Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jun. 28, 2015 | Aug. 28, 2015 | Dec. 28, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | UNIFI INC | ||
Trading Symbol | ufi | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --06-28 | ||
Entity Common Stock, Shares Outstanding | 17,833,722 | ||
Entity Public Float | $ 473,658,614 | ||
Amendment Flag | false | ||
Entity Central Index Key | 100,726 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Jun. 28, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 28, 2015 | Jun. 29, 2014 |
ASSETS | ||
Cash and cash equivalents | $ 10,013 | $ 15,907 |
Receivables, net | 83,863 | 93,925 |
Inventories | 111,615 | 113,370 |
Income taxes receivable | 1,451 | 179 |
Deferred income taxes | 2,383 | 1,794 |
Other current assets | 6,022 | 6,052 |
Total current assets | 215,347 | 231,227 |
Property, plant and equipment, net | 136,222 | 123,802 |
Deferred income taxes | 1,539 | 2,329 |
Intangible assets, net | 5,388 | 7,394 |
Investments in unconsolidated affiliates | 113,901 | 99,229 |
Other non-current assets | 3,975 | 5,086 |
Total assets | 476,372 | 469,067 |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
Accounts payable | 45,023 | 51,364 |
Accrued expenses | 16,640 | 18,589 |
Income taxes payable | 676 | 3,134 |
Current portion of long-term debt | 12,385 | 7,215 |
Total current liabilities | 74,724 | 80,302 |
Long-term debt | 91,725 | 92,273 |
Other long-term liabilities | 10,740 | 7,549 |
Deferred income taxes | 90 | 2,205 |
Total liabilities | $ 177,279 | $ 182,329 |
Commitments and contingencies | ||
Common stock, $0.10 par (500,000,000 shares authorized, 18,007,749 and 18,313,959 shares outstanding) | $ 1,801 | $ 1,831 |
Capital in excess of par value | 44,261 | 42,130 |
Retained earnings | 278,331 | 245,673 |
Accumulated other comprehensive loss | (26,899) | (4,619) |
Total Unifi, Inc. shareholders’ equity | 297,494 | 285,015 |
Non-controlling interest | 1,599 | 1,723 |
Total shareholders’ equity | 299,093 | 286,738 |
Total liabilities and shareholders’ equity | $ 476,372 | $ 469,067 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Jun. 28, 2015 | 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 | 18,007,749 | 18,313,959 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Jun. 28, 2015 | Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 28, 2015 | Jun. 29, 2014 | Jun. 30, 2013 | |||||||||
Net sales | $ 174,951 | [1] | $ 172,187 | [1] | $ 164,422 | [1] | $ 175,561 | [1] | $ 181,752 | $ 176,864 | $ 160,617 | $ 168,669 | $ 687,121 | $ 687,902 | $ 713,962 | ||||
Cost of sales | 596,416 | 604,640 | 640,858 | ||||||||||||||||
Gross profit | 25,319 | [1] | 22,007 | [1] | 22,929 | [1] | 20,450 | [1] | 25,021 | 19,759 | 18,497 | 19,985 | 90,705 | 83,262 | 73,104 | ||||
Selling, general and administrative expenses | 49,672 | 46,203 | 47,386 | ||||||||||||||||
Provision (benefit) for bad debts | 947 | 287 | (154) | ||||||||||||||||
Other operating expense, net | 1,600 | 5,289 | 3,409 | ||||||||||||||||
Operating income | 38,486 | 31,483 | 22,463 | ||||||||||||||||
Interest income | (916) | (1,790) | (698) | ||||||||||||||||
Interest expense | 4,025 | 4,329 | 4,489 | ||||||||||||||||
Loss on extinguishment of debt | 1,040 | 1,102 | |||||||||||||||||
Other non-operating expense | 126 | ||||||||||||||||||
Equity in earnings of unconsolidated affiliates | (19,475) | (19,063) | (11,444) | ||||||||||||||||
Income before income taxes | 53,812 | 47,881 | 29,014 | ||||||||||||||||
Provision for income taxes | 13,346 | 20,161 | 13,344 | ||||||||||||||||
Net income including non-controlling interest | 14,910 | 9,759 | 9,122 | 6,675 | 8,436 | 4,454 | 6,211 | 8,619 | 40,466 | 27,720 | 15,670 | ||||||||
Less: net (loss) attributable to non-controlling interest | (730) | (257) | (296) | (402) | (331) | (289) | (232) | (251) | (1,685) | (1,103) | (965) | ||||||||
Net income attributable to Unifi, Inc. | $ 15,640 | [2] | $ 10,016 | [2] | $ 9,418 | [2] | $ 7,077 | [2] | $ 8,767 | $ 4,743 | $ 6,443 | $ 8,870 | $ 42,151 | $ 28,823 | $ 16,635 | ||||
Net income attributable to Unifi, Inc. per common share: | |||||||||||||||||||
Basic (in Dollars per share) | $ 0.86 | [3] | $ 0.55 | [3] | $ 0.52 | [3] | $ 0.39 | [3] | $ 0.48 | [3] | $ 0.25 | [3] | $ 0.34 | [3] | $ 0.46 | [3] | $ 2.32 | $ 1.52 | $ 0.84 |
Diluted (in Dollars per share) | $ 0.83 | [3] | $ 0.53 | [3] | $ 0.50 | [3] | $ 0.37 | [3] | $ 0.46 | [3] | $ 0.24 | [3] | $ 0.32 | [3] | $ 0.44 | [3] | $ 2.24 | $ 1.47 | $ 0.80 |
[1] | Net sales and gross profit for the fiscal quarters ended September 28, 2014, December 28, 2014 and March 29, 2015 have been revised to reflect revenues presented for All Other (as described in more detail in "Note 26. Business Segment Information"). Such income had been previously recorded as an offset to cost of sales or other operating expense due to the insignificance of the underlying business activities to the consolidated financial statements. | ||||||||||||||||||
[2] | Net income attributable to Unifi, Inc. for the quarter ended September 28, 2014 includes a bargain purchase gain recorded by PAL (of which $729 is recognized by the Company). Net income attributable to Unifi, Inc. for the quarter ended December 28, 2014 includes a net change in deferred tax valuation allowances of $630 recorded as a benefit to the income tax provision. Net income attributable to Unifi, Inc. for the quarter ended March 29, 2015 includes the following: a.a net change in deferred tax valuation allowances of $924 recorded as a benefit to the income tax provision, b.renewable energy tax credits of $782 recorded as a benefit to the income tax provision and c.an after-tax loss on extinguishment of debt of approximately $676. Net income attributable to Unifi, Inc. for the quarter ended June 28, 2015 includes the following: a.a net change in deferred tax valuation allowances of $1,749 recorded as a benefit to the income tax provision, b.a change of $7,822 in the deferred tax liability related to the Company's indefinite reinvestment assertion, c.the reversal of a $3,008 deferred tax asset related to certain intercompany foreign currency transactions which originated in prior years and were settled in the fourth quarter of fiscal year 2015, d.a net change in uncertain tax positions of $3,046 recorded to provision for income taxes and e.a bargain purchase gain recorded by PAL (of which $1,962 is recognized by the Company). | ||||||||||||||||||
[3] | Income per share is computed independently for each of the periods presented. The sum of the income per share amounts for the quarters may not equal the total for the year. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 30, 2013 | |
Net income including non-controlling interest | $ 40,466 | $ 27,720 | $ 15,670 |
Other comprehensive (loss) income: | |||
Foreign currency translation adjustments | (21,578) | 327 | (6,585) |
Gain on cash flow hedges, net of reclassification adjustments | 231 | 554 | 82 |
Other comprehensive (loss) income before income taxes | (22,280) | 881 | (5,289) |
Income tax provision on cash flow hedges | (239) | ||
Other comprehensive (loss) income, net | (22,280) | 881 | (5,528) |
Comprehensive income including non-controlling interest | 18,186 | 28,601 | 10,142 |
Less: comprehensive (loss) attributable to non-controlling interest | (1,685) | (1,103) | (965) |
Comprehensive income attributable to Unifi, Inc. | 19,871 | $ 29,704 | 11,107 |
Unconsolidated Affiliates [Member] | |||
Other comprehensive (loss) income: | |||
Foreign currency translation adjustments | $ (933) | ||
Gain on cash flow hedges, net of reclassification adjustments | $ 1,214 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance at Jun. 24, 2012 | $ 2,009 | $ 34,723 | $ 252,763 | $ 28 | $ 289,523 | $ 1,257 | $ 290,780 |
Balance, shares (in Shares) at Jun. 24, 2012 | 20,090 | ||||||
Options exercised | $ 18 | 1,280 | 1,298 | 1,298 | |||
Options exercised, shares (in Shares) | 174 | ||||||
Share-based compensation | 1,533 | 1,533 | 1,533 | ||||
Conversion of restricted stock units | $ 1 | (1) | |||||
Conversion of restricted stock units, shares (in Shares) | 9 | ||||||
Common stock repurchased and retired under publicly announced program | $ (107) | (1,922) | (17,286) | (19,315) | $ (19,315) | ||
Common stock repurchased and retired under publicly announced program (in Shares) | (1,068) | (1,068,000) | |||||
Excess tax benefit on stock-based compensation plans | 762 | 762 | $ 762 | ||||
Other comprehensive income (loss), net of tax | (5,528) | (5,528) | (5,528) | ||||
Contributions from non-controlling interest | 1,280 | 1,280 | |||||
Net income (loss) | 16,635 | 16,635 | (965) | 15,670 | |||
Balance at Jun. 30, 2013 | $ 1,921 | 36,375 | 252,112 | (5,500) | 284,908 | 1,572 | 286,480 |
Balance, shares (in Shares) at Jun. 30, 2013 | 19,205 | ||||||
Balance at Jun. 24, 2012 | $ 2,009 | 34,723 | 252,763 | 28 | 289,523 | 1,257 | $ 290,780 |
Balance, shares (in Shares) at Jun. 24, 2012 | 20,090 | ||||||
Common stock repurchased and retired under publicly announced program (in Shares) | (2,941,000) | ||||||
Balance at Jun. 28, 2015 | $ 1,801 | 44,261 | 278,331 | (26,899) | 297,494 | 1,599 | $ 299,093 |
Balance, shares (in Shares) at Jun. 28, 2015 | 18,007 | 18,007,749 | |||||
Balance at Jun. 30, 2013 | $ 1,921 | 36,375 | 252,112 | (5,500) | 284,908 | 1,572 | $ 286,480 |
Balance, shares (in Shares) at Jun. 30, 2013 | 19,205 | ||||||
Options exercised | $ 79 | 6,640 | 6,719 | 6,719 | |||
Options exercised, shares (in Shares) | 798 | ||||||
Share-based compensation | 1,939 | 1,939 | 1,939 | ||||
Conversion of restricted stock units | $ 3 | (3) | |||||
Conversion of restricted stock units, shares (in Shares) | 31 | ||||||
Common stock repurchased and retired under publicly announced program | $ (152) | (2,814) | (33,585) | (36,551) | $ (36,551) | ||
Common stock repurchased and retired under publicly announced program (in Shares) | (1,524) | (1,524,000) | |||||
Common stock tendered to the Company for the exercise of stock options and retired | $ (14) | (3,540) | (29) | (3,583) | $ (3,583) | ||
Common stock tendered to the Company for the exercise of stock options and retired (in Shares) | (134) | ||||||
Common stock tendered to the Company for withholding tax obligations and retired | $ (6) | (1,648) | (1,654) | (1,654) | |||
Common stock tendered to the Company for withholding tax obligations and retired (in Shares) | (62) | ||||||
Excess tax benefit on stock-based compensation plans | 3,533 | 3,533 | 3,533 | ||||
Other comprehensive income (loss), net of tax | 881 | 881 | 881 | ||||
Contributions from non-controlling interest | 1,254 | 1,254 | |||||
Net income (loss) | 28,823 | 28,823 | (1,103) | 27,720 | |||
Balance at Jun. 29, 2014 | $ 1,831 | 42,130 | 245,673 | (4,619) | 285,015 | 1,723 | $ 286,738 |
Balance, shares (in Shares) at Jun. 29, 2014 | 18,314 | 18,313,959 | |||||
Options exercised | $ 1 | 94 | 95 | $ 95 | |||
Options exercised, shares (in Shares) | 11 | 11,000 | |||||
Share-based compensation | 2,631 | 2,631 | $ 2,631 | ||||
Conversion of restricted stock units | $ 3 | (3) | |||||
Conversion of restricted stock units, shares (in Shares) | 31 | ||||||
Common stock repurchased and retired under publicly announced program | $ (34) | (833) | (9,493) | (10,360) | $ (10,360) | ||
Common stock repurchased and retired under publicly announced program (in Shares) | (349) | (349,000) | |||||
Excess tax benefit on stock-based compensation plans | 242 | 242 | $ 242 | ||||
Other comprehensive income (loss), net of tax | (22,280) | (22,280) | (22,280) | ||||
Contributions from non-controlling interest | 1,561 | 1,561 | |||||
Net income (loss) | 42,151 | 42,151 | (1,685) | 40,466 | |||
Balance at Jun. 28, 2015 | $ 1,801 | $ 44,261 | $ 278,331 | $ (26,899) | $ 297,494 | $ 1,599 | $ 299,093 |
Balance, shares (in Shares) at Jun. 28, 2015 | 18,007 | 18,007,749 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 30, 2013 | |
Cash and cash equivalents at beginning of year | $ 15,907 | $ 8,755 | $ 10,886 |
Operating activities: | |||
Net income including non-controlling interest | 40,466 | 27,720 | 15,670 |
Adjustments to reconcile net income including non-controlling interest to net cash provided by operating activities: | |||
Equity in earnings of unconsolidated affiliates | (19,475) | (19,063) | (11,444) |
Distributions received from unconsolidated affiliates | 3,718 | 13,214 | 14,940 |
Depreciation and amortization expense | 18,043 | 17,896 | 24,584 |
Loss on extinguishment of debt | 1,040 | 1,102 | |
Non-cash compensation expense, net | 3,148 | 2,690 | 2,287 |
Excess tax benefit on stock-based compensation plans | (242) | (3,533) | (762) |
Deferred income taxes | (3,796) | 726 | 6,010 |
Net loss on sale or disposal of assets | 778 | 475 | 243 |
Other, net | 663 | 1,174 | 521 |
Changes in assets and liabilities: | |||
Receivables, net | 4,491 | 4,514 | (858) |
Inventories | (6,171) | (2,677) | (394) |
Other current assets and income taxes receivable | (1,099) | 1,141 | (410) |
Accounts payable and accrued expenses | (3,612) | 1,157 | (559) |
Income taxes payable | (2,395) | 5,824 | (366) |
Other non-current assets | 76 | 5,173 | (116) |
Other long-term liabilities | 3,270 | (74) | 61 |
Net cash provided by operating activities | 38,903 | 56,357 | 50,509 |
Investing activities: | |||
Capital expenditures | (25,966) | (19,091) | (8,809) |
Proceeds from sale of assets | 3,847 | 2,719 | 430 |
Proceeds from other investments | 124 | 447 | 694 |
Other investments | (1,743) | ||
Other, net | (546) | (944) | (343) |
Net cash used in investing activities | (22,541) | (16,869) | (9,771) |
Financing activities: | |||
Proceeds from revolving credit facilities | 149,100 | 149,300 | 116,700 |
Payments on revolving credit facilities | (170,100) | (175,800) | (115,200) |
Proceeds from term loan | 22,000 | 25,200 | |
Payments on term loans | (7,875) | (28,330) | |
Proceeds from related party term loan | 1,250 | ||
Payments of debt financing fees | (1,063) | (400) | (309) |
Payments on capital lease obligations | (1,286) | (319) | (69) |
Common stock repurchased and retired under publicly announced programs | (10,360) | (36,551) | (19,315) |
Common stock tendered to the Company for withholding tax obligations and retired | (1,654) | ||
Proceeds from stock option exercises | 95 | 3,136 | 1,298 |
Excess tax benefit on stock-based compensation plans | 242 | 3,533 | 762 |
Contributions from non-controlling interest | 1,561 | 1,254 | 1,280 |
Other | (504) | (109) | |
Net cash used in financing activities | (18,190) | (32,410) | (41,933) |
Effect of exchange rate changes on cash and cash equivalents | (4,066) | 74 | (936) |
Net (decrease) increase in cash and cash equivalents | (5,894) | 7,152 | (2,131) |
Cash and cash equivalents at end of year | $ 10,013 | $ 15,907 | $ 8,755 |
Note 1 - Background
Note 1 - Background | 12 Months Ended |
Jun. 28, 2015 | |
Disclosure Text Block [Abstract] | |
