Cover page
Cover page - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2022 | Nov. 25, 2022 | Apr. 01, 2022 | |
Statement [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Current Fiscal Year End Date | --09-30 | ||
Document Period End Date | Sep. 30, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 0-16255 | ||
Entity Registrant Name | JOHNSON OUTDOORS INC. | ||
Entity Incorporation, State or Country Code | WI | ||
Entity Tax Identification Number | 39-1536083 | ||
Entity Address, Address Line One | 555 Main Street | ||
Entity Address, City or Town | Racine | ||
Entity Address, State or Province | WI | ||
Entity Address, Postal Zip Code | 53403 | ||
City Area Code | 262 | ||
Local Phone Number | 631-6600 | ||
Title of 12(b) Security | Class A Common Stock, $.05 par value per share | ||
Trading Symbol | JOUT | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 420 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the Proxy Statement for the 2023 Annual Meeting of the Shareholders of the Registrant are incorporated by reference into Part III of this report. As used in this report, the terms “we,” “us,” “our,” “Johnson Outdoors” and the “Company” mean Johnson Outdoors Inc. and its subsidiaries collectively, unless the context indicates another meaning. | ||
Amendment Flag | false | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Entity Central Index Key | 0000788329 | ||
Class A | |||
Statement [Line Items] | |||
Entity Common Stock, Shares Outstanding | 8,985,510 | ||
Class B | |||
Statement [Line Items] | |||
Entity Common Stock, Shares Outstanding | 1,207,798 |
Audit Information
Audit Information | 12 Months Ended |
Sep. 30, 2022 | |
Audit Information [Abstract] | |
Auditor Firm ID | 49 |
Auditor Name | RSM US LLP |
Auditor Location | Milwaukee, Wisconsin |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2022 | Oct. 01, 2021 | Oct. 02, 2020 | |
Net sales | $ 743,355 | $ 751,651 | $ 594,209 |
Cost of sales | 472,023 | 417,526 | 329,216 |
Gross profit | 271,332 | 334,125 | 264,993 |
Operating expenses: | |||
Marketing and selling | 133,891 | 141,059 | 121,517 |
Administrative management, finance and information systems | 43,419 | 56,083 | 47,785 |
Research and development | 27,712 | 25,700 | 24,621 |
Total operating expenses | 205,022 | 222,842 | 193,923 |
Operating profit | 66,310 | 111,283 | 71,070 |
Interest income | (807) | (366) | (1,413) |
Interest expense | 153 | 145 | 143 |
Other expense (income), net | 8,076 | (1,418) | (1,362) |
Profit before income taxes | 58,888 | 112,922 | 73,702 |
Income tax expense | 14,397 | 29,541 | 18,469 |
Net income | $ 44,491 | $ 83,381 | $ 55,233 |
Weighted average common shares - Basic: | |||
Dilutive stock options and restricted stock units (in shares) | 30 | 44 | 30 |
Weighted average common shares - Dilutive (in shares) | 10,151 | 10,120 | 10,064 |
Class A | |||
Weighted average common shares - Basic: | |||
Weighted average common shares - Basic (in shares) | 8,913 | 8,864 | 8,822 |
Net income per common share - Basic: | |||
Net income per common share - Basic (USD per share) | $ 4.42 | $ 8.34 | $ 5.54 |
Net income per common share - Diluted: | |||
Net income per common share - Diluted (USD per share) | 4.37 | 8.21 | 5.47 |
Dividends declared per common share: | |||
Dividends declared per common share (USD per share) | $ 1.21 | $ 0.93 | $ 0.72 |
Class B | |||
Weighted average common shares - Basic: | |||
Weighted average common shares - Basic (in shares) | 1,208 | 1,212 | 1,212 |
Net income per common share - Basic: | |||
Net income per common share - Basic (USD per share) | $ 4.02 | $ 7.57 | $ 5.04 |
Net income per common share - Diluted: | |||
Net income per common share - Diluted (USD per share) | 4.37 | 8.21 | 5.47 |
Dividends declared per common share: | |||
Dividends declared per common share (USD per share) | $ 1.10 | $ 0.85 | $ 0.65 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2022 | Oct. 01, 2021 | Oct. 02, 2020 | |
Comprehensive income: | |||
Net income | $ 44,491 | $ 83,381 | $ 55,233 |
Foreign currency translation: | |||
Foreign currency translation | (6,815) | 283 | 2,533 |
Defined benefit pension plan: | |||
Change in pension plans, net of tax of $(16), $(357), and $(209), respectively | 49 | 2,386 | 626 |
Total other comprehensive (loss) income | (6,766) | 2,669 | 3,159 |
Total comprehensive income | $ 37,725 | $ 86,050 | $ 58,392 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2022 | Oct. 01, 2021 | Oct. 02, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Change in pension plans, tax | $ (16) | $ (357) | $ (209) |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2022 | Oct. 01, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 129,803 | $ 240,448 |
Accounts receivable, net | 91,919 | 71,321 |
Inventories | 248,649 | 166,615 |
Other current assets | 9,945 | 12,880 |
Total current assets | 480,316 | 491,264 |
Property, plant and equipment, net of accumulated depreciation of $171,843 and $163,891, respectively | 89,125 | 71,510 |
Right of use assets | 56,625 | 49,032 |
Deferred income taxes | 11,411 | 13,129 |
Goodwill | 11,160 | 11,221 |
Other intangible assets, net | 8,372 | 8,633 |
Other assets | 22,922 | 29,498 |
Total assets | 679,931 | 674,287 |
Current liabilities: | ||
Accounts payable | 53,796 | 56,744 |
Current lease liability | 7,223 | 5,938 |
Accrued liabilities: | ||
Salaries, wages and benefits | 20,806 | 26,820 |
Accrued warranty | 9,639 | 14,073 |
Income taxes payable | 3,186 | 9,436 |
Accrued discounts and returns | 5,214 | 6,633 |
Accrued customer programs | 4,726 | 6,874 |
Other | 10,123 | 11,052 |
Total current liabilities | 114,713 | 137,570 |
Non-current lease liability | 50,680 | 44,056 |
Deferred income taxes | 1,752 | 1,599 |
Retirement benefits | 1,563 | 1,389 |
Deferred compensation liability | 21,466 | 27,885 |
Other liabilities | 1,743 | 3,283 |
Total liabilities | 191,917 | 215,782 |
Shareholders' equity: | ||
Preferred stock: none issued | 0 | 0 |
Common stock: | ||
Capital in excess of par value | 87,351 | 82,899 |
Retained earnings | 402,821 | 370,501 |
Accumulated other comprehensive income | 620 | 7,386 |
Treasury stock at cost, shares of Class A common stock: 45,961 and 42,598, respectively | (3,290) | (2,790) |
Total shareholders' equity | 488,014 | 458,505 |
Total liabilities and shareholders' equity | 679,931 | 674,287 |
Class A | ||
Common stock: | ||
Shares issued and outstanding | 451 | 448 |
Class B | ||
Common stock: | ||
Shares issued and outstanding | $ 61 | $ 61 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2022 | Oct. 01, 2021 |
Accumulated depreciation | $ 171,843 | $ 163,891 |
Preferred stock, shares issued(in shares) | 0 | 0 |
Treasury stock, shares (in shares) | 45,961 | 42,598 |
Class A | ||
Common stock, shares, issued (in shares) | 8,984,253 | 8,915,636 |
Common stock, shares, outstanding (in shares) | 8,984,253 | 8,915,636 |
Class B | ||
Common stock, shares, issued (in shares) | 1,207,798 | 1,211,564 |
Common stock, shares, outstanding (in shares) | 1,207,798 | 1,211,564 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($) $ in Thousands | Total | Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock |
Balance, beginning of period (in shares) at Sep. 27, 2019 | 10,045,771 | |||||
Balance, beginning of period at Sep. 27, 2019 | $ 504 | $ 75,856 | $ 248,377 | $ 1,558 | $ (1,761) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | $ 55,233 | 55,233 | ||||
Dividends declared | (7,179) | |||||
Issuance of stock under employee stock purchase plan (in shares) | 2,190 | |||||
Issuance of stock under employee stock purchase plan | 126 | |||||
Award of non-vested shares (in shares) | 43,967 | |||||
Award of non-vested shares | 1 | |||||
Stock-based compensation | 2,686 | |||||
Currency translation adjustment | 2,533 | 2,533 | ||||
Change in pension plans, net of tax (of $593, $288 and $209 respectively) | 626 | |||||
Purchase of treasury stock at cost (in shares) | (7,129) | |||||
Purchase of treasury stock at cost | (460) | |||||
Balance, end of period (in shares) at Oct. 02, 2020 | 10,084,799 | |||||
Balance, end of period at Oct. 02, 2020 | $ 504 | 78,668 | 296,431 | 4,717 | (2,220) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 83,381 | 83,381 | ||||
Dividends declared | (9,311) | |||||
Award of non-vested shares (in shares) | 48,683 | |||||
Award of non-vested shares | $ 5 | (4) | 0 | |||
Stock-based compensation | 4,160 | |||||
Currency translation adjustment | $ 283 | 283 | ||||
Change in pension plans, net of tax (of $593, $288 and $209 respectively) | 2,386 | |||||
Non-vested stock forfeitures (in shares) | (621) | |||||
Non-vested stock forfeitures | $ (75) | 75 | ||||
Purchase of treasury stock at cost (in shares) | (5,661) | |||||
Purchase of treasury stock at cost | (495) | |||||
Balance, end of period (in shares) at Oct. 01, 2021 | 10,127,200 | |||||
Balance, end of period at Oct. 01, 2021 | 458,505 | $ 509 | 82,899 | 370,501 | 7,386 | (2,790) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 44,491 | 44,491 | ||||
Dividends declared | (12,171) | |||||
Issuance of stock under employee stock purchase plan (in shares) | 5,112 | |||||
Issuance of stock under employee stock purchase plan | 332 | |||||
Award of non-vested shares (in shares) | 66,868 | |||||
Award of non-vested shares | $ 3 | (3) | 0 | |||
Stock-based compensation | 4,129 | |||||
B to A conversion | 156 | (156) | ||||
Currency translation adjustment | (6,815) | (6,815) | ||||
Change in pension plans, net of tax (of $593, $288 and $209 respectively) | 49 | |||||
Non-vested stock forfeitures (in shares) | (2,040) | |||||
Non-vested stock forfeitures | 150 | (150) | ||||
Purchase of treasury stock at cost (in shares) | (5,089) | |||||
Purchase of treasury stock at cost | (506) | |||||
Balance, end of period (in shares) at Sep. 30, 2022 | 10,192,051 | |||||
Balance, end of period at Sep. 30, 2022 | $ 488,014 | $ 512 | $ 87,351 | $ 402,821 | $ 620 | $ (3,290) |
CONSOLIDATED STATEMENTS OF SH_2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2022 | Oct. 01, 2021 | Oct. 02, 2020 | |
Statement of Stockholders' Equity [Abstract] | |||
Change in pension plans, tax | $ 16 | $ 357 | $ 209 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2022 | Oct. 01, 2021 | Oct. 02, 2020 | |
CASH (USED FOR) PROVIDED BY OPERATING ACTIVITIES | |||
Net income | $ 44,491 | $ 83,381 | $ 55,233 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 13,973 | 12,980 | 12,592 |
Amortization of intangible assets | 261 | 421 | 2,334 |
Amortization of deferred financing costs | 35 | 29 | 27 |
Loss (gain) on sale of productive assets | 90 | 161 | 217 |
Stock based compensation | 4,129 | 4,160 | 2,686 |
Provision for doubtful accounts receivable | 30 | 308 | 2,095 |
Provision for inventory reserves | 4,409 | 518 | 878 |
Pension contributions | (99) | (166) | (176) |
Deferred income taxes | 1,848 | (2,277) | 486 |
Change in operating assets and liabilities: | |||
Accounts receivable, net | (22,028) | (3,948) | (24,625) |
Inventories, net | (89,259) | (69,637) | (2,867) |
Accounts payable and accrued liabilities | (21,722) | 31,702 | 10,417 |
Other current assets | 2,831 | (1,499) | (12) |
Other non-current assets | 67 | (226) | (22) |
Other long-term liabilities | (2,294) | 2,780 | 1,934 |
Other, net | 1,094 | (369) | 296 |
Cash provided by operating activities | (62,144) | 58,318 | 61,493 |
CASH USED FOR INVESTING ACTIVITIES | |||
Capital expenditures | (31,690) | (21,409) | (15,600) |
Proceeds from sale of productive assets | 12 | 28 | 13 |
Cash (used for) provided by investing activities | (31,678) | (21,381) | (15,587) |
CASH USED FOR FINANCING ACTIVITIES | |||
Debt issuance costs paid | 0 | (138) | 0 |
Common stock transactions | 332 | 0 | 126 |
Dividends paid | (12,056) | (8,400) | (6,773) |
Purchases of treasury stock | (509) | (495) | (460) |
Cash used for financing activities | (12,233) | (9,033) | (7,107) |
Effect of foreign currency rate changes on cash | (4,590) | 107 | 1,256 |
(Decrease) increase in cash and cash equivalents | (110,645) | 28,011 | 40,055 |
CASH AND CASH EQUIVALENTS | |||
Beginning of period | 240,448 | 212,437 | 172,382 |
End of period | 129,803 | 240,448 | 212,437 |
Supplemental Disclosure: | |||
Non-cash dividends | 115 | 911 | 406 |
Cash paid for taxes | 19,086 | 26,544 | 19,240 |
Cash paid for interest | $ 113 | $ 114 | $ 112 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Sep. 30, 2022 | |
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 30, 2022 (hereinafter 2022) and October 1, 2021 (hereinafter 2021) comprised 52 weeks. The fiscal year ended October 2, 2020 (hereinafter 2020) comprised 53 weeks. Coronavirus (COVID-19) In March 2020, the World Health Organization recognized the current coronavirus (COVID-19) outbreak as a global pandemic. In response to the COVID-19 outbreak, the governments of many countries, states, cities and other geographic regions imposed varying degrees of restrictions on social and commercial activity, including travel restrictions, quarantine guidelines and related actions, to promote social distancing, encourage and promote taking the vaccine and implementing other similar programs all in an effort to slow the spread of the illness. These measures have had a significant adverse impact upon many sectors of the economy, including manufacturing and retail commerce. While government mandates eased in the latter half of fiscal 2020, these mandates continued to emphasize social distancing measures to the general public. As a result, because we sell products that are used in a safe and socially distant manner in the great outdoors, the COVID-19 pandemic has had an overall favorable effect on our sales levels and the demand for our products, starting at the end of fiscal 2020 and continuing throughout fiscal 2022. Nonetheless, the continued evolution of the pandemic, and its impact on the global economy, including macroeconomic dynamics, inflation, and raw materials and component pricing levels, has resulted in disruptions to the global supply chain and the logistics infrastructure (including with respect to the sourcing, timing, availability and cost of raw materials and components that are necessary to manufacture our products). The lingering impact of these disruptions is not fully known as they, along with certain ongoing inflationary pressures in the economy and the rising interest rate environment, have resulted in increased costs associated with building certain items of our inventory, and may result in future economic slowdowns and ultimately lower demand for discretionary goods, like our outdoor recreational products. Furthermore, the continued impact of these economic conditions on the global supply chain (including with respect to impacting the sourcing, timing, availability and cost of raw materials and components that are necessary to manufacture our products), and demand for outdoor recreation products, is beyond our control and remains highly uncertain and, as such, cannot be predicted at this time. 