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RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENTS | 12 Months Ended
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Sep. 30, 2017
Accounting Changes and Error Corrections [Abstract] |
RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENTS | RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENTS On May 10, 2018, the Company’s Audit Committee, in consultation with the Board of Directors, concluded that the Company’s previously issued financial statements for the fiscal year ended September 30, 2017 could no longer be relied upon. This decision was reached after discussions with the Company’s senior management and outside advisers. The above was a result of the Company’s determination that the warranty expense and warranty accrual accounts had been misstated for the fiscal years ended September 30, 2017 and October 1, 2016 as a result of inaccurate and unsupported journal entries recorded due to management override of controls. The management override of controls was identified during an internal investigation, which was concluded in May 2018, related to an unauthorized disbursement by a senior finance employee that was discovered after the end of the second fiscal quarter of 2018. We determined that the manual journal entries initiated by this employee were made to correct the Company's failure to properly include labor costs in our warranty accrual, described below, lacked supporting documentation and were accounted for incorrectly. As a result, the Company identified overstatements of specific warranty accruals of $2.8 million and $15.9 million for fiscal 2016 and 2017, respectively. In addition, the Company also identified adjustments that were required to be made to retained earnings, warranty expense and accrual accounts to correct the inappropriate exclusion of the estimated labor costs related to warranty repairs from its historical warranty accounting. While the latter adjustments are not deemed material, the Company is adjusting retained earnings, warranty expense and warranty accrual accounts as part of the restatement. As a result, the Company identified an understatement of warranty accruals relating to fiscal 2014 and prior years of $10.1 million in the aggregate, as the actual labor costs had instead been expensed in the periods incurred. In addition to the understatement of warranty accruals relating to fiscal 2014 and in prior years, the warranty expense had also been misstated from fiscal 2015 through fiscal 2017, resulting in a cumulative understatement of income from operations of approximately $17.6 million. Of this understatement, approximately $14.8 million, $1.4 million, and $1.4 million was related to the fiscal years ended September 30, 2017, October 1, 2016 and October 3, 2015, respectively. The labor costs relating to warranty expenses were also incorrectly reported in selling, general and administrative expense instead of cost of sales for the fiscal years ended September 30, 2017, October 1, 2016 and October 3, 2015. The Consolidated Balance Sheets were also misstated for the annual periods from 2015 through 2017. In addition, we have made related tax expense adjustments for the above matters. The Company has evaluated the cumulative impact of these items on prior periods under the guidance in ASC 250-10, relating to SEC Staff Accounting Bulletin (SAB) No. 99, Materiality. The Company also has evaluated the impact of correcting these items through an adjustment to its financial statements for the fiscal year ended September 30, 2017 and concluded, based on the guidance within ASC 250-10 relating to SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, that it is necessary to restate our Consolidated Statements of Operations, Consolidated Statements of Comprehensive Income, Consolidated Statements of Changes in Shareholders' Equity, Consolidated Statements of Cash Flows and the related notes for the fiscal years ended September 30, 2017, October 1, 2016 and October 3, 2015, our Consolidated Balance Sheets and the related notes as of September 30, 2017 and October 1, 2016, and our unaudited quarterly data included in this Form 10-K/A. We believe that presenting all of the amended and restated information in this Form 10-K/A allows investors to review all pertinent data in a single presentation. In addition, our Quarterly Reports on Form 10-Q for fiscal 2018 will include the restated fiscal 2017 comparable prior quarter and year to date periods.