Nature of Operations [Text Block] | 1. Background Overview 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 spandex covered products. The Company maintains one of the textile industry’s most comprehensive yarn product offerings, and 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. Fiscal Year The Company’s fiscal year ends on the last Sunday in June. The Company’s Brazilian, Colombian and Chinese subsidiaries’ fiscal years end on June 30 th Reclassifications Certain reclassifications of prior years’ data have been made to conform to the current year presentation. All dollar and other currency amounts and share amounts, except per share amounts, are presented in thousands (000s), except as otherwise noted. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 28, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies The Company follows U.S. generally accepted accounting principles (“U.S. GAAP” or “GAAP”). The significant accounting policies described below, together with the other notes that follow, are an integral part of the consolidated financial statements. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries in which it maintains a controlling financial interest. All account balances and transactions between the Company and the subsidiaries which it controls have been eliminated. Investments in entities where the Company is able to exercise significant influence, but not control, are accounted for by the equity method. For transactions with entities accounted for under the equity method, any intercompany profits on amounts still remaining are eliminated. Amounts originating from any deferral of intercompany profits are recorded within either the Company’s investment account or the account balance to which the transaction specifically relates (e.g., inventory). Only upon settlement of the intercompany transaction with a third party is the deferral of the intercompany profit recognized by the Company. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make use of estimates and assumptions that affect the reported amounts of assets and liabilities, certain financial statement disclosures at the date of the financial statements, and the reported amounts of revenues and expenses during the period. The Company’s consolidated financial statements include amounts that are based on management’s best estimates and judgments. Actual results may vary from these estimates. These estimates are reviewed periodically to determine if a change is required. Cash and Cash Equivalents Cash equivalents are defined as highly liquid, short-term investments having an original maturity of three months or less. Book overdrafts, for which the bank has not advanced cash, if any, are reclassified to accounts payable. Receivables Receivables are stated at their net realizable value. Allowances are provided for known and potential losses arising from yarn quality claims and for amounts owed by customers. Reserves for yarn quality claims are based on historical experience and known pending claims and are recorded as a reduction of net sales. The allowance for uncollectible accounts is shown as a reduction of operating income and reflects the Company’s best estimate of probable losses inherent in its accounts receivable portfolio determined on the basis of historical experience, aging of trade receivables, specific allowances for known troubled accounts and other currently available information. Customer accounts are written off against the allowance for uncollectible accounts when they are no longer deemed to be collectible. Inventories The Company’s inventories are valued at the lower of cost or market with the cost for the majority of its inventory determined using the first-in, first-out method. Certain foreign inventories and limited categories of supplies inventories are valued using the average cost method. The Company’s estimates for inventory reserves for obsolete, slow-moving or excess inventories are based upon many factors including historical recovery rates, the aging of inventories on-hand, inventory movement and expected net realizable value of specific products, and current economic conditions. Debt Financing Fees The Company capitalizes costs associated with the financing of its debt obligations. These costs are amortized as additional interest expense following either the effective interest method or the straight-line method. In the event of any prepayment of its debt obligations, the Company accelerates the recognition of a pro-rata amount of issuance costs and records an extinguishment of debt. Property, Plant and Equipment Property, plant and equipment (“PP&E”) are stated at historical cost less accumulated depreciation. Plant and equipment under capital leases are stated at the present value of minimum lease payments less accumulated amortization. Additions or improvements that substantially extend the useful life of a particular asset are capitalized. Depreciation is calculated primarily utilizing the straight-line method over the following useful lives: Asset categories Useful lives in years Land improvements Ten to Twenty Buildings and improvements Fifteen to Forty Machinery and equipment Three to Twenty-five Computer, software and office equipment Three to Seven Internal software development costs Three Transportation equipment Three to Fifteen Leasehold improvements are depreciated over the lesser of their estimated useful lives or the remaining term of the lease. Assets under capital leases are amortized in a manner consistent with the Company’s normal depreciation policy if ownership is transferred by the end of the lease, or if there is a bargain purchase option. If such ownership criteria are not met, amortization occurs over the shorter of the lease term or the asset's useful life. The Company capitalizes its costs of developing internal software when the software is used as an integral part of its manufacturing or business processes and the technological feasibility has been established. Internal software costs are amortized over a period of three years and, in accordance with the project type, charged to cost of sales or selling, general and administrative (“SG&A”) expenses. Fully depreciated assets are retained in cost and accumulated depreciation accounts until they are removed from service. In the case of disposals, asset costs and related accumulated depreciation amounts are removed from the accounts, and the net amounts, less proceeds from disposal, are included in the determination of net income and presented within other operating expense, net. Repair and maintenance costs related to PP&E which do not significantly increase the useful life of an existing asset or do not significantly alter, modify or change the capabilities or production capacity of an existing asset are expensed as incurred. Interest is capitalized for capital projects requiring a construction period. PP&E and other long-lived assets are tested for impairment whenever events or changes in circumstances indicate that the respective carrying amount may not be recoverable. Long-lived assets to be disposed of by sale within one year are classified as held for sale and are reported at the lower of carrying amount or fair value less cost to sell. Depreciation ceases for all assets classified as held for sale. Long-lived assets to be disposed of other than by sale are classified as held for use until they are disposed of and these assets are reported at the lower of their carrying amount or estimated fair value. Intangible Assets Finite-lived intangible assets, such as customer lists, non-compete agreements, licenses, trademarks and patents are amortized over their estimated useful lives. The Company periodically evaluates the reasonableness of the useful lives of these assets. Once these assets are fully amortized, they are removed from the accounts. These assets are reviewed for impairment or obsolescence when events or changes in circumstances indicate that the carrying amount may not be recoverable. If impaired, intangible assets are written down to fair value based on discounted cash flows or other valuation techniques. The Company has no intangibles with indefinite lives. Biomass foundation and feedstock Biomass foundation and feedstock are stated at historical cost and subject to depreciation at the time that production in commercial quantities begins (which is expected to occur approximately twenty-four months after planting). Cost includes expenditures associated with land and planting bed preparation, biological materials and overhead. Cultural care costs are capitalized during the development period (up to twenty-four months) and are subsequently expensed as incurred. Depreciation is calculated utilizing the straight-line method over the estimated productive life of the plantings, generally fifteen years. Investments in Unconsolidated Affiliates The Company evaluates its investments in unconsolidated affiliates for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company evaluates whether or not the affiliate is able to generate and sustain sufficient earnings and cash flows to justify its carrying value. Derivative Instruments All derivatives are carried on the balance sheet at fair value and are classified according to their asset or liability position and the expected timing of settlement. On the date the derivative contract is entered into, the Company may designate the derivative into one of the following categories: ● Fair value hedge – a hedge of the fair value of a recognized asset, liability or a firm commitment. Changes in the fair value of derivatives designated and qualifying as fair-value hedges, as well as the offsetting gains and losses on the hedged items, are reported in income in the same period. ● Cash flow hedge – a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability. The effective portion of gains and losses on cash flow hedges are recorded in accumulated other comprehensive loss, until the underlying transactions are recognized in income. When the hedged item is realized, gains or losses are reclassified from accumulated other comprehensive loss to current period earnings on the same line item as the underlying transaction. ● Net investment hedge – if a derivative is used as a foreign currency hedge of a net investment in a foreign operation, its changes in fair value, to the extent effective as a hedge, are recorded in foreign currency translation adjustments in accumulated other comprehensive loss. Any ineffective portion of a designated hedge is immediately recognized in current period earnings. Derivatives that are not designated for hedge accounting are marked to market at the end of each period with the changes in fair value recognized in current period earnings. Settlements of any fair value or cash flow derivative contracts are classified as cash flows from operating activities. Fair Value Measurements The accounting guidance for fair value measurements and disclosures establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market, or if none exists, the most advantageous market, for the specific asset or liability at the measurement date (the exit price). Fair value is based on assumptions that market participants would use when pricing the asset or liability. The hierarchy gives the highest priority to unadjusted quoted prices in active markets and the lowest priority to unobservable inputs. The Company uses the following to measure fair value for its assets and liabilities: ● Level 1 – Observable inputs that reflect quoted prices for identical assets or liabilities in active markets ● Level 2 – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability either indirectly or directly ● Level 3 – Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability The classification of assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement in its entirety. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recorded to recognize the expected future tax benefits or costs of events that have been, or will be, reported in different tax years for financial statement purposes than for tax purposes. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which these items are expected to reverse. The Company recognizes tax benefits related to uncertain tax positions if it believes it is more-likely-than-not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. The Company reviews deferred tax assets to determine if it is more-likely-than-not they will be realized. If the Company determines it is not more-likely-than-not that a deferred tax asset will be realized, it records a valuation allowance to reverse the previously recognized benefit. Provision is made for taxes on undistributed earnings of foreign subsidiaries and related companies to the extent that such earnings are not deemed to be permanently invested. The Company accrues for other tax contingencies when it is probable that a liability to a taxing authority has been incurred and the amount of the contingency can be reasonably estimated. Income tax expense related to penalties and interest, if incurred, is included in provision for income taxes. Stock-Based Compensation Compensation expense for stock awards is based on the grant date fair value and expensed over the applicable vesting period. The Company has a policy of issuing new shares to satisfy share option exercises. For awards with a service condition and a graded vesting schedule, the Company has elected an accounting policy of recognizing compensation cost on a straight-line basis over the requisite service period for each separate vesting portion of the award as if the award was, in-substance, multiple awards. Foreign Currency Translation Assets and liabilities of foreign subsidiaries whose functional currency is other than the U.S. dollar are translated at exchange rates existing at the respective balance sheet dates. Translation gains and losses are not included in determining net income, but are presented in a separate component of accumulated other comprehensive loss. The Company translates the results of operations of its foreign operations at the average exchange rates during the respective periods. Transaction gains and losses are included in determining net income and are presented within other operating expense, net. Revenue Recognition The Company recognizes revenue when (a) there is persuasive evidence of an arrangement, (b) the sales price is fixed or determinable, (c) title and the risks of ownership have been transferred to the customer, and (d) collection of the receivable is reasonably assured. For the sale of goods, revenue recognition occurs primarily upon shipment. For service arrangements, revenue is recognized when (i) transportation services have been completed in accordance with the bill of lading contract or (ii) in accordance with contractual agreements with customers utilizing the criteria above. Revenue includes amounts for duties and import taxes, interest billed to customers, and shipping and handling costs billed to customers. Revenue excludes value-added taxes or other sales taxes and includes any applicable deductions for returns and allowances, yarn claims, and discounts. Cost of Sales The major components of cost of sales are: (a) materials and supplies, (b) labor and fringe benefits, (c) utility and overhead costs associated with manufactured products, (d) cost of products purchased for resale, (e) shipping, handling and warehousing costs, (f) research and development costs, (g) depreciation expense, and (h) all other costs related to production or service activities. Shipping, Handling and Warehousing Costs Shipping, handling and warehousing costs include costs to store goods prior to shipment, prepare goods for shipment and physically move goods to customers. Research and Development Costs Research and development costs include employee costs, production costs related to customer samples, operating supplies, consulting fees and other miscellaneous costs. The cost of research and development is charged to expense as incurred. Research and development costs were as follows: For the Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 Research and development costs $ 8,113 $ 7,921 $ 6,938 Selling, General and Administrative Expenses The major components of SG&A expenses are: (a) costs of the Company’s sales force, marketing and advertising efforts, as well as commissions and credit insurance, (b) costs of maintaining the Company’s general and administrative support functions including executive management, information technology, human resources, legal, and finance, (c) amortization of intangible assets, and (d) all other costs required to be classified as SG&A expenses. Advertising Costs Advertising costs are expensed as incurred and included in SG&A expenses. The Company’s advertising costs include spending for items such as consumer marketing and branding initiatives, promotional items, trade shows, sponsorships and other programs. Advertising costs were as follows: For the Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 Advertising costs $ 3,975 $ 2,953 $ 3,777 Restructuring Charges Restructuring charges for the relocation of equipment, disposal costs, severance and other exit costs are expensed as incurred. Self Insurance The Company self-insures certain risks such as employee healthcare claims. Reserves for incurred but not reported healthcare claims are estimated using historical data, the timeliness of claims processing, medical trends, inflation and any changes, if applicable, in the nature or type of the plan. Contingencies At any point in time, the Company may be a party to various pending legal proceedings, claims or environmental actions. Accruals for estimated losses are recorded at the time information becomes available indicating that losses are probable and estimable. Any amounts accrued are not discounted. Legal costs such as outside counsel fees and expenses are charged to expense as incurred. |