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 30, 2022, the Company held approximately $51,790 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 30 October 1 Raw materials $ 166,443 $ 110,974 Work in process 230 116 Finished goods 81,976 55,525 $ 248,649 $ 166,615 The COVID-19 pandemic has caused widely-documented supply chain and logistics disruptions in the industries in which we operate, resulting in supply shortages across all of our segments for certain materials and components necessary to manufacture our products. Current global macroeconomic conditions, including rising interest rates and ongoing inflationary pressures, have added to these supply chain issues. As a result of these disruptions, the Company took action to build and procure numerous categories of inventory (in some cases at significantly higher price points than what was historically paid) in an attempt to mitigate against potential shortages of necessary raw materials and components. These actions have resulted in the Company carrying significantly higher levels of inventory for a number of its materials, components and products at the end of fiscal 2022. 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: 2022 2021 Property improvements $ 586 $ 589 Buildings and improvements 33,930 26,769 Furniture and fixtures, equipment and computer software 226,452 208,043 260,968 235,401 Less accumulated depreciation 171,843 163,891 $ 89,125 $ 71,510 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 2022, 2021, and 2020 indicated no impairment to the Company’s goodwill. 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 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 2022 and 2021 were as follows: Fishing Camping Watercraft Diving Total Balance at October 2, 2020 Goodwill $ 17,413 $ 7,038 $ 6,242 $ 33,078 $ 63,771 Accumulated impairment losses (6,229) (7,038) (6,242) (33,078) (52,587) 11,184 — — — 11,184 Currency translation 37 — — — 37 Balance at October 1, 2021 Goodwill 17,450 7,038 6,242 33,078 63,808 Accumulated impairment losses (6,229) (7,038) (6,242) (33,078) (52,587) 11,221 — — — 11,221 Currency translation (61) — — — (61) Balance at September 30, 2022 Goodwill 17,389 7,038 6,242 33,078 63,747 Accumulated impairment losses (6,229) (7,038) (6,242) (33,078) (52,587) $ 11,160 $ — $ — $ — $ 11,160 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 2022, 2021 or 2020. 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 $261, $421 and $2,334 for 2022, 2021 and 2020, respectively. Amortization of these definite-lived intangible assets is expected to be approximately $264 for each of the next 4 fiscal years and $247 for fiscal 2027. Intangible assets at the end of the last two years consisted of the following: 2022 2021 Gross Accumulated Net Gross Accumulated Net Amortized other intangible assets: Patents and trademarks $ 3,959 $ (3,956) $ 3 $ 4,207 $ (4,203) $ 4 Other amortizable intangibles 12,137 (10,793) 1,344 11,234 (9,630) 1,604 Non-amortized trademarks 7,025 — 7,025 7,025 — 7,025 $ 23,121 $ (14,749) $ 8,372 $ 22,466 $ (13,833) $ 8,633 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. During the fourth quarters of fiscal 2022 and 2021, the Company determined it was not necessary to perform an impairment analysis, as there were no events or changes in business circumstances that indicated that the carrying amount of the assets may not be fully recoverable. Accordingly, there was no impairment. 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 30, 2022. Balance at September 27, 2019 $ 9,190 Expense accruals for warranties issued during the period 11,714 Less current period warranty claims paid 10,055 Balance at October 2, 2020 $ 10,849 Expense accruals for warranties issued during the period 13,112 Less current period warranty claims paid 9,888 Balance at October 1, 2021 $ 14,073 Expense accruals for warranties issued during the period 4,563 Less current period warranty claims paid 8,997 Balance at September 30, 2022 $ 9,639 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 2022, 2021 and 2020 were as follows: 2022 2021 2020 Pre-Tax Tax Effect Net of Tax Pre-Tax Tax Effect Net of Tax Pre-Tax Tax Effect Net of Tax Foreign currency translation adjustment $ 791 $ — $ 791 $ 7,606 $ — $ 7,606 $ 7,323 $ — $ 7,323 Unamortized loss on pension plans (321) 150 (171) (386) 166 (220) (3,129) 523 (2,606) Accumulated other comprehensive income $ 470 $ 150 $ 620 $ 7,220 $ 166 $ 7,386 $ 4,194 $ 523 $ 4,717 The reclassifications out of AOCI for the year ended September 30, 2022 were as follows: Statement of Operations Unamortized loss on defined benefit pension plans Amortization of loss $ 45 Cost of sales / Operating expense Tax effects (11) Income tax expense Total reclassifications for the period $ 34 The reclassifications out of AOCI for the year ended October 1, 2021 were as follows: Statement of Operations Unamortized loss on defined benefit pension plans: Amortization of loss $ 576 Cost of sales / Operating expense Tax effects (144) Income tax expense Total reclassifications for the period $ 432 The reclassifications out of AOCI for the year ended October 2, 2020 were as follows: Statement of Operations Unamortized loss on defined benefit pension plans: Amortization of loss $ 537 Cost of sales / Operating expense Tax effects (134) Income tax expense Total reclassifications for the period $ 403 The changes in AOCI by component, net of tax, for the year ended September 30, 2022 were as follows: Foreign Unamortized Accumulated Balance at October 1, 2021 $ 7,606 $ (220) $ 7,386 Other comprehensive income before reclassifications (6,815) 20 (6,795) Amounts reclassified from accumulated other comprehensive income — 45 45 Tax effects — (16) (16) Balance at September 30, 2022 $ 791 $ (171) $ 620 The changes in AOCI by component, net of tax, for the year ended October 1, 2021 were as follows: Foreign Unamortized Accumulated Balance at October 2, 2020 $ 7,323 $ (2,606) $ 4,717 Other comprehensive income before reclassifications 283 2,167 2,450 Amounts reclassified from accumulated other comprehensive income — 576 576 Tax effects — (357) (357) Balance at October 1, 2021 $ 7,606 $ (220) $ 7,386 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 30, 2022, October 1, 2021 and October 2, 2020, 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 30, 2022, October 1, 2021 and October 2, 2020, 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 30, 2022, October 1, 2021 and October 2, 2020. 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 39,956, 38,914 and 40,094 shares for the years ended September 30, 2022, October 1, 2021 and October 2, 2020, 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: 2022 2021 2020 Net income $ 44,491 $ 83,381 $ 55,233 Less: Undistributed earnings reallocated to non-vested shareholders (174) (320) (220) Dilutive earnings $ 44,317 $ 83,061 $ 55,013 Weighted average common shares – Basic: Class A 8,913 8,864 8,822 Class B 1,208 1,212 1,212 Dilutive stock options and restricted stock units 30 44 30 Weighted average common shares - Dilutive 10,151 10,120 10,064 Net income per common share – Basic: Class A $ 4.42 $ 8.34 $ 5.54 Class B $ 4.02 $ 7.57 $ 5.04 Net income per common share – Diluted: Class A $ 4.37 $ 8.21 $ 5.47 Class B $ 4.37 $ 8.21 $ 5.47 Stock-Based Compensation Stock-based compensation cost is recorded for all 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. See Note 10 of these Notes to Consolidated Financial Statements for information regarding the Company’s stock-based incentive plans, including non-vested stock, restricted stock units 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 losses from transactions of $1,741 and $215 and gains of $269 in 2022, 2021, and 2020, respectively, which were included in Other income, net 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 13% of the Company’s revenues for the year ended September 30, 2022 were denominated in currencies other than the U.S. dollar. Approximately 4% 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 2022, 2021 or 2020. The Company does not enter into foreign exchange contracts for trading or speculative purposes. 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 2022, 2021 and 2020 totaled $30,574, $30,882 and $26,727, respectively. These charges are included in “Marketing and selling expenses.” Capitalized advertising costs, included in Other current assets, totaled $470 and $429 at September 30, 2022 and October 1, 2021, 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 $17,923, $16,093 and $12,651 for 2022, 2021 and 2020, respectively. Research and Development The Company expenses research and development costs as incurred except for costs of software development for new electronic products and bathymetry data collection and processing, 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 $58,857, less accumulated amortization of $33,872, at September 30, 2022 and $50,850, less accumulated amortization of $30,428, at October 1, 2021. These costs are amortized over the expected life of the software of three Fair Values The carrying amounts of cash, cash equivalents, short-term investments, accounts receivable, and accounts payable approximated fair value at September 30, 2022 and October 1, 2021 due to the short maturities of these instruments. During 2022, 2021 and 2020, 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 Recently adopted accounting pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("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. In February 2019, the FASB also issued ASU 2019-01 Leases (Topic 842): Codification Improvements . This ASU and the updates to this ASU require organizations to recognize lease assets and lease liabilities on the balance sheet and to disclose key information about leasing arrangements. This guidance was 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. The Company adopted the provisions of these ASU's using the modified retrospective approach at the beginning of the first quarter of fiscal 2020, coinciding with the standard's effective date. The additional disclosures required by the ASU and its updates are included in Note 5 "Leases" of these Notes to the Condensed Consolidated Financial Statements. In June 2016, the FASB issued ASU 2016-13 “Financial Instruments - Credit Losses (Topic 326)” and also issued subsequent amendments to the initial guidance under ASU 2018-19, ASU 2019-04 and ASU 2019-05 (collectively Topic 326). Topic 326 requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. This replaces the existing incurred loss model with an expected loss model and requires the use of forward-looking information to calculate credit loss estimates. This guidance was effective for the Company in the first quarter of fiscal year 2021, and must be adopted by applying a cumulative effect adjustment to retained earnings. The Company adopted the provisions of this ASU at the beginning of the first quarter of fiscal 2021, however the ASU did not have a significant impact on its financial statements, and therefore no adjustment to retained earnings was necessary. In August 2018, the FASB issued ASU 2018-14, Changes to the Disclosure Requirements for Defined Benefit Plans (Topic 715). This ASU will 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 December 15, 2020, with early adoption permitted. The Company adopted the provisions of this ASU in fiscal 2021, however, the ASU did not have a significant impact on its disclosures. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740)—Simplifying the Accounting for Income Taxes. |
INDEBTEDNESS
INDEBTEDNESS | 12 Months Ended |
Sep. 30, 2022 | |
Long-Term Debt, Unclassified [Abstract] | |
INDEBTEDNESS | INDEBTEDNESS The Company had no outstanding debt at September 30, 2022 or October 1, 2021. Revolvers The Company and certain of its subsidiaries have entered into an unsecured revolving credit facility with PNC Bank, National Association and Associated Bank, N.A. ("the Lending Group"). This credit facility consists of a $75 million Revolving Credit Facility 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 "Credit Agreement" or "Revolver"). The Revolver 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 (i.e., an aggregate borrowing amount of $125,000) subject to the conditions of the Credit Agreement and subject to the approval of the lenders. On July 15, 2021, the Company entered into a First Amendment to this credit facility that extended its expiration date from November 15, 2022, to July 15, 2026. Other key provisions of the credit facility remained as outlined above and the description herein is qualified in its entirety by the terms and conditions of the original Debt Agreement (a copy of which was filed as Exhibit 99.1 to the current report on Form 8-K dated and filed with the Securities and Exchange Commission on November 20, 2017) and the Amendment (a copy of which was filed as Exhibit 10.1 to the current report on Form 8-K dated and filed with the Securities and Exchange Commission on July 16, 2021). The interest rate on the 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 4.1% at September 30, 2022 and 1.1% at October 1, 2021. The 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 $173 and $181 at September 30, 2022 and October 1, 2021, respectively. The Company had no other unsecured lines of credit as of September 30, 2022 or October 1, 2021. Under the Company’s Credit Agreement, a change in control of the Company would constitute an event of default. A change in control would be deemed to have occurred if, among other events described in the terms of the Credit Agreement, a person or group other than the Company’s Chief Executive Officer, Helen P. Johnson-Leipold, members of her family and related entities (hereinafter the Johnson Family) became or 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. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [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 13% of the Company’s revenues for the fiscal year ended September 30, 2022 were denominated in currencies other than the U.S. dollar. Approximately 4% 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 30, 2022 and October 1, 2021, the Company held no foreign currency forward contracts. Interest Rate Risk |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTSFair 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 30, 2022: Level 1 Level 2 Level 3 Total Assets: Rabbi trust assets $ 21,436 $ — $ — $ 21,436 The following table summarizes the Company’s financial assets measured at fair value as of October 1, 2021: Level 1 Level 2 Level 3 Total Assets: Rabbi trust assets $ 27,851 $ — $ — $ 27,851 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, net” in the accompanying Consolidated Statements of Operations. The offsetting deferred compensation liability is also reported at fair value and is included in “Deferred compensation liability” 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 30, 2022, October 1, 2021 and October 2, 2020 was: Location of income recognized in Statement of 2022 2021 2020 Rabbi trust assets Other expense (income), net $ 6,424 $ (4,878) $ (2,140) |
