Less current period warranty claims paid 7,283 Balance at September 28, 2018 $ 8,499 Accumulated Other Comprehensive Income The components of Accumulated other comprehensive income ("AOCI") on the accompanying Consolidated Balance Sheets as of the end of fiscal year 2018 , 2017 and 2016 were as follows: 2018 2017 2016 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 $ 7,796 $ — $ 7,796 $ 11,179 $ — $ 11,179 $ 10,525 $ — $ 10,525 Unamortized loss on pension plans (5,329 ) 1,020 (4,309 ) (7,799 ) 1,613 (6,186 ) (10,999 ) 2,828 (8,171 ) Accumulated other comprehensive income $ 2,467 $ 1,020 $ 3,487 $ 3,380 $ 1,613 $ 4,993 $ (474 ) $ 2,828 $ 2,354 The reclassifications out of AOCI for the year ended September 28, 2018 were as follows: Statement of Operations Presentation Unamortized loss on defined benefit pension plans Amortization of loss $ 553 Cost of sales / Operating expense Tax effects (133 ) Income tax expense Foreign currency translation adjustments Write off of currency translation amounts (2,378 ) Other income and expense Total reclassifications for the period $ (1,958 ) The reclassifications out of AOCI for the year ended September 29, 2017 were as follows: Statement of Operations Presentation Unamortized loss on defined benefit pension plans: Amortization of loss $ 731 Cost of sales / Operating expense Tax effects (278 ) Income tax expense Foreign currency translation adjustments: Write off of currency translation amounts 64 Other income and expense Total reclassifications for the period $ 517 The reclassifications out of AOCI for the year ended September 30, 2016 were as follows: Statement of Operations Presentation Unamortized loss on defined benefit pension plans: Amortization of loss $ 566 Cost of sales / Operating expense Tax effects (215 ) Income tax expense Foreign currency translation adjustments Write off of currency translation amounts (249 ) Other income and expense Total reclassifications for the period $ 102 The changes in AOCI by component, net of tax, for the year ended September 28, 2018 were as follows: Foreign Currency Translation Adjustment Unamortized Loss on Defined Benefit Pension Plans Accumulated Other Comprehensive Income (Loss) Balance at September 29, 2017 $ 11,179 $ (6,186 ) $ 4,993 Other comprehensive (loss) income before reclassifications (1,005 ) 1,917 912 Amounts reclassified from accumulated other comprehensive income (2,378 ) 553 (1,825 ) Tax effects — (593 ) (593 ) Balance at September 28, 2018 $ 7,796 $ (4,309 ) $ 3,487 The changes in AOCI by component, net of tax, for the year ended September 29, 2017 were as follows: Foreign Currency Translation Adjustment Unamortized Loss on Defined Benefit Pension Plans Accumulated Other Comprehensive Income (Loss) Balance at September 30, 2016 $ 10,525 $ (8,171 ) $ 2,354 Other comprehensive income before reclassifications 590 2,470 3,060 Amounts reclassified from accumulated other comprehensive income 64 731 795 Tax effects — (1,216 ) (1,216 ) Balance at September 29, 2017 $ 11,179 $ (6,186 ) $ 4,993 Earnings per Share (“EPS”) Net income or loss per share of Class A common stock and Class B common stock is computed using the two-class method. Grants of restricted stock (whether vested or unvested) which receive non-forfeitable dividends are required to be included as part of the basic weighted average share calculation under the two-class method. Holders of Class A common stock are entitled to cash dividends equal to 110% of all dividends declared and paid on each share of Class B common stock. The Company grants shares of unvested restricted stock in the form of Class A shares, which carry the same distribution rights as the Class A common stock described above. As such, the undistributed earnings for each period are allocated to each class of common stock based on the proportionate share of the amount of cash dividends that each such class is entitled to receive. Basic EPS Basic net income or loss per share is computed by dividing net income or loss allocated to Class A common stock and Class B common stock by the weighted-average number of shares of Class A common stock and Class B common stock outstanding, respectively. In periods with cumulative year to date net income and undistributed income, the undistributed income for each period is allocated to each class of common stock based on the proportionate share of the amount of cash dividends that each such class is entitled to receive. In periods where there is a cumulative year to date net loss or no undistributed income because distributions through dividends exceed net income, Class B shares are treated as anti-dilutive and, therefore, net losses are allocated equally on a per share basis among all participating securities. For the years ended September 28, 2018 , September 29, 2017 and September 30, 2016 , basic income per share for Class A and Class B shares has been presented using the two class method as described above. Diluted EPS Diluted net income per share is computed by dividing allocated net income by the weighted-average number of common shares outstanding, adjusted for the effect of dilutive stock options, restricted stock units and non-vested restricted stock. Anti-dilutive stock options, restricted stock units and non-vested stock are excluded from the calculation of diluted EPS. The computation of diluted net income per share of Class A common stock assumes that Class B common stock is converted into Class A common stock. Therefore, diluted net income per share is the same for both Class A and Class B common shares. In periods where the Company reports a net loss, the effect of anti-dilutive stock options, restricted stock units and non-vested stock is excluded and diluted loss per share is equal to basic loss per share. For the years ended September 28, 2018 , September 29, 2017 and September 30, 2016 , 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 September 28, 2018 , September 29, 2017 and September 30, 2016 . 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 46,776 , 95,068 and 162,472 shares for the years ended September 28, 2018 , September 29, 2017 and September 30, 2016 , 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: 2018 2017 2016 Net income $ 40,669 $ 35,157 $ 13,501 Less: Undistributed earnings reallocated to non-vested shareholders (224 ) (375 ) (258 ) Dilutive earnings $ 40,445 $ 34,782 $ 13,243 Weighted average common shares – Basic: Class A 8,730 8,675 8,627 Class B 1,212 1,212 1,212 Dilutive stock options and restricted stock units 54 33 16 Weighted average common shares - Dilutive 9,996 9,920 9,855 Net income per common share – Basic: Class A $ 4.12 $ 3.56 $ 1.36 Class B $ 3.74 $ 3.23 $ 1.24 Net income per common share – Diluted: Class A $ 4.05 $ 3.51 $ 1.34 Class B $ 4.05 $ 3.51 $ 1.34 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 2018 , 2017 or 2016 . 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 although the Company may choose to fund more than the minimum amount at its discretion. 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 gains from transactions of $ 1,985 , $ 903 , and $ 277 in 2018 , 2017 , and 2016 , respectively, which were included in Other (income) expense in the accompanying Consolidated Statements of Operations. Because the Company operates internationally, it has exposure to market risk from movements in foreign currency exchange rates. Approximately 16% of the Company’s revenues for the year ended September 28, 2018 were denominated in currencies other than the U.S. dollar. Approximately 7% were denominated in euros and approximately 6% were denominated in Canadian dollars, with the remaining 3% 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. The Company did not use foreign currency forward contracts in 2018 , 2017 or 2016 . 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 2018 , 2017 and 2016 totaled $ 26,319 , $ 24,349 and $ 23,611 , respectively. These charges are included in “Marketing and selling expenses.” Capitalized advertising costs, included in Other current assets, totaled $ 606 and $ 621 at September 28, 2018 and September 29, 2017 , 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 $ 11,846 , $ 10,844 and $ 10,240 for 2018 , 2017 and 2016 , 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 $ 38,062 , less accumulated amortization of $ 21,788 , at September 28, 2018 and $ 34,528 , less accumulated amortization of $ 18,040 , at September 29, 2017 . These costs are amortized over the expected life of the software of three to seven years. Amortization expense related to capitalized software in 2018 , 2017 and 2016 was $ 3,747 , $ 3,444 and $ 2,738 , respectively, and is included in depreciation expense on plant, property and equipment. Fair Values The carrying amounts of cash, cash equivalents, short-term investments, accounts receivable, and accounts payable approximated fair value at September 28, 2018 and September 29, 2017 due to the short maturities of these instruments. During 2018 , 2017 and 2016 , the Company held investments in equity and debt securities that were carried at fair value related to its deferred compensation liability which was also carried at the same 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 charge is recognized based on the excess of the carrying amount over the fair value. 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 4 of these Notes to Consolidated Financial Statements for disclosures regarding fair value measurements. New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes existing revenue recognition requirements and provides a new comprehensive revenue recognition model. The underlying principle of the new standard requires entities to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects what it expects to receive in exchange for those goods or services. Topic 606 also requires additional disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. The provisions are effective for the Company in the first quarter of fiscal 2019 at which time the Company will adopt Topic 606 using the modified retrospective approach. The Company's project plan for the implementation of the new standard included a review of all revenue streams to identify potential differences in the performance obligations, timing, measurement or presentation that would result from applying the new standard. The Company is in the process of implementing appropriate changes to its business processes, systems and controls to support revenue recognition and disclosures under Topic 606. The Company anticipates that the adoption of this standard will not have a significant impact on its consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory . The ASU includes provisions intended to simplify the measurement of inventory and to more clearly articulate the requirements for the measurement and disclosure of inventory. Under such provisions, an entity should measure inventory within the scope of this amendment at the lower of cost or net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The Company adopted this standard at the beginning of the first quarter of fiscal 2018. The adoption of this ASU did not have a significant impact on the Company's consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . In July 2018, the FASB also issued ASU 2018-10 Codification Improvements to Topic 842, Leases and ASU 2018-11 Leases (Topic 842) Targeted Improvements. The amendments in this update will increase the transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This guidance is effective for the Company in the first quarter of fiscal year 2020, and may be applied through a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements with certain practical expedients available. An entity may apply the new leases standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company is currently evaluating the effect of this standard on its consolidated financial statements. In March 2017, the FASB issued ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost . The ASU includes, among other provisions, one that will require presentation of the service cost component of net benefit cost in the same line item(s) as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside of a subtotal of income from operations. This amendment is effective for annual periods beginning after December 15, 2017 and the interim periods within those annual periods. The Company elected to adopt this accounting standard at the beginning of the first quarter of fiscal 2018. The adoption of this standard resulted in a reduction of an annual operating expense of $ 848 and an increase in other expense of $ 848 . The adoption of this standard did not have an effect on the Company's consolidated balance sheets or consolidated statements of cash flows. In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income - Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (Topic 220) , which allows for a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017. ASU No. 2018-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The ASU allows for early adoption in any interim period after issuance of the update. The Company is currently assessing the impact this ASU will have on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-14, Changes to the Disclosure Requirements for Defined Benefit Plans (Topic 715) , intended to modify the disclosure requirements for employers that sponsor defined pension or postretirement plans. The amendments in this guidance are effective for fiscal years ending after Decem |
INDEBTEDNESS
INDEBTEDNESS | 12 Months Ended |
Sep. 28, 2018 | |
Long-term Debt, Unclassified [Abstract] | |
INDEBTEDNESS | INDEBTEDNESS The Company had no outstanding debt at September 28, 2018 or September 29, 2017 . Term Loans On October 24, 2016 the Company repaid its outstanding term loans with Ridgestone Bank totaling $7,068 . The early repayment of these loans resulted in of a 3% pre-payment penalty. The Company’s term loans had a maturity date of September 29, 2029. The interest rate in effect on the term loans was 5.5% at the date of repayment. Revolvers On November 15, 2017, the Company and certain of its subsidiaries entered into a new unsecured revolving credit facility with PNC Bank, National Association and Associated Bank, N.A. ("the Lending Group"). This credit facility replaced the Company's previous revolving credit agreement dated September 16, 2013 and consists of an Amended and Restated Revolving Credit Agreement dated November 15, 2017 among the Company, certain of the Company's subsidiaries, PNC Bank, National Association, as lender and as administrative agent, and the other lender named therein (the "New Revolving Credit Agreement" or "New Revolver"). The New Revolver has an expiration date of November 15, 2022, and provides for borrowing of up to an aggregate principal amount not to exceed $75,000 with a $50,000 accordion feature that gives the Company the option to increase the maximum financing availability subject to the conditions of the New Revolving Credit Agreement and subject to the approval of the lenders. The interest rate on the New Revolver is based on LIBOR plus an applicable margin, which margin resets each quarter. The applicable margin ranges from 1.00% to 1.75% and is dependent on the Company's leverage ratio for the trailing twelve month period. The interest rates on the Revolver were approximately 3.3% at September 28, 2018 and 2.5% at September 29, 2017 . The New Revolving Credit Agreement restricts the Company's ability to incur additional debt, includes maximum leverage ratio and minimum interest coverage ratio covenants and is unsecured. Other Borrowings The Company utilizes letters of credit primarily as security for the payment of future claims under its workers’ compensation insurance which totaled $ 279 and $ 279 at September 28, 2018 and September 29, 2017 , respectively. The Company had no unsecured lines of credit as of September 28, 2018 or September 29, 2017 . The weighted average borrowing rate for short-term debt was approximately 3.3% , 2.5% and 1.7% for 2018 , 2017 and 2016 , respectively. Under the Company’s New 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 New Revolving 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 obtained rights as a beneficial owner (as interpreted under the Securities Exchange Act of 1934) of a certain minimum percentage of the outstanding capital stock of the Company. |
DERIVATIVE INSTRUMENTS AND HEDG
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 12 Months Ended |
Sep. 28, 2018 | |
General Discussion of Derivative Instruments and Hedging Activities [Abstract] | |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 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 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 16% of the Company’s revenues for the fiscal year ended September 28, 2018 were denominated in currencies other than the U.S. dollar. Approximately 7% were denominated in euros and approximately 6% were denominated in Canadian dollars, with the remaining 3% 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 September 28, 2018 and September 29, 2017 , 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. As of September 28, 2018 and September 29, 2017 , the Company held no interest rate swap contracts. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Sep. 28, 2018 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | 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 September 28, 2018 : Level 1 Level 2 Level 3 Total Assets: Rabbi trust assets $ 17,477 $ — $ — $ 17,477 The following table summarizes the Company’s financial assets measured at fair value as of September 29, 2017 : Level 1 Level 2 Level 3 Total Assets: Rabbi trust assets $ 14,932 $ — $ — $ 14,932 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 owed by the Company to certain officers and other employees under the Company’s non-qualified deferred compensation plan. These assets are included in "Other assets" in the Company's Consolidated Balance Sheets, and the mark-to-market adjustments on the assets are recorded in “Other (income) expense” in the accompanying Consolidated Statements of Operations. The offsetting deferred compensation liability is also reported at fair value and is included in “Other liabilities” in the Company’s Consolidated Balance Sheets. Changes in the liability are recorded in "Administrative management, finance and information systems" expense 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 September 28, 2018 , September 29, 2017 and September 30, 2016 was: Location of income recognized in Statement of Operations 2018 2017 2016 Rabbi trust assets Other (income) expense $ (1,395 ) $ (1,687 ) $ (624 ) Certain assets and liabilities are measured at fair value on a non-recurring basis in periods subsequent to their initial recognition. During 2016 , the Company recorded a $ 6,197 impairment charge on goodwill held by the Diving business reducing its carrying value to $ 0 , its implied fair value. The charge is reflected in “Goodwill and other intangible assets impairment.” See further discussion of this impairment charge at Note 1 of these Notes to Consolidated Financial Statements. No assets or liabilities were measured at fair value on a non-recurring basis in 2018 or 2017 . |
