0001437749-24-003377 | 10-Q | XBRL Viewer

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Note 4 - Earnings Per Share - Calculation of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 30, 2023	Dec. 24, 2022
Net earnings available to common stockholders	$ 7,282	$ 6,633
Net earnings available to common stockholders (in shares)	19,344	19,222
Net earnings available to common stockholders (in dollars per share)	$ 0.38	$ 0.35
RSU's and options	$ 0	$ 0
RSU's and options (in shares)	79	52
RSU's and options (in dollars per share)	$ (0.01)	$ (0.01)
Net earnings available to common stockholders plus assumed conversions	$ 7,282	$ 6,633
Net earnings available to common stockholders plus assumed conversions (in shares)	19,423	19,274
Net earnings available to common stockholders plus assumed conversions (in dollars per share)	$ 0.37	$ 0.34

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Note 10 - Segment Information

3 Months Ended

Dec. 30, 2023

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

Note 10

Segment Information

We principally sell our products to the food service and retail supermarket industries. Sales and results of our frozen beverages business are monitored separately from the balance of our food service business because of different distribution and capital requirements. We maintain separate and discrete financial information for the three operating segments mentioned below which is available to our Chief Operating Decision Maker.

Our reportable segments are Food Service, Retail Supermarkets and Frozen Beverages. All inter-segment net sales and expenses have been eliminated in computing net sales and operating income. These segments are described below.

Food Service

The primary products sold by the Food Service segment are soft pretzels, frozen novelties, churros, handheld products and baked goods. Our customers in the Food Service segment include snack bars and food stands in chain, department and discount stores; malls and shopping centers; casual dining restaurants; fast food and casual dining restaurants; stadiums and sports arenas; leisure and theme parks; convenience stores; movie theatres; warehouse club stores; schools, colleges and other institutions. Within the food service industry, our products are purchased by the consumer primarily for consumption at the point-of-sale or for take-away.

Retail Supermarkets

The primary products sold to the retail supermarket channel are soft pretzel products – including SUPERPRETZEL and AUNTIE ANNE’S, frozen novelties including LUIGI’S Real Italian Ice, MINUTE MAID Juice Bars and Soft Frozen Lemonade, WHOLE FRUIT frozen fruit bars and sorbet, DOGSTERS ice cream style treats for dogs, PHILLY SWIRL cups and sticks, ICEE Squeeze-Up Tubes and handheld products. Within the retail supermarket channel, our frozen and prepackaged products are purchased by the consumer for consumption at home.

Frozen Beverages

We sell frozen beverages to the foodservice industry primarily under the names ICEE, SLUSH PUPPIE and PARROT ICE in the United States, Mexico and Canada. We also provide repair and maintenance services to customers for customer-owned equipment.

The Chief Operating Decision Maker for Food Service, Retail Supermarkets and Frozen Beverages reviews monthly detailed operating income statements and sales reports in order to assess performance and allocate resources to each individual segment. Sales and operating income are key variables monitored by the Chief Operating Decision Maker and management when determining each segment’s and the company’s financial condition and operating performance. In addition, the Chief Operating Decision Maker reviews and evaluates depreciation, capital spending and assets of each segment on a quarterly basis to monitor cash flow and asset needs of each segment. Information regarding the operations in these three reportable segments is as follows:

	Three months ended
	December 30,			December 24,
	2023			2022
	(in thousands)
Sales to External Customers:
Food Service
Soft pretzels	$	50,128		$	52,223
Frozen novelties		21,050			21,765
Churros		28,061			25,757
Handhelds		22,047			23,572
Bakery		101,982			108,948
Other		5,341			6,032
Total Food Service	$	228,609		$	238,297

Retail Supermarket
Soft pretzels	$	18,447		$	14,485
Frozen novelties		12,861			17,969
Biscuits		7,032			7,913
Handhelds		5,510			2,892
Coupon redemption		(332	)		(176	)
Other		241			(10	)
Total Retail Supermarket	$	43,759		$	43,073

Frozen Beverages
Beverages	$	41,950		$	38,659
Repair and maintenance service		24,559			23,827
Machines revenue		8,889			7,011
Other		542			476
Total Frozen Beverages	$	75,940		$	69,973

Consolidated Sales	$	348,308		$	351,343

Depreciation and Amortization:
Food Service	$	10,673		$	9,458
Retail Supermarket		527			391
Frozen Beverages		5,592			5,332
Total Depreciation and Amortization	$	16,792		$	15,181

Operating Income :
Food Service	$	6,016		$	6,387
Retail Supermarket		452			1,111
Frozen Beverages		3,215			1,830
Total Operating Income	$	9,683		$	9,328

Capital Expenditures:
Food Service	$	11,865		$	24,862
Retail Supermarket		2			1,374
Frozen Beverages		8,063			4,674
Total Capital Expenditures	$	19,930		$	30,910

Assets:
Food Service	$	930,533		$	907,736
Retail Supermarket		36,219			16,941
Frozen Beverages		325,805			302,871
Total Assets	$	1,292,557		$	1,227,548

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Note 16 - Subsequent Events (Details Textual) - USD ($) $ in Thousands	Feb. 01, 2024	Dec. 30, 2023	Sep. 30, 2023
Operating Lease, Right-of-Use Asset		$ 133,715	$ 88,868
Operating Lease, Liability, Current		17,934	16,478
Operating Lease, Liability, Noncurrent		$ 121,626	$ 77,631
Subsequent Event [Member] \| Regional Distribution Center in Glendale, Arizona [Member]
Operating Lease, Right-of-Use Asset	$ 21,100
Operating Lease, Liability, Current	500
Operating Lease, Liability, Noncurrent	$ 20,600

Note 6 - Income Taxes (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Dec. 30, 2023	Sep. 30, 2023
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	$ 0.3	$ 0.3
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	$ 0.3	$ 0.3
Effective Income Tax Rate Reconciliation, Percent	27.00%	26.00%

Note 11 - Goodwill and Intangible Assets

3 Months Ended

Dec. 30, 2023

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

Note 11

Goodwill and Intangible Assets

Intangible Assets

Our reportable segments are Food Service, Retail Supermarkets and Frozen Beverages.

The carrying amounts of acquired intangible assets for the Food Service, Retail Supermarkets and Frozen Beverages segments as of December 30, 2023 and September 30, 2023 are as follows:

	December 30, 2023				September 30, 2023
	Gross				Gross
	Carrying		Accumulated		Carrying		Accumulated
	Amount		Amortization		Amount		Amortization
	(in thousands)
FOOD SERVICE

Indefinite lived intangible assets
Trade names	$	84,194	$	-	$	84,194	$	-

Amortized intangible assets
Non compete agreements		-		-		-		-
Franchise agreements		8,500		1,275		8,500		1,063
Customer relationships		22,900		10,653		22,900		10,080
Technology		23,110		3,452		23,110		2,879
License and rights		1,690		1,587		1,690		1,565
TOTAL FOOD SERVICE	$	140,394	$	16,967	$	140,394	$	15,587

RETAIL SUPERMARKETS

Indefinite lived intangible assets
Trade names	$	11,938	$	-	$	11,938	$	-

Amortized Intangible Assets
Trade names		-		-		-		-
Customer relationships		7,687		7,439		7,687		7,256
TOTAL RETAIL SUPERMARKETS	$	19,625	$	7,439	$	19,625	$	7,256

FROZEN BEVERAGES

Indefinite lived intangible assets
Trade names	$	9,315	$	-	$	9,315	$	-
Distribution rights		36,100		-		36,100		-

Amortized intangible assets
Customer relationships		1,439		725		1,439		689
Licenses and rights		1,400		1,229		1,400		1,212
TOTAL FROZEN BEVERAGES	$	48,254	$	1,954	$	48,254	$	1,901

CONSOLIDATED	$	208,273	$	26,360	$	208,273	$	24,744

Amortizing intangible assets are being amortized by the straight-line method over periods ranging from 2 to 20 years and amortization expense is reflected throughout operating expenses. Aggregate amortization expense of intangible assets for the three months ended December 30, 2023 and December 24, 2022 was $1.6 million and $1.7 million, respectively.

Estimated amortization expense for the next five fiscal years is approximately $4.7 million in 2024 (excluding the three months ended December 30, 2023), $5.6 million in 2025 and 2026, $4.6 million in 2027, and $4.2 million in 2028.

