Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Mar. 31, 2024 | May 06, 2024 | |
Cover [Abstract] | ||
Entity Registrant Name | UNIFI, INC. | |
Entity Central Index Key | 0000100726 | |
Entity File Number | 1-10542 | |
Entity Tax Identification Number | 11-2165495 | |
Trading Symbol | UFI | |
Entity Incorporation, State or Country Code | NY | |
Current Fiscal Year End Date | --07-02 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, par value $0.10 per share | |
Security Exchange Name | NYSE | |
Entity Address, Address Line One | 7201 West Friendly Avenue | |
Entity Address, City or Town | Greensboro | |
Entity Address, State or Province | NC | |
Entity Address, Postal Zip Code | 27410 | |
City Area Code | 336 | |
Local Phone Number | 294-4410 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Common Stock, Shares Outstanding (in shares) | 18,251,545 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Jul. 02, 2023 |
ASSETS | ||
Cash and cash equivalents | $ 27,662 | $ 46,960 |
Receivables, net | 78,931 | 83,725 |
Inventories | 134,125 | 150,810 |
Income taxes receivable | 2,002 | 238 |
Other current assets | 9,460 | 12,327 |
Total current assets | 252,180 | 294,060 |
Property, plant and equipment, net | 204,795 | 218,521 |
Operating lease assets | 7,500 | 7,791 |
Deferred income taxes | 4,741 | 3,939 |
Other non-current assets | 13,402 | 14,508 |
Total assets | 482,618 | 538,819 |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
Accounts payable | 42,343 | 44,455 |
Income taxes payable | 1,883 | 789 |
Current operating lease liabilities | 1,956 | 1,813 |
Current portion of long-term debt | 12,368 | 12,006 |
Other current liabilities | 19,173 | 12,932 |
Total current liabilities | 77,723 | 71,995 |
Long-term debt | 116,058 | 128,604 |
Non-current operating lease liabilities | 5,683 | 6,146 |
Deferred income taxes | 1,906 | 3,364 |
Other long-term liabilities | 3,439 | 5,100 |
Total liabilities | 204,809 | 215,209 |
Commitments and contingencies | ||
Common stock, $0.10 par value (500,000,000 shares authorized; 18,249,837 and 18,081,538 shares issued and outstanding as of March 31, 2024 and July 2, 2023, respectively) | 1,825 | 1,808 |
Capital in excess of par value | 70,675 | 68,901 |
Retained earnings | 263,381 | 306,792 |
Accumulated other comprehensive loss | (58,072) | (53,891) |
Total shareholders’ equity | 277,809 | 323,610 |
Total liabilities and shareholders’ equity | $ 482,618 | $ 538,819 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2024 | Jul. 02, 2023 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 18,249,837 | 18,081,538 |
Common stock, shares outstanding (in shares) | 18,249,837 | 18,081,538 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations And Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2024 | Apr. 02, 2023 | Mar. 31, 2024 | Apr. 02, 2023 | |
Income Statement [Abstract] | ||||
Net sales | $ 148,996 | $ 156,738 | $ 424,757 | $ 472,469 |
Cost of sales | 144,232 | 147,085 | 418,932 | 464,253 |
Gross profit | 4,764 | 9,653 | 5,825 | 8,216 |
Selling, general and administrative expenses | 11,372 | 12,063 | 35,389 | 35,584 |
Provision (benefit) for bad debts | 179 | (56) | 1,259 | (38) |
Restructuring costs | 5,101 | |||
Other operating expense (income), net | 139 | 324 | 674 | (139) |
Operating loss | (6,926) | (2,678) | (36,598) | (27,191) |
Interest income | (432) | (554) | (1,710) | (1,615) |
Interest expense | 2,407 | 2,073 | 7,505 | 5,209 |
Equity in loss (earnings) of unconsolidated affiliates | 604 | (158) | 311 | (539) |
Loss before income taxes | (9,505) | (4,039) | (42,704) | (30,246) |
Provision for income taxes | 790 | 1,145 | 707 | 809 |
Net loss | $ (10,295) | $ (5,184) | $ (43,411) | $ (31,055) |
Net loss per common share: | ||||
Basic | $ (0.57) | $ (0.29) | $ (2.4) | $ (1.72) |
Diluted | $ (0.57) | $ (0.29) | $ (2.4) | $ (1.72) |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (10,295) | $ (5,184) | $ (43,411) | $ (31,055) |
Other comprehensive (loss) income: | ||||
Foreign currency translation adjustments | (3,667) | 4,526 | (4,181) | 2,065 |
Other comprehensive (loss) income, net | (3,667) | 4,526 | (4,181) | 2,065 |
Comprehensive loss | $ (13,962) | $ (658) | $ (47,592) | $ (28,990) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Capital in Excess of Par Value [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] |
Balance at Jul. 03, 2022 | $ 361,449 | $ 1,798 | $ 66,120 | $ 353,136 | $ (59,605) |
Balance (in shares) at Jul. 03, 2022 | 17,979,000 | ||||
Options exercised | 53 | $ 1 | 52 | ||
Options exercised (in shares) | 7,000 | ||||
Conversion of equity units | $ 6 | (6) | |||
Conversion of equity units (in shares) | 63,000 | ||||
Stock-based compensation | 2,465 | $ 1 | 2,464 | ||
Stock-based compensation (in shares) | 12,000 | ||||
Common stock withheld in satisfaction of tax withholding obligations under net share settle transactions | (69) | $ (1) | (68) | ||
Common stock withheld in satisfaction of tax withholding obligations under net share settle transactions (in shares) | (7,000) | ||||
Other comprehensive loss, net of tax | 2,065 | 2,065 | |||
Net loss | (31,055) | (31,055) | |||
Balance at Apr. 02, 2023 | 334,908 | $ 1,805 | 68,562 | 322,081 | (57,540) |
Balance (in shares) at Apr. 02, 2023 | 18,054,000 | ||||
Balance at Jan. 01, 2023 | 334,879 | $ 1,805 | 67,875 | 327,265 | (62,066) |
Balance (in shares) at Jan. 01, 2023 | 18,049,000 | ||||
Options exercised | 34 | $ 1 | 33 | ||
Options exercised (in shares) | 4,000 | ||||
Conversion of equity units | $ (1) | 1 | |||
Conversion of equity units (in shares) | 1,000 | ||||
Stock-based compensation | 656 | 656 | |||
Common stock withheld in satisfaction of tax withholding obligations under net share settle transactions | (3) | (3) | |||
Other comprehensive loss, net of tax | 4,526 | 4,526 | |||
Net loss | (5,184) | (5,184) | |||
Balance at Apr. 02, 2023 | 334,908 | $ 1,805 | 68,562 | 322,081 | (57,540) |
Balance (in shares) at Apr. 02, 2023 | 18,054,000 | ||||
Balance at Jul. 02, 2023 | $ 323,610 | $ 1,808 | 68,901 | 306,792 | (53,891) |
Balance (in shares) at Jul. 02, 2023 | 18,081,538 | 18,081,000 | |||
Options exercised | $ 78 | $ 1 | 77 | ||
Options exercised (in shares) | 12,000 | ||||
Conversion of equity units | $ 16 | (16) | |||
Conversion of equity units (in shares) | 161,000 | ||||
Stock-based compensation | 1,789 | $ 1 | 1,788 | ||
Stock-based compensation (in shares) | 7,000 | ||||
Common stock withheld in satisfaction of tax withholding obligations under net share settle transactions | (76) | $ (1) | (75) | ||
Common stock withheld in satisfaction of tax withholding obligations under net share settle transactions (in shares) | (11,000) | ||||
Other comprehensive loss, net of tax | (4,181) | (4,181) | |||
Net loss | (43,411) | (43,411) | |||
Balance at Mar. 31, 2024 | $ 277,809 | $ 1,825 | 70,675 | 263,381 | (58,072) |
Balance (in shares) at Mar. 31, 2024 | 18,249,837 | 18,250,000 | |||
Balance at Dec. 31, 2023 | $ 291,340 | $ 1,815 | 70,254 | 273,676 | (54,405) |
Balance (in shares) at Dec. 31, 2023 | 18,150,000 | ||||
Options exercised | 39 | $ 1 | 38 | ||
Options exercised (in shares) | 7,000 | ||||
Conversion of equity units | $ 9 | (9) | |||
Conversion of equity units (in shares) | 95,000 | ||||
Stock-based compensation | 407 | 407 | |||
Common stock withheld in satisfaction of tax withholding obligations under net share settle transactions | (15) | (15) | |||
Common stock withheld in satisfaction of tax withholding obligations under net share settle transactions (in shares) | (2,000) | ||||
Other comprehensive loss, net of tax | (3,667) | (3,667) | |||
Net loss | (10,295) | (10,295) | |||
Balance at Mar. 31, 2024 | $ 277,809 | $ 1,825 | $ 70,675 | $ 263,381 | $ (58,072) |
Balance (in shares) at Mar. 31, 2024 | 18,249,837 | 18,250,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2024 | Apr. 02, 2023 | |
Statement of Cash Flows [Abstract] | ||
Cash and cash equivalents at beginning of period | $ 46,960 | $ 53,290 |
Operating activities: | ||
Net loss | (43,411) | (31,055) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Equity in loss (earnings) of unconsolidated affiliates | 311 | (539) |
Distribution received from unconsolidated affiliate | 1,000 | |
Depreciation and amortization expense | 20,780 | 20,388 |
Non-cash compensation expense | 1,798 | 2,791 |
Recovery of income taxes | (3,799) | |
Deferred income taxes | (2,403) | (1,199) |
Other, net | (93) | 252 |
Changes in assets and liabilities: | ||
Receivables, net | 4,225 | 18,585 |
Inventories | 15,174 | 31,080 |
Other current assets | 2,217 | 4,271 |
Income taxes | (685) | (1,241) |
Accounts payable and other current liabilities | 3,577 | (31,644) |
Other, net | (1,330) | 459 |
Net cash provided by operating activities | 1,160 | 8,349 |
Investing activities: | ||
Capital expenditures | (8,566) | (32,461) |
Other, net | 490 | (193) |
Net cash used by investing activities | (8,076) | (32,654) |
Financing activities: | ||