|  | As of
|  | September 30, 2017
|  | As Previously Reported |  | Effect of Restatement |  | As Restated
Accrued expenses and other current liabilities |  | 132,314 |  |  | (7,467 | ) |  | 124,847 |
Total current liabilities |  | 200,448 |  |  | (7,467 | ) |  | 192,981 |
Deferred income taxes |  | 26,779 |  |  | 373 |  |  | 27,152 |
TOTAL LIABILITIES |  | $ | 258,171 |  |  | $ | (7,094 | ) |  | $ | 251,077 |
Retained earnings |  | 561,986 |  |  | 7,094 |  |  | 569,080 |
TOTAL SHAREHOLDERS' EQUITY |  | $ | 912,936 |  |  | $ | 7,094 |  |  | $ | 920,030 |
|  | As of
|  | October 1, 2016
|  | As Previously Reported |  | Effect of Restatement |  | As Restated
Accrued expenses and other current liabilities |  | 63,954 |  |  | 7,362 |  |  | 71,316 |
Total current liabilities |  | 118,597 |  |  | 7,362 |  |  | 125,959 |
Deferred income taxes |  | 27,697 |  |  | (368 | ) |  | 27,329 |
TOTAL LIABILITIES |  | $ | 175,926 |  |  | $ | 6,994 |  |  | $ | 182,920 |
Retained earnings |  | 449,975 |  |  | (6,994 | ) |  | 442,981 |
TOTAL SHAREHOLDERS' EQUITY |  | $ | 806,518 |  |  | $ | (6,994 | ) |  | $ | 799,524 |
|  | Fiscal 2017
|  | As Previously Reported |  | Effect of Restatement |  | As Restated
Cost of sales |  | 433,995 |  |  | (7,048 | ) |  | 426,947 |
Gross profit |  | 375,046 |  |  | 7,048 |  |  | 382,094 |
Selling, general and administrative |  | 141,382 |  |  | (7,781 | ) |  | 133,601 |
Operating expenses |  | 276,792 |  |  | (7,781 | ) |  | 269,011 |
Income from operations |  | 98,254 |  |  | 14,829 |  |  | 113,083 |
Income from operations before income taxes |  | 103,686 |  |  | 14,829 |  |  | 118,515 |
Income tax benefit |  | (8,135 | ) |  | 741 |  |  | (7,394 | )
Net income |  | $ | 112,011 |  |  | $ | 14,088 |  |  | $ | 126,099 |
Net income per share: |  |  |  |  |  |  |  |
Basic |  | $ | 1.58 |  |  | $ | 0.20 |  |  | $ | 1.78 |
Diluted |  | $ | 1.55 |  |  | $ | 0.20 |  |  | $ | 1.75 |
|  | Fiscal 2016
|  | As Previously Reported |  | Effect of Restatement |  | As Restated
Cost of sales |  | 340,463 |  |  | 5,693 |  |  | 346,156 |
Gross profit |  | 286,729 |  |  | (5,693 | ) |  | 281,036 |
Selling, general and administrative |  | 141,816 |  |  | (7,107 | ) |  | 134,709 |
Operating expenses |  | 234,190 |  |  | (7,107 | ) |  | 227,083 |
Income from operations |  | 52,539 |  |  | 1,414 |  |  | 53,953 |
Income from operations before income taxes |  | 54,750 |  |  | 1,414 |  |  | 56,164 |
Income tax expense |  | 7,638 |  |  | 71 |  |  | 7,709 |
Net income |  | $ | 47,112 |  |  | $ | 1,343 |  |  | $ | 48,455 |
Net income per share: |  |  |  |  |  |  |  |
Basic |  | $ | 0.67 |  |  | $ | 0.02 |  |  | $ | 0.69 |
Diluted |  | $ | 0.67 |  |  | $ | 0.02 |  |  | $ | 0.68 |
|  | Fiscal 2015
|  | As Previously Reported |  | Effect of Restatement |  | As Restated
Cost of sales |  | 277,379 |  |  | 7,145 |  |  | 284,524 |
Gross profit |  | 259,092 |  |  | (7,145 | ) |  | 251,947 |
Selling, general and administrative |  | 131,808 |  |  | (8,485 | ) |  | 123,323 |
Operating expenses |  | 221,841 |  |  | (8,485 | ) |  | 213,356 |
Income from operations |  | 37,251 |  |  | 1,340 |  |  | 38,591 |
Income from operations before income taxes |  | 37,705 |  |  | 1,340 |  |  | 39,045 |
Income tax benefit |  | (12,934 | ) |  | 67 |  |  | (12,867 | )
Net income |  | $ | 50,639 |  |  | $ | 1,273 |  |  | $ | 51,912 |
Net income per share: |  |  |  |  |  |  |  |
Basic |  | $ | 0.67 |  |  | $ | 0.02 |  |  | $ | 0.69 |
Diluted |  | $ | 0.67 |  |  | $ | 0.02 |  |  | $ | 0.69 |
|  | Fiscal 2017
|  | As Previously Reported |  | Effect of Restatement |  | As Restated
Net income |  | $ | 112,011 |  |  | $ | 14,088 |  |  | $ | 126,099 |
Comprehensive income |  | $ | 116,776 |  |  | $ | 14,088 |  |  | $ | 130,864 |
|  | Fiscal 2016
|  | As Previously Reported |  | Effect of Restatement |  | As Restated