LEASES AND OTHER COMMITMENTS
LEASES AND OTHER COMMITMENTS | 12 Months Ended |
Sep. 28, 2018 | |
Leases [Abstract] | |
LEASES AND OTHER COMMITMENTS | 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 September 28, 2018 were as follows: Year Related parties included in total Total 2019 $ 1,053 $ 7,723 2020 1,081 7,187 2021 1,098 5,835 2022 179 4,069 2023 — 2,517 Thereafter — 24,832 Rental expense under all leases was approximately $ 8,316 , $ 7,969 and $ 7,011 for 2018 , 2017 and 2016 , respectively. Rent expense to related parties was $ 992 , $ 949 and $ 907 for 2018 , 2017 and 2016 , respectively. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Sep. 28, 2018 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The U.S. and foreign income before income taxes for the respective years consisted of the following: 2018 2017 2016 United States $ 57,888 $ 41,463 $ 28,881 Foreign 10,218 6,747 (5,226 ) $ 68,106 $ 48,210 $ 23,655 Income tax expense for the respective years consisted of the following: 2018 2017 2016 Current: Federal $ 12,390 $ 13,154 $ 9,471 State 4,482 2,361 1,492 Foreign 1,678 1,455 986 Deferred 8,887 (3,917 ) (1,795 ) $ 27,437 $ 13,053 $ 10,154 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: 2018 2017 Deferred tax assets: Inventories $ 1,477 $ 2,263 Compensation 6,930 14,260 Tax credit carryforwards 3,890 8,203 Net operating loss carryforwards 4,399 5,844 Other 6,458 8,041 Total gross deferred tax assets 23,154 38,611 Less valuation allowance 6,402 8,613 Deferred tax assets 16,752 29,998 Deferred tax liabilities: Goodwill and other intangibles 1,236 1,805 Depreciation and amortization 4,759 6,802 Foreign statutory reserves 724 604 Net deferred tax assets $ 10,033 $ 20,787 The net deferred tax assets recorded in the accompanying Consolidated Balance Sheets as of the years ended September 28, 2018 and September 29, 2017 were as follows: 2018 2017 Non-current assets $ 11,748 $ 22,632 Non-current liabilities 1,715 1,845 Net deferred tax assets $ 10,033 $ 20,787 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: 2018 2017 2016 Statutory U.S. federal income tax rate 24.5 % ** 35.0 % 35.0 % Foreign rate differential — % (1.1 )% 0.3 % State income tax, net of federal benefit 4.1 % 4.0 % 6.1 % Tax credit (0.7 )% (0.9 )% (3.2 )% Deferred tax asset valuation allowance 0.6 % (0.3 )% 0.8 % Uncertain tax positions, net of settlements 2.2 % 0.9 % 1.4 % Goodwill impairment — % — % 6.6 % Section 199 manufacturer's deduction (2.2 )% (2.8 )% (4.2 )% Taxes related to foreign income, net of credits 0.1 % (8.7 )% * 0.5 % Compensation 1.5 % — % — % Tax rate or law change 12.3 % — % — % Other (2.1 )% 1.0 % (0.4 )% 40.3 % 27.1 % 42.9 % * Rate benefit is primarily from excess foreign tax credits generated by a dividend repatriation in the first quarter of fiscal 2017 . ** The federal statutory rate is a blended rate which reflects 35.0% through December 31, 2017 and the lower rate of 21.0% beginning on January 1, 2018 due to tax reform. On December 22, 2017 , the Tax Cuts and Jobs Act (the “Act”) was enacted into law. The Act includes significant changes to the U.S. corporate income tax system which reduces the U.S. federal corporate income tax rate from 35.0% to 21.0% as of January 1, 2018 ; shifts to a modified territorial tax regime which requires companies to pay a transition tax on earnings of certain foreign subsidiaries that were previously deferred from U.S. income tax; and creates new taxes on certain foreign-sourced earnings. The decrease in the U.S. federal corporate income tax rate from 35.0% to 21.0% results in a blended statutory tax rate of 24.5% for the fiscal year ending September 28, 2018 . The new taxes for certain foreign-sourced earnings under the Act are effective for the Company in fiscal 2019. Income tax effects resulting from changes in tax laws are accounted for by the Company in the period in which the law is enacted and the effects are recorded as a component of income tax expense or benefit. As a result, the Company recorded provisional income tax expense resulting from application of the Act totaling $8,386 during the year ended September 28, 2018 , which includes (i) a transition tax of $3,414 on the Company’s total post-1986 earnings and profits (“E&P”) which, prior to the Act, were previously deferred from U.S. income tax, and (ii) a $4,972 increase in income tax expense as a result of the re-measurement of the Company’s deferred tax assets and liabilities to the new corporate tax rate of 21.0% . Consistent with provisions allowed under the Tax Act, the Transition Tax liability will be paid over an eight year period beginning in fiscal year 2019. As of September 28, 2018, the noncurrent portion of the estimated Transition Tax liability in the amount of $2,049 has been included in “Other liabilities” in the Consolidated Balance Sheets. The Securities and Exchange Commission staff issued Staff Accounting Bulletin (“SAB”) 118 to provide guidance on accounting for various effects of the Act that may be at different stages of completion. To the extent that a company’s accounting for a certain income tax effect of the Act is incomplete, but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. The final impact may differ from these provisional amounts, possibly materially, due to, among other things, issuance of additional regulatory guidance, changes in interpretations and assumptions the Company has made, and actions the Company may take as a result of the Act. In accordance with SAB 118, the financial reporting impact of the Act will be completed no later than the first quarter of fiscal 2019. As of September 28, 2018 , the tax effects related to the Act are provisional and represent the Company’s best estimate. Amounts recorded are based in part on a reasonable estimate of the effects on its transition tax and existing deferred tax balances which are subject to change and modification. Provisional amounts recorded may change as a result of the following: • The amount recorded for the transition tax liability is a provisional amount and based on current estimates of total post-1986 foreign E&P and the income tax pools for all foreign subsidiaries which will continue to be refined over the coming periods. Further, the transition tax is based in part on the amount of those earnings held in cash and other specified assets. This amount may change when the Company finalizes the calculation of post-1986 foreign E&P previously deferred from U.S. federal taxation and finalizes the amounts held in cash or other specified assets as of September 28, 2018 . Further interpretations from U.S. federal and state governments and regulatory organizations may change the provisional tax liability or the accounting treatment of the provisional tax liability. • The Company is still analyzing certain aspects of the Act and refining the estimate of the expected revaluation of its deferred tax balances. This can potentially affect the measurement of these balances or potentially give rise to new deferred tax amounts. The Act also provides changes related to the limits of deduction for employee compensation. The Company is treating any future non-deductible compensation as impacting compensation expenses in the period incurred and will review further guidance and the related impact as provided through the first quarter of fiscal 2019. • The Act also includes a provision designed to tax global intangible low taxed income (GILTI) and benefit foreign-derived intangible income (FDII) which will be effective in fiscal 2019. Under the provision, a U.S. shareholder is required to include in gross income the amount of its GILTI, which is generally the net income of its controlled foreign corporations in excess of a 10% return on depreciable tangible assets after identification of other income subject to non-deferral rules. Due to the complexity of the new GILTI tax rules and uncertainty of the application of the foreign tax credit rules in relation to GILTI and FDII, we are continuing to evaluate this provision of the Act and the application of ASC 740, and are considering available accounting policy alternatives to either record the U.S. income tax effect of future GILTI inclusions in the period in which they arise or establish deferred taxes with respect to the expected future tax liabilities associated with future GILTI inclusions. Our accounting policies depend, in part, on analyzing our global income to determine whether we expect a tax liability resulting from the application of this provision, and, if so, whether and when to record related current and deferred income taxes. In addition, we are awaiting further interpretive guidance in connection with the computation of the GILTI tax. For these reasons, we are not yet able to reasonably estimate the effect of this provision of the Act. Therefore, we have not made any adjustments relating to potential GILTI tax in our consolidated financial statements and have not made a policy decision regarding our accounting for GILTI. • Prior to the Act, our practice and intention was to reinvest the earnings in our non-U.S. subsidiaries outside of the U.S., and no U.S. deferred income taxes or foreign withholding taxes were recorded. The transition tax noted above resulted in the previously untaxed foreign earnings being included in the federal and state fiscal 2018 taxable income. We are currently analyzing our global working capital requirements and the potential tax liabilities that would be incurred if the non-U.S. subsidiaries distribute cash to the U.S. parent, which may include withholding taxes, local country taxes and potential U.S. state taxation. For these reasons, we are not yet able to reasonably estimate the effect of this provision of the Act and have not recorded any withholding or state tax liabilities, any deferred taxes attributable to GILTI (as noted above) or any deferred taxes attributable to our investment in our foreign subsidiaries. • We are also currently analyzing certain additional provisions of the Act that come into effect in fiscal 2019 and will determine if and how these items would impact the effective tax rate in the year the income or expense occurs. These provisions include the Base Erosion Anti-Abuse Tax (BEAT), eliminating U.S. federal income taxes on dividends from foreign subsidiaries, the new provision that could limit the amount of deductible interest expense, and the limitations on the deductibility of certain executive compensation. The Company’s net operating loss carryforwards and their expirations as of September 28, 2018 were as follows: State Foreign Total Year of expiration 2019-2023 $ 840 $ 3,626 $ 4,466 2024-2028 2,427 1,209 3,636 2029-2033 14,060 — 14,060 2034-2038 67 — 67 Indefinite — 6,326 6,326 Total $ 17,394 $ 11,161 $ 28,555 The Company has tax credit carryforwards as follows: State Federal Total Year of expiration 2019-2023 $ 1,782 $ — $ 1,782 2024-2028 1,365 — 1,365 2029-2033 598 — 598 2034-2038 120 — 120 Indefinite — — — Total $ 3,865 $ — $ 3,865 A reconciliation of the beginning and ending amount of unrecognized tax benefits follows: 2018 2017 Beginning balance $ 5,489 $ 5,096 Gross increases - tax positions in prior period 2,962 300 Gross decreases - tax positions in prior period (105 ) — Gross increases - tax positions in current period 1,064 554 Settlements — (81 ) Lapse of statute of limitations (581 ) (380 ) Ending balance $ 8,829 $ 5,489 The total accrued interest and penalties with respect to income taxes was approximately $ 1,863 and $ 1,326 for the years ended September 28, 2018 and September 29, 2017 , respectively. The Company’s liability for unrecognized tax benefits as of September 28, 2018 was $ 8,829 , and if recognized, $ 6,596 would have an effective tax rate impact. 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. Interest and penalties of $ 537 , $ 246 and $ 194 were recorded as a component of income tax expense in the accompanying Consolidated Statements of Operations during fiscal years 2018 , 2017 and 2016 , respectively. The Company files income tax returns, including returns for its subsidiaries, with federal, state, local and foreign taxing jurisdictions. At September 28, 2018 , the Company was under income tax examination 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 the aforementioned audit 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 following tax years remain subject to examination by the Company's respective major tax jurisdictions: Jurisdiction Fiscal Years United States 2015-2018 Canada 2014-2018 France 2015-2018 Germany 2013-2018 Italy 2013-2018 Switzerland 2008-2018 |
EMPLOYEE BENEFITS
EMPLOYEE BENEFITS | 12 Months Ended |
Sep. 28, 2018 | |
Retirement Benefits [Abstract] | |
EMPLOYEE BENEFITS | EMPLOYEE BENEFITS The Company has non-contributory defined benefit pension plans covering certain U.S. employees. Retirement benefits are generally provided based on the 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 2018 and 2017 was as follows: 2018 2017 Projected benefit obligation: Projected benefit obligation, beginning of year $ 28,472 $ 29,449 Service cost — — Interest cost 1,058 1,043 Actuarial gain (1,712 ) (1,025 ) Benefits paid (987 ) (995 ) Projected benefit obligation, end of year 26,831 28,472 Fair value of plan assets: Fair value of plan assets, beginning of year 20,802 17,793 Actual gain on plan assets 968 2,639 Company contributions 5,188 1,365 Benefits paid (987 ) (995 ) Fair value of plan assets, end of year 25,971 20,802 Funded status of the plans (860 ) (7,670 ) Amounts recognized in the Consolidated Balance Sheets consist of: Current pension liabilities 184 186 Non-current pension liabilities 676 7,484 Accumulated other comprehensive loss (5,329 ) (7,799 ) Components of accumulated other comprehensive loss: Net actuarial loss (5,329 ) (7,799 ) Accumulated other comprehensive loss $ (5,329 ) $ (7,799 ) Net periodic benefit cost for the non-contributory defined benefit pension plans for the respective years included the following pre-tax amounts: 2018 2017 2016 Interest cost $ 1,058 $ 1,043 $ 1,137 Expected return on plan assets (763 ) (1,193 ) (1,265 ) Amortization of unrecognized net actuarial loss 553 731 566 Net periodic pension cost 848 581 438 Other changes in benefit obligations recognized in other comprehensive income ("OCI"): Net actuarial (gain) loss (2,470 ) (3,201 ) 2,507 Total recognized in net periodic pension cost and OCI $ (1,622 ) $ (2,620 ) $ 2,945 The Company expects to recognize $ 330 of unrecognized loss amortization as a component of net periodic benefit cost in 2019. This amount is included in accumulated other comprehensive income as of September 28, 2018 . At September 28, 2018 , the aggregate accumulated benefit obligation and aggregate fair value of plan assets for plans with benefit obligations in excess of plan assets was $ 26,831 and $ 25,971 , respectively, and there were no plans with plan assets in excess of benefit obligations. At September 29, 2017 , the aggregate accumulated benefit obligation and aggregate fair value of plan assets for plans with benefit obligations in excess of plan assets was $ 28,472 and $ 20,802 , 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 $ 184 through September 30, 2019. 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: 2019 $ 1,160 2020 1,214 2021 1,228 2022 1,245 2023 1,284 Five years thereafter 7,231 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 2018 2017 2016 2018 2017 2016 Discount rate 4.22 % 3.79 % 3.60 % 3.79 % 3.60 % 4.35 % Long-term rate of return N/A N/A N/A 3.45 % 6.50 % 7.50 % Average salary increase rate N/A N/A N/A N/A N/A N/A The change in discount rates in 2018 and 2017 resulted in an actuarial gain during the year of approximately $ 1,633 and $ 795 , respectively. The change in discount rates in 2016 resulted in an actuarial loss during 2016 of approximately $ 3,152 . 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 September 28, 2018 and September 29, 2017 , by asset category were as follows: 2018 2017 Equity securities 5 % 73 % Fixed income securities 93 % 24 % Other securities 2 % 3 % 100 % 100 % The Company elected to make additional contributions to its defined benefit plans in fiscal 2018, continuing its strategy to de-risk the plans. As a result of the improved funded status, the Company changed its investment strategy for the plans, allocating the majority of its assets, 95%, into fixed income securities designed to minimize the pension plans' exposure to changes in interest rates. The remaining 5% of assets are allocated to global equities. The following table summarizes the Company’s pension plan assets measured at fair value as of September 28, 2018 : Level 1 Level 2 Level 3 Total Description: Mutual funds $ 25,588 $ — $ — $ 25,588 Money market funds 331 — — 331 Group annuity contract — — 52 52 Total $ 25,919 $ — $ 52 $ 25,971 The following table summarizes the Company’s pension plan assets measured at fair value as of September 29, 2017 : Level 1 Level 2 Level 3 Total Description: Mutual funds $ 20,207 $ — $ — $ 20,207 Money market funds 515 — — 515 Group annuity contract — — 80 80 Total $ 20,722 $ — $ 80 $ 20,802 The tables below set forth a summary of changes in fair value of the Company’s Level 3 pension plan assets for the years ended September 28, 2018 and September 29, 2017 : 2018 2017 Level 3 assets, beginning of year $ 80 $ 113 Purchases — 2 Unrealized (loss) gain (2 ) 1 Sales (26 ) (36 ) Level 3 assets, end of year $ 52 $ 80 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 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 reported at fair value equal to the related rabbi trust assets, and is classified as “Other liabilities” on our accompanying Consolidated Balance Sheets, was approximately $ 17,477 and $ 14,932 as of September 28, 2018 and September 29, 2017 , respectively. See “Note 4 Fair Value” for additional information. A majority of the Company’s full-time employees are covered by defined contribution programs. Expenses attributable to the defined contribution programs were approximately $ 1,321 , $ 1,189 and $ 1,126 for 2018 , 2017 and 2016 , respectively. |