LEASES
LEASES | 12 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
LEASES | LEASES Adoption of Topic 842 At the beginning of fiscal 2020, the Company adopted ASU 2016-02 and all subsequent ASUs that modified accounting standards Topic 842 using a modified retrospective adoption method, in which right-of-use ("ROU") assets and lease liabilities are recognized in the condensed consolidated balance sheets. Under the effective date transition method, financial results reported in periods prior to fiscal year 2020 are unchanged. The Company also elected the package of practical expedients permitted under the standard, which does not require reassessment of prior conclusions related to contracts containing a lease, lease classification and initial direct lease costs. As an ongoing accounting policy election, the Company will exclude short-term leases (terms of 12 months or less) from the balance sheet presentation and will account for non-lease and lease components in a contract as a single lease component for most asset classes. All leases in which the Company is the lessee are classified as operating leases, and the Company does not have any finance leases or sublease agreements. Additionally, the Company does not have any leases in which it is the lessor. The adoption of this new standard had a significant impact on the Company's condensed consolidated balance sheet due to the recognition of approximately $41 million of lease liabilities with corresponding ROU assets for operating leases. The adoption of this new standard did not have a significant impact on the condensed consolidated statements of operations or cash flows, and did not impact our debt covenant compliance under our current credit agreements. The Company determines if an arrangement is a lease at inception. The Company leases certain facilities and machinery and equipment under long-term, non-cancelable operating leases. As of September 30, 2022, the Company had approximately 200 leases, with remaining terms ranging from less than one year to 17 years. Some of the leases contain variable payment terms, such as payments based on fluctuations in the Consumer Price Index (CPI). Some leases also contain options to extend or terminate the lease. To the extent the Company is reasonably certain to exercise these options, they have been considered in the calculation of the ROU assets and lease liabilities. Under current lease agreements, there are no residual value guarantees or restrictive lease covenants. In calculating the ROU assets and lease liabilities, several assumptions and judgments were made by the Company, including whether a contract is or contains a lease under the new definition, and the determination of the discount rate, which is assumed to be the incremental borrowing rate. The incremental borrowing rate is derived from information available to the Company at the lease commencement date based on lease length and location. As of September 30, 2022, the components of lease expense recognized in the accompanying Condensed Consolidated Statements of Operations were as follows: Year ended Year ended Year ended September 30, 2022 October 1, 2021 October 2, 2020 Lease Cost Operating lease costs $ 9,129 $ 8,323 $ 7,483 Short-term lease costs 1,739 1,549 1,828 Variable leases costs 172 184 173 Total lease cost $ 11,040 $ 10,056 $ 9,484 Included in the amounts in the table above was rent expense to related parties of $1,209, $1,043 and $1,028, for the years ended September 30, 2022 October 1, 2021, and October 2, 2020, respectively. As of September 30, 2022 and October 1, 2021, the Company did not have any finance leases. During fiscal 2021, the Company amended its agreement with the landlord on an existing leased facility. Payments under the amended agreement began in fiscal year 2022 and will go through June 2039. Total rental payments are approximately $14 million over the course of the lease, as amended, and are included in the calculation of ROU assets and lease liabilities as disclosed below. While the Company extended or renewed various existing leases during the year, there were no other significant new leases entered into during the year ended September 30, 2022. As of September 30, 2022, the Company did not have any significant operating lease commitments that have not yet commenced. Supplemental balance sheet, cash flow, and other information related to operating leases was as follows: Year ended Year ended September 30, 2022 October 1, 2021 Operating leases: Operating lease ROU assets $ 56,625 $ 49,032 Current operating leases liabilities 7,223 5,938 Non-current operating lease liabilities 50,680 44,056 Total operating lease liabilities $ 57,903 $ 49,994 Weighted average remaining lease term (in years) 12.59 12.20 Weighted average discount rate 3.15 % 3.08 % Cash paid for amounts included in the measurement of lease liabilities $ 8,066 $ 7,608 Future minimum rental commitments under non-cancelable operating leases with an initial lease term in excess of one year at September 30, 2022 were as follows: Year Related parties included Total 2023 $ 1,233 $ 8,931 2024 1,270 7,981 2025 1,308 7,363 2026 1,348 5,777 2027 226 4,634 Thereafter — 36,023 Total undiscounted lease payments 5,385 70,709 Less: Imputed interest (175) (12,806) Total net lease liability $ 5,210 $ 57,903 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Sep. 30, 2022 | |
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: 2022 2021 2020 United States $ 51,229 $ 99,774 $ 72,602 Foreign 7,659 13,148 1,100 $ 58,888 $ 112,922 $ 73,702 Income tax expense for the respective years consisted of the following: 2022 2021 2020 Current: Federal $ 8,798 $ 22,860 $ 13,735 State 834 6,392 3,348 Foreign 2,922 3,236 1,109 Deferred 1,843 (2,947) 277 $ 14,397 $ 29,541 $ 18,469 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: 2022 2021 Deferred tax assets: Inventories $ 2,366 $ 1,355 Compensation 8,099 8,771 Tax credit carryforwards 2,356 2,817 Net operating loss carryforwards 4,805 3,996 Other 6,430 8,756 Total gross deferred tax assets 24,056 25,695 Less valuation allowance 6,700 6,372 Deferred tax assets 17,356 19,323 Deferred tax liabilities: Goodwill and other intangibles 1,848 1,717 Depreciation and amortization 5,224 5,714 Foreign statutory reserves 625 362 Net deferred tax assets $ 9,659 $ 11,530 The net deferred tax assets recorded in the accompanying Consolidated Balance Sheets as of the years ended September 30, 2022 and October 1, 2021 were as follows: 2022 2021 Non-current assets $ 11,411 $ 13,129 Non-current liabilities 1,752 1,599 Net deferred tax assets $ 9,659 $ 11,530 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: 2022 2021 2020 Statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % State income tax, net of federal benefit 3.4 % 4.4 % 4.6 % Uncertain tax positions, net of settlements (0.5) % 0.1 % (0.1) % Foreign-derived intangible income ("FDII") deduction (0.9) % (1.1) % (1.1) % Net tax cost of foreign income 2.0 % 0.7 % — % Compensation 0.1 % 0.8 % 0.7 % Changes in estimates related to prior years tax return filing (1.6) % 0.6 % 0.5 % Deferred tax asset - valuation allowance 1.6 % (0.5) % 0.1 % Other (0.7) % 0.2 % (0.6) % 24.4 % 26.2 % 25.1 % The Company’s net operating loss carryforwards and their expirations as of September 30, 2022 were as follows: State Foreign Total Year of expiration 2023-2027 $ 801 $ 8,021 $ 8,822 2028-2032 3,116 6,267 9,383 2033-2037 6,028 — 6,028 2038-2042 721 — 721 Indefinite — 3,466 3,466 Total $ 10,666 $ 17,754 $ 28,420 The Company has tax credit carryforwards as follows: State Federal Total Year of expiration 2023-2027 $ 1,365 $ 1,365 2028-2032 751 751 2033-2037 239 239 Total $ 2,355 $ — $ 2,355 A reconciliation of the beginning and ending amount of unrecognized tax benefits follows: 2021 2020 Beginning balance $ 6,757 $ 7,372 Gross increases - tax positions in prior period — — Gross increases - tax positions in current period 476 1,288 Settlements — — Lapse of statute of limitations (1,032) (1,903) Ending balance $ 6,201 $ 6,757 The total accrued interest and penalties with respect to income taxes was approximately $1,866 and $1,884 for the years ended September 30, 2022 and October 1, 2021, respectively. The Company’s liability for unrecognized tax benefits as of September 30, 2022 was $6,201, and if recognized, $5,188 of such amount 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 $(15), $(63) and $5 were recorded as a component of income tax expense in the accompanying Consolidated Statements of Operations during fiscal years 2022, 2021 and 2020, respectively. The Company’s policy is to remit earnings from foreign subsidiaries only to the extent the remittance does not result in an incremental U.S. tax liability. The Company does not currently provide for the additional U.S. and foreign income taxes which would become payable upon remission of undistributed earnings of foreign subsidiaries. If all undistributed earnings were remitted, an additional income tax provision of approximately $16.1 million would have been necessary as of September 30, 2022. The Company files income tax returns, including returns for its subsidiaries, with federal, state, local and foreign taxing jurisdictions. 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 that 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 2019-2022 Canada 2018-2022 France 2019-2022 Germany 2020-2022 Italy 2020-2022 Switzerland 2012-2022 |
EMPLOYEE BENEFITS
EMPLOYEE BENEFITS | 12 Months Ended |
Sep. 30, 2022 | |
Retirement Benefits [Abstract] | |
EMPLOYEE BENEFITS | EMPLOYEE BENEFITS A majority of the Company’s full-time employees are covered by defined contribution programs. Expenses attributable to the defined contribution programs were approximately $2,044, $1,680 and $1,592 for 2022, 2021 and 2020, respectively. 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 “Deferred compensation liability” on our accompanying Consolidated Balance Sheets, was approximately $21,466 and $27,885 as of September 30, 2022 and October 1, 2021, respectively. See “Note 4 Fair Value” for additional information. During fiscal 2021, the Company terminated its Johnson Outdoors Inc. Mankato Operations Pension Plan and Old Town Canoe Company Pension Plan (collectively, "the Terminated Plans"), both of which were frozen defined benefit pension plans at the time of termination. In connection with the plan terminations, the Company settled all future obligations under the Terminated Plans through a combination of lump-sum payments to eligible participants who elected to receive them, and the transfer of any remaining benefit obligations under the Terminated Plans to a third-party insurance company under a group annuity contract. As a result of these actions, the Company recognized a non-cash pre-tax pension termination charge of $2,526 in our fiscal 2021 Consolidated Statements of Operations as Other Expense (Income), Net. The remaining over-funded plan assets have been or will be utilized by the Company to fund remaining expenses related to the Terminated Plans, as well as obligations associated with other qualified retirement programs. The Company still maintains the Johnson Outdoors Inc. Supplemental Executive Retirement Plan ("SERP"), and all future benefit payments to participants under this plan are made from the Company's general assets. |
PREFERRED STOCK
PREFERRED STOCK | 12 Months Ended |
Sep. 30, 2022 | |
Preferred Stock, Number of Shares, Par Value and Other Disclosure [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. 30, 2022 | |
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: 2022 2021 Class A, $0.05 par value: Authorized 20,000,000 20,000,000 Outstanding 8,984,253 8,915,636 Class B, $0.05 par value: Authorized 3,000,000 3,000,000 Outstanding 1,207,798 1,211,564 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 2022 and 2021 there were 3,766 and 0 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. 30, 2022 | |
Share-Based Payment Arrangement [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 2012 Non-Employee Director Stock Ownership Plan and the 2020 Long-Term Incentive Plan (the only plans where shares currently remain available for future equity incentive awards) there were a total of 447,645 shares of the Company’s Class A common stock available for grant to key executives and non-employee directors at September 30, 2022. Share awards previously made under the Company's 2010 Long-Term Stock Incentive Plan, which no longer allows for additional share grants, also remain outstanding. The Company recognized additional tax benefits from the vesting of restricted stock and restricted stock units of $98, $581 and $238 for 2022, 2021 and 2020, respectively. These amounts were recorded as a component of income tax expense. 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 30, 2022 related to the Company’s stock ownership plans is as follows: Shares Weighted Average Non-vested stock at October 2, 2020 40,492 $ 62.15 Non-vested stock grants 14,954 101.97 Non-vested stock forfeited (621) 120.77 Restricted stock vested (17,234) 53.79 Non-vested stock at October 1, 2021 37,591 80.86 Non-vested stock grants 33,911 72.40 Non-vested stock forfeited (2,040) 73.53 Restricted stock vested (11,326) 95.34 Non-vested stock September 30, 2022 58,136 73.37 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 1,778 and 2,341 during 2022 and 2021, respectively. The fair value of restricted stock vested during 2022, 2021 and 2020 was approximately $1,002, $1,950 and $1,288, respectively. Stock compensation expense, net of forfeitures, related to non-vested stock was $1,252, $1,179 and $1,032 during 2022, 2021 and 2020, respectively. The tax benefit recognized during 2022, 2021 and 2020 related to stock based compensation was $295, $287 and $252, respectively. Unrecognized compensation cost related to non-vested stock as of September 30, 2022 was $2,481, which amount will be amortized to expense through November 2025 or adjusted for changes in future estimated or actual forfeitures. Restricted Stock Units All restricted stock units awarded by the Company during fiscal 2022 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 RSUs at October 2, 2020 67,821 $ 68.34 RSUs granted 20,059 88.49 RSUs vested (18,112) 70.39 RSUs at October 1, 2021 69,768 73.60 RSUs granted 19,758 101.22 RSUs forfeited (1,340) 74.62 RSUs vested (22,192) 71.42 RSUs at September 30, 2022 65,994 82.58 RSU grantees may elect to reimburse the Company for withholding taxes due as a result of the vesting of units and issuance of unrestricted shares of Class A common stock by tendering a portion of such unrestricted shares back to the Company. Shares tendered back to the Company were 3,331 and 3,320 during 2022 and 2021, respectively. The fair value of restricted stock recognized as a tax deduction during 2022, 2021 and 2020 was approximately $3,240, $3,353 and $1,600, respectively. Stock compensation expense, net of forfeitures, related to restricted stock units was $2,522, $2,895 and $1,611 for the years ended September 30, 2022, October 1, 2021 and October 2, 2020, respectively. The tax benefit recognized during 2022, 2021 and 2020 related to restricted stock unit based compensation was $242, $290 and $166, respectively. Unrecognized compensation cost related to non-vested restricted stock units as of September 30, 2022 was $1,583, which amount will be amortized to expense through September 2024 or adjusted for changes in future estimated or actual forfeitures. Compensation expense related to units earned by certain 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 5,112, 0 and 2,190 shares of Class A common stock under the Purchase Plan during the years 2022, 2021 and 2020, respectively, and recognized expense of $355, $86 and $43 in 2022, 2021 and 2020, respectively. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONSThe Company conducts transactions with certain related parties including organizations controlled by the Johnson Family. These transactions include product purchases, aviation services, office rental, and facility fees. Total costs of these transactions were $1,425, $1,243 and $1,099 for 2022, 2021 and 2020, respectively. Amounts due to/from related parties were immaterial at September 30, 2022 and October 1, 2021. |