The weighted amortization period of the intangible assets, in total, is 10.4 years. The weighted amortization period by intangible asset class is 10 years for Technology, 10 years for Customer relationships, 20 years for Licenses & rights, and 10 years for Franchise agreements.

Goodwill

The carrying amounts of goodwill for the Food Service, Retail Supermarket and Frozen Beverages segments are as follows:

	Food		Retail		Frozen
	Service		Supermarket		Beverages		Total
			(in thousands)
December 30, 2023	$	124,426	$	4,146	$	56,498	$	185,070

September 30, 2023	$	124,426	$	4,146	$	56,498	$	185,070

Note 4 - Earnings Per Share (Tables)

3 Months Ended

Dec. 30, 2023

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	Three months ended December 30, 2023
	Income		Shares		Per Share
	(Numerator)		(Denominator)		Amount
	(in thousands, except per share amounts)
Basic EPS
Net Earnings available to common stockholders	$	7,282		19,344	$	0.38

Effect of Dilutive Securities
RSU's and Options		-		79		(0.01	)

Diluted EPS
Net Earnings available to common stockholders plus assumed conversions	$	7,282		19,423	$	0.37

	Three months ended December 24, 2022
	Income		Shares		Per Share
	(Numerator)		(Denominator)		Amount
	(in thousands, except per share amounts)
Basic EPS
Net Earnings available to common stockholders	$	6,633		19,222	$	0.35

Effect of Dilutive Securities
RSU's and Options		-		52		(0.01	)

Diluted EPS
Net Earnings available to common stockholders plus assumed conversions	$	6,633		19,274	$	0.34

Note 11 -Goodwill and Intangible Assets - Goodwill by Reporting Segment (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Sep. 30, 2023
Goodwill	$ 185,070	$ 185,070
Food Service [Member]
Goodwill	124,426	124,426
Retail Supermarket [Member]
Goodwill	4,146	4,146
Frozen Beverages [Member]
Goodwill	$ 56,498	$ 56,498

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Note 10 - Segment Information (Details Textual)	3 Months Ended
Note 10 - Segment Information (Details Textual)	Dec. 30, 2023
Number of Operating Segments	3
Number of Reportable Segments	3

Note 13 - Accumulated Other Comprehensive Income (Loss) - Changes to the Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 30, 2023	Dec. 24, 2022
Balance	$ 911,518	$ 863,169
Other comprehensive income (loss)	1,935	871
Balance	912,461	859,736
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Balance	(10,166)	(13,713)
Other comprehensive income (loss)	1,935	871
Balance	$ (8,231)	$ (12,842)

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Dec. 30, 2023	Dec. 24, 2022
Operating activities:
Net earnings	$ 7,282,000	$ 6,633,000
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation of fixed assets	15,176,000	13,476,000
Amortization of intangibles and deferred costs	1,616,000	1,705,000
Gains from disposals of property & equipment	(23,000)	(711,000)
Share-based compensation	1,480,000	1,239,000
Deferred income taxes	(192,000)	(526,000)
Loss on marketable securities	0	37,000
Other	157,000	(18,000)
Changes in assets and liabilities, net of effects from purchase of companies
Decrease in accounts receivable	32,407,000	21,171,000
(Increase) in inventories	(971,000)	(2,284,000)
Decrease in prepaid expenses	2,625,000	2,343,000
(Decrease) in accounts payable and accrued liabilities	(10,604,000)	(21,655,000)
Net cash provided by operating activities	48,953,000	21,410,000
Investing activities:
Purchases of property, plant and equipment	(19,930,000)	(30,910,000)
Proceeds from redemption and sales of marketable securities	0	3,300,000
Proceeds from disposal of property and equipment	82,000	729,000
Net cash used in investing activities	(19,848,000)	(26,881,000)
Financing activities:
Proceeds from issuance of stock	4,481,000	1,285,000
Borrowings under credit facility	15,000,000	72,000,000
Repayment of borrowings under credit facility	(35,000,000)	(35,000,000)
Payments on finance lease obligations	(85,000)	(39,000)
Payment of cash dividends	(14,209,000)	(13,453,000)
Net cash provided by (used in) financing activities	(29,813,000)	24,793,000
Effect of exchange rates on cash and cash equivalents	1,147,000	363,000
Net increase in cash and cash equivalents	439,000	19,685,000
Cash and cash equivalents at beginning of period	49,581,000	35,181,000
Cash and cash equivalents at end of period	$ 50,020,000	$ 54,866,000

Note 11 - Goodwill and Intangible Assets - Intangible Assets by Reporting Segment (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Sep. 30, 2023
Finite-lived intangible assets, accumulated amortization	$ 26,360	$ 24,744
Intangible assets	208,273	208,273
Food Service [Member]
Finite-lived intangible assets, accumulated amortization	16,967	15,587
Intangible assets	140,394	140,394
Retail Supermarket [Member]
Finite-lived intangible assets, accumulated amortization	7,439	7,256
Intangible assets	19,625	19,625
Frozen Beverages [Member]
Finite-lived intangible assets, accumulated amortization	1,954	1,901
Intangible assets	48,254	48,254
Trade Names [Member] \| Food Service [Member]
Indefinite-lived intangible assets, gross	84,194	84,194
Trade Names [Member] \| Retail Supermarket [Member]
Finite-lived intangible assets, gross	11,938	11,938
Finite-lived intangible assets, accumulated amortization	0	0
Trade Names [Member] \| Frozen Beverages [Member]
Indefinite-lived intangible assets, gross	9,315	9,315
Noncompete Agreements [Member] \| Food Service [Member]
Finite-lived intangible assets, gross	0	0
Finite-lived intangible assets, accumulated amortization	0	0
Franchise Rights [Member] \| Food Service [Member]
Finite-lived intangible assets, gross	8,500	8,500
Finite-lived intangible assets, accumulated amortization	1,275	1,063
Customer Relationships [Member] \| Food Service [Member]
Finite-lived intangible assets, gross	22,900	22,900
Finite-lived intangible assets, accumulated amortization	10,653	10,080
Customer Relationships [Member] \| Retail Supermarket [Member]
Finite-lived intangible assets, gross	7,687	7,687
Finite-lived intangible assets, accumulated amortization	7,439	7,256
Customer Relationships [Member] \| Frozen Beverages [Member]
Finite-lived intangible assets, gross	1,439	1,439
Finite-lived intangible assets, accumulated amortization	725	689
Developed Technology Rights [Member] \| Food Service [Member]
Finite-lived intangible assets, gross	23,110	23,110
Finite-lived intangible assets, accumulated amortization	3,452	2,879
Food Service [Member] \| License and Rights [Member]
Finite-lived intangible assets, gross	1,690	1,690
Finite-lived intangible assets, accumulated amortization	1,587	1,565
Finite-lived Trade Names [Member] \| Retail Supermarket [Member]
Finite-lived intangible assets, gross	0	0
Finite-lived intangible assets, accumulated amortization	0	0
Distribution Rights [Member] \| Frozen Beverages [Member]
Finite-lived intangible assets, gross	36,100	36,100
Finite-lived intangible assets, accumulated amortization	0	0
License and Rights [Member] \| Frozen Beverages [Member]
Finite-lived intangible assets, gross	1,400	1,400
Finite-lived intangible assets, accumulated amortization	$ 1,229	$ 1,212

Note 8 - Long-term Debt

3 Months Ended

Dec. 30, 2023

Notes to Financial Statements

Debt Disclosure [Text Block]

Note 8

Long-term Debt

In December 2021, the Company entered into an amended and restated loan agreement (the “Credit Agreement”) with our existing banks which provided for up to a $50 million revolving credit facility repayable in December 2026.

Interest accrues, at the Company’s election at (i) the BSBY Rate (as defined in the Credit Agreement), plus an applicable margin, based upon the Consolidated Net Leverage Ratio, as defined in the Credit Agreement, or (ii) the Alternate Base Rate (a rate based on the higher of (a) the prime rate announced from time-to-time by the Administrative Agent, (b) the Federal Reserve System’s federal funds rate, plus 0.50% or (c) the Daily BSBY Rate, plus an applicable margin). The Alternate Base Rate is defined in the Credit Agreement.