PREFERRED STOCK
PREFERRED STOCK | 12 Months Ended |
Sep. 28, 2018 | |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |
PREFERRED STOCK | 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 |
Sep. 28, 2018 | |
Common Stock [Abstract] | |
COMMON STOCK | 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: 2018 2017 Class A, $0.05 par value: Authorized 20,000,000 20,000,000 Outstanding 8,787,360 8,784,513 Class B, $0.05 par value: Authorized 3,000,000 3,000,000 Outstanding 1,211,686 1,211,686 Holders of Class A common stock are entitled to elect 25% , or the next highest whole number, 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 2018 and 2017 there were 0 and 320 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 |
Sep. 28, 2018 | |
Share-based Compensation [Abstract] | |
STOCK-BASED COMPENSATION AND STOCK OWNERSHIP PLANS | 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 578,170 shares of the Company’s Class A common stock available for grant to key executives and non-employee directors at September 28, 2018 . 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 vesting of restricted stock and restricted stock units of $ 369 , $ 404 and $ 112 for 2018 , 2017 and 2016 , respectively. In 2018 and 2017 , these amounts were recorded as a component of income tax expense. In 2016 , the amount was recorded as an increase in additional paid-in capital on the consolidated balance sheets and as cash from financing activities on the consolidated statements of cash flows. The Company recognizes forfeitures of equity awards as incurred. 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 September 28, 2018 related to the Company’s stock ownership plans is as follows: Shares Weighted Average Grant Price Non-vested stock at September 30, 2016 162,472 $ 24.49 Non-vested stock grants 8,846 43.12 Restricted stock vested (76,250 ) 20.54 Non-vested stock at September 29, 2017 95,068 27.68 Non-vested stock grants 6,532 70.39 Restricted stock vested (54,824 ) 25.36 Non-vested stock September 28, 2018 46,776 36.37 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 9,377 and 17,832 during 2018 and 2017 , respectively. The fair value of restricted stock vested during 2018 , 2017 and 2016 was approximately $ 3,948 , $ 3,219 and $ 2,348 , respectively. Stock compensation expense, net of forfeitures, related to non-vested stock was $ 501 , $ 941 and $ 1,252 during 2018 , 2017 and 2016 , respectively. The tax benefit recognized during 2018 , 2017 and 2016 related to stock based compensation was $ 122 , $ 358 and $ 476 , respectively. Unrecognized compensation cost related to non-vested stock as of September 28, 2018 was $ 692 , which amount will be amortized to expense through November 2021 or adjusted for changes in future estimated or actual forfeitures. Restricted Stock Units All restricted stock units awarded by the Company during fiscal 2018 and in prior years have been granted at their fair market value on the date of grant. 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 vesting period for RSUs is generally one year from the date of grant for RSUs granted to directors and three years from the date of the grant for RSUs granted to employees. A summary of RSU activity follows: Number of RSUs Weighted Average Grant Price RSUs at September 30, 2016 46,411 $ 23.62 RSUs granted 28,301 40.64 RSUs vested (14,070 ) 22.39 RSUs at September 29, 2017 60,642 31.85 RSUs granted 27,868 67.82 RSUs vested (8,931 ) 35.27 RSUs at September 28, 2018 79,579 44.06 Stock compensation expense, net of forfeitures, related to restricted stock units was $ 1,743 , $ 1,011 and $ 547 for the years ended September 28, 2018 , September 29, 2017 and September 30, 2016 , respectively. The tax benefit recognized during 2018 , 2017 and 2016 related to restricted stock unit based compensation was $424 , $384 and $208 , respectively. Unrecognized compensation cost related to non-vested restricted stock units as of September 28, 2018 was $ 938 , which amount will be amortized to expense through September 2020 or adjusted for changes in future estimated or actual forfeitures. Compensation expense related to units earned by employees is based upon the attainment of certain financial goals related to cumulative net sales and cumulative operating profit over a three-year performance period. Awards are only paid if at least 80% of the target levels are met and maximum payouts are made if 120% of more of target levels are achieved. The payouts for achievement at the minimum threshold levels of performance are equal to 50% of the target award amount. The payouts for achievement at maximum levels of performance are equal to 150% of the target award amount. To the extent earned, awards are issued in shares of Company common stock after the end of the three year performance period. 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 3,365 , 1,414 and 7,732 shares of Class A common stock under the Purchase Plan during the years 2018 , 2017 and 2016 , respectively, and recognized expense of $ 53 , $ 34 and $ 33 in 2018 , 2017 and 2016 , respectively. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Sep. 28, 2018 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 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 $ 1,231 , $ 1,144 and $ 1,196 for 2018 , 2017 and 2016 , respectively. Amounts due to/from related parties were immaterial at September 28, 2018 and September 29, 2017 . |
SEGMENTS OF BUSINESS
SEGMENTS OF BUSINESS | 12 Months Ended |
Sep. 28, 2018 | |
Segment Reporting [Abstract] | |
SEGMENTS OF BUSINESS | 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. During the year ended September 28, 2018, combined net sales to one customer of the Company's Fishing, Camping and Watercraft Recreation segments represented approximately $ 90,554 of the Company's consolidated revenues. As of September 25, 2017, two customers of the Company's Fishing, Camping and Watercraft Recreation segments combined into a single entity. The combined net sales to these two customers represented approximately $ 80,795 of the Company's consolidated revenues during fiscal 2017. The Company had no single customer that accounted for more than 10% of its total net sales in fiscal 2016. 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: 2018 2017 2016 Net sales: Fishing: Unaffiliated customers $ 390,679 $ 327,796 $ 274,539 Interunit transfers 431 342 333 Camping: Unaffiliated customers 37,732 37,887 39,975 Interunit transfers 38 33 43 Watercraft Recreation: Unaffiliated customers 36,120 48,126 50,240 Interunit transfers 160 146 148 Diving Unaffiliated customers 78,907 76,080 68,330 Interunit transfers 25 652 807 Other / Corporate 830 676 643 Eliminations (654 ) (1,173 ) (1,331 ) Total $ 544,268 $ 490,565 $ 433,727 Operating profit (loss): Fishing $ 83,696 $ 58,697 $ 43,092 Camping 1,867 1,946 2,077 Watercraft Recreation (1,555 ) 2,860 3,349 Diving (1) 2,766 1,847 (9,384 ) Other / Corporate (23,753 ) (19,759 ) (16,240 ) $ 63,021 $ 45,591 $ 22,894 Depreciation and amortization expense: Fishing $ 8,174 $ 8,437 $ 7,597 Camping 816 888 1,121 Watercraft Recreation 977 950 819 Diving 1,166 1,573 1,210 Other / Corporate 1,972 1,232 1,086 $ 13,105 $ 13,080 $ 11,833 Capital expenditures: Fishing $ 9,709 $ 6,774 $ 6,970 Camping 253 372 311 Watercraft Recreation 859 988 911 Diving 1,109 695 1,464 Other / Corporate 7,222 2,784 2,046 $ 19,152 $ 11,613 $ 11,702 Goodwill, net: Fishing $ 11,199 $ 11,238 Camping — — Watercraft Recreation — — Diving — — $ 11,199 $ 11,238 Total assets (end of period): Fishing $ 135,808 $ 128,706 Camping 32,728 32,652 Watercraft Recreation 16,994 20,222 Diving 56,498 58,190 Other / Corporate 153,908 113,889 $ 395,936 $ 353,659 (1) Diving 2016 operating loss includes $6,197 of goodwill impairment charges. A summary of the Company’s operations by geographic area is presented below: 2018 2017 2016 Net sales: United States: Unaffiliated customers $ 456,816 $ 404,073 $ 357,592 Interunit transfers 20,886 19,725 14,672 Europe: Unaffiliated customers 37,014 34,521 32,069 Interunit transfers 10,438 10,983 9,824 Canada: Unaffiliated customers 33,358 32,553 28,308 Interunit transfers 25 2 16 Other: Unaffiliated customers 17,080 19,418 15,758 Interunit transfers 231 22 62 Eliminations (31,580 ) (30,732 ) (24,574 ) $ 544,268 $ 490,565 $ 433,727 Total assets: United States $ 316,903 $ 276,916 Europe 42,048 42,956 Canada and other 36,985 33,787 $ 395,936 $ 353,659 Long-term assets (1) : United States $ 91,949 $ 83,726 Europe 3,553 3,396 Canada and other 2,992 3,056 $ 98,494 $ 90,178 (1) Long term assets consist of net property, plant and equipment, net intangible assets, goodwill and other assets excluding deferred income taxes. |
CONTINGENCIES
CONTINGENCIES | 12 Months Ended |
Sep. 28, 2018 | |
Loss Contingency, Information about Litigation Matters [Abstract] | |
CONTINGENCIES | 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. |
VALUATION AND QUALIFYING ACCOUN
VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Sep. 28, 2018 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
VALUATION AND QUALIFYING ACCOUNTS | VALUATION AND QUALIFYING ACCOUNTS The following summarizes changes to valuation and qualifying accounts for 2018 , 2017 and 2016 : Balance at Beginning of Year Additions Charged to Costs and Expenses Less Deductions Balance at End of Year Year Ended September 28, 2018 Allowance for doubtful accounts $ 2,231 $ 21 $ 615 $ 1,637 Reserves for inventory valuation 5,428 394 698 5,124 Valuation of deferred tax assets 8,724 1,148 3,470 6,402 Reserves for sales returns 1,930 3,927 4,325 1,532 Year ended September 29, 2017 Allowance for doubtful accounts $ 2,182 $ 876 $ 827 $ 2,231 Reserves for inventory valuation 5,623 1,356 1,551 5,428 Valuation of deferred tax assets 10,215 603 2,094 8,724 Reserves for sales returns 2,772 2,346 3,188 1,930 Year ended September 30, 2016 Allowance for doubtful accounts $ 2,329 $ 299 $ 446 $ 2,182 Reserves for inventory valuation 4,879 3,650 2,906 5,623 Valuation of deferred tax assets 9,786 1,670 1,241 10,215 Reserves for sales returns 1,945 4,596 3,769 2,772 |
QUARTERLY FINANCIAL SUMMARY (UN
QUARTERLY FINANCIAL SUMMARY (UNAUDITED) | 12 Months Ended |
Sep. 28, 2018 | |
Quarterly Financial Data [Abstract] | |
QUARTERLY FINANCIAL SUMMARY (UNAUDITED) | 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) 2018 2017 2018 2017 2018 2017 2018 2017 Net sales $ 116,579 $ 93,729 $ 165,778 $ 149,807 $ 170,779 $ 155,274 $ 91,132 $ 91,755 Gross profit 48,811 36,565 74,195 64,913 79,333 70,630 39,521 38,832 Operating profit (loss) 7,037 472 26,002 20,458 31,955 24,737 (1,973 ) (76 ) Income (loss) before income taxes 8,324 (45 ) 29,445 21,837 31,779 25,560 (1,442 ) 858 Income tax expense (benefit) 8,089 (4,101 ) 7,825 7,878 8,009 9,007 3,514 269 Net income (loss) $ 235 $ 4,056 $ 21,620 $ 13,959 $ 23,770 $ 16,553 $ (4,956 ) $ 589 Net income (loss) per common share - Basic: Class A $ 0.02 $ 0.41 $ 2.19 $ 1.41 $ 2.40 $ 1.68 $ (0.50 ) $ 0.06 Class B $ 0.02 $ 0.37 $ 1.99 $ 1.28 $ 2.19 $ 1.52 $ (0.46 ) $ 0.05 Net income (loss) per common share - Diluted: Class A $ 0.02 $ 0.40 $ 2.15 $ 1.39 $ 2.37 $ 1.65 $ (0.49 ) $ 0.06 Class B $ 0.02 $ 0.40 $ 2.15 $ 1.39 $ 2.37 $ 1.65 $ (0.49 ) $ 0.06 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. |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended |
Sep. 28, 2018 | |
Business Combinations [Abstract] | |
ACQUISITIONS | ACQUISITIONS During the year ended September 30, 2016 , the Company completed two acquisitions for a total of approximately $ 9,200 . No acquisitions were completed during fiscal 2017 or fiscal 2018. Acquisition of SeaBear On October 27, 2015 , the Company acquired all of the outstanding common stock of SeaBear GmbH (“SeaBear”) and related assets in a purchase transaction with SeaBear’s sole shareholder (the “Seller”). SeaBear, founded and based in Graz, Austria, specializes in the development of underwater instrumentation through unique application of existing, new and emerging technologies. The Company believed that sales of SeaBear’s innovative diving technology could be expanded through the Company’s global marketing and distribution networks. The SeaBear acquisition is included in the Company’s Diving segment. Goodwill, of $ 2,219 , which represents the excess of the purchase price over the net tangible and intangible assets acquired, is not deductible for tax purposes. Acquisition of Northport On April 4, 2016 , the Company acquired substantially all of the assets of Northport Systems, Inc. (“Northport”) in a purchase transaction with Northport and its owners (collectively, the “Seller”). Northport, based in Toronto, Canada, specializes in the development and application of unique digital cartography technologies and web, e-commerce and data solutions for fishing and marine markets. The acquisition cost for the Northport assets was funded with existing cash and credit facilities. Approximately $ 500 of the purchase price was paid into a segregated escrow account which was set aside to fund potential indemnity claims that may be made by the Company against the Seller in connection with the inaccuracy of certain representations and warranties made by the Seller or related to the breach or nonperformance of certain other actions, agreements or conditions related to the acquisition, for a period of 24 months from the acquisition date. The escrow balance was released to the Seller in full in fiscal 2018. Approximately $ 250 of the purchase price was paid in the form of contingent consideration which required the Seller to meet certain conditions prior to the release of such funds. The Company believes that Northport will bring new cartography capabilities, which can broaden the Company’s innovation horizon and accelerate speed-to-market of new products in this segment. The Northport acquisition is included in the Company’s Fishing segment. Goodwill of $ 827 , which represents the excess of the purchase price over the net tangible and intangible assets acquired, is deductible for tax purposes. The goodwill resulting from this acquisition reflects the strong cash flow expected from the acquisition due primarily to expected expanded distribution and growth of Humminbird marine electronics and cartography products. Purchase Price Allocation Pro forma results of operations for these acquisitions have not been presented because they are not material to the Company's combined and consolidated results of operations, either individually or in the aggregate. The following table presents the aggregate purchase price allocation for the Company's acquisitions described above: Recognized amounts of identifiable assets acquired and liabilities assumed Accounts receivable $ 66 Inventories 197 Other current assets 40 Property, plant and equipment 27 Identifiable intangible assets 6,706 Less, accounts payable and accruals 350 Less, long term liabilities 580 Total identifiable net assets 6,106 Goodwill 3,046 Net assets acquired $ 9,152 The values assigned in the acquisitions to finite lived intangible assets were as follows: Description Amount Useful Life (yrs) Developed technologies $ 6,131 7.6 years Non-compete agreements 575 5.0 years Developed technologies were valued using the discounted cash flow method. Under this method, the after-tax direct cash flows expected to be generated by the technologies were discounted over their remaining useful lives, net of contributions of other assets to those cash flows. The discount rates used were commensurate with the inherent risks associated with each type of asset and the level and timing of cash flows appropriately reflect market participant assumptions. We valued base product technology that generates cash flows from sales of the existing products using the income approach, specifically the multi-period excess earnings method which calculates the value based on the risk-adjusted present value of the cash flows specific to the products, allowing for a reasonable return. Non-compete agreements were valued using the comparative income differential method based on the estimated negative impact that could occur in the absence of the restrictions enforced by the agreements. The weighted average useful life at the dates of acquisition of total amortizable intangible assets acquired was approximately 7.5 years. Transaction costs incurred for the acquisitions was $ 753 for the twelve months ended September 30, 2016 . Such transaction costs are included in "Administrative management, finance and information system" in the accompanying Consolidated Statement of Operations. During the quarter ended July 1, 2016, the Company re-evaluated its projections for its Diving reporting unit as a result of deteriorating business conditions. As a result, the Company performed an impairment test on the goodwill of the Diving reporting unit, including the goodwill acquired in the SeaBear acquisition, and determined an impairment charge was required. See “Note 1 – Goodwill” for additional information. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policy) | 12 Months Ended |
Sep. 28, 2018 | |
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 camping, diving, watercraft and marine electronics products. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of Johnson Outdoors Inc. and all majority owned subsidiaries and are stated in conformity with U.S. generally accepted accounting principles. Intercompany accounts and transactions have been eliminated upon consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities and operating results and the disclosure of commitments and contingent liabilities. Actual results could differ significantly from those estimates. |