REVENUES
REVENUES | 12 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
REVENUES | REVENUES Revenue recognition Revenue is recognized when obligations under the terms of a contract with our customer are satisfied; generally this occurs with the transfer of control of our goods at a point in time based on shipping terms and transfer of title. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods. The amount of consideration received can vary, primarily because of customer incentive or rebate arrangements. The Company estimates variable consideration based on the expected value of total consideration to which customers are likely to be entitled based on historical experience and projected market expectations. Included in the estimate is an assessment as to whether any variable consideration is constrained. Revenue estimates are adjusted at the earlier of a change in the expected value of consideration or when the consideration becomes fixed. For all contracts with customers, the Company has not adjusted the promised amount of consideration for the effects of a significant financing component as the period between the transfer of the promised goods and the customer's payment is expected to be one year or less. Sales are made on normal and customary short-term credit terms, generally ranging from 30 to 90 days, or upon delivery of point of sale transactions. Sales, value add, and other taxes we collect concurrent with revenue-producing activities are excluded from revenue. The Company enters into contractual arrangements with customers in the form of individual customer orders which specify the goods, quantity, pricing, and associated order terms. The Company does not have contracts which are satisfied over time. Due to the nature of these contracts, no significant judgment exists in relation to the identification of the customer contract, satisfaction of the performance obligation, or transaction price. The Company expenses incremental costs of obtaining a contract due to the short-term nature of the contracts. Estimated costs of returns, allowances and discounts, based on historic experience, are accrued as a reduction to sales when revenue is recognized. The Company provides customers the right to return eligible products under certain circumstances. At September 30, 2022, the right to returns asset was $768 and the accrued returns liability was $2,173. At October 1, 2021, the right to returns asset was $769 and the accrued returns liability was $2,061. The Company also offers assurance-type warranties relating to its products sold to end customers that continue to be accounted for under ASC 460 Guarantees. The Company generally accounts for shipping and handling activities as a fulfillment activity, consistent with the timing of revenue recognition; that is, when a customer takes control of the transferred goods. In the event that a customer were to take control of a product upon or after shipment, the Company has made an accounting policy election to treat such shipping and handling activities as a fulfillment cost. Shipping and handling fees billed to customers are included in "Net Sales," and shipping and handling costs are recognized within "Marketing and selling expenses" in the same period the related revenue is recognized. The Company has a wide variety of seasonal, outdoor recreation products used primarily for fishing from a boat, diving, paddling, hiking and camping, that are sold to a variety of customers in multiple end markets. While there are multiple products sold, the nature of products are similar in terms of the nature of the revenue recognition policies. See Note 13 of these Notes to Consolidated Financial Statements for required disclosures of disaggregated revenue. |
SEGMENTS OF BUSINESS
SEGMENTS OF BUSINESS | 12 Months Ended |
Sep. 30, 2022 | |
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 years ended September 30, 2022, October 1, 2021, and October 2, 2020, combined sales to one customer of the Company's Fishing, Camping and Watercraft Recreation segments represented approximately $97,174, $114,008, and $93,478 respectively, of the Company's consolidated revenues. 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: 2022 2021 2020 Net sales: Fishing: Unaffiliated customers $ 525,563 $ 552,073 $ 449,186 Interunit transfers 1,019 927 692 Camping: Unaffiliated customers 70,308 62,879 41,554 Interunit transfers 47 42 38 Watercraft Recreation: Unaffiliated customers 67,884 66,396 41,786 Interunit transfers 56 207 71 Diving Unaffiliated customers 78,862 69,433 60,853 Interunit transfers 12 14 20 Other / Corporate 738 870 830 Eliminations (1,134) (1,190) (821) Total $ 743,355 $ 751,651 $ 594,209 Operating profit (loss): Fishing $ 65,433 $ 122,490 $ 95,884 Camping 13,415 14,025 4,406 Watercraft Recreation 6,173 9,173 (329) Diving 4,705 1,530 (2,576) Other / Corporate (23,416) (35,935) (26,315) $ 66,310 $ 111,283 $ 71,070 Depreciation and amortization expense: Fishing $ 9,690 $ 8,770 $ 8,654 Camping 727 644 639 Watercraft Recreation 620 707 899 Diving 635 765 1,761 Other / Corporate 2,562 2,515 2,973 $ 14,234 $ 13,401 $ 14,926 Capital expenditures: Fishing $ 26,114 $ 18,570 $ 12,847 Camping 87 399 206 Watercraft Recreation 1,079 681 685 Diving 834 742 947 Other / Corporate 3,576 1,017 915 $ 31,690 $ 21,409 $ 15,600 Goodwill, net: Fishing $ 11,160 $ 11,221 Camping — — Watercraft Recreation — — Diving — — $ 11,160 $ 11,221 Total assets (end of period): Fishing $ 382,850 $ 285,321 Camping 59,247 54,276 Watercraft Recreation 33,496 27,530 Diving 76,475 67,069 Other / Corporate 127,863 240,091 $ 679,931 $ 674,287 A summary of the Company’s operations by geographic area is presented below: 2022 2021 2020 Net sales: United States: Unaffiliated customers $ 649,867 $ 659,330 $ 525,204 Interunit transfers 34,212 30,593 17,503 Europe: Unaffiliated customers 34,427 30,509 28,880 Interunit transfers 12,109 9,974 8,561 Canada: Unaffiliated customers 44,635 48,867 29,512 Interunit transfers — 12 35 Other: Unaffiliated customers 14,425 12,945 10,613 Interunit transfers 17 106 10 Eliminations (46,337) (40,685) (26,109) $ 743,355 $ 751,651 $ 594,209 Total assets: United States $ 581,004 $ 574,916 Europe 40,040 45,916 Canada and other 58,887 53,455 $ 679,931 $ 674,287 Long-term assets (1) : United States $ 177,191 $ 158,868 Europe 6,363 8,038 Canada and other 4,650 2,988 $ 188,204 $ 169,894 (1) Long term assets consist of net property, plant and equipment, right of use assets, net intangible assets, goodwill and other assets excluding deferred income taxes. |
CONTINGENCIES
CONTINGENCIES | 12 Months Ended |
Sep. 30, 2022 | |
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. 30, 2022 | |
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 2022, 2021 and 2020: Balance at Additions Charged Less Deductions Balance at End of Year Ended September 30, 2022 Allowance for doubtful accounts $ 2,494 $ 30 $ 1,487 $ 1,037 Reserves for inventory valuation 5,548 4,409 868 9,089 Valuation of deferred tax assets 6,372 1,072 744 6,700 Reserves for sales returns 2,095 2,429 2,324 2,200 Year ended October 1, 2021 Allowance for doubtful accounts $ 2,697 $ 308 $ 511 $ 2,494 Reserves for inventory valuation 5,385 518 355 5,548 Valuation of deferred tax assets 6,524 1,352 1,504 6,372 Reserves for sales returns 3,043 1,705 2,653 2,095 Year ended October 2, 2020 Allowance for doubtful accounts $ 2,550 $ 2,095 $ 1,948 $ 2,697 Reserves for inventory valuation 5,223 878 716 5,385 Valuation of deferred tax assets 5,964 875 315 6,524 Reserves for sales returns 4,880 1,532 3,369 3,043 |
QUARTERLY FINANCIAL SUMMARY (UN
QUARTERLY FINANCIAL SUMMARY (UNAUDITED) | 12 Months Ended |
Sep. 30, 2022 | |
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) 2022 2021 2022 2021 2022 2021 2022 2021 Net sales $ 153,524 $ 165,667 $ 189,623 $ 206,156 $ 203,819 $ 213,568 $ 196,389 $ 166,260 Gross profit 60,631 75,030 68,585 93,254 73,509 97,511 68,607 68,330 Operating profit 13,760 23,557 15,429 36,036 23,799 38,099 13,322 13,591 Income before income taxes 14,589 26,011 13,210 37,310 19,244 39,074 11,845 10,527 Income tax expense 3,733 6,164 3,310 9,476 5,162 10,300 2,192 3,601 Net income $ 10,856 $ 19,847 $ 9,900 $ 27,834 $ 14,082 $ 28,774 $ 9,653 $ 6,926 Net income per common share - Basic: Class A $ 1.08 $ 1.99 $ 0.99 $ 2.78 $ 1.40 $ 2.87 $ 0.96 $ 0.70 Class B $ 0.98 $ 1.81 $ 0.90 $ 2.53 $ 1.27 $ 2.61 $ 0.87 $ 0.62 Net income per common share - Diluted: Class A $ 1.07 $ 1.96 $ 0.97 $ 2.74 $ 1.38 $ 2.83 $ 0.95 $ 0.68 Class B $ 1.07 $ 1.96 $ 0.97 $ 2.74 $ 1.38 $ 2.83 $ 0.95 $ 0.68 Due to changes in stock prices during the year and the timing of issuance of shares, the cumulative total of quarterly net income per share amounts may not equal the net income per share for the entire year. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Sep. 30, 2022 | |
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 30, 2022 (hereinafter 2022) and October 1, 2021 (hereinafter 2021) comprised 52 weeks. The fiscal year ended October 2, 2020 (hereinafter 2020) comprised 53 weeks. |
Coronavirus (COVID-19) | Coronavirus (COVID-19) In March 2020, the World Health Organization recognized the current coronavirus (COVID-19) outbreak as a global pandemic. In response to the COVID-19 outbreak, the governments of many countries, states, cities and other geographic regions imposed varying degrees of restrictions on social and commercial activity, including travel restrictions, quarantine guidelines and related actions, to promote social distancing, encourage and promote taking the vaccine and implementing other similar programs all in an effort to slow the spread of the illness. These measures have had a significant adverse impact upon many sectors of the economy, including manufacturing and retail commerce. |
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. |
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. |
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. |
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 2022, 2021, and 2020 indicated no impairment to the Company’s goodwill. 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 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. |
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 2022, 2021 or 2020. |
Impairment of Long-Lived Assets | Impairment of Long-Lived AssetsThe 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. During the fourth quarters of fiscal 2022 and 2021, the Company determined it was not necessary to perform an impairment analysis, as there were no events or changes in business circumstances that indicated that the carrying amount of the assets may not be fully recoverable. Accordingly, there was no impairment. |
Warranties | WarrantiesThe 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. |
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 30, 2022, October 1, 2021 and October 2, 2020, 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 30, 2022, October 1, 2021 and October 2, 2020, diluted net income per share reflects the effect of dilutive stock options and restricted stock units and assumes the conversion of Class B common stock into Class A common stock. |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation cost is recorded for all 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. See Note 10 of these Notes to Consolidated Financial Statements for information regarding the Company’s stock-based incentive plans, including non-vested stock, restricted stock units 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. |
Shipping and Handling Costs and Revenue Recognition | Shipping and Handling CostsShipping and handling fees billed to customers are included in “Net sales.” Shipping and handling costs are included in “Marketing and selling expenses” Revenue recognition Revenue is recognized when obligations under the terms of a contract with our customer are satisfied; generally this occurs with the transfer of control of our goods at a point in time based on shipping terms and transfer of title. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods. The amount of consideration received can vary, primarily because of customer incentive or rebate arrangements. The Company estimates variable consideration based on the expected value of total consideration to which customers are likely to be entitled based on historical experience and projected market expectations. Included in the estimate is an assessment as to whether any variable consideration is constrained. Revenue estimates are adjusted at the earlier of a change in the expected value of consideration or when the consideration becomes fixed. For all contracts with customers, the Company has not adjusted the promised amount of consideration for the effects of a significant financing component as the period between the transfer of the promised goods and the customer's payment is expected to be one year or less. Sales are made on normal and customary short-term credit terms, generally ranging from 30 to 90 days, or upon delivery of point of sale transactions. Sales, value add, and other taxes we collect concurrent with revenue-producing activities are excluded from revenue. The Company enters into contractual arrangements with customers in the form of individual customer orders which specify the goods, quantity, pricing, and associated order terms. The Company does not have contracts which are satisfied over time. Due to the nature of these contracts, no significant judgment exists in relation to the identification of the customer contract, satisfaction of the performance obligation, or transaction price. The Company expenses incremental costs of obtaining a contract due to the short-term nature of the contracts. Estimated costs of returns, allowances and discounts, based on historic experience, are accrued as a reduction to sales when revenue is recognized. The Company provides customers the right to return eligible products under certain circumstances. At September 30, 2022, the right to returns asset was $768 and the accrued returns liability was $2,173. At October 1, 2021, the right to returns asset was $769 and the accrued returns liability was $2,061. The Company also offers assurance-type warranties relating to its products sold to end customers that continue to be accounted for under ASC 460 Guarantees. The Company generally accounts for shipping and handling activities as a fulfillment activity, consistent with the timing of revenue recognition; that is, when a customer takes control of the transferred goods. In the event that a customer were to take control of a product upon or after shipment, the Company has made an accounting policy election to treat such shipping and handling activities as a fulfillment cost. Shipping and handling fees billed to customers are included in "Net Sales," and shipping and handling costs are recognized within "Marketing and selling expenses" in the same period the related revenue is recognized. The Company has a wide variety of seasonal, outdoor recreation products used primarily for fishing from a boat, diving, paddling, hiking and camping, that are sold to a variety of customers in multiple end markets. While there are multiple products sold, the nature of products are similar in terms of the nature of the revenue recognition policies. |