The Credit Agreement requires the Company to comply with various affirmative and negative covenants, including without limitation (i) covenants to maintain a minimum specified interest coverage ratio and maximum specified net leverage ratio, and (ii) subject to certain exceptions, covenants that prevent or restrict the Company’s ability to pay dividends, engage in certain mergers or acquisitions, make certain investments or loans, incur future indebtedness, alter its capital structure or line of business, prepay subordinated indebtedness, engage in certain transactions with affiliates, or amend its organizational documents. As of December 30, 2023, the Company is in compliance with all financial covenants terms of the Credit Agreement.

On June 21, 2022, the Company entered into an amendment to the Credit Agreement, the “Amended Credit Agreement” which provided for an incremental increase of $175 million in available borrowings. The Amended Credit Agreement also includes an option to increase the size of the revolving credit facility by up to an amount not to exceed in the aggregate the greater of $225 million or, $50 million plus the Consolidated EBITDA of the Borrowers, subject to the satisfaction of certain terms and conditions.

As of December 30, 2023, $7.0 million was outstanding under the Amended Credit Agreement with a weighted average interest rate of 6.33%. These borrowings have been classified as Long-Term Debt on the Company’s Balance Sheet. As of December 30, 2023, the amount available under the Amended Credit Agreement was $208.2 million, after giving effect to the outstanding letters of credit. As of September 30, 2023, $27.0 million was outstanding under the Amended Credit Agreement. As of September 30, 2023, the amount available under the Amended Agreement was $188.2 million, after giving effect to the outstanding letters of credit.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Note 10 - Segment Information - Operations Information by Reporting Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 30, 2023	Dec. 24, 2022	Sep. 30, 2023
Sales	$ 348,308	$ 351,343
Depreciation and amortization	16,792	15,181
Operating income	9,683	9,328
Capital expenditures	19,930	30,910
Assets	1,292,557	1,227,548	$ 1,277,236
Food Service [Member]
Sales	228,609	238,297
Depreciation and amortization	10,673	9,458
Operating income	6,016	6,387
Capital expenditures	11,865	24,862
Assets	930,533	907,736
Retail Supermarket [Member]
Sales	43,759	43,073
Depreciation and amortization	527	391
Operating income	452	1,111
Capital expenditures	2	1,374
Assets	36,219	16,941
Frozen Beverages [Member]
Sales	75,940	69,973
Depreciation and amortization	5,592	5,332
Operating income	3,215	1,830
Capital expenditures	8,063	4,674
Assets	325,805	302,871
Soft Pretzels [Member] \| Food Service [Member]
Sales	50,128	52,223
Soft Pretzels [Member] \| Retail Supermarket [Member]
Sales	18,447	14,485
Frozen Juices and Ices [Member] \| Food Service [Member]
Sales	21,050	21,765
Frozen Juices and Ices [Member] \| Retail Supermarket [Member]
Sales	12,861	17,969
Churros [Member] \| Food Service [Member]
Sales	28,061	25,757
Handhelds [Member] \| Food Service [Member]
Sales	22,047	23,572
Handhelds [Member] \| Retail Supermarket [Member]
Sales	5,510	2,892
Bakery [Member] \| Food Service [Member]
Sales	101,982	108,948
Other Products [Member] \| Food Service [Member]
Sales	5,341	6,032
Other Products [Member] \| Retail Supermarket [Member]
Sales	241	(10)
Other Products [Member] \| Frozen Beverages [Member]
Sales	542	476
Biscuits [Member] \| Retail Supermarket [Member]
Sales	7,032	7,913
Coupon Redemtion [Member] \| Retail Supermarket [Member]
Coupon redemption	(332)	(176)
Beverage [Member] \| Frozen Beverages [Member]
Sales	41,950	38,659
Repair and Maintenance Service [Member] \| Frozen Beverages [Member]
Sales	24,559	23,827
Machine Sales [Member] \| Frozen Beverages [Member]
Sales	$ 8,889	$ 7,011

Note 2- Revenue Recognition (Tables)

3 Months Ended

Dec. 30, 2023

Notes Tables

Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]

	Three months ended
	December 30,			December 24,
	2023			2022
	(in thousands)

Beginning Balance	$	5,306		$	4,926
Additions to contract liability		1,400			1,390
Amounts recognized as revenue		(1,771	)		(1,549	)
Ending Balance	$	4,935		$	4,767

Note 12- Investments (Details Textual) - USD ($)	3 Months Ended
Note 12- Investments (Details Textual) - USD ($)	Dec. 30, 2023	Dec. 24, 2022	Sep. 30, 2023
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss	$ 0		$ 0
Debt Securities, Available-for-Sale	0		0
Proceeds from Sale and Maturity of Marketable Securities	0	$ 3,300,000
Marketable Securities, Gain (Loss)	0	(37,000)
Marketable Security, Unrealized Gain (Loss)		$ 39,000
Mutual Fund [Member]
Investments	0		0
Mutual Fund [Member] \| Preferred Stock [Member]
Investments	0		0
Corporate Bond Securities [Member]
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss	$ 0		$ 0

Note 6 - Income Taxes

3 Months Ended

Dec. 30, 2023

Notes to Financial Statements

Income Tax Disclosure [Text Block]

Note 6

Income Taxes

We account for our income taxes under the liability method. Under the liability method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities as measured by the enacted tax rates that will be in effect when these differences reverse. Deferred tax expense is the result of changes in deferred tax assets and liabilities.

Additionally, we recognize a liability for income taxes and associated penalties and interest for tax positions taken or expected to be taken in a tax return which are more likely than not to be overturned by taxing authorities (“uncertain tax positions”). We have not recognized a tax benefit in our financial statements for these uncertain tax positions.

The total amount of gross unrecognized tax benefits is $0.3 million on both December 30, 2023 and September 30, 2023, all of which would impact our effective tax rate over time, if recognized. We recognize interest and penalties related to uncertain tax positions as a part of the provision for income taxes. As of December 30, 2023 and September 30, 2023, the Company has $0.3 million of accrued interest and penalties, respectively.

In addition to our federal tax return and tax returns for Mexico and Canada, we file tax returns in all states that have a corporate income tax. Virtually all the returns noted above are open for examination for three to four years.

Our effective tax rate for the three months ended December 30, 2023 was 27%. Our effective tax rate was 26% in last fiscal year’s quarter.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Note 9 - Inventory

3 Months Ended

Dec. 30, 2023

Notes to Financial Statements

Inventory Disclosure [Text Block]

Note 9

Inventory

Inventories consist of the following:

	December 30,		September 30,
	2023		2023
	(unaudited)
	(in thousands)

Finished goods	$	88,030	$	86,472
Raw materials		29,263		30,537
Packaging materials		12,479		12,484
Equipment parts and other		42,952		42,046
Total Inventories	$	172,724	$	171,539

Note 8 - Long-term Debt (Details Textual) - USD ($) $ in Millions	1 Months Ended
	Dec. 31, 2021	Dec. 30, 2023	Sep. 30, 2023	Jun. 21, 2022
The Amended Credit Agreement [Member]
Long-Term Line of Credit		$ 7.0	$ 27.0
Debt, Weighted Average Interest Rate		6.33%
Line of Credit Facility, Remaining Borrowing Capacity		$ 208.2	$ 188.2
The Amended Credit Agreement [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 50.0
Line Of Credit Facility Increase In Maximum Borrowing Capacity				$ 175.0
Line of Credit Facility, Options to Increase Size of Credit Facility, Value 1				225.0
Line of Credit Facility, Options to Increase Size of Credit Facility, Value 2				$ 50.0
The Credit Agreement [Member] \| Federal Funds Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	0.50%

Note 3 - Depreciation and Amortization Expense (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Dec. 30, 2023	Dec. 24, 2022
Depreciation	$ 15,176	$ 13,476
Minimum [Member]
Finite-Lived Intangible Asset, Useful Life	2 years
Maximum [Member]
Finite-Lived Intangible Asset, Useful Life	20 years

Note 12- Investments

3 Months Ended

Dec. 30, 2023

Notes to Financial Statements

Fair Value Disclosures [Text Block]

Note 12

Investments

We have classified our investment securities as marketable securities held to maturity and available for sale. The FASB defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the FASB has established three levels of inputs that may be used to measure fair value:

Level 1 Observable input such as quoted prices in active markets for identical assets or liabilities;

Level 2 Observable inputs, other than Level 1 inputs in active markets, that are observable either directly or indirectly; and

Level 3 Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions.