Note 3 - Recent Accounting Pron
Note 3 - Recent Accounting Pronouncements | 12 Months Ended |
Jun. 28, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 3. Recent Accounting Pronouncements In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-03, “Interest—Imputation of Interest”, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance of debt issuance costs are not affected by the amendments in this update. The new standard is effective for the Company’s fiscal year 2017 and requires the Company to apply the new guidance on a retrospective basis upon adoption. In July 2015, the FASB issued ASU No. 2015-11, “Inventory”, which modifies the subsequent measurement of inventories recorded under a first-in-first-out or average cost method. Under the new standard, such inventories are required to be measured at the lower of cost and net realizable value. The new standard is effective for the Company’s fiscal year 2018, with prospective application. In July 2015, the FASB affirmed a proposal that would (i) defer the effective date of the new revenue recognition standard (ASU 2014-09) by one year and (ii) permit all entities to apply the new standard early, but not before the original effective date. The new guidance is effective for the Company’s fiscal year 2019. In August 2015, the FASB issued ASU No. 2015-15, “Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements - Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting”, which provides clarification from ASU No. 2015-03 regarding the presentation and subsequent measurement of debt issuance costs associated with line-of-credit arrangements. The Company is evaluating the effect the new guidance will have on its consolidated financial statements and related disclosures. In July 2013, the FASB issued ASU 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists”. The guidance requires an entity to present its deferred tax asset for a net operating loss carryforward, similar tax loss, or a tax credit carryforward net of unrecognized tax benefits when settlement in this manner is available under the tax law, which would be based on facts and circumstances as of the balance sheet reporting date and would not consider future events. The Company has adopted the guidance in fiscal year 2015 and there is no significant impact on the Company’s financial statements. There have been no other 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 | 12 Months Ended |
Jun. 28, 2015 | |
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. At the time of the acquisition, Mr. Mitchel Weinberger was a member of the Company’s Board of Directors (the “Board”) and was 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 represented 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 18. 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 | 12 Months Ended |
Jun. 28, 2015 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 5. Receivables, Net Receivables, net consists of the following: June 28, 2015 June 29, 2014 Customer receivables $ 85,731 $ 95,270 Allowance for uncollectible accounts (1,596 ) (1,035 ) Reserves for yarn quality claims (581 ) (618 ) Net customer receivables 83,554 93,617 Related party receivables 75 17 Other receivables 234 291 Total receivables, net $ 83,863 $ 93,925 Other receivables consist primarily of receivables for duty drawback and refunds due 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 24, 2012 $ (1,118 ) $ (939 ) Charged to costs and expenses 154 (1,881 ) Charged to other accounts 30 8 Deductions (38 ) 1,919 Balance at June 30, 2013 $ (972 ) $ (893 ) Charged to costs and expenses (287 ) (1,726 ) Charged to other accounts (20 ) 2 Deductions 244 1,999 Balance at June 29, 2014 $ (1,035 ) $ (618 ) Charged to costs and expenses (947 ) (1,336 ) Charged to other accounts 240 29 Deductions 146 1,344 Balance at June 28, 2015 $ (1,596 ) $ (581 ) Amounts charged to costs and expenses for the allowance for uncollectible accounts are reflected in 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 | 12 Months Ended |
Jun. 28, 2015 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | 6. Inventories Inventories consists of the following: June 28, 2015 June 29, 2014 Raw materials $ 42,526 $ 42,244 Supplies 5,404 5,345 Work in process 7,546 7,404 Finished goods 56,844 59,716 Gross inventories 112,320 114,709 Inventory reserves (705 ) (1,339 ) Total inventories $ 111,615 $ 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 $28,426 and $32,822 as of June 28, 2015 and June 29, 2014, respectively, were valued under the average cost method. |
Note 7 - Other Current Assets
Note 7 - Other Current Assets | 12 Months Ended |
Jun. 28, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Other Current Assets [Text Block] | 7. Other Current Assets Other current assets consists of the following: June 28, 2015 June 29, 2014 Vendor deposits $ 1,743 $ 2,369 Prepaid expenses 1,647 1,876 Funds held by qualified intermediary 1,390 — Value added taxes receivable 1,220 1,197 Other 22 610 Total other current assets $ 6,022 $ 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. During June 2015, the Company sold certain land and building assets historically utilized for warehousing in the Polyester Segment to an unrelated third party. Net proceeds from the sale of $1,390 were remitted directly to a qualified intermediary in anticipation of an exchange under section 1031 of the Internal Revenue Code of 1986, as amended (“Internal Revenue Code”). |
Note 8 - Property, Plant and Eq
Note 8 - Property, Plant and Equipment, Net | 12 Months Ended |
Jun. 28, 2015 | |
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: June 28, 2015 June 29, 2014 Land $ 2,413 $ 2,957 Land improvements 11,709 11,676 Buildings and improvements 141,259 145,458 Assets under capital leases 17,371 4,587 Machinery and equipment 531,225 532,650 Computers, software and office equipment 16,782 17,404 Transportation equipment 4,736 4,901 Construction in progress 6,710 6,896 Gross property, plant and equipment 732,205 726,529 Less: accumulated depreciation (595,094 ) (602,436 ) Less: accumulated amortization – capital leases (889 ) (291 ) Total property, plant and equipment, net $ 136,222 $ 123,802 Assets under capital leases consists of the following: June 28, 2015 June 29, 2014 Machinery and equipment $ 12,804 $ 1,649 Transportation equipment 3,714 2,085 Building improvements 853 853 Gross assets under capital leases $ 17,371 $ 4,587 During fiscal year 2015, the Company entered into six capital leases with an aggregate present value of $12,784 for machinery and transportation equipment. During fiscal year 2014, the Company entered into four capital leases with an aggregate present value of $3,353 for building improvements, machinery and transportation equipment. Internal software development costs within PP&E consist of the following: June 28, 2015 June 29, 2014 Internal software development costs $ 2,473 $ 2,318 Accumulated amortization (2,221 ) (2,075 ) Net internal software development costs $ 252 $ 243 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 Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 Depreciation expense $ 15,276 $ 15,031 $ 21,597 Internal software development costs amortization 146 143 128 Repair and maintenance expenses 17,741 18,319 18,649 Capitalized interest 191 172 36 |
Note 9 - Intangible Assets, Net
Note 9 - Intangible Assets, Net | 12 Months Ended |
Jun. 28, 2015 | |
Disclosure Text Block [Abstract] | |
Intangible Assets Disclosure [Text Block] | 9. Intangible Assets, Net Intangible assets, net consists of the following: June 28, 2015 June 29, 2014 Customer lists $ 23,615 $ 23,615 Non-compete agreements 4,293 4,293 Licenses, trademarks and other 837 766 Total intangible assets, gross 28,745 28,674 Accumulated amortization - customer lists (19,432 ) (17,838 ) Accumulated amortization - non-compete agreements (3,537 ) (3,214 ) Accumulated amortization – licenses, trademarks and other (388 ) (228 ) Total accumulated amortization (23,357 ) (21,280 ) Total intangible assets, net $ 5,388 $ 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 through December 2019, in a manner which reflects the expected economic benefit that will be received over its thirteen-year life. The non-compete agreement is amortized through December 2017, 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. In fiscal year 2012, the Company acquired a controlling interest (and continues to hold such 60% membership interest) in Repreve Renewables, LLC (“Renewables”), an agricultural company focused on the development, production and commercialization of dedicated biomass feedstock for use in the animal bedding, bio energy and bio-based products markets. The non-compete agreement for Renewables is amortized using the straight-line method over the five-year term of the agreement. The FREEDOM ® The Company capitalizes costs incurred to register trademarks for REPREVE ® Amortization expense for intangible assets consists of the following: For the Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 Customer lists $ 1,594 $ 1,845 $ 1,837 Non-compete agreements 323 319 313 Licenses, trademarks and other 163 134 77 Total amortization expense $ 2,080 $ 2,298 $ 2,227 The following table presents the expected intangible asset amortization for the next five fiscal years: 2016 2017 2018 2019 2020 Expected amortization $ 1,694 $ 1,380 $ 1,041 $ 693 $ 350 |
Note 10 - Other Non-current Ass
Note 10 - Other Non-current Assets | 12 Months Ended |
Jun. 28, 2015 | |
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: June 28, 2015 June 29, 2014 Biomass foundation and feedstock, net $ 2,151 $ 2,683 Debt financing fees 1,611 2,093 Other 213 310 Total other non-current assets $ 3,975 $ 5,086 Biomass foundation and feedstock are currently being developed and propagated by Renewables for potential markets in the animal bedding and bioenergy industries and are reflected net of accumulated depreciation of $55 and $0 at June 28, 2015 and June 29, 2014, respectively. Other consists primarily of vendor deposits. |
Note 11 - Accrued Expenses
Note 11 - Accrued Expenses | 12 Months Ended |
Jun. 28, 2015 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 11. Accrued Expenses Accrued expenses consists of the following: June 28, 2015 June 29, 2014 Payroll and fringe benefits $ 11,258 $ 12,406 Utilities 2,823 2,876 Property taxes 790 821 Contingent consideration 634 537 Other 1,135 1,949 Total accrued expenses $ 16,640 $ 18,589 Other consists primarily of employee-related claims and payments, interest, marketing expenses, freight expenses, rent, deferred incentives and other non-income related taxes. |
Note 12 - Long-term Debt
Note 12 - Long-term Debt | 12 Months Ended |
Jun. 28, 2015 | |
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 as well as the applicable current portion of long-term debt: Weighted Average Interest Rate as of June 28, 2015 (1) Principal Amounts as of Scheduled Maturity Date June 28, 2015 June 29, 2014 ABL Revolver March 2020 1.7% $ 5,000 $ 26,000 ABL Term Loan March 2020 2.2% 82,125 68,000 Term loan from unconsolidated affiliate August 2016 3.0% 1,250 1,250 Capital lease obligations (2) (3) 15,735 4,238 Total debt 104,110 99,488 Current portion of long-term debt (12,385 ) (7,215 ) Total long-term debt $ 91,725 $ 92,273 (1) The weighted average interest rate as of June 28, 2015 for the ABL Term Loan includes the effects of the interest rate swap with a notional balance of $50,000. (2) Scheduled maturity dates for capital lease obligations range from January 2017 to November 2027. (3) Fixed interest rates for capital lease obligations range from 2.3% to 4.6%. On March 26, 2015, the Company and its subsidiary, Unifi Manufacturing, Inc., entered into an Amended and Restated Credit Agreement (the “Amended Credit Agreement”) for a $200,000 senior secured credit facility (the “ABL Facility”) with a syndicate of lenders. The ABL Facility consists of a $100,000 revolving credit facility (the “ABL Revolver”) and an $84,375 term loan that can be reset up to a maximum amount of $100,000 if certain future conditions are met (the “ABL Term Loan”). The ABL Facility has a maturity date of March 26, 2020. The Company paid $750 to the lenders in connection with the Amended Credit Agreement. The Amended Credit Agreement replaced a previous senior secured credit facility dated May 24, 2012 with a similar syndicate of lenders, which, after multiple amendments, would have matured on March 28, 2019 and consisted of a $100,000 revolving credit facility and a $90,000 term loan. As used herein, the terms “ABL Facility,” “ABL Revolver” and “ABL Term Loan” shall mean the senior secured credit facility, the revolving credit facility or the term loan, respectively, under the Amended Credit Agreement or the previous senior secured credit facility, as applicable. ABL Facility The ABL Facility is secured by a first-priority perfected 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 Amended Credit Agreement 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 June 28, 2015 was $22,766. In addition, the ABL Facility contains restrictions on certain payments and investments, including restrictions on the payment of dividends and share repurchases. 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. ABL Facility borrowings bear interest at the London Interbank Offer Rate (“LIBOR”) plus an applicable margin of 1.50% to 2.00%, or the Base Rate plus an applicable margin of 0.50% to 1.00%, with interest currently being paid on a monthly basis. The applicable margin is based on (a) the excess availability under the ABL Revolver and (b) the consolidated leverage ratio, calculated by fiscal quarter. 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%. 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. There is also a monthly unused line fee under the ABL Revolver of 0.25%. The ABL Term Loan is currently subject to quarterly amortizing payments of $2,250. Additionally, principal increases are available at the Company’s discretion, resetting the loan balance up to a maximum amount of $100,000, once per fiscal year upon satisfaction of certain conditions, beginning October 1, 2015. As of June 28, 2015, the Company was in compliance with all financial covenants; the excess availability under the ABL Revolver was $75,933; the consolidated leverage ratio was 1.6 to 1.0; the fixed charge coverage ratio was 3.0 to 1.0; and the Company had $235 of standby letters of credit, none of which have been drawn upon. First Amendment On June 26, 2015, the Company entered into the First Amendment to Amended and Restated Credit Agreement dated March 26, 2015 (“First Amendment”). The First Amendment modified the composition of subsidiary guarantors in connection with an internal reorganization completed during the fourth quarter of fiscal year 2015. There was no impact to the consolidated financial statements as a result of the First Amendment. 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, 2016, the revised maturity date. Capital Lease Obligations During fiscal year 2015, the Company entered into six capital leases with an aggregate present value of $12,784. Fixed interest rates and maturity dates for these capital leases range from 3.1% to 3.8% and August 2019 to August 2020, respectively. During fiscal year 2014, the Company entered into four capital leases with an aggregate present value of $3,353. Scheduled Debt Maturities The following table presents the scheduled maturities of the Company’s outstanding debt obligations for the following five fiscal years and thereafter: Scheduled Maturities on a Fiscal Year Basis 2016 2017 2018 2019 2020 Thereafter ABL Revolver $ — $ — $ — $ — $ 5,000 $ — ABL Term Loan 9,000 9,000 9,000 9,000 46,125 — Capital lease obligations 3,385 3,463 3,301 3,200 1,652 734 Term loan from unconsolidated affiliate — 1,250 — — — — Total $ 12,385 $ 13,713 $ 12,301 $ 12,200 $ 52,777 $ 734 Debt Financing Fees Debt financing fees are classified within other non-current assets and consist of the following: June 28, 2015 June 29, 2014 Balance at beginning of year $ 2,093 $ 2,117 Additions 1,063 400 Amortization charged to interest expense (505 ) (424 ) Loss on extinguishment of debt (1,040 ) — Balance at end of year $ 1,611 $ 2,093 Interest Expense Interest expense consists of the following: For the Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 Interest on ABL Facility $ 3,290 $ 3,292 $ 3,673 Interest on a prior term loan — — 722 Other 273 192 107 Subtotal of interest on debt obligations 3,563 3,484 4,502 Reclassification adjustment for interest rate swap 231 554 322 Amortization of debt financing fees 505 424 632 Mark-to-market adjustment for interest rate swap (83 ) 39 (931 ) Interest capitalized to property, plant and equipment, net (191 ) (172 ) (36 ) Subtotal of other components of interest expense 462 845 (13 ) Total interest expense $ 4,025 $ 4,329 $ 4,489 Loss on Extinguishment of Debt Entering into the Amended Credit Agreement in fiscal year 2015 generated substantially different terms for the ABL Term Loan and resulted in the replacement of an existing lender. Accordingly, the Company recorded a loss on extinguishment of debt of $1,040 for the write-off of certain debt financing fees related to the previous credit agreement. On January 8, 2013, the Company prepaid a $30,000 term loan with a maturity date of May 24, 2017, and recorded a loss on extinguishment of debt of $1,102 to reflect $671 for prepayment costs and $431 for the write-off of related debt financing fees. |