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. |
Research and Development | Research and DevelopmentThe Company expenses research and development costs as incurred except for costs of software development for new electronic products and bathymetry data collection and processing, which are capitalized once technological feasibility is established and are included in Furniture, Fixtures 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 30, 2022 and October 1, 2021 due to the short maturities of these instruments. During 2022, 2021 and 2020, 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 Recently adopted accounting pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("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. In February 2019, the FASB also issued ASU 2019-01 Leases (Topic 842): Codification Improvements . This ASU and the updates to this ASU require organizations to recognize lease assets and lease liabilities on the balance sheet and to disclose key information about leasing arrangements. This guidance was 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. The Company adopted the provisions of these ASU's using the modified retrospective approach at the beginning of the first quarter of fiscal 2020, coinciding with the standard's effective date. The additional disclosures required by the ASU and its updates are included in Note 5 "Leases" of these Notes to the Condensed Consolidated Financial Statements. In June 2016, the FASB issued ASU 2016-13 “Financial Instruments - Credit Losses (Topic 326)” and also issued subsequent amendments to the initial guidance under ASU 2018-19, ASU 2019-04 and ASU 2019-05 (collectively Topic 326). Topic 326 requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. This replaces the existing incurred loss model with an expected loss model and requires the use of forward-looking information to calculate credit loss estimates. This guidance was effective for the Company in the first quarter of fiscal year 2021, and must be adopted by applying a cumulative effect adjustment to retained earnings. The Company adopted the provisions of this ASU at the beginning of the first quarter of fiscal 2021, however the ASU did not have a significant impact on its financial statements, and therefore no adjustment to retained earnings was necessary. In August 2018, the FASB issued ASU 2018-14, Changes to the Disclosure Requirements for Defined Benefit Plans (Topic 715). This ASU will 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 December 15, 2020, with early adoption permitted. The Company adopted the provisions of this ASU in fiscal 2021, however, the ASU did not have a significant impact on its disclosures. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740)—Simplifying the Accounting for Income Taxes. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Inventories | Inventories at the end of the respective fiscal years consisted of the following: September 30 October 1 Raw materials $ 166,443 $ 110,974 Work in process 230 116 Finished goods 81,976 55,525 $ 248,649 $ 166,615 |
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: 2022 2021 Property improvements $ 586 $ 589 Buildings and improvements 33,930 26,769 Furniture and fixtures, equipment and computer software 226,452 208,043 260,968 235,401 Less accumulated depreciation 171,843 163,891 $ 89,125 $ 71,510 |
Schedule of Goodwill | The changes in the carrying amount and the composition of the Company's goodwill for fiscal 2022 and 2021 were as follows: Fishing Camping Watercraft Diving Total Balance at October 2, 2020 Goodwill $ 17,413 $ 7,038 $ 6,242 $ 33,078 $ 63,771 Accumulated impairment losses (6,229) (7,038) (6,242) (33,078) (52,587) 11,184 — — — 11,184 Currency translation 37 — — — 37 Balance at October 1, 2021 Goodwill 17,450 7,038 6,242 33,078 63,808 Accumulated impairment losses (6,229) (7,038) (6,242) (33,078) (52,587) 11,221 — — — 11,221 Currency translation (61) — — — (61) Balance at September 30, 2022 Goodwill 17,389 7,038 6,242 33,078 63,747 Accumulated impairment losses (6,229) (7,038) (6,242) (33,078) (52,587) $ 11,160 $ — $ — $ — $ 11,160 |
Schedule of Intangible Assets | Intangible assets at the end of the last two years consisted of the following: 2022 2021 Gross Accumulated Net Gross Accumulated Net Amortized other intangible assets: Patents and trademarks $ 3,959 $ (3,956) $ 3 $ 4,207 $ (4,203) $ 4 Other amortizable intangibles 12,137 (10,793) 1,344 11,234 (9,630) 1,604 Non-amortized trademarks 7,025 — 7,025 7,025 — 7,025 $ 23,121 $ (14,749) $ 8,372 $ 22,466 $ (13,833) $ 8,633 |
Schedule of Warranty Activity | The following table summarizes the warranty activity for the three years in the period ended September 30, 2022. Balance at September 27, 2019 $ 9,190 Expense accruals for warranties issued during the period 11,714 Less current period warranty claims paid 10,055 Balance at October 2, 2020 $ 10,849 Expense accruals for warranties issued during the period 13,112 Less current period warranty claims paid 9,888 Balance at October 1, 2021 $ 14,073 Expense accruals for warranties issued during the period 4,563 Less current period warranty claims paid 8,997 Balance at September 30, 2022 $ 9,639 |
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 2022, 2021 and 2020 were as follows: 2022 2021 2020 Pre-Tax Tax Effect Net of Tax Pre-Tax Tax Effect Net of Tax Pre-Tax Tax Effect Net of Tax Foreign currency translation adjustment $ 791 $ — $ 791 $ 7,606 $ — $ 7,606 $ 7,323 $ — $ 7,323 Unamortized loss on pension plans (321) 150 (171) (386) 166 (220) (3,129) 523 (2,606) Accumulated other comprehensive income $ 470 $ 150 $ 620 $ 7,220 $ 166 $ 7,386 $ 4,194 $ 523 $ 4,717 The changes in AOCI by component, net of tax, for the year ended September 30, 2022 were as follows: Foreign Unamortized Accumulated Balance at October 1, 2021 $ 7,606 $ (220) $ 7,386 Other comprehensive income before reclassifications (6,815) 20 (6,795) Amounts reclassified from accumulated other comprehensive income — 45 45 Tax effects — (16) (16) Balance at September 30, 2022 $ 791 $ (171) $ 620 The changes in AOCI by component, net of tax, for the year ended October 1, 2021 were as follows: Foreign Unamortized Accumulated Balance at October 2, 2020 $ 7,323 $ (2,606) $ 4,717 Other comprehensive income before reclassifications 283 2,167 2,450 Amounts reclassified from accumulated other comprehensive income — 576 576 Tax effects — (357) (357) Balance at October 1, 2021 $ 7,606 $ (220) $ 7,386 |
Schedule of Reclassifications Out of AOCI | The reclassifications out of AOCI for the year ended September 30, 2022 were as follows: Statement of Operations Unamortized loss on defined benefit pension plans Amortization of loss $ 45 Cost of sales / Operating expense Tax effects (11) Income tax expense Total reclassifications for the period $ 34 The reclassifications out of AOCI for the year ended October 1, 2021 were as follows: Statement of Operations Unamortized loss on defined benefit pension plans: Amortization of loss $ 576 Cost of sales / Operating expense Tax effects (144) Income tax expense Total reclassifications for the period $ 432 The reclassifications out of AOCI for the year ended October 2, 2020 were as follows: Statement of Operations Unamortized loss on defined benefit pension plans: Amortization of loss $ 537 Cost of sales / Operating expense Tax effects (134) Income tax expense Total reclassifications for the period $ 403 |
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: 2022 2021 2020 Net income $ 44,491 $ 83,381 $ 55,233 Less: Undistributed earnings reallocated to non-vested shareholders (174) (320) (220) Dilutive earnings $ 44,317 $ 83,061 $ 55,013 Weighted average common shares – Basic: Class A 8,913 8,864 8,822 Class B 1,208 1,212 1,212 Dilutive stock options and restricted stock units 30 44 30 Weighted average common shares - Dilutive 10,151 10,120 10,064 Net income per common share – Basic: Class A $ 4.42 $ 8.34 $ 5.54 Class B $ 4.02 $ 7.57 $ 5.04 Net income per common share – Diluted: Class A $ 4.37 $ 8.21 $ 5.47 Class B $ 4.37 $ 8.21 $ 5.47 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
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 30, 2022: Level 1 Level 2 Level 3 Total Assets: Rabbi trust assets $ 21,436 $ — $ — $ 21,436 The following table summarizes the Company’s financial assets measured at fair value as of October 1, 2021: Level 1 Level 2 Level 3 Total Assets: Rabbi trust assets $ 27,851 $ — $ — $ 27,851 |
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 30, 2022, October 1, 2021 and October 2, 2020 was: Location of income recognized in Statement of 2022 2021 2020 Rabbi trust assets Other expense (income), net $ 6,424 $ (4,878) $ (2,140) |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Schedule of Components of Lease Expense | As of September 30, 2022, the components of lease expense recognized in the accompanying Condensed Consolidated Statements of Operations were as follows: Year ended Year ended Year ended September 30, 2022 October 1, 2021 October 2, 2020 Lease Cost Operating lease costs $ 9,129 $ 8,323 $ 7,483 Short-term lease costs 1,739 1,549 1,828 Variable leases costs 172 184 173 Total lease cost $ 11,040 $ 10,056 $ 9,484 |
Schedule of Right of Use Assets and Lease Liabilities | Supplemental balance sheet, cash flow, and other information related to operating leases was as follows: Year ended Year ended September 30, 2022 October 1, 2021 Operating leases: Operating lease ROU assets $ 56,625 $ 49,032 Current operating leases liabilities 7,223 5,938 Non-current operating lease liabilities 50,680 44,056 Total operating lease liabilities $ 57,903 $ 49,994 Weighted average remaining lease term (in years) 12.59 12.20 Weighted average discount rate 3.15 % 3.08 % Cash paid for amounts included in the measurement of lease liabilities $ 8,066 $ 7,608 |
Schedule of Maturities of Operating Lease Liabilities | Future minimum rental commitments under non-cancelable operating leases with an initial lease term in excess of one year at September 30, 2022 were as follows: Year Related parties included Total 2023 $ 1,233 $ 8,931 2024 1,270 7,981 2025 1,308 7,363 2026 1,348 5,777 2027 226 4,634 Thereafter — 36,023 Total undiscounted lease payments 5,385 70,709 Less: Imputed interest (175) (12,806) Total net lease liability $ 5,210 $ 57,903 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of U.S. And Foreign Income Before Taxes | The U.S. and foreign income before income taxes for the respective years consisted of the following: 2022 2021 2020 United States $ 51,229 $ 99,774 $ 72,602 Foreign 7,659 13,148 1,100 $ 58,888 $ 112,922 $ 73,702 |
Schedule of Income Tax Expense | Income tax expense for the respective years consisted of the following: 2022 2021 2020 Current: Federal $ 8,798 $ 22,860 $ 13,735 State 834 6,392 3,348 Foreign 2,922 3,236 1,109 Deferred 1,843 (2,947) 277 $ 14,397 $ 29,541 $ 18,469 |
Schedule of 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: 2022 2021 Deferred tax assets: Inventories $ 2,366 $ 1,355 Compensation 8,099 8,771 Tax credit carryforwards 2,356 2,817 Net operating loss carryforwards 4,805 3,996 Other 6,430 8,756 Total gross deferred tax assets 24,056 25,695 Less valuation allowance 6,700 6,372 Deferred tax assets 17,356 19,323 Deferred tax liabilities: Goodwill and other intangibles 1,848 1,717 Depreciation and amortization 5,224 5,714 Foreign statutory reserves 625 362 Net deferred tax assets $ 9,659 $ 11,530 |
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 30, 2022 and October 1, 2021 were as follows: 2022 2021 Non-current assets $ 11,411 $ 13,129 Non-current liabilities 1,752 1,599 Net deferred tax assets $ 9,659 $ 11,530 |
Schedule of 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: 2022 2021 2020 Statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % State income tax, net of federal benefit 3.4 % 4.4 % 4.6 % Uncertain tax positions, net of settlements (0.5) % 0.1 % (0.1) % Foreign-derived intangible income ("FDII") deduction (0.9) % (1.1) % (1.1) % Net tax cost of foreign income 2.0 % 0.7 % — % Compensation 0.1 % 0.8 % 0.7 % Changes in estimates related to prior years tax return filing (1.6) % 0.6 % 0.5 % Deferred tax asset - valuation allowance 1.6 % (0.5) % 0.1 % Other (0.7) % 0.2 % (0.6) % 24.4 % 26.2 % 25.1 % |
Schedule of Operating Loss Carryforwards | The Company’s net operating loss carryforwards and their expirations as of September 30, 2022 were as follows: State Foreign Total Year of expiration 2023-2027 $ 801 $ 8,021 $ 8,822 2028-2032 3,116 6,267 9,383 2033-2037 6,028 — 6,028 2038-2042 721 — 721 Indefinite — 3,466 3,466 Total $ 10,666 $ 17,754 $ 28,420 |
Schedule of Tax Credit Carryforwards | The Company has tax credit carryforwards as follows: State Federal Total Year of expiration 2023-2027 $ 1,365 $ 1,365 2028-2032 751 751 2033-2037 239 239 Total $ 2,355 $ — $ 2,355 |
Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits follows: 2021 2020 Beginning balance $ 6,757 $ 7,372 Gross increases - tax positions in prior period — — Gross increases - tax positions in current period 476 1,288 Settlements — — Lapse of statute of limitations (1,032) (1,903) Ending balance $ 6,201 $ 6,757 |
