Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Dec. 28, 2014 | Feb. 02, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | UNIFI INC | |
Document Type | 10-Q | |
Current Fiscal Year End Date | -22 | |
Entity Common Stock, Shares Outstanding | 18,185,633 | |
Amendment Flag | FALSE | |
Entity Central Index Key | 100726 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Accelerated Filer | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | 28-Dec-14 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q2 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Dec. 28, 2014 | Jun. 29, 2014 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and cash equivalents | $17,897 | $15,907 |
Receivables, net | 76,319 | 93,925 |
Inventories | 115,703 | 113,370 |
Income taxes receivable | 4,434 | 179 |
Deferred income taxes | 1,928 | 1,794 |
Other current assets | 5,496 | 6,052 |
Total current assets | 221,777 | 231,227 |
Property, plant and equipment, net | 124,328 | 123,802 |
Deferred income taxes | 3,314 | 2,329 |
Intangible assets, net | 6,372 | 7,394 |
Investments in unconsolidated affiliates | 105,748 | 99,229 |
Other non-current assets | 4,952 | 5,086 |
Total assets | 466,491 | 469,067 |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
Accounts payable | 41,853 | 51,364 |
Accrued expenses | 11,639 | 18,589 |
Income taxes payable | 200 | 3,134 |
Current portion of long-term debt | 13,353 | 7,215 |
Total current liabilities | 67,045 | 80,302 |
Long-term debt | 97,905 | 92,273 |
Other long-term liabilities | 7,639 | 7,549 |
Deferred income taxes | 5,809 | 2,205 |
Total liabilities | 178,398 | 182,329 |
Commitments and contingencies | ||
Common stock, $0.10 par value (500,000,000 shares authorized, 18,185,633 and 18,313,959 shares outstanding) | 1,819 | 1,831 |
Capital in excess of par value | 43,483 | 42,130 |
Retained earnings | 258,367 | 245,673 |
Accumulated other comprehensive loss | -17,321 | -4,619 |
Total Unifi, Inc. shareholders’ equity | 286,348 | 285,015 |
Non-controlling interest | 1,745 | 1,723 |
Total shareholders’ equity | 288,093 | 286,738 |
Total liabilities and shareholders’ equity | $466,491 | $469,067 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $) | Dec. 28, 2014 | Jun. 29, 2014 |
Common stock, par (in Dollars per share) | $0.10 | $0.10 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares outstanding | 18,185,633 | 18,313,959 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 |
Net sales | $163,149 | $160,617 | $337,331 | $329,286 |
Cost of sales | 139,866 | 142,120 | 293,093 | 290,804 |
Gross profit | 23,283 | 18,497 | 44,238 | 38,482 |
Selling, general and administrative expenses | 12,584 | 11,491 | 23,870 | 21,605 |
Provision for bad debts | 63 | 87 | 654 | 49 |
Other operating expense, net | 702 | 1,145 | 2,163 | 2,769 |
Operating income | 9,934 | 5,774 | 17,551 | 14,059 |
Interest income | -309 | -142 | -626 | -1,356 |
Interest expense | 1,209 | 903 | 2,028 | 2,155 |
Equity in earnings of unconsolidated affiliates | -3,281 | -5,122 | -7,002 | -11,245 |
Income before income taxes | 12,315 | 10,135 | 23,151 | 24,505 |
Provision for income taxes | 3,193 | 3,924 | 7,354 | 9,675 |
Net income including non-controlling interest | 9,122 | 6,211 | 15,797 | 14,830 |
Less: net (loss) attributable to non-controlling interest | -296 | -232 | -698 | -483 |
Net income attributable to Unifi, Inc. | $9,418 | $6,443 | $16,495 | $15,313 |
Basic (in Dollars per share) | $0.52 | $0.34 | $0.90 | $0.80 |
Diluted (in Dollars per share) | $0.50 | $0.32 | $0.88 | $0.76 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 |
Net income including non-controlling interest | $9,122 | $6,211 | $15,797 | $14,830 |
Foreign currency translation adjustments | -5,483 | -3,140 | -12,524 | -3,462 |
Reclassification adjustments on cash flow hedge | 89 | 145 | 193 | 300 |
Other comprehensive loss, net | -5,765 | -2,995 | -12,702 | -3,162 |
Comprehensive income including non-controlling interest | 3,357 | 3,216 | 3,095 | 11,668 |
Less: comprehensive (loss) attributable to non-controlling interest | -296 | -232 | -698 | -483 |
Comprehensive income attributable to Unifi, Inc. | 3,653 | 3,448 | 3,793 | 12,151 |
Parkdale America, LLC [Member] | ||||
Foreign currency translation adjustments | ($371) | ($371) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statement of Shareholders' Equity (Unaudited) (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
In Thousands, except Share data | |||||||
Balance at June 29, 2014 at Jun. 29, 2014 | $1,831 | $42,130 | $245,673 | ($4,619) | $285,015 | $1,723 | $286,738 |
Balance at June 29, 2014 (in Shares) at Jun. 29, 2014 | 18,314,000 | 18,313,959 | |||||
Options exercised | 36 | 36 | 36 | ||||
Options exercised (in Shares) | 5,000 | 5,000 | |||||
Stock-based compensation | 1,564 | 1,564 | 1,564 | ||||
Conversion of restricted stock units | 2 | -2 | |||||
Conversion of restricted stock units (in Shares) | 16,000 | ||||||
Common stock repurchased and retired under publicly announced program | -14 | -345 | -3,801 | -4,160 | -4,160 | ||
Common stock repurchased and retired under publicly announced program (in Shares) | -149,000 | -149,000 | |||||
Excess tax benefit on stock-based compensation plans | 100 | 100 | 100 | ||||
Other comprehensive loss, net | -12,702 | -12,702 | -12,702 | ||||
Contributions from non-controlling interest | 720 | 720 | |||||
Net income (loss) | 16,495 | 16,495 | -698 | 15,797 | |||
Balance at December 28, 2014 at Dec. 28, 2014 | $1,819 | $43,483 | $258,367 | ($17,321) | $286,348 | $1,745 | $288,093 |
Balance at December 28, 2014 (in Shares) at Dec. 28, 2014 | 18,186,000 | 18,185,633 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 |
Cash and cash equivalents at beginning of year | $15,907 | $8,755 |
Operating activities: | ||
Net income including non-controlling interest | 15,797 | 14,830 |
Adjustments to reconcile net income including non-controlling interest to net cash provided by operating activities: | ||
Equity in earnings of unconsolidated affiliates | -7,002 | -11,245 |
Distributions received from unconsolidated affiliates | 3,059 | |
Depreciation and amortization expense | 8,986 | 8,625 |
Non-cash compensation expense, net | 1,897 | 1,611 |
Excess tax benefit on stock-based compensation plans | -100 | -3,536 |
Deferred income taxes | 1,620 | 25 |
Other | 48 | 1,751 |
Changes in assets and liabilities: | ||
Receivables, net | 14,239 | 19,829 |
Inventories | -7,005 | -1,609 |
Other current assets and income taxes receivable | -4,330 | 684 |
Accounts payable and accruals | -11,741 | -17,645 |
Income taxes payable | -2,897 | 3,137 |
Other non-current assets | 53 | 4,714 |
Net cash provided by operating activities | 9,565 | 24,230 |
Investing activities: | ||
Capital expenditures | -13,442 | -9,431 |
Proceeds from sale of assets | 101 | 268 |
Proceeds from other investments | 54 | 392 |
Other | -145 | -60 |
Net cash used in investing activities | -13,432 | -8,831 |
Financing activities: | ||
Proceeds from revolving credit facility | 79,400 | 72,700 |
Payments on revolving credit facility | -86,400 | -74,800 |
Proceeds from term loan | 22,000 | 7,200 |
Payment on term loan | -2,813 | |
Common stock repurchased and retired under publicly announced programs | -4,160 | -18,687 |
Common stock tendered to the Company for withholding tax obligations and retired | -1,654 | |
Proceeds from stock option exercises | 36 | 2,833 |
Excess tax benefit on stock-based compensation plans | 100 | 3,536 |
Contributions from non-controlling interest | 720 | 346 |
Other | -959 | -31 |
Net cash provided by (used in) financing activities | 7,924 | -8,557 |
Effect of exchange rate changes on cash and cash equivalents | -2,067 | -75 |
Net increase in cash and cash equivalents | 1,990 | 6,767 |
Cash and cash equivalents at end of period | $17,897 | $15,522 |
Note_1_Background
Note 1 - Background | 6 Months Ended |
Dec. 28, 2014 | |
Disclosure Text Block [Abstract] | |
Nature of Operations [Text Block] | 1. Background |
Unifi, Inc., a New York corporation formed in 1969 (together with its subsidiaries, “we”, the “Company” or “Unifi”), is a multi-national manufacturing company that processes and sells high-volume commodity yarns, specialized yarns designed to meet certain customer specifications, and premier value-added (“PVA”) yarns with enhanced performance characteristics. The Company sells yarns made from polyester and nylon to other yarn manufacturers and knitters and weavers that produce fabric for the apparel, hosiery, home furnishings, automotive upholstery, industrial and other end-use markets. The Company’s polyester products include polyester polymer beads (“Chip”), partially oriented yarn (“POY”), textured, solution and package dyed, twisted, beamed and draw wound yarns; each is available in virgin or recycled varieties (the latter made from both pre-consumer yarn waste and post-consumer waste, including plastic bottles). The Company’s nylon products include textured, solution dyed and covered spandex products. | |
The Company maintains one of the textile industry’s most comprehensive yarn product offerings, and it has ten manufacturing operations in four countries and participates in joint ventures in Israel and the United States (“U.S.”). The Company’s principal geographic markets for its products are located in the U.S., Canada, Mexico, Central America and South America. In addition, the Company has a wholly-owned subsidiary in the People’s Republic of China (“China”) focused on the sale and promotion of the Company’s PVA and other specialty products in the Asian textile market, primarily in China, as well as in the European market. |
Note_2_Basis_of_Presentation_C
Note 2 - Basis of Presentation; Condensed Notes | 6 Months Ended |
Dec. 28, 2014 | |
Disclosure Text Block [Abstract] | |
Basis of Accounting [Text Block] | 2. Basis of Presentation; Condensed Notes |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. As contemplated by the instructions of the Securities and Exchange Commission 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 the Company’s year-end audited consolidated financial statements and notes thereto contained in its Annual Report on Form 10-K for the fiscal year ended June 29, 2014 (the “2014 Form 10-K”). | |
The financial information included in this report has been prepared by the Company, without audit. In the opinion of management, all 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 June 29, 2014 condensed consolidated balance sheet data was derived from the audited financial statements, but does not include all disclosures required by GAAP. 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 dollar and other currency amounts and share amounts, except per share amounts, are presented in thousands (000s), except as otherwise noted. | |
Fiscal Year | |
The Company’s current fiscal quarter ended on December 28, 2014, the last Sunday in December. The Company’s Brazilian, Colombian and Chinese subsidiaries’ fiscal quarter ended on December 31, 2014 and there were no significant transactions or events that occurred between the Company’s fiscal quarter end and its subsidiaries’ fiscal quarter end. The three months ended December 28, 2014 and December 29, 2013 each consisted of thirteen fiscal weeks. The six months ended December 28, 2014 and December 29, 2013 each consisted of twenty-six fiscal weeks. | |
Reclassifications | |
Certain reclassifications of prior years’ data have been made to conform to the current year presentation. |
Note_3_Recent_Accounting_Prono
Note 3 - Recent Accounting Pronouncements | 6 Months Ended |
Dec. 28, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 3. Recent Accounting Pronouncements |
There have been no newly issued or newly applicable accounting pronouncements that have, or are expected to have, a significant impact on the Company's financial statements. |
Note_4_Acquisition
Note 4 - Acquisition | 6 Months Ended | ||||
Dec. 28, 2014 | |||||
Business Combinations [Abstract] | |||||
Business Combination Disclosure [Text Block] | 4. Acquisition | ||||
Acquisition of Draw Winding Business from Dillon Yarn Corporation | |||||
On December 2, 2013, the Company acquired certain draw winding assets and the associated business from American Drawtech Company, Inc. (“ADC”), a division of Dillon Yarn Corporation (“Dillon”), pursuant to the exercise of an option granted to the Company under the terms of a commissioning agreement with Dillon, for $2,934, which included accounts payable and an accrued contingent liability. The assets acquired include Dillon’s draw winding inventory and production machinery and equipment. This acquisition increased the Company’s polyester production capacity and has allowed the Company to expand its presence in targeted industrial, belting, hose and thread markets by increasing its product offerings to include mid-tenacity flat yarns. Mr. Mitchel Weinberger, a member of the Company’s Board of Directors (the “Board”), is also Dillon’s President and Chief Operating Officer and an Executive Vice President and a director of ADC. | |||||
The acquisition has been accounted for as a business combination, which requires assets acquired and liabilities assumed to be recognized at their fair values as of the acquisition date. The Company concluded that the acquisition did not represent a material business combination. The fair values of the assets acquired, liabilities assumed and consideration transferred are as follows: | |||||
Assets: | |||||
Inventory | $ | 434 | |||
Machinery and equipment | 835 | ||||
Customer list | 1,615 | ||||
Non-compete agreement | 50 | ||||
Total assets | $ | 2,934 | |||
Liabilities: | |||||
Accounts payable | $ | 434 | |||
Contingent consideration | 2,500 | ||||
Total liabilities | $ | 2,934 | |||
The contingent consideration liability represents the present value of the expected future payments due to Dillon over the five-year period following the acquisition date. The payments due are equal to one-half of the operating profit of the draw winding business, as calculated using an agreed-upon definition. The assumptions used in estimating the contingent consideration liability were based on inputs not observable in the market and represent Level 3 fair value measurements. These estimates are reviewed quarterly and any adjustment is recorded through operating income. | |||||
See “Note 9. Intangible Assets, Net” for further discussion of the customer list and non-compete agreement. | |||||
See “Note 17. Fair Value of Financial Instruments and Non-Financial Assets and Liabilities” for further discussion of the recurring measurement of the contingent consideration. |
Note_5_Receivables_Net
Note 5 - Receivables, Net | 6 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Receivables [Abstract] | |||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 5. Receivables, Net | ||||||||
Receivables, net consists of the following: | |||||||||
28-Dec-14 | 29-Jun-14 | ||||||||
Customer receivables | $ | 78,106 | $ | 95,270 | |||||
Allowance for uncollectible accounts | (1,465 | ) | (1,035 | ) | |||||
Reserves for yarn quality claims | (640 | ) | (618 | ) | |||||
Net customer receivables | 76,001 | 93,617 | |||||||
Related party receivables | 25 | 17 | |||||||
Other receivables | 293 | 291 | |||||||
Total receivables, net | $ | 76,319 | $ | 93,925 | |||||
Other receivables consist primarily of receivables for duty drawback, healthcare claim reimbursement, interest and refunds from vendors. | |||||||||
The changes in the Company’s allowance for uncollectible accounts and reserves for yarn quality claims were as follows: | |||||||||
Allowance for Uncollectible Accounts | Reserves for Yarn Quality Claims | ||||||||
Balance at June 29, 2014 | $ | (1,035 | ) | $ | (618 | ) | |||
Charged to costs and expenses | (654 | ) | (631 | ) | |||||
Charged to other accounts | 144 | 22 | |||||||
Deductions | 80 | 587 | |||||||
Balance at December 28, 2014 | $ | (1,465 | ) | $ | (640 | ) | |||
Amounts charged to costs and expenses for the allowance for uncollectible accounts are reflected in the provision for bad debts and deductions represent amounts written off which were deemed to not be collectible, net of any recoveries. Amounts charged to costs and expenses for the reserves for yarn quality claims are primarily reflected as a reduction of net sales and deductions represent adjustments to either increase or decrease claims based on negotiated amounts or actual versus estimated claim differences. Amounts charged to other accounts primarily include the impact of translating the activity of the Company’s foreign affiliates from their respective local currencies to the U.S. Dollar. |
Note_6_Inventories
Note 6 - Inventories | 6 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventory Disclosure [Text Block] | 6. Inventories | ||||||||
Inventories consists of the following: | |||||||||
28-Dec-14 | 29-Jun-14 | ||||||||
Raw materials | $ | 44,505 | $ | 42,244 | |||||
Supplies | 5,135 | 5,345 | |||||||
Work in process | 6,067 | 7,404 | |||||||
Finished goods | 61,071 | 59,716 | |||||||
Gross inventories | 116,778 | 114,709 | |||||||
Inventory reserves | (1,075 | ) | (1,339 | ) | |||||
Total inventories | $ | 115,703 | $ | 113,370 | |||||
The cost for the majority of the Company’s inventories is determined using the first-in, first-out method. Certain foreign inventories and limited categories of supplies of $30,510 and $32,822 as of December 28, 2014 and June 29, 2014, respectively, were valued under the average cost method. |
Note_7_Other_Current_Assets
Note 7 - Other Current Assets | 6 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||
Other Current Assets [Text Block] | 7. Other Current Assets | ||||||||
Other current assets consists of the following: | |||||||||
28-Dec-14 | 29-Jun-14 | ||||||||
Vendor deposits | $ | 1,810 | $ | 2,369 | |||||
Value added taxes receivable | 1,296 | 1,197 | |||||||
Prepaid expenses | 1,928 | 1,876 | |||||||
Other | 462 | 610 | |||||||
Total other current assets | $ | 5,496 | $ | 6,052 | |||||
Vendor deposits primarily relate to down payments made toward the purchase of raw materials by the Company’s U.S., Brazilian and Chinese operations. Value added taxes receivable are recoverable taxes associated with the sales and purchase activities of the Company’s foreign operations. Prepaid expenses consist of advance payments for insurance, professional fees, membership dues, subscriptions, non-income related tax payments, marketing and information technology services. | |||||||||
Other consists primarily of premiums on a split dollar life insurance policy that represents the value of the Company’s right of return on premiums paid for a retiree-owned insurance contract with a maturity date of January 1, 2015 and amounts held by the Company’s Colombian subsidiary in an investment fund under liquidation. |
Note_8_Property_Plant_and_Equi
Note 8 - Property, Plant and Equipment, Net | 6 Months Ended | ||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||
Property, Plant and Equipment Disclosure [Text Block] | 8. Property, Plant and Equipment, Net | ||||||||||||||||
Property, plant and equipment, net consists of the following: | |||||||||||||||||
28-Dec-14 | 29-Jun-14 | ||||||||||||||||
Land | $ | 2,801 | $ | 2,957 | |||||||||||||
Land improvements | 11,676 | 11,676 | |||||||||||||||
Buildings and improvements | 145,228 | 145,458 | |||||||||||||||
Assets under capital leases | 4,587 | 4,587 | |||||||||||||||
Machinery and equipment | 532,639 | 532,650 | |||||||||||||||
Computers, software and office equipment | 16,846 | 17,404 | |||||||||||||||
Transportation equipment | 4,818 | 4,901 | |||||||||||||||
Construction in progress | 5,932 | 6,896 | |||||||||||||||
Gross property, plant and equipment | 724,527 | 726,529 | |||||||||||||||
Less: accumulated depreciation | (599,663 | ) | (602,436 | ) | |||||||||||||
Less: accumulated amortization – capital leases | (536 | ) | (291 | ) | |||||||||||||
Total property, plant and equipment, net | $ | 124,328 | $ | 123,802 | |||||||||||||
Depreciation expense, including the amortization of assets under capital leases, internal software development costs amortization, repairs and maintenance expenses, and capitalized interest were as follows: | |||||||||||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||
28-Dec-14 | 29-Dec-13 | 28-Dec-14 | 29-Dec-13 | ||||||||||||||
Depreciation expense | $ | 3,792 | $ | 3,599 | $ | 7,620 | $ | 7,386 | |||||||||
Internal software development costs amortization | 37 | 35 | 71 | 69 | |||||||||||||
Repair and maintenance expenses | 4,290 | 4,286 | 8,948 | 8,516 | |||||||||||||
Capitalized interest | 6 | 41 | 53 | 83 | |||||||||||||
Note_9_Intangible_Assets_Net
Note 9 - Intangible Assets, Net | 6 Months Ended | ||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||||||
Intangible Assets Disclosure [Text Block] | 9. Intangible Assets, Net | ||||||||||||||||
Intangible assets, net consists of the following: | |||||||||||||||||
28-Dec-14 | 29-Jun-14 | ||||||||||||||||
Customer lists | $ | 23,615 | $ | 23,615 | |||||||||||||
Non-compete agreements | 4,293 | 4,293 | |||||||||||||||
Licenses | 265 | 265 | |||||||||||||||
Trademarks | 353 | 339 | |||||||||||||||
Patents | 163 | 162 | |||||||||||||||
Total intangible assets, gross | 28,689 | 28,674 | |||||||||||||||
Accumulated amortization - customer lists | (18,635 | ) | (17,838 | ) | |||||||||||||
Accumulated amortization - non-compete agreements | (3,375 | ) | (3,214 | ) | |||||||||||||
Accumulated amortization - licenses | (102 | ) | (86 | ) | |||||||||||||
Accumulated amortization - trademarks | (199 | ) | (141 | ) | |||||||||||||
Accumulated amortization - patents | (6 | ) | (1 | ) | |||||||||||||
Total accumulated amortization | (22,317 | ) | (21,280 | ) | |||||||||||||
Total intangible assets, net | $ | 6,372 | $ | 7,394 | |||||||||||||
In fiscal year 2007, the Company purchased the texturing operations of Dillon, which are included in the Company’s Polyester Segment. The valuation of the customer list acquired was determined by estimating the discounted net earnings attributable to the customer relationships that were purchased after considering items such as possible customer attrition. Based on the length and trend of the projected cash flows, an estimated useful life of thirteen years was determined. The customer list is amortized in a manner which reflects the expected economic benefit that will be received over its thirteen-year life. The non-compete agreement is amortized using the straight-line method over the period currently covered by the agreement. The amortization expense is included within the Polyester Segment’s depreciation and amortization expense. | |||||||||||||||||
On December 2, 2013, the Company acquired certain draw winding assets and the associated business from Dillon, as described in “Note 4. Acquisition.” A customer list and a non-compete agreement were recorded in connection with the business combination, utilizing similar valuation methods as described above for the fiscal year 2007 transaction. The customer list is amortized over a nine-year estimated useful life based on the expected economic benefit. The non-compete agreement is amortized using the straight-line method over the five-year term of the agreement. The amortization expense is included within the Polyester Segment’s depreciation and amortization expense. | |||||||||||||||||
During fiscal year 2012, the Company acquired a controlling interest (and continues to hold such 60% membership interest) in Repreve Renewables, LLC (“Renewables”), a development stage enterprise formed to cultivate, grow and sell dedicated energy crops, including biomass intended for use as a feedstock in the production of energy and potential applications for poultry bedding. The non-compete agreement for Renewables is amortized using the straight-line method over the five-year term of the agreement. The licenses for Renewables are amortized using the straight-line method over their estimated useful lives of four to eight years. | |||||||||||||||||
The Company capitalizes expenses incurred to register trademarks for REPREVE® and other PVA products in various countries. The Company has determined that these trademarks have varying useful lives of up to three years and are being amortized using the straight-line method. | |||||||||||||||||
Amortization expense for intangible assets consists of the following: | |||||||||||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||
28-Dec-14 | 29-Dec-13 | 28-Dec-14 | 29-Dec-13 | ||||||||||||||
Customer lists | $ | 398 | $ | 370 | $ | 797 | $ | 740 | |||||||||
Non-compete agreements | 81 | 79 | 161 | 157 | |||||||||||||
Licenses | 8 | 7 | 16 | 15 | |||||||||||||
Trademarks | 30 | 22 | 58 | 46 | |||||||||||||
Patents | 2 | — | 5 | — | |||||||||||||
Total amortization expense | $ | 519 | $ | 478 | $ | 1,037 | $ | 958 | |||||||||
Note_10_Other_Noncurrent_Asset
Note 10 - Other Non-current Assets | 6 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||
Investments and Other Noncurrent Assets [Text Block] | 10. Other Non-Current Assets | ||||||||
