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Note Q - Related Parties | 12 Months Ended
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Sep. 28, 2024
Notes to Financial Statements |
Related Party Transactions Disclosure [Text Block] | NOTE Q – 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 fiscal years ended 2024, 2023, and 2022, the Company paid NFI $69.0 million, $55.9 million and $29.5 million, respectively. Of the amounts paid to NFI, the amount related to transportation management services performed by NFI was $1.0 million in fiscal year 2024, $0.8 million in fiscal year 2023, and $0.6 million in fiscal year 2022. Of the amounts paid to NFI, the amount related to labor management services performed by NFI was $10.5 million in fiscal year 2024 and $0.8 million in fiscal year 2023. No labor management services were performed by NFI in fiscal year 2022. 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 is operated by NFI for the Company, pursuant to a Service Labor Management Agreement. Under the Service Labor Management Agreement, NFI provides logistics and warehouse management services. NFI continues 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 September 28, 2024, $27.4 million was recorded as an operating right-of-use asset, $0.6 million was recorded as a current operating lease liability, and $28.0 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. Of the amounts paid to NFI, the Company made lease payments totaling $1.8 million and $0.2 million in the fiscal years ended 2024 and 2023, respectively. No payments on the lease were made to NFI during the fiscal year ended 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 September 28, 2024, and September 30, 2023, related party trade payables of approximately $0.6 million and $3.4 million, respectively, were recorded as accounts payable. In October 2023 and February 2024, the Company began leasing regional distribution centers in Woolwich Township, New Jersey, and Glendale, Arizona, respectively. The distribution centers are 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.

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