Schedule 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 2019-2022 Canada 2018-2022 France 2019-2022 Germany 2020-2022 Italy 2020-2022 Switzerland 2012-2022 |
COMMON STOCK (Tables)
COMMON STOCK (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
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: 2022 2021 Class A, $0.05 par value: Authorized 20,000,000 20,000,000 Outstanding 8,984,253 8,915,636 Class B, $0.05 par value: Authorized 3,000,000 3,000,000 Outstanding 1,207,798 1,211,564 |
STOCK-BASED COMPENSATION AND _2
STOCK-BASED COMPENSATION AND STOCK OWNERSHIP PLANS (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Non-Vested Stock Activity | A summary of non-vested stock activity for the two year period ended September 30, 2022 related to the Company’s stock ownership plans is as follows: Shares Weighted Average Non-vested stock at October 2, 2020 40,492 $ 62.15 Non-vested stock grants 14,954 101.97 Non-vested stock forfeited (621) 120.77 Restricted stock vested (17,234) 53.79 Non-vested stock at October 1, 2021 37,591 80.86 Non-vested stock grants 33,911 72.40 Non-vested stock forfeited (2,040) 73.53 Restricted stock vested (11,326) 95.34 Non-vested stock September 30, 2022 58,136 73.37 |
Schedule of RSU Activity | A summary of RSU activity follows: Number of RSUs Weighted Average RSUs at October 2, 2020 67,821 $ 68.34 RSUs granted 20,059 88.49 RSUs vested (18,112) 70.39 RSUs at October 1, 2021 69,768 73.60 RSUs granted 19,758 101.22 RSUs forfeited (1,340) 74.62 RSUs vested (22,192) 71.42 RSUs at September 30, 2022 65,994 82.58 |
SEGMENTS OF BUSINESS (Tables)
SEGMENTS OF BUSINESS (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segments of Business | A summary of the Company’s operations by business segment is presented below: 2022 2021 2020 Net sales: Fishing: Unaffiliated customers $ 525,563 $ 552,073 $ 449,186 Interunit transfers 1,019 927 692 Camping: Unaffiliated customers 70,308 62,879 41,554 Interunit transfers 47 42 38 Watercraft Recreation: Unaffiliated customers 67,884 66,396 41,786 Interunit transfers 56 207 71 Diving Unaffiliated customers 78,862 69,433 60,853 Interunit transfers 12 14 20 Other / Corporate 738 870 830 Eliminations (1,134) (1,190) (821) Total $ 743,355 $ 751,651 $ 594,209 Operating profit (loss): Fishing $ 65,433 $ 122,490 $ 95,884 Camping 13,415 14,025 4,406 Watercraft Recreation 6,173 9,173 (329) Diving 4,705 1,530 (2,576) Other / Corporate (23,416) (35,935) (26,315) $ 66,310 $ 111,283 $ 71,070 Depreciation and amortization expense: Fishing $ 9,690 $ 8,770 $ 8,654 Camping 727 644 639 Watercraft Recreation 620 707 899 Diving 635 765 1,761 Other / Corporate 2,562 2,515 2,973 $ 14,234 $ 13,401 $ 14,926 Capital expenditures: Fishing $ 26,114 $ 18,570 $ 12,847 Camping 87 399 206 Watercraft Recreation 1,079 681 685 Diving 834 742 947 Other / Corporate 3,576 1,017 915 $ 31,690 $ 21,409 $ 15,600 Goodwill, net: Fishing $ 11,160 $ 11,221 Camping — — Watercraft Recreation — — Diving — — $ 11,160 $ 11,221 Total assets (end of period): Fishing $ 382,850 $ 285,321 Camping 59,247 54,276 Watercraft Recreation 33,496 27,530 Diving 76,475 67,069 Other / Corporate 127,863 240,091 $ 679,931 $ 674,287 |
Schedule of Operations by Geographic Area | A summary of the Company’s operations by geographic area is presented below: 2022 2021 2020 Net sales: United States: Unaffiliated customers $ 649,867 $ 659,330 $ 525,204 Interunit transfers 34,212 30,593 17,503 Europe: Unaffiliated customers 34,427 30,509 28,880 Interunit transfers 12,109 9,974 8,561 Canada: Unaffiliated customers 44,635 48,867 29,512 Interunit transfers — 12 35 Other: Unaffiliated customers 14,425 12,945 10,613 Interunit transfers 17 106 10 Eliminations (46,337) (40,685) (26,109) $ 743,355 $ 751,651 $ 594,209 Total assets: United States $ 581,004 $ 574,916 Europe 40,040 45,916 Canada and other 58,887 53,455 $ 679,931 $ 674,287 Long-term assets (1) : United States $ 177,191 $ 158,868 Europe 6,363 8,038 Canada and other 4,650 2,988 $ 188,204 $ 169,894 (1) Long term assets consist of net property, plant and equipment, right of use assets, 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. 30, 2022 | |
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 2022, 2021 and 2020: Balance at Additions Charged Less Deductions Balance at End of Year Ended September 30, 2022 Allowance for doubtful accounts $ 2,494 $ 30 $ 1,487 $ 1,037 Reserves for inventory valuation 5,548 4,409 868 9,089 Valuation of deferred tax assets 6,372 1,072 744 6,700 Reserves for sales returns 2,095 2,429 2,324 2,200 Year ended October 1, 2021 Allowance for doubtful accounts $ 2,697 $ 308 $ 511 $ 2,494 Reserves for inventory valuation 5,385 518 355 5,548 Valuation of deferred tax assets 6,524 1,352 1,504 6,372 Reserves for sales returns 3,043 1,705 2,653 2,095 Year ended October 2, 2020 Allowance for doubtful accounts $ 2,550 $ 2,095 $ 1,948 $ 2,697 Reserves for inventory valuation 5,223 878 716 5,385 Valuation of deferred tax assets 5,964 875 315 6,524 Reserves for sales returns 4,880 1,532 3,369 3,043 |
QUARTERLY FINANCIAL SUMMARY (_2
QUARTERLY FINANCIAL SUMMARY (UNAUDITED) (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
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) 2022 2021 2022 2021 2022 2021 2022 2021 Net sales $ 153,524 $ 165,667 $ 189,623 $ 206,156 $ 203,819 $ 213,568 $ 196,389 $ 166,260 Gross profit 60,631 75,030 68,585 93,254 73,509 97,511 68,607 68,330 Operating profit 13,760 23,557 15,429 36,036 23,799 38,099 13,322 13,591 Income before income taxes 14,589 26,011 13,210 37,310 19,244 39,074 11,845 10,527 Income tax expense 3,733 6,164 3,310 9,476 5,162 10,300 2,192 3,601 Net income $ 10,856 $ 19,847 $ 9,900 $ 27,834 $ 14,082 $ 28,774 $ 9,653 $ 6,926 Net income per common share - Basic: Class A $ 1.08 $ 1.99 $ 0.99 $ 2.78 $ 1.40 $ 2.87 $ 0.96 $ 0.70 Class B $ 0.98 $ 1.81 $ 0.90 $ 2.53 $ 1.27 $ 2.61 $ 0.87 $ 0.62 Net income per common share - Diluted: Class A $ 1.07 $ 1.96 $ 0.97 $ 2.74 $ 1.38 $ 2.83 $ 0.95 $ 0.68 Class B $ 1.07 $ 1.96 $ 0.97 $ 2.74 $ 1.38 $ 2.83 $ 0.95 $ 0.68 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cash, Cash Equivalents and Short-term Investments) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Oct. 01, 2021 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cash and cash equivalents | $ 129,803 | $ 240,448 |
Non-US | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cash and cash equivalents | $ 51,790 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Inventories) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Oct. 01, 2021 |
Accounting Policies [Abstract] | ||
Raw materials | $ 166,443 | $ 110,974 |
Work in process | 230 | 116 |
Finished goods | 81,976 | 55,525 |
Total Inventories | $ 248,649 | $ 166,615 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2022 | Oct. 01, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | $ 260,968 | $ 235,401 |
Less accumulated depreciation | 171,843 | 163,891 |
Property, plant and equipment, net of accumulated depreciation | 89,125 | 71,510 |
Property improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | $ 586 | 589 |
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 | $ 33,930 | 26,769 |
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 | $ 226,452 | $ 208,043 |
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_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Goodwill by Segment) (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2022 | Oct. 01, 2021 | Oct. 02, 2020 | |
Goodwill [Line Items] | |||
Goodwill impairment | $ 0 | $ 0 | $ 0 |
Goodwill [Abstract] | |||
Goodwill, gross | 63,747,000 | 63,808,000 | 63,771,000 |
Accumulated impairment losses | (52,587,000) | (52,587,000) | (52,587,000) |
Goodwill, net | 11,160,000 | 11,221,000 | 11,184,000 |
Currency translation | (61,000) | 37,000 | |
Fishing | |||
Goodwill [Abstract] | |||
Goodwill, gross | 17,389,000 | 17,450,000 | 17,413,000 |
Accumulated impairment losses | (6,229,000) | (6,229,000) | (6,229,000) |
Goodwill, net | 11,160,000 | 11,221,000 | 11,184,000 |
Currency translation | (61,000) | 37,000 | |
Camping | |||
Goodwill [Abstract] | |||
Goodwill, gross | 7,038,000 | 7,038,000 | 7,038,000 |
Accumulated impairment losses | (7,038,000) | (7,038,000) | (7,038,000) |
Goodwill, net | 0 | 0 | 0 |
Currency translation | 0 | 0 | |
Watercraft | |||
Goodwill [Abstract] | |||
Goodwill, gross | 6,242,000 | 6,242,000 | 6,242,000 |
Accumulated impairment losses | (6,242,000) | (6,242,000) | (6,242,000) |
Goodwill, net | 0 | 0 | 0 |
Currency translation | 0 | 0 | |
Diving | |||
Goodwill [Abstract] | |||
Goodwill, gross | 33,078,000 | 33,078,000 | 33,078,000 |
Accumulated impairment losses | (33,078,000) | (33,078,000) | (33,078,000) |
Goodwill, net | 0 | 0 | $ 0 |
Currency translation | $ 0 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUN_8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Other Intangible Assets) (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Oct. 02, 2020 | Sep. 27, 2019 | Sep. 30, 2022 | Oct. 01, 2021 | Oct. 02, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Impairment losses | $ 0 | $ 0 | $ 0 | ||
Amortization of patents and other intangible assets | 261,000 | $ 421,000 | $ 2,334,000 | ||
Expected amortization in 2021 | 264,000 | ||||
Expected amortization in 2022 | 264,000 | ||||
Expected amortization in 2023 | 264,000 | ||||
Expected amortization in 2024 | 264,000 | ||||
Expected amortization in 2025 | $ 247,000 | ||||
Impairment of underlying assets | $ 0 | $ 0 | |||
Minimum | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Useful life (years) | 4 years | ||||
Maximum | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Useful life (years) | 15 years |
SUMMARY OF SIGNIFICANT ACCOUN_9
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Intangible Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Oct. 01, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible | $ 23,121 | $ 22,466 |
Accumulated Amortization | (14,749) | (13,833) |
Net | 8,372 | 8,633 |
Patents and trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible | 3,959 | 4,207 |
Accumulated Amortization | (3,956) | (4,203) |
Net | 3 | 4 |
Other amortizable intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible | 12,137 | 11,234 |
Accumulated Amortization | (10,793) | (9,630) |
Net | 1,344 | 1,604 |
Non-amortized trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible | 7,025 | 7,025 |
Net | $ 7,025 | $ 7,025 |
SUMMARY OF SIGNIFICANT ACCOU_10
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Warranty Activity) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2022 | Oct. 01, 2021 | Oct. 02, 2020 | |
Warranty Activity | |||
Product warranty accrual, balance at beginning of period | $ 14,073 | $ 10,849 | $ 9,190 |
Expense accruals for warranties issued during the period | 4,563 | 13,112 | 11,714 |
Less current period warranty claims paid | 8,997 | 9,888 | 10,055 |
Product warranty accrual, balance at end of period | $ 9,639 | $ 14,073 | $ 10,849 |
SUMMARY OF SIGNIFICANT ACCOU_11
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2022 | Oct. 01, 2021 | Oct. 02, 2020 | |
Foreign currency translation adjustment | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Pre-Tax Amount | $ 791 | $ 7,606 | $ 7,323 |
Tax Effect | 0 | 0 | 0 |
Net of Tax Effect | 791 | 7,606 | 7,323 |
Unamortized loss on pension plans | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Pre-Tax Amount | (321) | (386) | (3,129) |
Tax Effect | 150 | 166 | 523 |
Net of Tax Effect | (171) | (220) | (2,606) |
Total Reclassifications for the Period | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Pre-Tax Amount | 470 | 7,220 | 4,194 |
Tax Effect | 150 | 166 | 523 |
Net of Tax Effect | $ 620 | $ 7,386 | $ 4,717 |
SUMMARY OF SIGNIFICANT ACCOU_12
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Reclassifications Out of Accumulated OCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2022 | Jul. 01, 2022 | Apr. 01, 2022 | Dec. 31, 2021 | Oct. 01, 2021 | Jul. 02, 2021 | Apr. 02, 2021 | Jan. 01, 2021 | Sep. 30, 2022 | Oct. 01, 2021 | Oct. 02, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Amortization of loss | $ 472,023 | $ 417,526 | $ 329,216 | ||||||||
Tax effects | $ 2,192 | $ 5,162 | $ 3,310 | $ 3,733 | $ 3,601 | $ 10,300 | $ 9,476 | $ 6,164 | 14,397 | 29,541 | 18,469 |
Net income | $ 9,653 | $ 14,082 | $ 9,900 | $ 10,856 | $ 6,926 | $ 28,774 | $ 27,834 | $ 19,847 | 44,491 | 83,381 | 55,233 |
Reclassification out of Accumulated Other Comprehensive Income | Unamortized loss on defined benefit pension plans | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Amortization of loss | 45 | 576 | 537 | ||||||||
Tax effects | (11) | (144) | (134) | ||||||||
Net income | $ 34 | $ 432 | $ 403 |
SUMMARY OF SIGNIFICANT ACCOU_13
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of The Changes in AOCI by Component) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2022 | Oct. 01, 2021 | |
AOCI Attributable To Parent Net Of Tax (Roll Forward) | ||
Balance, beginning of period | $ 458,505 | |
Other comprehensive income before reclassifications | (6,795) | $ 2,450 |
Amounts reclassified from accumulated other comprehensive income | 45 | 576 |
Tax effects | (16) | (357) |
Balance, end of period | 488,014 | 458,505 |
Foreign Currency Translation Adjustment | ||
AOCI Attributable To Parent Net Of Tax (Roll Forward) | ||
Balance, beginning of period | 7,606 | 7,323 |
Other comprehensive income before reclassifications | (6,815) | 283 |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 |
Tax effects | 0 | 0 |
Balance, end of period | 791 | 7,606 |
Unamortized Loss on Defined Benefit Pension Plans | ||
AOCI Attributable To Parent Net Of Tax (Roll Forward) | ||
Balance, beginning of period | (220) | (2,606) |
Other comprehensive income before reclassifications | 20 | 2,167 |
Amounts reclassified from accumulated other comprehensive income | 45 | 576 |
Tax effects | (16) | (357) |
Balance, end of period | (171) | (220) |
Accumulated Other Comprehensive Income (Loss) | ||
AOCI Attributable To Parent Net Of Tax (Roll Forward) | ||
Balance, beginning of period | 7,386 | 4,717 |
Balance, end of period | $ 620 | $ 7,386 |
SUMMARY OF SIGNIFICANT ACCOU_14
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Earnings Per Share ("EPS")) (Narrative) (Details) - shares | 12 Months Ended | ||
Sep. 30, 2022 | Oct. 01, 2021 | Oct. 02, 2020 | |
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% | ||
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) | 39,956 | 38,914 | 40,094 |
SUMMARY OF SIGNIFICANT ACCOU_15
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. 30, 2022 | Jul. 01, 2022 | Apr. 01, 2022 | Dec. 31, 2021 | Oct. 01, 2021 | Jul. 02, 2021 | Apr. 02, 2021 | Jan. 01, 2021 | Sep. 30, 2022 | Oct. 01, 2021 | Oct. 02, 2020 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Net income | $ 9,653 | $ 14,082 | $ 9,900 | $ 10,856 | $ 6,926 | $ 28,774 | $ 27,834 | $ 19,847 | $ 44,491 | $ 83,381 | $ 55,233 |