Other non-current assets consists of the following: | |||||||||
28-Dec-14 | 29-Jun-14 | ||||||||
Biomass foundation and feedstock | $ | 2,688 | $ | 2,683 | |||||
Debt financing fees | 2,019 | 2,093 | |||||||
Long-term deposits | 242 | 295 | |||||||
Other | 3 | 15 | |||||||
Total other non-current assets | $ | 4,952 | $ | 5,086 | |||||
Biomass foundation and feedstock are currently being developed and propagated by Renewables for potential markets in the poultry bedding and bioenergy industries. Long-term deposits consist primarily of vendor deposits. |
Note_11_Accrued_Expenses
Note 11 - Accrued Expenses | 6 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 11. Accrued Expenses | ||||||||
Accrued expenses consists of the following: | |||||||||
28-Dec-14 | 29-Jun-14 | ||||||||
Payroll and fringe benefits | $ | 6,234 | $ | 12,406 | |||||
Utilities | 1,855 | 2,876 | |||||||
Property taxes | 1,528 | 821 | |||||||
Contingent consideration | 525 | 537 | |||||||
Other | 1,497 | 1,949 | |||||||
Total accrued expenses | $ | 11,639 | $ | 18,589 | |||||
Other consists primarily of workers compensation and other employee related claims, severance payments, interest, marketing expenses, freight expenses, rent, deferred incentives and other non-income related taxes. |
Note_12_Longterm_Debt
Note 12 - Long-term Debt | 6 Months Ended | ||||||||||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||||||||||||||
Long-term Debt [Text Block] | 12. Long-Term Debt | ||||||||||||||||||||||||
Debt Obligations | |||||||||||||||||||||||||
The following table presents the total balances outstanding for the Company’s debt obligations, their scheduled maturity dates and the weighted average interest rates for borrowings (including the effects of the interest rate swap) as well as the applicable current portion of long-term debt: | |||||||||||||||||||||||||
Scheduled | Weighted Average Interest Rate as of | Principal Amounts as of | |||||||||||||||||||||||
Maturity Date | 28-Dec-14 | 28-Dec-14 | 29-Jun-14 | ||||||||||||||||||||||
ABL Revolver | Mar-19 | 2.20% | $ | 19,000 | $ | 26,000 | |||||||||||||||||||
ABL Term Loan | Mar-19 | 3.20% | 87,187 | 68,000 | |||||||||||||||||||||
Term loan from unconsolidated affiliate | Aug-15 | 3.00% | 1,250 | 1,250 | |||||||||||||||||||||
Capital lease obligations | -1 | -2 | 3,821 | 4,238 | |||||||||||||||||||||
Total debt | 111,258 | 99,488 | |||||||||||||||||||||||
Current portion of long-term debt | (13,353 | ) | (7,215 | ) | |||||||||||||||||||||
Total long-term debt | $ | 97,905 | $ | 92,273 | |||||||||||||||||||||
-1 | Scheduled maturity dates for capital lease obligations range from January 2017 to November 2027. | ||||||||||||||||||||||||
-2 | Interest rates for capital lease obligations range from 2.3% to 4.6%. | ||||||||||||||||||||||||
On May 24, 2012, the Company entered into a credit agreement (the “Credit Agreement”) to establish a $150,000 senior secured credit facility (“ABL Facility”) with Wells Fargo Bank, N.A. and Bank of America, N.A. The ABL Facility has been amended several times, such that it has a maturity date of March 28, 2019 and consists of a $100,000 revolving credit facility (“ABL Revolver”) and a $90,000 term loan (“ABL Term Loan”). | |||||||||||||||||||||||||
ABL Facility | |||||||||||||||||||||||||
The ABL Facility is secured by a first-priority security interest in substantially all owned property and assets (together with proceeds and products) of Unifi, Inc., Unifi Manufacturing, Inc. and certain subsidiary guarantors (the “Loan Parties”). It is also secured by a first-priority security interest in all (or 65% in the case of certain first tier controlled foreign corporations, as required by the lenders) of the stock of (or other ownership interests in) each of the Loan Parties (other than the Company) and certain subsidiaries of the Loan Parties, together with all proceeds and products thereof. The ABL Facility is further secured by a first-priority lien on the Company’s limited liability company membership interest in Parkdale America, LLC (“PAL”). | |||||||||||||||||||||||||
The Credit Agreement, as amended, includes representations and warranties made by the Loan Parties, affirmative and negative covenants and events of default that are usual and customary for financings of this type. If excess availability under the ABL Revolver falls below the defined Trigger Level, a financial covenant requiring the Loan Parties to maintain a fixed charge coverage ratio on a monthly basis of at least 1.05 to 1.0 becomes effective. The Trigger Level as of December 28, 2014 was $23,398. In addition, the ABL Facility contains restrictions on certain payments and investments, including restrictions on the payment of dividends and share repurchases, unless excess availability is greater than the Trigger Level for the thirty-day period prior to the making of such a distribution (as calculated on a pro forma basis as if all such payments and any revolving loans made in connection therewith were made on the first day of such period) and the fixed charge coverage ratio is at least 1.0 to 1.0 (as calculated on a pro forma basis as if all such payments made pursuant to the most recent compliance certificate date were made on the last day of the applicable twelve-month period). Subject to certain provisions, the ABL Term Loan may be prepaid at par, in whole or in part, at any time before the maturity date, at the Company’s discretion. | |||||||||||||||||||||||||
The Company’s ability to borrow under the ABL Revolver is limited to a borrowing base equal to specified percentages of eligible accounts receivable and inventory and is subject to certain conditions and limitations. ABL Revolver borrowings bear interest at the London Interbank Offer Rate (“LIBOR”) plus an applicable margin of 1.75% to 2.25%, or the Base Rate plus an applicable margin of 0.75% to 1.25%, with interest currently being paid on a monthly basis. The Base Rate means the greater of (i) the prime lending rate as publicly announced from time to time by Wells Fargo, (ii) the Federal Funds Rate plus 0.5%, and (iii) LIBOR plus 1.0%. There is also a monthly unused line fee under the ABL Revolver of 0.25% to 0.375%. | |||||||||||||||||||||||||
Fifth Amendment | |||||||||||||||||||||||||
On August 25, 2014, the Company entered into a Fifth Amendment to Credit Agreement (“Fifth Amendment”). The Fifth Amendment, among other things: (i) increased the ABL Term Loan by $22,000 to $90,000; (ii) increased the fixed quarterly payments on the ABL Term Loan from $2,125 to $2,812; (iii) modified the calculation of the fixed charge coverage ratio to exclude certain capital expenditures and permitted acquisitions, at the election of the Company, through June 30, 2015, subject to a maximum exclusion of $40,000 for any consecutive twelve-month period and other limitations; (iv) increased the ABL Term Loan interest rate from LIBOR plus an applicable margin of 2.25%, or the Base Rate plus an applicable margin of 1.25%, to LIBOR plus an applicable margin of 2.50%, or the Base Rate plus an applicable margin of 1.50%; (v) modified the date on which the eligibility of certain collateral is calculated as a date between July 19, 2015 and December 31, 2015, subject to satisfaction of certain additional conditions, such that the ABL Term Loan amount can be increased again up to $90,000; (vi) related to the making of restricted payments (consisting of dividends and share repurchases), in addition to existing requirements, added a requirement to have a fixed charge coverage ratio of at least 1.0 to 1.0 during the same period, calculated on a pro forma basis as if all such restricted payments made pursuant to the most recent compliance certificate date were made on the last day of the applicable twelve-fiscal-month period; and (vii) removed the requirement to hedge interest rate exposure on funded indebtedness. Debt financing fees of $184 were recorded during the six months ended December 28, 2014 related to the amendment. | |||||||||||||||||||||||||
As of December 28, 2014, the Company was in compliance with all financial covenants; the excess availability under the ABL Revolver was $60,919; the fixed charge coverage ratio was 4.5 to 1.0; and the Company had $525 of standby letters of credit, none of which have been drawn upon. | |||||||||||||||||||||||||
Term Loan from Unconsolidated Affiliate | |||||||||||||||||||||||||
On August 30, 2012, a foreign subsidiary of the Company entered into an unsecured loan agreement under which it borrowed $1,250 from the Company’s unconsolidated affiliate, U.N.F. Industries Ltd. The loan does not amortize and bears interest at 3%, payable semi-annually. The entire principal balance is due August 30, 2015, the maturity date. | |||||||||||||||||||||||||
Scheduled Debt Maturities | |||||||||||||||||||||||||
The following table presents the scheduled maturities of the Company’s outstanding debt obligations for the remainder of fiscal year 2015 and the fiscal years thereafter: | |||||||||||||||||||||||||
Scheduled Maturities on a Fiscal Year Basis | |||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | ||||||||||||||||||||
ABL Revolver | $ | — | $ | — | $ | — | $ | — | $ | 19,000 | $ | — | |||||||||||||
ABL Term Loan | 5,625 | 11,250 | 11,250 | 11,250 | 47,812 | — | |||||||||||||||||||
Capital lease obligations | 423 | 866 | 808 | 558 | 366 | 800 | |||||||||||||||||||
Term loan from unconsolidated affiliate | — | 1,250 | — | — | — | — | |||||||||||||||||||
Total | $ | 6,048 | $ | 13,366 | $ | 12,058 | $ | 11,808 | $ | 67,178 | $ | 800 | |||||||||||||
Debt Financing Fees | |||||||||||||||||||||||||
Debt financing fees are classified within other non-current assets and consist of the following: | |||||||||||||||||||||||||
Balance at June 29, 2014 | $ | 2,093 | |||||||||||||||||||||||
Amounts recorded related to debt modification | 184 | ||||||||||||||||||||||||
Amortization charged to interest expense | (258 | ) | |||||||||||||||||||||||
Balance at December 28, 2014 | $ | 2,019 | |||||||||||||||||||||||
Interest Expense | |||||||||||||||||||||||||
Interest expense consists of the following: | |||||||||||||||||||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||||||||||
28-Dec-14 | 29-Dec-13 | 28-Dec-14 | 29-Dec-13 | ||||||||||||||||||||||
Interest on ABL Facility | $ | 925 | $ | 812 | $ | 1,785 | $ | 1,665 | |||||||||||||||||
Other | 43 | 30 | 91 | 69 | |||||||||||||||||||||
Subtotal | 968 | 842 | 1,876 | 1,734 | |||||||||||||||||||||
Reclassification adjustment for cash flow hedge | 89 | 145 | 193 | 300 | |||||||||||||||||||||
Amortization of debt financing fees | 146 | 105 | 258 | 212 | |||||||||||||||||||||
Mark-to-market adjustment for interest rate swap | 12 | (148 | ) | (246 | ) | (8 | ) | ||||||||||||||||||
Interest capitalized to property, plant and equipment, net | (6 | ) | (41 | ) | (53 | ) | (83 | ) | |||||||||||||||||
Subtotal | 241 | 61 | 152 | 421 | |||||||||||||||||||||
Total interest expense | $ | 1,209 | $ | 903 | $ | 2,028 | $ | 2,155 | |||||||||||||||||
Note_13_Other_Longterm_Liabili
Note 13 - Other Long-term Liabilities | 6 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract] | |||||||||
Other Liabilities Disclosure [Text Block] | 13. Other Long-Term Liabilities | ||||||||
Other long-term liabilities consists of the following: | |||||||||
28-Dec-14 | 29-Jun-14 | ||||||||
Supplemental post-employment plan | $ | 3,506 | $ | 3,173 | |||||
Contingent consideration | 1,637 | 2,026 | |||||||
Uncertain tax positions | 1,018 | 1,101 | |||||||
Interest rate swap | 117 | 363 | |||||||
Other | 1,361 | 886 | |||||||
Total other long-term liabilities | $ | 7,639 | $ | 7,549 | |||||
The Company maintains an unfunded supplemental post-employment plan for certain management employees. Each employee’s account is credited annually based upon a percentage of the participant’s base salary, with each participant’s balance adjusted quarterly to reflect returns based upon a stock market index. Amounts are paid to participants only after termination of employment. Expenses recorded for this plan for the three months ended December 28, 2014 and December 29, 2013 were $234 and $301, respectively, and for the six months ended December 28, 2014 and December 29, 2013 were $333 and $520, respectively. | |||||||||
Contingent consideration represents the present value of the long-term portion of contingent payments associated with the Company’s December 2013 acquisition of Dillon’s draw winding business, described in “Note 4. Acquisition” and “Note 17. Fair Value of Financial Instruments and Non-Financial Assets and Liabilities.” | |||||||||
Other primarily includes certain retiree and post-employment medical and disability liabilities and deferred incentives. |
Note_14_Income_Taxes
Note 14 - Income Taxes | 6 Months Ended |
Dec. 28, 2014 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 14. Income Taxes |
The effective income tax rates for the three months and six months ended December 28, 2014 and December 29, 2013 were based upon the estimated effective income tax rate applicable for the full year after giving effect to any significant items related specifically to interim periods. The effective income tax rate can be impacted over the course of the fiscal year by the mix and timing of actual earnings from our U.S. and foreign sources versus annual projections and changes in foreign currency exchange rates in relation to the U.S. Dollar. As a result, the Company’s effective tax rate may fluctuate significantly on a quarterly basis. | |
The Company’s income tax provision for the three months ended December 28, 2014 and December 29, 2013 resulted in tax expense of $3,193 and $3,924, respectively, with an effective tax rate of 25.9% and 38.7%, respectively. The Company’s income tax provision for the six months ended December 28, 2014 and December 29, 2013 resulted in tax expense of $7,354 and $9,675, respectively, with an effective tax rate of 31.8% and 39.5%, respectively. | |
The effective income tax rate for the current quarter and year-to-date period is lower than the U.S. statutory rate due to (i) the recognition of lower taxable income versus book income for an unconsolidated affiliate, (ii) a lower overall effective tax rate for the Company’s foreign earnings and (iii) the domestic production activities deduction, partially offset by state and local taxes and losses in tax jurisdictions for which no tax benefit could be recognized. | |
The effective income tax rate for the prior year periods is higher than the U.S. statutory rate due to (i) the impact of state and local taxes, (ii) the recognition of higher taxable versus book income for an unconsolidated affiliate for which the Company maintains a full valuation allowance, (iii) foreign dividends taxed in the U.S. and (iv) losses in tax jurisdictions for which no tax benefit could be recognized. | |
As of December 28, 2014, the Company’s valuation allowance was $18,279 and includes $14,682 for reserves against certain domestic deferred tax assets primarily related to equity investments and foreign tax credits, as well as $3,597 for reserves against certain deferred tax assets of the Company’s foreign subsidiaries that are primarily related to net operating loss carryforwards and equity investments. The Company’s valuation allowance as of June 29, 2014 was $18,615. The decrease in the valuation allowance during the six month period ended December 28, 2014 is attributable to the timing of the Company’s recognition of lower taxable versus book income for an unconsolidated affiliate. | |
There have been no significant changes in the Company’s liability for uncertain tax positions since June 29, 2014. The Company’s estimate for the potential outcome for any uncertain tax issue is highly judgmental. Management believes that any reasonably foreseeable outcomes related to these matters have been adequately provided for. However, future results may include favorable or unfavorable adjustments to estimated tax liabilities in the period the assessments are made or resolved or when statutes of limitation on potential assessments expire. | |
The Company and its domestic subsidiaries file a consolidated federal income tax return, as well as income tax returns in numerous state and foreign jurisdictions. The tax years subject to examination vary by jurisdiction. The Company regularly assesses the outcomes of both completed and ongoing examinations to ensure that the Company’s provision for income taxes is sufficient. Currently, the Company is subject to income tax examinations for U.S. federal income taxes for tax years 2011 through 2014, for foreign income taxes for tax years 2008 through 2014, and for state and local income taxes for tax years 2009 through 2014. The U.S. federal tax returns and state tax returns filed for the 2011 through 2013 tax years have utilized carryforward tax attributes generated in prior tax years, including net operating losses, which could potentially be revised upon examination. |
Note_15_Shareholders_Equity
Note 15 - Shareholders' Equity | 6 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | 15. Shareholders’ Equity | ||||||||||||
During fiscal year 2014, the Company completed its repurchase of shares under its $50,000 stock repurchase program that had been approved by the Board on January 22, 2013 (the “2013 SRP”). On April 23, 2014, the Board approved a new stock repurchase program (the “2014 SRP”) to acquire up to an additional $50,000 of the Company’s common stock. Under the 2014 SRP (as was the case under the 2013 SRP), the Company has been authorized to repurchase shares at prevailing market prices, through open market purchases or privately negotiated transactions at such times and prices and in such manner as determined by management, subject to market conditions, applicable legal requirements, contractual obligations and other factors. Repurchases, if any, are expected to be financed through cash generated from operations and borrowings under the Company’s ABL Revolver, and are subject to applicable limitations and restrictions as set forth in the ABL Facility. The 2014 SRP has no stated expiration or termination date, and there is no time limit or specific time frame otherwise for repurchases. The Company may discontinue repurchases at any time that management determines additional purchases are not beneficial or advisable. | |||||||||||||
The following table summarizes the Company’s repurchases and retirements of its common stock under the 2013 SRP and the 2014 SRP. | |||||||||||||
Total Number of | Average Price Paid | Maximum | |||||||||||
Shares Repurchased | per Share | Approximate Dollar | |||||||||||
as Part of Publicly | Value that May Yet Be | ||||||||||||
Announced Plans or | Repurchased Under | ||||||||||||
Programs | the 2014 SRP | ||||||||||||
Fiscal year 2013 | 1,068 | $ | 18.08 | ||||||||||
Fiscal year 2014 | 1,524 | $ | 23.96 | ||||||||||
Fiscal year 2015 (through December 28, 2014) | 149 | $ | 28 | ||||||||||
Total | 2,741 | $ | 21.89 | $ | 40,011 | ||||||||
All repurchased shares have been retired and have the status of authorized and unissued shares. The cost of the repurchased shares is recorded as a reduction to common stock to the extent of the par value of the shares acquired and the remainder is allocated between capital in excess of par value and retained earnings. The portion of the remainder that is allocated to capital in excess of par value is limited to a pro rata portion of capital in excess of par value. | |||||||||||||
No dividends were paid during the six months ended December 28, 2014 or in the previous two fiscal years. |
Note_16_Stockbased_Compensatio
Note 16 - Stock-based Compensation | 6 Months Ended | ||||||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 16. Stock-based Compensation | ||||||||||||||||||||
On October 23, 2013, the Company’s shareholders approved the Unifi, Inc. 2013 Incentive Compensation Plan (the “2013 Plan”). The 2013 Plan replaced the 2008 Unifi, Inc. Long-Term Incentive Plan (the “2008 LTIP”). No additional awards will be granted under the 2008 LTIP; however, prior awards outstanding under the 2008 LTIP remain subject to that plan’s provisions. The 2013 Plan authorized the issuance of 1,000 shares of common stock, subject to certain increases in the event outstanding awards under the 2008 LTIP expire, are forfeited or otherwise terminate unexercised. | |||||||||||||||||||||
Stock options | |||||||||||||||||||||
During the six months ended December 28, 2014 and December 29, 2013, the Company granted stock options to purchase 150 and 97 shares of common stock, respectively, to certain key employees. The stock options vest ratably over the required three-year service period and have ten-year contractual terms. For the six months ended December 28, 2014 and December 29, 2013, the weighted average exercise price of the options was $27.38 and $22.31 per share, respectively. The Company used the Black-Scholes model to estimate the weighted average grant date fair value of $17.31 and $14.66 per share, respectively. | |||||||||||||||||||||
For options granted, the valuation models used the following assumptions: | |||||||||||||||||||||
For the Six Months Ended | |||||||||||||||||||||
28-Dec-14 | 29-Dec-13 | ||||||||||||||||||||
Expected term (years) | 7.3 | 7.4 | |||||||||||||||||||
Risk-free interest rate | 2.20% | 2.10% | |||||||||||||||||||
Volatility | 62.60% | 65.90% | |||||||||||||||||||
Dividend yield | — | — | |||||||||||||||||||
The Company uses historical data to estimate the expected term and volatility. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of the grant for periods corresponding with the expected term of the options. | |||||||||||||||||||||
A summary of stock option activity for the six months ended December 28, 2014 is as follows: | |||||||||||||||||||||
Stock Options | Weighted Average | Weighted Average | Aggregate | ||||||||||||||||||
Exercise Price | Remaining | Intrinsic Value | |||||||||||||||||||
Contractual Life | |||||||||||||||||||||
(Years) | |||||||||||||||||||||
Outstanding at June 29, 2014 | 800 | $ | 9.77 | ||||||||||||||||||
Granted | 150 | $ | 27.38 | ||||||||||||||||||
Exercised | (5 | ) | $ | 8.75 | |||||||||||||||||
Forfeited | (4 | ) | $ | 8.75 | |||||||||||||||||
Expired | — | $ | — | ||||||||||||||||||
Outstanding at December 28, 2014 | 941 | $ | 12.6 | 6.1 | $ | 16,570 | |||||||||||||||
Vested and expected to vest as of December 28, 2014 | 934 | $ | 12.5 | 6.1 | $ | 16,526 | |||||||||||||||
Exercisable at December 28, 2014 | 682 | $ | 8.61 | 5.1 | $ | 14,714 | |||||||||||||||
At December 28, 2014, 10 non-vested options are subject to a market condition that vests the options on the date that the closing price of the Company’s common stock on the New York Stock Exchange has been at least $30 per share for thirty consecutive trading days. During fiscal year 2014, 14 options subject to a similar market condition at a threshold of $24 per share were vested and 10 such vested options remain outstanding at December 28, 2014. The weighted average exercise price of such 20 options subject to a market condition is $8.16. | |||||||||||||||||||||
At December 28, 2014, the remaining unrecognized compensation cost related to unvested stock options was $2,257, which is expected to be recognized over a weighted average period of 2.4 years. | |||||||||||||||||||||
For the six months ended December 28, 2014 and December 29, 2013, the total intrinsic value of options exercised was $81, and $12,521, respectively. The amount of cash received from the exercise of options was $36 and $2,833 and the tax benefit realized from stock options exercised was $32 and $4,905 for the six months ended December 28, 2014 and December 29, 2013, respectively. | |||||||||||||||||||||
Restricted stock units | |||||||||||||||||||||
During the six months ended December 28, 2014 and December 29, 2013, the Company granted 17 and 25 restricted stock units (“RSUs”), respectively, to the Company’s non-employee directors. The director RSUs became fully vested on the grant date. The director RSUs convey no rights of ownership in shares of Company stock until such director RSUs have been distributed to the grantee in the form of Company stock. The vested director RSUs will be converted into an equivalent number of shares of Company common stock and distributed to the grantee following the grantee’s termination of service as a member of the Board. The grantee may elect to defer receipt of the shares of stock in accordance with the deferral options provided under the Unifi, Inc. Director Deferred Compensation Plan. The Company estimated the fair value of such awards granted during the six months ended December 28, 2014 and December 29, 2013 to be $28.58 and $23.23 per director RSU, respectively. | |||||||||||||||||||||