Marketable securities held to maturity and available for sale consist primarily of investments in mutual funds, preferred stock and corporate bonds. The fair values of mutual funds are based on quoted market prices in active markets and are classified within Level 1 of the fair value hierarchy. The fair values of preferred stock and corporate bonds are based on quoted prices for identical or similar instruments in markets that are not active. As a result, preferred stock and corporate bonds are classified within Level 2 of the fair value hierarchy.

As of December 30, 2023, and September 30, 2023, the Company held no held to maturity investment securities or marketable securities available for sale.

As of December 30, 2023, and September 30, 2023, the Company did not hold any mutual fund investments. However, during the three months ended December 24, 2022, the mutual funds held sought current income with an emphasis on maintaining low volatility and overall moderate duration. As of December 30, 2023, and September 30, 2023, the Company did not hold any mutual fund investments. However, during the three months ended December 24, 2022, the Company held investments in Fixed-to-Floating Perpetual Preferred Stock which generated fixed income to call dates in 2025 and then income was based on a spread above LIBOR if the securities were not called. As of December 30, 2023, and September 30, 2023, the Company held no held to maturity investment securities. However, during the three months ended December 24, 2022, the Company was invested in corporate bonds which generated fixed income to maturity dates in 2023.

There were no proceeds from the redemption and sale of marketable securities in the three months ended December 30, 2023, and $3.3 million in the three months ended December 24, 2022. No gains or losses were recorded in the three months ended December 30, 2023, and losses of $37,000 were recorded in the three months ended December 24, 2022, which included unrealized losses on marketable securities of $39,000. We use the specific identification method to determine the cost of securities sold.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Note 2- Revenue Recognition

3 Months Ended

Dec. 30, 2023

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

Note 2

Revenue Recognition

We recognize revenue in accordance with ASC 606, “Revenue from Contracts with Customers.”

When Performance Obligations Are Satisfied

A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account for revenue recognition. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied.

The singular performance obligation of our customer contracts for product and machine sales is determined by each individual purchase order and the respective products ordered, with revenue being recognized at a point-in-time when the obligation under the terms of the agreement is satisfied and product control is transferred to our customer. Specifically, control transfers to our customers when the product is delivered to, installed or picked up by our customers based upon applicable shipping terms, as our customers can direct the use and obtain substantially all of the remaining benefits from the product at this point in time. The performance obligations in our customer contracts for product are generally satisfied within 30 days.

The singular performance obligation of our customer contracts for time and material repair and maintenance equipment service is the performance of the repair and maintenance with revenue being recognized at a point-in-time when the repair and maintenance is completed.

The singular performance obligation of our customer repair and maintenance equipment service contracts is the performance of the repair and maintenance with revenue being recognized over the time the service is expected to be performed. Our customers are billed for service contracts in advance of performance and therefore we have contract liability on our balance sheet.

Significant Payment Terms

In general, within our customer contracts, the purchase order identifies the product, quantity, price, pick-up allowances, payment terms and final delivery terms. Although some payment terms may be more extended, presently the majority of our payment terms are 30 days. As a result, we have used the available practical expedient and, consequently, do not adjust our revenues for the effects of a significant financing component.

Shipping

All amounts billed to customers related to shipping and handling are classified as revenues; therefore, we recognize revenue for shipping and handling fees at the time the products are shipped or when services are performed. The cost of shipping products to the customer is recognized at the time the products are shipped to the customer and our policy is to classify them as Distribution expenses.

Variable Consideration

In addition to fixed contract consideration, our contracts include some form of variable consideration, including sales discounts, trade promotions and certain other sales and consumer incentives, including rebates and coupon redemptions. In general, variable consideration is treated as a reduction in revenue when the related revenue is recognized. Depending on the specific type of variable consideration, we use the most likely amount method to determine the variable consideration. We believe there will be no significant changes to our estimates of variable consideration when any related uncertainties are resolved with our customers. We review and update our estimates and related accruals of variable consideration each period based on historical experience. Our recorded liability for allowances, end-user pricing adjustments and trade spending was approximately $17.8 million at December 30, 2023 and $18.9 million at September 30, 2023.

Warranties & Returns

We provide all customers with a standard or assurance type warranty. Either stated or implied, we provide assurance the related products will comply with all agreed-upon specifications and other warranties provided under the law. No services beyond an assurance warranty are provided to our customers.

We do not grant a general right of return. However, customers may return defective or non-conforming products. Customer remedies may include either a cash refund or an exchange of the product. We do not estimate a right of return and related refund liability as returns of our products are rare.

Contract Balances

Our customers are billed for service contracts in advance of performance and therefore we have contract liability on our balance sheet as follows:

	Three months ended
	December 30,			December 24,
	2023			2022
	(in thousands)

Beginning Balance	$	5,306		$	4,926
Additions to contract liability		1,400			1,390
Amounts recognized as revenue		(1,771	)		(1,549	)
Ending Balance	$	4,935		$	4,767

Disaggregation of Revenue

See Note 10 for disaggregation of our net sales by class of similar product and type of customer.

Allowance for Estimated Credit Losses

The Company continuously monitors collections and payments from its customers and maintains a provision for estimated credit losses. The allowance for estimated credit losses considers a number of factors including the age of receivable balances, the history of losses, expectations of future credit losses, and the customers’ ability to pay off obligations. The allowance for estimated credit losses was $3.3 million and $3.2 million on December 30, 2023 and September 30, 2023, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Note 16 - Subsequent Events

3 Months Ended

Dec. 30, 2023

Notes to Financial Statements

Subsequent Events [Text Block]

Note 16

Subsequent Events

Events occurring after December 30, 2023, and through the date that these consolidated financial statements were issued, were evaluated to ensure that any subsequent events that met the criteria for recognition have been included, and are as follows:

In February 2024, the Company began leasing a regional distribution center in Glendale, Arizona. At the lease commencement date, $21.1 million was recorded as an operating right-of-use asset, $0.5 million was recorded as a current operating lease liability, and $20.6 million was recorded as a non-current operating lease liability. The distribution center will be operated by NFI for the Company, pursuant to the Service Labor Management Agreement noted in Note 15.

Note 3 - Depreciation and Amortization Expense

3 Months Ended

Dec. 30, 2023

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

Note 3

Depreciation and Amortization Expense

Depreciation of equipment and buildings is provided for by the straight-line method over the assets’ estimated useful lives. Amortization of improvements is provided for by the straight-line method over the term of the lease or the assets’ estimated useful lives, whichever is shorter. Licenses and rights, customer relationships, franchise agreements, technology and non-compete agreements arising from acquisitions are amortized by the straight-line method over periods ranging from 2 to 20 years. Depreciation expense was $15.2 million and $13.5 million for the three months ended December 30, 2023 and December 24, 2022, respectively.

Note 15 - Related Parties

3 Months Ended

Dec. 30, 2023

Notes to Financial Statements

Note 15

Related Parties

We have related party expenses for distribution and shipping related costs with NFI Industries, Inc. and its affiliated entities (“NFI”). Our director, Sidney R. Brown, is CEO and an owner of NFI Industries, Inc. In the three months ended December 30, 2023 and December 24, 2022, the Company paid NFI $14.5 million and $14.3 million, respectively. Of the amounts paid to NFI, the amount related to transportation management services performed by NFI was $0.3 million in the three months ended December 30, 2023 and $0.1 million in the three months ended December 24, 2022. Of the amounts paid to NFI, the amount related to labor management services performed by NFI was $1.3 million in the three months ended December 30, 2023. No labor management services were performed by NFI in the three months ended December 24, 2022. The remainder of the costs related to amounts that were passed through to the third-party distribution and shipping vendors that are being managed on the Company’s behalf by NFI. As of December 30, 2023 and September 30, 2023, our consolidated balance sheet included related party trade payables of approximately $3.2 million and $3.4 million, respectively.