Less: Undistributed earnings reallocated to non-vested shareholders | (174) | (320) | (220) | ||||||||
Dilutive earnings | $ 44,317 | $ 83,061 | $ 55,013 | ||||||||
Dilutive stock options and restricted stock units (in shares) | 30 | 44 | 30 | ||||||||
Weighted average common shares - Dilutive (in shares) | 10,151 | 10,120 | 10,064 | ||||||||
Class A | |||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Weighted average common shares - Basic (shares) | 8,913 | 8,864 | 8,822 | ||||||||
Net income per common share - Basic (USD per share) | $ 0.96 | $ 1.40 | $ 0.99 | $ 1.08 | $ 0.70 | $ 2.87 | $ 2.78 | $ 1.99 | $ 4.42 | $ 8.34 | $ 5.54 |
Net income per common share - Diluted (USD per share) | 0.95 | 1.38 | 0.97 | 1.07 | 0.68 | 2.83 | 2.74 | 1.96 | $ 4.37 | $ 8.21 | $ 5.47 |
Class B | |||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Weighted average common shares - Basic (shares) | 1,208 | 1,212 | 1,212 | ||||||||
Net income per common share - Basic (USD per share) | 0.87 | 1.27 | 0.90 | 0.98 | 0.62 | 2.61 | 2.53 | 1.81 | $ 4.02 | $ 7.57 | $ 5.04 |
Net income per common share - Diluted (USD per share) | $ 0.95 | $ 1.38 | $ 0.97 | $ 1.07 | $ 0.68 | $ 2.83 | $ 2.74 | $ 1.96 | $ 4.37 | $ 8.21 | $ 5.47 |
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. 30, 2022 | Oct. 01, 2021 | Oct. 02, 2020 | |
Foreign Currencies [Line Items] | |||
Currency losses from transactions | $ 1,741 | $ 215 | |
Currency gains from transactions | $ 269 | ||
Non US Dollar | Revenue Benchmark | Foreign Exchange Risk | |||
Foreign Currencies [Line Items] | |||
Percent of revenues in foreign currency | 13% | ||
Euro | Revenue Benchmark | Foreign Exchange Risk | |||
Foreign Currencies [Line Items] | |||
Percent of revenues in foreign currency | 4% | ||
Canadian Dollars | Revenue Benchmark | Foreign Exchange Risk | |||
Foreign Currencies [Line Items] | |||
Percent of revenues in foreign currency | 6% | ||
Various Other Foreign Currencies | Revenue Benchmark | Foreign Exchange Risk | |||
Foreign Currencies [Line Items] | |||
Percent of revenues in foreign currency | 3% |
SUMMARY OF SIGNIFICANT ACCOU_17
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Advertising & Promotions) (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2022 | Oct. 01, 2021 | Oct. 02, 2020 | |
Accounting Policies [Abstract] | |||
Advertising and promotions expense | $ 30,574 | $ 30,882 | $ 26,727 |
Capitalized advertising costs | $ 470 | $ 429 |
SUMMARY OF SIGNIFICANT ACCOU_18
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Shipping and Handling Costs) (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2022 | Oct. 01, 2021 | Oct. 02, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Cost of sales | $ 472,023 | $ 417,526 | $ 329,216 |
Shipping and Handling | |||
Disaggregation of Revenue [Line Items] | |||
Cost of sales | $ 17,923 | $ 16,093 | $ 12,651 |
SUMMARY OF SIGNIFICANT ACCOU_19
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Research and Development) (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2022 | Oct. 01, 2021 | Oct. 02, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross amount capitalized related to software development | $ 58,857 | $ 50,850 | |
Accumulated amortization | $ 33,872 | 30,428 | |
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 | $ 3,444 | $ 3,637 | $ 3,829 |
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 |
INDEBTEDNESS (Narrative) (Detai
INDEBTEDNESS (Narrative) (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2022 | Oct. 01, 2021 | |
Line of Credit Facility [Line Items] | ||
Debt outstanding | $ 0 | $ 0 |
Financial Standby Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Letters of credit outstanding | $ 173,000 | $ 181,000 |
Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Interest rate in effect | 4.10% | 1.10% |
Revolving Credit Facility | Minimum | LIBOR | ||
Line of Credit Facility [Line Items] | ||
Margin range | 1% | |
Revolving Credit Facility | Maximum | LIBOR | ||
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 | |
Aggregate borrowing amount | 125,000 | |
Unsecured Line Of Credit | ||
Line of Credit Facility [Line Items] | ||
Long-term line of credit borrowings | $ 0 | $ 0 |
DERIVATIVE INSTRUMENTS AND HE_2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details) - contract | 12 Months Ended | |
Sep. 30, 2022 | Oct. 01, 2021 | |
Derivative [Line Items] | ||
Number of derivative instruments held | 0 | 0 |
Interest Rate Swap | ||
Derivative [Line Items] | ||
Number of derivative instruments held | 0 | 0 |
Non US Dollar | Foreign Exchange Risk | Revenue Benchmark | ||
Derivative [Line Items] | ||
Percent of revenues in foreign currency | 13% | |
Euro | Foreign Exchange Risk | Revenue Benchmark | ||
Derivative [Line Items] | ||
Percent of revenues in foreign currency | 4% | |
Canadian Dollars | Foreign Exchange Risk | Revenue Benchmark | ||
Derivative [Line Items] | ||
Percent of revenues in foreign currency | 6% | |
Various Other Foreign Currencies | Foreign Exchange Risk | Revenue Benchmark | ||
Derivative [Line Items] | ||
Percent of revenues in foreign currency | 3% |
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. 30, 2022 | Oct. 01, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Rabbi trust assets | $ 21,436 | $ 27,851 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Rabbi trust assets | 21,436 | 27,851 |
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. 30, 2022 | Oct. 01, 2021 | Oct. 02, 2020 | |
Rabbi trust assets | Other expense (income), net | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Changes in fair value, other income, net | $ 6,424 | $ (4,878) | $ (2,140) |
FAIR VALUE MEASUREMENTS (Narrat
FAIR VALUE MEASUREMENTS (Narrative) (Details) - Non Recurring - USD ($) | Sep. 30, 2022 | Oct. 01, 2021 | Oct. 02, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, fair value disclosure, non recurring | $ 0 | $ 0 | $ 0 |
Liabilities, fair value disclosure, non recurring | $ 0 | $ 0 | $ 0 |
LEASES (Narrative) (Details)
LEASES (Narrative) (Details) $ in Thousands | 12 Months Ended | ||||
Sep. 30, 2022 USD ($) contract | Sep. 30, 2022 USD ($) | Oct. 01, 2021 USD ($) | Oct. 02, 2020 USD ($) | Sep. 28, 2019 USD ($) | |
Lessee, Lease, Description [Line Items] | |||||
Total operating lease liabilities | $ 57,903 | $ 57,903 | $ 49,994 | ||
Right of use assets | $ 56,625 | 56,625 | 49,032 | ||
Number of contracts | contract | 200 | ||||
Lessee, operating lease, lease not yet commenced, liability | 14,000 | ||||
Related Parties | |||||
Lessee, Lease, Description [Line Items] | |||||
Total operating lease liabilities | $ 5,210 | 5,210 | |||
Related party rent expenses | $ 1,209 | $ 1,043 | $ 1,028 | ||
Minimum | |||||
Lessee, Lease, Description [Line Items] | |||||
Remaining lease term | 1 year | 1 year | |||
Maximum | |||||
Lessee, Lease, Description [Line Items] | |||||
Remaining lease term | 17 years | 17 years | |||
Accounting standards update 2016-02 | |||||
Lessee, Lease, Description [Line Items] | |||||
Total operating lease liabilities | $ 41,000 | ||||
Right of use assets | $ 41,000 |
LEASES (Components of Lease Exp
LEASES (Components of Lease Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2022 | Oct. 01, 2021 | Oct. 02, 2020 | |
Lease Cost | |||
Operating lease costs | $ 9,129 | $ 8,323 | $ 7,483 |
Short-term lease costs | 1,739 | 1,549 | 1,828 |
Variable leases costs | 172 | 184 | 173 |
Total lease cost | $ 11,040 | $ 10,056 | $ 9,484 |
LEASES (Other Information Relat
LEASES (Other Information Related to Operating Leases) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2022 | Oct. 01, 2021 | |
Operating leases: | ||
Operating lease ROU assets | $ 56,625 | $ 49,032 |
Current operating leases liabilities | 7,223 | 5,938 |
Non-current operating lease liabilities | 50,680 | 44,056 |
Total operating lease liabilities | $ 57,903 | $ 49,994 |
Weighted average remaining lease term (in years) | 12 years 7 months 2 days | 12 years 2 months 12 days |
Weighted average discount rate | 3.15% | 3.08% |
Cash paid for amounts included in the measurement of lease liabilities | $ 8,066 | $ 7,608 |
LEASES (Future Minimum Rental C
LEASES (Future Minimum Rental Commitments Under Non-Cancelable Operating Leases) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Oct. 01, 2021 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
2023 | $ 8,931 | |
2024 | 7,981 | |
2025 | 7,363 | |
2026 | 5,777 | |
2027 | 4,634 | |
Thereafter | 36,023 | |
Total undiscounted lease payments | 70,709 | |
Less: Imputed interest | (12,806) | |
Total operating lease liabilities | 57,903 | $ 49,994 |
Related Parties | ||
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
2023 | 1,233 | |
2024 | 1,270 | |
2025 | 1,308 | |
2026 | 1,348 | |
2027 | 226 | |
Thereafter | 0 | |
Total undiscounted lease payments | 5,385 | |
Less: Imputed interest | (175) | |
Total operating lease liabilities | $ 5,210 |
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. 30, 2022 | Jul. 01, 2022 | Apr. 01, 2022 | Dec. 31, 2021 | Oct. 01, 2021 | Jul. 02, 2021 | Apr. 02, 2021 | Jan. 01, 2021 | Sep. 30, 2022 | Oct. 01, 2021 | Oct. 02, 2020 | |
Income Tax Disclosure [Abstract] | |||||||||||
United States | $ 51,229 | $ 99,774 | $ 72,602 | ||||||||
Foreign | 7,659 | 13,148 | 1,100 | ||||||||
Profit before income taxes | $ 11,845 | $ 19,244 | $ 13,210 | $ 14,589 | $ 10,527 | $ 39,074 | $ 37,310 | $ 26,011 | $ 58,888 | $ 112,922 | $ 73,702 |
INCOME TAXES (Income Tax Expens
INCOME TAXES (Income Tax Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2022 | Jul. 01, 2022 | Apr. 01, 2022 | Dec. 31, 2021 | Oct. 01, 2021 | Jul. 02, 2021 | Apr. 02, 2021 | Jan. 01, 2021 | Sep. 30, 2022 | Oct. 01, 2021 | Oct. 02, 2020 | |
Current: | |||||||||||
Federal | $ 8,798 | $ 22,860 | $ 13,735 | ||||||||
State | 834 | 6,392 | 3,348 | ||||||||
Foreign | 2,922 | 3,236 | 1,109 | ||||||||
Deferred | 1,843 | (2,947) | 277 | ||||||||
Income tax expense | $ 2,192 | $ 5,162 | $ 3,310 | $ 3,733 | $ 3,601 | $ 10,300 | $ 9,476 | $ 6,164 | $ 14,397 | $ 29,541 | $ 18,469 |
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. 30, 2022 | Oct. 01, 2021 |
Deferred tax assets: | ||
Inventories | $ 2,366 | $ 1,355 |
Compensation | 8,099 | 8,771 |
Tax credit carryforwards | 2,356 | 2,817 |
Net operating loss carryforwards | 4,805 | 3,996 |
Other | 6,430 | 8,756 |
Total gross deferred tax assets | 24,056 | 25,695 |
Less valuation allowance | 6,700 | 6,372 |
Deferred tax assets | 17,356 | 19,323 |
Deferred tax liabilities: | ||
Goodwill and other intangibles | 1,848 | 1,717 |
Depreciation and amortization | 5,224 | 5,714 |
Foreign statutory reserves | 625 | 362 |
Net deferred tax assets | $ 9,659 | $ 11,530 |
INCOME TAXES (Schedule Of Net D
INCOME TAXES (Schedule Of Net Deferred Tax Assets In Consolidated Balance Sheet) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Oct. 01, 2021 |
Income Tax Contingency [Line Items] | ||
Net deferred tax assets | $ 9,659 | $ 11,530 |
Non-current assets | ||
Income Tax Contingency [Line Items] | ||
Net deferred tax assets | 11,411 | 13,129 |
Non-current liabilities | ||
Income Tax Contingency [Line Items] | ||
Net deferred tax assets | $ 1,752 | $ 1,599 |
INCOME TAXES (Significant Diffe
INCOME TAXES (Significant Differences Between Statutory Federal Tax Rate And Effective Income Tax Rate) (Details) | 12 Months Ended | ||
Sep. 30, 2022 | Oct. 01, 2021 | Oct. 02, 2020 | |
Income Tax Disclosure [Abstract] | |||
Statutory U.S. federal income tax rate | 21% | 21% | 21% |
State income tax, net of federal benefit | 3.40% | 4.40% | 4.60% |
Uncertain tax positions, net of settlements | (0.50%) | 0.10% | (0.10%) |
Foreign-derived intangible income ("FDII") deduction | (0.90%) | (1.10%) | (1.10%) |
Net tax cost of foreign income | 2% | 0.70% | 0% |
Compensation | 0.10% | 0.80% | 0.70% |
Changes in estimates related to prior years tax return filing | (0.016) | 0.006 | 0.005 |
Deferred tax asset - valuation allowance | 1.60% | (0.50%) | 0.10% |
Other | (0.70%) | 0.20% | (0.60%) |
Effective income tax rate, continuing operations, Total | 24.40% | 26.20% | 25.10% |
INCOME TAXES (Schedule Of Opera
INCOME TAXES (Schedule Of Operating Loss Carryforwards) (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | $ 28,420 |
State | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | 10,666 |
Foreign | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | 17,754 |
2023-2027 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | 8,822 |
2023-2027 | State | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | 801 |
2023-2027 | Foreign | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | 8,021 |
2028-2032 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | 9,383 |
2028-2032 | State | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | 3,116 |
2028-2032 | Foreign | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | 6,267 |
2033-2037 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | 6,028 |
2033-2037 | State | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | 6,028 |
2033-2037 | Foreign | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | 0 |
2038-2042 | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | 721 |
2038-2042 | State | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | 721 |
2038-2042 | Foreign | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | 0 |
Indefinite | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carry forwards | 3,466 |
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 | $ 3,466 |
INCOME TAXES (Schedule Of Tax C
INCOME TAXES (Schedule Of Tax Credit Carryforwards (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward amount | $ 2,355 |
2023-2027 | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward amount | 1,365 |
2028-2032 | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward amount | 751 |
2033-2037 | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward amount | 239 |
State | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward amount | 2,355 |
State | 2023-2027 | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward amount | 1,365 |
State | 2028-2032 | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward amount | 751 |
State | 2033-2037 | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward amount | 239 |
Foreign | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward amount | 0 |
Foreign | 2023-2027 | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward amount | |
Foreign | 2028-2032 | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward amount | |
Foreign | 2033-2037 | |
Tax Credit Carryforward [Line Items] | |
Tax credit carryforward amount |
INCOME TAXES (Reconciliation Of
INCOME TAXES (Reconciliation Of Beginning And Ending Amount Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 01, 2021 | Oct. 02, 2020 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance at beginning of year | $ 6,757 | $ 7,372 |
Gross increases - tax positions in prior period | 0 | 0 |
Gross increases - tax positions in current period | 476 | 1,288 |