Fiscal Year | Fiscal Year The Company’s fiscal year ends on the Friday nearest September 30. The fiscal years ended September 28, 2018 (hereinafter 2018 ), September 29, 2017 (hereinafter 2017 ) and September 30, 2016 (hereinafter 2016 ) all comprised 52 weeks. |
Cash, Cash Equivalents and Short-term Investments | Cash, Cash Equivalents and Short-term Investments 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. Short-term investments consist of certificates of deposit with original maturities greater than three months but less than one year. 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. As of September 28, 2018 , the Company held approximately $ 40,999 of cash and cash equivalents in bank accounts in foreign jurisdictions. |
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 net realizable value. 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: September 28 September 29 Raw materials $ 40,375 $ 32,826 Work in process 39 48 Finished goods 48,450 46,274 $ 88,864 $ 79,148 |
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 and fixtures, equipment and computer software 3-10 years Upon retirement or disposition of any of the foregoing types of assets, cost and the related accumulated depreciation are removed from the applicable account and any resulting gain or loss is recognized in the statements of operations. Property, plant and equipment at the end of the respective years consisted of the following: 2018 2017 Property improvements $ 590 $ 590 Buildings and improvements 21,669 21,770 Furniture and fixtures, equipment and computer software 164,997 159,145 187,256 181,505 Less accumulated depreciation 131,322 132,567 $ 55,934 $ 48,938 |
Goodwill | Goodwill The Company applies a fair value-based impairment test to the carrying value of goodwill on an annual basis as of the last day of the eleventh month of the Company’s fiscal year and, if certain events or circumstances indicate that an impairment loss may have been incurred, on an interim basis. The results of the impairment tests performed in 2018 and 2017 indicated no impairment to the Company’s goodwill. During the third quarter of fiscal 2016 , the Company recognized an impairment charge of $ 6,197 in the Diving reporting unit. Revised projections for the unit based on lower than anticipated results due to a sustained decline in sales and unfavorable operating margins were considered an indicator of potential goodwill impairment, and accordingly, the Company performed an impairment analysis on the goodwill of the Diving reporting unit following the previous guidance which required a two step approach. In conducting its analysis, the Company uses the income approach to compare the reporting unit’s carrying value to its indicated fair value. Fair value is determined primarily by using a discounted cash flow methodology that requires considerable management judgment and long-term assumptions and is considered a Level 3 (unobservable) fair value determination in the fair value hierarchy (see Note 4 below). The Company’s analysis indicated the carrying value of the Diving reporting unit exceeded its indicated fair value as of the measurement date of June 3, 2016 resulting in performing a step 2 hypothetical business combination analysis, which determined that the carrying amount of goodwill exceeded its implied fair value. As a result, the Company recognized an impairment charge in the third quarter of fiscal 2016 of $ 6,197 in “Goodwill and other intangible assets impairment” in the accompanying Condensed Consolidated Statements of Operations in the Diving segment, thereby reducing its carrying value to $ 0 . The Company’s impairment analysis is based on management’s estimates. Due to the uncertainty of future events, the Company cannot assure that growth rates will not be lower than expected, that discount rates will not increase or that projected cash flows 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 and the composition of the Company's goodwill for fiscal 2018 and 2017 were as follows: Fishing Camping Watercraft Diving Total Balance at September 30, 2016 Goodwill $ 17,425 $ 7,038 $ 6,242 $ 33,078 $ 63,783 Accumulated impairment losses (6,229 ) (7,038 ) (6,242 ) (33,078 ) (52,587 ) 11,196 — — — 11,196 Currency translation 42 — — — 42 Balance at September 29, 2017 Goodwill 17,467 7,038 6,242 33,078 63,825 Accumulated impairment losses (6,229 ) (7,038 ) (6,242 ) (33,078 ) (52,587 ) 11,238 — — — 11,238 Currency translation (39 ) — — — (39 ) Balance at September 28, 2018 Goodwill 17,428 7,038 6,242 33,078 63,786 Accumulated impairment losses (6,229 ) (7,038 ) (6,242 ) (33,078 ) (52,587 ) $ 11,199 $ — $ — $ — $ 11,199 |
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 2018 , 2017 or 2016. 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 $ 1,111 , $ 1,276 and $ 1,179 for 2018 , 2017 and 2016 , respectively. Amortization of these definite-lived intangible assets is expected to be approximately $ 1,073 , $ 1,007 , $ 817 , $ 688 and $ 688 for fiscal years 2019, 2020, 2021, 2022 and 2023, respectively. Intangible assets at the end of the last two years consisted of the following: 2018 2017 Gross Intangible Accumulated Amortization Net Gross Intangible Accumulated Amortization Net Amortized other intangible assets: Patents and trademarks $ 4,205 $ (4,170 ) $ 35 $ 4,213 $ (4,144 ) $ 69 Other amortizable intangibles 11,095 (5,814 ) 5,281 11,131 (4,749 ) 6,382 Non-amortized trademarks 7,025 — 7,025 7,025 — 7,025 $ 22,325 $ (9,984 ) $ 12,341 $ 22,369 $ (8,893 ) $ 13,476 |
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. The Company performed an impairment analysis, which included a discounted cash flow analysis, on the long-lived assets in its Watercraft segment during the fourth quarter of fiscal 2018. No impairment was indicated. |
Warranties | Warranties The Company provides for warranties of certain products as they are sold. Warranty reserves are estimated using standard quantitative measures based on criteria established by the Company. Estimates of costs to service its warranty obligations are based on historical experience, expectation of future conditions and known product issues. The following table summarizes the warranty activity for the three years in the period ended September 28, 2018 . Balance at October 2, 2015 $ 4,301 Expense accruals for warranties issued during the period 4,699 Less current period warranty claims paid 4,674 Balance at September 30, 2016 $ 4,326 Expense accruals for warranties issued during the period 7,452 Less current period warranty claims paid 5,385 Balance at September 29, 2017 $ 6,393 Expense accruals for warranties issued during the period 9,389 Less current period warranty claims paid 7,283 Balance at September 28, 2018 $ 8,499 |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income The components of Accumulated other comprehensive income ("AOCI") on the accompanying Consolidated Balance Sheets as of the end of fiscal year 2018 , 2017 and 2016 were as follows: 2018 2017 2016 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 $ 7,796 $ — $ 7,796 $ 11,179 $ — $ 11,179 $ 10,525 $ — $ 10,525 Unamortized loss on pension plans (5,329 ) 1,020 (4,309 ) (7,799 ) 1,613 (6,186 ) (10,999 ) 2,828 (8,171 ) Accumulated other comprehensive income $ 2,467 $ 1,020 $ 3,487 $ 3,380 $ 1,613 $ 4,993 $ (474 ) $ 2,828 $ 2,354 The reclassifications out of AOCI for the year ended September 28, 2018 were as follows: Statement of Operations Presentation Unamortized loss on defined benefit pension plans Amortization of loss $ 553 Cost of sales / Operating expense Tax effects (133 ) Income tax expense Foreign currency translation adjustments Write off of currency translation amounts (2,378 ) Other income and expense Total reclassifications for the period $ (1,958 ) The reclassifications out of AOCI for the year ended September 29, 2017 were as follows: Statement of Operations Presentation Unamortized loss on defined benefit pension plans: Amortization of loss $ 731 Cost of sales / Operating expense Tax effects (278 ) Income tax expense Foreign currency translation adjustments: Write off of currency translation amounts 64 Other income and expense Total reclassifications for the period $ 517 The reclassifications out of AOCI for the year ended September 30, 2016 were as follows: Statement of Operations Presentation Unamortized loss on defined benefit pension plans: Amortization of loss $ 566 Cost of sales / Operating expense Tax effects (215 ) Income tax expense Foreign currency translation adjustments Write off of currency translation amounts (249 ) Other income and expense Total reclassifications for the period $ 102 The changes in AOCI by component, net of tax, for the year ended September 28, 2018 were as follows: Foreign Currency Translation Adjustment Unamortized Loss on Defined Benefit Pension Plans Accumulated Other Comprehensive Income (Loss) Balance at September 29, 2017 $ 11,179 $ (6,186 ) $ 4,993 Other comprehensive (loss) income before reclassifications (1,005 ) 1,917 912 Amounts reclassified from accumulated other comprehensive income (2,378 ) 553 (1,825 ) Tax effects — (593 ) (593 ) Balance at September 28, 2018 $ 7,796 $ (4,309 ) $ 3,487 The changes in AOCI by component, net of tax, for the year ended September 29, 2017 were as follows: Foreign Currency Translation Adjustment Unamortized Loss on Defined Benefit Pension Plans Accumulated Other Comprehensive Income (Loss) Balance at September 30, 2016 $ 10,525 $ (8,171 ) $ 2,354 Other comprehensive income before reclassifications 590 2,470 3,060 Amounts reclassified from accumulated other comprehensive income 64 731 795 Tax effects — (1,216 ) (1,216 ) Balance at September 29, 2017 $ 11,179 $ (6,186 ) $ 4,993 |
Earnings per Share (EPS) | Earnings per Share (“EPS”) Net income or loss per share of Class A common stock and Class B common stock is computed using the two-class method. Grants of restricted stock (whether vested or unvested) which receive non-forfeitable dividends are required to be included as part of the basic weighted average share calculation under the two-class method. Holders of Class A common stock are entitled to cash dividends equal to 110% of all dividends declared and paid on each share of Class B common stock. The Company grants shares of unvested restricted stock in the form of Class A shares, which carry the same distribution rights as the Class A common stock described above. As such, the undistributed earnings for each period are allocated to each class of common stock based on the proportionate share of the amount of cash dividends that each such class is entitled to receive. Basic EPS Basic net income or loss per share is computed by dividing net income or loss allocated to Class A common stock and Class B common stock by the weighted-average number of shares of Class A common stock and Class B common stock outstanding, respectively. In periods with cumulative year to date net income and undistributed income, the undistributed income for each period is allocated to each class of common stock based on the proportionate share of the amount of cash dividends that each such class is entitled to receive. In periods where there is a cumulative year to date net loss or no undistributed income because distributions through dividends exceed net income, Class B shares are treated as anti-dilutive and, therefore, net losses are allocated equally on a per share basis among all participating securities. For the years ended September 28, 2018 , September 29, 2017 and September 30, 2016 , basic income per share for Class A and Class B shares has been presented using the two class method as described above. Diluted EPS Diluted net income per share is computed by dividing allocated net income by the weighted-average number of common shares outstanding, adjusted for the effect of dilutive stock options, restricted stock units and non-vested restricted stock. Anti-dilutive stock options, restricted stock units and non-vested stock are excluded from the calculation of diluted EPS. The computation of diluted net income per share of Class A common stock assumes that Class B common stock is converted into Class A common stock. Therefore, diluted net income per share is the same for both Class A and Class B common shares. In periods where the Company reports a net loss, the effect of anti-dilutive stock options, restricted stock units and non-vested stock is excluded and diluted loss per share is equal to basic loss per share. For the years ended September 28, 2018 , September 29, 2017 and September 30, 2016 , 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 September 28, 2018 , September 29, 2017 and September 30, 2016 . 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 46,776 , 95,068 and 162,472 shares for the years ended September 28, 2018 , September 29, 2017 and September 30, 2016 , 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: 2018 2017 2016 Net income $ 40,669 $ 35,157 $ 13,501 Less: Undistributed earnings reallocated to non-vested shareholders (224 ) (375 ) (258 ) Dilutive earnings $ 40,445 $ 34,782 $ 13,243 Weighted average common shares – Basic: Class A 8,730 8,675 8,627 Class B 1,212 1,212 1,212 Dilutive stock options and restricted stock units 54 33 16 Weighted average common shares - Dilutive 9,996 9,920 9,855 Net income per common share – Basic: Class A $ 4.12 $ 3.56 $ 1.36 Class B $ 3.74 $ 3.23 $ 1.24 Net income per common share – Diluted: Class A $ 4.05 $ 3.51 $ 1.34 Class B $ 4.05 $ 3.51 $ 1.34 |
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 2018 , 2017 or 2016 . 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 although the Company may choose to fund more than the minimum amount at its discretion. 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 gains from transactions of $ 1,985 , $ 903 , and $ 277 in 2018 , 2017 , and 2016 , respectively, which were included in Other (income) expense in the accompanying Consolidated Statements of Operations. Because the Company operates internationally, it has exposure to market risk from movements in foreign currency exchange rates. Approximately 16% of the Company’s revenues for the year ended September 28, 2018 were denominated in currencies other than the U.S. dollar. Approximately 7% were denominated in euros and approximately 6% were denominated in Canadian dollars, with the remaining 3% 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. The Company did not use foreign currency forward contracts in 2018 , 2017 or 2016 . 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 2018 , 2017 and 2016 totaled $ 26,319 , $ 24,349 and $ 23,611 , respectively. These charges are included in “Marketing and selling expenses.” Capitalized advertising costs, included in Other current assets, totaled $ 606 and $ 621 at September 28, 2018 and September 29, 2017 , 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 $ 11,846 , $ 10,844 and $ 10,240 for 2018 , 2017 and 2016 , 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 $ 38,062 , less accumulated amortization of $ 21,788 , at September 28, 2018 and $ 34,528 , less accumulated amortization of $ 18,040 , at September 29, 2017 . These costs are amortized over the expected life of the software of three to seven years. Amortization expense related to capitalized software in 2018 , 2017 and 2016 was $ 3,747 , $ 3,444 and $ 2,738 , respectively, and is included in depreciation expense on plant, property and equipment. |
Fair Values | Fair Values The carrying amounts of cash, cash equivalents, short-term investments, accounts receivable, and accounts payable approximated fair value at September 28, 2018 and September 29, 2017 due to the short maturities of these instruments. During 2018 , 2017 and 2016 , the Company held investments in equity and debt securities that were carried at fair value related to its deferred compensation liability which was also carried at the same 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 charge is recognized based on the excess of the carrying amount over the fair value. 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 4 of these Notes to Consolidated Financial Statements for disclosures regarding fair value measurements. |