In June 2023, the Company began leasing a regional distribution center in Terrell, Texas that was constructed by, and is owned by, a subsidiary of NFI. The distribution center will be operated by NFI for the Company, pursuant to a Service Labor Management Agreement . Under the Service Labor Management Agreement, NFI will provide logistics and warehouse management services. NFI will continue to perform transportation -related management services for the Company as well. At the lease commencement date, $28.7 million was recorded as an operating right-of-use asset, $0.2 million was recorded as a current operating lease liability, and $28.5 million was recorded as a non-current operating lease liability. As of December 30, 2023, $28.1 million was recorded as an operating right-of-use asset, $0.5 million was recorded as a current operating lease liability, and $28.4 million was recorded as a non-current operating lease liability. As of September 30, 2023, $28.4 million was recorded as an operating right-of-use asset, $0.5 million was recorded as a current operating lease liability, and $28.5 million was recorded as a non-current operating lease liability. Lease payments totaling $0.5 million were made to NFI during the fiscal quarter ended December 30, 2023.

In October 2023, the Company began leasing a regional distribution center in Woolwich Township, New Jersey. The distribution center will be operated by NFI for the Company, pursuant to the Service Labor Management Agreement noted in the paragraph above.

All agreements with NFI include terms that are consistent with those that we believe would have been negotiated at an arm’s length with an independent party.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

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+ Details

Note 14 - Leases (Tables)

3 Months Ended

Dec. 30, 2023

Notes Tables

Lease, Cost [Table Text Block]

	Three months ended		Three months ended
	December 30, 2023		December 24, 2022
Operating lease cost in Cost of goods sold and Operating Expenses	$	5,894	$	3,972
Finance lease cost:
Amortization of assets in Cost of goods sold and Operating Expenses	$	53	$	34
Interest on lease liabilities in Interest expense & other		8		2
Total finance lease cost	$	61	$	36
Short-term lease cost in Cost of goods sold and Operating Expenses		-		-
Total net lease cost	$	5,955	$	4,008

Assets and Liabilities, Lessee [Table Text Block]

	December 30, 2023		September 30, 2023
Operating Leases
Operating lease right-of-use assets	$	133,715	$	88,868

Current operating lease liabilities	$	17,934	$	16,478
Noncurrent operating lease liabilities		121,626		77,631
Total operating lease liabilities	$	139,560	$	94,109

Finance Leases
Finance lease right-of-use assets in Property, plant and equipment, net	$	776	$	789

Current finance lease liabilities	$	159	$	201
Noncurrent finance lease liabilities		549		600
Total finance lease liabilities	$	708	$	801

Lessee, Cash Flow Information [Table Text Block]

	Three months ended		Three months ended
	December 30, 2023		December 24, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	5,972	$	3,918
Operating cash flows from finance leases	$	8	$	2
Financing cash flows from finance leases	$	85	$	39

Supplemental noncash information on lease liabilities arising from obtaining right-of-use assets	$	49,854	$	2,676
Supplemental noncash information on lease liabilities removed due to purchase of leased asset	$	-	$	-

Lessee, Lease Liability, Maturity [Table Text Block]

	Operating Leases			Finance Leases
Nine months ending September 28, 2024	$	17,951		$	174
2025		21,240			189
2026		18,026			154
2027		17,076			153
2028		13,877			104
Thereafter		109,981			12
Total minimum payments		198,151			786
Less amount representing interest		(58,591	)		(78	)
Present value of lease obligations	$	139,560		$	708

Note 9 - Inventory (Tables)

3 Months Ended

Dec. 30, 2023

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	December 30,		September 30,
	2023		2023
	(unaudited)
	(in thousands)

Finished goods	$	88,030	$	86,472
Raw materials		29,263		30,537
Packaging materials		12,479		12,484
Equipment parts and other		42,952		42,046
Total Inventories	$	172,724	$	171,539

Note 5 - Share-based Compensation and Post-retirement Benefits (Tables)

3 Months Ended

Dec. 30, 2023

Notes Tables

Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award [Table Text Block]

	Three months ended
	December 30,		December 24,
	2023		2022
	(in thousands)


Stock options	$	363	$	620
Stock purchase plan		99		227
Stock issued to outside directors		40		-
Service share units issued to employees		382		181
Performance share units issued to employees		275		72
Total share-based compensation	$	1,159	$	1,100

The above compensation is net of tax benefits	$	321	$	139

Note 14 - Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Sep. 30, 2023
2024, operating leases	$ 17,951
2024, finance leases	174
2025, operating leases	21,240
2025, finance leases	189
2026, operating leases	18,026
2026, finance leases	154
2027, operating leases	17,076
2027, finance leases	153
2028, operating leases	13,877
2028, finance leases	104
Thereafter, operating leases	109,981
Thereafter, finance leases	12
Total minimum payments, operating leases	198,151
Total minimum payments, finance leases	786
Less amount representing interest, operating leases	(58,591)
Less amount representing interest, finance leases	(78)
Present value of lease obligations, operating leases	139,560	$ 94,109
Present value of lease obligations, finance leases	$ 708	$ 801

Note 14 - Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 30, 2023	Dec. 24, 2022
Operating lease cost in Cost of goods sold and Operating Expenses	$ 5,894	$ 3,972
Amortization of assets in Cost of goods sold and Operating Expenses	53	34
Interest on lease liabilities in Interest expense & other	8	2
Total finance lease cost	61	36
Short-term lease cost in Cost of goods sold and Operating Expenses	0	0
Total net lease cost	$ 5,955	$ 4,008

Note 4 - Earnings Per Share

3 Months Ended

Dec. 30, 2023

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 4

Earnings per Share

Basic earnings per common share ("EPS") excludes dilution and is computed by dividing income available to common shareholders by the weighted average common shares outstanding during the period. Diluted EPS takes into consideration the potential dilution that could occur if securities (stock options and restricted stock units (“RSU”)’s) or other contracts to issue common stock were exercised and converted into common stock. Our calculation of EPS is as follows:

	Three months ended December 30, 2023
	Income		Shares		Per Share
	(Numerator)		(Denominator)		Amount
	(in thousands, except per share amounts)
Basic EPS
Net Earnings available to common stockholders	$	7,282		19,344	$	0.38

Effect of Dilutive Securities
RSU's and Options		-		79		(0.01	)

Diluted EPS
Net Earnings available to common stockholders plus assumed conversions	$	7,282		19,423	$	0.37

188,077 anti-dilutive shares have been excluded in the computation of EPS for the three months ended December 30, 2023.

	Three months ended December 24, 2022
	Income		Shares		Per Share
	(Numerator)		(Denominator)		Amount
	(in thousands, except per share amounts)
Basic EPS
Net Earnings available to common stockholders	$	6,633		19,222	$	0.35

Effect of Dilutive Securities
RSU's and Options		-		52		(0.01	)

Diluted EPS
Net Earnings available to common stockholders plus assumed conversions	$	6,633		19,274	$	0.34

394,077 anti-dilutive shares have been excluded in the computation of EPS for the three months ended December 24, 2022.

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Dec. 30, 2023	Feb. 02, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 30, 2023
Document Transition Report	false
Entity File Number	0-14616
Entity Registrant Name	J&J SNACK FOODS CORP,
Entity Incorporation, State or Country Code	NJ
Entity Tax Identification Number	22-1935537
Entity Address, Address Line One	350 Fellowship Road
Entity Address, City or Town	Mt. Laurel
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08054
City Area Code	856
Local Phone Number	665-9533
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	JJSF
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		19,379,847
Entity Central Index Key	0000785956
Current Fiscal Year End Date	--09-24
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock Including Additional Paid in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Sep. 24, 2022	19,219,000
Balance at Sep. 24, 2022	$ 94,026	$ (13,713)	$ 782,856	$ 863,169
Common Stock issued in connection with employee and director plans, net of tax withheld (in shares)	10,000
Common Stock issued in connection with employee and director plans, net of tax withheld	$ 1,285	0	0	1,285
Foreign currency translation adjustment	0	871	0	871
Dividends declared	0	0	(13,461)	(13,461)
Share-based compensation	1,239	0	0	1,239
Net Earnings	0	0	6,633	6,633
Net earnings	$ 0	0	6,633	6,633
Balance (in shares) at Dec. 24, 2022	19,229,000
Balance at Dec. 24, 2022	$ 96,550	(12,842)	776,028	$ 859,736
Balance (in shares) at Sep. 30, 2023	19,332,000			19,332,000
Balance at Sep. 30, 2023	$ 114,556	(10,166)	807,128	$ 911,518
Common Stock issued in connection with employee and director plans, net of tax withheld (in shares)	35,000
Common Stock issued in connection with employee and director plans, net of tax withheld	$ 4,481	0	0	4,481
Foreign currency translation adjustment	0	1,935	0	1,935
Dividends declared	0	0	(14,235)	(14,235)
Share-based compensation	1,480	0	0	1,480
Net Earnings	0	0	7,282	7,282
Net earnings	$ 0	0	7,282	$ 7,282
Balance (in shares) at Dec. 30, 2023	19,367,000			19,332,000
Balance at Dec. 30, 2023	$ 120,517	$ (8,231)	$ 800,175	$ 912,461

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

+ Details

Note 5 - Share-based Compensation and Post-retirement Benefits

3 Months Ended

Dec. 30, 2023

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

Note 5

Share-Based Compensation and Post-Retirement Benefits

At December 30, 2023, the Company has three stock-based employee compensation plans. Share-based compensation expense was recognized as follows:

	Three months ended
	December 30,		December 24,
	2023		2022
	(in thousands)


Stock options	$	363	$	620
Stock purchase plan		99		227
Stock issued to outside directors		40		-
Service share units issued to employees		382		181
Performance share units issued to employees		275		72
Total share-based compensation	$	1,159	$	1,100

The above compensation is net of tax benefits	$	321	$	139

The fair value of each option grant is estimated on the date of grant using the Black-Scholes options-pricing model.