Note 13 - Other Long-term Liabi
Note 13 - Other Long-term Liabilities | 12 Months Ended |
Jun. 28, 2015 | |
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: June 28, 2015 June 29, 2014 Uncertain tax positions $ 3,980 $ 1,101 Supplemental post-employment plan 3,690 3,173 Contingent consideration 1,573 2,026 Interest rate swap 280 363 Other 1,217 886 Total other long-term liabilities $ 10,740 $ 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 fiscal years ended June 28, 2015, June 29, 2014 and June 30, 2013 were $517, $780 and $775, 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. See “Note 18. Fair Value of Financial Instruments and Non-Financial Assets and Liabilities” for further discussion. Other primarily includes certain retiree and post-employment medical and disability liabilities and deferred energy incentive credits. |
Note 14 - Income Taxes
Note 14 - Income Taxes | 12 Months Ended |
Jun. 28, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 14. Income Taxes Components of income before income taxes The components of income before income taxes consist of the following: For the Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 United States $ 38,341 $ 38,816 $ 16,900 Foreign 15,471 9,065 12,114 Income before income taxes $ 53,812 $ 47,881 $ 29,014 Components of provision for income taxes The components of provision for income taxes consist of the following: For the Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 Current: Federal $ 7,985 $ 14,463 $ 2,399 State 1,231 1,035 119 Foreign 7,926 4,092 5,210 17,142 19,590 7,728 Deferred: Federal (4,006 ) 183 7,086 State (112 ) 900 542 Foreign 322 (512 ) (2,012 ) (3,796 ) 571 5,616 Provision for income taxes $ 13,346 $ 20,161 $ 13,344 Utilization of Net Operating Loss Carryforwards State deferred tax expense includes the utilization of net operating loss (“NOL”) carryforwards of $196, $499 and $825 for fiscal years 2015, 2014 and 2013, respectively. Foreign deferred tax expense includes the utilization of NOL carryforwards of $147, $216 and $258 for fiscal years 2015, 2014 and 2013, respectively. Federal deferred tax expense includes the utilization of NOL carryforwards of $7,904 for fiscal year 2013. Effective income tax rate The provision for income taxes as reconciled from the federal statutory tax rate to the effective tax rate is as follows: For the Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 Federal statutory tax rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal tax benefit 1.8 2.8 2.1 Foreign income taxed at different rates (3.2 ) (1.2 ) (0.5 ) Settlement of certain intercompany foreign currency transactions 5.6 — — Repatriation of foreign earnings and withholding taxes (0.3 ) 0.4 1.1 Indefinite reinvestment assertion (14.2 ) 0.5 1.0 Change in valuation allowance (5.6 ) 4.0 11.2 Domestic production activities deduction (1.3 ) (2.3 ) (1.2 ) Change in uncertain tax positions 5.4 (0.5 ) (1.4 ) Renewable energy credits (1.9 ) — — Research and other credits (0.4 ) (0.3 ) (3.5 ) Nondeductible expenses and other 3.9 3.7 2.2 Effective tax rate 24.8 % 42.1 % 46.0 % The effective income tax rate for fiscal year 2015 was primarily impacted by, among other things (i) a decrease in the valuation allowance reflecting the recognition of lower taxable income versus book income for the Company’s investment in Parkdale America, LLC (for which the Company maintains a full valuation allowance), which was partially offset by an increase in the valuation allowance for net operating losses, including Renewables, for which no tax benefit could be recognized; (ii) the change in the Company’s indefinite reinvestment assertion, which provides for foreign earnings permanently reinvested at June 28, 2015; (iii) a lower overall effective tax rate for the Company’s foreign earnings (reflecting free-trade zone sales in El Salvador and lower statutory tax rates in both Brazil and China); (iv) net federal and state credits, including renewable energy credits; and (v) the domestic production activities deduction. These items were partially offset by (i) taxes associated with settlement of certain intercompany foreign currency transactions in Brazil; (ii) a change in uncertain tax positions related to certain intercompany foreign currency transactions in Brazil; and (iii) state and local taxes net of the assumed federal benefit. The Company’s effective tax rate for fiscal years 2014 and 2013 was significantly impacted by, among other things, the increase in the valuation allowance primarily related to equity investments and state and local taxes net of the assumed federal benefit, partially offset by the domestic production activities deduction, research and development credits and other credits. Deferred income taxes The significant components of the Company’s deferred tax assets and liabilities consist of the following: June 28, 2015 June 29, 2014 Deferred tax assets: Investments, including unconsolidated affiliates $ 9,675 $ 13,682 State tax credits 461 85 Accrued liabilities and valuation reserves 2,620 4,187 Net operating loss carryforwards 2,904 1,635 Intangible assets, net 4,964 5,259 Foreign tax credits 2,588 2,588 Incentive compensation plans 3,515 2,896 Other items 4,673 5,167 Total gross deferred tax assets 31,400 35,499 Valuation allowance (15,606 ) (18,615 ) Net deferred tax assets 15,794 16,884 Deferred tax liabilities: Property, plant and equipment (11,432 ) (6,709 ) Indefinite reinvestment assertion — (7,639 ) Other (530 ) (618 ) Total deferred tax liabilities (11,962 ) (14,966 ) Net deferred tax asset $ 3,832 $ 1,918 Deferred income taxes - valuation allowance In assessing the realizability of deferred tax assets, the Company considers whether it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company considers the scheduled reversal of taxable temporary differences, taxable income in carryback years, projected future taxable income and tax planning strategies in making this assessment. Since the Company operates in multiple jurisdictions, the assessment is made on a jurisdiction-by-jurisdiction basis, taking into account the effects of local tax law. The balances and activity for the Company’s deferred tax valuation allowance are as follows: For the Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 Balance at beginning of the year $ (18,615 ) $ (16,690 ) $ (13,911 ) Charged to provision for income taxes 3,009 (1,925 ) (3,243 ) Charged to other accounts — — 464 Balance at end of year $ (15,606 ) $ (18,615 ) $ (16,690 ) Components of the Company’s deferred tax valuation allowance are as follows: For the Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 Investment in a former domestic unconsolidated affiliate $ (6,503 ) $ (6,493 ) $ (6,649 ) Equity-method investment in Parkdale America, LLC (3,261 ) (7,286 ) (5,762 ) Foreign tax credits (1,680 ) (1,680 ) (1,680 ) Book versus tax basis difference in Renewables (1,359 ) (2,035 ) (1,846 ) NOLs related to Renewables (2,803 ) (1,121 ) (753 ) Total deferred tax valuation allowance $ (15,606 ) $ (18,615 ) $ (16,690 ) During fiscal year 2015, the Company’s valuation allowance decreased by $3,009. This decrease consists of $4,025 related to the Company’s investment in Parkdale America, LLC (“PAL”) due to the timing of PAL’s taxable income versus book income and the impact of two bargain purchase gains, as described in more detail in “Note 23. Investments in Unconsolidated Affiliates and Variable Interest Entities”. The decrease was partially offset by a net $1,006 increase related to the Company’s investment in Renewables and its related NOLs as a result of continued losses for Renewables and the disposal of certain biomass foundation and feedstock, as described in more detail in “Note 21. Other Operating Expense, Net”. During fiscal year 2014, the Company’s valuation allowance increased by $1,925. This increase relates to (i) the timing of taxable income versus book income for PAL and (ii) NOLs for Renewables which were deemed unrealizable. During fiscal year 2013, the Company’s valuation allowance increased by $2,779. This increase relates to the timing of taxable income versus book income for PAL, partially offset by a decrease of $649 related to NOL carryforwards for the Company’s Colombian subsidiary. Deferred tax expense was reduced by $424. Unrecognized tax benefits A reconciliation of beginning and ending gross amounts of unrecognized tax benefits is as follows: For the Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 Balance at beginning of the year $ 983 $ 964 $ 1,154 Gross increases related to current period tax positions 3,469 78 250 Gross increases related to tax positions in prior periods 18 68 — Gross decreases related to settlements with tax authorities (178 ) (2 ) — Gross decreases related to lapse of applicable statute of limitations (263 ) (125 ) (440 ) Balance at end of year $ 4,029 $ 983 $ 964 Unrecognized tax benefits would generate a favorable impact of $3,927 on the Company’s effective tax rate when recognized. The Company expects uncertain tax positions to decrease by $308 within the next twelve months due to statute expirations on certain positions. The reversal of interest and penalties recognized by the Company within the provision for income taxes were $(95), $(193) and $(250) for fiscal years 2015, 2014 and 2013, respectively. The Company has $23, $118 and $311 accrued for interest and/or penalties related to uncertain tax positions as of June 28, 2015, June 29, 2014 and June 30, 2013, respectively. Expiration of net operating loss carryforwards and foreign tax credits As of June 28, 2015, the Company has $3,972 of state net operating loss carryforwards, for which no valuation allowance is established, that may be used to offset future taxable income. In addition, the Company has $2,588 of foreign tax credit carryforwards of which $1,680 are offset by a valuation allowance. These carryforwards, if unused, will expire as follows: State net operating loss carryforwards 2016 through 2033 Foreign tax credit carryforwards 2021 Tax years subject to examination The Company and its domestic subsidiaries file a consolidated federal income tax return, as well as income tax returns in multiple 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. The Company remains 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 returns and certain state tax returns filed for the 2011 through 2014 tax years have utilized carryforward tax attributes generated in prior tax years, including net operating losses that could potentially be revised upon examination. Indefinite reinvestment assertion During the fourth quarter of fiscal year 2015, the Company completed a reorganization of certain foreign subsidiaries that changed the historical ownership structure. As of June 28, 2015, $57,531 of earnings and profits of the Company’s foreign subsidiaries are deemed to be permanently reinvested, including all cash and cash equivalents on-hand at the Company’s foreign operations. In accordance with ASC 740-30-25-17, the Company has no current or deferred tax liabilities recorded (which considers any applicable U.S. federal income taxes and foreign withholding taxes) based on this indefinite reinvestment assertion. Nevertheless, in future periods, the Company will continue to assess the existing circumstances, including any changes in tax laws, and reevaluate the necessity for any deferred tax liability. Computation of the potential tax liabilities associated with indefinitely reinvested earnings is not practicable. |
Note 15 - Shareholders' Equity
Note 15 - Shareholders' Equity | 12 Months Ended |
Jun. 28, 2015 | |
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 (“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 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 Shares Repurchased as Part of Publicly Announced Plans or Programs Average Price Paid per Share Maximum Approximate Dollar Value that May Yet Be Repurchased Under the 2014 SRP Fiscal year 2013 1,068 $ 18.08 Fiscal year 2014 1,524 $ 23.96 Fiscal year 2015 349 $ 29.72 Total 2,941 $ 22.51 $ 33,811 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 in the three most recent fiscal years. |
Note 16 - Stock-based Compensat
Note 16 - Stock-based Compensation | 12 Months Ended |
Jun. 28, 2015 | |