During July 2013, the Company granted 22 RSUs to certain key employees. The employee RSUs are subject to a vesting restriction and convey no rights of ownership in shares of Company stock until such employee RSUs have vested and been distributed to the grantee in the form of Company stock. The employee RSUs vest over a three-year period, and will be converted into an equivalent number of shares of stock (for distribution to the grantee) on each vesting date, unless the grantee has elected to defer the receipt of the shares of stock until separation from service. If, after the first anniversary of the grant date and prior to the final vesting date, the grantee has a separation from service without cause for any reason other than the employee’s resignation, the remaining unvested employee RSUs will become fully vested and will be converted to an equivalent number of shares of stock and issued to the grantee. The Company estimated the fair value of such awards granted to be $22.08 per employee RSU. | |||||||||||||||||||||
The Company estimates the fair value of RSUs based on the market price of the Company’s common stock at the award grant date. | |||||||||||||||||||||
A summary of the RSU activity for the six months ended December 28, 2014 is as follows: | |||||||||||||||||||||
Non-vested | Weighted Average | Vested | Total | Weighted Average | |||||||||||||||||
Grant Date | Grant Date | ||||||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||||||
Outstanding at June 29, 2014 | 49 | $ | 16.11 | 152 | 201 | $ | 14.19 | ||||||||||||||
Granted | 17 | $ | 28.58 | — | 17 | $ | 28.58 | ||||||||||||||
Vested | (46 | ) | $ | 19.86 | 46 | — | $ | 19.86 | |||||||||||||
Converted | — | $ | — | (16 | ) | (16 | ) | $ | 14.06 | ||||||||||||
Forfeited | — | $ | — | — | — | $ | — | ||||||||||||||
Outstanding at December 28, 2014 | 20 | $ | 18.35 | 182 | 202 | $ | 15.45 | ||||||||||||||
At December 28, 2014, the number of RSUs vested and expected to vest was 202 with an aggregate intrinsic value of $6,121. The aggregate intrinsic value of the 182 vested RSUs at December 28, 2014 was $5,492. | |||||||||||||||||||||
The remaining unrecognized compensation cost related to the unvested RSUs at December 28, 2014 is $137, which is expected to be recognized over a weighted average period of 1.5 years. | |||||||||||||||||||||
For the six months ended December 28, 2014 and December 29, 2013, the total intrinsic value of RSUs converted was $425 and $696, respectively. The tax benefit realized from the conversion of RSUs was $166 and $275 for the six months ended December 28, 2014 and December 29, 2013, respectively. | |||||||||||||||||||||
Summary | |||||||||||||||||||||
The total cost charged against income related to all stock-based compensation arrangements was as follows: | |||||||||||||||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||||||
28-Dec-14 | 29-Dec-13 | 28-Dec-14 | 29-Dec-13 | ||||||||||||||||||
Stock options | $ | 499 | $ | 282 | $ | 963 | $ | 438 | |||||||||||||
RSUs | 539 | 670 | 601 | 773 | |||||||||||||||||
Total compensation cost | $ | 1,038 | $ | 952 | $ | 1,564 | $ | 1,211 | |||||||||||||
The total income tax benefit recognized for stock-based compensation was $413 and $376 for the six months ended December 28, 2014 and December 29, 2013, respectively. | |||||||||||||||||||||
As of December 28, 2014, total unrecognized compensation costs related to all unvested stock-based compensation arrangements was $2,394. The weighted average period over which these costs are expected to be recognized is 2.3 years. | |||||||||||||||||||||
As of December 28, 2014, a summary of the number of securities remaining available for future issuance under equity compensation plans is as follows: | |||||||||||||||||||||
Authorized under the 2013 Plan | 1,000 | ||||||||||||||||||||
Plus: Awards expired, forfeited or otherwise terminated unexercised from the 2008 LTIP | — | ||||||||||||||||||||
Less: Service-condition options granted | (155 | ) | |||||||||||||||||||
Less: RSUs granted to non-employee directors | (42 | ) | |||||||||||||||||||
Available for issuance under the 2013 Plan | 803 | ||||||||||||||||||||
Note_17_Fair_Value_of_Financia
Note 17 - Fair Value of Financial Instruments and Non-financial Assets and Liabilities | 6 Months Ended | ||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Disclosures [Text Block] | 17. Fair Value of Financial Instruments and Non-Financial Assets and Liabilities | ||||||||||||||||
Financial Instruments | |||||||||||||||||
The Company may use derivative financial instruments such as foreign currency forward contracts or interest rate swaps to reduce its ongoing business exposures to fluctuations in foreign currency exchange rates or interest rates. The Company does not enter into derivative contracts for speculative purposes. | |||||||||||||||||
Foreign currency forward contracts | |||||||||||||||||
The Company may enter into foreign currency forward contracts as economic hedges for exposures related to certain sales, inventory purchases and equipment purchases which are denominated in currencies that are not its functional currency. Foreign currency forward contracts are not designated as hedges by the Company and are marked to market each period and offset by the foreign exchange (gains) losses included in other operating expense, net resulting from the underlying exposures of the foreign currency denominated assets and liabilities. As of December 28, 2014, there were no outstanding foreign currency forward contracts. | |||||||||||||||||
Interest rate swap | |||||||||||||||||
On May 18, 2012, the Company entered into a five year, $50,000 interest rate swap with Wells Fargo to provide a hedge against the variability of cash flows related to LIBOR-based variable rate borrowings under the Company’s ABL Facility. It increased to $85,000 in May 2013 (when certain other interest rate swaps terminated) and decreases $5,000 per quarter beginning in August 2013 until the balance again reaches $50,000 in February 2015, where it will remain through the life of the instrument. This interest rate swap allows the Company to fix LIBOR at 1.06% and terminates on May 24, 2017. At December 28, 2014, the notional amount of the interest rate swap was $55,000. | |||||||||||||||||
On November 26, 2012, the Company de-designated the interest rate swap as a cash flow hedge. For the year-to-date periods ended December 28, 2014 and December 29, 2013, the Company reclassified pre-tax unrealized losses of $193 and $300 from accumulated other comprehensive loss to interest expense, respectively. The Company has recognized a pre-tax mark-to-market gain of $246 and $8 within interest expense for the six months ended December 28, 2014 and December 29, 2013, respectively, related to this interest rate swap. See “Note 18. Accumulated Other Comprehensive Loss” for further discussion of the reclassifications of unrealized losses from accumulated other comprehensive loss. | |||||||||||||||||
Contingent consideration | |||||||||||||||||
On December 2, 2013, the Company acquired certain assets in a business combination with Dillon and recorded a contingent consideration liability, as described in “Note 4. Acquisition.” The fair value of the contingent consideration is measured at each reporting period using a discounted cash flow methodology based on inputs not observable in the market (Level 3 classification in the fair value hierarchy). The inputs to the discounted cash flow model include the estimated payments through the term of the agreement based on an agreed-upon definition and schedule, adjusted to risk-neutral estimates using a market price of risk factor which considers relevant metrics of comparable entities, discounted using an observable cost of debt over the term of the estimated payments. Any change in the fair value from either the passage of time or events occurring after the acquisition date is recorded in other operating expense, net. As of December 28, 2014, a recent decline in actual sales volume versus forecasted sales volume has been considered in reflecting a slight decrease in expected future payments, while no other inputs and assumptions used to develop the fair value measurement have changed since the acquisition date. | |||||||||||||||||
A reconciliation of the changes in the fair value follows: | |||||||||||||||||
Contingent consideration as of June 29, 2014 | $ | 2,563 | |||||||||||||||
Change in fair value | (43 | ) | |||||||||||||||
Payments | (358 | ) | |||||||||||||||
Contingent consideration as of December 28, 2014 | $ | 2,162 | |||||||||||||||
Based on the present value of the expected future payments, $525 is reflected in accrued expenses and $1,637 is reflected in other long-term liabilities. | |||||||||||||||||
The Company’s financial assets and liabilities accounted for at fair value on a recurring basis and the level within the fair value hierarchy used to measure these items are as follows: | |||||||||||||||||
As of December 28, 2014 | Notional Amount | USD | Balance Sheet | Fair Value | Fair | ||||||||||||
Equivalent | Location | Hierarchy | Value | ||||||||||||||
Foreign currency contracts | EUR | — | $ | — | Other current assets | Level 2 | $ | — | |||||||||
Interest rate swap | USD | $ | 55,000 | $ | 55,000 | Other long-term liabilities | Level 2 | $ | 117 | ||||||||
Contingent consideration | — | — | Accrued expenses and other long-term liabilities | Level 3 | $ | 2,162 | |||||||||||
As of June 29, 2014 | Notional Amount | USD | Balance Sheet | Fair Value | Fair | ||||||||||||
Equivalent | Location | Hierarchy | Value | ||||||||||||||
Foreign currency contracts | EUR | 495 | $ | 668 | Other current assets | Level 2 | $ | 7 | |||||||||
Interest rate swap | USD | $ | 65,000 | $ | 65,000 | Other long-term liabilities | Level 2 | $ | 363 | ||||||||
Contingent consideration | — | — | Accrued expenses and other long-term liabilities | Level 3 | $ | 2,563 | |||||||||||
(EUR represents the Euro) | |||||||||||||||||
Estimates for the fair value of the Company’s foreign currency forward contracts and interest rate swaps are obtained from month-end market quotes for contracts with similar terms. | |||||||||||||||||
The effect of marked to market hedging derivative instruments was as follows: | |||||||||||||||||
For the Three Months Ended | |||||||||||||||||
Derivatives not designated as hedges | Classification | 28-Dec-14 | 29-Dec-13 | ||||||||||||||
Foreign exchange contracts | Other operating expense, net | $ | — | $ | (16 | ) | |||||||||||
Interest rate swap | Interest expense | 12 | (148 | ) | |||||||||||||
Total loss (gain) recognized in income | $ | 12 | $ | (164 | ) | ||||||||||||
For the Six Months Ended | |||||||||||||||||
Derivatives not designated as hedges | Classification | 28-Dec-14 | 29-Dec-13 | ||||||||||||||
Foreign exchange contracts | Other operating expense, net | $ | 7 | $ | (22 | ) | |||||||||||
Interest rate swap | Interest expense | (246 | ) | (8 | ) | ||||||||||||
Total (gain) loss recognized in income | $ | (239 | ) | $ | (30 | ) | |||||||||||
By entering into derivative instrument contracts, the Company exposes itself to counterparty credit risk. The Company attempts to minimize this risk by selecting counterparties with investment grade credit ratings, limiting the amount of exposure to any single counterparty and regularly monitoring its market position with each counterparty. The Company’s derivative instruments do not contain any credit-risk-related contingent features. | |||||||||||||||||
The Company believes that there have been no significant changes to its credit risk profile or the interest rates available to the Company for debt issuances with similar terms and average maturities and the Company 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 value due to their short-term nature. | |||||||||||||||||
There were no transfers into or out of the levels of the fair value hierarchy for the six months ended December 28, 2014. | |||||||||||||||||
Non-Financial Assets and Liabilities | |||||||||||||||||
The Company did not have any non-financial assets or liabilities that were required to be measured at fair value on a recurring basis. |
Note_18_Accumulated_Other_Comp
Note 18 - Accumulated Other Comprehensive Loss | 6 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||
Comprehensive Income (Loss) Note [Text Block] | 18. Accumulated Other Comprehensive Loss | ||||||||||||
The components and the changes in accumulated other comprehensive loss, net of tax, as applicable, consist of the following: | |||||||||||||
Foreign | Unrealized (Loss) Gain On Interest Rate Swap | Accumulated | |||||||||||
Currency Translation Adjustments | Other Comprehensive | ||||||||||||
Loss | |||||||||||||
Balance at June 29, 2014 | $ | (4,241 | ) | $ | (378 | ) | $ | (4,619 | ) | ||||
Other comprehensive (loss) income, net of tax | (12,895 | ) | 193 | (12,702 | ) | ||||||||
Balance at December 28, 2014 | $ | (17,136 | ) | $ | (185 | ) | $ | (17,321 | ) | ||||
A summary of the pre-tax, tax and after-tax effects of the components of other comprehensive loss for the quarters ended December 28, 2014 and December 29, 2013 is provided as follows: | |||||||||||||
For the Three Months Ended December 28, 2014 | |||||||||||||
Pre-tax | Tax | After-tax | |||||||||||
Other comprehensive (loss) income: | |||||||||||||
Foreign currency translation adjustments | $ | (5,483 | ) | $ | — | $ | (5,483 | ) | |||||
Foreign currency translation adjustments for an unconsolidated affiliate | (371 | ) | — | (371 | ) | ||||||||
Reclassification adjustment on cash flow hedge | 89 | — | 89 | ||||||||||
Other comprehensive loss | $ | (5,765 | ) | $ | — | $ | (5,765 | ) | |||||
For the Three Months Ended December 29, 2013 | |||||||||||||
Pre-tax | Tax | After-tax | |||||||||||
Other comprehensive (loss) income: | |||||||||||||
Foreign currency translation adjustments | $ | (3,140 | ) | $ | — | $ | (3,140 | ) | |||||
Reclassification adjustment on cash flow hedge | 145 | — | 145 | ||||||||||
Other comprehensive loss | $ | (2,995 | ) | $ | — | $ | (2,995 | ) | |||||
A summary of the pre-tax, tax and after-tax effects of the components of other comprehensive loss for the six months ended December 28, 2014 and December 29, 2013 is provided as follows: | |||||||||||||
For the Six Months Ended December 28, 2014 | |||||||||||||
Pre-tax | Tax | After-tax | |||||||||||
Other comprehensive (loss) income: | |||||||||||||
Foreign currency translation adjustments | $ | (12,524 | ) | $ | — | $ | (12,524 | ) | |||||
Foreign currency translation adjustments for an unconsolidated affiliate | (371 | ) | — | (371 | ) | ||||||||
Reclassification adjustment on cash flow hedge | 193 | — | 193 | ||||||||||
Other comprehensive loss | $ | (12,702 | ) | $ | — | $ | (12,702 | ) | |||||
For the Six Months Ended December 29, 2013 | |||||||||||||
Pre-tax | Tax | After-tax | |||||||||||
Other comprehensive (loss) income: | |||||||||||||
Foreign currency translation adjustments | $ | (3,462 | ) | $ | — | $ | (3,462 | ) | |||||
Reclassification adjustment on cash flow hedge | 300 | — | 300 | ||||||||||
Other comprehensive loss | $ | (3,162 | ) | $ | — | $ | (3,162 | ) | |||||
Note_19_Computation_of_Earning
Note 19 - Computation of Earnings Per Share | 6 Months Ended | ||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Earnings Per Share [Text Block] | 19. Computation of Earnings Per Share | ||||||||||||||||
The computation of basic and diluted earnings per share (“EPS”) is as follows: | |||||||||||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||
28-Dec-14 | 29-Dec-13 | 28-Dec-14 | 29-Dec-13 | ||||||||||||||
Basic EPS | |||||||||||||||||
Net income attributable to Unifi, Inc. | $ | 9,418 | $ | 6,443 | $ | 16,495 | $ | 15,313 | |||||||||
Weighted average common shares outstanding | 18,180 | 19,136 | 18,235 | 19,200 | |||||||||||||
Basic EPS | $ | 0.52 | $ | 0.34 | $ | 0.9 | $ | 0.8 | |||||||||
Diluted EPS | |||||||||||||||||
Net income attributable to Unifi, Inc. | $ | 9,418 | $ | 6,443 | $ | 16,495 | $ | 15,313 | |||||||||
Weighted average common shares outstanding | 18,180 | 19,136 | 18,235 | 19,200 | |||||||||||||
Net potential common share equivalents – stock options and RSUs | 602 | 758 | 600 | 832 | |||||||||||||
Adjusted weighted average common shares outstanding | 18,782 | 19,894 | 18,835 | 20,032 | |||||||||||||
Diluted EPS | $ | 0.5 | $ | 0.32 | $ | 0.88 | $ | 0.76 | |||||||||
Excluded from the calculation of common share equivalents: | |||||||||||||||||
Anti-dilutive common share equivalents | 177 | 91 | 177 | 91 | |||||||||||||
Excluded from the calculation of diluted shares: | |||||||||||||||||
Unvested options that vest upon achievement of certain market conditions | 10 | 13 | 10 | 13 | |||||||||||||
The calculation of earnings per common share is based on the weighted average number of the Company’s common shares outstanding for the applicable period. The calculation of diluted earnings per common share 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. Common share equivalents where the exercise price is above the average market price are excluded in the calculation of diluted earnings per common share. |
Note_20_Other_Operating_Expens
Note 20 - Other Operating Expense, Net | 6 Months Ended | ||||||||||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||||||||||||||
Other Operating Income and Expense [Text Block] | 20. Other Operating Expense, Net | ||||||||||||||||||||||||
Other operating expense, net consists of the following: | |||||||||||||||||||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||||||||||
28-Dec-14 | 29-Dec-13 | 28-Dec-14 | 29-Dec-13 | ||||||||||||||||||||||
Operating expenses for Renewables | $ | 739 | $ | 580 | $ | 1,741 | $ | 1,204 | |||||||||||||||||
Foreign currency transaction losses | 61 | 79 | 374 | 173 | |||||||||||||||||||||
Net loss on sale or disposal of assets | 17 | 299 | 17 | 340 | |||||||||||||||||||||
Restructuring charges, net | — | 222 | — | 1,118 | |||||||||||||||||||||
Change in fair value of contingent consideration | (118 | ) | — | (43 | ) | — | |||||||||||||||||||
Other, net | 3 | (35 | ) | 74 | (66 | ) | |||||||||||||||||||
Other operating expense, net | $ | 702 | $ | 1,145 | $ | 2,163 | $ | 2,769 | |||||||||||||||||
Operating expenses for Renewables include amounts incurred for employee costs, land and equipment rental costs, contract labor, freight costs, fuel, operating supplies, product testing, and administrative costs. Operating expenses for Renewables also includes $98 and $80 of depreciation and amortization expense for the three months ended December 28, 2014 and December 29, 2013, respectively, and $196 and $160 for the six months ended December 28, 2014 and December 29, 2013, respectively. | |||||||||||||||||||||||||
The components of restructuring charges, net consist of the following: | |||||||||||||||||||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||||||||||
28-Dec-14 | 29-Dec-13 | 28-Dec-14 | 29-Dec-13 | ||||||||||||||||||||||
Severance | $ | — | $ | 103 | $ | — | $ | 769 | |||||||||||||||||
Equipment relocation and reinstallation costs | — | 119 | — | 349 | |||||||||||||||||||||
Total restructuring charges, net | $ | — | $ | 222 | $ | — | $ | 1,118 | |||||||||||||||||
Severance | |||||||||||||||||||||||||
On May 14, 2013, the Company and one of its executive officers entered into a severance agreement that provided severance and certain other benefits through November 2014. On August 12, 2013, the Company and another of its executive officers entered into a severance agreement that provided severance payments through November 2014 and certain other benefits through December 2014. The table below presents changes to the severance reserves for the six months ended December 28, 2014: | |||||||||||||||||||||||||
Balance | Charged to expense | Charged to other accounts | Payments | Adjustments | Balance | ||||||||||||||||||||
29-Jun-14 | 28-Dec-14 | ||||||||||||||||||||||||
Accrued severance | $ | 374 | — | (19 | ) | (355 | ) | — | $ | — | |||||||||||||||
Equipment Relocation and Reinstallation Costs | |||||||||||||||||||||||||
During the first six months of fiscal year 2014, the Company dismantled and relocated certain polyester draw warping equipment from Monroe, North Carolina to a Burlington, North Carolina facility. The Company also dismantled and relocated certain polyester texturing and twisting equipment between locations in North Carolina and El Salvador. The costs incurred for the relocation of equipment were charged to restructuring expense within the Polyester Segment. |
Note_21_Investments_in_Unconso
Note 21 - Investments in Unconsolidated Affiliates and Variable Interest Entities | 6 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 21. Investments in Unconsolidated Affiliates and Variable Interest Entities | ||||||||||||
Parkdale America, LLC | |||||||||||||
In June 1997, the Company and Parkdale Mills, Inc. (“Mills”) entered into a Contribution Agreement that set forth the terms and conditions by which the two companies contributed all of the assets of their spun cotton yarn operations utilizing open-end and air-jet spinning technologies to create Parkdale America, LLC (“PAL”). In exchange for its contribution, the Company received a 34% ownership interest in PAL, which is accounted for using the equity method of accounting. Effective January 1, 2012, Mills’ interest in PAL was assigned to Parkdale Incorporated. PAL is a limited liability company treated as a partnership for income tax reporting purposes. PAL is a producer of cotton and synthetic yarns for sale to the textile industry and apparel market, both foreign and domestic. PAL has 14 manufacturing facilities located primarily in the southeast region of the U.S. and in Mexico. According to its most recently issued audited financial statements, PAL’s five largest customers accounted for approximately 74% of total revenues and 78% of total gross accounts receivable outstanding. As PAL’s fiscal year end is the Saturday nearest to December 31 and its results are considered significant, the Company files an amendment to each Annual Report on Form 10-K on or before 90 days subsequent to PAL’s fiscal year end to provide PAL’s audited financial statements for PAL’s most recent fiscal year. The Company filed an amendment to its Annual Report on Form 10-K for the fiscal year ended June 30, 2013 on March 27, 2014 to provide PAL’s audited financial statements for PAL’s fiscal year ended December 28, 2013. The Company will file an amendment to the 2014 Form 10-K on or before April 3, 2015 to provide PAL’s audited financial statements for PAL’s fiscal year ending January 3, 2015. | |||||||||||||
During August 2008, a federal government program commenced providing economic adjustment assistance to domestic users of upland cotton (the “EAP program”). The EAP program offers a subsidy for cotton consumed in domestic production, and the subsidy is paid the month after the eligible cotton is consumed. The subsidy must be used within eighteen months after the marketing year in which it is earned to purchase qualifying capital expenditures in the U.S. for production of goods from upland cotton. The marketing year is from August 1 to July 31. The program provides a subsidy of up to three cents per pound. In February 2014, the federal government extended the EAP program for five years. The cotton subsidy will remain at three cents per pound for the life of the program. PAL recognizes its share of income for the cotton subsidy when the cotton has been consumed and the qualifying assets have been acquired, with an appropriate allocation methodology considering the dual criteria of the subsidy. | |||||||||||||
PAL is subject to price risk related to anticipated fixed-price yarn sales. To protect the gross margin of these sales, PAL may enter into cotton futures to manage changes in raw material prices in order to protect the gross margin of fixed-priced yarn sales. The derivative instruments used are listed and traded on an exchange and are thus valued using quoted prices classified within Level 1 of the fair value hierarchy. As of December 2014, PAL had no futures contracts designated as cash flow hedges. | |||||||||||||
As of December 28, 2014, the Company’s investment in PAL was $102,041 and reflected within investments in unconsolidated affiliates in the condensed consolidated balance sheets. The reconciliation between the Company’s share of the underlying equity of PAL and its investment is as follows: | |||||||||||||
Underlying equity as of December 28, 2014 | $ | 120,412 | |||||||||||
Initial excess capital contributions | 53,363 | ||||||||||||
Impairment charge recorded by the Company in 2007 | (74,106 | ) | |||||||||||
Anti-trust lawsuit against PAL in which the Company did not participate | 2,652 | ||||||||||||
EAP adjustments | (280 | ) | |||||||||||
Investment as of December 28, 2014 | $ | 102,041 | |||||||||||