Expected volatility is based on the historical volatility of the price of our common shares over the past 51 months for 5-year options and 10 years for 10-year options. We use historical information to estimate expected life and forfeitures within the valuation model. The expected term of awards represents the period of time that options granted are expected to be outstanding. The risk-free rate for periods within the expected life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. Compensation cost is recognized using a straight-line method over the vesting or service period and is net of estimated forfeitures.

The Company did not grant any stock options during the three months ended December 30, 2023, or during the three months ended December 24, 2022.

During the three months ended December 30, 2023, the Company issued 9,751 service share units (“RSU”)’s. Each RSU entitles the awardee to one share of common stock upon vesting. During the three months ended December 24, 2022, the Company issued 9,900 service share units (“RSU”)’s. The fair value of the RSU’s was determined based upon the closing price of the Company’s common stock on the date of grant.

During the three months ended December 30, 2023, the Company also issued 9,743 performance share units (“PSU”)’s. During the three months ended December 24, 2022, the Company issued 18,641 performance share units (“PSU”)’s. Each PSU may result in the issuance of up to two shares of common stock upon vesting, dependent upon the level of achievement of the applicable Performance Goal. The fair value of the PSU’s was determined based upon the closing price of the Company’s common stock on the date of grant. Additionally, the Company applies a quarterly probability assessment in computing this non-cash compensation expense, and any change in estimate is reflected as a cumulative adjustment to expense in the quarter of the change.

Consolidated Statements of Earnings (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 30, 2023	Dec. 24, 2022
Net sales	$ 348,308	$ 351,343
Cost of goods sold	253,723	260,488
Gross profit	94,585	90,855
Operating Expenses [Abstract]
Marketing	27,472	23,699
Distribution	40,303	42,049
Administrative	18,199	16,391
Other general(income)	(1,072)	(612)
Total operating expenses	84,902	81,527
Operating Income	9,683	9,328
Other income (expense)
Investment income	798	685
Interest expense	(560)	(1,049)
Earnings before income taxes	9,921	8,964
Income tax expense	2,639	2,331
NET EARNINGS	$ 7,282	$ 6,633
Earnings per diluted share (in dollars per share)	$ 0.37	$ 0.34
Weighted average number of diluted shares (in shares)	19,423	19,274
Earnings per basic share (in dollars per share)	$ 0.38	$ 0.35
Weighted average number of basic shares (in shares)	19,344	19,222

Note 14 - Leases

3 Months Ended

Dec. 30, 2023

Notes to Financial Statements

Lessee, Leases [Text Block]

Note 14

Leases

General Lease Description

We have operating leases with initial noncancelable lease terms in excess of one year covering the rental of various facilities and equipment. Certain of these leases contain renewal options and some provide options to purchase during the lease term. Our operating leases include leases for real estate for some of our office and manufacturing facilities as well as manufacturing and non-manufacturing equipment used in our business. The remaining lease terms for these operating leases range from 1 month to 20 years.

We have finance leases with initial noncancelable lease terms in excess of one year covering the rental of various equipment. These leases are generally for manufacturing and non-manufacturing equipment used in our business. The remaining lease terms for these finance leases range from 1 year to 5 years.

Significant Assumptions and Judgments

Contract Contains a Lease

In evaluating our contracts to determine whether a contract is or contains a lease, we considered the following:

•

Whether explicitly or implicitly identified assets have been deployed in the contract; and

•

Whether we obtain substantially all of the economic benefits from the use of that underlying asset, and we can direct how and for what purpose the asset is used during the term of the contract.

Allocation of Consideration

In determining how to allocate consideration between lease and non-lease components in a contract that was deemed to contain a lease, we used judgment and consistent application of assumptions to reasonably allocate the consideration.

Options to Extend or Terminate Leases

We have leases which contain options to extend or terminate the leases. On a lease-by-lease basis, we have determined if the extension should be considered reasonably certain to be exercised and thus a right-of-use asset and a lease liability should be recorded.

Discount Rate

The discount rate for leases, if not explicitly stated in the lease, is the incremental borrowing rate, which is the rate of interest that we would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment.

We used the discount rate to calculate the present value of the lease liability at the date of adoption. In the development of the discount rate, we considered our incremental borrowing rate as provided by our lender which was based on cash collateral and credit risk specific to us, and our lease portfolio characteristics.

As of December 30, 2023, the weighted-average discount rate of our operating and finance leases was 5.1% and 3.9%, respectively. As of September 30, 2023, the weighted-average discount rate of our operating and finance leases was 4.4% and 3.9%, respectively.

Practical Expedients and Accounting Policy Elections

We elected the package of practical expedients that permits us not to reassess our prior conclusions about lease identification, lease classification and initial direct costs and made an accounting policy election to exclude short-term leases with an initial term of 12 months or less from our Consolidated Balance Sheets.

Amounts Recognized in the Financial Statements

The components of lease expense were as follows:

	Three months ended		Three months ended
	December 30, 2023		December 24, 2022
Operating lease cost in Cost of goods sold and Operating Expenses	$	5,894	$	3,972
Finance lease cost:
Amortization of assets in Cost of goods sold and Operating Expenses	$	53	$	34
Interest on lease liabilities in Interest expense & other		8		2
Total finance lease cost	$	61	$	36
Short-term lease cost in Cost of goods sold and Operating Expenses		-		-
Total net lease cost	$	5,955	$	4,008

Supplemental balance sheet information related to leases is as follows:

	December 30, 2023		September 30, 2023
Operating Leases
Operating lease right-of-use assets	$	133,715	$	88,868

Current operating lease liabilities	$	17,934	$	16,478
Noncurrent operating lease liabilities		121,626		77,631
Total operating lease liabilities	$	139,560	$	94,109

Finance Leases
Finance lease right-of-use assets in Property, plant and equipment, net	$	776	$	789

Current finance lease liabilities	$	159	$	201
Noncurrent finance lease liabilities		549		600
Total finance lease liabilities	$	708	$	801

Supplemental cash flow information related to leases is as follows:

	Three months ended		Three months ended
	December 30, 2023		December 24, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	5,972	$	3,918
Operating cash flows from finance leases	$	8	$	2
Financing cash flows from finance leases	$	85	$	39

Supplemental noncash information on lease liabilities arising from obtaining right-of-use assets	$	49,854	$	2,676
Supplemental noncash information on lease liabilities removed due to purchase of leased asset	$	-	$	-

As of December 30, 2023, the maturities of lease liabilities were as follows:

	Operating Leases			Finance Leases
Nine months ending September 28, 2024	$	17,951		$	174
2025		21,240			189
2026		18,026			154
2027		17,076			153
2028		13,877			104
Thereafter		109,981			12
Total minimum payments		198,151			786
Less amount representing interest		(58,591	)		(78	)
Present value of lease obligations	$	139,560		$	708

As of December 30, 2023 the weighted-average remaining term of our operating and finance leases was 12.8 years and 4.0 years, respectively.

As of September 30, 2023 the weighted-average remaining term of our operating and finance leases was 10.3 years and 4.2 years, respectively.