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 (“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 fiscal years 2015, 2014 and 2013, the Company granted stock options to purchase 150, 97 and 138 shares of 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 fiscal years ended June 28, 2015, June 29, 2014 and June 30, 2013, the weighted average exercise price of the options granted was $27.38, $22.31 and $11.15 per share, respectively. The Company used the Black-Scholes model to estimate the weighted average grant date fair value of $17.31, $14.66 and $7.28 per share, respectively. For options granted, the valuation models used the following assumptions: For the Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 Expected term (years) 7.3 7.4 7.5 Risk-free interest rate 2.2% 2.1% 1.0% Volatility 62.6% 65.9% 66.9% 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 fiscal year ended June 28, 2015 is as follows: Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding at June 29, 2014 800 $ 9.77 Granted 150 $ 27.38 Exercised (11 ) $ 8.48 Forfeited (5 ) $ 9.14 Expired — $ — Outstanding at June 28, 2015 934 $ 12.63 5.6 $ 19,507 Vested and expected to vest as of June 28, 2015 926 $ 12.53 5.6 $ 19,439 Exercisable at June 28, 2015 685 $ 8.61 4.5 $ 17,059 As of June 28, 2015, all options subject to a market condition were vested. During fiscal year 2015, 10 options subject to a market condition vested when the closing price of the Company’s common stock on the New York Stock Exchange was at least $30 per share for thirty consecutive trading days. At June 28, 2015, the remaining unrecognized compensation cost related to the unvested stock options was $1,266, which is expected to be recognized over a weighted average period of 1.9 years. For the fiscal years ended June 28, 2015, June 29, 2014 and June 30, 2013, the total intrinsic value of options exercised was $190, $12,963 and $1,937, respectively. The amount of cash received from the exercise of options was $95, $3,136 and $1,298 for the fiscal years ended June 28, 2015, June 29, 2014 and June 30, 2013, respectively. The tax benefit realized from stock options exercised was $73, $4,934 and $680 for the fiscal years ended June 28, 2015, June 29, 2014 and June 30, 2013, respectively. Restricted stock units During fiscal years 2014 and 2013, the Company granted 22 and 32 restricted stock units (“RSUs”), respectively, 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 the employee RSUs granted during fiscal years 2014 and 2013 to be $22.08 and $11.23 per employee RSU, respectively. During fiscal years 2015, 2014 and 2013, the Company granted 17, 25 and 30 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 the director RSUs granted during fiscal years 2015, 2014 and 2013 to be $28.58, $23.23 and $13.57 per director RSU, respectively. 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 fiscal year ended June 28, 2015 is as follows: Non-vested Weighted Average Grant Date Fair Value Vested Total Weighted Average Grant Date 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 — $ — (31 ) (31 ) $ 15.30 Forfeited — $ — — — $ — Outstanding at June 28, 2015 20 $ 18.35 167 187 $ 15.35 At June 28, 2015, the number of RSUs vested and expected to vest was 187, with an aggregate intrinsic value of $6,292. The aggregate intrinsic value of the 167 vested RSUs at June 28, 2015 was $5,593. The remaining unrecognized compensation cost related to the unvested RSUs at June 28, 2015 is $61, which is expected to be recognized over a weighted average period of 1 year. For the fiscal years ended June 28, 2015, June 29, 2014 and June 30, 2013, the total intrinsic value of RSUs converted was $958, $696 and $114, respectively. The tax benefit realized from the conversion of RSUs was $373, $275 and $45 for the fiscal years ended June 28, 2015, June 29, 2014 and June 30, 2013, respectively. Summary The total cost charged against income related to all stock-based compensation arrangements was as follows: For the Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 Stock options $ 1,955 $ 1,001 $ 847 RSUs 676 938 686 Total compensation cost $ 2,631 $ 1,939 $ 1,533 The total income tax benefit recognized for stock-based compensation was $623, $513 and $381 for fiscal years 2015, 2014 and 2013, respectively. As of June 28, 2015, total unrecognized compensation costs related to all unvested stock-based compensation arrangements was $1,327. The weighted average period over which these costs are expected to be recognized is 1.8 years. As of June 28, 2015, 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 1 Less: Service condition options granted (155 ) Less: RSUs granted to non-employee directors (42 ) Available for issuance under the 2013 Plan 804 |
Note 17 - Defined Contribution
Note 17 - Defined Contribution Plan | 12 Months Ended |
Jun. 28, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 17. Defined Contribution Plan The Company matches employee contributions made to the Unifi, Inc. Retirement Savings Plan (the “DC Plan”), a 401(k) defined contribution plan, which covers eligible domestic salary and hourly employees. Under the terms of the DC Plan, the Company matches 100% of the first three percent of eligible employee contributions and 50% of the next two percent of eligible contributions. The following table presents the employer matching contribution expense related to the DC Plan: For the Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 Matching contribution expense $ 2,201 $ 2,006 $ 2,015 |
Note 18 - Fair Value of Financi
Note 18 - Fair Value of Financial Instruments and Non-financial Assets and Liabilities | 12 Months Ended |
Jun. 28, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 18. 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 June 28, 2015, 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 has decreased $5,000 per quarter since August 2013 to the current notional balance of $50,000, 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. On November 26, 2012, the Company de-designated the interest rate swap as a cash flow hedge. See “Note 19. Accumulated Other Comprehensive Loss” for detail regarding the reclassifications of amounts from accumulated other comprehensive loss related to the interest rate swap. 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. There have been no significant changes to the inputs or assumptions used to develop the fair value measurement since the acquisition date. A reconciliation of the changes in the fair value follows: Contingent consideration as of June 29, 2014 $ 2,563 Changes in fair value 148 Payments (504 ) Contingent consideration as of June 28, 2015 $ 2,207 Based on the present value of the expected future payments, $634 is reflected in accrued expenses and $1,573 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 June 28, 2015 Notional Amount USD Equivalent Balance Sheet Location Fair Value Hierarchy Fair Value Foreign currency contracts EUR — $ — — Level 2 $ — Interest rate swap USD $ 50,000 $ 50,000 Other long-term liabilities Level 2 $ (280 ) Contingent consideration — — Accrued expenses and other long-term liabilities Level 3 $ (2,207 ) As of June 29, 2014 Notional Amount USD Equivalent Balance Sheet Location Fair Value Hierarchy Fair 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 effects of marked to market hedging derivative instruments are as follows: For the Fiscal Years Ended Derivatives not designated as hedges: Classification: June 28, 2015 June 29, 2014 June 30, 2013 Foreign currency contracts – EUR/USD Other operating expense, net $ 7 $ (10 ) $ — Foreign currency contracts – MXN/USD Other operating expense, net — (3 ) 46 Interest rate swap Interest expense (83 ) 39 (931 ) Total (gain) loss recognized in income $ (76 ) $ 26 $ (885 ) (EUR represents the Euro; MXN represents the Mexican Peso) 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 fiscal years ended June 28, 2015, June 29, 2014 and June 30, 2013. 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 19 - Accumulated Other Com
Note 19 - Accumulated Other Comprehensive Loss | 12 Months Ended |
Jun. 28, 2015 | |
Disclosure Text Block [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | 19. Accumulated Other Comprehensive Loss The components of and the changes in accumulated other comprehensive loss, net of tax, as applicable, consist of the following: Derivative Financial Instruments Foreign Currency Translation Adjustments Unrealized (loss) gain on interest rate swaps Unrealized (loss) gain on cash flow hedges (1) Accumulated Other Comprehensive Income (Loss) Balance at June 24, 2012 $ 2,017 $ (775 ) $ (1,214 ) $ 28 Other comprehensive (loss) income, net of tax (6,585 ) (157 ) 1,214 (5,528 ) Balance at June 30, 2013 $ (4,568 ) $ (932 ) $ — $ (5,500 ) Other comprehensive income, net of tax 327 554 — 881 Balance at June 29, 2014 $ (4,241 ) $ (378 ) $ — $ (4,619 ) Other comprehensive (loss) income, net of tax (22,511 ) 231 — (22,280 ) Balance at June 28, 2015 $ (26,752 ) $ (147 ) $ — $ (26,899 ) (1) A summary of the pre-tax and after-tax effects of the components of other comprehensive (loss) income for the fiscal years ended June 28, 2015, June 29, 2014 and June 30, 2013 is provided as follows: Fiscal Year 2015 Fiscal Year 2014 Fiscal Year 2013 Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Other comprehensive (loss) income: Foreign currency translation adjustments $ (21,578 ) $ (21,578 ) $ 327 $ 327 $ (6,585 ) $ (6,585 ) Foreign currency translation adjustments for an unconsolidated affiliate (933 ) (933 ) — — — — Unrealized (loss) on interest rate swaps — — — — (240 ) (479 ) Unrealized gain on cash flow hedges for an unconsolidated affiliate — — — — 1,214 1,214 Reclassification adjustment for interest rate swap included in net income 231 231 554 554 322 322 Other comprehensive (loss) income $ (22,280 ) $ (22,280 ) $ 881 $ 881 $ (5,289 ) $ (5,528 ) |
Note 20 - Computation of Earnin
Note 20 - Computation of Earnings Per Share | 12 Months Ended |
Jun. 28, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 20. Computation of Earnings Per Share The computation of basic and diluted earnings per share (“EPS”) is as follows: For the Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 Basic EPS Net income attributable to Unifi, Inc. $ 42,151 $ 28,823 $ 16,635 Weighted average common shares outstanding 18,207 18,919 19,909 Basic EPS $ 2.32 $ 1.52 $ 0.84 Diluted EPS Net income attributable to Unifi, Inc. $ 42,151 $ 28,823 $ 16,635 Weighted average common shares outstanding 18,207 18,919 19,909 Net potential common share equivalents – stock options and RSUs 629 702 796 Adjusted weighted average common shares outstanding 18,836 19,621 20,705 Diluted EPS $ 2.24 $ 1.47 $ 0.80 Excluded from the calculation of common share equivalents: Anti-dilutive common share equivalents 150 91 210 Excluded from the calculation of diluted shares: Unvested options that vest upon achievement of certain market conditions — 13 27 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. |
Note 21 - Other Operating Expen
Note 21 - Other Operating Expense, Net | 12 Months Ended |
Jun. 28, 2015 | |
Disclosure Text Block [Abstract] | |
Other Operating Income and Expense [Text Block] | 21. Other Operating Expense, Net Other operating expense, net consists of the following: For the Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 Net loss on sale or disposal of assets $ 778 $ 475 $ 243 Foreign currency transaction losses (gains) 448 504 (132 ) Operating expenses for Renewables — 2,749 2,396 Restructuring charges, net — 1,273 813 Other, net 374 288 89 Other operating expense, net $ 1,600 $ 5,289 $ 3,409 Net Loss on Sale or Disposal of Assets During fiscal year 2015, Renewables disposed of certain biomass foundation and feedstock (primarily established during, and maintained since, fiscal year 2010) utilized to support certain historical business objectives, resulting in a loss on disposal of assets of $1,322 (before consideration of the non-controlling interest amount of $533). During fiscal year 2015, the Company completed the sale of certain land and building assets historically utilized for warehousing in the Polyester segment. In connection with the sale, the Company recognized a gain on sale of assets of $630. Net proceeds from the sale were remitted directly to a qualified intermediary in anticipation of an exchange under section 1031 of the Internal Revenue Code. Operating Expenses for Renewables For fiscal years 2014 and 2013, operating expenses for Renewables (reported net of insignificant revenues of $144 and $79, respectively) included amounts incurred for employee costs, land and equipment rental costs, contract labor, freight costs, operating supplies, product testing and administrative costs, along with $343 and $230 of depreciation and amortization expense, respectively. For fiscal year 2015, such costs are included in cost of sales or selling, general and administrative expenses in the consolidated statement of income. Restructuring charges, net The components of restructuring charges, net consist of the following: For the Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 Severance $ — $ 941 $ 948 Equipment relocation and reinstallation costs — 356 — Other — (24 ) (135 ) Restructuring charges, net $ — $ 1,273 $ 813 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 accrued severance: Balance June 29, 2014 Payments Adjustments Balance June 28, 2015 Accrued severance $ 374 (355 ) (19 ) $ — Equipment Relocation and Reinstallation Costs During 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 other operating expense, net within the Polyester Segment as incurred. |
Note 22 - Other Non-Operating E
Note 22 - Other Non-Operating Expense | 12 Months Ended |
Jun. 28, 2015 | |
Other Non Operating Income Expense Net [Abstract] | |
Other Non Operating Income Expense Net [Text Block] | 22. Other Non-Operating Expense During fiscal year 2014, the Company recorded an impairment charge of $126 relating to an investment in a former domestic unconsolidated affiliate. |
Note 23 - Investments in Uncons
Note 23 - Investments in Unconsolidated Affiliates and Variable Interest Entities | 12 Months Ended |
Jun. 28, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 23. 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 16 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 76% 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 2014 Form 10-K for the fiscal year ended June 29, 2014 on April 2, 2015 to provide PAL’s audited financial statements for PAL’s fiscal year ended January 3, 2015. The Company expects to file an amendment to this Annual Report on Form 10-K on or before April 1, 2016 to provide PAL’s audited financial statements for PAL’s fiscal year ending January 2, 2016. The federal government maintains a program 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 June 2015, PAL had no futures contracts designated as cash flow hedges. As of June 28, 2015, the Company’s investment in PAL was $109,919 and reflected within investments in unconsolidated affiliates in the 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 June 28, 2015 $ 128,258 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 (248 ) Investment as of June 28, 2015 $ 109,919 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 increases PAL’s regional manufacturing capacity and expands its product offerings and customer base. PAL accounted for the transaction as a business combination under the acquisition method, recognizing the assets acquired and liabilities assumed at their respective fair values as of the acquisition date. The Company and PAL concluded that the acquisition did not represent a material business combination. PAL recognized a bargain purchase gain of $4,430 and recorded acquired net assets of $23,644. On February 27, 2015, PAL purchased two manufacturing facilities, plus inventory, for approximately $13,000 cash, and entered into a yarn supply agreement with the seller. 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 bargain purchase gain of approximately $9,381 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 asset valuations. 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 June 28, 2015, the Company’s open purchase orders related to this agreement were $2,584. The Company’s raw material purchases under this supply agreement consist of the following: For the Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 UNF $ 3,676 $ 9,582 $ 11,752 UNF America 29,922 24,223 22,601 Total $ 33,598 $ 33,805 $ 34,353 As of June 28, 2015 and June 29, 2014, the Company had combined accounts payable due to UNF and UNF America of $4,038 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 June 28, 2015, the Company’s combined investments in UNF and UNF America were $3,982 and are shown within investments in unconsolidated affiliates in the 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 Company’s fiscal year ended June 28, 2015, PAL’s corresponding fiscal period consisted of 53 weeks. As of June 28, 2015 PAL Other Total Current assets $ 250,699 $ 9,273 $ 259,972 Noncurrent assets 216,708 3,676 220,384 Current liabilities 61,243 4,985 66,228 Noncurrent liabilities 28,935 — 28,935 Shareholders’ equity and capital accounts 377,229 7,964 385,193 The Company’s portion of undistributed earnings 40,138 1,661 41,799 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 Fiscal Year Ended June 28, 2015 PAL Other Total Net sales $ 828,502 $ 33,496 $ 861,998 Gross profit 53,042 5,480 58,522 Income from operations 34,873 3,861 38,734 Net income 50,991 4,140 55,131 Depreciation and amortization 33,065 117 33,182 Cash received by PAL under EAP program 18,087 — 18,087 Earnings recognized by PAL for EAP program 17,398 — 17,398 Distributions received 2,468 1,250 3,718 For the Fiscal Year Ended June 29, 2014 PAL Other Total Net sales $ 841,542 $ 34,717 $ 876,259 Gross profit 63,645 3,921 67,566 Income from operations 48,857 2,259 51,116 Net income 52,283 2,529 54,812 Depreciation and amortization 26,222 101 26,323 Cash received by PAL under EAP program 16,909 — 16,909 Earnings recognized by PAL for EAP program 23,509 — 23,509 Distributions received 11,314 1,900 13,214 For the Fiscal Year Ended June 30, 2013 PAL Other Total Net sales $ 785,351 $ 35,190 $ 820,541 Gross profit 46,918 4,997 51,915 Income from operations 25,809 3,283 29,092 Net income 27,575 3,330 30,905 Depreciation and amortization 29,500 101 29,601 Cash received by PAL under EAP program 17,369 — 17,369 Earnings recognized by PAL for EAP program 8,744 — 8,744 Distributions received 13,440 1,500 14,940 As of the end of PAL’s fiscal June 2015, June 2014 and fiscal June 2013 periods, PAL’s amounts of deferred revenues related to the EAP program were $0, $0 and $8,791, respectively. |