Proceeds from ABL Revolver | 109,700 | 142,400 |
Payments on ABL Revolver | (112,800) | (121,000) |
Payments on ABL Term Loan | (6,900) | (4,800) |
Proceeds from construction financing | 6,533 | |
Payments on finance lease obligations | (2,230) | (1,413) |
Other, net | (6) | (683) |
Net cash (used) provided by financing activities | (12,236) | 21,037 |
Effect of exchange rate changes on cash and cash equivalents | (146) | (316) |
Net decrease in cash and cash equivalents | (19,298) | (3,584) |
Cash and cash equivalents at end of period | $ 27,662 | $ 49,706 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2024 | Apr. 02, 2023 | Mar. 31, 2024 | Apr. 02, 2023 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ (10,295) | $ (5,184) | $ (43,411) | $ (31,055) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Rule 10b5-1 Arrangement Modified | false |
Non-Rule10b5-1Arrangement Modified | false |
Background
Background | 9 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Background | 1. Background Unifi, Inc., a New York corporation formed in 1969 (together with its subsidiaries, “UNIFI,” the “Company,” “we,” “us,” or “our”), is a multinational company that manufactures and sells innovative recycled and synthetic products, made from polyester and nylon, primarily to other yarn manufacturers and knitters and weavers (UNIFI’s “direct customers”) that produce yarn and/or fabric for the apparel, hosiery, home furnishings, automotive, industrial, medical, and other end-use markets (UNIFI’s “indirect customers”). We sometimes refer to these indirect customers as “brand partners.” Polyester products include partially oriented yarn (“POY”) and textured, solution and package dyed, twisted, beamed, and draw wound yarns, and each is available in virgin or recycled varieties. Recycled solutions, made from both pre-consumer and post-consumer waste, include plastic bottle flake (“Flake”), polyester polymer beads (“Chip”), and staple fiber. Nylon products include virgin or recycled textured, solution dyed, and spandex covered yarns. UNIFI maintains one of the textile industry’s most comprehensive product offerings that includes a range of specialized, value-added, and commodity solutions, with principal geographic markets in North America, Central America, South America, Asia, and Europe. UNIFI has direct manufacturing operations in four countries and participates in joint ventures with operations in Israel and the United States (the “U.S.”). During the second quarter of fiscal 2024, UNIFI terminated the joint venture with operations in Israel. |
Basis of Presentation; Condense
Basis of Presentation; Condensed Notes | 9 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation; Condensed Notes | 2. Basis of Presentation; Condensed Notes The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. As contemplated by the instructions of the SEC to Form 10-Q, the following notes have been condensed and, therefore, do not contain all disclosures required in connection with annual financial statements. Reference should be made to UNIFI’s year-end audited consolidated financial statements and related notes thereto contained in its Annual Report on Form 10-K for the fiscal year ended July 2, 2023 (the “2023 Form 10-K”). The financial information included in this report has been prepared by UNIFI, without audit. In the opinion of management, all adjustments, which consist of normal, recurring adjustments, considered necessary for a fair statement of the results for interim periods have been included. Nevertheless, the results shown for interim periods are not necessarily indicative of results to be expected for the full year. The preparation of financial statements in conformity with GAAP requires management to make use of estimates and assumptions that affect the amounts reported and certain financial statement disclosures. Actual results may vary from these estimates. All amounts, except per share amounts, are presented in thousands (000s), except as otherwise noted. The fiscal quarter for Unifi, Inc. and its material operating subsidiaries ended on March 31, 2024. The three-month periods ended March 31, 2024 and April 2, 2023 both consisted of 13 weeks. The nine-month periods ended March 31, 2024 and April 2, 2023 both consisted of 39 weeks. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Mar. 31, 2024 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recent Accounting Pronouncements | 3. Recent Accounting Pronouncements Issued and Pending Adoption In December 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . ASU No. 2023-09 modifies the rules on income tax disclosures to require entities to disclose (i) specific categories in the rate reconciliation, (ii) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (iii) income tax expense or benefit from continuing operations (separated by federal, state, and foreign). The ASU also requires entities to disclose their income tax payments to international, federal, state, and local jurisdictions, among other changes. The ASU is effective for UNIFI's fiscal 2026, with early adoption permitted, and should be applied on a prospective basis, but retrospective application is permitted. UNIFI is currently evaluating the impact on the Company’s disclosures but does not expect this standard will have a material impact on its consolidated financial position, results of operations, or cash flows. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . ASU No. 2023-07 expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. The ASU is effective for UNIFI’s fiscal 2025 for annual reporting and in the first quarter of fiscal 2026 for interim reporting, with early adoption permitted. UNIFI has not adopted, and does not expect to early adopt, this standard. UNIFI is currently evaluating the impact on the Company’s disclosures but does not expect this standard will have a material impact on its consolidated financial position, results of operations, or cash flows. Based on UNIFI’s review of ASUs issued since the filing of the 2023 Form 10-K, there have been no other newly issued or newly applicable accounting pronouncements that have had, or are expected to have, a material impact on UNIFI’s consolidated financial statements. |
Revenue
Revenue | 9 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | 4. Revenue The following tables present net sales disaggregated by (i) classification of customer type and (ii) REPREVE ® Fiber sales: Third-Party Manufacturer For the Three Months Ended For the Nine Months Ended March 31, 2024 April 2, 2023 March 31, 2024 April 2, 2023 Third-party manufacturer $ 147,857 $ 155,423 $ 421,318 $ 468,653 Service 1,139 1,315 3,439 3,816 Net sales $ 148,996 $ 156,738 $ 424,757 $ 472,469 For the Three Months Ended For the Nine Months Ended March 31, 2024 April 2, 2023 March 31, 2024 April 2, 2023 REPREVE ® Fiber $ 46,754 $ 49,619 $ 134,940 $ 141,664 All other products and services 102,242 107,119 289,817 330,805 Net sales $ 148,996 $ 156,738 $ 424,757 $ 472,469 Third-party manufacturer revenue is primarily generated through sales to direct customers. Such sales represent satisfaction of UNIFI’s performance obligations required by the associated revenue contracts. Each of UNIFI’s reportable segments derives revenue from sales to third-party manufacturers. Service Revenue Service revenue is primarily generated, as services are rendered, through fulfillment of toll manufacturing of textile products or transportation services governed by written agreements. Such toll manufacturing and transportation services represent satisfaction of UNIFI’s performance obligations required by the associated revenue contracts. REPREVE ® Fiber REPREVE ® Fiber represents UNIFI's collection of fiber products on our recycled platform, with or without added technologies. Variable Consideration For all variable consideration, where appropriate, UNIFI estimates the amount using the expected value method, which takes into consideration historical experience, current contractual requirements, specific known market events, and forecasted customer buying and payment patterns. Overall, these reserves reflect UNIFI’s best estimates of the amount of consideration to which the customer is entitled based on the terms of the contracts. Variable consideration has been immaterial to UNIFI’s financial statements for all periods presented. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 5. Long-Term Debt Debt Obligations The following table and narrative presents the detail of UNIFI’s debt obl igations. Capitalized terms not otherwise defined within this Note shall have the meanings attributed to them in the Second Amended and Restated Credit Agreement, dated as of October 28, 2022 (the "2022 Credit Agreement"). Weighted Average Scheduled Interest Rate as of Principal Amounts as of Maturity Date March 31, 2024 March 31, 2024 July 2, 2023 ABL Revolver October 2027 6.9 % $ 15,000 $ 18,100 ABL Term Loan October 2027 6.9 % 103,500 110,400 Finance lease obligations (1) 5.1 % 10,170 10,767 Construction financing (2) 0.0 % — 1,632 Total debt 128,670 140,899 Current ABL Term Loan ( 9,200 ) ( 9,200 ) Current portion of finance lease obligations ( 3,168 ) ( 2,806 ) Unamortized debt issuance costs ( 244 ) ( 289 ) Total long-term debt $ 116,058 $ 128,604 (1) Scheduled maturity dates for finance lease obligations range from Marc h 2025 to September 2028 . (2) Refer to the discussion below under “ Construction Financing ” for further information. ABL Facility and Amendments There have been no changes to the 2022 Credit Agreement following the filing of the 2023 Form 10-K. Construction Financing In connection with the construction financing arrangement, UNIFI has borrow ed a total of $ 9,755 and transitioned $ 9,755 of comple ted asset costs to finance lease obligations as of March 31, 2024. There were no borrowings outstanding on this financing arrangement as of March 31, 2024. |