New Accounting Pronouncements | New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes existing revenue recognition requirements and provides a new comprehensive revenue recognition model. The underlying principle of the new standard requires entities to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects what it expects to receive in exchange for those goods or services. Topic 606 also requires additional disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. The provisions are effective for the Company in the first quarter of fiscal 2019 at which time the Company will adopt Topic 606 using the modified retrospective approach. The Company's project plan for the implementation of the new standard included a review of all revenue streams to identify potential differences in the performance obligations, timing, measurement or presentation that would result from applying the new standard. The Company is in the process of implementing appropriate changes to its business processes, systems and controls to support revenue recognition and disclosures under Topic 606. The Company anticipates that the adoption of this standard will not have a significant impact on its consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory . The ASU includes provisions intended to simplify the measurement of inventory and to more clearly articulate the requirements for the measurement and disclosure of inventory. Under such provisions, an entity should measure inventory within the scope of this amendment at the lower of cost or net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The Company adopted this standard at the beginning of the first quarter of fiscal 2018. The adoption of this ASU did not have a significant impact on the Company's consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . In July 2018, the FASB also issued ASU 2018-10 Codification Improvements to Topic 842, Leases and ASU 2018-11 Leases (Topic 842) Targeted Improvements. The amendments in this update will increase the transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This guidance is effective for the Company in the first quarter of fiscal year 2020, and may be applied through a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements with certain practical expedients available. An entity may apply the new leases standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company is currently evaluating the effect of this standard on its consolidated financial statements. In March 2017, the FASB issued ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost . The ASU includes, among other provisions, one that will require presentation of the service cost component of net benefit cost in the same line item(s) as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside of a subtotal of income from operations. This amendment is effective for annual periods beginning after December 15, 2017 and the interim periods within those annual periods. The Company elected to adopt this accounting standard at the beginning of the first quarter of fiscal 2018. The adoption of this standard resulted in a reduction of an annual operating expense of $ 848 and an increase in other expense of $ 848 . The adoption of this standard did not have an effect on the Company's consolidated balance sheets or consolidated statements of cash flows. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Sep. 28, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Inventories | Inventories at the end of the respective fiscal years consisted of the following: September 28 September 29 Raw materials $ 40,375 $ 32,826 Work in process 39 48 Finished goods 48,450 46,274 $ 88,864 $ 79,148 |
Schedule Of Property And Equipment, Useful Life | 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 and fixtures, equipment and computer software 3-10 years |
Schedule Of Property, Plant And Equipment | Property, plant and equipment at the end of the respective years consisted of the following: 2018 2017 Property improvements $ 590 $ 590 Buildings and improvements 21,669 21,770 Furniture and fixtures, equipment and computer software 164,997 159,145 187,256 181,505 Less accumulated depreciation 131,322 132,567 $ 55,934 $ 48,938 |
Schedule of Goodwill | The changes in the carrying amount and the composition of the Company's goodwill for fiscal 2018 and 2017 were as follows: Fishing Camping Watercraft Diving Total Balance at September 30, 2016 Goodwill $ 17,425 $ 7,038 $ 6,242 $ 33,078 $ 63,783 Accumulated impairment losses (6,229 ) (7,038 ) (6,242 ) (33,078 ) (52,587 ) 11,196 — — — 11,196 Currency translation 42 — — — 42 Balance at September 29, 2017 Goodwill 17,467 7,038 6,242 33,078 63,825 Accumulated impairment losses (6,229 ) (7,038 ) (6,242 ) (33,078 ) (52,587 ) 11,238 — — — 11,238 Currency translation (39 ) — — — (39 ) Balance at September 28, 2018 Goodwill 17,428 7,038 6,242 33,078 63,786 Accumulated impairment losses (6,229 ) (7,038 ) (6,242 ) (33,078 ) (52,587 ) $ 11,199 $ — $ — $ — $ 11,199 |
Schedule Of Intangible Assets | Intangible assets at the end of the last two years consisted of the following: 2018 2017 Gross Intangible Accumulated Amortization Net Gross Intangible Accumulated Amortization Net Amortized other intangible assets: Patents and trademarks $ 4,205 $ (4,170 ) $ 35 $ 4,213 $ (4,144 ) $ 69 Other amortizable intangibles 11,095 (5,814 ) 5,281 11,131 (4,749 ) 6,382 Non-amortized trademarks 7,025 — 7,025 7,025 — 7,025 $ 22,325 $ (9,984 ) $ 12,341 $ 22,369 $ (8,893 ) $ 13,476 |
Schedule Of Warranty Activity | The following table summarizes the warranty activity for the three years in the period ended September 28, 2018 . Balance at October 2, 2015 $ 4,301 Expense accruals for warranties issued during the period 4,699 Less current period warranty claims paid 4,674 Balance at September 30, 2016 $ 4,326 Expense accruals for warranties issued during the period 7,452 Less current period warranty claims paid 5,385 Balance at September 29, 2017 $ 6,393 Expense accruals for warranties issued during the period 9,389 Less current period warranty claims paid 7,283 Balance at September 28, 2018 $ 8,499 |
Reclassifications out of AOCI | The reclassifications out of AOCI for the year ended September 28, 2018 were as follows: Statement of Operations Presentation Unamortized loss on defined benefit pension plans Amortization of loss $ 553 Cost of sales / Operating expense Tax effects (133 ) Income tax expense Foreign currency translation adjustments Write off of currency translation amounts (2,378 ) Other income and expense Total reclassifications for the period $ (1,958 ) The reclassifications out of AOCI for the year ended September 29, 2017 were as follows: Statement of Operations Presentation Unamortized loss on defined benefit pension plans: Amortization of loss $ 731 Cost of sales / Operating expense Tax effects (278 ) Income tax expense Foreign currency translation adjustments: Write off of currency translation amounts 64 Other income and expense Total reclassifications for the period $ 517 The reclassifications out of AOCI for the year ended September 30, 2016 were as follows: Statement of Operations Presentation Unamortized loss on defined benefit pension plans: Amortization of loss $ 566 Cost of sales / Operating expense Tax effects (215 ) Income tax expense Foreign currency translation adjustments Write off of currency translation amounts (249 ) Other income and expense Total reclassifications for the period $ 102 |
Schedule Of Accumulated Other Comprehensive Income (Loss) | The components of Accumulated other comprehensive income ("AOCI") on the accompanying Consolidated Balance Sheets as of the end of fiscal year 2018 , 2017 and 2016 were as follows: 2018 2017 2016 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 $ 7,796 $ — $ 7,796 $ 11,179 $ — $ 11,179 $ 10,525 $ — $ 10,525 Unamortized loss on pension plans (5,329 ) 1,020 (4,309 ) (7,799 ) 1,613 (6,186 ) (10,999 ) 2,828 (8,171 ) Accumulated other comprehensive income $ 2,467 $ 1,020 $ 3,487 $ 3,380 $ 1,613 $ 4,993 $ (474 ) $ 2,828 $ 2,354 The changes in AOCI by component, net of tax, for the year ended September 28, 2018 were as follows: Foreign Currency Translation Adjustment Unamortized Loss on Defined Benefit Pension Plans Accumulated Other Comprehensive Income (Loss) Balance at September 29, 2017 $ 11,179 $ (6,186 ) $ 4,993 Other comprehensive (loss) income before reclassifications (1,005 ) 1,917 912 Amounts reclassified from accumulated other comprehensive income (2,378 ) 553 (1,825 ) Tax effects — (593 ) (593 ) Balance at September 28, 2018 $ 7,796 $ (4,309 ) $ 3,487 The changes in AOCI by component, net of tax, for the year ended September 29, 2017 were as follows: Foreign Currency Translation Adjustment Unamortized Loss on Defined Benefit Pension Plans Accumulated Other Comprehensive Income (Loss) Balance at September 30, 2016 $ 10,525 $ (8,171 ) $ 2,354 Other comprehensive income before reclassifications 590 2,470 3,060 Amounts reclassified from accumulated other comprehensive income 64 731 795 Tax effects — (1,216 ) (1,216 ) Balance at September 29, 2017 $ 11,179 $ (6,186 ) $ 4,993 |
Schedule Of Basic And Diluted Earnings Per Share | 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: 2018 2017 2016 Net income $ 40,669 $ 35,157 $ 13,501 Less: Undistributed earnings reallocated to non-vested shareholders (224 ) (375 ) (258 ) Dilutive earnings $ 40,445 $ 34,782 $ 13,243 Weighted average common shares – Basic: Class A 8,730 8,675 8,627 Class B 1,212 1,212 1,212 Dilutive stock options and restricted stock units 54 33 16 Weighted average common shares - Dilutive 9,996 9,920 9,855 Net income per common share – Basic: Class A $ 4.12 $ 3.56 $ 1.36 Class B $ 3.74 $ 3.23 $ 1.24 Net income per common share – Diluted: Class A $ 4.05 $ 3.51 $ 1.34 Class B $ 4.05 $ 3.51 $ 1.34 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Sep. 28, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table summarizes the Company’s financial assets measured at fair value as of September 28, 2018 : Level 1 Level 2 Level 3 Total Assets: Rabbi trust assets $ 17,477 $ — $ — $ 17,477 The following table summarizes the Company’s financial assets measured at fair value as of September 29, 2017 : Level 1 Level 2 Level 3 Total Assets: Rabbi trust assets $ 14,932 $ — $ — $ 14,932 |
Schedule of the Location and Amount of Income or Loss Recognized for Changes in Fair Value of Financial Instruments | The effect of changes in the fair value of financial instruments on the Consolidated Statements of Operations for the years ended September 28, 2018 , September 29, 2017 and September 30, 2016 was: Location of income recognized in Statement of Operations 2018 2017 2016 Rabbi trust assets Other (income) expense $ (1,395 ) $ (1,687 ) $ (624 ) |
LEASES AND OTHER COMMITMENTS (T
LEASES AND OTHER COMMITMENTS (Tables) | 12 Months Ended |
Sep. 28, 2018 | |
Leases [Abstract] | |
Future Minimum Rental Commitments Under Non-Cancelable Operating Leases | Future minimum rental commitments under non-cancelable operating leases with an initial lease term in excess of one year at September 28, 2018 were as follows: Year Related parties included in total Total 2019 $ 1,053 $ 7,723 2020 1,081 7,187 2021 1,098 5,835 2022 179 4,069 2023 — 2,517 Thereafter — 24,832 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Sep. 28, 2018 | |
Income Tax Disclosure [Abstract] | |
U.S. And Foreign Income Before Taxes | The U.S. and foreign income before income taxes for the respective years consisted of the following: 2018 2017 2016 United States $ 57,888 $ 41,463 $ 28,881 Foreign 10,218 6,747 (5,226 ) $ 68,106 $ 48,210 $ 23,655 |
Income Tax Expense | Income tax expense for the respective years consisted of the following: 2018 2017 2016 Current: Federal $ 12,390 $ 13,154 $ 9,471 State 4,482 2,361 1,492 Foreign 1,678 1,455 986 Deferred 8,887 (3,917 ) (1,795 ) $ 27,437 $ 13,053 $ 10,154 |
Tax Effects Of Temporary Differences Giving Rise To Deferred Tax Assets And Liabilities | 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: 2018 2017 Deferred tax assets: Inventories $ 1,477 $ 2,263 Compensation 6,930 14,260 Tax credit carryforwards 3,890 8,203 Net operating loss carryforwards 4,399 5,844 Other 6,458 8,041 Total gross deferred tax assets 23,154 38,611 Less valuation allowance 6,402 8,613 Deferred tax assets 16,752 29,998 Deferred tax liabilities: Goodwill and other intangibles 1,236 1,805 Depreciation and amortization 4,759 6,802 Foreign statutory reserves 724 604 Net deferred tax assets $ 10,033 $ 20,787 |
Schedule Of Net Deferred Tax Assets In Consolidated Balance Sheet | The net deferred tax assets recorded in the accompanying Consolidated Balance Sheets as of the years ended September 28, 2018 and September 29, 2017 were as follows: 2018 2017 Non-current assets $ 11,748 $ 22,632 Non-current liabilities 1,715 1,845 Net deferred tax assets $ 10,033 $ 20,787 |
Significant Differences Between Statutory Federal Tax Rate And Effective Income Tax Rate | 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: 2018 2017 2016 Statutory U.S. federal income tax rate 24.5 % ** 35.0 % 35.0 % Foreign rate differential — % (1.1 )% 0.3 % State income tax, net of federal benefit 4.1 % 4.0 % 6.1 % Tax credit (0.7 )% (0.9 )% (3.2 )% Deferred tax asset valuation allowance 0.6 % (0.3 )% 0.8 % Uncertain tax positions, net of settlements 2.2 % 0.9 % 1.4 % Goodwill impairment — % — % 6.6 % Section 199 manufacturer's deduction (2.2 )% (2.8 )% (4.2 )% Taxes related to foreign income, net of credits 0.1 % (8.7 )% * 0.5 % Compensation 1.5 % — % — % Tax rate or law change 12.3 % — % — % Other (2.1 )% 1.0 % (0.4 )% 40.3 % 27.1 % 42.9 % * Rate benefit is primarily from excess foreign tax credits generated by a dividend repatriation in the first quarter of fiscal 2017 . ** The federal statutory rate is a blended rate which reflects 35.0% through December 31, 2017 and the lower rate of 21.0% beginning on January 1, 2018 due to tax reform. |
Summary Of Operating Loss Carryforwards | The Company’s net operating loss carryforwards and their expirations as of September 28, 2018 were as follows: State Foreign Total Year of expiration 2019-2023 $ 840 $ 3,626 $ 4,466 2024-2028 2,427 1,209 3,636 2029-2033 14,060 — 14,060 2034-2038 67 — 67 Indefinite — 6,326 6,326 Total $ 17,394 $ 11,161 $ 28,555 |
Summary Of Tax Credit Carryforwards | The Company has tax credit carryforwards as follows: State Federal Total Year of expiration 2019-2023 $ 1,782 $ — $ 1,782 2024-2028 1,365 — 1,365 2029-2033 598 — 598 2034-2038 120 — 120 Indefinite — — — Total $ 3,865 $ — $ 3,865 |
Reconciliation Of Beginning And Ending Amount Of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits follows: 2018 2017 Beginning balance $ 5,489 $ 5,096 Gross increases - tax positions in prior period 2,962 300 Gross decreases - tax positions in prior period (105 ) — Gross increases - tax positions in current period 1,064 554 Settlements — (81 ) Lapse of statute of limitations (581 ) (380 ) Ending balance $ 8,829 $ 5,489 |
Summary of Income Tax Examinations | The following tax years remain subject to examination by the Company's respective major tax jurisdictions: Jurisdiction Fiscal Years United States 2015-2018 Canada 2014-2018 France 2015-2018 Germany 2013-2018 Italy 2013-2018 Switzerland 2008-2018 |
EMPLOYEE BENEFITS (Tables)
EMPLOYEE BENEFITS (Tables) | 12 Months Ended |
Sep. 28, 2018 | |
Retirement Benefits [Abstract] | |
Financial Position Of Non-Contributory Defined Benefit Plans | The financial position of the Company’s non-contributory defined benefit plans as of fiscal year end 2018 and 2017 was as follows: 2018 2017 Projected benefit obligation: Projected benefit obligation, beginning of year $ 28,472 $ 29,449 Service cost — — Interest cost 1,058 1,043 Actuarial gain (1,712 ) (1,025 ) Benefits paid (987 ) (995 ) Projected benefit obligation, end of year 26,831 28,472 Fair value of plan assets: Fair value of plan assets, beginning of year 20,802 17,793 Actual gain on plan assets 968 2,639 Company contributions 5,188 1,365 Benefits paid (987 ) (995 ) Fair value of plan assets, end of year 25,971 20,802 Funded status of the plans (860 ) (7,670 ) Amounts recognized in the Consolidated Balance Sheets consist of: Current pension liabilities 184 186 Non-current pension liabilities 676 7,484 Accumulated other comprehensive loss (5,329 ) (7,799 ) Components of accumulated other comprehensive loss: Net actuarial loss (5,329 ) (7,799 ) Accumulated other comprehensive loss $ (5,329 ) $ (7,799 ) |
Schedule of Net Periodic Benefit Cost | Net periodic benefit cost for the non-contributory defined benefit pension plans for the respective years included the following pre-tax amounts: 2018 2017 2016 Interest cost $ 1,058 $ 1,043 $ 1,137 Expected return on plan assets (763 ) (1,193 ) (1,265 ) Amortization of unrecognized net actuarial loss 553 731 566 Net periodic pension cost 848 581 438 Other changes in benefit obligations recognized in other comprehensive income ("OCI"): Net actuarial (gain) loss (2,470 ) (3,201 ) 2,507 Total recognized in net periodic pension cost and OCI $ (1,622 ) $ (2,620 ) $ 2,945 |
Estimated Benefit Payments | 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: 2019 $ 1,160 2020 1,214 2021 1,228 2022 1,245 2023 1,284 Five years thereafter 7,231 |
Actuaral Assumptions Used To Determine The Projected Benefit Obligation | 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 2018 2017 2016 2018 2017 2016 Discount rate 4.22 % 3.79 % 3.60 % 3.79 % 3.60 % 4.35 % Long-term rate of return N/A N/A N/A 3.45 % 6.50 % 7.50 % Average salary increase rate N/A N/A N/A N/A N/A N/A |
Pension Plans' Weighted Average Asset Allocations By Percent | The Company’s pension plans’ weighted average asset allocations at September 28, 2018 and September 29, 2017 , by asset category were as follows: 2018 2017 Equity securities 5 % 73 % Fixed income securities 93 % 24 % Other securities 2 % 3 % 100 % 100 % |
Pension Plan Assets Measured At Fair Value | The following table summarizes the Company’s pension plan assets measured at fair value as of September 28, 2018 : Level 1 Level 2 Level 3 Total Description: Mutual funds $ 25,588 $ — $ — $ 25,588 Money market funds 331 — — 331 Group annuity contract — — 52 52 Total $ 25,919 $ — $ 52 $ 25,971 The following table summarizes the Company’s pension plan assets measured at fair value as of September 29, 2017 : Level 1 Level 2 Level 3 Total Description: Mutual funds $ 20,207 $ — $ — $ 20,207 Money market funds 515 — — 515 Group annuity contract — — 80 80 Total $ 20,722 $ — $ 80 $ 20,802 |
Summary Of Changes In Fair Value Of Level 3 Pension Plan Assets | The tables below set forth a summary of changes in fair value of the Company’s Level 3 pension plan assets for the years ended September 28, 2018 and September 29, 2017 : 2018 2017 Level 3 assets, beginning of year $ 80 $ 113 Purchases — 2 Unrealized (loss) gain (2 ) 1 Sales (26 ) (36 ) Level 3 assets, end of year $ 52 $ 80 |
COMMON STOCK (Tables)
COMMON STOCK (Tables) | 12 Months Ended |
Sep. 28, 2018 | |
Common Stock [Abstract] | |
Schedule Of Authorized And Outstanding Shares By Class | 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: 2018 2017 Class A, $0.05 par value: Authorized 20,000,000 20,000,000 Outstanding 8,787,360 8,784,513 Class B, $0.05 par value: Authorized 3,000,000 3,000,000 Outstanding 1,211,686 1,211,686 |
STOCK-BASED COMPENSATION AND _2
STOCK-BASED COMPENSATION AND STOCK OWNERSHIP PLANS (Tables) | 12 Months Ended |
Sep. 28, 2018 | |
Share-based Compensation [Abstract] | |
Schedule of Non-Vested Stock Activity | A summary of non-vested stock activity for the two year period ended September 28, 2018 related to the Company’s stock ownership plans is as follows: Shares Weighted Average Grant Price Non-vested stock at September 30, 2016 162,472 $ 24.49 Non-vested stock grants 8,846 43.12 Restricted stock vested (76,250 ) 20.54 Non-vested stock at September 29, 2017 95,068 27.68 Non-vested stock grants 6,532 70.39 Restricted stock vested (54,824 ) 25.36 Non-vested stock September 28, 2018 46,776 36.37 |