Net income |  | $ | 47,112 |  |  | $ | 1,343 |  |  | $ | 48,455 |
Comprehensive income |  | $ | 45,483 |  |  | $ | 1,343 |  |  | $ | 46,826 |
|  | Fiscal 2015
|  | As Previously Reported |  | Effect of Restatement |  | As Restated
Net income |  | $ | 50,639 |  |  | $ | 1,273 |  |  | $ | 51,912 |
Comprehensive income |  | $ | 47,298 |  |  | $ | 1,273 |  |  | $ | 48,571 |
| Common Stock |  | Treasury Stock |  | Retained earnings |  | Accumulated Other Comprehensive Income |  | Shareholders' Equity
| Shares |  | Amount |  |  |  |
(As Previously Reported) |  |  |  |  |  |  |  |  |  |  |
Balances as of October 1, 2016 | 70,420 |  |  | $ | 498,676 |  |  | $ | (139,407 | ) |  | $ | 449,975 |  |  | $ | (2,726 | ) |  | 806,518 |
Issuance of stock for services rendered | 45 |  |  | 750 |  |  | — |  |  | — |  |  | — |  |  | 750 |
Repurchase of common stock | (945 | ) |  | — |  |  | (18,197 | ) |  | — |  |  | — |  |  | (18,197 | )
Exercise of stock options | 61 |  |  | 509 |  |  | — |  |  | — |  |  | — |  |  | 509 |
Issuance of shares for market-based restricted stock and time-based restricted stock | 616 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Excess tax benefits from stock based compensation | — |  |  | (4,392 | ) |  | — |  |  | — |  |  | — |  |  | (4,392 | )
Equity-based compensation expense | — |  |  | 10,972 |  |  | — |  |  | — |  |  | — |  |  | 10,972 |
Components of comprehensive income: |  |  |  |  |  |  |  |  |  |  |
Net income | — |  |  | — |  |  | — |  |  | 112,011 |  |  | — |  |  | 112,011 |
Translation adjustment | — |  |  | — |  |  | — |  |  | — |  |  | 1,960 |  |  | 1,960 |
Unrealized loss on derivative instruments | — |  |  | — |  |  | — |  |  | — |  |  | 1,815 |  |  | 1,815 |
Unamortized pension costs | — |  |  | — |  |  | — |  |  | — |  |  | 990 |  |  | 990 |
Total comprehensive income | — |  |  | — |  |  | — |  |  | 112,011 |  |  | 4,765 |  |  | 116,776 |
Balances as of September 30, 2017 | 70,197 |  |  | $ | 506,515 |  |  | $ | (157,604 | ) |  | $ | 561,986 |  |  | $ | 2,039 |  |  | $ | 912,936 |
(Effect of Restatement) |  |  |  |  |  |  |  |  |  |  |
Balances as of October 1, 2016 | — |  |  | — |  |  | — |  |  | (6,994 | ) |  | — |  |  | (6,994 | )
Issuance of stock for services rendered | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Repurchase of common stock | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Exercise of stock options | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Issuance of shares for market-based restricted stock and time-based restricted stock | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Excess tax benefits from stock based compensation | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Equity-based compensation expense | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Components of comprehensive income: |  |  |  |  |  |  |  |  |  |  |
Net income | — |  |  | — |  |  | — |  |  | 14,088 |  |  | — |  |  | 14,088 |
Translation adjustment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Unrealized loss on derivative instruments | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Unamortized pension costs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total comprehensive income | — |  |  | — |  |  | — |  |  | 14,088 |  |  | — |  |  | 14,088 |
Balances as of September 30, 2017 | — |  |  | $ | — |  |  | $ | — |  |  | $ | 7,094 |  |  | $ | — |  |  | $ | 7,094 |
(As Restated) |  |  |  |  |  |  |  |  |  |  |
Balances as of October 1, 2016 | 70,420 |  |  | 498,676 |  |  | (139,407 | ) |  | 442,981 |  |  | (2,726 | ) |  | 799,524 |
Issuance of stock for services rendered | 45 |  |  | 750 |  |  | — |  |  | — |  |  | — |  |  | 750 |
Repurchase of common stock | (945 | ) |  | — |  |  | (18,197 | ) |  | — |  |  | — |  |  | (18,197 | )
Exercise of stock options | 61 |  |  | 509 |  |  | — |  |  | — |  |  | — |  |  | 509 |