Income Taxes
Income Taxes | 9 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 6. Income Taxes The provision for income taxes and effective tax rate were as follows: For the Three Months Ended For the Nine Months Ended March 31, 2024 April 2, 2023 March 31, 2024 April 2, 2023 Provision for income taxes $ 790 $ 1,145 $ 707 $ 809 Effective tax rate ( 8.3 )% ( 28.3 )% ( 1.7 )% ( 2.7 )% Income Tax Expense UNIFI’s provision for income taxes for the nine months ended March 31, 2024 and April 2, 2023 was calculated by applying the estimated annual effective tax rate to year-to-date pre-tax book income and adjusting for discrete items that occurred during the period. The effective tax rate for the three and nine months ended March 31, 2024 varied from the U.S. federal statutory rate primarily due to the U.S. generated losses for which UNIFI does not expect to realize a future tax benefit. During the nine months ended March 31, 2024, the Internal Revenue Service (the “IRS”) audit of fiscal 2014 through 2019 was concluded with a refund of $ 1,275 , which has been received along with $ 457 of interest on the overpayments. The impact from the IRS audit adjustments to the prior periods was insignificant. The effective tax rates for the three and nine months ended April 2, 2023 varied from the U.S. federal statutory rate primarily due to the U.S. generated losses for which UNIFI does not expect to realize a future tax benefit and a discrete tax benefit related to the recovery of certain Brazilian income taxes paid in prior years. Unrecognized Tax Benefits UNIFI regularly assesses the outcomes of both completed and ongoing examinations to ensure that its provision for income taxes is sufficient. Following the conclusion of the IRS audit, UNIFI adjusted the uncertain tax positions for fiscal 2014 through 2019 that were effectively settled. The impact from releasing the netted uncertain tax position liabilities was insignificant. |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Mar. 31, 2024 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | 7. Shareholders’ Equity On October 31, 2018, UNIFI announced that the Company's Board of Directors approved a share repurchase program (the “2018 SRP”) under which UNIFI is authorized to acquire up to $ 50,000 of its common stock. The share repurchase authorization is discretionary and has no expiration date. No shares have been repurchased in fiscal 2023 and 2024 and $ 38,859 remains available for repurchase. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 8. Stock-Based Compensation On October 31, 2023 , UNIFI’s shareholders approved a First Amendment (the "First Amendment") to the Unifi, Inc. Second Amended and Restated 2013 Incentive Compensation Plan (the “2020 Plan”). The 2020 Plan set the initial number of shares available for future issuance ("share reserve") pursuant to awards granted under the 2020 Plan to 850 . The First Amendment increased the remaining share reserve by 1,100 . No additional awards can be granted under prior plans; however, awards outstanding under a respective prior plan remain subject to that plan’s provisions. The following table provides information as of March 31, 2024 with respect to the number of securities remaining available for future issuance under the 2020 Plan: Authorized under the 2020 Plan 850 Plus: Share reserve increase from the First Amendment 1,100 Plus: Awards expired, forfeited, or otherwise terminated unexercised 179 Less: Awards granted to employees ( 1,106 ) Less: Awards granted to non-employee directors ( 197 ) Available for issuance under the 2020 Plan 826 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments and Non-Financial Assets and Liabilities | 9 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments and Non-Financial Assets and Liabilities | 9. Fair Value of Financial Instruments and Non-Financial Assets and Liabilities Financial Instruments For the nine months ended March 31, 2024 and April 2, 2023, there were no significant changes to UNIFI’s assets and liabilities measured at fair value, and there were no transfers into or out of the levels of the fair value hierarchy. UNIFI believes that there have been no significant changes to its credit risk profile or the interest rates available to UNIFI for debt issuances with similar terms and average maturities, and UNIFI estimates that the fair values of its debt obligations approximate the carrying amounts. Other financial instruments include cash and cash equivalents, receivables, accounts payable, and accrued expenses. The financial statement carrying amounts of these items approximate the fair values due to their short-term nature. Grantor Trust The UNIFI, Inc. Deferred Compensation Plan (the “DCP”), established in fiscal 2022, is an unfunded non-qualified deferred compensation plan in which certain key emplo yees are eligible to participate. The fair values of the investment assets held by the grantor trust established in connection with the DCP were approximately $ 2,891 and $ 2,496 as of March 31, 2024 and July 2, 2023, respectively, and are classified as trading securities within Other non-current assets on the Condensed Consolidated Balance Sheets. The grantor trust assets have readily available market values and are classified as Level 1 trading securities in the fair value hierarchy. Trading gains and losses associated with these investments are recorded within Other operating expense (income), net on the Condensed Consolidated Statements of Operations and Comprehensive Loss. The associated DCP liability is recorded within Other long-term liabilities on the Condensed Consolidated Balance Sheets, and any increase or decrease in the liability is also recorded in Other operating expense (income), net on the Condensed Consolidated Statements of Operations and Comprehensive Loss. During the nine months ended March 31, 2024 and April 2, 2023, we rec orded net gains on investments held by the trust of $ 255 and $ 78 , respectively. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 10. Earnings Per Share The components of the calculation of earnings per share (“EPS”) are as follows: For the Three Months Ended For the Nine Months Ended March 31, 2024 April 2, 2023 March 31, 2024 April 2, 2023 Net loss $ ( 10,295 ) $ ( 5,184 ) $ ( 43,411 ) $ ( 31,055 ) Basic weighted average shares 18,169 18,052 18,121 18,029 Net potential common share equivalents — — — — Diluted weighted average shares 18,169 18,052 18,121 18,029 Excluded from the calculation of common share equivalents: Anti-dilutive common share equivalents 561 — 574 — Excluded from the calculation of diluted shares: Unvested stock options that vest upon achievement of certain market conditions 333 333 333 333 The calculation of EPS is based on the weighted average number of Unifi, Inc.’s common shares outstanding for the applicable period. The calculation of diluted EPS presents the effect of all potential dilutive common shares that were outstanding during the respective period, unless the effect of doing so is anti-dilutive. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. Commitments and Contingencies Collective Bargaining Agreements While employees of UNIFI’s Brazilian operations are unionized, none of the labor force employed by UNIFI’s domestic or other foreign subsidiaries is currently covered by a collective bargaining agreement. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 12. Related Party Transactions Related party balances and transactions are not material to the condensed consolidated financial statements and, accordingly, are not presented separately from other financial statement captions. There were no related party receivables as of March 31, 2024 and July 2, 2023. Related party payables for Salem Leasing Corporation consisted of the following: March 31, 2024 July 2, 2023 Accounts payable $ 429 $ 457 Operating lease obligations 352 502 Finance lease obligations 2,704 3,677 Total related party payables $ 3,485 $ 4,636 The following were the Company’s significant related party transactions: For the Three Months Ended For the Nine Months Ended Affiliated Entity Transaction Type March 31, 2024 April 2, 2023 March 31, 2024 April 2, 2023 Salem Leasing Corporation Payments for transportation equipment costs and finance lease debt service $ 1,066 $ 1,048 $ 3,503 $ 3,431 |