On August 28, 2014, PAL acquired the remaining 50% ownership interest in a yarn manufacturer based in Mexico in which PAL was historically a 50% member. The acquisition is expected to increase PAL’s regional manufacturing capacity and expand its product offerings and customer base. PAL has accounted for the transaction as a business combination under the acquisition method, recognizing the assets acquired and liabilities assumed at their respective provisional fair values as of the acquisition date. The Company and PAL concluded that the acquisition did not represent a material business combination. PAL has recognized a provisional after-tax gain of approximately $4,600 in its initial accounting for the acquisition for all identified assets and liabilities. The Company and PAL will continue to review the acquisition accounting during the measurement period, and if new information obtained about facts and circumstances that existed at the acquisition date identifies adjustments to the assets or liabilities initially recognized, as well as any additional assets or liabilities that existed at the acquisition date, the acquisition accounting will be revised to reflect the resulting adjustments to the provisional amounts. The acquisition accounting is incomplete, primarily pending final real estate and other asset valuations, along with a comprehensive assessment of the impact on income taxes. | |||||||||||||
U.N.F. Industries, Ltd. | |||||||||||||
In September 2000, the Company and Nilit Ltd. (“Nilit”) formed a 50/50 joint venture, U.N.F. Industries Ltd. (“UNF”), for the purpose of operating nylon extrusion assets to manufacture nylon POY. Raw material and production services for UNF are provided by Nilit under separate supply and services agreements. UNF’s fiscal year end is December 31 and it is a registered Israeli private company located in Migdal Ha-Emek, Israel. | |||||||||||||
UNF America, LLC | |||||||||||||
In October 2009, the Company and Nilit America Inc. (“Nilit America”) formed a 50/50 joint venture, UNF America LLC (“UNF America”), for the purpose of operating a nylon extrusion facility which manufactures nylon POY. Raw material and production services for UNF America are provided by Nilit America under separate supply and services agreements. UNF America’s fiscal year end is December 31 and it is a limited liability company treated as a partnership for income tax reporting purposes located in Ridgeway, Virginia. | |||||||||||||
In conjunction with the formation of UNF America, the Company entered into a supply agreement with UNF and UNF America whereby the Company agreed to purchase all of its first quality nylon POY requirements for texturing (subject to certain exceptions) from either UNF or UNF America. The agreement has no stated minimum purchase quantities and pricing is negotiated every six months, based on market rates. As of December 28, 2014, the Company’s open purchase orders related to this agreement were $3,276. | |||||||||||||
The Company’s raw material purchases under this supply agreement consist of the following: | |||||||||||||
For the Six Months Ended | |||||||||||||
28-Dec-14 | 29-Dec-13 | ||||||||||||
UNF | $ | 1,817 | $ | 6,243 | |||||||||
UNF America | 14,274 | 11,776 | |||||||||||
Total | $ | 16,091 | $ | 18,019 | |||||||||
As of December 28, 2014 and June 29, 2014, the Company had combined accounts payable due to UNF and UNF America of $3,764 and $3,966, respectively. | |||||||||||||
The Company has determined that UNF and UNF America are variable interest entities (“VIEs”) and has also determined that the Company is the primary beneficiary of these entities, based on the terms of the supply agreement. As a result, these entities should be consolidated in the Company’s financial results. As the Company purchases substantially all of the output from the two entities, the two entities’ balance sheets constitute 3% or less of the Company’s current assets, total assets and total liabilities, and such balances are not expected to comprise a larger portion in the future, the Company has not included the accounts of UNF and UNF America in its consolidated financial statements. As of December 28, 2014, the Company’s combined investments in UNF and UNF America were $3,707 and are shown within investments in unconsolidated affiliates in the Condensed Consolidated Balance Sheets. The financial results of UNF and UNF America are included in the Company’s financial statements with a one month lag, using the equity method of accounting and with intercompany profits eliminated in accordance with the Company’s accounting policy. Other than the supply agreement discussed above, the Company does not provide any other commitments or guarantees related to either UNF or UNF America. | |||||||||||||
Condensed balance sheet and income statement information for the Company’s unconsolidated affiliates is presented in the following tables. As PAL is defined as significant, its information is separately disclosed. For the three months and six months ended December 28, 2014, PAL’s corresponding fiscal periods consisted of 14 weeks and 27 weeks, respectively. | |||||||||||||
As of December 28, 2014 | |||||||||||||
PAL | Other | Total | |||||||||||
Current assets | $ | 245,637 | $ | 11,969 | $ | 257,606 | |||||||
Noncurrent assets | 177,820 | 515 | 178,335 | ||||||||||
Current liabilities | 42,897 | 5,136 | 48,033 | ||||||||||
Noncurrent liabilities | 26,406 | — | 26,406 | ||||||||||
Shareholders’ equity and capital accounts | 354,154 | 7,348 | 361,502 | ||||||||||
The Company’s portion of undistributed earnings | 31,730 | 1,372 | 33,102 | ||||||||||
As of June 29, 2014 | |||||||||||||
PAL | Other | Total | |||||||||||
Current assets | $ | 248,651 | $ | 9,187 | $ | 257,838 | |||||||
Noncurrent assets | 143,720 | 3,065 | 146,785 | ||||||||||
Current liabilities | 50,696 | 5,437 | 56,133 | ||||||||||
Noncurrent liabilities | 5,432 | — | 5,432 | ||||||||||
Shareholders’ equity and capital accounts | 336,243 | 6,815 | 343,058 | ||||||||||
For the Three Months Ended December 28, 2014 | |||||||||||||
PAL | Other | Total | |||||||||||
Net sales | $ | 192,243 | $ | 8,955 | $ | 201,198 | |||||||
Gross profit | 12,063 | 1,007 | 13,070 | ||||||||||
Income from operations | 6,909 | 655 | 7,564 | ||||||||||
Net income | 9,039 | 685 | 9,724 | ||||||||||
Depreciation and amortization | 8,161 | 25 | 8,186 | ||||||||||
Cash received by PAL under EAP program | 4,153 | — | 4,153 | ||||||||||
Earnings recognized by PAL for EAP program | 3,854 | — | 3,854 | ||||||||||
Distributions received | — | — | — | ||||||||||
As of the end of PAL’s fiscal December 2014 period, PAL’s amount of deferred revenues related to the EAP program was $0. | |||||||||||||
For the Three Months Ended December 29, 2013 | |||||||||||||
PAL | Other | Total | |||||||||||
Net sales | $ | 190,629 | $ | 9,371 | $ | 200,000 | |||||||
Gross profit | 16,665 | 1,199 | 17,864 | ||||||||||
Income from operations | 13,348 | 761 | 14,109 | ||||||||||
Net income | 14,076 | 801 | 14,877 | ||||||||||
Depreciation and amortization | 7,204 | 25 | 7,229 | ||||||||||
Cash received by PAL under EAP program | 3,439 | — | 3,439 | ||||||||||
Earnings recognized by PAL for EAP program | 7,205 | — | 7,205 | ||||||||||
Distributions received | — | 500 | 500 | ||||||||||
As of the end of PAL’s fiscal December 2013 period, PAL’s amount of deferred revenues related to the EAP program was $0. | |||||||||||||
For the Six Months Ended December 28, 2014 | |||||||||||||
PAL | Other | Total | |||||||||||
Net sales | $ | 398,479 | $ | 16,315 | $ | 414,794 | |||||||
Gross profit | 23,032 | 1,662 | 24,694 | ||||||||||
Income from operations | 13,723 | 948 | 14,671 | ||||||||||
Net income | 19,003 | 1,024 | 20,027 | ||||||||||
Depreciation and amortization | 15,369 | 50 | 15,419 | ||||||||||
Cash received by PAL under EAP program | 8,454 | — | 8,454 | ||||||||||
Earnings recognized by PAL for EAP program | 8,755 | — | 8,755 | ||||||||||
Distributions received | — | — | — | ||||||||||
For the Six Months Ended December 29, 2013 | |||||||||||||
PAL | Other | Total | |||||||||||
Net sales | $ | 413,166 | $ | 17,911 | $ | 431,077 | |||||||
Gross profit | 36,755 | 2,125 | 38,880 | ||||||||||
Income from operations | 29,920 | 1,249 | 31,169 | ||||||||||
Net income | 31,416 | 1,329 | 32,745 | ||||||||||
Depreciation and amortization | 14,286 | 50 | 14,336 | ||||||||||
Cash received by PAL under EAP program | 7,493 | — | 7,493 | ||||||||||
Earnings recognized by PAL for EAP program | 16,284 | — | 16,284 | ||||||||||
Distributions received | 2,559 | 500 | 3,059 | ||||||||||
Note_22_Commitments_and_Contin
Note 22 - Commitments and Contingencies | 6 Months Ended |
Dec. 28, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 22. Commitments and Contingencies |
Collective Bargaining Agreements | |
While employees of the Company’s foreign operations are generally unionized, none of the Company’s domestic labor force is currently covered by a collective bargaining agreement. | |
Environmental | |
On September 30, 2004, the Company completed its acquisition of the polyester filament manufacturing assets located in Kinston, North Carolina from INVISTA S.a.r.l (“Invista”). The land for the Kinston site was leased pursuant to a 99 year ground lease (“Ground Lease”) with E.I. DuPont de Nemours (“DuPont”). Since 1993, DuPont has been investigating and cleaning up the Kinston site under the supervision of the U.S. Environmental Protection Agency (“EPA”) and the North Carolina Department of Environment and Natural Resources (“DENR”) pursuant to the Resource Conservation and Recovery Act Corrective Action program. The Corrective Action program requires DuPont to identify all potential areas of environmental concern (“AOCs”), assess the extent of containment at the identified AOCs and to clean it up to comply with applicable regulatory standards. Effective March 20, 2008, the Company entered into a Lease Termination Agreement associated with conveyance of certain assets at Kinston to DuPont. This agreement terminated the Ground Lease and relieved the Company of any future responsibility for environmental remediation, other than participation with DuPont, if so called upon, with regard to the Company’s period of operation of the Kinston site, which was from 2004 to 2008. However, the Company continues to own a satellite service facility acquired in the INVISTA transaction that has contamination from DuPont’s operations and is monitored by DENR. This site has been remediated by DuPont, and DuPont has received authority from DENR to discontinue remediation, other than natural attenuation. DuPont’s duty to monitor and report to DENR will be transferred to the Company in the future, at which time DuPont must pay the Company for seven years of monitoring and reporting costs and the Company will assume responsibility for any future remediation and monitoring of the site. At this time, the Company has no basis to determine if or when it will have any responsibility or obligation with respect to the AOCs or the extent of any potential liability for the same. | |
Operating Leases | |
The Company routinely leases sales and administrative office space, warehousing and distribution centers, manufacturing space, transportation equipment, manufacturing equipment, and other information technology and office equipment from third parties. In addition, Renewables leases farm land for use in growing FREEDOM® Giant Miscanthus (“FGM”). Currently, the Company does not sub-lease any of its leased property. |
Note_23_Related_Party_Transact
Note 23 - Related Party Transactions | 6 Months Ended | |||||||||
Dec. 28, 2014 | ||||||||||
Related Party Transactions [Abstract] | ||||||||||
Related Party Transactions Disclosure [Text Block] | 23. Related Party Transactions | |||||||||
For details regarding the nature of certain related party relationships, see “Note 25. Related Party Transactions” included in the 2014 Form 10-K. There were no new related party transactions during the six months ended December 28, 2014. | ||||||||||
Related party receivables consist of the following: | ||||||||||
28-Dec-14 | 29-Jun-14 | |||||||||
Cupron, Inc. | $ | 21 | $ | 1 | ||||||
Salem Global Logistics, Inc. | 4 | 12 | ||||||||
Dillon Yarn Corporation | — | 4 | ||||||||
Total related party receivables (included within receivables, net) | $ | 25 | $ | 17 | ||||||
Related party payables consist of the following: | ||||||||||
28-Dec-14 | 29-Jun-14 | |||||||||
Cupron, Inc. | $ | 453 | $ | 525 | ||||||
Salem Leasing Corporation | 288 | 272 | ||||||||
Dillon Yarn Corporation | 84 | 131 | ||||||||
Total related party payables (included within accounts payable) | $ | 825 | $ | 928 | ||||||
Related party transactions consist of the following: | ||||||||||
For the Three Months Ended | ||||||||||
Affiliated Entity | Transaction Type | 28-Dec-14 | 29-Dec-13 | |||||||
Dillon Yarn Corporation | Yarn purchases | $ | 473 | $ | 565 | |||||
Dillon Yarn Corporation | Sales | — | 380 | |||||||
Salem Leasing Corporation | Transportation equipment costs | 947 | 911 | |||||||
Salem Global Logistics, Inc. | Freight services | 63 | — | |||||||
Cupron, Inc. | Sales | 208 | 131 | |||||||
Cupron, Inc. | Yarn purchases | 210 | 139 | |||||||
Invemed Associates LLC | Brokerage services | — | 4 | |||||||
For the Six Months Ended | ||||||||||
Affiliated Entity | Transaction Type | 28-Dec-14 | 29-Dec-13 | |||||||
Dillon Yarn Corporation | Yarn purchases | $ | 1,048 | $ | 1,452 | |||||
Dillon Yarn Corporation | Sales | — | 1,235 | |||||||
Salem Leasing Corporation | Transportation equipment costs | 1,897 | 1,826 | |||||||
Salem Global Logistics, Inc. | Freight services | 132 | — | |||||||
Cupron, Inc. | Sales | 549 | 157 | |||||||
Cupron, Inc. | Yarn purchases | 210 | 139 | |||||||
Invemed Associates LLC | Brokerage services | 2 | 8 | |||||||
Note_24_Business_Segment_Infor
Note 24 - Business Segment Information | 6 Months Ended | ||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Segment Reporting Disclosure [Text Block] | 24. Business Segment Information | ||||||||||||||||
The Company has three operating segments, which are also its reportable segments. These segments derive revenues as follows: | |||||||||||||||||
● | The Polyester Segment manufactures Chip, POY, textured, dyed, twisted, beamed and draw wound yarns, both virgin and recycled, with sales primarily to other yarn manufacturers and knitters and weavers that produce yarn and/or fabric for the apparel, hosiery, automotive upholstery, home furnishings, industrial and other end-use markets. The Polyester Segment consists of sales and manufacturing operations in the U.S. and El Salvador. | ||||||||||||||||
● | The Nylon Segment manufactures textured yarns (both nylon and polyester) and covered spandex yarns, with sales to knitters and weavers that produce fabric primarily for the apparel and hosiery markets. The Nylon Segment consists of sales and manufacturing operations in the U.S. and Colombia. | ||||||||||||||||
● | The International Segment’s products primarily include textured polyester and various types of resale yarns and staple fiber. The International Segment sells its yarns to knitters and weavers that produce fabric for the apparel, automotive upholstery, home furnishings, industrial and other end-use markets primarily in the South American and Asian regions. This segment includes a manufacturing location and sales offices in Brazil and a sales office in China. | ||||||||||||||||
The Company evaluates the operating performance of its segments based upon Segment Adjusted Profit, which is defined as segment gross profit plus segment depreciation and amortization less segment selling, general and administrative (“SG&A”) expenses and plus segment other adjustments. Segment operating profit represents segment net sales less cost of sales, restructuring and other charges and SG&A expenses. The accounting policies for the segments are consistent with the Company’s accounting policies. Intersegment sales are accounted for at current market prices. | |||||||||||||||||
Selected financial information for the Polyester, Nylon and International Segments is presented below: | |||||||||||||||||
For the Three Months Ended December 28, 2014 | |||||||||||||||||
Polyester | Nylon | International | Total | ||||||||||||||
Net sales | $ | 90,431 | $ | 39,212 | $ | 33,506 | $ | 163,149 | |||||||||
Cost of sales | 77,892 | 33,545 | 28,429 | 139,866 | |||||||||||||
Gross profit | 12,539 | 5,667 | 5,077 | 23,283 | |||||||||||||
Selling, general and administrative expenses | 7,752 | 2,605 | 2,227 | 12,584 | |||||||||||||
Other operating expenses | — | — | 31 | 31 | |||||||||||||
Segment operating profit | $ | 4,787 | $ | 3,062 | $ | 2,819 | $ | 10,668 | |||||||||
For the Three Months Ended December 29, 2013 | |||||||||||||||||
Polyester | Nylon | International | Total | ||||||||||||||
Net sales | $ | 89,430 | $ | 39,800 | $ | 31,387 | $ | 160,617 | |||||||||
Cost of sales | 79,633 | 35,041 | 27,446 | 142,120 | |||||||||||||
Gross profit | 9,797 | 4,759 | 3,941 | 18,497 | |||||||||||||
Selling, general and administrative expenses | 7,068 | 2,384 | 2,039 | 11,491 | |||||||||||||
Restructuring charges | 119 | — | — | 119 | |||||||||||||
Segment operating profit | $ | 2,610 | $ | 2,375 | $ | 1,902 | $ | 6,887 | |||||||||
The reconciliations of segment operating profit to consolidated income before income taxes are as follows: | |||||||||||||||||
For the Three Months Ended | |||||||||||||||||
28-Dec-14 | 29-Dec-13 | ||||||||||||||||
Polyester | $ | 4,787 | $ | 2,610 | |||||||||||||
Nylon | 3,062 | 2,375 | |||||||||||||||
International | 2,819 | 1,902 | |||||||||||||||
Segment operating profit | 10,668 | 6,887 | |||||||||||||||
Provision for bad debts | 63 | 87 | |||||||||||||||
Other operating expense, net | 671 | 1,026 | |||||||||||||||
Operating income | 9,934 | 5,774 | |||||||||||||||
Interest income | (309 | ) | (142 | ) | |||||||||||||
Interest expense | 1,209 | 903 | |||||||||||||||
Equity in earnings of unconsolidated affiliates | (3,281 | ) | (5,122 | ) | |||||||||||||
Income before income taxes | $ | 12,315 | $ | 10,135 | |||||||||||||
Selected financial information for the Polyester, Nylon and International Segments is presented below: | |||||||||||||||||
For the Six Months Ended December 28, 2014 | |||||||||||||||||
Polyester | Nylon | International | Total | ||||||||||||||
Net sales | $ | 183,409 | $ | 83,922 | $ | 70,000 | $ | 337,331 | |||||||||
Cost of sales | 160,415 | 73,068 | 59,610 | 293,093 | |||||||||||||
Gross profit | 22,994 | 10,854 | 10,390 | 44,238 | |||||||||||||
Selling, general and administrative expenses | 14,558 | 4,875 | 4,437 | 23,870 | |||||||||||||
Other operating expenses | 26 | 16 | 52 | 94 | |||||||||||||
Segment operating profit | $ | 8,410 | $ | 5,963 | $ | 5,901 | $ | 20,274 | |||||||||
For the Six Months Ended December 29, 2013 | |||||||||||||||||
Polyester | Nylon | International | Total | ||||||||||||||
Net sales | $ | 182,992 | $ | 79,515 | $ | 66,779 | $ | 329,286 | |||||||||
Cost of sales | 162,835 | 70,062 | 57,907 | 290,804 | |||||||||||||
Gross profit | 20,157 | 9,453 | 8,872 | 38,482 | |||||||||||||
Selling, general and administrative expenses | 13,103 | 4,434 | 4,068 | 21,605 | |||||||||||||
Restructuring charges | 349 | — | — | 349 | |||||||||||||
Segment operating profit | $ | 6,705 | $ | 5,019 | $ | 4,804 | $ | 16,528 | |||||||||
The reconciliations of segment operating profit to consolidated income before income taxes are as follows: | |||||||||||||||||
For the Six Months Ended | |||||||||||||||||
28-Dec-14 | 29-Dec-13 | ||||||||||||||||
Polyester | $ | 8,410 | $ | 6,705 | |||||||||||||
Nylon | 5,963 | 5,019 | |||||||||||||||
International | 5,901 | 4,804 | |||||||||||||||
Segment operating profit | 20,274 | 16,528 | |||||||||||||||
Provision for bad debts | 654 | 49 | |||||||||||||||
Other operating expense, net | 2,069 | 2,420 | |||||||||||||||
Operating income | 17,551 | 14,059 | |||||||||||||||
Interest income | (626 | ) | (1,356 | ) | |||||||||||||
Interest expense | 2,028 | 2,155 | |||||||||||||||
Equity in earnings of unconsolidated affiliates | (7,002 | ) | (11,245 | ) | |||||||||||||
Income before income taxes | $ | 23,151 | $ | 24,505 | |||||||||||||
The reconciliations of segment depreciation and amortization expense to consolidated depreciation and amortization expense are as follows: | |||||||||||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||
28-Dec-14 | 29-Dec-13 | 28-Dec-14 | 29-Dec-13 | ||||||||||||||
Polyester | $ | 3,056 | $ | 2,822 | $ | 6,081 | $ | 5,571 | |||||||||
Nylon | 509 | 521 | 1,010 | 1,265 | |||||||||||||
International | 685 | 689 | 1,441 | 1,417 | |||||||||||||
Segment depreciation and amortization expense | 4,250 | 4,032 | 8,532 | 8,253 | |||||||||||||
Depreciation and amortization included in other operating expense, net | 98 | 80 | 196 | 160 | |||||||||||||
Amortization charged to interest expense | 146 | 105 | 258 | 212 | |||||||||||||
Depreciation and amortization expense | $ | 4,494 | $ | 4,217 | $ | 8,986 | $ | 8,625 | |||||||||
Segment other adjustments for each of the reportable segments consist of the following: | |||||||||||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||
28-Dec-14 | 29-Dec-13 | 28-Dec-14 | 29-Dec-13 | ||||||||||||||
Polyester | $ | (10 | ) | $ | 191 | $ | 112 | $ | 193 | ||||||||
Nylon | 22 | — | 65 | (157 | ) | ||||||||||||
International | — | 194 | — | 254 | |||||||||||||
Segment other adjustments | $ | 12 | $ | 385 | $ | 177 | $ | 290 | |||||||||
Segment other adjustments may include items such as severance charges, restructuring charges and recoveries, start-up costs, and other adjustments necessary to understand and compare the underlying results of the segment. | |||||||||||||||||
Segment Adjusted Profit for each of the reportable segments consists of the following: | |||||||||||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||
28-Dec-14 | 29-Dec-13 | 28-Dec-14 | 29-Dec-13 | ||||||||||||||
Polyester | $ | 7,833 | $ | 5,742 | $ | 14,629 | $ | 12,818 | |||||||||
Nylon | 3,593 | 2,896 | 7,054 | 6,127 | |||||||||||||
International | 3,535 | 2,785 | 7,394 | 6,475 | |||||||||||||
Segment Adjusted Profit | $ | 14,961 | $ | 11,423 | $ | 29,077 | $ | 25,420 | |||||||||
Intersegment sales for each of the reportable segments consist of the following: | |||||||||||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||
28-Dec-14 | 29-Dec-13 | 28-Dec-14 | 29-Dec-13 | ||||||||||||||
Polyester | $ | 19 | $ | 87 | $ | 142 | $ | 92 | |||||||||
Nylon | 70 | 63 | 75 | 136 | |||||||||||||
International | 137 | 415 | 167 | 514 | |||||||||||||
Intersegment sales | $ | 226 | $ | 565 | $ | 384 | $ | 742 | |||||||||
The reconciliations of segment capital expenditures to consolidated capital expenditures are as follows: | |||||||||||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||
28-Dec-14 | 29-Dec-13 | 28-Dec-14 | 29-Dec-13 | ||||||||||||||
Polyester | $ | 5,424 | $ | 2,641 | $ | 12,026 | $ | 7,033 | |||||||||
Nylon | 281 | 856 | 475 | 1,427 | |||||||||||||
International | 229 | 227 | 735 | 883 | |||||||||||||
Segment capital expenditures | 5,934 | 3,724 | 13,236 | 9,343 | |||||||||||||
Unallocated corporate capital expenditures | 125 | 16 | 206 | 88 | |||||||||||||
Capital expenditures | $ | 6,059 | $ | 3,740 | $ | 13,442 | $ | 9,431 | |||||||||
The reconciliations of segment total assets to consolidated total assets are as follows: | |||||||||||||||||
28-Dec-14 | 29-Jun-14 | ||||||||||||||||
Polyester | $ | 197,126 | $ | 192,697 | |||||||||||||
Nylon | 67,297 | 75,397 | |||||||||||||||
International | 72,159 | 81,604 | |||||||||||||||
Segment total assets | 336,582 | 349,698 | |||||||||||||||
All other current assets | 7,093 | 2,549 | |||||||||||||||
Unallocated corporate PP&E | 11,887 | 12,250 | |||||||||||||||
All other non-current assets | 5,181 | 5,341 | |||||||||||||||
Investments in unconsolidated affiliates | 105,748 | 99,229 | |||||||||||||||
Total assets | $ | 466,491 | $ | 469,067 | |||||||||||||
Geographic Data: | |||||||||||||||||
Geographic information for net sales is as follows: | |||||||||||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||
28-Dec-14 | 29-Dec-13 | 28-Dec-14 | 29-Dec-13 | ||||||||||||||
U.S. | $ | 118,777 | $ | 121,236 | $ | 245,780 | $ | 244,963 | |||||||||
Brazil | 25,687 | 26,152 | 55,694 | 56,464 | |||||||||||||
All Other Foreign | 18,685 | 13,229 | 35,857 | 27,859 | |||||||||||||
Total | $ | 163,149 | $ | 160,617 | $ | 337,331 | $ | 329,286 | |||||||||
The information for net sales is based on the operating locations from where the items were produced or distributed. Export sales from the Company’s U.S. operations to external customers were $27,926 and $26,699 for the three months ended December 28, 2014 and December 29, 2013, respectively. Export sales from the Company’s U.S. operations to external customers were $55,099 and $49,955 for the six months ended December 28, 2014 and December 29, 2013, respectively. | |||||||||||||||||
Geographic information for long-lived assets is as follows: | |||||||||||||||||
28-Dec-14 | 29-Jun-14 | ||||||||||||||||
U.S. | $ | 224,786 | $ | 215,910 | |||||||||||||
Brazil | 9,221 | 12,188 | |||||||||||||||
All Other Foreign | 7,393 | 7,413 | |||||||||||||||
Total | $ | 241,400 | $ | 235,511 | |||||||||||||
Long-lived assets are comprised of property, plant and equipment, net, intangible assets, net, investments in unconsolidated affiliates and other non-current assets. | |||||||||||||||||
Geographic information for total assets is as follows: | |||||||||||||||||
28-Dec-14 | 29-Jun-14 | ||||||||||||||||
U.S. | $ | 368,720 | $ | 362,510 | |||||||||||||
Brazil | 61,864 | 70,581 | |||||||||||||||