Issuance of shares for market-based restricted stock and time-based restricted stock | 616 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Excess tax benefits from stock based compensation | — |  |  | (4,392 | ) |  | — |  |  | — |  |  | — |  |  | (4,392 | )
Equity-based compensation expense | — |  |  | 10,972 |  |  | — |  |  | — |  |  | — |  |  | 10,972 |
Components of comprehensive income: |  |  |  |  |  |  |  |  |  |  |
Net income | — |  |  | — |  |  | — |  |  | 126,099 |  |  | — |  |  | 126,099 |
Translation adjustment | — |  |  | — |  |  | — |  |  | — |  |  | 1,960 |  |  | 1,960 |
Unrealized loss on derivative instruments | — |  |  | — |  |  | — |  |  | — |  |  | 1,815 |  |  | 1,815 |
Unamortized pension costs | — |  |  | — |  |  | — |  |  | — |  |  | 990 |  |  | 990 |
Total comprehensive income | — |  |  | — |  |  | — |  |  | 126,099 |  |  | 4,765 |  |  | 130,864 |
Balances as of September 30, 2017 | 70,197 |  |  | $ | 506,515 |  |  | $ | (157,604 | ) |  | $ | 569,080 |  |  | $ | 2,039 |  |  | $ | 920,030 |
KULICKE AND SOFFA INDUSTRIES, INC. CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (in thousands)
| Common Stock |  | Treasury Stock |  | Retained earnings |  | Accumulated Other Comprehensive Income |  | Shareholders' Equity
| Shares |  | Amount |  |  |  |
(As Previously Reported) |  |  |  |  |  |  |  |  |  |  |
Balances as of October 3, 2015 | 71,240 |  |  | $ | 492,339 |  |  | $ | (124,856 | ) |  | $ | 402,863 |  |  | $ | (1,097 | ) |  | 769,249 |
Issuance of stock for services rendered | 50 |  |  | 551 |  |  | — |  |  | — |  |  | — |  |  | 551 |
Repurchase of common stock | (1,408 | ) |  | — |  |  | (14,551 | ) |  | — |  |  | — |  |  | (14,551 | )
Exercise of stock options | 53 |  |  | 410 |  |  | — |  |  | — |  |  | — |  |  | 410 |
Issuance of shares for market-based restricted stock and time-based restricted stock | 485 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Excess tax benefits from stock based compensation | — |  |  | 197 |  |  | — |  |  | — |  |  | — |  |  | 197 |
Equity-based compensation expense | — |  |  | 5,179 |  |  | — |  |  | — |  |  | — |  |  | 5,179 |
Components of comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |
Net income | — |  |  | — |  |  | — |  |  | 47,112 |  |  | — |  |  | 47,112 |
Translation adjustment | — |  |  | — |  |  | — |  |  | — |  |  | 624 |  |  | 624 |
Unrealized loss on derivative instruments | — |  |  | — |  |  | — |  |  | — |  |  | (462 | ) |  | (462 | )
Unamortized pension costs | — |  |  | — |  |  | — |  |  | — |  |  | (1,791 | ) |  | (1,791 | )
Total comprehensive income | — |  |  | — |  |  | — |  |  | 47,112 |  |  | (1,629 | ) |  | 45,483 |
Balances as of October 1, 2016 | 70,420 |  |  | $ | 498,676 |  |  | $ | (139,407 | ) |  | $ | 449,975 |  |  | $ | (2,726 | ) |  | $ | 806,518 |
(Effect of Restatement) |  |  |  |  |  |  |  |  |  |  |
Balances as of October 3, 2015 | — |  |  | — |  |  | — |  |  | (8,337 | ) |  | — |  |  | (8,337 | )
Issuance of stock for services rendered | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Repurchase of common stock | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Exercise of stock options | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Issuance of shares for market-based restricted stock and time-based restricted stock | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Excess tax benefits from stock based compensation | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Equity-based compensation expense | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Components of comprehensive income: |  |  |  |  |  |  |  |  |  |  |
Net income | — |  |  | — |  |  | — |  |  | 1,343 |  |  | — |  |  | 1,343 |