Business Segment Information
Business Segment Information | 9 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Business Segment Information | 13. Business Segment Information UNIFI defines operating segments as components of the organization for which discrete financial information is available and operating results are evaluated on a regular basis by UNIFI’s principal executive officer, who is the chief operating decision maker (the “CODM”), in order to assess performance and allocate resources. Characteristics of UNIFI which were relied upon in making the determination of reportable segments include the nature of the products sold, the internal organizational structure, the trade policies in the geographic regions in which UNIFI operates, and the information that is regularly reviewed by the CODM for the purpose of assessing performance and allocating resources. UNIFI's three reportable segments are organized as follows: • The operations within the Americas Segment exhibit similar long-term economic characteristics and primarily sell into an economic trading zone covered by the United States-Mexico-Canada Agreement and the Dominican Republic—Central America Free Trade Agreement to similar customers utilizing similar methods of distribution. These operations derive revenues primarily from manufacturing synthetic and recycled textile products with sales primarily to yarn manufacturers, knitters, and weavers that produce yarn and/or fabric for the apparel, hosiery, automotive, home furnishings, industrial, medical, and other end-use markets principally in North and Central America. The Americas Segment consists of sales and manufacturing operations in the U.S., El Salvador, and Colombia. • The Brazil Segment primarily manufactures and sells polyester-based products to knitters and weavers that produce fabric for the apparel, automotive, home furnishings, industrial, and other end-use markets principally in Brazil. The Brazil Segment includes a manufacturing location and sales offices in Brazil. • The operations within the Asia Segment exhibit similar long-term economic characteristics and sell to similar customers utilizing similar methods of distribution primarily in Asia and Europe. The Asia Segment primarily sources synthetic and recycled textile products from third-party suppliers and sells to yarn manufacturers, knitters, and weavers that produce fabric for the apparel, automotive, home furnishings, industrial, and other end-use markets principally in Asia. The Asia Segment includes sales offices in China, Turkey, and Hong Kong. UNIFI evaluates the operating performance of its segments based upon Segment Profit (Loss), which represents segment gross profit (loss) plus segment depreciation expense. This measurement of segment profit or loss best aligns segment reporting with the current assessments and evaluations performed by, and information provided to, the CODM. The accounting policies for the segments are consistent with UNIFI’s accounting policies. Intersegment sales are omitted from segment disclosures, as they are (i) insignificant to UNIFI’s segments and eliminated from consolidated reporting and (ii) excluded from segment evaluations performed by the CODM. Selected financial information is presented below: For the Three Months Ended March 31, 2024 Americas Brazil Asia Total Net sales $ 91,130 $ 29,573 $ 28,293 $ 148,996 Cost of sales 94,644 25,736 23,852 144,232 Gross (loss) profit ( 3,514 ) 3,837 4,441 4,764 Segment depreciation expense 5,473 841 — 6,314 Segment Profit $ 1,959 $ 4,678 $ 4,441 $ 11,078 For the Three Months Ended April 2, 2023 Americas Brazil Asia Total Net sales $ 101,946 $ 27,380 $ 27,412 $ 156,738 Cost of sales 98,788 24,998 23,299 147,085 Gross profit 3,158 2,382 4,113 9,653 Segment depreciation expense 5,574 549 — 6,123 Segment Profit $ 8,732 $ 2,931 $ 4,113 $ 15,776 For the Nine Months Ended March 31, 2024 Americas Brazil Asia Total Net sales $ 253,252 $ 85,543 $ 85,962 $ 424,757 Cost of sales 270,884 76,400 71,648 418,932 Gross (loss) profit ( 17,632 ) 9,143 14,314 5,825 Segment depreciation expense 16,478 2,447 — 18,925 Segment (Loss) Profit $ ( 1,154 ) $ 11,590 $ 14,314 $ 24,750 For the Nine Months Ended April 2, 2023 Americas Brazil Asia Total Net sales $ 294,832 $ 91,946 $ 85,691 $ 472,469 Cost of sales 309,627 81,447 73,179 464,253 Gross (loss) profit ( 14,795 ) 10,499 12,512 8,216 Segment depreciation expense 16,596 1,410 — 18,006 Segment Profit $ 1,801 $ 11,909 $ 12,512 $ 26,222 The reconciliations of segment gross profit to consolidated loss before income taxes are as follows: For the Three Months Ended For the Nine Months Ended March 31, 2024 April 2, 2023 March 31, 2024 April 2, 2023 Americas $ ( 3,514 ) $ 3,158 $ ( 17,632 ) $ ( 14,795 ) Brazil 3,837 2,382 9,143 10,499 Asia 4,441 4,113 14,314 12,512 Segment gross profit 4,764 9,653 5,825 8,216 Selling, general and administrative expenses 11,372 12,063 35,389 35,584 Provision (benefit) for bad debts 179 ( 56 ) 1,259 ( 38 ) Restructuring costs — — 5,101 — Other operating expense (income), net 139 324 674 ( 139 ) Operating loss ( 6,926 ) ( 2,678 ) ( 36,598 ) ( 27,191 ) Interest income ( 432 ) ( 554 ) ( 1,710 ) ( 1,615 ) Interest expense 2,407 2,073 7,505 5,209 Equity in loss (earnings) of unconsolidated affiliates 604 ( 158 ) 311 ( 539 ) Loss before income taxes $ ( 9,505 ) $ ( 4,039 ) $ ( 42,704 ) $ ( 30,246 ) There have been no material changes in segment assets during fiscal 2024. |
Investments in Unconsolidated A
Investments in Unconsolidated Affiliates | 9 Months Ended |
Mar. 31, 2024 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Unconsolidated Affiliates | 14. Investments in Unconsolidated Affiliates Included within Other non-current assets are UNIFI’s investments in unconsolidated affiliates: U.N.F. Industries, Ltd. (“UNF”) and UNF America LLC (“UNFA”). U.N.F. Industries, Ltd. In December 2023, UNIFI dissolved its interest in UNF under an agreement whereby UNIFI agreed to pay the former joint venture partner $ 2,750 and recorded it as an associated contract termination cost within Restructuring costs on the Condensed Consolidated Statements of Operations and Comprehensive Loss. UNIFI made a payment to the former joint venture partner of $ 1,200 in the second quarter of fiscal 2024 and the remaining $ 1,550 was paid in the third quarter of fiscal 2024. Accordingly, the balance sheet information presented below as of March 31, 2024 does not include any amounts related to UNF. UNF America LLC Raw material and production services for UNFA are provided by Nilit America Inc. under separate supply and services agreements. UNFA’s fiscal year end is December 31, and it is a limited liability company located in Ridgeway, Virginia. UNFA is treated as a partnership for its income tax reporting. In conjunction with the formation of UNFA, UNIFI entered into a supply agreement with UNF and UNFA whereby UNIFI agreed to purchase all of its first quality nylon POY requirements for texturing (subject to certain exceptions) from either UNF or UNFA. The supply agreement has no stated minimum purchase quantities and pricing is typically negotiated every six months, based on market rates. As of March 31, 2024, UNIFI’s open purchase orders related to this supply agreement, all with UNFA, were $ 618 . UNIFI’s raw material purchases under this supply agreement consisted of the following: For the Three Months Ended For the Nine Months Ended March 31, 2024 April 2, 2023 March 31, 2024 April 2, 2023 UNFA $ 2,586 $ 6,604 $ 9,499 $ 19,395 UNF — — — 37 Total $ 2,586 $ 6,604 $ 9,499 $ 19,432 As of March 31, 2024, UNIFI had accounts payable due to UNFA of $ 1,680 , and as of July 2, 2023, UNIFI had combined accounts payable due to UNF and UNFA of $ 3,440 . UNIFI previously determined that UNF and UNFA were variable interest entities and also determined that UNIFI is the primary beneficiary of these entities, based on the terms of the supply agreement. As a result, these entities should be consolidated with UNIFI’s financial results. As (i) UNIFI purchases substantially all of the output from these entities and all intercompany sales would be eliminated in consolidation, (ii) the entities’ balance sheets constitute 5 % or less of UNIFI’s current assets and total assets, and (iii) such balances are not expected to comprise a larger portion in the future, UNIFI has not included the accounts of UNF and UNFA in its consolidated financial statements and instead is accounting for these entities as equity investments. The financial results of UNF and UNFA are included in UNIFI’s consolidated financial statements with a one-month lag, using the equity method of accounting and with intercompany profits eliminated in accordance with UNIFI’s accounting policy. Other than the supply agreement discussed above, UNIFI does not provide any other commitments or guarantees related to UNFA. As of March 31, 2024, UNIFI’s investment in UNFA was $ 1,537 . Condensed balance sheet and income statement information for UNIFI’s unconsolidated affiliates (including reciprocal balances) are presented in the tables below. March 31, 2024 July 2, 2023 Current assets $ 4,658 $ 10,608 Non-current assets 466 494 Current liabilities 2,050 7,304 Non-current liabilities — — Shareholders’ equity and capital accounts 3,074 3,798 UNIFI’s portion of undistributed earnings 1,477 2,938 For the Three Months Ended For the Nine Months Ended March 31, 2024 April 2, 2023 March 31, 2024 April 2, 2023 Net sales $ 1,673 $ 5,041 $ 10,782 $ 21,076 Gross (loss) profit ( 654 ) 282 ( 7 ) 1,215 Loss from operations ( 1,128 ) ( 138 ) ( 1,399 ) ( 87 ) Net loss ( 1,128 ) ( 154 ) ( 1,446 ) ( 125 ) Depreciation and amortization 7 27 28 83 Distribution received 1,000 — 1,000 — |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 9 Months Ended |
