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Supplemental Financial Information | 3 Months Ended
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Jan. 01, 2022
Condensed Financial Information [Abstract] |
Supplemental Financial Information | 3. Supplemental Financial Information Inventories The following table presents the components of inventories at the dates indicated:
(in thousands of dollars) | January 1, 2022 |  | October 2, 2021
Raw materials | $ | 102,972 |  |  | $ | 74,862 |
Work in process | 35,187 |  |  | 41,257 |
Finished goods | 3,794 |  |  | 9,087 |
Total inventories | $ | 141,953 |  |  | $ | 125,206 |
Product Warranties The following table reflects activity in accrued warranty cost (current and long-term portions combined) for the periods presented:
| Three Months Ended |  |
(in thousands of dollars) | January 1, 2022 |  | January 2, 2021 |  |  |  |
Balance at beginning of period | $ | 18,550 |  |  | $ | 21,374 |  |  |  |  |
Add current period accruals | 1,236 |  |  | 1,303 |  |  |  |  |
Current period reductions of accrual | (2,534) |  |  | (2,970) |  |  |  |  |
Balance at end of period | $ | 17,252 |  |  | $ | 19,707 |  |  |  |  |
Extended Warranties The following table reflects activity in deferred warranty income (current and long-term portions combined), for the sale of extended warranties of two to five years, for the periods presented:
| Three Months Ended |  |
(in thousands of dollars) | January 1, 2022 |  | January 2, 2021 |  |  |  |
Balance at beginning of period | $ | 20,144 |  |  | $ | 22,588 |  |  |  |  |
Add current period deferred income | 939 |  |  | 1,159 |  |  |  |  |
Current period recognition of income | (1,995) |  |  | (2,015) |  |  |  |  |
Balance at end of period | $ | 19,088 |  |  | $ | 21,732 |  |  |  |  |
The outstanding balance of deferred warranty income in the table above is considered a "contract liability," and represents a performance obligation of the Company that we satisfy over the term of the arrangement but for which we have been paid in full at the time the warranty was sold. We expect to recognize $5.8 million of the outstanding contract liability during the remainder of fiscal 2022, $5.7 million in fiscal 2023, and the remaining balance thereafter. Self-Insurance The following table reflects our total accrued self-insurance liability, comprised of workers' compensation and health insurance related claims, at the dates indicated:
(in thousands of dollars) | January 1, 2022 |  | October 2, 2021
Current portion | $ | 3,194 |  |  | $ | 2,781 |
Long-term portion | 1,801 |  |  | 1,732 |
Total accrued self-insurance | $ | 4,995 |  |  | $ | 4,513 |
The current and long-term portions of the accrued self-insurance liability are reflected in accrued expenses and other liabilities, respectively, on the Condensed Consolidated Balance Sheets. Shipping and Handling Revenues Shipping and handling revenues were $3.4 million and $2.7 million for the three months ended January 1, 2022 and January 2, 2021, respectively. The related cost of goods sold was $3.1 million and $2.4 million for the three months ended January 1, 2022 and January 2, 2021, respectively. Pension Expense Components of net periodic pension benefit (income) expense were as follows for the periods presented:
| Three Months Ended |  |
(in thousands of dollars) | January 1, 2022 |  | January 2, 2021 |  |  |  |
Interest cost | $ | 1,092 |  |  | $ | 1,057 |  |  |  |  |
Expected return on plan assets | (2,122) |  |  | (1,944) |  |  |  |  |
Amortization of prior loss | 291 |  |  | 465 |  |  |  |  |
Net periodic benefit income | $ | (739) |  |  | $ | (422) |  |  |  |  |
Amortization of prior loss, recognized in other comprehensive income | (291) |  |  | (465) |  |  |  |  |
Total recognized in net periodic pension benefit income and other comprehensive income | $ | (1,030) |  |  | $ | (887) |  |  |  |  |
Derivative Instruments We are charged variable rates of interest on our indebtedness outstanding under the Amended Credit Agreement (defined below) which exposes us to fluctuations in interest rates. On October 24, 2018, the Company entered into a four-year interest rate collar with a $150.0 million notional value with an effective date of November 30, 2018. The collar was entered into in order to partially mitigate our exposure to interest rate fluctuations on our variable rate debt. The collar establishes a range whereby we will pay the counterparty if the three month LIBOR rate falls below the established floor rate of 1.5%, and the counterparty will pay us if the three month LIBOR rate exceeds the ceiling rate of 3.3%. The collar settles quarterly through the termination date of September 30, 2022. No payments or receipts are exchanged on the interest rate collar contract unless interest rates rise above or fall below the contracted ceiling or floor rates. During the three months ended January 1, 2022, the three month LIBOR rate fell below the established floor, which required us to make $0.5 million in total cash payments to the counterparty. Changes in the interest rate collar fair value are recorded in interest expense as the collar does not qualify for hedge accounting. At January 1, 2022, the fair value of the interest rate collar contract was $1.2 million and is included in other current liabilities on the Condensed Consolidated Balance Sheets. The fair value of the interest rate collar is a Level 2 fair value measurement, based on quoted prices of similar items in active markets.

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