Translation adjustment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Unrealized loss on derivative instruments | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Unamortized pension costs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total comprehensive income | — |  |  | — |  |  | — |  |  | 1,343 |  |  | — |  |  | 1,343 |
Balances as of October 1, 2016 | — |  |  | $ | — |  |  | $ | — |  |  | $ | (6,994 | ) |  | $ | — |  |  | $ | (6,994 | )
(As Restated) |  |  |  |  |  |  |  |  |  |  |
Balances as of October 3, 2015 | 71,240 |  |  | 492,339 |  |  | (124,856 | ) |  | 394,526 |  |  | (1,097 | ) |  | 760,912 |
Issuance of stock for services rendered | 50 |  |  | 551 |  |  | — |  |  | — |  |  | — |  |  | 551 |
Repurchase of common stock | (1,408 | ) |  | — |  |  | (14,551 | ) |  | — |  |  | — |  |  | (14,551 | )
Exercise of stock options | 53 |  |  | 410 |  |  | — |  |  | — |  |  | — |  |  | 410 |
Issuance of shares for market-based restricted stock and time-based restricted stock | 485 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Excess tax benefits from stock based compensation | — |  |  | 197 |  |  | — |  |  | — |  |  | — |  |  | 197 |
Equity-based compensation expense | — |  |  | 5,179 |  |  | — |  |  | — |  |  | — |  |  | 5,179 |
Components of comprehensive income: |  |  |  |  |  |  |  |  |  |  | — |
Net income | — |  |  | — |  |  | — |  |  | 48,455 |  |  | — |  |  | 48,455 |
Translation adjustment | — |  |  | — |  |  | — |  |  | — |  |  | 624 |  |  | 624 |
Unrealized loss on derivative instruments | — |  |  | — |  |  | — |  |  | — |  |  | (462 | ) |  | (462 | )
Unamortized pension costs | — |  |  | — |  |  | — |  |  | — |  |  | (1,791 | ) |  | (1,791 | )
Total comprehensive income | — |  |  | — |  |  | — |  |  | 48,455 |  |  | (1,629 | ) |  | 46,826 |
Balances as of October 1, 2016 | 70,420 |  |  | $ | 498,676 |  |  | $ | (139,407 | ) |  | $ | 442,981 |  |  | $ | (2,726 | ) |  | $ | 799,524 |
KULICKE AND SOFFA INDUSTRIES, INC. CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (in thousands)
| Common Stock |  | Treasury Stock |  | Retained earnings |  | Accumulated Other Comprehensive Income |  | Shareholders' Equity
| Shares |  | Amount |  |  |  |
(As Previously Reported) |  |  |  |  |  |  |  |  |  |  |
Balances as of September 27, 2014 | 76,626 |  |  | $ | 479,116 |  |  | $ | (46,984 | ) |  | $ | 352,224 |  |  | $ | 2,244 |  |  | 786,600 |
Issuance of stock for services rendered | 83 |  |  | 1,049 |  |  | — |  |  | — |  |  | — |  |  | 1,049 |
Repurchase of common stock | (6,405 | ) |  | — |  |  | (77,872 | ) |  | — |  |  | — |  |  | (77,872 | )
Exercise of stock options | 75 |  |  | 694 |  |  | — |  |  | — |  |  | — |  |  | 694 |
Issuance of shares for market-based restricted stock and time-based restricted stock | 861 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Excess tax benefits from stock based compensation | — |  |  | 540 |  |  | — |  |  | — |  |  | — |  |  | 540 |
Equity-based compensation expense | — |  |  | 10,940 |  |  | — |  |  | — |  |  | — |  |  | 10,940 |
Components of comprehensive income: |  |  |  |  |  |  |  |  |  |  | — |
Net income | — |  |  | — |  |  | — |  |  | 50,639 |  |  | — |  |  | 50,639 |
Translation adjustment | — |  |  | — |  |  | — |  |  | — |  |  | (3,360 | ) |  | (3,360 | )
Unamortized pension costs | — |  |  | — |  |  | — |  |  | — |  |  | 19 |  |  | 19 |
Total comprehensive income | — |  |  | — |  |  | — |  |  | 50,639 |  |  | (3,341 | ) |  | 47,298 |
Balances as of October 3, 2015 | 71,240 |  |  | $ | 492,339 |  |  | $ | (124,856 | ) |  | $ | 402,863 |  |  | $ | (1,097 | ) |  | $ | 769,249 |
(Effect of Restatement) |  |  |  |  |  |  |  |  |  |  |
Balances as of September 27, 2014 | — |  |  | — |  |  | — |  |  | (9,610 | ) |  | — |  |  | (9,610 | )