Mar. 31, 2024 | |
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | 15. Supplemental Cash Flow Information Cash payments for interest and taxes consist of the following: For the Nine Months Ended March 31, 2024 April 2, 2023 Interest, net of capitalized interest of $ 153 and $ 403 , respectively $ 7,182 $ 4,143 Income tax payments, net 4,103 4,760 Cash payments for taxes shown above consist primarily of income and withholding tax payments made by UNIFI in both U.S. and foreign jurisdictions, net of refunds. Non-Cash Investing and Financing Activities As of March 31, 2024 and July 2, 2023, $ 201 and $ 1,137 , respectively, were included in accounts payable for unpaid capital expenditures. As of April 2, 2023 and July 3, 2022, $ 1,332 and $ 2,456 , respectively, were included in accounts payable for unpaid capital expenditures. During the nine months ended March 31, 2024 and April 2, 2023, UNIFI recorded non-cash activity relating to finance lease s of $ 1,633 a nd $ 3,179 , respectively. In connection with the commencement of the 2022 Credit Agreement in October 2022, $ 52,500 of borrowings outstanding on the revolving credit facility were transferred to the term loan, such that revolver borrowings were reduced by $ 52,500 and term loan borrowings were increased by $ 52,500 with no flow of cash. |
Other Financial Data
Other Financial Data | 9 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Other Financial Data | 16. Other Financial Data Select balance sheet information is presented in the following table. March 31, 2024 July 2, 2023 Receivables, net: Customer receivables $ 77,320 $ 79,174 Allowance for uncollectible accounts ( 2,488 ) ( 1,362 ) Reserves for quality claims ( 750 ) ( 682 ) Net customer receivables 74,082 77,130 Banker's acceptance notes 3,963 5,870 Other receivables 886 725 Total receivables, net $ 78,931 $ 83,725 Inventories: Raw materials $ 57,232 $ 59,983 Supplies 11,964 11,787 Work in process 8,800 6,633 Finished goods 60,955 78,032 Gross inventories 138,951 156,435 Net realizable value adjustment ( 4,826 ) ( 5,625 ) Total inventories $ 134,125 $ 150,810 Other current assets: Vendor deposits $ 3,463 $ 3,863 Prepaid expenses and other 2,858 2,584 Value-added taxes receivable 2,628 3,398 Contract assets 511 549 Recovery of non-income taxes, net — 1,933 Total other current assets $ 9,460 $ 12,327 Property, plant and equipment, net: Land $ 2,501 $ 2,512 Land improvements 16,445 16,443 Buildings and improvements 167,955 167,589 Assets under finance leases 18,030 16,397 Machinery and equipment 659,235 656,431 Computers, software and office equipment 25,589 26,654 Transportation equipment 10,752 10,710 Construction in progress 4,097 10,003 Gross property, plant and equipment 904,604 906,739 Less: accumulated depreciation ( 692,949 ) ( 682,768 ) Less: accumulated amortization – finance leases ( 6,860 ) ( 5,450 ) Total property, plant and equipment, net $ 204,795 $ 218,521 Other non-current assets: Recovery of taxes $ 6,072 $ 5,957 Grantor trust 2,891 2,496 Investments in unconsolidated affiliates 1,537 2,997 Intangible assets, net 709 1,210 Other 2,193 1,848 Total other non-current assets $ 13,402 $ 14,508 Other current liabilities: Payroll and fringe benefits $ 8,060 $ 6,981 Incentive compensation 2,200 298 Deferred revenue 2,090 1,441 Utilities 2,037 1,634 Severance (1) 1,402 — Property taxes, interest and other 3,384 2,578 Total other current liabilities $ 19,173 $ 12,932 Other long-term liabilities: Nonqualified deferred compensation plan obligation $ 1,958 $ 2,659 Uncertain tax positions 1,074 1,973 Other 407 468 Total other long-term liabilities $ 3,439 $ 5,100 (1) During the second quarter of fiscal 2024, UNIFI recorded $ 2,351 of severance expenses related to a cost reduction plan intended to lower operating expenses for both production and administrative activities, which are included in Restructuring costs on the Condensed Consolidated Statements of Operations and Comprehensive Loss. Most of the restructuring expenses incurred impact the Americas Segment and UNIFI does not anticipate any additional, material restructuring costs at this time. The change in the liability is due to $ 949 of cash disbursements during the current period. |
Basis of Presentation; Conden_2
Basis of Presentation; Condensed Notes (Policies) | 9 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Fiscal Period | The fiscal quarter for Unifi, Inc. and its material operating subsidiaries ended on March 31, 2024. The three-month periods ended March 31, 2024 and April 2, 2023 both consisted of 13 weeks. The nine-month periods ended March 31, 2024 and April 2, 2023 both consisted of 39 weeks. |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregated Revenues and Product Sales for UNIFI | The following tables present net sales disaggregated by (i) classification of customer type and (ii) REPREVE ® Fiber sales: Third-Party Manufacturer For the Three Months Ended For the Nine Months Ended March 31, 2024 April 2, 2023 March 31, 2024 April 2, 2023 Third-party manufacturer $ 147,857 $ 155,423 $ 421,318 $ 468,653 Service 1,139 1,315 3,439 3,816 Net sales $ 148,996 $ 156,738 $ 424,757 $ 472,469 For the Three Months Ended For the Nine Months Ended March 31, 2024 April 2, 2023 March 31, 2024 April 2, 2023 REPREVE ® Fiber $ 46,754 $ 49,619 $ 134,940 $ 141,664 All other products and services 102,242 107,119 289,817 330,805 Net sales $ 148,996 $ 156,738 $ 424,757 $ 472,469 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Long-Term Debt Components | The following table and narrative presents the detail of UNIFI’s debt obl igations. Weighted Average Scheduled Interest Rate as of Principal Amounts as of Maturity Date March 31, 2024 March 31, 2024 July 2, 2023 ABL Revolver October 2027 6.9 % $ 15,000 $ 18,100 ABL Term Loan October 2027 6.9 % 103,500 110,400 Finance lease obligations (1) 5.1 % 10,170 10,767 Construction financing (2) 0.0 % — 1,632 Total debt 128,670 140,899 Current ABL Term Loan ( 9,200 ) ( 9,200 ) Current portion of finance lease obligations ( 3,168 ) ( 2,806 ) Unamortized debt issuance costs ( 244 ) ( 289 ) Total long-term debt $ 116,058 $ 128,604 (1) Scheduled maturity dates for finance lease obligations range from Marc h 2025 to September 2028 . (2) Refer to the discussion below under “ Construction Financing ” for further information. |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision (Benefit) for Income Taxes and Effective Tax Rate | The provision for income taxes and effective tax rate were as follows: For the Three Months Ended For the Nine Months Ended March 31, 2024 April 2, 2023 March 31, 2024 April 2, 2023 Provision for income taxes $ 790 $ 1,145 $ 707 $ 809 Effective tax rate ( 8.3 )% ( 28.3 )% ( 1.7 )% ( 2.7 )% |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Number of Securities Remaining Available for Future Issuance | The following table provides information as of March 31, 2024 with respect to the number of securities remaining available for future issuance under the 2020 Plan: Authorized under the 2020 Plan 850 Plus: Share reserve increase from the First Amendment 1,100 Plus: Awards expired, forfeited, or otherwise terminated unexercised 179 Less: Awards granted to employees ( 1,106 ) Less: Awards granted to non-employee directors ( 197 ) Available for issuance under the 2020 Plan 826 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings (Loss) Per Share | The components of the calculation of earnings per share (“EPS”) are as follows: For the Three Months Ended For the Nine Months Ended March 31, 2024 April 2, 2023 March 31, 2024 April 2, 2023 Net loss $ ( 10,295 ) $ ( 5,184 ) $ ( 43,411 ) $ ( 31,055 ) Basic weighted average shares 18,169 18,052 18,121 18,029 Net potential common share equivalents — — — — Diluted weighted average shares 18,169 18,052 18,121 18,029 Excluded from the calculation of common share equivalents: Anti-dilutive common share equivalents 561 — 574 — Excluded from the calculation of diluted shares: Unvested stock options that vest upon achievement of certain market conditions 333 333 333 333 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