Schedule of RSU Activity | A summary of RSU activity follows: Number of RSUs Weighted Average Grant Price RSUs at September 30, 2016 46,411 $ 23.62 RSUs granted 28,301 40.64 RSUs vested (14,070 ) 22.39 RSUs at September 29, 2017 60,642 31.85 RSUs granted 27,868 67.82 RSUs vested (8,931 ) 35.27 RSUs at September 28, 2018 79,579 44.06 |
SEGMENTS OF BUSINESS (Tables)
SEGMENTS OF BUSINESS (Tables) | 12 Months Ended |
Sep. 28, 2018 | |
Segment Reporting [Abstract] | |
Segments of Business | A summary of the Company’s operations by business segment is presented below: 2018 2017 2016 Net sales: Fishing: Unaffiliated customers $ 390,679 $ 327,796 $ 274,539 Interunit transfers 431 342 333 Camping: Unaffiliated customers 37,732 37,887 39,975 Interunit transfers 38 33 43 Watercraft Recreation: Unaffiliated customers 36,120 48,126 50,240 Interunit transfers 160 146 148 Diving Unaffiliated customers 78,907 76,080 68,330 Interunit transfers 25 652 807 Other / Corporate 830 676 643 Eliminations (654 ) (1,173 ) (1,331 ) Total $ 544,268 $ 490,565 $ 433,727 Operating profit (loss): Fishing $ 83,696 $ 58,697 $ 43,092 Camping 1,867 1,946 2,077 Watercraft Recreation (1,555 ) 2,860 3,349 Diving (1) 2,766 1,847 (9,384 ) Other / Corporate (23,753 ) (19,759 ) (16,240 ) $ 63,021 $ 45,591 $ 22,894 Depreciation and amortization expense: Fishing $ 8,174 $ 8,437 $ 7,597 Camping 816 888 1,121 Watercraft Recreation 977 950 819 Diving 1,166 1,573 1,210 Other / Corporate 1,972 1,232 1,086 $ 13,105 $ 13,080 $ 11,833 Capital expenditures: Fishing $ 9,709 $ 6,774 $ 6,970 Camping 253 372 311 Watercraft Recreation 859 988 911 Diving 1,109 695 1,464 Other / Corporate 7,222 2,784 2,046 $ 19,152 $ 11,613 $ 11,702 Goodwill, net: Fishing $ 11,199 $ 11,238 Camping — — Watercraft Recreation — — Diving — — $ 11,199 $ 11,238 Total assets (end of period): Fishing $ 135,808 $ 128,706 Camping 32,728 32,652 Watercraft Recreation 16,994 20,222 Diving 56,498 58,190 Other / Corporate 153,908 113,889 $ 395,936 $ 353,659 (1) Diving 2016 operating loss includes $6,197 of goodwill impairment charges. |
Schedule Of Operations By Geographic Area | A summary of the Company’s operations by geographic area is presented below: 2018 2017 2016 Net sales: United States: Unaffiliated customers $ 456,816 $ 404,073 $ 357,592 Interunit transfers 20,886 19,725 14,672 Europe: Unaffiliated customers 37,014 34,521 32,069 Interunit transfers 10,438 10,983 9,824 Canada: Unaffiliated customers 33,358 32,553 28,308 Interunit transfers 25 2 16 Other: Unaffiliated customers 17,080 19,418 15,758 Interunit transfers 231 22 62 Eliminations (31,580 ) (30,732 ) (24,574 ) $ 544,268 $ 490,565 $ 433,727 Total assets: United States $ 316,903 $ 276,916 Europe 42,048 42,956 Canada and other 36,985 33,787 $ 395,936 $ 353,659 Long-term assets (1) : United States $ 91,949 $ 83,726 Europe 3,553 3,396 Canada and other 2,992 3,056 $ 98,494 $ 90,178 (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 ACCO_2
VALUATION AND QUALIFYING ACCOUNTS (Tables) | 12 Months Ended |
Sep. 28, 2018 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule Of Valuation And Qualifying Accounts | The following summarizes changes to valuation and qualifying accounts for 2018 , 2017 and 2016 : Balance at Beginning of Year Additions Charged to Costs and Expenses Less Deductions Balance at End of Year Year Ended September 28, 2018 Allowance for doubtful accounts $ 2,231 $ 21 $ 615 $ 1,637 Reserves for inventory valuation 5,428 394 698 5,124 Valuation of deferred tax assets 8,724 1,148 3,470 6,402 Reserves for sales returns 1,930 3,927 4,325 1,532 Year ended September 29, 2017 Allowance for doubtful accounts $ 2,182 $ 876 $ 827 $ 2,231 Reserves for inventory valuation 5,623 1,356 1,551 5,428 Valuation of deferred tax assets 10,215 603 2,094 8,724 Reserves for sales returns 2,772 2,346 3,188 1,930 Year ended September 30, 2016 Allowance for doubtful accounts $ 2,329 $ 299 $ 446 $ 2,182 Reserves for inventory valuation 4,879 3,650 2,906 5,623 Valuation of deferred tax assets 9,786 1,670 1,241 10,215 Reserves for sales returns 1,945 4,596 3,769 2,772 |
QUARTERLY FINANCIAL SUMMARY (_2
QUARTERLY FINANCIAL SUMMARY (UNAUDITED) (Tables) | 12 Months Ended |
Sep. 28, 2018 | |
Quarterly Financial Data [Abstract] | |
Schedule Of Quarterly Operating Results | The following summarizes quarterly operating results for the years presented below: First Quarter Second Quarter Third Quarter Fourth Quarter (thousands, except per share data) 2018 2017 2018 2017 2018 2017 2018 2017 Net sales $ 116,579 $ 93,729 $ 165,778 $ 149,807 $ 170,779 $ 155,274 $ 91,132 $ 91,755 Gross profit 48,811 36,565 74,195 64,913 79,333 70,630 39,521 38,832 Operating profit (loss) 7,037 472 26,002 20,458 31,955 24,737 (1,973 ) (76 ) Income (loss) before income taxes 8,324 (45 ) 29,445 21,837 31,779 25,560 (1,442 ) 858 Income tax expense (benefit) 8,089 (4,101 ) 7,825 7,878 8,009 9,007 3,514 269 Net income (loss) $ 235 $ 4,056 $ 21,620 $ 13,959 $ 23,770 $ 16,553 $ (4,956 ) $ 589 Net income (loss) per common share - Basic: Class A $ 0.02 $ 0.41 $ 2.19 $ 1.41 $ 2.40 $ 1.68 $ (0.50 ) $ 0.06 Class B $ 0.02 $ 0.37 $ 1.99 $ 1.28 $ 2.19 $ 1.52 $ (0.46 ) $ 0.05 Net income (loss) per common share - Diluted: Class A $ 0.02 $ 0.40 $ 2.15 $ 1.39 $ 2.37 $ 1.65 $ (0.49 ) $ 0.06 Class B $ 0.02 $ 0.40 $ 2.15 $ 1.39 $ 2.37 $ 1.65 $ (0.49 ) $ 0.06 |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 12 Months Ended |
Sep. 28, 2018 | |
Business Combinations [Abstract] | |
Schedule of Assets Acquired and Liabilities Assumed | The following table presents the aggregate purchase price allocation for the Company's acquisitions described above: Recognized amounts of identifiable assets acquired and liabilities assumed Accounts receivable $ 66 Inventories 197 Other current assets 40 Property, plant and equipment 27 Identifiable intangible assets 6,706 Less, accounts payable and accruals 350 Less, long term liabilities 580 Total identifiable net assets 6,106 Goodwill 3,046 Net assets acquired $ 9,152 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | The values assigned in the acquisitions to finite lived intangible assets were as follows: Description Amount Useful Life (yrs) Developed technologies $ 6,131 7.6 years Non-compete agreements 575 5.0 years |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule Of Inventories) (Details) - USD ($) $ in Thousands | Sep. 28, 2018 | Sep. 29, 2017 |
Accounting Policies [Abstract] | ||
Raw materials | $ 40,375 | $ 32,826 |
Work in process | 39 | 48 |
Finished goods | 48,450 | 46,274 |
Total Inventories | $ 88,864 | $ 79,148 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule Of Property, Plant And Equipment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 28, 2018 | Sep. 29, 2017 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | $ 187,256 | $ 181,505 |
Less accumulated depreciation | 131,322 | 132,567 |
Property, plant and equipment, net of accumulated depreciation | 55,934 | 48,938 |
Property improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | $ 590 | 590 |
Property improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 5 years | |
Property improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 20 years | |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | $ 21,669 | 21,770 |
Buildings and improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 20 years | |
Buildings and improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 40 years | |
Furniture and fixtures, equipment and computer software | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | $ 164,997 | $ 159,145 |
Furniture and fixtures, equipment and computer software | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 3 years | |
Furniture and fixtures, equipment and computer software | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 10 years |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Goodwill by Segment) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jul. 01, 2016 | Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Goodwill [Roll Forward] | ||||
Goodwill, gross, balance at beginning of period | $ 63,825,000 | $ 63,783,000 | ||
Accumulated impairment losses, balance at beginning of period | (52,587,000) | (52,587,000) | ||
Goodwill, balance at beginning of period | 11,238,000 | 11,196,000 | ||
Currency translation | (39,000) | 42,000 | ||
Impairment loss | 0 | 0 | $ (6,197,000) | |
Goodwill, gross, balance at end of period | 63,786,000 | 63,825,000 | 63,783,000 | |
Accumulated impairment losses, balance at end of period | 52,587,000 | 52,587,000 | 52,587,000 | |
Goodwill, balance at end of period | 11,199,000 | 11,238,000 | 11,196,000 | |
Fishing | ||||
Goodwill [Roll Forward] | ||||
Goodwill, gross, balance at beginning of period | 17,467,000 | 17,425,000 | ||
Accumulated impairment losses, balance at beginning of period | (6,229,000) | (6,229,000) | ||
Goodwill, balance at beginning of period | 11,238,000 | 11,196,000 | ||
Currency translation | (39,000) | 42,000 | ||
Goodwill, gross, balance at end of period | 17,428,000 | 17,467,000 | 17,425,000 | |
Accumulated impairment losses, balance at end of period | 6,229,000 | 6,229,000 | 6,229,000 | |
Goodwill, balance at end of period | 11,199,000 | 11,238,000 | 11,196,000 | |
Camping | ||||
Goodwill [Roll Forward] | ||||
Goodwill, gross, balance at beginning of period | 7,038,000 | 7,038,000 | ||
Accumulated impairment losses, balance at beginning of period | (7,038,000) | (7,038,000) | ||
Goodwill, balance at beginning of period | 0 | 0 | ||
Currency translation | 0 | 0 | ||
Goodwill, gross, balance at end of period | 7,038,000 | 7,038,000 | 7,038,000 | |
Accumulated impairment losses, balance at end of period | 7,038,000 | 7,038,000 | 7,038,000 | |
Goodwill, balance at end of period | 0 | 0 | 0 | |
Watercraft | ||||
Goodwill [Roll Forward] | ||||
Goodwill, gross, balance at beginning of period | 6,242,000 | 6,242,000 | ||
Accumulated impairment losses, balance at beginning of period | (6,242,000) | (6,242,000) | ||
Goodwill, balance at beginning of period | 0 | 0 | ||
Currency translation | 0 | 0 | ||
Goodwill, gross, balance at end of period | 6,242,000 | 6,242,000 | 6,242,000 | |
Accumulated impairment losses, balance at end of period | 6,242,000 | 6,242,000 | 6,242,000 | |
Goodwill, balance at end of period | 0 | 0 | 0 | |
Diving | ||||
Goodwill [Roll Forward] | ||||
Goodwill, gross, balance at beginning of period | 33,078,000 | 33,078,000 | ||
Accumulated impairment losses, balance at beginning of period | (33,078,000) | (33,078,000) | ||
Goodwill, balance at beginning of period | 0 | 0 | ||
Currency translation | 0 | 0 | ||
Impairment loss | $ (6,197,000) | (6,197,000) | ||
Goodwill, gross, balance at end of period | 33,078,000 | 33,078,000 | 33,078,000 | |
Accumulated impairment losses, balance at end of period | 33,078,000 | 33,078,000 | 33,078,000 | |
Goodwill, balance at end of period | $ 0 | $ 0 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Other Intangible Assets) (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jul. 01, 2016 | Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Impairment losses | $ 0 | $ 0 | $ 0 | |
Amortization of patents and other intangible assets | 1,111,000 | $ 1,276,000 | $ 1,179,000 | |
Expected amortization in 2018 | 1,073,000 | |||
Expected amortization in 2019 | 1,007,000 | |||
Expected amortization in 2020 | 817,000 | |||
Expected amortization in 2021 | 688,000 | |||
Expected amortization in 2022 | $ 688,000 | |||
Diving | ||||
Impairment of long-lived assets | $ 0 | |||
Minimum | ||||
Useful life (years) | 4 years | |||
Maximum | ||||
Useful life (years) | 15 years |
SUMMARY OF SIGNIFICANT ACCOUN_8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule Of Intangible Assets) (Details) - USD ($) $ in Thousands | Sep. 28, 2018 | Sep. 29, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible | $ 22,325 | $ 22,369 |
Accumulated Amortization | (9,984) | (8,893) |
Net | 12,341 | 13,476 |
Patents and trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible | 4,205 | 4,213 |
Accumulated Amortization | (4,170) | (4,144) |
Net | 35 | 69 |
Other amortizable intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible | 11,095 | 11,131 |
Accumulated Amortization | (5,814) | (4,749) |
Net | 5,281 | 6,382 |
Non-amortized trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible | 7,025 | 7,025 |
Net | $ 7,025 | $ 7,025 |
SUMMARY OF SIGNIFICANT ACCOUN_9
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule Of Warranty Activity) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Warranty Activity | |||
Product Warranty Accrual, Balance at beginning of period | $ 6,393 | $ 4,326 | $ 4,301 |
Expense accruals for warranties issued during the period | 9,389 | 7,452 | 4,699 |
Less current period warranty claims paid | 7,283 | 5,385 | 4,674 |
Product Warranty Accrual, Balance at end of period | $ 8,499 | $ 6,393 | $ 4,326 |
SUMMARY OF SIGNIFICANT ACCOU_10
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Foreign currency translation adjustment | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Pre-Tax Amount | $ 7,796 | $ 11,179 | $ 10,525 |
Tax Effect | 0 | 0 | 0 |
Net of Tax Effect | 7,796 | 11,179 | 10,525 |
Unamortized loss on pension plans | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Pre-Tax Amount | (5,329) | (7,799) | (10,999) |
Tax Effect | 1,020 | 1,613 | 2,828 |
Net of Tax Effect | (4,309) | (6,186) | (8,171) |
Total reclassifications for the period | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Pre-Tax Amount | 2,467 | 3,380 | (474) |
Tax Effect | 1,020 | 1,613 | 2,828 |
Net of Tax Effect | $ 3,487 | $ 4,993 | $ 2,354 |
SUMMARY OF SIGNIFICANT ACCOU_11
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Reclassifications Out of Accumulated OCI) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amounts reclassified from accumulated other comprehensive income | $ (1,958) | $ 517 | $ 102 |
Unamortized loss on defined benefit pension plans | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amortization of loss | 553 | 731 | 566 |
Tax effects | (133) | (278) | (215) |
Foreign currency translation adjustments | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amounts reclassified from accumulated other comprehensive income | $ (2,378) | $ 64 | $ (249) |
SUMMARY OF SIGNIFICANT ACCOU_12
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule Of The Changes In AOCI By Component) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 28, 2018 | Sep. 29, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance, beginning of period | $ 243,004 | |
Other comprehensive (loss) income before reclassifications | 912 | $ 3,060 |
Amounts reclassified from accumulated other comprehensive income | (1,825) | 795 |
Tax effects | (593) | (1,216) |
Balance, end of period | 279,197 | 243,004 |
Foreign currency translation adjustments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance, beginning of period | 11,179 | 10,525 |
Other comprehensive (loss) income before reclassifications | (1,005) | 590 |
Amounts reclassified from accumulated other comprehensive income | (2,378) | 64 |
Tax effects | 0 | 0 |
Balance, end of period | 7,796 | 11,179 |
Unamortized loss on pension plans | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance, beginning of period | (6,186) | (8,171) |
Other comprehensive (loss) income before reclassifications | 1,917 | 2,470 |
Amounts reclassified from accumulated other comprehensive income | 553 | 731 |
Tax effects | (593) | (1,216) |
Balance, end of period | (4,309) | (6,186) |
Accumulated Other Comprehensive Income (Loss) | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance, beginning of period | 4,993 | 2,354 |
Balance, end of period | $ 3,487 | $ 4,993 |
SUMMARY OF SIGNIFICANT ACCOU_13
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Earnings Per Share ("EPS")) (Narrative) (Details) - shares | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Percentage of cash dividends on Class A common stock relative to Class B common stock | 110.00% | ||
Stock Options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from EPS (shares) | 0 | 0 | 0 |
Non-vested Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from EPS (shares) | 46,776 | 95,068 | 162,472 |
SUMMARY OF SIGNIFICANT ACCOU_14
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 | |||||||||
Sep. 28, 2018 | Jun. 29, 2018 | Mar. 30, 2018 | Dec. 29, 2017 | Sep. 29, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 30, 2016 | Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Net income | $ (4,956) | $ 23,770 | $ 21,620 | $ 235 | $ 589 | $ 16,553 | $ 13,959 | $ 4,056 | $ 40,669 | $ 35,157 | $ 13,501 |
Less: Undistributed earnings reallocated to non-vested shareholders | (224) | (375) | (258) | ||||||||
Dilutive earnings | $ 40,445 | $ 34,782 | $ 13,243 | ||||||||
Dilutive stock options and restricted stock units (shares) | 54 | 33 | 16 | ||||||||
Weighted average common shares - Dilutive (shares) | 9,996 | 9,920 | 9,855 | ||||||||
Class A | |||||||||||
Weighted average common shares - Basic (shares) | 8,730 | 8,675 | 8,627 | ||||||||
Net income per common share - Basic (USD per share) | $ (0.50) | $ 2.40 | $ 2.19 | $ 0.02 | $ 0.06 | $ 1.68 | $ 1.41 | $ 0.41 | $ 4.12 | $ 3.56 | $ 1.36 |
Net income per common share - Diluted (USD per share) | (0.49) | 2.37 | 2.15 | 0.02 | 0.06 | 1.65 | 1.39 | 0.40 | $ 4.05 | $ 3.51 | $ 1.34 |
Class B | |||||||||||
Weighted average common shares - Basic (shares) | 1,212 | 1,212 | 1,212 | ||||||||
Net income per common share - Basic (USD per share) | (0.46) | 2.19 | 1.99 | 0.02 | 0.05 | 1.52 | 1.28 | 0.37 | $ 3.74 | $ 3.23 | $ 1.24 |
Net income per common share - Diluted (USD per share) | $ (0.49) | $ 2.37 | $ 2.15 | $ 0.02 | $ 0.06 | $ 1.65 | $ 1.39 | $ 0.40 | $ 4.05 | $ 3.51 | $ 1.34 |
SUMMARY OF SIGNIFICANT ACCOU_15
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Stock-Based Compensation) (Narrative) (Details) - shares | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of options granted (shares) | 0 | 0 | 0 |
SUMMARY OF SIGNIFICANT ACCOU_16
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Foreign Operations And Related Derivative Financial Instruments) (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Foreign Currencies [Line Items] | |||
Currency gains from transactions | $ 1,985 | $ 903 | |
Currency losses from transactions | $ 277 | ||