Note 5 - Share-based Compensation and Post-retirement Benefits (Details Textual) - shares	3 Months Ended
	Dec. 30, 2023	Dec. 24, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)	0	0
Five Year Options [Member]
Share Based Compensation Arrangement by Share Based Payment Award Fair Value Assumptions Volatility Calculation Term	51 months
Ten Year Options [Member]
Share Based Compensation Arrangement by Share Based Payment Award Fair Value Assumptions Volatility Calculation Term	10 years
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period	9,751	9,900
Performance Shares [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period	9,743	18,641

Note 11 - Goodwill and Intangible Assets (Tables)

3 Months Ended

Dec. 30, 2023

Notes Tables

Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block]

	December 30, 2023				September 30, 2023
	Gross				Gross
	Carrying		Accumulated		Carrying		Accumulated
	Amount		Amortization		Amount		Amortization
	(in thousands)
FOOD SERVICE

Indefinite lived intangible assets
Trade names	$	84,194	$	-	$	84,194	$	-

Amortized intangible assets
Non compete agreements		-		-		-		-
Franchise agreements		8,500		1,275		8,500		1,063
Customer relationships		22,900		10,653		22,900		10,080
Technology		23,110		3,452		23,110		2,879
License and rights		1,690		1,587		1,690		1,565
TOTAL FOOD SERVICE	$	140,394	$	16,967	$	140,394	$	15,587

RETAIL SUPERMARKETS

Indefinite lived intangible assets
Trade names	$	11,938	$	-	$	11,938	$	-

Amortized Intangible Assets
Trade names		-		-		-		-
Customer relationships		7,687		7,439		7,687		7,256
TOTAL RETAIL SUPERMARKETS	$	19,625	$	7,439	$	19,625	$	7,256

FROZEN BEVERAGES

Indefinite lived intangible assets
Trade names	$	9,315	$	-	$	9,315	$	-
Distribution rights		36,100		-		36,100		-

Amortized intangible assets
Customer relationships		1,439		725		1,439		689
Licenses and rights		1,400		1,229		1,400		1,212
TOTAL FROZEN BEVERAGES	$	48,254	$	1,954	$	48,254	$	1,901

CONSOLIDATED	$	208,273	$	26,360	$	208,273	$	24,744

Schedule of Goodwill [Table Text Block]

	Food		Retail		Frozen
	Service		Supermarket		Beverages		Total
			(in thousands)
December 30, 2023	$	124,426	$	4,146	$	56,498	$	185,070

September 30, 2023	$	124,426	$	4,146	$	56,498	$	185,070

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 1
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Note 14 - Leases (Details Textual)	Dec. 30, 2023	Sep. 30, 2023
Operating Lease, Weighted Average Discount Rate, Percent	5.10%	4.40%
Finance Lease, Weighted Average Discount Rate, Percent	3.90%	3.90%
Operating Lease, Weighted Average Remaining Lease Term	12 years 9 months 18 days	10 years 3 months 18 days
Finance Lease, Weighted Average Remaining Lease Term	4 years	4 years 2 months 12 days
Minimum [Member]
Lessee, Operating Lease, Remaining Lease Term	1 month
Lessee, Finance Lease, Remaining Lease Term		1 year
Maximum [Member]
Lessee, Operating Lease, Remaining Lease Term	20 years
Lessee, Finance Lease, Remaining Lease Term	5 years

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Dec. 30, 2023	Dec. 24, 2022
Net Earnings	$ 7,282	$ 6,633
Foreign currency translation adjustments	1,935	871
Total Other Comprehensive Income (Loss)	1,935	871
Comprehensive Income	$ 9,217	$ 7,504

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Note 14 - Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 30, 2023	Dec. 24, 2022
Operating cash flows from operating leases	$ 5,972	$ 3,918
Operating cash flows from finance leases	8	2
Financing cash flows from finance leases	85	39
Supplemental noncash information on lease liabilities arising from obtaining right-of-use assets	49,854	2,676
Supplemental noncash information on lease liabilities removed due to purchase of leased asset	$ 0	$ 0

Note 15 - Related Parties (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Dec. 30, 2023	Dec. 24, 2022	Dec. 24, 2022	Sep. 30, 2023	Jun. 30, 2023
Operating Lease, Right-of-Use Asset	$ 133,715			$ 88,868
Operating Lease, Liability, Current	17,934			16,478
Operating Lease, Liability, Noncurrent	121,626			77,631
Operating Lease, Payments	5,972		$ 3,918
NFI [Member]
Operating Lease, Right-of-Use Asset				28,400
Operating Lease, Liability, Current				500
Operating Lease, Liability, Noncurrent				28,500
NFI [Member]
Operating Lease, Right-of-Use Asset	28,100				$ 28,700
Operating Lease, Liability, Current	500				200
Operating Lease, Liability, Noncurrent	28,400				$ 28,500
Operating Lease, Payments	500
NFI [Member] \| Distribution and Shipping Costs [Member]
Related Party Transaction, Amounts of Transaction	14,500		14,300
NFI [Member] \| Management Services [Member]
Related Party Transaction, Amounts of Transaction	300		$ 100
NFI [Member] \| Labor Management Services [Member]
Related Party Transaction, Amounts of Transaction	1,300
Labor Management Services [Member] \| NFI [Member]
Related Party Transaction, Amounts of Transaction		$ 0
Related Party [Member]
Accounts Payable, Trade	$ 3,200			$ 3,400

Note 10 - Segment Information (Tables)

3 Months Ended

Dec. 30, 2023

Notes Tables

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	Three months ended
	December 30,			December 24,
	2023			2022
	(in thousands)
Sales to External Customers:
Food Service
Soft pretzels	$	50,128		$	52,223
Frozen novelties		21,050			21,765
Churros		28,061			25,757
Handhelds		22,047			23,572
Bakery		101,982			108,948
Other		5,341			6,032
Total Food Service	$	228,609		$	238,297

Retail Supermarket
Soft pretzels	$	18,447		$	14,485
Frozen novelties		12,861			17,969
Biscuits		7,032			7,913
Handhelds		5,510			2,892
Coupon redemption		(332	)		(176	)
Other		241			(10	)
Total Retail Supermarket	$	43,759		$	43,073

Frozen Beverages
Beverages	$	41,950		$	38,659
Repair and maintenance service		24,559			23,827
Machines revenue		8,889			7,011
Other		542			476
Total Frozen Beverages	$	75,940		$	69,973

Consolidated Sales	$	348,308		$	351,343

Depreciation and Amortization:
Food Service	$	10,673		$	9,458
Retail Supermarket		527			391
Frozen Beverages		5,592			5,332
Total Depreciation and Amortization	$	16,792		$	15,181

Operating Income :
Food Service	$	6,016		$	6,387
Retail Supermarket		452			1,111
Frozen Beverages		3,215			1,830
Total Operating Income	$	9,683		$	9,328

Capital Expenditures:
Food Service	$	11,865		$	24,862
Retail Supermarket		2			1,374
Frozen Beverages		8,063			4,674
Total Capital Expenditures	$	19,930		$	30,910

Assets:
Food Service	$	930,533		$	907,736
Retail Supermarket		36,219			16,941
Frozen Beverages		325,805			302,871
Total Assets	$	1,292,557		$	1,227,548

Note 13 - Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Dec. 30, 2023

Notes Tables

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

	Three months ended
	December 30, 2023

	Foreign Currency
	Translation Adjustments
	(in thousands)

Beginning Balance	$	(10,166	)

Other comprehensive income (loss)		1,935
Ending Balance	$	(8,231	)

	Three months ended
	December 24, 2022

	Foreign Currency
	Translation Adjustments
	(in thousands)

Beginning Balance	$	(13,713	)

Other comprehensive income (loss)		871
Ending Balance	$	(12,842	)

Note 4 - Earnings Per Share (Details Textual) - shares	3 Months Ended
Note 4 - Earnings Per Share (Details Textual) - shares	Dec. 30, 2023	Dec. 24, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	188,077	394,077

Note 2 - Revenue Recognition - Contract Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 30, 2023	Dec. 24, 2023
Beginning Balance	$ 5,306	$ 4,926
Additions to contract liability	1,400	1,390
Amounts recognized as revenue	(1,771)	(1,549)
Ending Balance	$ 4,935	$ 4,767

Note 9 - Inventory - Summary of Inventories (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Sep. 30, 2023
Finished goods	$ 88,030	$ 86,472
Raw materials	29,263	30,537
Packaging materials	12,479	12,484
Equipment parts and other	42,952	42,046
Total Inventories	$ 172,724	$ 171,539