Issuance of stock for services rendered | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Repurchase of common stock | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Exercise of stock options | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Issuance of shares for market-based restricted stock and time-based restricted stock | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Excess tax benefits from stock based compensation | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Equity-based compensation expense | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Components of comprehensive income: |  |  |  |  |  |  |  |  |  |  | — |
Net income | — |  |  | — |  |  | — |  |  | 1,273 |  |  | — |  |  | 1,273 |
Translation adjustment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Unamortized pension costs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total comprehensive income | — |  |  | — |  |  | — |  |  | 1,273 |  |  | — |  |  | 1,273 |
Balances as of October 3, 2015 | — |  |  | $ | — |  |  | $ | — |  |  | $ | (8,337 | ) |  | $ | — |  |  | $ | (8,337 | )
(As Restated) |  |  |  |  |  |  |  |  |  |  |
Balances as of September 27, 2014 | 76,626 |  |  | 479,116 |  |  | (46,984 | ) |  | 342,614 |  |  | 2,244 |  |  | 776,990 |
Issuance of stock for services rendered | 83 |  |  | 1,049 |  |  | — |  |  | — |  |  | — |  |  | 1,049 |
Repurchase of common stock | (6,405 | ) |  | — |  |  | (77,872 | ) |  | — |  |  | — |  |  | (77,872 | )
Exercise of stock options | 75 |  |  | 694 |  |  | — |  |  | — |  |  | — |  |  | 694 |
Issuance of shares for market-based restricted stock and time-based restricted stock | 861 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Excess tax benefits from stock based compensation | — |  |  | 540 |  |  | — |  |  | — |  |  | — |  |  | 540 |
Equity-based compensation expense | — |  |  | 10,940 |  |  | — |  |  | — |  |  | — |  |  | 10,940 |
Components of comprehensive income: |  |  |  |  |  |  |  |  |  |  | — |
Net income | — |  |  | — |  |  | — |  |  | 51,912 |  |  | — |  |  | 51,912 |
Translation adjustment | — |  |  | — |  |  | — |  |  | — |  |  | (3,360 | ) |  | (3,360 | )
Unamortized pension costs | — |  |  | — |  |  | — |  |  | — |  |  | 19 |  |  | 19 |
Total comprehensive income | — |  |  | — |  |  | — |  |  | 51,912 |  |  | (3,341 | ) |  | 48,571 |
Balances as of October 3, 2015 | 71,240 |  |  | $ | 492,339 |  |  | $ | (124,856 | ) |  | $ | 394,526 |  |  | $ | (1,097 | ) |  | $ | 760,912 |
|  | Fiscal
|  | 2017
|  | As Previously Reported |  | Effect of Restatement |  | As Restated
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |  |
Net income |  | $ | 112,011 |  |  | $ | 14,088 |  |  | 126,099 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |
Deferred taxes |  | (17,499 | ) |  | 741 |  |  | (16,758 | )
Accounts payable, accrued expenses and other current liabilities |  | 78,254 |  |  | (14,829 | ) |  | 63,425 |
Net cash provided by operating activities |  | 136,310 |  |  | — |  |  | 136,310 |
|  | Fiscal
|  | 2016
|  | As Previously Reported |  | Effect of Restatement |  | As Restated
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |  |
Net income |  | $ | 47,112 |  |  | $ | 1,343 |  |  | 48,455 |
Deferred taxes |  | (15,530 | ) |  | 71 |  |  | (15,459 | )
Accounts payable, accrued expenses and other current liabilities |  | 34,106 |  |  | (1,414 | ) |  | 32,692 |
Net cash provided by operating activities |  | 68,407 |  |  | — |  |  | 68,407 |
|  | Fiscal
|  | 2015
|  | As Previously Reported |  | Effect of Restatement |  | As Restated
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |  |
Net income |  | $ | 50,639 |  |  | $ | 1,273 |  |  | 51,912 |
Deferred taxes |  | (16,738 | ) |  | 67 |  |  | (16,671 | )
Accounts payable, accrued expenses and other current liabilities |  | (32,766 | ) |  | (1,340 | ) |  | (34,106 | )
Net cash provided by operating activities |  | 87,875 |  |  | — |  |  | 87,875 |

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