All Other Foreign | 35,907 | 35,976 | |||||||||||||||
Total | $ | 466,491 | $ | 469,067 | |||||||||||||
Note_25_Supplemental_Cash_Flow
Note 25 - Supplemental Cash Flow Information | 6 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||
Cash Flow, Supplemental Disclosures [Text Block] | 25. Supplemental Cash Flow Information | ||||||||
Cash payments for interest and taxes consist of the following: | |||||||||
For the Six Months Ended | |||||||||
28-Dec-14 | 29-Dec-13 | ||||||||
Interest, net of capitalized interest | $ | 1,661 | $ | 1,635 | |||||
Income taxes, net of refunds | 12,708 | 6,558 | |||||||
Cash payments for taxes shown above consist primarily of income and withholding tax payments made by the Company in both U.S. and foreign jurisdictions. | |||||||||
Non-Cash Investing and Financing Activities | |||||||||
As of December 28, 2014 and June 29, 2014, $1,118 and $5,023, respectively, were included in accounts payable for unpaid capital expenditures. | |||||||||
During the quarter ended December 29, 2013, the Company received and retired 134 shares of its common stock, with a fair value of $3,583, tendered in lieu of cash for the exercise of 421 employee stock options. | |||||||||
During the quarter ended December 29, 2013, the total fair value of the assets acquired in the December 2013 purchase of Dillon’s draw winding business was $2,934, and the total accounts payable and accrued contingent consideration liabilities assumed related to the acquisition were $2,934. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 6 Months Ended |
Dec. 28, 2014 | |
Accounting Policies [Abstract] | |
Fiscal Period, Policy [Policy Text Block] | Fiscal Year |
The Company’s current fiscal quarter ended on December 28, 2014, the last Sunday in December. The Company’s Brazilian, Colombian and Chinese subsidiaries’ fiscal quarter ended on December 31, 2014 and there were no significant transactions or events that occurred between the Company’s fiscal quarter end and its subsidiaries’ fiscal quarter end. The three months ended December 28, 2014 and December 29, 2013 each consisted of thirteen fiscal weeks. The six months ended December 28, 2014 and December 29, 2013 each consisted of twenty-six fiscal weeks. | |
Reclassification, Policy [Policy Text Block] | Reclassifications |
Certain reclassifications of prior years’ data have been made to conform to the current year presentation. |
Note_4_Acquisition_Tables
Note 4 - Acquisition (Tables) (Dillon Draw Winding [Member]) | 6 Months Ended | ||||
Dec. 28, 2014 | |||||
Dillon Draw Winding [Member] | |||||
Note 4 - Acquisition (Tables) [Line Items] | |||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Assets: | ||||
Inventory | $ | 434 | |||
Machinery and equipment | 835 | ||||
Customer list | 1,615 | ||||
Non-compete agreement | 50 | ||||
Total assets | $ | 2,934 | |||
Liabilities: | |||||
Accounts payable | $ | 434 | |||
Contingent consideration | 2,500 | ||||
Total liabilities | $ | 2,934 |
Note_5_Receivables_Net_Tables
Note 5 - Receivables, Net (Tables) | 6 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Receivables [Abstract] | |||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | 28-Dec-14 | 29-Jun-14 | |||||||
Customer receivables | $ | 78,106 | $ | 95,270 | |||||
Allowance for uncollectible accounts | (1,465 | ) | (1,035 | ) | |||||
Reserves for yarn quality claims | (640 | ) | (618 | ) | |||||
Net customer receivables | 76,001 | 93,617 | |||||||
Related party receivables | 25 | 17 | |||||||
Other receivables | 293 | 291 | |||||||
Total receivables, net | $ | 76,319 | $ | 93,925 | |||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Allowance for Uncollectible Accounts | Reserves for Yarn Quality Claims | |||||||
Balance at June 29, 2014 | $ | (1,035 | ) | $ | (618 | ) | |||
Charged to costs and expenses | (654 | ) | (631 | ) | |||||
Charged to other accounts | 144 | 22 | |||||||
Deductions | 80 | 587 | |||||||
Balance at December 28, 2014 | $ | (1,465 | ) | $ | (640 | ) |
Note_6_Inventories_Tables
Note 6 - Inventories (Tables) | 6 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Schedule of Inventory, Current [Table Text Block] | 28-Dec-14 | 29-Jun-14 | |||||||
Raw materials | $ | 44,505 | $ | 42,244 | |||||
Supplies | 5,135 | 5,345 | |||||||
Work in process | 6,067 | 7,404 | |||||||
Finished goods | 61,071 | 59,716 | |||||||
Gross inventories | 116,778 | 114,709 | |||||||
Inventory reserves | (1,075 | ) | (1,339 | ) | |||||
Total inventories | $ | 115,703 | $ | 113,370 |
Note_7_Other_Current_Assets_Ta
Note 7 - Other Current Assets (Tables) | 6 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||
Schedule of Other Current Assets [Table Text Block] | 28-Dec-14 | 29-Jun-14 | |||||||
Vendor deposits | $ | 1,810 | $ | 2,369 | |||||
Value added taxes receivable | 1,296 | 1,197 | |||||||
Prepaid expenses | 1,928 | 1,876 | |||||||
Other | 462 | 610 | |||||||
Total other current assets | $ | 5,496 | $ | 6,052 |
Note_8_Property_Plant_and_Equi1
Note 8 - Property, Plant and Equipment, Net (Tables) | 6 Months Ended | ||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||
Property, Plant and Equipment [Table Text Block] | 28-Dec-14 | 29-Jun-14 | |||||||||||||||
Land | $ | 2,801 | $ | 2,957 | |||||||||||||
Land improvements | 11,676 | 11,676 | |||||||||||||||
Buildings and improvements | 145,228 | 145,458 | |||||||||||||||
Assets under capital leases | 4,587 | 4,587 | |||||||||||||||
Machinery and equipment | 532,639 | 532,650 | |||||||||||||||
Computers, software and office equipment | 16,846 | 17,404 | |||||||||||||||
Transportation equipment | 4,818 | 4,901 | |||||||||||||||
Construction in progress | 5,932 | 6,896 | |||||||||||||||
Gross property, plant and equipment | 724,527 | 726,529 | |||||||||||||||
Less: accumulated depreciation | (599,663 | ) | (602,436 | ) | |||||||||||||
Less: accumulated amortization – capital leases | (536 | ) | (291 | ) | |||||||||||||
Total property, plant and equipment, net | $ | 124,328 | $ | 123,802 | |||||||||||||
Other Property, Plant and Equipment Costs and Expenses [Table Text Block] | For the Three Months Ended | For the Six Months Ended | |||||||||||||||
28-Dec-14 | 29-Dec-13 | 28-Dec-14 | 29-Dec-13 | ||||||||||||||
Depreciation expense | $ | 3,792 | $ | 3,599 | $ | 7,620 | $ | 7,386 | |||||||||
Internal software development costs amortization | 37 | 35 | 71 | 69 | |||||||||||||
Repair and maintenance expenses | 4,290 | 4,286 | 8,948 | 8,516 | |||||||||||||
Capitalized interest | 6 | 41 | 53 | 83 |
Note_9_Intangible_Assets_Net_T
Note 9 - Intangible Assets, Net (Tables) | 6 Months Ended | ||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | 28-Dec-14 | 29-Jun-14 | |||||||||||||||
Customer lists | $ | 23,615 | $ | 23,615 | |||||||||||||
Non-compete agreements | 4,293 | 4,293 | |||||||||||||||
Licenses | 265 | 265 | |||||||||||||||
Trademarks | 353 | 339 | |||||||||||||||
Patents | 163 | 162 | |||||||||||||||
Total intangible assets, gross | 28,689 | 28,674 | |||||||||||||||
Accumulated amortization - customer lists | (18,635 | ) | (17,838 | ) | |||||||||||||
Accumulated amortization - non-compete agreements | (3,375 | ) | (3,214 | ) | |||||||||||||
Accumulated amortization - licenses | (102 | ) | (86 | ) | |||||||||||||
Accumulated amortization - trademarks | (199 | ) | (141 | ) | |||||||||||||
Accumulated amortization - patents | (6 | ) | (1 | ) | |||||||||||||
Total accumulated amortization | (22,317 | ) | (21,280 | ) | |||||||||||||
Total intangible assets, net | $ | 6,372 | $ | 7,394 | |||||||||||||
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | For the Three Months Ended | For the Six Months Ended | |||||||||||||||
28-Dec-14 | 29-Dec-13 | 28-Dec-14 | 29-Dec-13 | ||||||||||||||
Customer lists | $ | 398 | $ | 370 | $ | 797 | $ | 740 | |||||||||
Non-compete agreements | 81 | 79 | 161 | 157 | |||||||||||||
Licenses | 8 | 7 | 16 | 15 | |||||||||||||
Trademarks | 30 | 22 | 58 | 46 | |||||||||||||
Patents | 2 | — | 5 | — | |||||||||||||
Total amortization expense | $ | 519 | $ | 478 | $ | 1,037 | $ | 958 |
Note_10_Other_Noncurrent_Asset1
Note 10 - Other Non-current Assets (Tables) | 6 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||
Schedule of Other Assets, Noncurrent [Table Text Block] | 28-Dec-14 | 29-Jun-14 | |||||||
Biomass foundation and feedstock | $ | 2,688 | $ | 2,683 | |||||
Debt financing fees | 2,019 | 2,093 | |||||||
Long-term deposits | 242 | 295 | |||||||
Other | 3 | 15 | |||||||
Total other non-current assets | $ | 4,952 | $ | 5,086 |
Note_11_Accrued_Expenses_Table
Note 11 - Accrued Expenses (Tables) | 6 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Schedule of Accrued Liabilities [Table Text Block] | 28-Dec-14 | 29-Jun-14 | |||||||
Payroll and fringe benefits | $ | 6,234 | $ | 12,406 | |||||
Utilities | 1,855 | 2,876 | |||||||
Property taxes | 1,528 | 821 | |||||||
Contingent consideration | 525 | 537 | |||||||
Other | 1,497 | 1,949 | |||||||
Total accrued expenses | $ | 11,639 | $ | 18,589 |
Note_12_Longterm_Debt_Tables
Note 12 - Long-term Debt (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | Scheduled | Weighted Average Interest Rate as of | Principal Amounts as of | ||||||||||||||||||||||
Maturity Date | 28-Dec-14 | 28-Dec-14 | 29-Jun-14 | ||||||||||||||||||||||
ABL Revolver | Mar-19 | 2.20% | $ | 19,000 | $ | 26,000 | |||||||||||||||||||
ABL Term Loan | Mar-19 | 3.20% | 87,187 | 68,000 | |||||||||||||||||||||
Term loan from unconsolidated affiliate | Aug-15 | 3.00% | 1,250 | 1,250 | |||||||||||||||||||||
Capital lease obligations | -1 | -2 | 3,821 | 4,238 | |||||||||||||||||||||
Total debt | 111,258 | 99,488 | |||||||||||||||||||||||
Current portion of long-term debt | (13,353 | ) | (7,215 | ) | |||||||||||||||||||||
Total long-term debt | $ | 97,905 | $ | 92,273 | |||||||||||||||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | Scheduled Maturities on a Fiscal Year Basis | ||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | ||||||||||||||||||||
ABL Revolver | $ | — | $ | — | $ | — | $ | — | $ | 19,000 | $ | — | |||||||||||||
ABL Term Loan | 5,625 | 11,250 | 11,250 | 11,250 | 47,812 | — | |||||||||||||||||||
Capital lease obligations | 423 | 866 | 808 | 558 | 366 | 800 | |||||||||||||||||||
Term loan from unconsolidated affiliate | — | 1,250 | — | — | — | — | |||||||||||||||||||
Total | $ | 6,048 | $ | 13,366 | $ | 12,058 | $ | 11,808 | $ | 67,178 | $ | 800 | |||||||||||||
Deferred Financing Costs, Capitalized, Non-current Disclosure [Table Text Block] | Balance at June 29, 2014 | $ | 2,093 | ||||||||||||||||||||||
Amounts recorded related to debt modification | 184 | ||||||||||||||||||||||||
Amortization charged to interest expense | (258 | ) | |||||||||||||||||||||||
Balance at December 28, 2014 | $ | 2,019 | |||||||||||||||||||||||
Interest Income and Interest Expense Disclosure [Table Text Block] | For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||||||
28-Dec-14 | 29-Dec-13 | 28-Dec-14 | 29-Dec-13 | ||||||||||||||||||||||
Interest on ABL Facility | $ | 925 | $ | 812 | $ | 1,785 | $ | 1,665 | |||||||||||||||||
Other | 43 | 30 | 91 | 69 | |||||||||||||||||||||
Subtotal | 968 | 842 | 1,876 | 1,734 | |||||||||||||||||||||
Reclassification adjustment for cash flow hedge | 89 | 145 | 193 | 300 | |||||||||||||||||||||
Amortization of debt financing fees | 146 | 105 | 258 | 212 | |||||||||||||||||||||
Mark-to-market adjustment for interest rate swap | 12 | (148 | ) | (246 | ) | (8 | ) | ||||||||||||||||||
Interest capitalized to property, plant and equipment, net | (6 | ) | (41 | ) | (53 | ) | (83 | ) | |||||||||||||||||
Subtotal | 241 | 61 | 152 | 421 | |||||||||||||||||||||
Total interest expense | $ | 1,209 | $ | 903 | $ | 2,028 | $ | 2,155 |
Note_13_Other_Longterm_Liabili1
Note 13 - Other Long-term Liabilities (Tables) | 6 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract] | |||||||||
Other Noncurrent Liabilities [Table Text Block] | 28-Dec-14 | 29-Jun-14 | |||||||
Supplemental post-employment plan | $ | 3,506 | $ | 3,173 | |||||
Contingent consideration | 1,637 | 2,026 | |||||||
Uncertain tax positions | 1,018 | 1,101 | |||||||
Interest rate swap | 117 | 363 | |||||||
Other | 1,361 | 886 | |||||||
Total other long-term liabilities | $ | 7,639 | $ | 7,549 |
Note_15_Shareholders_Equity_Ta
Note 15 - Shareholders' Equity (Tables) | 6 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||
Share Repurchases [Table Text Block] | Total Number of | Average Price Paid | Maximum | ||||||||||
Shares Repurchased | per Share | Approximate Dollar | |||||||||||
as Part of Publicly | Value that May Yet Be | ||||||||||||
Announced Plans or | Repurchased Under | ||||||||||||
Programs | the 2014 SRP | ||||||||||||
Fiscal year 2013 | 1,068 | $ | 18.08 | ||||||||||
Fiscal year 2014 | 1,524 | $ | 23.96 | ||||||||||
Fiscal year 2015 (through December 28, 2014) | 149 | $ | 28 | ||||||||||
Total | 2,741 | $ | 21.89 | $ | 40,011 |
Note_16_Stockbased_Compensatio1
Note 16 - Stock-based Compensation (Tables) | 6 Months Ended | ||||||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | For the Six Months Ended | ||||||||||||||||||||
28-Dec-14 | 29-Dec-13 | ||||||||||||||||||||
Expected term (years) | 7.3 | 7.4 | |||||||||||||||||||
Risk-free interest rate | 2.20% | 2.10% | |||||||||||||||||||
Volatility | 62.60% | 65.90% | |||||||||||||||||||
Dividend yield | — | — | |||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Stock Options | Weighted Average | Weighted Average | Aggregate | |||||||||||||||||
Exercise Price | Remaining | Intrinsic Value | |||||||||||||||||||
Contractual Life | |||||||||||||||||||||
(Years) | |||||||||||||||||||||
Outstanding at June 29, 2014 | 800 | $ | 9.77 | ||||||||||||||||||
Granted | 150 | $ | 27.38 | ||||||||||||||||||
Exercised | (5 | ) | $ | 8.75 | |||||||||||||||||
Forfeited | (4 | ) | $ | 8.75 | |||||||||||||||||
Expired | — | $ | — | ||||||||||||||||||
Outstanding at December 28, 2014 | 941 | $ | 12.6 | 6.1 | $ | 16,570 | |||||||||||||||
Vested and expected to vest as of December 28, 2014 | 934 | $ | 12.5 | 6.1 | $ | 16,526 | |||||||||||||||
Exercisable at December 28, 2014 | 682 | $ | 8.61 | 5.1 | $ | 14,714 | |||||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Non-vested | Weighted Average | Vested | Total | Weighted Average | ||||||||||||||||
Grant Date | Grant Date | ||||||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||||||
Outstanding at June 29, 2014 | 49 | $ | 16.11 | 152 | 201 | $ | 14.19 | ||||||||||||||
Granted | 17 | $ | 28.58 | — | 17 | $ | 28.58 | ||||||||||||||
Vested | (46 | ) | $ | 19.86 | 46 | — | $ | 19.86 | |||||||||||||
Converted | — | $ | — | (16 | ) | (16 | ) | $ | 14.06 | ||||||||||||
Forfeited | — | $ | — | — | — | $ | — | ||||||||||||||
Outstanding at December 28, 2014 | 20 | $ | 18.35 | 182 | 202 | $ | 15.45 | ||||||||||||||
Schedule of Employee Service Share-based Compensation, Recognized Period Costs [Table Text Block] | For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||
28-Dec-14 | 29-Dec-13 | 28-Dec-14 | 29-Dec-13 | ||||||||||||||||||
Stock options | $ | 499 | $ | 282 | $ | 963 | $ | 438 | |||||||||||||
RSUs | 539 | 670 | 601 | 773 | |||||||||||||||||
Total compensation cost | $ | 1,038 | $ | 952 | $ | 1,564 | $ | 1,211 | |||||||||||||
Number of Securities Remaining Available for Future Issuance [Table Text Block] | Authorized under the 2013 Plan | 1,000 | |||||||||||||||||||
Plus: Awards expired, forfeited or otherwise terminated unexercised from the 2008 LTIP | — | ||||||||||||||||||||
Less: Service-condition options granted | (155 | ) | |||||||||||||||||||
Less: RSUs granted to non-employee directors | (42 | ) | |||||||||||||||||||
Available for issuance under the 2013 Plan | 803 |
Note_17_Fair_Value_of_Financia1
Note 17 - Fair Value of Financial Instruments and Non-financial Assets and Liabilities (Tables) | 6 Months Ended | ||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | Contingent consideration as of June 29, 2014 | $ | 2,563 | ||||||||||||||
Change in fair value | (43 | ) | |||||||||||||||
Payments | (358 | ) | |||||||||||||||
Contingent consideration as of December 28, 2014 | $ | 2,162 | |||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | As of December 28, 2014 | Notional Amount | USD | Balance Sheet | Fair Value | Fair | |||||||||||
Equivalent | Location | Hierarchy | Value | ||||||||||||||
Foreign currency contracts | EUR | — | $ | — | Other current assets | Level 2 | $ | — | |||||||||
Interest rate swap | USD | $ | 55,000 | $ | 55,000 | Other long-term liabilities | Level 2 | $ | 117 | ||||||||
Contingent consideration | — | — | Accrued expenses and other long-term liabilities | Level 3 | $ | 2,162 | |||||||||||
As of June 29, 2014 | Notional Amount | USD | Balance Sheet | Fair Value | Fair | ||||||||||||
Equivalent | Location | Hierarchy | Value | ||||||||||||||
Foreign currency contracts | EUR | 495 | $ | 668 | Other current assets | Level 2 | $ | 7 | |||||||||
Interest rate swap | USD | $ | 65,000 | $ | 65,000 | Other long-term liabilities | Level 2 | $ | 363 | ||||||||
Contingent consideration | — | — | Accrued expenses and other long-term liabilities | Level 3 | $ | 2,563 | |||||||||||
Derivative Instruments, Gain (Loss) [Table Text Block] | For the Three Months Ended | ||||||||||||||||
Derivatives not designated as hedges | Classification | 28-Dec-14 | 29-Dec-13 | ||||||||||||||
Foreign exchange contracts | Other operating expense, net | $ | — | $ | (16 | ) | |||||||||||
Interest rate swap | Interest expense | 12 | (148 | ) | |||||||||||||
Total loss (gain) recognized in income | $ | 12 | $ | (164 | ) | ||||||||||||
For the Six Months Ended | |||||||||||||||||
Derivatives not designated as hedges | Classification | 28-Dec-14 | 29-Dec-13 | ||||||||||||||
Foreign exchange contracts | Other operating expense, net | $ | 7 | $ | (22 | ) | |||||||||||
Interest rate swap | Interest expense | (246 | ) | (8 | ) | ||||||||||||
Total (gain) loss recognized in income | $ | (239 | ) | $ | (30 | ) |
Note_18_Accumulated_Other_Comp1
Note 18 - Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Foreign | Unrealized (Loss) Gain On Interest Rate Swap | Accumulated | ||||||||||
Currency Translation Adjustments | Other Comprehensive | ||||||||||||
Loss | |||||||||||||
Balance at June 29, 2014 | $ | (4,241 | ) | $ | (378 | ) | $ | (4,619 | ) | ||||
Other comprehensive (loss) income, net of tax | (12,895 | ) | 193 | (12,702 | ) | ||||||||
Balance at December 28, 2014 | $ | (17,136 | ) | $ | (185 | ) | $ | (17,321 | ) | ||||
Comprehensive Income (Loss) [Table Text Block] | For the Three Months Ended December 28, 2014 | ||||||||||||
Pre-tax | Tax | After-tax | |||||||||||
Other comprehensive (loss) income: | |||||||||||||
Foreign currency translation adjustments | $ | (5,483 | ) | $ | — | $ | (5,483 | ) | |||||
Foreign currency translation adjustments for an unconsolidated affiliate | (371 | ) | — | (371 | ) | ||||||||
Reclassification adjustment on cash flow hedge | 89 | — | 89 | ||||||||||
Other comprehensive loss | $ | (5,765 | ) | $ | — | $ | (5,765 | ) | |||||
For the Three Months Ended December 29, 2013 | |||||||||||||
Pre-tax | Tax | After-tax | |||||||||||
Other comprehensive (loss) income: | |||||||||||||
Foreign currency translation adjustments | $ | (3,140 | ) | $ | — | $ | (3,140 | ) | |||||
Reclassification adjustment on cash flow hedge | 145 | — | 145 | ||||||||||
Other comprehensive loss | $ | (2,995 | ) | $ | — | $ | (2,995 | ) | |||||
For the Six Months Ended December 28, 2014 | |||||||||||||
Pre-tax | Tax | After-tax | |||||||||||
Other comprehensive (loss) income: | |||||||||||||
Foreign currency translation adjustments | $ | (12,524 | ) | $ | — | $ | (12,524 | ) | |||||
Foreign currency translation adjustments for an unconsolidated affiliate | (371 | ) | — | (371 | ) | ||||||||
Reclassification adjustment on cash flow hedge | 193 | — | 193 | ||||||||||
Other comprehensive loss | $ | (12,702 | ) | $ | — | $ | (12,702 | ) | |||||
For the Six Months Ended December 29, 2013 | |||||||||||||
Pre-tax | Tax | After-tax | |||||||||||
Other comprehensive (loss) income: | |||||||||||||
Foreign currency translation adjustments | $ | (3,462 | ) | $ | — | $ | (3,462 | ) | |||||
Reclassification adjustment on cash flow hedge | 300 | — | 300 | ||||||||||
Other comprehensive loss | $ | (3,162 | ) | $ | — | $ | (3,162 | ) |
Note_19_Computation_of_Earning1
Note 19 - Computation of Earnings Per Share (Tables) | 6 Months Ended | ||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended | For the Six Months Ended | |||||||||||||||
28-Dec-14 | 29-Dec-13 | 28-Dec-14 | 29-Dec-13 | ||||||||||||||
Basic EPS | |||||||||||||||||
Net income attributable to Unifi, Inc. | $ | 9,418 | $ | 6,443 | $ | 16,495 | $ | 15,313 | |||||||||
Weighted average common shares outstanding | 18,180 | 19,136 | 18,235 | 19,200 | |||||||||||||
Basic EPS | $ | 0.52 | $ | 0.34 | $ | 0.9 | $ | 0.8 | |||||||||
Diluted EPS | |||||||||||||||||
Net income attributable to Unifi, Inc. | $ | 9,418 | $ | 6,443 | $ | 16,495 | $ | 15,313 | |||||||||
Weighted average common shares outstanding | 18,180 | 19,136 | 18,235 | 19,200 | |||||||||||||
Net potential common share equivalents – stock options and RSUs | 602 | 758 | 600 | 832 | |||||||||||||
Adjusted weighted average common shares outstanding | 18,782 | 19,894 | 18,835 | 20,032 | |||||||||||||
Diluted EPS | $ | 0.5 | $ | 0.32 | $ | 0.88 | $ | 0.76 | |||||||||
Excluded from the calculation of common share equivalents: | |||||||||||||||||
Anti-dilutive common share equivalents | 177 | 91 | 177 | 91 | |||||||||||||
Excluded from the calculation of diluted shares: | |||||||||||||||||
Unvested options that vest upon achievement of certain market conditions | 10 | 13 | 10 | 13 |
Note_20_Other_Operating_Expens1
Note 20 - Other Operating Expense, Net (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||||||||||||||
Schedule of Other Operating Expense or Income by Component [Table Text Block] | For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||||||
28-Dec-14 | 29-Dec-13 | 28-Dec-14 | 29-Dec-13 | ||||||||||||||||||||||
Operating expenses for Renewables | $ | 739 | $ | 580 | $ | 1,741 | $ | 1,204 | |||||||||||||||||
Foreign currency transaction losses | 61 | 79 | 374 | 173 | |||||||||||||||||||||
Net loss on sale or disposal of assets | 17 | 299 | 17 | 340 | |||||||||||||||||||||
Restructuring charges, net | — | 222 | — | 1,118 | |||||||||||||||||||||
Change in fair value of contingent consideration | (118 | ) | — | (43 | ) | — | |||||||||||||||||||
Other, net | 3 | (35 | ) | 74 | (66 | ) | |||||||||||||||||||
Other operating expense, net | $ | 702 | $ | 1,145 | $ | 2,163 | $ | 2,769 | |||||||||||||||||
Restructuring and Related Costs [Table Text Block] | For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||||||
28-Dec-14 | 29-Dec-13 | 28-Dec-14 | 29-Dec-13 | ||||||||||||||||||||||
Severance | $ | — | $ | 103 | $ | — | $ | 769 | |||||||||||||||||
Equipment relocation and reinstallation costs | — | 119 | — | 349 | |||||||||||||||||||||
Total restructuring charges, net | $ | — | $ | 222 | $ | — | $ | 1,118 | |||||||||||||||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Balance | Charged to expense | Charged to other accounts | Payments | Adjustments | Balance | |||||||||||||||||||
29-Jun-14 | 28-Dec-14 | ||||||||||||||||||||||||
Accrued severance | $ | 374 | — | (19 | ) | (355 | ) | — | $ | — |
Note_21_Investments_in_Unconso1
Note 21 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Tables) | 6 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
Note 21 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Tables) [Line Items] | |||||||||||||
Equity Method Investment Reconciliation of Underlying Equity in Net Assets to Investment Carrying Amount [Table Text Block] | Underlying equity as of December 28, 2014 | $ | 120,412 | ||||||||||
Initial excess capital contributions | 53,363 | ||||||||||||
Impairment charge recorded by the Company in 2007 | (74,106 | ) | |||||||||||
Anti-trust lawsuit against PAL in which the Company did not participate | 2,652 | ||||||||||||
EAP adjustments | (280 | ) | |||||||||||
Investment as of December 28, 2014 | $ | 102,041 | |||||||||||
Schedule of Unconsolidated Affiliate Transactions [Table Text Block] | For the Six Months Ended | ||||||||||||
28-Dec-14 | 29-Dec-13 | ||||||||||||
UNF | $ | 1,817 | $ | 6,243 | |||||||||
UNF America | 14,274 | 11,776 | |||||||||||
Total | $ | 16,091 | $ | 18,019 | |||||||||
Balance Sheet Information [Member] | |||||||||||||
Note 21 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Tables) [Line Items] | |||||||||||||
Equity Method Investments [Table Text Block] | As of December 28, 2014 | ||||||||||||
PAL | Other | Total | |||||||||||
Current assets | $ | 245,637 | $ | 11,969 | $ | 257,606 | |||||||
Noncurrent assets | 177,820 | 515 | 178,335 | ||||||||||
Current liabilities | 42,897 | 5,136 | 48,033 | ||||||||||
Noncurrent liabilities | 26,406 | — | 26,406 | ||||||||||
Shareholders’ equity and capital accounts | 354,154 | 7,348 | 361,502 | ||||||||||
The Company’s portion of undistributed earnings | 31,730 | 1,372 | 33,102 | ||||||||||
As of June 29, 2014 | |||||||||||||
PAL | Other | Total | |||||||||||