Percent of revenues in foreign currency | 16.00% | ||
Euro | |||
Foreign Currencies [Line Items] | |||
Percent of revenues in foreign currency | 7.00% | ||
Canadian Dollars | |||
Foreign Currencies [Line Items] | |||
Percent of revenues in foreign currency | 6.00% | ||
Various other foreign currencies | |||
Foreign Currencies [Line Items] | |||
Percent of revenues in foreign currency | 3.00% |
SUMMARY OF SIGNIFICANT ACCOU_17
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Advertising & Promotions) (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Accounting Policies [Abstract] | |||
Advertising and promotions expense | $ 26,319 | $ 24,349 | $ 23,611 |
Capitalized advertising costs | $ 606 | $ 621 |
SUMMARY OF SIGNIFICANT ACCOU_18
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Shipping And Handling Costs) (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Disaggregation of Revenue [Line Items] | |||
Cost of sales | $ 302,408 | $ 279,625 | $ 257,265 |
Shipping and Handling | |||
Disaggregation of Revenue [Line Items] | |||
Cost of sales | $ 11,846 | $ 10,844 | $ 10,240 |
SUMMARY OF SIGNIFICANT ACCOU_19
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Research And Development) (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross amount capitalized related to software development | $ 38,062 | $ 34,528 | |
Accumulated amortization | $ 21,788 | 18,040 | |
Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful life (years) | 4 years | ||
Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful life (years) | 15 years | ||
Computer Software, Intangible Asset | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense related to capitalized software | $ 3,747 | $ 3,444 | $ 2,738 |
Computer Software, Intangible Asset | Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful life (years) | 3 years | ||
Computer Software, Intangible Asset | Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful life (years) | 7 years |
SUMMARY OF SIGNIFICANT ACCOU_20
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (New Accounting Pronouncements) (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 29, 2017 | Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | Oct. 02, 2015 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cash and cash equivalents | $ 121,877 | $ 63,810 | $ 87,294 | $ 69,159 | |
Operating expenses | (178,839) | (165,349) | (153,568) | ||
Other expenses | (4,122) | $ (3,060) | $ (1,407) | ||
Accounting Standards Update 2017-07 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Operating expenses | $ 848 | ||||
Other expenses | $ 848 | ||||
Foreign | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cash and cash equivalents | $ 40,999 |
INDEBTEDNESS (Narrative) (Detai
INDEBTEDNESS (Narrative) (Details) - USD ($) | Oct. 24, 2016 | Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 |
Line of Credit Facility [Line Items] | ||||
Debt outstanding | $ 0 | $ 0 | ||
Weighted average borrowing rate for short-term debt | 1.70% | |||
Financial Standby Letter of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Letters of credit outstanding | $ 279,000 | $ 279,000 | ||
Revolving Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Weighted average borrowing rate for short-term debt | 3.30% | 2.50% | ||
Revolving Credit Facility | LIBOR | Minimum | ||||
Line of Credit Facility [Line Items] | ||||
Margin range | 1.00% | |||
Revolving Credit Facility | LIBOR | Maximum | ||||
Line of Credit Facility [Line Items] | ||||
Margin range | 1.75% | |||
Revolving Credit Facility | Revolvers Borrowing Capacity Standard | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | $ 75,000,000 | |||
Accordion feature | 50,000,000 | |||
Unsecured Line Of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Long-term line of credit borrowings | $ 0 | $ 0 | ||
Term Loans | ||||
Line of Credit Facility [Line Items] | ||||
Repayment of term loans | $ 7,068,000 | |||
Pre-payment penalty percent | 3.00% | |||
Interest rate in effect | 5.50% |
DERIVATIVE INSTRUMENTS AND HE_2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details) - contract | 12 Months Ended | |
Sep. 28, 2018 | Sep. 29, 2017 | |
Derivative [Line Items] | ||
Percent of revenues in foreign currency | 16.00% | |
Number of derivative instruments held | 0 | 0 |
Interest Rate Swap | ||
Derivative [Line Items] | ||
Number of derivative instruments held | 0 | 0 |
Euro | ||
Derivative [Line Items] | ||
Percent of revenues in foreign currency | 7.00% | |
Canadian Dollars | ||
Derivative [Line Items] | ||
Percent of revenues in foreign currency | 6.00% | |
Various other foreign currencies | ||
Derivative [Line Items] | ||
Percent of revenues in foreign currency | 3.00% |
FAIR VALUE MEASUREMENTS (Narrat
FAIR VALUE MEASUREMENTS (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jul. 01, 2016 | Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impairment losses | $ 0 | $ 0 | $ 6,197,000 | |
Goodwill | 11,199,000 | 11,238,000 | 11,196,000 | |
Diving | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impairment losses | $ 6,197,000 | 6,197,000 | ||
Goodwill | 0 | 0 | $ 0 | |
Nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, fair value disclosure, nonrecurring | 0 | 0 | ||
Liabilities, fair value disclosure, nonrecurring | $ 0 | $ 0 |
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 | Sep. 28, 2018 | Sep. 29, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Rabbi trust assets | $ 17,477 | $ 14,932 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Rabbi trust assets | 17,477 | 14,932 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Rabbi trust assets | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Rabbi trust assets | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS (Sche_2
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 | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Rabbi trust assets | Other (income) expense | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Changes in fair value, (income) loss | $ (1,395) | $ (1,687) | $ (624) |
LEASES AND OTHER COMMITMENTS (N
LEASES AND OTHER COMMITMENTS (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Operating Leased Assets [Line Items] | |||
Rental expense | $ 8,316 | $ 7,969 | $ 7,011 |
Related Parties | |||
Operating Leased Assets [Line Items] | |||
Rental expense | $ 992 | $ 949 | $ 907 |
LEASES AND OTHER COMMITMENTS (F
LEASES AND OTHER COMMITMENTS (Future Minimum Rental Commitments Under Non-Cancelable Operating Leases) (Details) $ in Thousands | Sep. 28, 2018USD ($) |
Operating Leased Assets [Line Items] | |
2,019 | $ 7,723 |
2,020 | 7,187 |
2,021 | 5,835 |
2,022 | 4,069 |
2,023 | 2,517 |
Thereafter | 24,832 |
Related Parties | |
Operating Leased Assets [Line Items] | |
2,019 | 1,053 |
2,020 | 1,081 |
2,021 | 1,098 |
2,022 | 179 |
2,023 | 0 |
Thereafter | $ 0 |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |||
Statutory U.S. federal income tax rate | 24.50% | 35.00% | 35.00% |
Provisional income tax expense | $ 8,386 | ||
Transition tax | 3,414 | ||
Income tax expense (benefit), deferred tax assets and liabilities | 4,972 | ||
Transition tax liability | 2,049 | ||
Accrued interest on income taxes | 1,863 | $ 1,326 | |
Unrecognized tax benefits | 8,829 | 5,489 | $ 5,096 |
Unrecognized tax benefits that would impact effective tax rate | 6,596 | ||
Interest included in income tax expense | $ 537 | $ 246 | $ 194 |
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 | |||||||||
Sep. 28, 2018 | Jun. 29, 2018 | Mar. 30, 2018 | Dec. 29, 2017 | Sep. 29, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 30, 2016 | Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |||||||||||
United States | $ 57,888 | $ 41,463 | $ 28,881 | ||||||||
Foreign | 10,218 | 6,747 | (5,226) | ||||||||
Profit before income taxes | $ (1,442) | $ 31,779 | $ 29,445 | $ 8,324 | $ 858 | $ 25,560 | $ 21,837 | $ (45) | $ 68,106 | $ 48,210 | $ 23,655 |
INCOME TAXES (Income Tax Expens
INCOME TAXES (Income Tax Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 28, 2018 | Jun. 29, 2018 | Mar. 30, 2018 | Dec. 29, 2017 | Sep. 29, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 30, 2016 | Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Current: | |||||||||||
Federal | $ 12,390 | $ 13,154 | $ 9,471 | ||||||||
State | 4,482 | 2,361 | 1,492 | ||||||||
Foreign | 1,678 | 1,455 | 986 | ||||||||
Deferred | 8,887 | (3,917) | (1,795) | ||||||||
Income tax expense, Total | $ 3,514 | $ 8,009 | $ 7,825 | $ 8,089 | $ 269 | $ 9,007 | $ 7,878 | $ (4,101) | $ 27,437 | $ 13,053 | $ 10,154 |
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 | Sep. 28, 2018 | Sep. 29, 2017 |
Deferred tax assets: | ||
Inventories | $ 1,477 | $ 2,263 |
Compensation | 6,930 | 14,260 |
Tax credit carryforwards | 3,890 | 8,203 |
Net operating loss carryforwards | 4,399 | 5,844 |
Other | 6,458 | 8,041 |
Total gross deferred tax assets | 23,154 | 38,611 |
Less valuation allowance | 6,402 | 8,613 |
Deferred tax assets | 16,752 | 29,998 |
Deferred tax liabilities: | ||
Goodwill and other intangibles | 1,236 | 1,805 |
Depreciation and amortization | 4,759 | 6,802 |
Foreign statutory reserves | 724 | 604 |
Net deferred tax assets | $ 10,033 | $ 20,787 |
INCOME TAXES (Schedule Of Net D
INCOME TAXES (Schedule Of Net Deferred Tax Assets In Consolidated Balance Sheet) (Details) - USD ($) $ in Thousands | Sep. 28, 2018 | Sep. 29, 2017 |
Income Tax Disclosure [Abstract] | ||
Non-current assets | $ 11,748 | $ 22,632 |
Non-current liabilities | 1,715 | 1,845 |
Net deferred tax assets | $ 10,033 | $ 20,787 |
INCOME TAXES (Significant Diffe
INCOME TAXES (Significant Differences Between Statutory Federal Tax Rate And Effective Income Tax Rate) (Details) | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |||
Statutory U.S. federal income tax rate | 24.50% | 35.00% | 35.00% |
Foreign rate differential | 0.00% | (1.10%) | 0.30% |
State income tax, net of federal benefit | 4.10% | 4.00% | 6.10% |
Tax credit | (0.70%) | (0.90%) | (3.20%) |
Deferred tax asset valuation allowance | 0.60% | (0.30%) | 0.80% |
Uncertain tax positions, net of settlements | 2.20% | 0.90% | 1.40% |
Goodwill impairment | 0.00% | 0.00% | 6.60% |
Section 199 manufacturer's deduction | (2.20%) | (2.80%) | (4.20%) |
Taxes related to foreign income, net of credits | 0.10% | (8.70%) | 0.50% |
Compensation | 1.50% | 0.00% | 0.00% |
Tax rate or law change | 12.30% | 0.00% | 0.00% |
Other | (2.10%) | 1.00% | (0.40%) |
Effective income tax rate, continuing operations, Total | 40.30% | 27.10% | 42.90% |
INCOME TAXES (Summary Of Operat
INCOME TAXES (Summary Of Operating Loss Carryforwards) (Details) $ in Thousands | Sep. 28, 2018USD ($) |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | $ 28,555 |
State | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | 17,394 |
Foreign | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | 11,161 |
2019-2023 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | 4,466 |
2019-2023 | State | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | 840 |
2019-2023 | Foreign | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | 3,626 |
2024-2028 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | 3,636 |
2024-2028 | State | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | 2,427 |
2024-2028 | Foreign | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | 1,209 |
2029-2033 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | 14,060 |
2029-2033 | State | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | 14,060 |
2029-2033 | Foreign | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | 0 |
2034-2038 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | 67 |
2034-2038 | State | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | 67 |
2034-2038 | Foreign | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | 0 |
Indefinite | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | 6,326 |
Indefinite | State | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | 0 |
Indefinite | Foreign | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | $ 6,326 |
INCOME TAXES (Summary Of Tax Cr
INCOME TAXES (Summary Of Tax Credit Carryforwards (Details) $ in Thousands | Sep. 28, 2018USD ($) |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward amount | $ 3,865 |
2019-2023 | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward amount | 1,782 |
2024-2028 | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward amount | 1,365 |
2029-2033 | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward amount | 598 |
2034-2038 | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward amount | 120 |
Indefinite | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward amount | 0 |
State | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward amount | 3,865 |
State | 2019-2023 | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward amount | 1,782 |
State | 2024-2028 | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward amount | 1,365 |
State | 2029-2033 | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward amount | 598 |
State | 2034-2038 | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward amount | 120 |
State | Indefinite | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward amount | 0 |
Foreign | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward amount | 0 |
Foreign | 2019-2023 | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward amount | 0 |
Foreign | 2024-2028 | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward amount | 0 |
Foreign | 2029-2033 | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward amount | 0 |
Foreign | 2034-2038 | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward amount | 0 |
Foreign | Indefinite | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward amount | $ 0 |
INCOME TAXES (Reconciliation Of
INCOME TAXES (Reconciliation Of Beginning And Ending Amount Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 28, 2018 | Sep. 29, 2017 | |
Income Tax Disclosure [Abstract] | ||
Balance at beginning of year | $ 5,489 | $ 5,096 |
Gross increases - tax positions in prior period | 2,962 | 300 |
Gross decreases - tax positions in prior period | (105) | 0 |
Gross increases - tax positions in current period | 1,064 | 554 |
Settlements | 0 | (81) |
Lapse of statute of limitations | (581) | (380) |
Balance at end of year | $ 8,829 | $ 5,489 |
EMPLOYEE BENEFITS (Financial Po
EMPLOYEE BENEFITS (Financial Position Of Non-Contributory Defined Benefit Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Projected benefit obligation: | |||
Projected benefit obligation, beginning of year | $ 28,472 | $ 29,449 | |
Service cost | 0 | 0 | |
Interest cost | 1,058 | 1,043 | $ 1,137 |
Actuarial gain | (1,712) | (1,025) | |
Benefits paid | (987) | (995) | |
Projected benefit obligation, end of year | 26,831 | 28,472 | 29,449 |
Fair value of plan assets: | |||
Fair value of plan assets, beginning of year | 20,802 | 17,793 | |
Actual gain on plan assets | 968 | 2,639 | |
Company contributions | 5,188 | 1,365 | |
Benefits paid | (987) | (995) | |
Fair value of plan assets, end of year | 25,971 | 20,802 | $ 17,793 |
Funded status of the plans | (860) | (7,670) | |
Amounts recognized in the Consolidated Balance Sheets consist of: | |||
Current pension liabilities | 184 | 186 | |
Non-current pension liabilities | 676 | 7,484 | |
Accumulated other comprehensive loss | (5,329) | (7,799) | |
Components of accumulated other comprehensive loss: | |||
Net actuarial loss | (5,329) | (7,799) | |
Accumulated other comprehensive loss | $ (5,329) | $ (7,799) |
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 | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Retirement Benefits [Abstract] | |||
Interest cost | $ 1,058 | $ 1,043 | $ 1,137 |
Expected return on plan assets | (763) | (1,193) | (1,265) |
Amortization of unrecognized net actuarial loss | 553 | 731 | 566 |
Net periodic pension cost | 848 | 581 | 438 |
Other changes in benefit obligations recognized in other comprehensive income (OCI): | |||
Net actuarial (gain) loss | (2,470) | (3,201) | 2,507 |
Total recognized in net periodic pension cost and OCI | $ (1,622) | $ (2,620) | $ 2,945 |
EMPLOYEE BENEFITS (Narrative) (
EMPLOYEE BENEFITS (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Retirement Benefits [Abstract] | |||
Unrecognized loss amortization | $ 330 | ||
Aggregate accumulated benefit obligation | 26,831 | $ 28,472 | |
Aggregate fair value of plan assets | 25,971 | 20,802 | |
Defined benefit pension plans | 184 | ||
Actuarial gain (loss) | 1,633 | (795) | $ 3,152 |
Deferred compensation liability | 17,477 | 14,932 | |
Expense attributable to the defined contribution programs | $ 1,321 | $ 1,189 | $ 1,126 |
EMPLOYEE BENEFITS (Estimated Be
EMPLOYEE BENEFITS (Estimated Benefit Payments) (Details) $ in Thousands | Sep. 28, 2018USD ($) |
Retirement Benefits [Abstract] | |
2,019 | $ 1,160 |
2,020 | 1,214 |
2,021 | 1,228 |
2,022 | 1,245 |
2,023 | 1,284 |
Five years thereafter | $ 7,231 |
EMPLOYEE BENEFITS (Actuarial As
EMPLOYEE BENEFITS (Actuarial Assumptions Used To Determine The Projected Benefit Obligation) (Details) | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Retirement Benefits [Abstract] | |||
Discount rate, Projected Benefit Obligation | 4.22% | 3.79% | 3.60% |
Discount rate, Net Periodic Pension Cost | 3.79% | 3.60% | 4.35% |
Long-term rate of return, Net Periodic Pension Cost | 3.45% | 6.50% | 7.50% |
EMPLOYEE BENEFITS (Pension Plan
EMPLOYEE BENEFITS (Pension Plans' Weighted Average Asset Allocations By Percent) (Details) | Sep. 28, 2018 | Sep. 29, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan asset allocation | 100.00% | 100.00% |
Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan asset allocation | 5.00% | 73.00% |
Fixed income securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan asset allocation | 93.00% | 24.00% |
Other securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan asset allocation | 2.00% | 3.00% |
EMPLOYEE BENEFITS (Pension Pl_2
EMPLOYEE BENEFITS (Pension Plan Assets Measured At Fair Value) (Details) - USD ($) $ in Thousands | Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 |
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets measured at fair value | $ 25,971 | $ 20,802 | $ 17,793 |
Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets measured at fair value | 25,919 | 20,722 | |
Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets measured at fair value | 0 | 0 | |
Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets measured at fair value | 52 | 80 | $ 113 |
Mutual funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets measured at fair value | 25,588 | 20,207 | |
Mutual funds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets measured at fair value | 25,588 | 20,207 | |
Mutual funds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets measured at fair value | 0 | 0 | |
Mutual funds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets measured at fair value | 0 | 0 | |
Money market funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets measured at fair value | 331 | 515 | |
Money market funds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets measured at fair value | 331 | 515 | |
Money market funds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets measured at fair value | 0 | 0 | |
Money market funds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets measured at fair value | 0 | 0 | |
Group annuity contract | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets measured at fair value | 52 | 80 | |
Group annuity contract | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets measured at fair value | 0 | 0 | |
Group annuity contract | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets measured at fair value | 0 | 0 | |
Group annuity contract | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan assets measured at fair value | $ 52 | $ 80 |
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 | |
Sep. 28, 2018 | Sep. 29, 2017 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets, beginning of year | $ 20,802 | $ 17,793 |
Fair value of plan assets, end of year | 25,971 | 20,802 |
Level 3 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets, beginning of year | 80 | 113 |
Purchases | 0 | 2 |
Unrealized (loss) gain | (2) | 1 |
Sales | (26) | (36) |
Fair value of plan assets, end of year | $ 52 | $ 80 |
PREFERRED STOCK (Details)
PREFERRED STOCK (Details) - shares | Sep. 28, 2018 | Sep. 29, 2017 |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Preferred shares authorized (shares) | 1,000,000 | |
Preferred shares issued, (shares) | 0 | 0 |
Preferred shares outstanding (shares) | 0 |
COMMON STOCK (Schedule Of Autho
COMMON STOCK (Schedule Of Authorized And Outstanding Shares By Class) (Details) - $ / shares | Sep. 28, 2018 | Sep. 29, 2017 |
Class A | ||
Class of Stock [Line Items] | ||
Par Value (USD per share) | $ 0.05 | $ 0.05 |
Authorized (shares) | 20,000,000 | 20,000,000 |
Outstanding (shares) | 8,787,360 | 8,784,513 |
Class B | ||
Class of Stock [Line Items] | ||
Par Value (USD per share) | $ 0.05 | $ 0.05 |
Authorized (shares) | 3,000,000 | 3,000,000 |
Outstanding (shares) | 1,211,686 | 1,211,686 |
COMMON STOCK (Narrative) (Detai
COMMON STOCK (Narrative) (Details) | 12 Months Ended | |
Sep. 28, 2018voteshares | Sep. 29, 2017shares | |
Class of Stock [Line Items] | ||
Percentage of cash 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) | shares | 0 | 320 |
Class A | ||
Class of Stock [Line Items] | ||
Percentage of board members elected by class of stock | 25.00% | |
Vote per share owned | vote | 1 | |
Class B | ||
Class of Stock [Line Items] | ||
Percentage of board members elected by class of stock | 75.00% | |
Vote per share owned | vote | 10 |
STOCK-BASED COMPENSATION AND _3
STOCK-BASED COMPENSATION AND STOCK OWNERSHIP PLANS (Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares paid for tax withholding (shares) | 9,377 | 17,832 | ||
Discount from fair market value | 85.00% | |||
Employee stock purchase plan, expense | $ 53 | $ 34 | $ 33 | |
Class A | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for grant under plan (shares) | 578,170 | |||
Employee stock purchase plan, shares issued (shares) | 3,365 | 1,414 | 7,732 | |
Restricted Stock and Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Tax benefit | $ 369 | $ 404 | $ 112 | |
Non-vested Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Tax benefit | $ 122 | 358 | 476 | |
Award vesting period (years) | 5 years | |||
Fair value of vested restricted stock | $ 3,948 | 3,219 | 2,348 | |
Stock compensation expense | 501 | 941 | 1,252 | |
Unrecognized compensation cost | 692 | |||
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Tax benefit | 424 | 384 | 208 | |
Stock compensation expense | 1,743 | $ 1,011 | $ 547 | |
Unrecognized compensation cost | $ 938 | |||
Restricted Stock Units (RSUs) | Directors | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period (years) | 1 year | |||
Restricted Stock Units (RSUs) | Employees | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period (years) | 3 years | |||
Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Bonus achievement target level | 80.00% | |||
Bonus payout as a percentage of target award | 50.00% | |||
Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Bonus achievement target level | 120.00% | |||
Bonus payout as a percentage of target award | 150.00% |
STOCK-BASED COMPENSATION AND _4
STOCK-BASED COMPENSATION AND STOCK OWNERSHIP PLANS (Schedule of Non-Vested Stock Activity) (Details) - Non-vested Stock - $ / shares | 12 Months Ended | |
Sep. 28, 2018 | Sep. 29, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Beginning Balance (shares) | 95,068 | 162,472 |
Non-vested stock grants, Shares (shares) | 6,532 | 8,846 |
Restricted stock vested, Shares (shares) | (54,824) | (76,250) |
Ending Balance (shares) | 46,776 | 95,068 |
Weighted Average Grant Price, Beginning Balance (dollars per share) | $ 27.68 | $ 24.49 |
Non-vested stock grants, Weighted Average Grant Price (dollars per share) | 70.39 | 43.12 |
Restricted stock vested, Weighted Average Grant Price (dollars per share) | 25.36 | 20.54 |
Weighted Average Grant Price, Ending Balance (dollars per share) | $ 36.37 | $ 27.68 |
STOCK-BASED COMPENSATION AND _5
STOCK-BASED COMPENSATION AND STOCK OWNERSHIP PLANS (Schedule of RSU Activity) (Details) - Restricted Stock Units (RSUs) - $ / shares | 12 Months Ended | |
Sep. 28, 2018 | Sep. 29, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Beginning Balance (shares) | 60,642 | 46,411 |
RSUs granted, Number of RSUs (shares) | 27,868 | 28,301 |
RSUs vested, Number of RSUs (shares) | (8,931) | (14,070) |
Ending Balance (shares) | 79,579 | 60,642 |
Weighted Average Grant Price, Beginning Balance (dollars per share) | $ 31.85 | $ 23.62 |
RSUs granted, Weighted Average Grant Price (dollars per share) | 67.82 | 40.64 |
RSUs vested, Weighted Average Grant Price (dollars per share) | 35.27 | 22.39 |
Weighted Average Grant Price, Ending Balance (dollars per share) | $ 44.06 | $ 31.85 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Related Party Transactions [Abstract] | |||
Costs associated with related party transactions | $ 1,231 | $ 1,144 | $ 1,196 |
SEGMENTS OF BUSINESS (Segments
SEGMENTS OF BUSINESS (Segments of Business) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||
Sep. 28, 2018 | Jun. 29, 2018 | Mar. 30, 2018 | Dec. 29, 2017 | Sep. 29, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 30, 2016 | Jul. 01, 2016 | Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||||||||||
Net sales: | $ 91,132,000 | $ 170,779,000 | $ 165,778,000 | $ 116,579,000 | $ 91,755,000 | $ 155,274,000 | $ 149,807,000 | $ 93,729,000 | $ 544,268,000 | $ 490,565,000 | $ 433,727,000 | |
Operating profit (loss): | (1,973,000) | $ 31,955,000 | $ 26,002,000 | $ 7,037,000 | (76,000) | $ 24,737,000 | $ 20,458,000 | $ 472,000 | 63,021,000 | 45,591,000 | 22,894,000 | |
Depreciation and amortization expense: | 13,105,000 | 13,080,000 | 11,833,000 | |||||||||
Capital expenditures: | 19,152,000 | 11,613,000 | 11,702,000 | |||||||||
Goodwill, net: | 11,199,000 | 11,238,000 | 11,199,000 | 11,238,000 | 11,196,000 | |||||||
Total assets (end of period): | 395,936,000 | 353,659,000 | 395,936,000 | 353,659,000 | ||||||||
Goodwill and other intangible assets impairment | 0 | 0 | 6,197,000 | |||||||||
Fishing | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales: | 390,679,000 | 327,796,000 | 274,539,000 | |||||||||
Operating profit (loss): | 83,696,000 | 58,697,000 | 43,092,000 | |||||||||
Depreciation and amortization expense: | 8,174,000 | 8,437,000 | 7,597,000 | |||||||||
Capital expenditures: | 9,709,000 | 6,774,000 | 6,970,000 | |||||||||
Goodwill, net: | 11,199,000 | 11,238,000 | 11,199,000 | 11,238,000 | 11,196,000 | |||||||
Total assets (end of period): | 135,808,000 | 128,706,000 | 135,808,000 | 128,706,000 | ||||||||
Camping | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales: | 37,732,000 | 37,887,000 | 39,975,000 | |||||||||
Operating profit (loss): | 1,867,000 | 1,946,000 | 2,077,000 | |||||||||
Depreciation and amortization expense: | 816,000 | 888,000 | 1,121,000 | |||||||||
Capital expenditures: | 253,000 | 372,000 | 311,000 | |||||||||
Goodwill, net: | 0 | 0 | 0 | 0 | ||||||||
Total assets (end of period): | 32,728,000 | 32,652,000 | 32,728,000 | 32,652,000 | ||||||||
Watercraft Recreation | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales: | 36,120,000 | 48,126,000 | 50,240,000 | |||||||||
Operating profit (loss): | (1,555,000) | 2,860,000 | 3,349,000 | |||||||||
Depreciation and amortization expense: | 977,000 | 950,000 | 819,000 | |||||||||
Capital expenditures: | 859,000 | 988,000 | 911,000 | |||||||||
Goodwill, net: | 0 | 0 | 0 | 0 | 0 | |||||||
Total assets (end of period): | 16,994,000 | 20,222,000 | 16,994,000 | 20,222,000 | ||||||||
Diving | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales: | 78,907,000 | 76,080,000 | 68,330,000 | |||||||||
Operating profit (loss): | 2,766,000 | 1,847,000 | (9,384,000) | |||||||||
Depreciation and amortization expense: | 1,166,000 | 1,573,000 | 1,210,000 | |||||||||
Capital expenditures: | 1,109,000 | 695,000 | 1,464,000 | |||||||||
Goodwill, net: | 0 | 0 | 0 | 0 | 0 | |||||||
Total assets (end of period): | 56,498,000 | 58,190,000 | 56,498,000 | 58,190,000 | ||||||||
Goodwill and other intangible assets impairment | $ 6,197,000 | 6,197,000 | ||||||||||
Other / Corporate | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales: | 830,000 | 676,000 | 643,000 | |||||||||
Operating profit (loss): | (23,753,000) | (19,759,000) | (16,240,000) | |||||||||
Depreciation and amortization expense: | 1,972,000 | 1,232,000 | 1,086,000 | |||||||||
Capital expenditures: | 7,222,000 | 2,784,000 | 2,046,000 | |||||||||
Total assets (end of period): | $ 153,908,000 | $ 113,889,000 | 153,908,000 | 113,889,000 | ||||||||
Interunit transfers | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales: | (654,000) | (1,173,000) | (1,331,000) | |||||||||
Interunit transfers | Fishing | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales: | 431,000 | 342,000 | 333,000 | |||||||||
Interunit transfers | Camping | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales: | 38,000 | 33,000 | 43,000 | |||||||||
Interunit transfers | Watercraft Recreation | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales: | 160,000 | 146,000 | 148,000 | |||||||||
Interunit transfers | Diving | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales: | 25,000 | 652,000 | $ 807,000 | |||||||||
One Customer | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales: | $ 90,554,000 | |||||||||||
Two Customers | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales: | $ 80,795,000 |
SEGMENTS OF BUSINESS (Schedule
SEGMENTS OF BUSINESS (Schedule Of Operations By Geographic Area) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 28, 2018 | Jun. 29, 2018 | Mar. 30, 2018 | Dec. 29, 2017 | Sep. 29, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 30, 2016 | Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales: | $ 91,132 | $ 170,779 | $ 165,778 | $ 116,579 | $ 91,755 | $ 155,274 | $ 149,807 | $ 93,729 | $ 544,268 | $ 490,565 | $ 433,727 |
Total assets: | 395,936 | 353,659 | 395,936 | 353,659 | |||||||
Long-term assets: | 98,494 | 90,178 | 98,494 | 90,178 | |||||||
United States: | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales: | 456,816 | 404,073 | 357,592 | ||||||||
Total assets: | 316,903 | 276,916 | 316,903 | 276,916 | |||||||
Long-term assets: | 91,949 | 83,726 | 91,949 | 83,726 | |||||||
Europe: | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales: | 37,014 | 34,521 | 32,069 | ||||||||
Total assets: | 42,048 | 42,956 | 42,048 | 42,956 | |||||||
Long-term assets: | 3,553 | 3,396 | 3,553 | 3,396 | |||||||
Canada: | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales: | 33,358 | 32,553 | 28,308 | ||||||||
Other: | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales: | 17,080 | 19,418 | 15,758 | ||||||||
Canada and other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total assets: | 36,985 | 33,787 | 36,985 | 33,787 | |||||||
Long-term assets: | $ 2,992 | $ 3,056 | 2,992 | 3,056 | |||||||
Interunit transfers | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales: | (31,580) | (30,732) | (24,574) | ||||||||
Interunit transfers | United States: | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales: | 20,886 | 19,725 | 14,672 | ||||||||
Interunit transfers | Europe: | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales: | 10,438 | 10,983 | 9,824 | ||||||||
Interunit transfers | Canada: | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales: | 25 | 2 | 16 | ||||||||
Interunit transfers | Other: | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales: | $ 231 | $ 22 | $ 62 |
VALUATION AND QUALIFYING ACCO_3
VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Allowance for doubtful accounts | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $ 2,231 | $ 2,182 | $ 2,329 |
Additions Charged to Costs and Expenses | 21 | 876 | 299 |
Less Deductions | 615 | 827 | 446 |
Balance at End of Year | 1,637 | 2,231 | 2,182 |
Reserves for inventory valuation | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 5,428 | 5,623 | 4,879 |
Additions Charged to Costs and Expenses | 394 | 1,356 | 3,650 |
Less Deductions | 698 | 1,551 | 2,906 |
Balance at End of Year | 5,124 | 5,428 | 5,623 |
Valuation of deferred tax assets | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 8,724 | 10,215 | 9,786 |
Additions Charged to Costs and Expenses | 1,148 | 603 | 1,670 |
Less Deductions | 3,470 | 2,094 | 1,241 |
Balance at End of Year | 6,402 | 8,724 | 10,215 |
Reserves for sales returns | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 1,930 | 2,772 | 1,945 |
Additions Charged to Costs and Expenses | 3,927 | 2,346 | 4,596 |
Less Deductions | 4,325 | 3,188 | 3,769 |
Balance at End of Year | $ 1,532 | $ 1,930 | $ 2,772 |
QUARTERLY FINANCIAL SUMMARY (_3
QUARTERLY FINANCIAL SUMMARY (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 28, 2018 | Jun. 29, 2018 | Mar. 30, 2018 | Dec. 29, 2017 | Sep. 29, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 30, 2016 | Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Net sales | $ 91,132 | $ 170,779 | $ 165,778 | $ 116,579 | $ 91,755 | $ 155,274 | $ 149,807 | $ 93,729 | $ 544,268 | $ 490,565 | $ 433,727 |
Gross profit | 39,521 | 79,333 | 74,195 | 48,811 | 38,832 | 70,630 | 64,913 | 36,565 | 241,860 | 210,940 | 176,462 |
Operating profit (loss) | (1,973) | 31,955 | 26,002 | 7,037 | (76) | 24,737 | 20,458 | 472 | 63,021 | 45,591 | 22,894 |
Income (loss) before income taxes | (1,442) | 31,779 | 29,445 | 8,324 | 858 | 25,560 | 21,837 | (45) | 68,106 | 48,210 | 23,655 |
Income tax expense (benefit) | 3,514 | 8,009 | 7,825 | 8,089 | 269 | 9,007 | 7,878 | (4,101) | 27,437 | 13,053 | 10,154 |
Net income | $ (4,956) | $ 23,770 | $ 21,620 | $ 235 | $ 589 | $ 16,553 | $ 13,959 | $ 4,056 | $ 40,669 | $ 35,157 | $ 13,501 |
Class A | |||||||||||
Net income (loss) per common share - Basic (USD per share) | $ (0.50) | $ 2.40 | $ 2.19 | $ 0.02 | $ 0.06 | $ 1.68 | $ 1.41 | $ 0.41 | $ 4.12 | $ 3.56 | $ 1.36 |
Net income per common share - Diluted (USD per share) | (0.49) | 2.37 | 2.15 | 0.02 | 0.06 | 1.65 | 1.39 | 0.40 | 4.05 | 3.51 | 1.34 |
Class B | |||||||||||
Net income (loss) per common share - Basic (USD per share) | (0.46) | 2.19 | 1.99 | 0.02 | 0.05 | 1.52 | 1.28 | 0.37 | 3.74 | 3.23 | 1.24 |
Net income per common share - Diluted (USD per share) | $ (0.49) | $ 2.37 | $ 2.15 | $ 0.02 | $ 0.06 | $ 1.65 | $ 1.39 | $ 0.40 | $ 4.05 | $ 3.51 | $ 1.34 |
ACQUISITIONS (Narrative) (Detai
ACQUISITIONS (Narrative) (Details) $ in Thousands | Apr. 04, 2016USD ($) | Sep. 28, 2018USD ($)item | Sep. 29, 2017USD ($) | Sep. 30, 2016USD ($)item |
Business Acquisition [Line Items] | ||||
Number of businesses acquired | item | 0 | 2 | ||
Goodwill | $ 11,199 | $ 11,238 | $ 11,196 | |
Acquisition transaction costs | $ 753 | |||
SeaBear And Northport | ||||
Business Acquisition [Line Items] | ||||
Total consideration of acquisition | $ 9,200 | |||
Goodwill | 3,046 | |||
SeaBear | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $ 2,219 | |||
Northport | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $ 827 | |||
Indemnity escrow amount | 500 | |||
Period of time from acquisition date for indemnity claims | 24 months | |||
Contingent consideration | $ 250 | |||
Useful Life (yrs) | 7 years 6 months |
ACQUISITIONS (Schedule of Asset
ACQUISITIONS (Schedule of Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands | Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 |
Business Acquisition [Line Items] | |||
Goodwill | $ 11,199 | $ 11,238 | $ 11,196 |
SeaBear And Northport | |||
Business Acquisition [Line Items] | |||
Accounts receivable | 66 | ||
Inventories | 197 | ||
Other current assets | 40 | ||
Property, plant and equipment | 27 | ||
Identifiable intangible assets | 6,706 | ||
Less, accounts payable and accruals | 350 | ||
Less, long term liabilities | 580 | ||
Total identifiable net assets | 6,106 | ||
Goodwill | 3,046 | ||
Net assets acquired | $ 9,152 |
ACQUISITIONS (Schedule of Finit
ACQUISITIONS (Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination) (Details) - SeaBear And Northport $ in Thousands | 12 Months Ended |
Sep. 28, 2018USD ($) | |
Developed technologies | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Amount | $ 6,131 |
Useful Life (yrs) | 7 years 7 months 6 days |
Non-compete agreements | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Amount | $ 575 |
Useful Life (yrs) | 5 years |