Related Party Payables | Related party payables for Salem Leasing Corporation consisted of the following: March 31, 2024 July 2, 2023 Accounts payable $ 429 $ 457 Operating lease obligations 352 502 Finance lease obligations 2,704 3,677 Total related party payables $ 3,485 $ 4,636 |
Schedule of Related Party Transactions | The following were the Company’s significant related party transactions: For the Three Months Ended For the Nine Months Ended Affiliated Entity Transaction Type March 31, 2024 April 2, 2023 March 31, 2024 April 2, 2023 Salem Leasing Corporation Payments for transportation equipment costs and finance lease debt service $ 1,066 $ 1,048 $ 3,503 $ 3,431 |
Business Segment Information (T
Business Segment Information (Tables) | 9 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Selected Financial Information for Americas, Brazil and Asia Segments | Selected financial information is presented below: For the Three Months Ended March 31, 2024 Americas Brazil Asia Total Net sales $ 91,130 $ 29,573 $ 28,293 $ 148,996 Cost of sales 94,644 25,736 23,852 144,232 Gross (loss) profit ( 3,514 ) 3,837 4,441 4,764 Segment depreciation expense 5,473 841 — 6,314 Segment Profit $ 1,959 $ 4,678 $ 4,441 $ 11,078 For the Three Months Ended April 2, 2023 Americas Brazil Asia Total Net sales $ 101,946 $ 27,380 $ 27,412 $ 156,738 Cost of sales 98,788 24,998 23,299 147,085 Gross profit 3,158 2,382 4,113 9,653 Segment depreciation expense 5,574 549 — 6,123 Segment Profit $ 8,732 $ 2,931 $ 4,113 $ 15,776 For the Nine Months Ended March 31, 2024 Americas Brazil Asia Total Net sales $ 253,252 $ 85,543 $ 85,962 $ 424,757 Cost of sales 270,884 76,400 71,648 418,932 Gross (loss) profit ( 17,632 ) 9,143 14,314 5,825 Segment depreciation expense 16,478 2,447 — 18,925 Segment (Loss) Profit $ ( 1,154 ) $ 11,590 $ 14,314 $ 24,750 For the Nine Months Ended April 2, 2023 Americas Brazil Asia Total Net sales $ 294,832 $ 91,946 $ 85,691 $ 472,469 Cost of sales 309,627 81,447 73,179 464,253 Gross (loss) profit ( 14,795 ) 10,499 12,512 8,216 Segment depreciation expense 16,596 1,410 — 18,006 Segment Profit $ 1,801 $ 11,909 $ 12,512 $ 26,222 |
Reconciliations of Segment Gross Profit (Loss) to Consolidated Loss Before Income Taxes | The reconciliations of segment gross profit to consolidated loss before income taxes are as follows: For the Three Months Ended For the Nine Months Ended March 31, 2024 April 2, 2023 March 31, 2024 April 2, 2023 Americas $ ( 3,514 ) $ 3,158 $ ( 17,632 ) $ ( 14,795 ) Brazil 3,837 2,382 9,143 10,499 Asia 4,441 4,113 14,314 12,512 Segment gross profit 4,764 9,653 5,825 8,216 Selling, general and administrative expenses 11,372 12,063 35,389 35,584 Provision (benefit) for bad debts 179 ( 56 ) 1,259 ( 38 ) Restructuring costs — — 5,101 — Other operating expense (income), net 139 324 674 ( 139 ) Operating loss ( 6,926 ) ( 2,678 ) ( 36,598 ) ( 27,191 ) Interest income ( 432 ) ( 554 ) ( 1,710 ) ( 1,615 ) Interest expense 2,407 2,073 7,505 5,209 Equity in loss (earnings) of unconsolidated affiliates 604 ( 158 ) 311 ( 539 ) Loss before income taxes $ ( 9,505 ) $ ( 4,039 ) $ ( 42,704 ) $ ( 30,246 ) |
Investments in Unconsolidated_2
Investments in Unconsolidated Affiliates (Tables) | 9 Months Ended |
Mar. 31, 2024 | |
Schedule of Raw Material Purchases under Supply Agreement | UNIFI’s raw material purchases under this supply agreement consisted of the following: For the Three Months Ended For the Nine Months Ended March 31, 2024 April 2, 2023 March 31, 2024 April 2, 2023 UNFA $ 2,586 $ 6,604 $ 9,499 $ 19,395 UNF — — — 37 Total $ 2,586 $ 6,604 $ 9,499 $ 19,432 |
Schedule of Unaudited, Condensed Balance Sheet Information for Unconsolidated Affiliates | Condensed balance sheet and income statement information for UNIFI’s unconsolidated affiliates (including reciprocal balances) are presented in the tables below. March 31, 2024 July 2, 2023 Current assets $ 4,658 $ 10,608 Non-current assets 466 494 Current liabilities 2,050 7,304 Non-current liabilities — — Shareholders’ equity and capital accounts 3,074 3,798 UNIFI’s portion of undistributed earnings 1,477 2,938 |
Income Statement Information [Member] | |
Schedule of Unaudited, Condensed Income Statement Information for Unconsolidated Affiliates | For the Three Months Ended For the Nine Months Ended March 31, 2024 April 2, 2023 March 31, 2024 April 2, 2023 Net sales $ 1,673 $ 5,041 $ 10,782 $ 21,076 Gross (loss) profit ( 654 ) 282 ( 7 ) 1,215 Loss from operations ( 1,128 ) ( 138 ) ( 1,399 ) ( 87 ) Net loss ( 1,128 ) ( 154 ) ( 1,446 ) ( 125 ) Depreciation and amortization 7 27 28 83 Distribution received 1,000 — 1,000 — |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Mar. 31, 2024 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Payments for Interest and Taxes | Cash payments for interest and taxes consist of the following: For the Nine Months Ended March 31, 2024 April 2, 2023 Interest, net of capitalized interest of $ 153 and $ 403 , respectively $ 7,182 $ 4,143 Income tax payments, net 4,103 4,760 |
Other Financial Data (Tables)
Other Financial Data (Tables) | 9 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Balance Sheet Information | Select balance sheet information is presented in the following table. March 31, 2024 July 2, 2023 Receivables, net: Customer receivables $ 77,320 $ 79,174 Allowance for uncollectible accounts ( 2,488 ) ( 1,362 ) Reserves for quality claims ( 750 ) ( 682 ) Net customer receivables 74,082 77,130 Banker's acceptance notes 3,963 5,870 Other receivables 886 725 Total receivables, net $ 78,931 $ 83,725 Inventories: Raw materials $ 57,232 $ 59,983 Supplies 11,964 11,787 Work in process 8,800 6,633 Finished goods 60,955 78,032 Gross inventories 138,951 156,435 Net realizable value adjustment ( 4,826 ) ( 5,625 ) Total inventories $ 134,125 $ 150,810 Other current assets: Vendor deposits $ 3,463 $ 3,863 Prepaid expenses and other 2,858 2,584 Value-added taxes receivable 2,628 3,398 Contract assets 511 549 Recovery of non-income taxes, net — 1,933 Total other current assets $ 9,460 $ 12,327 Property, plant and equipment, net: Land $ 2,501 $ 2,512 Land improvements 16,445 16,443 Buildings and improvements 167,955 167,589 Assets under finance leases 18,030 16,397 Machinery and equipment 659,235 656,431 Computers, software and office equipment 25,589 26,654 Transportation equipment 10,752 10,710 Construction in progress 4,097 10,003 Gross property, plant and equipment 904,604 906,739 Less: accumulated depreciation ( 692,949 ) ( 682,768 ) Less: accumulated amortization – finance leases ( 6,860 ) ( 5,450 ) Total property, plant and equipment, net $ 204,795 $ 218,521 Other non-current assets: Recovery of taxes $ 6,072 $ 5,957 Grantor trust 2,891 2,496 Investments in unconsolidated affiliates 1,537 2,997 Intangible assets, net 709 1,210 Other 2,193 1,848 Total other non-current assets $ 13,402 $ 14,508 Other current liabilities: Payroll and fringe benefits $ 8,060 $ 6,981 Incentive compensation 2,200 298 Deferred revenue 2,090 1,441 Utilities 2,037 1,634 Severance (1) 1,402 — Property taxes, interest and other 3,384 2,578 Total other current liabilities $ 19,173 $ 12,932 Other long-term liabilities: Nonqualified deferred compensation plan obligation $ 1,958 $ 2,659 Uncertain tax positions 1,074 1,973 Other 407 468 Total other long-term liabilities $ 3,439 $ 5,100 (1) During the second quarter of fiscal 2024, UNIFI recorded $ 2,351 of severance expenses related to a cost reduction plan intended to lower operating expenses for both production and administrative activities, which are included in Restructuring costs on the Condensed Consolidated Statements of Operations and Comprehensive Loss. Most of the restructuring expenses incurred impact the Americas Segment and UNIFI does not anticipate any additional, material restructuring costs at this time. The change in the liability is due to $ 949 of cash disbursements during the current period. |
Background - Additional Informa
Background - Additional Information (Details) | Mar. 31, 2024 Entity |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of countries in which entity operates | 4 |
Revenue - Disaggregated Revenue
Revenue - Disaggregated Revenues and Product Sales for UNIFI (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2024 | Apr. 02, 2023 | Mar. 31, 2024 | Apr. 02, 2023 | |
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 148,996 | $ 156,738 | $ 424,757 | $ 472,469 |
Third-Party Manufacturer [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 147,857 | 155,423 | 421,318 | 468,653 |
Service [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 1,139 | 1,315 | 3,439 | 3,816 |
REPREVE Fiber [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | 46,754 | 49,619 | 134,940 | 141,664 |
All Other Products and Services [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales | $ 102,242 | $ 107,119 | $ 289,817 | $ 330,805 |