Current assets | $ | 248,651 | $ | 9,187 | $ | 257,838 | |||||||
Noncurrent assets | 143,720 | 3,065 | 146,785 | ||||||||||
Current liabilities | 50,696 | 5,437 | 56,133 | ||||||||||
Noncurrent liabilities | 5,432 | — | 5,432 | ||||||||||
Shareholders’ equity and capital accounts | 336,243 | 6,815 | 343,058 | ||||||||||
Income Statement Information [Member] | |||||||||||||
Note 21 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Tables) [Line Items] | |||||||||||||
Equity Method Investments [Table Text Block] | For the Three Months Ended December 28, 2014 | ||||||||||||
PAL | Other | Total | |||||||||||
Net sales | $ | 192,243 | $ | 8,955 | $ | 201,198 | |||||||
Gross profit | 12,063 | 1,007 | 13,070 | ||||||||||
Income from operations | 6,909 | 655 | 7,564 | ||||||||||
Net income | 9,039 | 685 | 9,724 | ||||||||||
Depreciation and amortization | 8,161 | 25 | 8,186 | ||||||||||
Cash received by PAL under EAP program | 4,153 | — | 4,153 | ||||||||||
Earnings recognized by PAL for EAP program | 3,854 | — | 3,854 | ||||||||||
Distributions received | — | — | — | ||||||||||
For the Three Months Ended December 29, 2013 | |||||||||||||
PAL | Other | Total | |||||||||||
Net sales | $ | 190,629 | $ | 9,371 | $ | 200,000 | |||||||
Gross profit | 16,665 | 1,199 | 17,864 | ||||||||||
Income from operations | 13,348 | 761 | 14,109 | ||||||||||
Net income | 14,076 | 801 | 14,877 | ||||||||||
Depreciation and amortization | 7,204 | 25 | 7,229 | ||||||||||
Cash received by PAL under EAP program | 3,439 | — | 3,439 | ||||||||||
Earnings recognized by PAL for EAP program | 7,205 | — | 7,205 | ||||||||||
Distributions received | — | 500 | 500 | ||||||||||
For the Six Months Ended December 28, 2014 | |||||||||||||
PAL | Other | Total | |||||||||||
Net sales | $ | 398,479 | $ | 16,315 | $ | 414,794 | |||||||
Gross profit | 23,032 | 1,662 | 24,694 | ||||||||||
Income from operations | 13,723 | 948 | 14,671 | ||||||||||
Net income | 19,003 | 1,024 | 20,027 | ||||||||||
Depreciation and amortization | 15,369 | 50 | 15,419 | ||||||||||
Cash received by PAL under EAP program | 8,454 | — | 8,454 | ||||||||||
Earnings recognized by PAL for EAP program | 8,755 | — | 8,755 | ||||||||||
Distributions received | — | — | — | ||||||||||
For the Six Months Ended December 29, 2013 | |||||||||||||
PAL | Other | Total | |||||||||||
Net sales | $ | 413,166 | $ | 17,911 | $ | 431,077 | |||||||
Gross profit | 36,755 | 2,125 | 38,880 | ||||||||||
Income from operations | 29,920 | 1,249 | 31,169 | ||||||||||
Net income | 31,416 | 1,329 | 32,745 | ||||||||||
Depreciation and amortization | 14,286 | 50 | 14,336 | ||||||||||
Cash received by PAL under EAP program | 7,493 | — | 7,493 | ||||||||||
Earnings recognized by PAL for EAP program | 16,284 | — | 16,284 | ||||||||||
Distributions received | 2,559 | 500 | 3,059 |
Note_23_Related_Party_Transact1
Note 23 - Related Party Transactions (Tables) | 6 Months Ended | |||||||||
Dec. 28, 2014 | ||||||||||
Related Party Transactions [Abstract] | ||||||||||
Related Party Receivables and Payables [Table Text Block] | 28-Dec-14 | 29-Jun-14 | ||||||||
Cupron, Inc. | $ | 21 | $ | 1 | ||||||
Salem Global Logistics, Inc. | 4 | 12 | ||||||||
Dillon Yarn Corporation | — | 4 | ||||||||
Total related party receivables (included within receivables, net) | $ | 25 | $ | 17 | ||||||
28-Dec-14 | 29-Jun-14 | |||||||||
Cupron, Inc. | $ | 453 | $ | 525 | ||||||
Salem Leasing Corporation | 288 | 272 | ||||||||
Dillon Yarn Corporation | 84 | 131 | ||||||||
Total related party payables (included within accounts payable) | $ | 825 | $ | 928 | ||||||
Schedule of Related Party Transactions [Table Text Block] | For the Three Months Ended | |||||||||
Affiliated Entity | Transaction Type | 28-Dec-14 | 29-Dec-13 | |||||||
Dillon Yarn Corporation | Yarn purchases | $ | 473 | $ | 565 | |||||
Dillon Yarn Corporation | Sales | — | 380 | |||||||
Salem Leasing Corporation | Transportation equipment costs | 947 | 911 | |||||||
Salem Global Logistics, Inc. | Freight services | 63 | — | |||||||
Cupron, Inc. | Sales | 208 | 131 | |||||||
Cupron, Inc. | Yarn purchases | 210 | 139 | |||||||
Invemed Associates LLC | Brokerage services | — | 4 | |||||||
For the Six Months Ended | ||||||||||
Affiliated Entity | Transaction Type | 28-Dec-14 | 29-Dec-13 | |||||||
Dillon Yarn Corporation | Yarn purchases | $ | 1,048 | $ | 1,452 | |||||
Dillon Yarn Corporation | Sales | — | 1,235 | |||||||
Salem Leasing Corporation | Transportation equipment costs | 1,897 | 1,826 | |||||||
Salem Global Logistics, Inc. | Freight services | 132 | — | |||||||
Cupron, Inc. | Sales | 549 | 157 | |||||||
Cupron, Inc. | Yarn purchases | 210 | 139 | |||||||
Invemed Associates LLC | Brokerage services | 2 | 8 |
Note_24_Business_Segment_Infor1
Note 24 - Business Segment Information (Tables) | 6 Months Ended | ||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | For the Three Months Ended December 28, 2014 | ||||||||||||||||
Polyester | Nylon | International | Total | ||||||||||||||
Net sales | $ | 90,431 | $ | 39,212 | $ | 33,506 | $ | 163,149 | |||||||||
Cost of sales | 77,892 | 33,545 | 28,429 | 139,866 | |||||||||||||
Gross profit | 12,539 | 5,667 | 5,077 | 23,283 | |||||||||||||
Selling, general and administrative expenses | 7,752 | 2,605 | 2,227 | 12,584 | |||||||||||||
Other operating expenses | — | — | 31 | 31 | |||||||||||||
Segment operating profit | $ | 4,787 | $ | 3,062 | $ | 2,819 | $ | 10,668 | |||||||||
For the Three Months Ended December 29, 2013 | |||||||||||||||||
Polyester | Nylon | International | Total | ||||||||||||||
Net sales | $ | 89,430 | $ | 39,800 | $ | 31,387 | $ | 160,617 | |||||||||
Cost of sales | 79,633 | 35,041 | 27,446 | 142,120 | |||||||||||||
Gross profit | 9,797 | 4,759 | 3,941 | 18,497 | |||||||||||||
Selling, general and administrative expenses | 7,068 | 2,384 | 2,039 | 11,491 | |||||||||||||
Restructuring charges | 119 | — | — | 119 | |||||||||||||
Segment operating profit | $ | 2,610 | $ | 2,375 | $ | 1,902 | $ | 6,887 | |||||||||
For the Six Months Ended December 28, 2014 | |||||||||||||||||
Polyester | Nylon | International | Total | ||||||||||||||
Net sales | $ | 183,409 | $ | 83,922 | $ | 70,000 | $ | 337,331 | |||||||||
Cost of sales | 160,415 | 73,068 | 59,610 | 293,093 | |||||||||||||
Gross profit | 22,994 | 10,854 | 10,390 | 44,238 | |||||||||||||
Selling, general and administrative expenses | 14,558 | 4,875 | 4,437 | 23,870 | |||||||||||||
Other operating expenses | 26 | 16 | 52 | 94 | |||||||||||||
Segment operating profit | $ | 8,410 | $ | 5,963 | $ | 5,901 | $ | 20,274 | |||||||||
For the Six Months Ended December 29, 2013 | |||||||||||||||||
Polyester | Nylon | International | Total | ||||||||||||||
Net sales | $ | 182,992 | $ | 79,515 | $ | 66,779 | $ | 329,286 | |||||||||
Cost of sales | 162,835 | 70,062 | 57,907 | 290,804 | |||||||||||||
Gross profit | 20,157 | 9,453 | 8,872 | 38,482 | |||||||||||||
Selling, general and administrative expenses | 13,103 | 4,434 | 4,068 | 21,605 | |||||||||||||
Restructuring charges | 349 | — | — | 349 | |||||||||||||
Segment operating profit | $ | 6,705 | $ | 5,019 | $ | 4,804 | $ | 16,528 | |||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | For the Three Months Ended | ||||||||||||||||
28-Dec-14 | 29-Dec-13 | ||||||||||||||||
Polyester | $ | 4,787 | $ | 2,610 | |||||||||||||
Nylon | 3,062 | 2,375 | |||||||||||||||
International | 2,819 | 1,902 | |||||||||||||||
Segment operating profit | 10,668 | 6,887 | |||||||||||||||
Provision for bad debts | 63 | 87 | |||||||||||||||
Other operating expense, net | 671 | 1,026 | |||||||||||||||
Operating income | 9,934 | 5,774 | |||||||||||||||
Interest income | (309 | ) | (142 | ) | |||||||||||||
Interest expense | 1,209 | 903 | |||||||||||||||
Equity in earnings of unconsolidated affiliates | (3,281 | ) | (5,122 | ) | |||||||||||||
Income before income taxes | $ | 12,315 | $ | 10,135 | |||||||||||||
For the Six Months Ended | |||||||||||||||||
28-Dec-14 | 29-Dec-13 | ||||||||||||||||
Polyester | $ | 8,410 | $ | 6,705 | |||||||||||||
Nylon | 5,963 | 5,019 | |||||||||||||||
International | 5,901 | 4,804 | |||||||||||||||
Segment operating profit | 20,274 | 16,528 | |||||||||||||||
Provision for bad debts | 654 | 49 | |||||||||||||||
Other operating expense, net | 2,069 | 2,420 | |||||||||||||||
Operating income | 17,551 | 14,059 | |||||||||||||||
Interest income | (626 | ) | (1,356 | ) | |||||||||||||
Interest expense | 2,028 | 2,155 | |||||||||||||||
Equity in earnings of unconsolidated affiliates | (7,002 | ) | (11,245 | ) | |||||||||||||
Income before income taxes | $ | 23,151 | $ | 24,505 | |||||||||||||
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block] | For the Three Months Ended | For the Six Months Ended | |||||||||||||||
28-Dec-14 | 29-Dec-13 | 28-Dec-14 | 29-Dec-13 | ||||||||||||||
Polyester | $ | 3,056 | $ | 2,822 | $ | 6,081 | $ | 5,571 | |||||||||
Nylon | 509 | 521 | 1,010 | 1,265 | |||||||||||||
International | 685 | 689 | 1,441 | 1,417 | |||||||||||||
Segment depreciation and amortization expense | 4,250 | 4,032 | 8,532 | 8,253 | |||||||||||||
Depreciation and amortization included in other operating expense, net | 98 | 80 | 196 | 160 | |||||||||||||
Amortization charged to interest expense | 146 | 105 | 258 | 212 | |||||||||||||
Depreciation and amortization expense | $ | 4,494 | $ | 4,217 | $ | 8,986 | $ | 8,625 | |||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||
28-Dec-14 | 29-Dec-13 | 28-Dec-14 | 29-Dec-13 | ||||||||||||||
Polyester | $ | (10 | ) | $ | 191 | $ | 112 | $ | 193 | ||||||||
Nylon | 22 | — | 65 | (157 | ) | ||||||||||||
International | — | 194 | — | 254 | |||||||||||||
Segment other adjustments | $ | 12 | $ | 385 | $ | 177 | $ | 290 | |||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||
28-Dec-14 | 29-Dec-13 | 28-Dec-14 | 29-Dec-13 | ||||||||||||||
Polyester | $ | 7,833 | $ | 5,742 | $ | 14,629 | $ | 12,818 | |||||||||
Nylon | 3,593 | 2,896 | 7,054 | 6,127 | |||||||||||||
International | 3,535 | 2,785 | 7,394 | 6,475 | |||||||||||||
Segment Adjusted Profit | $ | 14,961 | $ | 11,423 | $ | 29,077 | $ | 25,420 | |||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||
28-Dec-14 | 29-Dec-13 | 28-Dec-14 | 29-Dec-13 | ||||||||||||||
Polyester | $ | 19 | $ | 87 | $ | 142 | $ | 92 | |||||||||
Nylon | 70 | 63 | 75 | 136 | |||||||||||||
International | 137 | 415 | 167 | 514 | |||||||||||||
Intersegment sales | $ | 226 | $ | 565 | $ | 384 | $ | 742 | |||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||
28-Dec-14 | 29-Dec-13 | 28-Dec-14 | 29-Dec-13 | ||||||||||||||
Polyester | $ | 5,424 | $ | 2,641 | $ | 12,026 | $ | 7,033 | |||||||||
Nylon | 281 | 856 | 475 | 1,427 | |||||||||||||
International | 229 | 227 | 735 | 883 | |||||||||||||
Segment capital expenditures | 5,934 | 3,724 | 13,236 | 9,343 | |||||||||||||
Unallocated corporate capital expenditures | 125 | 16 | 206 | 88 | |||||||||||||
Capital expenditures | $ | 6,059 | $ | 3,740 | $ | 13,442 | $ | 9,431 | |||||||||
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | 28-Dec-14 | 29-Jun-14 | |||||||||||||||
Polyester | $ | 197,126 | $ | 192,697 | |||||||||||||
Nylon | 67,297 | 75,397 | |||||||||||||||
International | 72,159 | 81,604 | |||||||||||||||
Segment total assets | 336,582 | 349,698 | |||||||||||||||
All other current assets | 7,093 | 2,549 | |||||||||||||||
Unallocated corporate PP&E | 11,887 | 12,250 | |||||||||||||||
All other non-current assets | 5,181 | 5,341 | |||||||||||||||
Investments in unconsolidated affiliates | 105,748 | 99,229 | |||||||||||||||
Total assets | $ | 466,491 | $ | 469,067 | |||||||||||||
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | For the Three Months Ended | For the Six Months Ended | |||||||||||||||
28-Dec-14 | 29-Dec-13 | 28-Dec-14 | 29-Dec-13 | ||||||||||||||
U.S. | $ | 118,777 | $ | 121,236 | $ | 245,780 | $ | 244,963 | |||||||||
Brazil | 25,687 | 26,152 | 55,694 | 56,464 | |||||||||||||
All Other Foreign | 18,685 | 13,229 | 35,857 | 27,859 | |||||||||||||
Total | $ | 163,149 | $ | 160,617 | $ | 337,331 | $ | 329,286 | |||||||||
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | 28-Dec-14 | 29-Jun-14 | |||||||||||||||
U.S. | $ | 224,786 | $ | 215,910 | |||||||||||||
Brazil | 9,221 | 12,188 | |||||||||||||||
All Other Foreign | 7,393 | 7,413 | |||||||||||||||
Total | $ | 241,400 | $ | 235,511 | |||||||||||||
Schedule Of Entity Wide Disclosure On Geographic Areas Total Assets In Individual Foreign Countries By Country [Table Text Block] | 28-Dec-14 | 29-Jun-14 | |||||||||||||||
U.S. | $ | 368,720 | $ | 362,510 | |||||||||||||
Brazil | 61,864 | 70,581 | |||||||||||||||
All Other Foreign | 35,907 | 35,976 | |||||||||||||||
Total | $ | 466,491 | $ | 469,067 |
Note_25_Supplemental_Cash_Flow1
Note 25 - Supplemental Cash Flow Information (Tables) | 6 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | For the Six Months Ended | ||||||||
28-Dec-14 | 29-Dec-13 | ||||||||
Interest, net of capitalized interest | $ | 1,661 | $ | 1,635 | |||||
Income taxes, net of refunds | 12,708 | 6,558 |
Note_1_Background_Details
Note 1 - Background (Details) | Dec. 28, 2014 |
Disclosure Text Block [Abstract] | |
Number of Manufacturing Operations | 10 |
Number of Countries in which Entity Operates | 4 |
Note_4_Acquisition_Details
Note 4 - Acquisition (Details) (USD $) | 0 Months Ended | |
In Thousands, unless otherwise specified | Dec. 02, 2013 | Dec. 02, 2013 |
Note 4 - Acquisition (Details) [Line Items] | ||
Business Combination, Consideration Transferred | $2,934 | |
Dillon Draw Winding [Member] | ||
Note 4 - Acquisition (Details) [Line Items] | ||
Business Combination, Consideration Transferred | $2,934 |
Note_4_Acquisition_Details_Fai
Note 4 - Acquisition (Details) - Fair Value of Assets Acquired and Liabilities Assumed (USD $) | 0 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 02, 2013 | Dec. 28, 2014 | Jun. 29, 2014 | Dec. 02, 2013 |
Assets: | ||||
Inventory | $434 | $434 | ||
Machinery and equipment | 835 | 835 | ||
Total assets | 2,934 | 2,934 | ||
Liabilities: | ||||
Accounts payable | 434 | |||
Contingent consideration | 2,500 | 1,637 | 2,026 | 2,500 |
Total liabilities | 2,934 | |||
Customer Lists [Member] | ||||
Assets: | ||||
Finite-lived intangible asset | 1,615 | 1,615 | ||
Noncompete Agreements [Member] | ||||
Assets: | ||||
Finite-lived intangible asset | $50 | $50 |
Note_5_Receivables_Net_Details
Note 5 - Receivables, Net (Details) - Receivables (USD $) | Dec. 28, 2014 | Jun. 29, 2014 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ||
Customer receivables | $78,106 | $95,270 |
Allowance for uncollectible accounts | -1,465 | -1,035 |
Reserves for yarn quality claims | -640 | -618 |
Net customer receivables | 76,001 | 93,617 |
Related party receivables | 25 | 17 |
Other receivables | 293 | 291 |
Total receivables, net | $76,319 | $93,925 |
Note_5_Receivables_Net_Details1
Note 5 - Receivables, Net (Details) - Allowance for Uncollectible Accounts and Reserve for Yarn Quality Claims (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2014 | Jun. 29, 2014 |
Allowance for Doubtful Accounts [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at | ($1,465) | ($1,035) |
Charged to costs and expenses | -654 | |
Charged to other accounts | 144 | |
Deductions | 80 | |
Reserve for Yarn Quality Claims [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Balance at | -640 | -618 |
Charged to costs and expenses | -631 | |
Charged to other accounts | 22 | |
Deductions | $587 |
Note_6_Inventories_Details
Note 6 - Inventories (Details) (USD $) | Dec. 28, 2014 | Jun. 29, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Foreign Inventory Valued at Average Cost | $30,510 | $32,822 |
Note_6_Inventories_Details_Inv
Note 6 - Inventories (Details) - Inventories (USD $) | Dec. 28, 2014 | Jun. 29, 2014 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ||
Raw materials | $44,505 | $42,244 |
Supplies | 5,135 | 5,345 |
Work in process | 6,067 | 7,404 |
Finished goods | 61,071 | 59,716 |
Gross inventories | 116,778 | 114,709 |
Inventory reserves | -1,075 | -1,339 |
Total inventories | $115,703 | $113,370 |
Note_7_Other_Current_Assets_De
Note 7 - Other Current Assets (Details) - Other Current Assets (USD $) | Dec. 28, 2014 | Jun. 29, 2014 |
In Thousands, unless otherwise specified | ||
Other Current Assets [Abstract] | ||
Vendor deposits | $1,810 | $2,369 |
Value added taxes receivable | 1,296 | 1,197 |
Prepaid expenses | 1,928 | 1,876 |
Other | 462 | 610 |
Total other current assets | $5,496 | $6,052 |
Note_8_Property_Plant_and_Equi2
Note 8 - Property, Plant and Equipment, Net (Details) - Property, Plant and Equipment, Net (USD $) | Dec. 28, 2014 | Jun. 29, 2014 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | $724,527 | $726,529 |
Less: accumulated depreciation | -599,663 | -602,436 |
Less: accumulated amortization – capital leases | -536 | -291 |
Total property, plant and equipment, net | 124,328 | 123,802 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 2,801 | 2,957 |
Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 11,676 | 11,676 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 145,228 | 145,458 |
Assets Held under Capital Leases [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 4,587 | 4,587 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 532,639 | 532,650 |
Computers, Software and Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 16,846 | 17,404 |
Transportation Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 4,818 | 4,901 |
Asset under Construction [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | $5,932 | $6,896 |
Note_8_Property_Plant_and_Equi3
Note 8 - Property, Plant and Equipment, Net (Details) - Other Property, Plant and Equipment Costs and Expenses (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 |
Other Property, Plant and Equipment Costs and Expenses [Abstract] | ||||
Depreciation expense | $3,792 | $3,599 | $7,620 | $7,386 |
Internal software development costs amortization | 37 | 35 | 71 | 69 |
Repair and maintenance expenses | 4,290 | 4,286 | 8,948 | 8,516 |
Capitalized interest | $6 | $41 | $53 | $83 |
Note_9_Intangible_Assets_Net_D
Note 9 - Intangible Assets, Net (Details) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 6 Months Ended |
Jun. 24, 2007 | Dec. 02, 2013 | Jun. 24, 2012 | Dec. 28, 2014 | |
Customer Lists [Member] | Dillon Texturing Operations [Member] | ||||
Note 9 - Intangible Assets, Net (Details) [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 13 years | |||
Customer Lists [Member] | Dillon Draw Winding [Member] | ||||
Note 9 - Intangible Assets, Net (Details) [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 9 years | |||
Noncompete Agreements [Member] | Dillon Draw Winding [Member] | ||||
Note 9 - Intangible Assets, Net (Details) [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 5 years | |||
Noncompete Agreements [Member] | Repreve Renewables, LLC [Member] | ||||
Note 9 - Intangible Assets, Net (Details) [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 5 years | |||
Licensing Agreements [Member] | Minimum [Member] | Repreve Renewables, LLC [Member] | ||||
Note 9 - Intangible Assets, Net (Details) [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 4 years | |||
Licensing Agreements [Member] | Maximum [Member] | Repreve Renewables, LLC [Member] | ||||
Note 9 - Intangible Assets, Net (Details) [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 8 years | |||
Trademarks [Member] | Maximum [Member] | ||||
Note 9 - Intangible Assets, Net (Details) [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 3 years | |||
Repreve Renewables, LLC [Member] | ||||
Note 9 - Intangible Assets, Net (Details) [Line Items] | ||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 60.00% |
Note_9_Intangible_Assets_Net_D1
Note 9 - Intangible Assets, Net (Details) - Intangible Assets, Net (USD $) | Dec. 28, 2014 | Jun. 29, 2014 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | $28,689 | $28,674 |
Intangible assets, accumulated amortization | -22,317 | -21,280 |
Total intangible assets, net | 6,372 | 7,394 |
Customer Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 23,615 | 23,615 |
Intangible assets, accumulated amortization | -18,635 | -17,838 |
Noncompete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 4,293 | 4,293 |
Intangible assets, accumulated amortization | -3,375 | -3,214 |
Licensing Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 265 | 265 |
Intangible assets, accumulated amortization | -102 | -86 |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 353 | 339 |
Intangible assets, accumulated amortization | -199 | -141 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 163 | 162 |
Intangible assets, accumulated amortization | ($6) | ($1) |
Note_9_Intangible_Assets_Net_D2
Note 9 - Intangible Assets, Net (Details) - Amortization Expense for Intangible Assets (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 |
Note 9 - Intangible Assets, Net (Details) - Amortization Expense for Intangible Assets [Line Items] | ||||
Amortization expense | $519 | $478 | $1,037 | $958 |
Customer Lists [Member] | ||||
Note 9 - Intangible Assets, Net (Details) - Amortization Expense for Intangible Assets [Line Items] | ||||
Amortization expense | 398 | 370 | 797 | 740 |
Noncompete Agreements [Member] | ||||
Note 9 - Intangible Assets, Net (Details) - Amortization Expense for Intangible Assets [Line Items] | ||||
Amortization expense | 81 | 79 | 161 | 157 |
Licensing Agreements [Member] | ||||
Note 9 - Intangible Assets, Net (Details) - Amortization Expense for Intangible Assets [Line Items] | ||||
Amortization expense | 8 | 7 | 16 | 15 |
Trademarks [Member] | ||||
Note 9 - Intangible Assets, Net (Details) - Amortization Expense for Intangible Assets [Line Items] | ||||
Amortization expense | 30 | 22 | 58 | 46 |
Patents [Member] | ||||
Note 9 - Intangible Assets, Net (Details) - Amortization Expense for Intangible Assets [Line Items] | ||||
Amortization expense | $2 | $5 |
Note_10_Other_Noncurrent_Asset2
Note 10 - Other Non-current Assets (Details) - Other Non-current Assets (USD $) | Dec. 28, 2014 | Jun. 29, 2014 |
In Thousands, unless otherwise specified | ||
Other Non-current Assets [Abstract] | ||
Biomass foundation and feedstock | $2,688 | $2,683 |
Debt financing fees | 2,019 | 2,093 |
Long-term deposits | 242 | 295 |
Other | 3 | 15 |
Total other non-current assets | $4,952 | $5,086 |
Note_11_Accrued_Expenses_Detai
Note 11 - Accrued Expenses (Details) - Accrued Expenses (USD $) | Dec. 28, 2014 | Jun. 29, 2014 |
In Thousands, unless otherwise specified | ||
Accrued Expenses [Abstract] | ||
Payroll and fringe benefits | $6,234 | $12,406 |
Utilities | 1,855 | 2,876 |
Property taxes | 1,528 | 821 |
Contingent consideration | 525 | 537 |
Other | 1,497 | 1,949 |
Total accrued expenses | $11,639 | $18,589 |
Note_12_Longterm_Debt_Details
Note 12 - Long-term Debt (Details) (USD $) | 6 Months Ended | 0 Months Ended | 2 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | 24-May-12 | Aug. 25, 2014 | Aug. 25, 2014 | Aug. 24, 2014 | Jun. 29, 2014 | Aug. 30, 2012 |
Note 12 - Long-term Debt (Details) [Line Items] | ||||||||
Debt Instrument, Face Amount (in Dollars) | $111,258 | $99,488 | ||||||
Minimum Monthly Fixed Charge Coverage Ratio Covenant | 1 | |||||||
Annual Interest Rate Added to Federal Funds Rate | 0.50% | |||||||
Annual Interest Rate Added to LIBOR Rate | 1.00% | |||||||
Proceeds from Issuance of Secured Debt (in Dollars) | 22,000 | 7,200 | ||||||
Fixed Charge Coverage Ratio | 4.5 | |||||||
Trigger Level [Member] | ABL Revolver [Member] | ABL Facility [Member] | ||||||||
Note 12 - Long-term Debt (Details) [Line Items] | ||||||||
Line of Credit Facility, Remaining Borrowing Capacity (in Dollars) | 23,398 | |||||||
ABL Facility [Member] | ||||||||
Note 12 - Long-term Debt (Details) [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity Including Revolving Line of Credit and Term Loan (in Dollars) | 150,000 | |||||||
ABL Revolver [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||||
Note 12 - Long-term Debt (Details) [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||||||
ABL Revolver [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||||
Note 12 - Long-term Debt (Details) [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||||||
ABL Revolver [Member] | Base Rate [Member] | Minimum [Member] | ||||||||
Note 12 - Long-term Debt (Details) [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |||||||
ABL Revolver [Member] | Base Rate [Member] | Maximum [Member] | ||||||||
Note 12 - Long-term Debt (Details) [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||||||
ABL Revolver [Member] | ||||||||
Note 12 - Long-term Debt (Details) [Line Items] | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.20% | |||||||
Line of Credit Facility, Maximum Borrowing Capacity (in Dollars) | 100,000 | |||||||
Debt Instrument, Face Amount (in Dollars) | 19,000 | 26,000 | ||||||
Line of Credit Facility, Remaining Borrowing Capacity (in Dollars) | 60,919 | |||||||
ABL Term Loan [Member] | Fifth Amended Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Note 12 - Long-term Debt (Details) [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | 2.25% | ||||||