Note 24 - Commitments and Conti
Note 24 - Commitments and Contingencies | 12 Months Ended |
Jun. 28, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 24. Commitments and Contingencies Collective Bargaining Agreements While employees of the Company’s Brazilian operations are unionized, none of the labor force employed by the Company’s domestic or other foreign subsidiaries 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. Currently, the Company does not sub-lease any of its leased property. Future minimum capital lease payments and future minimum lease payments under non-cancelable operating leases (with initial or remaining lease terms in excess of one year) as of June 28, 2015 for the below fiscal years are: Capital leases Operating leases Fiscal year 2016 $ 3,935 $ 2,547 Fiscal year 2017 3,904 1,913 Fiscal year 2018 3,632 1,482 Fiscal year 2019 3,423 739 Fiscal year 2020 1,787 34 Fiscal years thereafter 1,422 12 Total minimum lease payments $ 18,103 $ 6,727 Less estimated executory costs (930 ) Less interest (1,438 ) Present value of net minimum capital lease payments 15,735 Less current portion of capital lease obligations (3,385 ) Long-term portion of capital lease obligations $ 12,350 Rental expenses incurred under operating leases and included in operating income consist of the following: For the Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 Rental expenses $ 4,214 $ 3,621 $ 3,412 Unconditional Obligations The Company is a party to unconditional obligations for certain utility, equipment purchase and other purchase or service commitments. These commitments are non-cancelable, have remaining terms in excess of one year and qualify as normal purchases. On a fiscal year basis, the minimum payments expected to be made as part of such commitments are as follows: 2016 2017 2018 2019 2020 Thereafter Unconditional purchase obligations $ 7,352 $ 6,458 $ 4,294 $ 2,224 $ 1,212 $ — Unconditional service obligations 438 385 176 — — — Total unconditional obligations $ 7,790 $ 6,843 $ 4,470 $ 2,224 $ 1,212 $ — For fiscal years 2015, 2014 and 2013, total costs incurred under these commitments consisted of the following: For the Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 Costs for unconditional purchase obligations $ 28,971 $ 31,386 $ 31,953 Costs for unconditional service obligations 7,625 5,932 5,679 Total $ 36,596 $ 37,318 $ 37,632 |
Note 25 - Related Party Transac
Note 25 - Related Party Transactions | 12 Months Ended |
Jun. 28, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 25. Related Party Transactions Related party receivables consist of the following: June 28, 2015 June 29, 2014 Cupron, Inc. $ 72 $ 1 Salem Global Logistics, Inc. 3 12 Dillon Yarn Corporation — 4 Total related party receivables (included within receivables, net) $ 75 $ 17 Related party payables consist of the following: June 28, 2015 June 29, 2014 Cupron, Inc. $ 506 $ 525 Salem Leasing Corporation 277 272 Dillon Yarn Corporation (1) 117 131 Total related party payables (included within accounts payable) $ 900 $ 928 (1) Excludes amounts related to the contingent consideration, as detailed in “Note 18. Fair Value of Financial Instruments and Non-Financial Assets and Liabilities” Related party transactions consist of the matters in the table below and the following paragraphs: For the Fiscal Years Ended Affiliated Entity Transaction Type June 28, 2015 June 29, 2014 June 30, 2013 Dillon Yarn Corporation Yarn purchases $ 2,000 $ 3,042 $ 2,523 Dillon Yarn Corporation Sales service agreement costs — — 349 Dillon Yarn Corporation Sales — 1,237 182 Dillon Yarn Corporation Reimbursement of equipment relocation costs — — 75 American Drawtech Company, Inc. Sales — — 884 American Drawtech Company, Inc. Yarn purchases — — 56 Salem Leasing Corporation Transportation equipment costs 3,633 3,607 3,077 Salem Global Logistics Freight services 179 25 — Cupron, Inc. Sales 925 486 236 Cupron, Inc. Yarn purchases 281 8 — Invemed Associates LLC Brokerage services 3 23 11 Through April 24, 2015, Mr. Mitchel Weinberger was a member of the Company’s Board, President and Chief Operating Officer of Dillon and an Executive Vice President and a director of ADC. In fiscal year 2007, the Company purchased the polyester and nylon texturing operations of Dillon and entered into an agreement under which the Company agreed to pay Dillon for certain sales and services to be provided by Dillon's sales staff and executive management. That agreement expired pursuant to its terms on December 31, 2012. In addition, the Company recorded sales and service income from Dillon and has purchased products from Dillon. On April 8, 2013, the Company entered a commissioning agreement with Dillon. Under the terms of the agreement, the Company agreed to move Dillon’s draw winding equipment from Dillon’s facility in Dillon, South Carolina and install it in the Company’s polyester texturing facility in Yadkinville, North Carolina. Pursuant to the exercise of an option granted to the Company under the terms of the commissioning agreement, the Company acquired the draw winding equipment and associated business from Dillon on December 2, 2013, as described in “Note 4. Acquisition.” On March 22, 2013, the Company entered into a Stock Purchase Agreement with Dillon. Pursuant to the Stock Purchase Agreement, the Company repurchased 500 shares of the Company’s common stock from Dillon for an aggregate amount of $8,500. The Company and Dillon negotiated the $17.00 per share price based on an approximately 10% discount to the closing price of the stock on March 20, 2013. On November 1, 2013, the Company entered into a second Stock Purchase Agreement with Dillon, pursuant to which the Company purchased 150 shares of the Company’s common stock from Dillon, at a negotiated price of $23.00 per share, for $3,450. The purchase price was equal to an approximately 6% discount to the closing price of the common stock on October 31, 2013. On June 18, 2015, the Company entered into a third Stock Purchase Agreement with Dillon. In connection therewith, the Company repurchased 200 shares of the Company’s common stock from Dillon for an aggregate amount of $6,200. The Company and Dillon negotiated the $31.00 per share price based on an approximately 3% discount to the closing price of the stock on June 17, 2015. The Board approved these stock repurchase transactions in accordance with its related persons transactions policy. Mr. Weinberger was not involved in any decisions by the Board, or any committee thereof, with respect to these stock repurchase transactions. Mr. Kenneth G. Langone, a member of the Board, is a director, stockholder and non-executive Chairman of the Board of Salem Holding Company. The Company leases tractors and trailers from Salem Leasing Corporation, a wholly-owned subsidiary of Salem Holding Company. In addition to the monthly operating lease payments, the Company also incurs expenses for routine repair and maintenance, fuel and other expenses. These leases do not contain renewal, purchase options or escalation clauses with respect to the minimum lease charges. Salem Global Logistics, Inc. is also a wholly-owned subsidiary of Salem Holding Company. During fiscal years 2015 and 2014, the Company earned income by providing for-hire freight services for Salem Global Logistics, Inc. On November 19, 2012, the Company entered into a capital lease with Salem Leasing Corporation for certain transportation equipment. The present value of the fifteen-year lease was $1,234 and payments are made monthly. The implicit annual interest rate under the lease is approximately 4.6%. The balance of the capital lease obligation as of June 28, 2015 was $1,081. Mr. William J. Armfield, IV, a member of the Board, holds an indirect minority equity interest in (and is non-executive Chairman of the Board of) Cupron, Inc. (“Cupron”) and is also a director. Mr. Langone is also the President and Chief Executive Officer of Invemed Associates LLC (“Invemed”). During fiscal years 2015, 2014 and 2013, Invemed provided brokerage services to the Company for the Company’s repurchase of 149, 1,149 and 568 shares of its common stock, respectively, through open market transactions. The Company paid a commission of $.02 per share to Invemed. On December 3, 2013, certain of the Company’s executive officers exercised options to purchase shares of the Company’s common stock under previously granted option awards. Pursuant to authorization from the Company’s Board, and as part of the 2013 SRP, the Company repurchased 225 shares of common stock issued in those option exercises at a negotiated price of $25.59 per share (which was equal to the average of the closing trade prices of the Company’s common stock for the 30 days ending December 2, 2013 and represented a 7.1% discount to the $27.56 closing price of the common stock on December 2, 2013). |
Note 26 - Business Segment Info
Note 26 - Business Segment Information | 12 Months Ended |
Jun. 28, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 26. Business Segment Information The Company has three reportable segments. Operations and revenues for each segment are described below: ● 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 spandex covered 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. In addition to its reportable segments, the Company’s selected financial information includes an All Other category. All Other consists primarily of Renewables (an operating segment which does not meet quantitative thresholds for reporting), for-hire transportation services and consulting services. Revenue for Renewables is primarily derived from (i) facilitating the use of miscanthus grass as biomass feedstock through service agreements and (ii) delivering harvested miscanthus grass to poultry producers for animal bedding. For-hire revenues are derived from performing common carrier services utilizing the Company’s fleet of transportation equipment. Revenues for consulting services are derived from providing process improvement and change management consulting services to entities across various industries. The operations within All Other (i) are not subject to review by the chief operating decision maker at a level consistent with the Company’s other operations, (ii) are not regularly evaluated using the same metrics applied to the Company’s other operations and (iii) do not qualify for aggregation with an existing reportable segment. Therefore, such operations do not comprise a reportable segment. Any comparative amounts for All Other in prior year periods are insignificant. The Company evaluates the operating performance of its reportable segments based upon Segment Adjusted Profit, which is defined as segment gross profit plus segment depreciation and amortization less segment SG&A expenses 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. For the Polyester Segment, fiscal year 2013 contained one additional fiscal week. For the Nylon Segment's operations in the United States, fiscal year 2013 contained one additional fiscal week. Selected financial information is presented below: For the Fiscal Year Ended June 28, 2015 Polyester Nylon International All Other Total Net sales $ 377,281 $ 168,570 $ 134,992 $ 6,278 $ 687,121 Cost of sales 328,575 147,531 113,556 6,754 596,416 Gross profit (loss) 48,706 21,039 21,436 (476 ) 90,705 SG&A expenses 29,403 9,903 8,689 1,677 49,672 Other operating expense, net 84 16 111 19 230 Segment operating profit (loss) $ 19,219 $ 11,120 $ 12,636 $ (2,172 ) $ 40,803 For the Fiscal Year Ended June 29, 2014 Polyester Nylon International Total Net sales $ 389,172 $ 163,824 $ 134,906 $ 687,902 Cost of sales 342,393 143,649 118,598 604,640 Gross profit 46,779 20,175 16,308 83,262 SG&A expenses 28,422 9,531 8,250 46,203 Other operating expense, net 438 (24 ) — 414 Segment operating profit $ 17,919 $ 10,668 $ 8,058 $ 36,645 For the Fiscal Year Ended June 30, 2013 Polyester Nylon International Total Net sales $ 398,707 $ 164,085 $ 151,170 $ 713,962 Cost of sales 363,545 146,033 131,280 640,858 Gross profit 35,162 18,052 19,890 73,104 SG&A expenses 29,114 9,930 8,342 47,386 Other operating expense, net — (93 ) — (93 ) Segment operating profit $ 6,048 $ 8,215 $ 11,548 $ 25,811 The reconciliations of segment operating profit to consolidated income before income taxes are as follows: For the Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 Polyester $ 19,219 $ 17,919 $ 6,048 Nylon 11,120 10,668 8,215 International 12,636 8,058 11,548 All Other (2,172 ) — — Segment operating profit 40,803 36,645 25,811 Provision (benefit) for bad debts 947 287 (154 ) Other operating expense, net 1,370 4,875 3,502 Operating income 38,486 31,483 22,463 Interest income (916 ) (1,790 ) (698 ) Interest expense 4,025 4,329 4,489 Loss on extinguishment of debt 1,040 — 1,102 Other non-operating expense — 126 — Equity in earnings of unconsolidated affiliates (19,475 ) (19,063 ) (11,444 ) Income before income taxes $ 53,812 $ 47,881 $ 29,014 The reconciliations of segment depreciation and amortization expense to consolidated depreciation and amortization expense are as follows: For the Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 Polyester $ 12,789 $ 11,702 $ 17,234 Nylon 2,080 2,276 3,070 International 2,101 3,151 3,418 Segment depreciation and amortization expense 16,970 17,129 23,722 Other depreciation and amortization expense 1,073 767 862 Depreciation and amortization expense $ 18,043 $ 17,896 $ 24,584 Segment other adjustments for each of the reportable segments consist of the following: For the Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 Polyester $ 249 $ 637 $ 618 Nylon 110 (119 ) 245 International — 352 115 Segment other adjustments $ 359 $ 870 $ 978 Segment other adjustments include 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 consists of the following: For the Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 Polyester $ 32,341 $ 30,696 $ 23,900 Nylon 13,326 12,801 11,437 International 14,848 11,561 15,081 Segment Adjusted Profit $ 60,515 $ 55,058 $ 50,418 Intersegment sales consist of the following: For the Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 Polyester $ 165 $ 651 $ 1,296 Nylon 133 295 773 International 254 1,474 772 Intersegment sales $ 552 $ 2,420 $ 2,841 The reconciliations of segment capital expenditures to consolidated capital expenditures are as follows: For the Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 Polyester $ 21,267 $ 14,701 $ 5,730 Nylon 2,392 2,284 482 International 1,468 1,637 1,336 Segment capital expenditures 25,127 18,622 7,548 Other capital expenditures 839 469 1,261 Capital expenditures $ 25,966 $ 19,091 $ 8,809 The reconciliations of segment total assets to consolidated total assets are as follows: June 28, 2015 June 29, 2014 June 30, 2013 Polyester $ 203,574 $ 192,697 $ 185,190 Nylon 71,332 75,397 72,599 International 63,031 81,604 84,151 Segment total assets 337,937 349,698 341,940 Other current assets 5,844 2,549 3,342 Other PP&E 13,544 12,250 11,983 Other non-current assets 5,146 5,341 4,940 Investments in unconsolidated affiliates 113,901 99,229 93,261 Total assets $ 476,372 $ 469,067 $ 455,466 Geographic Data: Geographic information for net sales is as follows: For the Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 U.S. $ 509,490 $ 512,496 $ 519,148 Brazil 101,912 113,448 124,455 Remaining Foreign 75,719 61,958 70,359 Total $ 687,121 $ 687,902 $ 713,962 Export sales from the Company’s U.S. operations to external customers $ 119,548 $ 100,546 $ 93,128 The information for net sales is based on the operating locations from where the items were produced or distributed. Geographic information for long-lived assets is as follows: June 28, 2015 June 29, 2014 June 30, 2013 U.S. $ 242,042 $ 215,910 $ 200,958 Brazil 8,207 12,188 16,150 Remaining Foreign 9,237 7,413 8,658 Total $ 259,486 $ 235,511 $ 225,766 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: June 28, 2015 June 29, 2014 June 30, 2013 U.S. $ 388,766 $ 362,510 $ 346,651 Brazil 50,300 70,581 72,735 Remaining Foreign 37,306 35,976 36,080 Total $ 476,372 $ 469,067 $ 455,466 |