Long-Term Debt - Long-Term Debt
Long-Term Debt - Long-Term Debt Components (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Mar. 31, 2024 | Jul. 02, 2023 | ||
Debt Instrument [Line Items] | |||
Finance lease obligations | [1] | $ 10,170 | $ 10,767 |
Construction financing | [2] | 1,632 | |
Total debt | 128,670 | 140,899 | |
Current portion of finance lease obligations | (3,168) | (2,806) | |
Unamortized debt issuance costs | (244) | (289) | |
Total long-term debt | $ 116,058 | 128,604 | |
Finance Lease Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Weighted Average | [1] | 5.10% | |
Construction Financing [Member] | |||
Debt Instrument [Line Items] | |||
Weighted Average | [2] | 0% | |
ABL Revolver [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Maturity Date | 2027-10 | ||
Weighted Average | 6.90% | ||
Principal amount of revolver | $ 15,000 | 18,100 | |
ABL Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Maturity Date | 2027-10 | ||
Weighted Average | 6.90% | ||
Current ABL Term Loan | $ (9,200) | (9,200) | |
Principal amount of term loan | $ 103,500 | $ 110,400 | |
[1] Scheduled maturity dates for finance lease obligations range from Marc h 2025 to September 2028 . Refer to the discussion below under “ Construction Financing ” for further information. |
Long-Term Debt - Long-Term De_2
Long-Term Debt - Long-Term Debt Components (Details) (Parenthetical) | 9 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Finance lease obligations, scheduled maturity start date | 2025-03 |
Finance lease obligations, scheduled maturity end date | 2028-09 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Jul. 02, 2023 |
Construction Financing [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt including transitioned amount | $ 9,755 | |
Completed asset cost transferred to finance lease obligation | 9,755 | |
A B L Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount of term loan | $ 103,500 | $ 110,400 |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision (Benefit) for Income Taxes and Effective Tax Rate (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2024 | Apr. 02, 2023 | Mar. 31, 2024 | Apr. 02, 2023 | |
Income Tax Disclosure [Abstract] | ||||
Provision (benefit) for income taxes | $ 790 | $ 1,145 | $ 707 | $ 809 |
Effective tax rate | (8.30%) | (28.30%) | (1.70%) | (2.70%) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2024 | Apr. 02, 2023 | |
Income Taxes [Line Items] | ||
Income taxes, refund | $ 4,103 | $ 4,760 |
Internal Revenue Service [Member] | ||
Income Taxes [Line Items] | ||
Income taxes, refund | 1,275 | |
Interest on income tax overpayments | $ 457 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2024 | Oct. 31, 2018 | |
Fiscal 2023 [Member] | ||
Equity Class Of Treasury Stock [Line Items] | ||
Shares repurchased | 0 | |
Fiscal 2024 [Member] | ||
Equity Class Of Treasury Stock [Line Items] | ||
Shares repurchased | 0 | |
2018 Share Repurchase Program [Member] | ||
Equity Class Of Treasury Stock [Line Items] | ||
Share Repurchase Program, Authorized Amount | $ 50,000 | |
Share Repurchase Program, Remaining Authorized Repurchase Amount | $ 38,859 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - 2020 Plan [Member] - shares shares in Thousands | 9 Months Ended | |
Mar. 31, 2024 | Oct. 31, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Effective date | Oct. 31, 2023 | |
Number of shares available for future issuance | 826 | 850 |
Number of shares reserved | 1,100 |
Stock-based Compensation - Summ
Stock-based Compensation - Summary of Number of Awards Remaining Available for Future Issuance (Details) - 2020 Plan [Member] - shares shares in Thousands | 9 Months Ended | |
Mar. 31, 2024 | Oct. 31, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Authorized under the 2020 Plan | 850 | |
Available for issuance under the 2020 Plan | 826 | 850 |
Share Reserve Increase From The First Amendment [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Plus: Share reserve increase from the First Amendment | 1,100 | |
Awards Expired, Forfeited, or Otherwise Terminated Unexercised [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Plus: Awards expired, forfeited or otherwise terminated unexercised | 179 | |
Awards Granted to Employees [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Less: Awards granted to employees | (1,106) | |
Awards Granted to Non-Employee Directors [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Less: Awards granted to non-employee directors | (197) |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments and Non-Financial Assets and Liabilities - Additional Information (Details) - USD ($) | 9 Months Ended | ||
Mar. 31, 2024 | Apr. 02, 2023 | Jul. 02, 2023 | |
Fair Value Disclosures [Abstract] | |||
Fair value of the investment assets held by the grantor trust | $ 2,891,000 | $ 2,496,000 | |
Gains on investments held by the trust | 255,000 | $ 78,000 | |
Fair value assets and liabilities amount transfers into or out of the levels | $ 0 | $ 0 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2024 | Apr. 02, 2023 | Mar. 31, 2024 | Apr. 02, 2023 | |
Earnings Per Share [Abstract] | ||||
Net Income (Loss) | $ (10,295) | $ (5,184) | $ (43,411) | $ (31,055) |
Basic weighted average shares | 18,169 | 18,052 | 18,121 | 18,029 |
Diluted weighted average shares | 18,169 | 18,052 | 18,121 | 18,029 |
Excluded from the calculation of common share equivalents: | ||||
Anti-dilutive common share equivalents (in shares) | 561 | 574 | ||
Unvested stock options that vest upon achievement of certain market conditions (in shares) | 333 | 333 | 333 | 333 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) | Mar. 31, 2024 | Jul. 02, 2023 |
Related Party Transaction [Line Items] | ||
Related party receivables | $ 0 | $ 0 |
Related Party Transactions - Re
Related Party Transactions - Related Party Receivables and Payables (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Jul. 02, 2023 | |
Related Party Transaction [Line Items] | |||
Finance lease obligations | [1] | $ 10,170 | $ 10,767 |
Salem Leasing Corporation | |||
Related Party Transaction [Line Items] | |||
Accounts Payable | 429 | 457 | |
Operating lease obligations | 352 | 502 | |
Finance lease obligations | 2,704 | 3,677 | |
Total related party payables | $ 3,485 | $ 4,636 | |
[1] Scheduled maturity dates for finance lease obligations range from Marc h 2025 to September 2028 . |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2024 | Apr. 02, 2023 | Mar. 31, 2024 | Apr. 02, 2023 | |
Salem Leasing Corporation | ||||
Related Party Transaction [Line Items] | ||||
Expenses with related party | $ 1,066 | $ 1,048 | $ 3,503 | $ 3,431 |
Business Segment Information -
Business Segment Information - Additional Information (Details) | 9 Months Ended |
Mar. 31, 2024 Segment | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 3 |
Business Segment Information _2
Business Segment Information - Selected Financial Information for Polyester, Nylon, International and Other Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2024 | Apr. 02, 2023 | Mar. 31, 2024 | Apr. 02, 2023 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 148,996 | $ 156,738 | $ 424,757 | $ 472,469 |
Cost of sales | 144,232 | 147,085 | 418,932 | 464,253 |
Gross profit | 4,764 | 9,653 | 5,825 | 8,216 |
Segment depreciation expense | 6,314 | 6,123 | 18,925 | 18,006 |
Segment (Loss) Profit | 11,078 | 15,776 | 24,750 | 26,222 |
Americas [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 91,130 | 101,946 | 253,252 | 294,832 |
Cost of sales | 94,644 | 98,788 | 270,884 | 309,627 |
Gross profit | (3,514) | 3,158 | (17,632) | (14,795) |
Segment depreciation expense | 5,473 | 5,574 | 16,478 | 16,596 |
Segment (Loss) Profit | 1,959 | 8,732 | (1,154) | 1,801 |
Brazil [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 29,573 | 27,380 | 85,543 | 91,946 |
Cost of sales | 25,736 | 24,998 | 76,400 | 81,447 |
Gross profit | 3,837 | 2,382 | 9,143 | 10,499 |
Segment depreciation expense | 841 | 549 | 2,447 | 1,410 |
Segment (Loss) Profit | 4,678 | 2,931 | 11,590 | 11,909 |
Asia [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 28,293 | 27,412 | 85,962 | 85,691 |
Cost of sales | 23,852 | 23,299 | 71,648 | 73,179 |
Gross profit | 4,441 | 4,113 | 14,314 | 12,512 |
Segment (Loss) Profit | $ 4,441 | $ 4,113 | $ 14,314 | $ 12,512 |
Business Segment Information _3
Business Segment Information - Reconciliations of Segment Gross Profit (Loss) to Consolidated Loss Before Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2024 | Apr. 02, 2023 | Mar. 31, 2024 | Apr. 02, 2023 | |
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ||||
Gross profit (loss) | $ 4,764 | $ 9,653 | $ 5,825 | $ 8,216 |
Selling, general and administrative expenses | 11,372 | 12,063 | 35,389 | 35,584 |
Provision (benefit) for bad debts | 179 | (56) | 1,259 | (38) |
Restructuring costs | 5,101 | |||
Other operating expense (income), net | 139 | 324 | 674 | (139) |