ABL Term Loan [Member] | Fifth Amended Credit Agreement [Member] | Base Rate [Member] | ||||||||
Note 12 - Long-term Debt (Details) [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | 1.25% | ||||||
ABL Term Loan [Member] | Fifth Amended Credit Agreement [Member] | ||||||||
Note 12 - Long-term Debt (Details) [Line Items] | ||||||||
Debt Instrument, Face Amount (in Dollars) | 90,000 | 90,000 | ||||||
Minimum Monthly Fixed Charge Coverage Ratio Covenant | 1 | 1 | ||||||
Proceeds from Issuance of Secured Debt (in Dollars) | 22,000 | |||||||
Debt Instrument, Periodic Payment, Principal (in Dollars) | 2,812 | 2,125 | ||||||
Maximum Amount of Excluded Capital Expenditures and Permitted Acquisitions for Calculation of Fixed Charge Coverage Ratio (in Dollars) | 40,000 | 40,000 | ||||||
Debt Issuance Cost (in Dollars) | 184 | |||||||
ABL Term Loan [Member] | ||||||||
Note 12 - Long-term Debt (Details) [Line Items] | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.20% | |||||||
Debt Instrument, Face Amount (in Dollars) | 87,187 | 90,000 | 90,000 | 68,000 | ||||
Related Party Term Loan [Member] | ||||||||
Note 12 - Long-term Debt (Details) [Line Items] | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.00% | |||||||
Debt Instrument, Face Amount (in Dollars) | 1,250 | 1,250 | ||||||
Notes Payable, Related Parties (in Dollars) | 1,250 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | |||||||
ABL Facility [Member] | ||||||||
Note 12 - Long-term Debt (Details) [Line Items] | ||||||||
Foreign Capital Stock, Maximum Voting Stock of First-Tier Foreign Subsidiaries | 65.00% | |||||||
Minimum Monthly Fixed Charge Coverage Ratio Covenant | 1.05 | |||||||
Standby Letters of Credit [Member] | ||||||||
Note 12 - Long-term Debt (Details) [Line Items] | ||||||||
Line of Credit Facility, Current Borrowing Capacity (in Dollars) | $525 | |||||||
Minimum [Member] | ||||||||
Note 12 - Long-term Debt (Details) [Line Items] | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.30% | |||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | |||||||
Maximum [Member] | ||||||||
Note 12 - Long-term Debt (Details) [Line Items] | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.60% | |||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.38% |
Note_12_Longterm_Debt_Details_
Note 12 - Long-term Debt (Details) - Long-term Debt (USD $) | Dec. 28, 2014 | Aug. 25, 2014 | Jun. 29, 2014 | |
In Thousands, unless otherwise specified | ||||
Debt Instrument [Line Items] | ||||
Principal Amounts | $111,258 | $99,488 | ||
Current portion of long-term debt | -13,353 | -7,215 | ||
Total long-term debt | 97,905 | 92,273 | ||
ABL Revolver [Member] | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rate | 2.20% | |||
Principal Amounts | 19,000 | 26,000 | ||
ABL Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rate | 3.20% | |||
Principal Amounts | 87,187 | 90,000 | 68,000 | |
Related Party Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rate | 3.00% | |||
Principal Amounts | 1,250 | 1,250 | ||
Capital Lease Obligations [Member] | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rate | -2.00% | [1] | ||
Principal Amounts | $3,821 | $4,238 | ||
[1] | Interest rates for capital lease obligations range from 2.3% to 4.6%. |
Note_12_Longterm_Debt_Details_1
Note 12 - Long-term Debt (Details) - Scheduled Maturities of Outstanding Debt Obligations (USD $) | Dec. 28, 2014 |
In Thousands, unless otherwise specified | |
Note 12 - Long-term Debt (Details) - Scheduled Maturities of Outstanding Debt Obligations [Line Items] | |
2015 | $6,048 |
2016 | 13,366 |
2017 | 12,058 |
2018 | 11,808 |
2019 | 67,178 |
Thereafter | 800 |
Capital lease obligations | 423 |
Capital lease obligations | 866 |
Capital lease obligations | 808 |
Capital lease obligations | 558 |
Capital lease obligations | 366 |
Capital lease obligations | 800 |
ABL Revolver [Member] | |
Note 12 - Long-term Debt (Details) - Scheduled Maturities of Outstanding Debt Obligations [Line Items] | |
2019 | 19,000 |
ABL Term Loan [Member] | |
Note 12 - Long-term Debt (Details) - Scheduled Maturities of Outstanding Debt Obligations [Line Items] | |
2015 | 5,625 |
2016 | 11,250 |
2017 | 11,250 |
2018 | 11,250 |
2019 | 47,812 |
Related Party Term Loan [Member] | |
Note 12 - Long-term Debt (Details) - Scheduled Maturities of Outstanding Debt Obligations [Line Items] | |
2016 | $1,250 |
Note_12_Longterm_Debt_Details_2
Note 12 - Long-term Debt (Details) - Debt Financing Fees (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | Jun. 29, 2014 |
Note 12 - Long-term Debt (Details) - Debt Financing Fees [Line Items] | |||||
Deferred finance cost | $2,019 | $2,019 | $2,093 | ||
Amortization charged to interest expense | -146 | -105 | -258 | -212 | |
Modification [Member] | |||||
Note 12 - Long-term Debt (Details) - Debt Financing Fees [Line Items] | |||||
Amounts recorded related to debt modification | $184 |
Note_12_Longterm_Debt_Details_3
Note 12 - Long-term Debt (Details) - Interest Expense Components (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 |
Note 12 - Long-term Debt (Details) - Interest Expense Components [Line Items] | ||||
Interest, excluding amortization | $968 | $842 | $1,876 | $1,734 |
Reclassification adjustment for cash flow hedge | 89 | 145 | 193 | 300 |
Amortization of debt financing fees | 146 | 105 | 258 | 212 |
Mark-to-market adjustment for interest rate swap | 12 | -148 | -246 | -8 |
Interest capitalized to property, plant and equipment, net | -6 | -41 | -53 | -83 |
Subtotal | 241 | 61 | 152 | 421 |
Total interest expense | 1,209 | 903 | 2,028 | 2,155 |
ABL Facility [Member] | ||||
Note 12 - Long-term Debt (Details) - Interest Expense Components [Line Items] | ||||
Interest, excluding amortization | 925 | 812 | 1,785 | 1,665 |
Other Interest Expense [Member] | ||||
Note 12 - Long-term Debt (Details) - Interest Expense Components [Line Items] | ||||
Interest, excluding amortization | $43 | $30 | $91 | $69 |
Note_13_Other_Longterm_Liabili2
Note 13 - Other Long-term Liabilities (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 |
Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract] | ||||
Postemployment Benefits, Period Expense | $234 | $301 | $333 | $520 |
Note_13_Other_Longterm_Liabili3
Note 13 - Other Long-term Liabilities (Details) - Other Long-term Liabilities (USD $) | Dec. 28, 2014 | Jun. 29, 2014 | Dec. 02, 2013 |
In Thousands, unless otherwise specified | |||
Other Long-term Liabilities [Abstract] | |||
Supplemental post-employment plan | $3,506 | $3,173 | |
Contingent consideration | 1,637 | 2,026 | 2,500 |
Uncertain tax positions | 1,018 | 1,101 | |
Interest rate swap | 117 | 363 | |
Other | 1,361 | 886 | |
Total other long-term liabilities | $7,639 | $7,549 |
Note_14_Income_Taxes_Details
Note 14 - Income Taxes (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | Jun. 29, 2014 |
Note 14 - Income Taxes (Details) [Line Items] | |||||
Income Tax Expense (Benefit) | $3,193 | $3,924 | $7,354 | $9,675 | |
Effective Income Tax Rate Reconciliation, Percent | 25.90% | 38.70% | 31.80% | 39.50% | |
Deferred Tax Assets, Valuation Allowance | 18,279 | 18,279 | 18,615 | ||
Earliest Tax Year [Member] | Domestic Tax Authority [Member] | |||||
Note 14 - Income Taxes (Details) [Line Items] | |||||
Open Tax Year | 2011 | ||||
Earliest Tax Year [Member] | Foreign Tax Authority [Member] | |||||
Note 14 - Income Taxes (Details) [Line Items] | |||||
Open Tax Year | 2008 | ||||
Earliest Tax Year [Member] | State and Local Jurisdiction [Member] | |||||
Note 14 - Income Taxes (Details) [Line Items] | |||||
Open Tax Year | 2009 | ||||
Latest Tax Year [Member] | Domestic Tax Authority [Member] | |||||
Note 14 - Income Taxes (Details) [Line Items] | |||||
Open Tax Year | 2014 | ||||
Latest Tax Year [Member] | Foreign Tax Authority [Member] | |||||
Note 14 - Income Taxes (Details) [Line Items] | |||||
Open Tax Year | 2014 | ||||
Latest Tax Year [Member] | State and Local Jurisdiction [Member] | |||||
Note 14 - Income Taxes (Details) [Line Items] | |||||
Open Tax Year | 2014 | ||||
Domestic Tax Authority [Member] | |||||
Note 14 - Income Taxes (Details) [Line Items] | |||||
Deferred Tax Assets, Valuation Allowance | 14,682 | 14,682 | |||
Foreign Tax Authority [Member] | |||||
Note 14 - Income Taxes (Details) [Line Items] | |||||
Deferred Tax Assets, Valuation Allowance | $3,597 | $3,597 |
Note_15_Shareholders_Equity_De
Note 15 - Shareholders' Equity (Details) (USD $) | 6 Months Ended | 12 Months Ended | |||
Dec. 28, 2014 | Jun. 29, 2014 | Jun. 30, 2013 | Apr. 23, 2014 | Jan. 22, 2013 | |
Stockholders' Equity Note [Abstract] | |||||
Stock Repurchase Program, Authorized Amount | $50,000 | $50,000 | |||
Payments of Dividends | $0 | $0 | $0 |
Note_15_Shareholders_Equity_De1
Note 15 - Shareholders' Equity (Details) - Repurchases and Retirements of Common Stock (USD $) | 6 Months Ended | 12 Months Ended | 30 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2014 | Jun. 29, 2014 | Jun. 30, 2013 | Dec. 28, 2014 |
Repurchases and Retirements of Common Stock [Abstract] | ||||
Shares repurchased | 149 | 1,524 | 1,068 | 2,741 |
Average price paid per share | $28 | $23.96 | $18.08 | $21.89 |
Maximum approximate dollar value | $40,011 | $40,011 |
Note_16_Stockbased_Compensatio2
Note 16 - Stock-based Compensation (Details) (USD $) | 6 Months Ended | 15 Months Ended | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Jun. 29, 2014 | Oct. 23, 2013 |
Note 16 - Stock-based Compensation (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 150 | 97 | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | $27.38 | $22.31 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $17.31 | $14.66 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number (in Shares) | 941 | 941 | 800 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in Dollars per share) | $12.60 | 12.6 | $9.77 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $2,394 | 2,394 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 109 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 81 | 12,521 | |||
Proceeds from Stock Options Exercised | 36 | 2,833 | |||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 413 | 376 | |||
Employee Stock Option [Member] | |||||
Note 16 - Stock-based Compensation (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 2,257 | 2,257 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 146 days | ||||
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | 32 | 4,905 | |||
RSUs Issued to Non-Employee Directors [Member] | |||||
Note 16 - Stock-based Compensation (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 17 | 25 | 42 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $28.58 | $23.23 | |||
RSUs Issued To Key Employees [Member] | |||||
Note 16 - Stock-based Compensation (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 22 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $22.08 | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Note 16 - Stock-based Compensation (Details) [Line Items] | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 137 | 137 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 6 months | ||||
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | 166 | 275 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested and Expected to Vest, Number (in Shares) | 202 | 202 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | 6,121 | 6,121 | |||
(in Shares) | 182 | 182 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | 5,492 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Converted in Period, Aggregate Intrinsic Value | $425 | $696 | |||
Market Price Vesting Condition 1 [Member] | |||||
Note 16 - Stock-based Compensation (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares (in Shares) | 10 | 10 | |||
Price Per Share Market Condition Vesting Threshold (in Dollars per share) (in Dollars per share) | $30 | 30 | |||
Market Price Vesting Condition, Days | 30 days | ||||
Market Price Vesting Condition 2 [Member] | |||||
Note 16 - Stock-based Compensation (Details) [Line Items] | |||||
Price Per Share Market Condition Vesting Threshold (in Dollars per share) (in Dollars per share) | $24 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares (in Shares) | 14 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number (in Shares) | 10 | 10 | |||
Market Price Vesting Condition 3 [Member] | |||||
Note 16 - Stock-based Compensation (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number (in Shares) | 20 | 20 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in Dollars per share) | $8.16 | 8.16 | |||
The 2013 Incentive Compensation Plan [Member] | |||||
Note 16 - Stock-based Compensation (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 1,000 |
Note_16_Stockbased_Compensatio3
Note 16 - Stock-based Compensation (Details) - Stock Option Valuation Assumptions | 6 Months Ended | |
Dec. 28, 2014 | Dec. 29, 2013 | |
Stock Option Valuation Assumptions [Abstract] | ||
Expected term (years) | 7 years 109 days | 7 years 146 days |
Risk-free interest rate | 2.20% | 2.10% |
Volatility | 62.60% | 65.90% |
Dividend yield | 0.00% | 0.00% |
Note_16_Stockbased_Compensatio4
Note 16 - Stock-based Compensation (Details) - Summary of Stock Option Activity (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | Jun. 29, 2014 |
Summary of Stock Option Activity [Abstract] | ||||
Stock options | 941 | 800 | ||
Weighted average exercise price | $12.60 | $9.77 | ||
Weighted average remaining contractual life | 6 years 36 days | |||
Aggregate intrinsic value | $16,570 | |||
Vested and expected to vest as of December 28, 2014 | 934 | |||
Vested and expected to vest as of December 28, 2014 | $12.50 | |||
Vested and expected to vest as of December 28, 2014 | 6 years 36 days | |||
Vested and expected to vest as of December 28, 2014 | 16,526 | |||
Exercisable at December 28, 2014 | 682 | |||
Exercisable at December 28, 2014 | $8.61 | |||
Exercisable at December 28, 2014 | 5 years 36 days | |||
Exercisable at December 28, 2014 | $14,714 | |||
Granted | 150 | 97 | ||
Granted | $27.38 | $22.31 | ||
Exercised | -421 | -5 | ||
Exercised | $8.75 | |||
Forfeited | -4 | |||
Forfeited | $8.75 |
Note_16_Stockbased_Compensatio5
Note 16 - Stock-based Compensation (Details) - Summary of RSU Activity (Restricted Stock Units (RSUs) [Member], USD $) | 6 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2014 | Jun. 29, 2014 |
Non-vested [Member] | ||
Note 16 - Stock-based Compensation (Details) - Summary of RSU Activity [Line Items] | ||
Outstanding | 20 | 49 |
Outstanding, weighted average grant date fair value (in Dollars per share) | $18.35 | $16.11 |
Granted | 17 | |
Granted (in Dollars per share) | $28.58 | |
Vested | -46 | |
Vested (in Dollars per share) | $19.86 | |
Vested [Member] | ||
Note 16 - Stock-based Compensation (Details) - Summary of RSU Activity [Line Items] | ||
Outstanding | 182 | 152 |
Vested | 46 | |
Converted | -16 | |
Total Non-vested and Vested [Member] | ||
Note 16 - Stock-based Compensation (Details) - Summary of RSU Activity [Line Items] | ||
Outstanding | 202 | 201 |
Outstanding, weighted average grant date fair value (in Dollars per share) | $15.45 | $14.19 |
Granted | 17 | |
Granted (in Dollars per share) | $28.58 | |
Vested (in Dollars per share) | $19.86 | |
Converted | -16 | |
Converted (in Dollars per share) | $14.06 |
Note_16_Stockbased_Compensatio6
Note 16 - Stock-based Compensation (Details) - Stock Based Compensation Total Cost Charged Against Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 |
Note 16 - Stock-based Compensation (Details) - Stock Based Compensation Total Cost Charged Against Income [Line Items] | ||||
Compensation cost | $1,038 | $952 | $1,564 | $1,211 |
Employee Stock Option [Member] | ||||
Note 16 - Stock-based Compensation (Details) - Stock Based Compensation Total Cost Charged Against Income [Line Items] | ||||
Compensation cost | 499 | 282 | 963 | 438 |
Restricted Stock Units (RSUs) [Member] | ||||
Note 16 - Stock-based Compensation (Details) - Stock Based Compensation Total Cost Charged Against Income [Line Items] | ||||
Compensation cost | $539 | $670 | $601 | $773 |
Note_16_Stockbased_Compensatio7
Note 16 - Stock-based Compensation (Details) - Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans | 6 Months Ended | 15 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Oct. 23, 2013 |
Note 16 - Stock-based Compensation (Details) - Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans [Line Items] | ||||
Less: Service-condition options granted | -150 | -97 | ||
Awards Expired or Forfeited From 2008 LTIP [Member] | ||||
Note 16 - Stock-based Compensation (Details) - Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans [Line Items] | ||||
Plus: Awards expired, forfeited or otherwise terminated unexercised from the 2008 LTIP | 0 | |||
Stock Options Subject to Service Conditions [Member] | ||||
Note 16 - Stock-based Compensation (Details) - Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans [Line Items] | ||||
Less: Service-condition options granted | -155 | |||
RSUs Issued to Non-Employee Directors [Member] | ||||
Note 16 - Stock-based Compensation (Details) - Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans [Line Items] | ||||
Less: RSUs granted to non-employee directors | -17 | -25 | -42 | |
The 2013 Incentive Compensation Plan [Member] | ||||
Note 16 - Stock-based Compensation (Details) - Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans [Line Items] | ||||
Authorized under the 2013 Plan | 1,000 | |||
Available for issuance under the 2013 Plan | 803 | 803 |
Note_17_Fair_Value_of_Financia2
Note 17 - Fair Value of Financial Instruments and Non-financial Assets and Liabilities (Details) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 19 Months Ended | |||||
In Thousands, unless otherwise specified | 18-May-12 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | Feb. 28, 2015 | Jun. 29, 2014 | Dec. 02, 2013 | 31-May-13 |
Note 17 - Fair Value of Financial Instruments and Non-financial Assets and Liabilities (Details) [Line Items] | |||||||||
Maximum Length of Time Hedged in Interest Rate Cash Flow Hedge | 5 years | ||||||||
Derivative, Swaption Interest Rate | 1.06% | 1.06% | |||||||
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | ($193) | ($300) | |||||||
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments | -12 | 148 | 246 | 8 | |||||
Business Combination, Contingent Consideration, Liability | 1,637 | 1,637 | 2,026 | 2,500 | |||||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Scenario, Forecast [Member] | |||||||||
Note 17 - Fair Value of Financial Instruments and Non-financial Assets and Liabilities (Details) [Line Items] | |||||||||
Derivative, Notional Amount | 50,000 | ||||||||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | |||||||||
Note 17 - Fair Value of Financial Instruments and Non-financial Assets and Liabilities (Details) [Line Items] | |||||||||
Derivative, Notional Amount | 50,000 | 55,000 | 55,000 | 85,000 | |||||
Scenario, Forecast [Member] | |||||||||
Note 17 - Fair Value of Financial Instruments and Non-financial Assets and Liabilities (Details) [Line Items] | |||||||||
Quarterly Decrease in Notional Amount of Interest Rate Cash Flow Hedge Derivatives | 5,000 | ||||||||
Dillon [Member] | Accrued Expenses [Member] | |||||||||
Note 17 - Fair Value of Financial Instruments and Non-financial Assets and Liabilities (Details) [Line Items] | |||||||||
Business Combination, Contingent Consideration, Liability | 525 | 525 | |||||||
Dillon [Member] | Other Noncurrent Liabilities [Member] | |||||||||
Note 17 - Fair Value of Financial Instruments and Non-financial Assets and Liabilities (Details) [Line Items] | |||||||||
Business Combination, Contingent Consideration, Liability | 1,637 | 1,637 | |||||||
Dillon [Member] | |||||||||
Note 17 - Fair Value of Financial Instruments and Non-financial Assets and Liabilities (Details) [Line Items] | |||||||||
Business Combination, Contingent Consideration, Liability | $2,162 | $2,162 | $2,563 |
Note_17_Fair_Value_of_Financia3
Note 17 - Fair Value of Financial Instruments and Non-financial Assets and Liabilities (Details) - Changes in Fair Value of Contingent Consideration (USD $) | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Jun. 29, 2014 | Dec. 02, 2013 |
Business Acquisition, Contingent Consideration [Line Items] | |||
Contingent consideration as of June 29, 2014 | $2,026 | $2,500 | |
Contingent consideration as of December 28, 2014 | 1,637 | 2,026 | 2,500 |
Dillon [Member] | |||
Business Acquisition, Contingent Consideration [Line Items] | |||
Contingent consideration as of June 29, 2014 | 2,563 | ||
Payments | -358 | ||
Contingent consideration as of December 28, 2014 | 2,162 | ||
Dillon [Member] | Changes Measurement [Member] | |||
Business Acquisition, Contingent Consideration [Line Items] | |||
Change in fair value | ($43) |
Note_17_Fair_Value_of_Financia4
Note 17 - Fair Value of Financial Instruments and Non-financial Assets and Liabilities (Details) - Fair Values of Derivative Financial Instruments | Dec. 28, 2014 | Jun. 29, 2014 | Dec. 02, 2013 | Jun. 29, 2014 | Jun. 29, 2014 | Dec. 28, 2014 | Dec. 28, 2014 | Jun. 29, 2014 | Jun. 29, 2014 | Dec. 28, 2014 | Jun. 29, 2014 |
In Thousands, unless otherwise specified | USD ($) | USD ($) | USD ($) | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] |
Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Accrued Expenses and Other Long-term Liabilities [Member] | Accrued Expenses and Other Long-term Liabilities [Member] | ||||
Other Current Assets [Member] | Other Current Assets [Member] | Other Noncurrent Liabilities [Member] | Other Noncurrent Liabilities [Member] | Other Noncurrent Liabilities [Member] | Other Noncurrent Liabilities [Member] | USD ($) | USD ($) | ||||
USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | ||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Notional amount | $668 | € 495 | $55,000 | € 55,000 | $65,000 | € 65,000 | |||||
Fair value | 7 | 117 | 363 | ||||||||
Contingent consideration | $1,637 | $2,026 | $2,500 | $2,162 | $2,563 |
Note_17_Fair_Value_of_Financia5
Note 17 - Fair Value of Financial Instruments and Non-financial Assets and Liabilities (Details) - Effect of Marked-to-Market Hedging Derivative Instruments (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest rate swap | ($12) | $148 | $246 | $8 |
Total loss (gain) recognized in income | 12 | -164 | -239 | -30 |
Other Operating Expenses, Net [Member] | Foreign Exchange Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Foreign exchange contracts | -16 | 7 | -22 | |
Interest Expense [Member] | Interest Rate Swap [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest rate swap | $12 | ($148) | ($246) | ($8) |
Note_18_Accumulated_Other_Comp2
Note 18 - Accumulated Other Comprehensive Loss (Details) - Accumulated Other Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | Jun. 29, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance | ($17,321) | ($17,321) | ($4,619) | ||
Other comprehensive (loss) income, net of tax | -5,765 | -2,995 | -12,702 | -3,162 | |
Interest Rate Swap [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance | -185 | -185 | -378 | ||
Other comprehensive (loss) income, net of tax | 193 | ||||
Accumulated Translation Adjustment [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance | -17,136 | -17,136 | -4,241 | ||
Other comprehensive (loss) income, net of tax | ($12,895) |
Note_18_Accumulated_Other_Comp3
Note 18 - Accumulated Other Comprehensive Loss (Details) - Pre-Tax, Tax, and After-Tax Effects of Components of Other Comprehensive Income (Loss) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 |
Note 18 - Accumulated Other Comprehensive Loss (Details) - Pre-Tax, Tax, and After-Tax Effects of Components of Other Comprehensive Income (Loss) [Line Items] | ||||
Foreign currency translation adjustments | ($5,483) | ($3,140) | ($12,524) | ($3,462) |
Foreign currency translation adjustments | -5,483 | -3,140 | -12,524 | -3,462 |
Reclassification adjustment on cash flow hedge | 89 | 145 | 193 | 300 |
Reclassification adjustment on cash flow hedge | 89 | 145 | 193 | 300 |
Other comprehensive loss | -5,765 | -2,995 | -12,702 | -3,162 |
Other comprehensive loss | -5,765 | -2,995 | -12,702 | -3,162 |
Parkdale America, LLC [Member] | ||||
Note 18 - Accumulated Other Comprehensive Loss (Details) - Pre-Tax, Tax, and After-Tax Effects of Components of Other Comprehensive Income (Loss) [Line Items] | ||||
Foreign currency translation adjustments | -371 | -371 | ||
Foreign currency translation adjustments | ($371) | ($371) |
Note_19_Computation_of_Earning2
Note 19 - Computation of Earnings Per Share (Details) - Computation of Basic and Diluted Earnings Per Share (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 |
Computation of Basic and Diluted Earnings Per Share [Abstract] | ||||
Net income attributable to Unifi, Inc. (in Dollars) | $9,418 | $6,443 | $16,495 | $15,313 |
Weighted average common shares outstanding | 18,180 | 19,136 | 18,235 | 19,200 |
Basic EPS (in Dollars per share) | $0.52 | $0.34 | $0.90 | $0.80 |
Net income attributable to Unifi, Inc. (in Dollars) | $9,418 | $6,443 | $16,495 | $15,313 |