Note 27 - Quarterly Results (Un
Note 27 - Quarterly Results (Unaudited) | 12 Months Ended |
Jun. 28, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | 27. Quarterly Results (Unaudited) Quarterly financial data and selected highlights are as follows: For the Fiscal Quarters Ended September 28, 2014 December 28, 2014 March 29, 2015 June 28, 2015 Net sales (1) $ 175,561 $ 164,422 $ 172,187 $ 174,951 Gross profit (1) 20,450 22,929 22,007 25,319 Net income including non-controlling interest 6,675 9,122 9,759 14,910 Less: net (loss) attributable to non-controlling interest (402 ) (296 ) (257 ) (730 ) Net income attributable to Unifi, Inc (2). $ 7,077 $ 9,418 $ 10,016 $ 15,640 Net income attributable to Unifi, Inc. per common share: Basic (3) $ 0.39 $ 0.52 $ 0.55 $ 0.86 Diluted (3) $ 0.37 $ 0.50 $ 0.53 $ 0.83 For the Fiscal Quarters Ended September 29, 2013 December 29, 2013 March 30, 2014 June 29, 2014 Net sales $ 168,669 $ 160,617 $ 176,864 $ 181,752 Gross profit 19,985 18,497 19,759 25,021 Net income including non-controlling interest 8,619 6,211 4,454 8,436 Less: net (loss) attributable to non-controlling interest (251 ) (232 ) (289 ) (331 ) Net income attributable to Unifi, Inc. $ 8,870 $ 6,443 $ 4,743 $ 8,767 Net income attributable to Unifi, Inc. per common share: Basic (3) $ 0.46 $ 0.34 $ 0.25 $ 0.48 Diluted (3) $ 0.44 $ 0.32 $ 0.24 $ 0.46 (1) Net sales and gross profit for the fiscal quarters ended September 28, 2014, December 28, 2014 and March 29, 2015 have been revised to reflect revenues presented for All Other (as described in more detail in “Note 26. Business Segment Information”). Such income had been previously recorded as an offset to cost of sales or other operating expense due to the insignificance of the underlying business activities to the consolidated financial statements. (2) Net income attributable to Unifi, Inc. for the quarter ended September 28, 2014 includes a bargain purchase gain recorded by PAL (of which $729 is recognized by the Company). Net income attributable to Unifi, Inc. for the quarter ended December 28, 2014 includes a net change in deferred tax valuation allowances of $630 recorded as a benefit to the income tax provision. Net income attributable to Unifi, Inc. for the quarter ended March 29, 2015 includes the following: a. a net change in deferred tax valuation allowances of $924 recorded as a benefit to the income tax provision, b. renewable energy tax credits of $782 recorded as a benefit to the income tax provision and c. an after-tax loss on extinguishment of debt of approximately $676. Net income attributable to Unifi, Inc. for the quarter ended June 28, 2015 includes the following: a. a net change in deferred tax valuation allowances of $1,749 recorded as a benefit to the income tax provision, b. a change of $7,822 in the deferred tax liability related to the Company’s indefinite reinvestment assertion, c. the reversal of a $3,008 deferred tax asset related to certain intercompany foreign currency transactions which originated in prior years and were settled in the fourth quarter of fiscal year 2015, d. a net change in uncertain tax positions of $3,046 recorded to provision for income taxes and e. a bargain purchase gain recorded by PAL (of which $1,962 is recognized by the Company). (3) Income per share is computed independently for each of the periods presented. The sum of the income per share amounts for the quarters may not equal the total for the year. |
Note 28 - Supplemental Cash Flo
Note 28 - Supplemental Cash Flow Information | 12 Months Ended |
Jun. 28, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow, Supplemental Disclosures [Text Block] | 28. Supplemental Cash Flow Information Cash payments for interest and taxes consist of the following: For the Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 Interest, net of capitalized interest $ 3,304 $ 3,313 $ 4,701 Income taxes, net of refunds 17,208 12,569 8,100 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 June 28, 2015, June 29, 2014 and June 30, 2013, $1,726, $5,023 and $1,586, respectively, were included in accounts payable for unpaid capital expenditures. During June 2015, the Company sold certain land and building assets. Net proceeds from the sale of $1,390 were remitted directly to a qualified intermediary. During fiscal year 2015, the Company entered into six capital leases with an aggregate present value of $12,784. During fiscal year 2014, the Company entered into four capital leases with an aggregate present value of $3,353. On December 3, 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. The total fair value of the long-lived assets acquired in the December 2013 purchase of Dillon’s draw winding business was $2,500, and the contingent consideration liability established at the acquisition date was $2,500. During fiscal year 2013, the Company entered into a capital lease with a present value of $1,234 for certain transportation equipment. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Jun. 28, 2015 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries in which it maintains a controlling financial interest. All account balances and transactions between the Company and the subsidiaries which it controls have been eliminated. Investments in entities where the Company is able to exercise significant influence, but not control, are accounted for by the equity method. For transactions with entities accounted for under the equity method, any intercompany profits on amounts still remaining are eliminated. Amounts originating from any deferral of intercompany profits are recorded within either the Company’s investment account or the account balance to which the transaction specifically relates (e.g., inventory). Only upon settlement of the intercompany transaction with a third party is the deferral of the intercompany profit recognized by the Company. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make use of estimates and assumptions that affect the reported amounts of assets and liabilities, certain financial statement disclosures at the date of the financial statements, and the reported amounts of revenues and expenses during the period. The Company’s consolidated financial statements include amounts that are based on management’s best estimates and judgments. Actual results may vary from these estimates. These estimates are reviewed periodically to determine if a change is required. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash equivalents are defined as highly liquid, short-term investments having an original maturity of three months or less. Book overdrafts, for which the bank has not advanced cash, if any, are reclassified to accounts payable. |
Receivables, Policy [Policy Text Block] | Receivables Receivables are stated at their net realizable value. Allowances are provided for known and potential losses arising from yarn quality claims and for amounts owed by customers. Reserves for yarn quality claims are based on historical experience and known pending claims and are recorded as a reduction of net sales. The allowance for uncollectible accounts is shown as a reduction of operating income and reflects the Company’s best estimate of probable losses inherent in its accounts receivable portfolio determined on the basis of historical experience, aging of trade receivables, specific allowances for known troubled accounts and other currently available information. Customer accounts are written off against the allowance for uncollectible accounts when they are no longer deemed to be collectible. |
Inventory, Policy [Policy Text Block] | Inventories The Company’s inventories are valued at the lower of cost or market with the cost for the majority of its inventory determined using the first-in, first-out method. Certain foreign inventories and limited categories of supplies inventories are valued using the average cost method. The Company’s estimates for inventory reserves for obsolete, slow-moving or excess inventories are based upon many factors including historical recovery rates, the aging of inventories on-hand, inventory movement and expected net realizable value of specific products, and current economic conditions. |
Deferred Charges, Policy [Policy Text Block] | Debt Financing Fees The Company capitalizes costs associated with the financing of its debt obligations. These costs are amortized as additional interest expense following either the effective interest method or the straight-line method. In the event of any prepayment of its debt obligations, the Company accelerates the recognition of a pro-rata amount of issuance costs and records an extinguishment of debt. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment Property, plant and equipment (“PP&E”) are stated at historical cost less accumulated depreciation. Plant and equipment under capital leases are stated at the present value of minimum lease payments less accumulated amortization. Additions or improvements that substantially extend the useful life of a particular asset are capitalized. Depreciation is calculated primarily utilizing the straight-line method over the following useful lives: Asset categories Useful lives in years Land improvements Ten to Twenty Buildings and improvements Fifteen to Forty Machinery and equipment Three to Twenty-five Computer, software and office equipment Three to Seven Internal software development costs Three Transportation equipment Three to Fifteen Leasehold improvements are depreciated over the lesser of their estimated useful lives or the remaining term of the lease. Assets under capital leases are amortized in a manner consistent with the Company’s normal depreciation policy if ownership is transferred by the end of the lease, or if there is a bargain purchase option. If such ownership criteria are not met, amortization occurs over the shorter of the lease term or the asset's useful life. The Company capitalizes its costs of developing internal software when the software is used as an integral part of its manufacturing or business processes and the technological feasibility has been established. Internal software costs are amortized over a period of three years and, in accordance with the project type, charged to cost of sales or selling, general and administrative (“SG&A”) expenses. Fully depreciated assets are retained in cost and accumulated depreciation accounts until they are removed from service. In the case of disposals, asset costs and related accumulated depreciation amounts are removed from the accounts, and the net amounts, less proceeds from disposal, are included in the determination of net income and presented within other operating expense, net. Repair and maintenance costs related to PP&E which do not significantly increase the useful life of an existing asset or do not significantly alter, modify or change the capabilities or production capacity of an existing asset are expensed as incurred. Interest is capitalized for capital projects requiring a construction period. PP&E and other long-lived assets are tested for impairment whenever events or changes in circumstances indicate that the respective carrying amount may not be recoverable. Long-lived assets to be disposed of by sale within one year are classified as held for sale and are reported at the lower of carrying amount or fair value less cost to sell. Depreciation ceases for all assets classified as held for sale. Long-lived assets to be disposed of other than by sale are classified as held for use until they are disposed of and these assets are reported at the lower of their carrying amount or estimated fair value. |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Intangible Assets Finite-lived intangible assets, such as customer lists, non-compete agreements, licenses, trademarks and patents are amortized over their estimated useful lives. The Company periodically evaluates the reasonableness of the useful lives of these assets. Once these assets are fully amortized, they are removed from the accounts. These assets are reviewed for impairment or obsolescence when events or changes in circumstances indicate that the carrying amount may not be recoverable. If impaired, intangible assets are written down to fair value based on discounted cash flows or other valuation techniques. The Company has no intangibles with indefinite lives. |
Biomass Foundation and Feedstock, Policy [Policy Text Block] | Biomass foundation and feedstock Biomass foundation and feedstock are stated at historical cost and subject to depreciation at the time that production in commercial quantities begins (which is expected to occur approximately twenty-four months after planting). Cost includes expenditures associated with land and planting bed preparation, biological materials and overhead. Cultural care costs are capitalized during the development period (up to twenty-four months) and are subsequently expensed as incurred. Depreciation is calculated utilizing the straight-line method over the estimated productive life of the plantings, generally fifteen years. |
Equity Method Investments, Policy [Policy Text Block] | Investments in Unconsolidated Affiliates The Company evaluates its investments in unconsolidated affiliates for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company evaluates whether or not the affiliate is able to generate and sustain sufficient earnings and cash flows to justify its carrying value. |