Note 13 - Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Dec. 30, 2023

Notes to Financial Statements

Comprehensive Income (Loss) Note [Text Block]

Note 13

Accumulated Other Comprehensive Income (Loss)

Changes to the components of accumulated other comprehensive loss are as follows:

	Three months ended
	December 30, 2023

	Foreign Currency
	Translation Adjustments
	(in thousands)

Beginning Balance	$	(10,166	)

Other comprehensive income (loss)		1,935
Ending Balance	$	(8,231	)

	Three months ended
	December 24, 2022

	Foreign Currency
	Translation Adjustments
	(in thousands)

Beginning Balance	$	(13,713	)

Other comprehensive income (loss)		871
Ending Balance	$	(12,842	)

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Dec. 30, 2023	Sep. 30, 2023
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred Stock, Shares Authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0	$ 0
Common Stock, Shares Authorized (in shares)	50,000,000	50,000,000
Common Stock, Shares, Issued (in shares)	19,367,000	19,367,000
Common Stock, Shares, Outstanding (in shares)	19,332,000	19,332,000

Note 11 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Dec. 30, 2023	Dec. 24, 2022
Amortization of Intangible Assets	$ 1.6	$ 1.7
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year	4.7
Finite-Lived Intangible Asset, Expected Amortization, Year One	5.6
Finite-Lived Intangible Asset, Expected Amortization, Year Three	5.6
Finite-Lived Intangible Asset, Expected Amortization, Year Four	4.6
Finite-Lived Intangible Asset, Expected Amortization, Year Four	$ 4.2
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life	10 years 4 months 24 days
Technology-Based Intangible Assets [Member]
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life	10 years
Customer Relationships [Member]
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life	10 years
License and Rights [Member]
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life	20 years
Franchise Rights [Member]
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life	10 years
Minimum [Member]
Finite-Lived Intangible Asset, Useful Life	2 years
Maximum [Member]
Finite-Lived Intangible Asset, Useful Life	20 years

Note 1 - Basis of Presentation

3 Months Ended

Dec. 30, 2023

Notes to Financial Statements

Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]

Note 1

Basis of Presentation

The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. They do not include all information and notes required by generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there has been no material change in the information disclosed in the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2023.

In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the Company’s financial position and the results of operations and cash flows.

The results of operations for the three months ended December 30, 2023 and December 24, 2022 are not necessarily indicative of results for the full year. Sales of our frozen beverages and frozen novelties are generally higher in the fiscal third and fourth quarters due to warmer weather.

While we believe that the disclosures presented are adequate to make the information not misleading, it is suggested that these consolidated financial statements be read in conjunction with the audited consolidated financial statements and the notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2023.

Note 5 - Share-based Compensation and Post-retirement Benefits - Summary of Share-based Compensation Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 30, 2023	Dec. 24, 2022
Employee share-based compensation	$ 1,159	$ 1,100
The above compensation is net of tax benefits	321	139
Share-Based Payment Arrangement, Option [Member]
Employee share-based compensation	363	620
Stock Purchase Plan [Member]
Employee share-based compensation	99	227
Stock Issued to Outside Directors [Member]
Employee share-based compensation	40	0
Restricted Stock Units (RSUs) [Member]
Employee share-based compensation	382	181
Performance Shares [Member]
Employee share-based compensation	$ 275	$ 72

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Dec. 30, 2023	Sep. 30, 2023
Current assets
Cash and cash equivalents	$ 50,020	$ 49,581
Accounts receivable, net	166,156	198,129
Inventories	172,724	171,539
Prepaid expenses and other	8,379	10,963
Total current assets	397,279	430,212
Property, plant and equipment, at cost
Land	3,684	3,684
Buildings	45,538	45,538
Plant machinery and equipment	468,620	445,299
Marketing equipment	304,160	296,482
Transportation equipment	15,085	14,367
Office equipment	47,966	47,393
Improvements	51,423	51,319
Construction in progress	42,838	56,116
Total Property, plant and equipment, at cost	979,314	960,198
Less accumulated depreciation and amortization	588,241	574,295
Property, plant and equipment, net	391,073	385,903
Other assets
Goodwill	185,070	185,070
Other intangible assets, net	181,913	183,529
Operating lease right-of-use assets	133,715	88,868
Other	3,507	3,654
Total other assets	504,205	461,121
Total Assets	1,292,557	1,277,236
Current Liabilities
Current finance lease liabilities	159	201
Accounts payable	85,293	90,758
Accrued insurance liability	16,460	15,743
Accrued liabilities	13,144	14,214
Current operating lease liabilities	17,934	16,478
Accrued compensation expense	18,090	23,341
Dividends payable	14,235	14,209
Total current liabilities	165,315	174,944
Long-term debt	7,000	27,000
Noncurrent finance lease liabilities	549	600
Noncurrent operating lease liabilities	121,626	77,631
Deferred income taxes	81,085	81,310
Other long-term liabilities	4,521	4,233
Stockholders' Equity
Preferred stock, $1 par value; authorized 10,000,000 shares; none issued	0	0
Common stock, no par value; authorized, 50,000,000 shares; issued and outstanding 19,367,000 and 19,332,000 respectively	120,517	114,556
Accumulated other comprehensive loss	(8,231)	(10,166)
Retained Earnings	800,175	807,128
Total stockholders' equity	912,461	911,518
Total Liabilities and Stockholders' Equity	$ 1,292,557	$ 1,277,236

Note 2- Revenue Recognition (Details Textual) - USD ($) $ in Millions	Dec. 30, 2023	Sep. 30, 2023
Contract with Customer, Asset, Allowance for Deductions	$ 17.8	$ 18.9

Note 7 - New Accounting Pronouncements and Policies

3 Months Ended

Dec. 30, 2023

Notes to Financial Statements

Accounting Standards Update and Change in Accounting Principle [Text Block]

Note 7

New Accounting Pronouncements and Policies

In December 2022, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2022-06, "Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848", to provide optional guidance to temporarily ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. Preceding the issuance of ASU 2020-04, which established ASC 848, the United Kingdom's Financial Conduct Authority ("FCA") announced that it would no longer need to persuade or compel banks to submit to LIBOR after December 31, 2021. In response, the FASB established December 31, 2022 as the expiration date for ASC 848. In March 2021, the FCA announced the intended cessation date of the overnight 1-, 3-, 6-, and 12-month USD LIBOR would be June 30, 2023. Because the current relief in Topic 848 may not cover a period of time during which a significant number of modifications may take place, this update deferred the sunset date in Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. This guidance is not expected to have a material impact on our consolidated financial statements and disclosures.

In September 2022, the FASB issued ASU No. 2022-04 “Liabilities – Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations”. This guidance requires annual and interim disclosures for entities that use supplier finance programs in connection with the purchase of goods and services. These amendments are effective for fiscal years beginning after December 15, 2022, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023. The Company adopted this guidance during the three months ended December 30, 2023. The adoption of this guidance did not have a material impact on our consolidated financial statements and disclosures.

In November 2023, the FASB issued ASU No. 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This guidance requires all public entities to provide enhanced disclosures about significant segment expenses. The amendments in this ASU are to be applied retrospectively and are effective for fiscal years beginning after December 15, 2023 and for interim periods within fiscal years beginning after December 15, 2024. We are currently assessing the impact of the guidance on our consolidated financial statements and disclosures.

In December 2023, the FASB issued ASU No. 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” This guidance enhances the transparency around income tax information through improvements to income tax disclosures, primarily related to the effective rate reconciliation and income taxes paid, to improve the overall effectiveness of income tax disclosures. The amendments in the ASU are effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently assessing the impact of the guidance on our consolidated financial statements and disclosures.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(ii)
-Publisher FASB
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+ Details

Note 14 - Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Dec. 30, 2023	Sep. 30, 2023
Operating lease right-of-use assets	$ 133,715	$ 88,868
Current operating lease liabilities	17,934	16,478
Noncurrent operating lease liabilities	121,626	77,631
Total operating lease liabilities	139,560	94,109
Current finance lease liabilities	159	201
Noncurrent finance lease liabilities	549	600
Total finance lease liabilities	708	801
Property, Plant and Equipment, Net [Member]
Finance lease right-of-use assets in Property, plant and equipment, net	$ 776	$ 789