Weighted average common shares outstanding | 18,180 | 19,136 | 18,235 | 19,200 |
Net potential common share equivalents – stock options and RSUs | 602 | 758 | 600 | 832 |
Adjusted weighted average common shares outstanding | 18,782 | 19,894 | 18,835 | 20,032 |
Diluted EPS (in Dollars per share) | $0.50 | $0.32 | $0.88 | $0.76 |
Anti-dilutive common share equivalents | 177 | 91 | 177 | 91 |
Unvested options that vest upon achievement of certain market conditions | 10 | 13 | 10 | 13 |
Note_20_Other_Operating_Expens2
Note 20 - Other Operating Expense, Net (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 |
Note 20 - Other Operating Expense, Net (Details) [Line Items] | ||||
Depreciation, Depletion and Amortization | $4,494 | $4,217 | $8,986 | $8,625 |
Repreve Renewables, LLC [Member] | ||||
Note 20 - Other Operating Expense, Net (Details) [Line Items] | ||||
Depreciation, Depletion and Amortization | $98 | $80 | $196 | $160 |
Note_20_Other_Operating_Expens3
Note 20 - Other Operating Expense, Net (Details) - Components of Other Operating Expense, Net (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 |
Note 20 - Other Operating Expense, Net (Details) - Components of Other Operating Expense, Net [Line Items] | ||||
Other operating expense, net | $702 | $1,145 | $2,163 | $2,769 |
Foreign currency transaction losses | 61 | 79 | 374 | 173 |
Net loss on sale or disposal of assets | 17 | 299 | 17 | 340 |
Restructuring charges, net | 0 | 222 | 0 | 1,118 |
Change in fair value of contingent consideration | -118 | -43 | ||
Other, net | 3 | -35 | 74 | -66 |
Repreve Renewables, LLC [Member] | ||||
Note 20 - Other Operating Expense, Net (Details) - Components of Other Operating Expense, Net [Line Items] | ||||
Other operating expense, net | $739 | $580 | $1,741 | $1,204 |
Note_20_Other_Operating_Expens4
Note 20 - Other Operating Expense, Net (Details) - Components of Restructuring Charges, Net (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges, net | $0 | $222 | $0 | $1,118 |
Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges, net | 0 | 103 | 0 | 769 |
Equipment Relocation Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges, net | $0 | $119 | $0 | $349 |
Note_20_Other_Operating_Expens5
Note 20 - Other Operating Expense, Net (Details) - Changes to Severance Reserves (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | Jun. 29, 2014 |
Note 20 - Other Operating Expense, Net (Details) - Changes to Severance Reserves [Line Items] | |||||
Accrued severance | $0 | $222 | $0 | $1,118 | |
Employee Severance [Member] | |||||
Note 20 - Other Operating Expense, Net (Details) - Changes to Severance Reserves [Line Items] | |||||
Accrued severance | 0 | 0 | 374 | ||
Accrued severance | 0 | 103 | 0 | 769 | |
Accrued severance | -19 | ||||
Accrued severance | -355 | ||||
Accrued severance | $0 |
Note_21_Investments_in_Unconso2
Note 21 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) (USD $) | 29 Months Ended | 6 Months Ended | 0 Months Ended | |||
Dec. 28, 2014 | Dec. 28, 2014 | Aug. 28, 2014 | Jun. 29, 2014 | Dec. 29, 2013 | Jun. 30, 1997 | |
Note 21 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) [Line Items] | ||||||
Number of Manufacturing Facilities | 14 | 14 | ||||
Time Following the Marketing Year that the Government Subsidy Was Earned by PAL | 18 months | |||||
Equity Method Investments | $105,748,000 | 105,748,000 | $99,229,000 | |||
Accounts Payable, Related Parties | 825,000 | 825,000 | 928,000 | |||
EAP Program [Member] | Parkdale America, LLC [Member] | ||||||
Note 21 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) [Line Items] | ||||||
Deferred Revenue | 0 | 0 | 0 | |||
Five Largest Customers [Member] | Sales Revenue, Goods, Net [Member] | Parkdale America, LLC [Member] | ||||||
Note 21 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) [Line Items] | ||||||
Concentration Risk, Percentage | 74.00% | |||||
Five Largest Customers [Member] | Accounts Receivable [Member] | Parkdale America, LLC [Member] | ||||||
Note 21 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) [Line Items] | ||||||
Concentration Risk, Percentage | 78.00% | |||||
A Yarn Manufacturer [Member] | Parkdale America, LLC [Member] | ||||||
Note 21 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) [Line Items] | ||||||
Business Combination, Bargain Purchase, Gain Recognized, Amount | 4,600,000 | |||||
Parkdale America, LLC [Member] | ||||||
Note 21 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 34.00% | |||||
Equity Method Investments | 102,041,000 | 102,041,000 | ||||
UNF and UNF America [Member] | ||||||
Note 21 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) [Line Items] | ||||||
Equity Method Investments | 3,707,000 | 3,707,000 | ||||
Purchase Commitment, Remaining Minimum Amount Committed | 3,276,000 | 3,276,000 | ||||
Accounts Payable, Related Parties | $3,764,000 | 3,764,000 | $3,966,000 | |||
Percentage of Current and Total Assets and Total Liabilities Accounted for by Equity Method Investments | 3.00% | 3.00% |
Note_21_Investments_in_Unconso3
Note 21 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) - Reconciliation Between Share of Underlying Equity in PAL and Investment (USD $) | Dec. 28, 2014 | Jun. 29, 2014 |
In Thousands, unless otherwise specified | ||
Note 21 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) - Reconciliation Between Share of Underlying Equity in PAL and Investment [Line Items] | ||
Investment as of December 28, 2014 | $105,748 | $99,229 |
Parkdale America, LLC [Member] | Initial Excess Capital Contributions [Member] | ||
Note 21 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) - Reconciliation Between Share of Underlying Equity in PAL and Investment [Line Items] | ||
Equity method investment, difference between carrying amount and underlying equity | 53,363 | |
Parkdale America, LLC [Member] | Impairment Charge Recorded In 2007 [Member] | ||
Note 21 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) - Reconciliation Between Share of Underlying Equity in PAL and Investment [Line Items] | ||
Equity method investment, difference between carrying amount and underlying equity | -74,106 | |
Parkdale America, LLC [Member] | Anti-trust Lawsuit Against PAL [Member] | ||
Note 21 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) - Reconciliation Between Share of Underlying Equity in PAL and Investment [Line Items] | ||
Equity method investment, difference between carrying amount and underlying equity | 2,652 | |
Parkdale America, LLC [Member] | EAP Adjustments [Member] | ||
Note 21 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) - Reconciliation Between Share of Underlying Equity in PAL and Investment [Line Items] | ||
Equity method investment, difference between carrying amount and underlying equity | -280 | |
Parkdale America, LLC [Member] | ||
Note 21 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) - Reconciliation Between Share of Underlying Equity in PAL and Investment [Line Items] | ||
Underlying equity as of December 28, 2014 | 120,412 | |
Investment as of December 28, 2014 | $102,041 |
Note_21_Investments_in_Unconso4
Note 21 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) - Raw Material Purchases Under Supply Agreement (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 |
UNF [Member] | ||
Note 21 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) - Raw Material Purchases Under Supply Agreement [Line Items] | ||
Supply agreement raw material purchases | $1,817 | $6,243 |
UNF America [Member] | ||
Note 21 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) - Raw Material Purchases Under Supply Agreement [Line Items] | ||
Supply agreement raw material purchases | 14,274 | 11,776 |
UNF and UNF America [Member] | ||
Note 21 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) - Raw Material Purchases Under Supply Agreement [Line Items] | ||
Supply agreement raw material purchases | $16,091 | $18,019 |
Note_21_Investments_in_Unconso5
Note 21 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) - Unaudited, Condensed Balance Sheet Information for Unconsolidated Affiliates (USD $) | Dec. 28, 2014 | Jun. 29, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Equity Method Investments [Line Items] | ||
Current assets | $257,606 | $257,838 |
Noncurrent assets | 178,335 | 146,785 |
Current liabilities | 48,033 | 56,133 |
Noncurrent liabilities | 26,406 | 5,432 |
Shareholders’ equity and capital accounts | 361,502 | 343,058 |
The Company’s portion of undistributed earnings | 33,102 | |
Parkdale America, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Current assets | 245,637 | 248,651 |
Noncurrent assets | 177,820 | 143,720 |
Current liabilities | 42,897 | 50,696 |
Noncurrent liabilities | 26,406 | 5,432 |
Shareholders’ equity and capital accounts | 354,154 | 336,243 |
The Company’s portion of undistributed earnings | 31,730 | |
Other Unconsolidated Affiliates [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Current assets | 11,969 | 9,187 |
Noncurrent assets | 515 | 3,065 |
Current liabilities | 5,136 | 5,437 |
Shareholders’ equity and capital accounts | 7,348 | 6,815 |
The Company’s portion of undistributed earnings | $1,372 |
Note_21_Investments_in_Unconso6
Note 21 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) - Unaudited, Condensed Income Statement Information for Unconsolidated Affiliates (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 |
Schedule of Equity Method Investments [Line Items] | ||||
Net sales | $201,198 | $200,000 | $414,794 | $431,077 |
Gross profit | 13,070 | 17,864 | 24,694 | 38,880 |
Income from operations | 7,564 | 14,109 | 14,671 | 31,169 |
Net income | 9,724 | 14,877 | 20,027 | 32,745 |
Depreciation and amortization | 8,186 | 7,229 | 15,419 | 14,336 |
Cash received by PAL under EAP program | 4,153 | 3,439 | 8,454 | 7,493 |
Earnings recognized by PAL for EAP program | 3,854 | 7,205 | 8,755 | 16,284 |
Distributions received | 0 | 500 | 3,059 | |
Parkdale America, LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Net sales | 192,243 | 190,629 | 398,479 | 413,166 |
Gross profit | 12,063 | 16,665 | 23,032 | 36,755 |
Income from operations | 6,909 | 13,348 | 13,723 | 29,920 |
Net income | 9,039 | 14,076 | 19,003 | 31,416 |
Depreciation and amortization | 8,161 | 7,204 | 15,369 | 14,286 |
Cash received by PAL under EAP program | 4,153 | 3,439 | 8,454 | 7,493 |
Earnings recognized by PAL for EAP program | 3,854 | 7,205 | 8,755 | 16,284 |
Distributions received | 0 | 2,559 | ||
Other Unconsolidated Affiliates [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Net sales | 8,955 | 9,371 | 16,315 | 17,911 |
Gross profit | 1,007 | 1,199 | 1,662 | 2,125 |
Income from operations | 655 | 761 | 948 | 1,249 |
Net income | 685 | 801 | 1,024 | 1,329 |
Depreciation and amortization | 25 | 25 | 50 | 50 |
Distributions received | $0 | $500 | $500 |
Note_22_Commitments_and_Contin1
Note 22 - Commitments and Contingencies (Details) | 0 Months Ended | 6 Months Ended |
Sep. 30, 2004 | Dec. 28, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ||
The Term of A Former Ground Lease | 99 years | |
Number of Years of Monitoring and Reporting Costs of an Individual Site | 7 years |
Note_23_Related_Party_Transact2
Note 23 - Related Party Transactions (Details) - Related Party Receivables and Payables (USD $) | Dec. 28, 2014 | Jun. 29, 2014 |
In Thousands, unless otherwise specified | ||
Note 23 - Related Party Transactions (Details) - Related Party Receivables and Payables [Line Items] | ||
Related party receivables | $25 | $17 |
Related party payables | 825 | 928 |
Cupron, Inc. [Member] | ||
Note 23 - Related Party Transactions (Details) - Related Party Receivables and Payables [Line Items] | ||
Related party receivables | 21 | 1 |
Related party payables | 453 | 525 |
Salem Global Logistics, Inc [Member] | ||
Note 23 - Related Party Transactions (Details) - Related Party Receivables and Payables [Line Items] | ||
Related party receivables | 4 | 12 |
Dillon Yarn Corporation [Member] | ||
Note 23 - Related Party Transactions (Details) - Related Party Receivables and Payables [Line Items] | ||
Related party receivables | 4 | |
Related party payables | 84 | 131 |
Salem Leasing Corporation [Member] | ||
Note 23 - Related Party Transactions (Details) - Related Party Receivables and Payables [Line Items] | ||
Related party payables | $288 | $272 |
Note_23_Related_Party_Transact3
Note 23 - Related Party Transactions (Details) - Related Party Transactions (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 |
Dillon Yarn Corporation [Member] | ||||
Related Party Transaction [Line Items] | ||||
Purchases | $473 | $565 | $1,048 | $1,452 |
Sales | 380 | 1,235 | ||
Salem Leasing Corporation [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expenses | 947 | 911 | 1,897 | 1,826 |
Salem Global Logistics, Inc [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expenses | 63 | 132 | ||
Cupron, Inc. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Purchases | 210 | 139 | 210 | 139 |
Sales | 208 | 131 | 549 | 157 |
Invemed Associates LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expenses | $4 | $2 | $8 |
Note_24_Business_Segment_Infor2
Note 24 - Business Segment Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 |
Note 24 - Business Segment Information (Details) [Line Items] | ||||
Number of Reportable Segments | 3 | |||
Export Sales from U.S. Operations [Member] | ||||
Note 24 - Business Segment Information (Details) [Line Items] | ||||
Revenues | $27,926 | $26,699 | $55,099 | $49,955 |
Note_24_Business_Segment_Infor3
Note 24 - Business Segment Information (Details) - Selected Financial Information for Polyester, Nylon and International Segments (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 |
Segment Reporting Information [Line Items] | ||||
Net sales | $163,149 | $160,617 | $337,331 | $329,286 |
Cost of sales | 139,866 | 142,120 | 293,093 | 290,804 |
Gross profit | 23,283 | 18,497 | 44,238 | 38,482 |
Selling, general and administrative expenses | 12,584 | 11,491 | 23,870 | 21,605 |
Restructuring charges | 0 | 222 | 0 | 1,118 |
Other operating expenses | 702 | 1,145 | 2,163 | 2,769 |
Segment operating profit | 9,934 | 5,774 | 17,551 | 14,059 |
Operating Segments [Member] | Polyester [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring charges | 119 | 349 | ||
Other operating expenses | 26 | |||
Segment operating profit | 4,787 | 2,610 | 8,410 | 6,705 |
Operating Segments [Member] | Nylon [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Other operating expenses | 16 | |||
Segment operating profit | 3,062 | 2,375 | 5,963 | 5,019 |
Operating Segments [Member] | International [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Other operating expenses | 31 | 52 | ||
Segment operating profit | 2,819 | 1,902 | 5,901 | 4,804 |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring charges | 119 | 349 | ||
Other operating expenses | 31 | 94 | ||
Segment operating profit | 10,668 | 6,887 | 20,274 | 16,528 |
Polyester [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 90,431 | 89,430 | 183,409 | 182,992 |
Cost of sales | 77,892 | 79,633 | 160,415 | 162,835 |
Gross profit | 12,539 | 9,797 | 22,994 | 20,157 |
Selling, general and administrative expenses | 7,752 | 7,068 | 14,558 | 13,103 |
Segment operating profit | 4,787 | 2,610 | 8,410 | 6,705 |
Nylon [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 39,212 | 39,800 | 83,922 | 79,515 |
Cost of sales | 33,545 | 35,041 | 73,068 | 70,062 |
Gross profit | 5,667 | 4,759 | 10,854 | 9,453 |
Selling, general and administrative expenses | 2,605 | 2,384 | 4,875 | 4,434 |
Segment operating profit | 3,062 | 2,375 | 5,963 | 5,019 |
International [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 33,506 | 31,387 | 70,000 | 66,779 |
Cost of sales | 28,429 | 27,446 | 59,610 | 57,907 |
Gross profit | 5,077 | 3,941 | 10,390 | 8,872 |
Selling, general and administrative expenses | 2,227 | 2,039 | 4,437 | 4,068 |
Segment operating profit | $2,819 | $1,902 | $5,901 | $4,804 |
Note_24_Business_Segment_Infor4
Note 24 - Business Segment Information (Details) - Reconciliations from Segment Operating Profit to Consolidated Income Before Income Taxes (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Operating income (loss) | $9,934 | $5,774 | $17,551 | $14,059 |
Interest income | -309 | -142 | -626 | -1,356 |
Interest expense | 1,209 | 903 | 2,028 | 2,155 |
Equity in earnings of unconsolidated affiliates | -3,281 | -5,122 | -7,002 | -11,245 |
Income before income taxes | 12,315 | 10,135 | 23,151 | 24,505 |
Provision for bad debts | 63 | 87 | 654 | 49 |
Other operating expense, net | 671 | 1,026 | 2,069 | 2,420 |
Polyester [Member] | Operating Segments [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Operating income (loss) | 4,787 | 2,610 | 8,410 | 6,705 |
Polyester [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Operating income (loss) | 4,787 | 2,610 | 8,410 | 6,705 |
Nylon [Member] | Operating Segments [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Operating income (loss) | 3,062 | 2,375 | 5,963 | 5,019 |
Nylon [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Operating income (loss) | 3,062 | 2,375 | 5,963 | 5,019 |
International [Member] | Operating Segments [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Operating income (loss) | 2,819 | 1,902 | 5,901 | 4,804 |
International [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Operating income (loss) | 2,819 | 1,902 | 5,901 | 4,804 |
Operating Segments [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Operating income (loss) | $10,668 | $6,887 | $20,274 | $16,528 |
Note_24_Business_Segment_Infor5
Note 24 - Business Segment Information (Details) - Reconciliation of Other Significant Reconciling Items from Segments to Consolidated Depreciation and Amotization Expense (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Depreciation and amortization expense | $4,494 | $4,217 | $8,986 | $8,625 |
Segment other adjustments | 12 | 385 | 177 | 290 |
Segment adjusted profit | 14,961 | 11,423 | 29,077 | 25,420 |
Capital expenditures | 6,059 | 3,740 | 13,442 | 9,431 |
Amortization charged to interest expense | 146 | 105 | 258 | 212 |
Other Operating Expenses, Net [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Depreciation and amortization expense | 98 | 80 | 196 | 160 |
Polyester [Member] | Intersegment Eliminations [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Intersegment sales | 19 | 87 | 142 | 92 |
Polyester [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Depreciation and amortization expense | 3,056 | 2,822 | 6,081 | 5,571 |
Segment other adjustments | -10 | 191 | 112 | 193 |
Segment adjusted profit | 7,833 | 5,742 | 14,629 | 12,818 |
Capital expenditures | 5,424 | 2,641 | 12,026 | 7,033 |
Nylon [Member] | Intersegment Eliminations [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Intersegment sales | 70 | 63 | 75 | 136 |
Nylon [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Depreciation and amortization expense | 509 | 521 | 1,010 | 1,265 |
Segment other adjustments | 22 | 65 | -157 | |
Segment adjusted profit | 3,593 | 2,896 | 7,054 | 6,127 |
Capital expenditures | 281 | 856 | 475 | 1,427 |
International [Member] | Intersegment Eliminations [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Intersegment sales | 137 | 415 | 167 | 514 |
International [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Depreciation and amortization expense | 685 | 689 | 1,441 | 1,417 |
Segment other adjustments | 194 | 254 | ||
Segment adjusted profit | 3,535 | 2,785 | 7,394 | 6,475 |
Capital expenditures | 229 | 227 | 735 | 883 |
Operating Segments [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Depreciation and amortization expense | 4,250 | 4,032 | 8,532 | 8,253 |
Capital expenditures | 5,934 | 3,724 | 13,236 | 9,343 |
Intersegment Eliminations [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Intersegment sales | 226 | 565 | 384 | 742 |
Corporate, Non-Segment [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Capital expenditures | $125 | $16 | $206 | $88 |
Note_24_Business_Segment_Infor6
Note 24 - Business Segment Information (Details) - Reconciliation of Segment Total Assets to Consolidated Total Assets (USD $) | Dec. 28, 2014 | Jun. 29, 2014 |
In Thousands, unless otherwise specified | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated assets | $466,491 | $469,067 |
All other current assets | 5,496 | 6,052 |
Unallocated corporate PP&E | 124,328 | 123,802 |
All other non-current assets | 4,952 | 5,086 |
Investments in unconsolidated affiliates | 105,748 | 99,229 |
Polyester [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated assets | 197,126 | 192,697 |
Nylon [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated assets | 67,297 | 75,397 |
International [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated assets | 72,159 | 81,604 |
Operating Segments [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated assets | 336,582 | 349,698 |
Corporate, Non-Segment [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
All other current assets | 7,093 | 2,549 |
Unallocated corporate PP&E | 11,887 | 12,250 |
All other non-current assets | 5,181 | 5,341 |
Investments in unconsolidated affiliates | $105,748 | $99,229 |
Note_24_Business_Segment_Infor7
Note 24 - Business Segment Information (Details) - Geographic Information for Net Sales (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 |
Note 24 - Business Segment Information (Details) - Geographic Information for Net Sales [Line Items] | ||||
Net sales | $163,149 | $160,617 | $337,331 | $329,286 |
UNITED STATES | ||||
Note 24 - Business Segment Information (Details) - Geographic Information for Net Sales [Line Items] | ||||
Net sales | 118,777 | 121,236 | 245,780 | 244,963 |
BRAZIL | ||||
Note 24 - Business Segment Information (Details) - Geographic Information for Net Sales [Line Items] | ||||
Net sales | 25,687 | 26,152 | 55,694 | 56,464 |
All Other Foreign [Member] | ||||
Note 24 - Business Segment Information (Details) - Geographic Information for Net Sales [Line Items] | ||||
Net sales | $18,685 | $13,229 | $35,857 | $27,859 |
Note_24_Business_Segment_Infor8
Note 24 - Business Segment Information (Details) - Geographic Information for Long-lived Assets (USD $) | Dec. 28, 2014 | Jun. 29, 2014 |
In Thousands, unless otherwise specified | ||
Note 24 - Business Segment Information (Details) - Geographic Information for Long-lived Assets [Line Items] | ||
Long-lived assets | $241,400 | $235,511 |
UNITED STATES | ||
Note 24 - Business Segment Information (Details) - Geographic Information for Long-lived Assets [Line Items] | ||
Long-lived assets | 224,786 | 215,910 |
BRAZIL | ||
Note 24 - Business Segment Information (Details) - Geographic Information for Long-lived Assets [Line Items] | ||
Long-lived assets | 9,221 | 12,188 |
All Other Foreign [Member] | ||
Note 24 - Business Segment Information (Details) - Geographic Information for Long-lived Assets [Line Items] | ||
Long-lived assets | $7,393 | $7,413 |
Note_24_Business_Segment_Infor9
Note 24 - Business Segment Information (Details) - Geographic Information for Total Assets (USD $) | Dec. 28, 2014 | Jun. 29, 2014 |
In Thousands, unless otherwise specified | ||
Note 24 - Business Segment Information (Details) - Geographic Information for Total Assets [Line Items] | ||
Assets | $466,491 | $469,067 |
UNITED STATES | ||
Note 24 - Business Segment Information (Details) - Geographic Information for Total Assets [Line Items] | ||
Assets | 368,720 | 362,510 |
BRAZIL | ||
Note 24 - Business Segment Information (Details) - Geographic Information for Total Assets [Line Items] | ||
Assets | 61,864 | 70,581 |
All Other Foreign [Member] | ||
Note 24 - Business Segment Information (Details) - Geographic Information for Total Assets [Line Items] | ||
Assets | $35,907 | $35,976 |
Note_25_Supplemental_Cash_Flow2
Note 25 - Supplemental Cash Flow Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 28, 2014 | Jun. 29, 2014 |
Note 25 - Supplemental Cash Flow Information (Details) [Line Items] | |||
Common Stock Tendered to Company for Exercise of Stock Options and Retired, Shares (in Shares) | 134 | ||
Value of Common Stock Tendered for Exercise of Stock Options and Retired | $3,583 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in Shares) | 421 | 5 | |
Noncash or Part Noncash Acquisition, Value of Liabilities Assumed | 2,934 | ||
Dillon Draw Winding [Member] | |||
Note 25 - Supplemental Cash Flow Information (Details) [Line Items] | |||
Noncash or Part Noncash Acquisition, Other Assets Acquired | 2,934 | ||
Accounts Payable and Accrued Liabilities [Member] | |||
Note 25 - Supplemental Cash Flow Information (Details) [Line Items] | |||
Capital Expenditures Incurred but Not yet Paid | 1,118 | $5,023 |
Note_25_Supplemental_Cash_Flow3
Note 25 - Supplemental Cash Flow Information (Details) - Cash Payments for Interest and Taxes (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 |
Cash Payments for Interest and Taxes [Abstract] | ||
Interest, net of capitalized interest | $1,661 | $1,635 |
Income taxes, net of refunds | $12,708 | $6,558 |