Operating loss | (6,926) | (2,678) | (36,598) | (27,191) |
Interest income | (432) | (554) | (1,710) | (1,615) |
Interest expense | 2,407 | 2,073 | 7,505 | 5,209 |
Equity in loss (earnings) of unconsolidated affiliates | 604 | (158) | 311 | (539) |
(Loss) income before income taxes | (9,505) | (4,039) | (42,704) | (30,246) |
Americas [Member] | ||||
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ||||
Gross profit (loss) | (3,514) | 3,158 | (17,632) | (14,795) |
Brazil [Member] | ||||
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ||||
Gross profit (loss) | 3,837 | 2,382 | 9,143 | 10,499 |
Asia [Member] | ||||
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ||||
Gross profit (loss) | $ 4,441 | $ 4,113 | $ 14,314 | $ 12,512 |
Investments in Unconsolidated_3
Investments in Unconsolidated Affiliates - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2024 | Jul. 02, 2023 | |
Schedule Of Equity Method Investments [Line Items] | |||||
Equity method investments | $ 1,537 | $ 1,537 | $ 2,997 | ||
Restructuring costs | 5,101 | ||||
U N F [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Restructuring costs | $ 2,750 | ||||
Payments for restructuring | 1,550 | $ 1,200 | |||
Related Party [Member] | U N F America [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Accounts payable | 1,680 | 1,680 | |||
UNF and UNF America [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Purchase commitment, remaining minimum amount committed | $ 618 | $ 618 | |||
Percentage of current and total assets and total liabilities counted for by equity method investments | 5% | 5% | |||
UNF and UNF America [Member] | Related Party [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Accounts payable | $ 3,440 |
Investments in Unconsolidated_4
Investments in Unconsolidated Affiliates - Schedule of Raw Material Purchases under Supply Agreement (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2024 | Apr. 02, 2023 | Mar. 31, 2024 | Apr. 02, 2023 | |
UNF America [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Raw material purchases under supply agreement | $ 2,586 | $ 6,604 | $ 9,499 | $ 19,395 |
UNF [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Raw material purchases under supply agreement | 37 | |||
UNF and UNF America [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Raw material purchases under supply agreement | $ 2,586 | $ 6,604 | $ 9,499 | $ 19,432 |
Investments in Unconsolidated_5
Investments in Unconsolidated Affiliates - Schedule of Unaudited, Condensed Balance Sheet Information for Unconsolidated Affiliates (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Jul. 02, 2023 | Apr. 02, 2023 | Jan. 01, 2023 | Jul. 03, 2022 |
Schedule Of Equity Method Investments [Line Items] | ||||||
Current assets | $ 252,180 | $ 294,060 | ||||
Current liabilities | 77,723 | 71,995 | ||||
Shareholders’ equity and capital accounts | 277,809 | $ 291,340 | 323,610 | $ 334,908 | $ 334,879 | $ 361,449 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Current assets | 4,658 | 10,608 | ||||
Non-current assets | 466 | 494 | ||||
Current liabilities | 2,050 | 7,304 | ||||
Shareholders’ equity and capital accounts | 3,074 | 3,798 | ||||
UNIFI’s portion of undistributed earnings | $ 1,477 | $ 2,938 |
Investments in Unconsolidated_6
Investments in Unconsolidated Affiliates - Schedule of Unaudited, Condensed Income Statement Information for Unconsolidated Affiliates (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2024 | Apr. 02, 2023 | Mar. 31, 2024 | Apr. 02, 2023 | |
Schedule Of Equity Method Investments [Line Items] | ||||
Gross (loss) profit | $ 4,764 | $ 9,653 | $ 5,825 | $ 8,216 |
Net loss | (10,295) | (5,184) | (43,411) | (31,055) |
Distribution received | 1,000 | 1,000 | ||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Net sales | 1,673 | 5,041 | 10,782 | 21,076 |
Gross (loss) profit | (654) | 282 | (7) | 1,215 |
Loss from operations | (1,128) | (138) | (1,399) | (87) |
Net loss | (1,128) | (154) | (1,446) | (125) |
Depreciation and amortization | $ 7 | $ 27 | $ 28 | $ 83 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information - Schedule of Cash Payments for Interest and Taxes (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2024 | Apr. 02, 2023 | |
Supplemental Cash Flow Elements [Abstract] | ||
Interest, net of capitalized interest of $153 and $403, respectively | $ 7,182 | $ 4,143 |
Income tax payments, net | $ 4,103 | $ 4,760 |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information - Schedule of Cash Payments for Interest and Taxes (Details) (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2024 | Apr. 02, 2023 | |
Supplemental Cash Flow Elements [Abstract] | ||
Interest capitalized | $ 153 | $ 403 |
Supplemental Cash Flow Inform_5
Supplemental Cash Flow Information - Additional Information (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Apr. 02, 2023 | Jul. 02, 2023 | Jul. 03, 2022 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Capital expenditures incurred but not yet paid | $ 201 | $ 1,332 | $ 1,137 | $ 2,456 |
Non cash activity relating to finance leases | 1,633 | $ 3,179 | ||
Term Loan [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Line of credit facility, increase (decrease) | 52,500 | |||
Credit Agreement [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Line of credit facility, revolving credit conversion to term loan | 52,500 | |||
Credit Agreement [Member] | Revolving Credit Facility [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Line of credit facility, increase (decrease) | $ 52,500 |
Other Financial Data - Schedule
Other Financial Data - Schedule of Balance Sheet Information (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Jul. 02, 2023 |
Receivables, net: | ||
Customer receivables | $ 77,320 | $ 79,174 |
Allowance for uncollectible accounts | (2,488) | (1,362) |
Reserves for quality claims | (750) | (682) |
Net customer receivables | 74,082 | 77,130 |
Banker's acceptance notes | 3,963 | 5,870 |
Other receivables | 886 | 725 |
Total receivables, net | 78,931 | 83,725 |
Inventories: | ||
Raw materials | 57,232 | 59,983 |
Supplies | 11,964 | 11,787 |
Work in process | 8,800 | 6,633 |
Finished goods | 60,955 | 78,032 |
Gross inventories | 138,951 | 156,435 |
Net realizable value adjustment | (4,826) | (5,625) |
Total inventories | 134,125 | 150,810 |
Other current assets: | ||
Vendor deposits | 3,463 | 3,863 |
Prepaid expenses and other | 2,858 | 2,584 |
Value-added taxes receivable | 2,628 | 3,398 |
Contract assets | 511 | 549 |
Recovery of non-income taxes, net | 1,933 | |
Total other current assets | 9,460 | 12,327 |
Property, plant and equipment, net: | ||
Gross property, plant and equipment | 904,604 | 906,739 |
Less: accumulated depreciation | (692,949) | (682,768) |
Less: accumulated amortization – finance leases | (6,860) | (5,450) |
Total property, plant and equipment, net | 204,795 | 218,521 |
Other non-current assets: | ||
Recovery of taxes | 6,072 | 5,957 |
Grantor trust | 2,891 | 2,496 |
Investments in unconsolidated affiliates | 1,537 | 2,997 |
Intangible assets, net | 709 | 1,210 |
Other | 2,193 | 1,848 |
Total other non-current assets | 13,402 | 14,508 |
Other current liabilities: | ||
Payroll and fringe benefits | 8,060 | 6,981 |
Incentive compensation | 2,200 | 298 |
Deferred revenue | 2,090 | 1,441 |
Utilities | 2,037 | 1,634 |
Severance | 1,402 | |
Property taxes, interest and other | 3,384 | 2,578 |
Total other current liabilities | 19,173 | 12,932 |
Other long-term liabilities: | ||
Nonqualified deferred compensation plan obligation | 1,958 | 2,659 |
Uncertain tax positions | 1,074 | 1,973 |
Other | 407 | 468 |
Total other long-term liabilities | 3,439 | 5,100 |
Land | ||
Property, plant and equipment, net: | ||
Gross property, plant and equipment | 2,501 | 2,512 |
Land Improvements | ||
Property, plant and equipment, net: | ||
Gross property, plant and equipment | 16,445 | 16,443 |
Building and Building Improvements | ||
Property, plant and equipment, net: | ||
Gross property, plant and equipment | 167,955 | 167,589 |
Assets Held Under Finance Leases | ||
Property, plant and equipment, net: | ||
Gross property, plant and equipment | 18,030 | 16,397 |
Machinery and Equipment | ||
Property, plant and equipment, net: | ||
Gross property, plant and equipment | 659,235 | 656,431 |
Computers Software And Office Equipment | ||
Property, plant and equipment, net: | ||
Gross property, plant and equipment | 25,589 | 26,654 |
Transportation Equipment | ||
Property, plant and equipment, net: | ||
Gross property, plant and equipment | 10,752 | 10,710 |
Asset under Construction | ||
Property, plant and equipment, net: | ||
Gross property, plant and equipment | $ 4,097 | $ 10,003 |
Other Financial Data - Schedu_2
Other Financial Data - Schedule of Balance Sheet Information (Parenthetical) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Dec. 31, 2023 | Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Severance expenses | $ 2,351 | |
Cash disbursements | $ 949 |