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Note 3 - Restructuring | 9 Months Ended
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Jul. 02, 2022
Notes to Financial Statements |
Restructuring and Related Activities Disclosure [Text Block] | (3) Restructuring On March 16, 2020, we purchased substantially all of the assets of Strand-Tech Manufacturing, Inc. (“STM”) for an adjusted purchase price of $19.4 million, reflecting certain post-closing adjustments (the “STM Acquisition”). STM was a leading manufacturer of prestressed concrete strand (“PC strand”) for concrete construction applications. We acquired, among other assets, STM’s accounts receivable, inventories, production equipment and facility located in Summerville, South Carolina, and assumed certain of its accounts payable and accrued liabilities. In connection with the STM acquisition, we elected to consolidate our PC strand operations through the closure of the Summerville facility and the redeployment of its equipment to our other three PC strand production facilities located in Gallatin, Tennessee; Houston, Texas; and Sanderson, Florida. Operations at the Summerville facility ceased during the third quarter of fiscal 2020, and the facility was sold during the second quarter of the current year. Following is a summary of the restructuring activity during the three- and nine-month periods ended July 2, 2022 and July 3, 2021:
(In thousands) |  | Employee |  |  | Equipment |  |  | Facility |  |  | Asset |  |  | Gain on Sale |  |  |  |  |
|  | Separation Costs |  |  | Relocation Costs |  |  | Closure Costs |  |  | Impairments |  |  | of Property |  |  | Total |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liability as of October 2, 2021 |  | $ | - |  |  | $ | - |  |  | $ | 10 |  |  | $ | - |  |  | $ | - |  |  | $ | 10 |
Restructuring charges |  |  | - |  |  |  | - |  |  |  | 47 |  |  |  | - |  |  |  | - |  |  |  | 47 |
Cash payments |  |  | - |  |  |  | - |  |  |  | (53 | ) |  |  | - |  |  |  | - |  |  |  | (53 | )
Non-cash charges |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Liability as of January 1, 2022 |  |  | - |  |  |  | - |  |  |  | 4 |  |  |  | - |  |  |  | - |  |  |  | 4 |
Restructuring charges (recoveries) |  |  | - |  |  |  | - |  |  |  | 257 |  |  |  | - |  |  |  | (622 | ) |  |  | (365 | )
Cash payments |  |  | - |  |  |  | - |  |  |  | (261 | ) |  |  | - |  |  |  | - |  |  |  | (261 | )
Non-cash charges |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 622 |  |  |  | 622 |
Liability as of April 2, 2022 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Restructuring charges |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Cash payments |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Non-cash charges |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Liability as of July 2, 2022 |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liability as of October 3, 2020 |  | $ | - |  |  | $ | 20 |  |  | $ | 151 |  |  | $ | - |  |  | $ | - |  |  | $ | 171 |
Restructuring charges |  |  | 13 |  |  |  | 88 |  |  |  | 552 |  |  |  | 4 |  |  |  | - |  |  |  | 657 |
Cash payments |  |  | (13 | ) |  |  | (95 | ) |  |  | (669 | ) |  |  | - |  |  |  | - |  |  |  | (777 | )
Non-cash charges |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (4 | ) |  |  | - |  |  |  | (4 | )
Liability as of January 2, 2021 |  |  | - |  |  |  | 13 |  |  |  | 34 |  |  |  | - |  |  |  | - |  |  |  | 47 |
Restructuring charges |  |  | - |  |  |  | 286 |  |  |  | 259 |  |  |  | - |  |  |  | - |  |  |  | 545 |
Cash payments |  |  | - |  |  |  | (299 | ) |  |  | (266 | ) |  |  | - |  |  |  | - |  |  |  | (565 | )
Non-cash charges |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Liability as of April 3, 2021 |  |  | - |  |  |  | - |  |  |  | 27 |  |  |  | - |  |  |  | - |  |  |  | 27 |
Restructuring charges |  |  | - |  |  |  | 35 |  |  |  | 176 |  |  |  | 1,387 |  |  |  | - |  |  |  | 1,598 |
Cash payments |  |  | - |  |  |  | (35 | ) |  |  | (183 | ) |  |  | - |  |  |  | - |  |  |  | (218 | )
Non-cash charges |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (1,387 | ) |  |  | - |  |  |  | (1,387 | )
Liability as of July 3, 2021 |  | $ | - |  |  | $ | - |  |  | $ | 20 |  |  | $ | - |  |  | $ | - |  |  | $ | 20 |

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