Settlements | 0 | 0 |
Lapse of statute of limitations | (1,032) | (1,903) |
Balance at end of year | $ 6,201 | $ 6,757 |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2022 | Oct. 01, 2021 | Oct. 02, 2020 | Sep. 27, 2019 | |
Income Tax Disclosure [Abstract] | ||||
Accrued interest on income taxes | $ 1,866 | $ 1,884 | ||
Unrecognized tax benefits | 6,201 | 6,201 | $ 6,757 | $ 7,372 |
Unrecognized tax benefits that would impact effective tax rate | 5,188 | |||
Interest included in income tax expense | (15) | $ (63) | $ 5 | |
Additional income tax provision | $ 16,100 |
EMPLOYEE BENEFITS (Narrative) (
EMPLOYEE BENEFITS (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2022 | Oct. 01, 2021 | Oct. 02, 2020 | |
Retirement Benefits [Abstract] | |||
Expense attributable to the defined contribution programs | $ 2,044 | $ 1,680 | $ 1,592 |
Deferred compensation liability | $ 21,466 | 27,885 | |
Non-cash pre-tax pension termination charge | $ 2,526 |
PREFERRED STOCK (Details)
PREFERRED STOCK (Details) - shares | Sep. 30, 2022 | Oct. 01, 2021 |
Preferred Stock, Number of Shares, Par Value and Other Disclosure [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. 30, 2022 | Oct. 01, 2021 |
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) | 8,984,253 | 8,915,636 |
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) | 1,207,798 | 1,211,564 |
COMMON STOCK (Narrative) (Detai
COMMON STOCK (Narrative) (Details) | 12 Months Ended | |
Sep. 30, 2022 vote shares | Oct. 01, 2021 shares | |
Class of Stock [Line Items] | ||
Percentage of cash dividends on Class A common stock relative to Class B common stock | 110% | |
Ratio of Class B common stock convertible to Class A common stock | 1 | |
Shares converted (shares) | shares | 3,766 | 0 |
Class A | ||
Class of Stock [Line Items] | ||
Percentage of board members elected by class of stock | 25% | |
Vote per share owned | 1 | |
Class B | ||
Class of Stock [Line Items] | ||
Percentage of board members elected by class of stock | 75% | |
Vote per share owned | 10 |
STOCK-BASED COMPENSATION AND _3
STOCK-BASED COMPENSATION AND STOCK OWNERSHIP PLANS (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2022 | Oct. 01, 2021 | Oct. 02, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares paid for tax withholding (shares) | 1,778 | 2,341 | |
Award performance period | 3 years | ||
Discount from fair market value (not less than) | 85% | ||
Employee stock purchase plan, expense | $ 355 | $ 86 | $ 43 |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Bonus achievement target level | 80% | ||
Bonus payout as a percentage of target award | 50% | ||
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Bonus achievement target level | 120% | ||
Bonus payout as a percentage of target award | 150% | ||
Restricted Stock and Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Tax benefit | $ 98 | 581 | 238 |
Non-Vested Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Tax benefit | $ 295 | 287 | 252 |
Award vesting period (years) | 5 years | ||
Fair value of vested restricted stock | $ 1,002 | 1,950 | 1,288 |
Stock compensation expense | 1,252 | 1,179 | 1,032 |
Unrecognized compensation cost | 2,481 | ||
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Tax benefit | 242 | 290 | 166 |
Fair value of vested restricted stock | 3,240 | 3,353 | 1,600 |
Stock compensation expense | 2,522 | $ 2,895 | $ 1,611 |
Unrecognized compensation cost | $ 1,583 | ||
Shares tendered back to company (shares) | 3,331 | 3,320 | |
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 | ||
Class A | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for grant under plan (shares) | 447,645 | ||
Employee stock purchase plan, shares issued (shares) | 5,112 | 0 | 2,190 |
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. 30, 2022 | Oct. 01, 2021 | |
Shares | ||
Beginning balance (in shares) | 37,591 | 40,492 |
Non-vested stock grants (in shares) | 33,911 | 14,954 |
Non-vested stock forfeited (in shares) | (2,040) | (621) |
Restricted stock vested (in shares) | (11,326) | (17,234) |
Ending balance (in shares) | 58,136 | 37,591 |
Weighted Average Grant Price | ||
Beginning balance (USD per share) | $ 80.86 | $ 62.15 |
Non-vested stock grants (USD per share) | 72.40 | 101.97 |
Non-vested stock forfeited (USD per share) | 73.53 | 120.77 |
Restricted stock vested (USD per share) | 95.34 | 53.79 |
Ending balance (USD per share) | $ 73.37 | $ 80.86 |
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. 30, 2022 | Oct. 01, 2021 | |
Number of RSUs | ||
Beginning balance (in shares) | 69,768 | 67,821 |
RSUs granted (in shares) | 19,758 | 20,059 |
RSUs forfeited (in shares) | (1,340) | |
RSUs vested (in shares) | (22,192) | (18,112) |
Ending balance (in shares) | 65,994 | 69,768 |
Weighted Average Grant Price | ||
Beginning balance (USD per share) | $ 73.60 | $ 68.34 |
RSUs granted (USD per share) | 101.22 | 88.49 |
RSUs forfeited (USD per share) | 74.62 | |
RSUs vested (USD per share) | 71.42 | 70.39 |
Ending balance (USD per share) | $ 82.58 | $ 73.60 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2022 | Oct. 01, 2021 | Oct. 02, 2020 | |
Related Party Transactions [Abstract] | |||
Costs associated with related party transactions | $ 1,425 | $ 1,243 | $ 1,099 |
REVENUES (Details)
REVENUES (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Oct. 01, 2021 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Accrued customer programs | $ 4,726 | $ 6,874 |
Accounting Standards Update 2014-09 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Contract with customer, asset | 768 | 769 |
Accrued customer programs | $ 2,173 | $ 2,061 |
SEGMENTS OF BUSINESS (Segments
SEGMENTS OF BUSINESS (Segments of Business) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2022 | Jul. 01, 2022 | Apr. 01, 2022 | Dec. 31, 2021 | Oct. 01, 2021 | Jul. 02, 2021 | Apr. 02, 2021 | Jan. 01, 2021 | Sep. 30, 2022 | Oct. 01, 2021 | Oct. 02, 2020 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales: | $ 196,389 | $ 203,819 | $ 189,623 | $ 153,524 | $ 166,260 | $ 213,568 | $ 206,156 | $ 165,667 | $ 743,355 | $ 751,651 | $ 594,209 |
Operating profit (loss): | 13,322 | $ 23,799 | $ 15,429 | $ 13,760 | 13,591 | $ 38,099 | $ 36,036 | $ 23,557 | 66,310 | 111,283 | 71,070 |
Depreciation and amortization expense: | 14,234 | 13,401 | 14,926 | ||||||||
Capital expenditures: | 31,690 | 21,409 | 15,600 | ||||||||
Goodwill, net: | 11,160 | 11,221 | 11,160 | 11,221 | 11,184 | ||||||
Total assets (end of period): | 679,931 | 674,287 | 679,931 | 674,287 | |||||||
Fishing | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating profit (loss): | 65,433 | 122,490 | 95,884 | ||||||||
Depreciation and amortization expense: | 9,690 | 8,770 | 8,654 | ||||||||
Capital expenditures: | 26,114 | 18,570 | 12,847 | ||||||||
Goodwill, net: | 11,160 | 11,221 | 11,160 | 11,221 | 11,184 | ||||||
Total assets (end of period): | 382,850 | 285,321 | 382,850 | 285,321 | |||||||
Camping | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating profit (loss): | 13,415 | 14,025 | 4,406 | ||||||||
Depreciation and amortization expense: | 727 | 644 | 639 | ||||||||
Capital expenditures: | 87 | 399 | 206 | ||||||||
Goodwill, net: | 0 | 0 | 0 | 0 | |||||||
Total assets (end of period): | 59,247 | 54,276 | 59,247 | 54,276 | |||||||
Watercraft Recreation | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating profit (loss): | 6,173 | 9,173 | (329) | ||||||||
Depreciation and amortization expense: | 620 | 707 | 899 | ||||||||
Capital expenditures: | 1,079 | 681 | 685 | ||||||||
Goodwill, net: | 0 | 0 | 0 | 0 | 0 | ||||||
Total assets (end of period): | 33,496 | 27,530 | 33,496 | 27,530 | |||||||
Diving | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating profit (loss): | 4,705 | 1,530 | (2,576) | ||||||||
Depreciation and amortization expense: | 635 | 765 | 1,761 | ||||||||
Capital expenditures: | 834 | 742 | 947 | ||||||||
Goodwill, net: | 0 | 0 | 0 | 0 | 0 | ||||||
Total assets (end of period): | 76,475 | 67,069 | 76,475 | 67,069 | |||||||
Other / Corporate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating profit (loss): | (23,416) | (35,935) | (26,315) | ||||||||
Depreciation and amortization expense: | 2,562 | 2,515 | 2,973 | ||||||||
Capital expenditures: | 3,576 | 1,017 | 915 | ||||||||
Total assets (end of period): | $ 127,863 | $ 240,091 | 127,863 | 240,091 | |||||||
Operating Segment | Fishing | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales: | 525,563 | 552,073 | 449,186 | ||||||||
Operating Segment | Camping | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales: | 70,308 | 62,879 | 41,554 | ||||||||
Operating Segment | Watercraft Recreation | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales: | 67,884 | 66,396 | 41,786 | ||||||||
Operating Segment | Diving | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales: | 78,862 | 69,433 | 60,853 | ||||||||
Operating Segment | Other / Corporate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales: | 738 | 870 | 830 | ||||||||
Interunit transfers | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales: | (1,134) | (1,190) | (821) | ||||||||
Interunit transfers | Fishing | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales: | 1,019 | 927 | 692 | ||||||||
Interunit transfers | Camping | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales: | 47 | 42 | 38 | ||||||||
Interunit transfers | Watercraft Recreation | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales: | 56 | 207 | 71 | ||||||||
Interunit transfers | Diving | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales: | 12 | 14 | 20 | ||||||||
One Customer | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales: | $ 97,174 | $ 114,008 | $ 93,478 |
SEGMENTS OF BUSINESS (Schedule
SEGMENTS OF BUSINESS (Schedule Of Operations By Geographic Area) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2022 | Jul. 01, 2022 | Apr. 01, 2022 | Dec. 31, 2021 | Oct. 01, 2021 | Jul. 02, 2021 | Apr. 02, 2021 | Jan. 01, 2021 | Sep. 30, 2022 | Oct. 01, 2021 | Oct. 02, 2020 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales: | $ 196,389 | $ 203,819 | $ 189,623 | $ 153,524 | $ 166,260 | $ 213,568 | $ 206,156 | $ 165,667 | $ 743,355 | $ 751,651 | $ 594,209 |
Total assets: | 679,931 | 674,287 | 679,931 | 674,287 | |||||||
Long-term assets: | 188,204 | 169,894 | 188,204 | 169,894 | |||||||
United States: | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total assets: | 581,004 | 574,916 | 581,004 | 574,916 | |||||||
Long-term assets: | 177,191 | 158,868 | 177,191 | 158,868 | |||||||
Europe: | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total assets: | 40,040 | 45,916 | 40,040 | 45,916 | |||||||
Long-term assets: | 6,363 | 8,038 | 6,363 | 8,038 | |||||||
Canada and other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total assets: | 58,887 | 53,455 | 58,887 | 53,455 | |||||||
Long-term assets: | $ 4,650 | $ 2,988 | 4,650 | 2,988 | |||||||
Operating Segment | United States: | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales: | 649,867 | 659,330 | 525,204 | ||||||||
Operating Segment | Europe: | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales: | 34,427 | 30,509 | 28,880 | ||||||||
Operating Segment | Canada: | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales: | 44,635 | 48,867 | 29,512 | ||||||||
Operating Segment | Other: | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales: | 14,425 | 12,945 | 10,613 | ||||||||
Interunit transfers | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales: | (46,337) | (40,685) | (26,109) | ||||||||
Interunit transfers | United States: | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales: | 34,212 | 30,593 | 17,503 | ||||||||
Interunit transfers | Europe: | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales: | 12,109 | 9,974 | 8,561 | ||||||||
Interunit transfers | Canada: | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales: | 0 | 12 | 35 | ||||||||
Interunit transfers | Other: | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales: | $ 17 | $ 106 | $ 10 |
VALUATION AND QUALIFYING ACCO_3
VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2022 | Oct. 01, 2021 | Oct. 02, 2020 | |
Allowance for doubtful accounts | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | $ 2,494 | $ 2,697 | $ 2,550 |
Additions Charged to Costs and Expenses | 30 | 308 | 2,095 |
Less Deductions | 1,487 | 511 | 1,948 |
Balance at End of Year | 1,037 | 2,494 | 2,697 |
Reserves for inventory valuation | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | 5,548 | 5,385 | 5,223 |
Additions Charged to Costs and Expenses | 4,409 | 518 | 878 |
Less Deductions | 868 | 355 | 716 |
Balance at End of Year | 9,089 | 5,548 | 5,385 |
Valuation of deferred tax assets | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | 6,372 | 6,524 | 5,964 |
Additions Charged to Costs and Expenses | 1,072 | 1,352 | 875 |
Less Deductions | 744 | 1,504 | 315 |
Balance at End of Year | 6,700 | 6,372 | 6,524 |
Reserves for sales returns | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | 2,095 | 3,043 | 4,880 |
Additions Charged to Costs and Expenses | 2,429 | 1,705 | 1,532 |
Less Deductions | 2,324 | 2,653 | 3,369 |
Balance at End of Year | $ 2,200 | $ 2,095 | $ 3,043 |
QUARTERLY FINANCIAL SUMMARY (_3
QUARTERLY FINANCIAL SUMMARY (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2022 | Jul. 01, 2022 | Apr. 01, 2022 | Dec. 31, 2021 | Oct. 01, 2021 | Jul. 02, 2021 | Apr. 02, 2021 | Jan. 01, 2021 | Sep. 30, 2022 | Oct. 01, 2021 | Oct. 02, 2020 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Net sales | $ 196,389 | $ 203,819 | $ 189,623 | $ 153,524 | $ 166,260 | $ 213,568 | $ 206,156 | $ 165,667 | $ 743,355 | $ 751,651 | $ 594,209 |
Gross profit | 68,607 | 73,509 | 68,585 | 60,631 | 68,330 | 97,511 | 93,254 | 75,030 | 271,332 | 334,125 | 264,993 |
Operating profit | 13,322 | 23,799 | 15,429 | 13,760 | 13,591 | 38,099 | 36,036 | 23,557 | 66,310 | 111,283 | 71,070 |
Income before income taxes | 11,845 | 19,244 | 13,210 | 14,589 | 10,527 | 39,074 | 37,310 | 26,011 | 58,888 | 112,922 | 73,702 |
Income tax expense | 2,192 | 5,162 | 3,310 | 3,733 | 3,601 | 10,300 | 9,476 | 6,164 | 14,397 | 29,541 | 18,469 |
Net income | $ 9,653 | $ 14,082 | $ 9,900 | $ 10,856 | $ 6,926 | $ 28,774 | $ 27,834 | $ 19,847 | $ 44,491 | $ 83,381 | $ 55,233 |
Class A | |||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Net income per common share - Basic (USD per share) | $ 0.96 | $ 1.40 | $ 0.99 | $ 1.08 | $ 0.70 | $ 2.87 | $ 2.78 | $ 1.99 | $ 4.42 | $ 8.34 | $ 5.54 |
Net income per common share - Diluted (USD per share) | 0.95 | 1.38 | 0.97 | 1.07 | 0.68 | 2.83 | 2.74 | 1.96 | 4.37 | 8.21 | 5.47 |
Class B | |||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Net income per common share - Basic (USD per share) | 0.87 | 1.27 | 0.90 | 0.98 | 0.62 | 2.61 | 2.53 | 1.81 | 4.02 | 7.57 | 5.04 |
Net income per common share - Diluted (USD per share) | $ 0.95 | $ 1.38 | $ 0.97 | $ 1.07 | $ 0.68 | $ 2.83 | $ 2.74 | $ 1.96 | $ 4.37 | $ 8.21 | $ 5.47 |