Derivatives, Policy [Policy Text Block] | Derivative Instruments All derivatives are carried on the balance sheet at fair value and are classified according to their asset or liability position and the expected timing of settlement. On the date the derivative contract is entered into, the Company may designate the derivative into one of the following categories: ● Fair value hedge – a hedge of the fair value of a recognized asset, liability or a firm commitment. Changes in the fair value of derivatives designated and qualifying as fair-value hedges, as well as the offsetting gains and losses on the hedged items, are reported in income in the same period. ● Cash flow hedge – a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability. The effective portion of gains and losses on cash flow hedges are recorded in accumulated other comprehensive loss, until the underlying transactions are recognized in income. When the hedged item is realized, gains or losses are reclassified from accumulated other comprehensive loss to current period earnings on the same line item as the underlying transaction. ● Net investment hedge – if a derivative is used as a foreign currency hedge of a net investment in a foreign operation, its changes in fair value, to the extent effective as a hedge, are recorded in foreign currency translation adjustments in accumulated other comprehensive loss. Any ineffective portion of a designated hedge is immediately recognized in current period earnings. Derivatives that are not designated for hedge accounting are marked to market at the end of each period with the changes in fair value recognized in current period earnings. Settlements of any fair value or cash flow derivative contracts are classified as cash flows from operating activities. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value Measurements The accounting guidance for fair value measurements and disclosures establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market, or if none exists, the most advantageous market, for the specific asset or liability at the measurement date (the exit price). Fair value is based on assumptions that market participants would use when pricing the asset or liability. The hierarchy gives the highest priority to unadjusted quoted prices in active markets and the lowest priority to unobservable inputs. The Company uses the following to measure fair value for its assets and liabilities: ● Level 1 – Observable inputs that reflect quoted prices for identical assets or liabilities in active markets ● Level 2 – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability either indirectly or directly ● Level 3 – Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability The classification of assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement in its entirety. |
Income Tax, Policy [Policy Text Block] | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recorded to recognize the expected future tax benefits or costs of events that have been, or will be, reported in different tax years for financial statement purposes than for tax purposes. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which these items are expected to reverse. The Company recognizes tax benefits related to uncertain tax positions if it believes it is more-likely-than-not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. The Company reviews deferred tax assets to determine if it is more-likely-than-not they will be realized. If the Company determines it is not more-likely-than-not that a deferred tax asset will be realized, it records a valuation allowance to reverse the previously recognized benefit. Provision is made for taxes on undistributed earnings of foreign subsidiaries and related companies to the extent that such earnings are not deemed to be permanently invested. The Company accrues for other tax contingencies when it is probable that a liability to a taxing authority has been incurred and the amount of the contingency can be reasonably estimated. Income tax expense related to penalties and interest, if incurred, is included in provision for income taxes. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation Compensation expense for stock awards is based on the grant date fair value and expensed over the applicable vesting period. The Company has a policy of issuing new shares to satisfy share option exercises. For awards with a service condition and a graded vesting schedule, the Company has elected an accounting policy of recognizing compensation cost on a straight-line basis over the requisite service period for each separate vesting portion of the award as if the award was, in-substance, multiple awards. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation Assets and liabilities of foreign subsidiaries whose functional currency is other than the U.S. dollar are translated at exchange rates existing at the respective balance sheet dates. Translation gains and losses are not included in determining net income, but are presented in a separate component of accumulated other comprehensive loss. The Company translates the results of operations of its foreign operations at the average exchange rates during the respective periods. Transaction gains and losses are included in determining net income and are presented within other operating expense, net. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition The Company recognizes revenue when (a) there is persuasive evidence of an arrangement, (b) the sales price is fixed or determinable, (c) title and the risks of ownership have been transferred to the customer, and (d) collection of the receivable is reasonably assured. For the sale of goods, revenue recognition occurs primarily upon shipment. For service arrangements, revenue is recognized when (i) transportation services have been completed in accordance with the bill of lading contract or (ii) in accordance with contractual agreements with customers utilizing the criteria above. Revenue includes amounts for duties and import taxes, interest billed to customers, and shipping and handling costs billed to customers. Revenue excludes value-added taxes or other sales taxes and includes any applicable deductions for returns and allowances, yarn claims, and discounts. |
Cost of Sales, Policy [Policy Text Block] | Cost of Sales The major components of cost of sales are: (a) materials and supplies, (b) labor and fringe benefits, (c) utility and overhead costs associated with manufactured products, (d) cost of products purchased for resale, (e) shipping, handling and warehousing costs, (f) research and development costs, (g) depreciation expense, and (h) all other costs related to production or service activities. |
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping, Handling and Warehousing Costs Shipping, handling and warehousing costs include costs to store goods prior to shipment, prepare goods for shipment and physically move goods to customers. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Costs Research and development costs include employee costs, production costs related to customer samples, operating supplies, consulting fees and other miscellaneous costs. The cost of research and development is charged to expense as incurred. Research and development costs were as follows: |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | Selling, General and Administrative Expenses The major components of SG&A expenses are: (a) costs of the Company’s sales force, marketing and advertising efforts, as well as commissions and credit insurance, (b) costs of maintaining the Company’s general and administrative support functions including executive management, information technology, human resources, legal, and finance, (c) amortization of intangible assets, and (d) all other costs required to be classified as SG&A expenses. |
Advertising Costs, Policy [Policy Text Block] | Advertising Costs Advertising costs are expensed as incurred and included in SG&A expenses. The Company’s advertising costs include spending for items such as consumer marketing and branding initiatives, promotional items, trade shows, sponsorships and other programs. Advertising costs were as follows: |
Costs Associated with Exit or Disposal Activities or Restructurings, Policy [Policy Text Block] | Restructuring Charges Restructuring charges for the relocation of equipment, disposal costs, severance and other exit costs are expensed as incurred. |
Liability Reserve Estimate, Policy [Policy Text Block] | Self Insurance The Company self-insures certain risks such as employee healthcare claims. Reserves for incurred but not reported healthcare claims are estimated using historical data, the timeliness of claims processing, medical trends, inflation and any changes, if applicable, in the nature or type of the plan. |
Commitments and Contingencies, Policy [Policy Text Block] | Contingencies At any point in time, the Company may be a party to various pending legal proceedings, claims or environmental actions. Accruals for estimated losses are recorded at the time information becomes available indicating that losses are probable and estimable. Any amounts accrued are not discounted. Legal costs such as outside counsel fees and expenses are charged to expense as incurred. |
Note 2 - Summary of Significa37
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 28, 2015 | |
Accounting Policies [Abstract] | |
Useful Lives of Property, Plant and Equipment [Table Text Block] | Asset categories Useful lives in years Land improvements Ten to Twenty Buildings and improvements Fifteen to Forty Machinery and equipment Three to Twenty-five Computer, software and office equipment Three to Seven Internal software development costs Three Transportation equipment Three to Fifteen |
Schedule of Research and Development Costs [Table Text Block] | For the Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 Research and development costs $ 8,113 $ 7,921 $ 6,938 |
Schedule of Advertising Costs [Table Text Block] | For the Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 Advertising costs $ 3,975 $ 2,953 $ 3,777 |
Note 4 - Acquisition (Tables)
Note 4 - Acquisition (Tables) | 12 Months Ended |
Jun. 28, 2015 | |
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 (Tabl
Note 5 - Receivables, Net (Tables) | 12 Months Ended |
Jun. 28, 2015 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | June 28, 2015 June 29, 2014 Customer receivables $ 85,731 $ 95,270 Allowance for uncollectible accounts (1,596 ) (1,035 ) Reserves for yarn quality claims (581 ) (618 ) Net customer receivables 83,554 93,617 Related party receivables 75 17 Other receivables 234 291 Total receivables, net $ 83,863 $ 93,925 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Allowance for Uncollectible Accounts Reserves for Yarn Quality Claims Balance at June 24, 2012 $ (1,118 ) $ (939 ) Charged to costs and expenses 154 (1,881 ) Charged to other accounts 30 8 Deductions (38 ) 1,919 Balance at June 30, 2013 $ (972 ) $ (893 ) Charged to costs and expenses (287 ) (1,726 ) Charged to other accounts (20 ) 2 Deductions 244 1,999 Balance at June 29, 2014 $ (1,035 ) $ (618 ) Charged to costs and expenses (947 ) (1,336 ) Charged to other accounts 240 29 Deductions 146 1,344 Balance at June 28, 2015 $ (1,596 ) $ (581 ) |
Note 6 - Inventories (Tables)
Note 6 - Inventories (Tables) | 12 Months Ended |
Jun. 28, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | June 28, 2015 June 29, 2014 Raw materials $ 42,526 $ 42,244 Supplies 5,404 5,345 Work in process 7,546 7,404 Finished goods 56,844 59,716 Gross inventories 112,320 114,709 Inventory reserves (705 ) (1,339 ) Total inventories $ 111,615 $ 113,370 |
Note 7 - Other Current Assets (
Note 7 - Other Current Assets (Tables) | 12 Months Ended |
Jun. 28, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Other Current Assets [Table Text Block] | June 28, 2015 June 29, 2014 Vendor deposits $ 1,743 $ 2,369 Prepaid expenses 1,647 1,876 Funds held by qualified intermediary 1,390 — Value added taxes receivable 1,220 1,197 Other 22 610 Total other current assets $ 6,022 $ 6,052 |
Note 8 - Property, Plant and 42
Note 8 - Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Jun. 28, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | June 28, 2015 June 29, 2014 Land $ 2,413 $ 2,957 Land improvements 11,709 11,676 Buildings and improvements 141,259 145,458 Assets under capital leases 17,371 4,587 Machinery and equipment 531,225 532,650 Computers, software and office equipment 16,782 17,404 Transportation equipment 4,736 4,901 Construction in progress 6,710 6,896 Gross property, plant and equipment 732,205 726,529 Less: accumulated depreciation (595,094 ) (602,436 ) Less: accumulated amortization – capital leases (889 ) (291 ) Total property, plant and equipment, net $ 136,222 $ 123,802 |
Schedule of Capital Leased Assets [Table Text Block] | June 28, 2015 June 29, 2014 Machinery and equipment $ 12,804 $ 1,649 Transportation equipment 3,714 2,085 Building improvements 853 853 Gross assets under capital leases $ 17,371 $ 4,587 |
Internal Software Development Costs [Table Text Block] | June 28, 2015 June 29, 2014 Internal software development costs $ 2,473 $ 2,318 Accumulated amortization (2,221 ) (2,075 ) Net internal software development costs $ 252 $ 243 |
Other Property, Plant and Equipment Costs and Expenses [Table Text Block] | For the Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 Depreciation expense $ 15,276 $ 15,031 $ 21,597 Internal software development costs amortization 146 143 128 Repair and maintenance expenses 17,741 18,319 18,649 Capitalized interest 191 172 36 |
Note 9 - Intangible Assets, N43
Note 9 - Intangible Assets, Net (Tables) | 12 Months Ended |
Jun. 28, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | June 28, 2015 June 29, 2014 Customer lists $ 23,615 $ 23,615 Non-compete agreements 4,293 4,293 Licenses, trademarks and other 837 766 Total intangible assets, gross 28,745 28,674 Accumulated amortization - customer lists (19,432 ) (17,838 ) Accumulated amortization - non-compete agreements (3,537 ) (3,214 ) Accumulated amortization – licenses, trademarks and other (388 ) (228 ) Total accumulated amortization (23,357 ) (21,280 ) Total intangible assets, net $ 5,388 $ 7,394 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | For the Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 Customer lists $ 1,594 $ 1,845 $ 1,837 Non-compete agreements 323 319 313 Licenses, trademarks and other 163 134 77 Total amortization expense $ 2,080 $ 2,298 $ 2,227 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2016 2017 2018 2019 2020 Expected amortization $ 1,694 $ 1,380 $ 1,041 $ 693 $ 350 |
Note 10 - Other Non-current A44
Note 10 - Other Non-current Assets (Tables) | 12 Months Ended |
Jun. 28, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Other Assets, Noncurrent [Table Text Block] | June 28, 2015 June 29, 2014 Biomass foundation and feedstock, net $ 2,151 $ 2,683 Debt financing fees 1,611 2,093 Other 213 310 Total other non-current assets $ 3,975 $ 5,086 |
Note 11 - Accrued Expenses (Tab
Note 11 - Accrued Expenses (Tables) | 12 Months Ended |
Jun. 28, 2015 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | June 28, 2015 June 29, 2014 Payroll and fringe benefits $ 11,258 $ 12,406 Utilities 2,823 2,876 Property taxes 790 821 Contingent consideration 634 537 Other 1,135 1,949 Total accrued expenses $ 16,640 $ 18,589 |
Note 12 - Long-term Debt (Table
Note 12 - Long-term Debt (Tables) | 12 Months Ended |
Jun. 28, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Weighted Average Interest Rate as of June 28, 2015 (1) Principal Amounts as of Scheduled Maturity Date June 28, 2015 June 29, 2014 ABL Revolver March 2020 1.7% $ 5,000 $ 26,000 ABL Term Loan March 2020 2.2% 82,125 68,000 Term loan from unconsolidated affiliate August 2016 3.0% 1,250 1,250 Capital lease obligations (2) (3) 15,735 4,238 Total debt 104,110 99,488 Current portion of long-term debt (12,385 ) (7,215 ) Total long-term debt $ 91,725 $ 92,273 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Scheduled Maturities on a Fiscal Year Basis 2016 2017 2018 2019 2020 Thereafter ABL Revolver $ — $ — $ — $ — $ 5,000 $ — ABL Term Loan 9,000 9,000 9,000 9,000 46,125 — Capital lease obligations 3,385 3,463 3,301 3,200 1,652 734 Term loan from unconsolidated affiliate — 1,250 — — — — Total $ 12,385 $ 13,713 $ 12,301 $ 12,200 $ 52,777 $ 734 |
Deferred Financing Costs, Capitalized, Non-current Disclosure [Table Text Block] | June 28, 2015 June 29, 2014 Balance at beginning of year $ 2,093 $ 2,117 Additions 1,063 400 Amortization charged to interest expense (505 ) (424 ) Loss on extinguishment of debt (1,040 ) — Balance at end of year $ 1,611 $ 2,093 |
Interest Income and Interest Expense Disclosure [Table Text Block] | For the Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 Interest on ABL Facility $ 3,290 $ 3,292 $ 3,673 Interest on a prior term loan — — 722 Other 273 192 107 Subtotal of interest on debt obligations 3,563 3,484 4,502 Reclassification adjustment for interest rate swap 231 554 322 Amortization of debt financing fees 505 424 632 Mark-to-market adjustment for interest rate swap (83 ) 39 (931 ) Interest capitalized to property, plant and equipment, net (191 ) (172 ) (36 ) Subtotal of other components of interest expense 462 845 (13 ) Total interest expense $ 4,025 $ 4,329 $ 4,489 |
Note 13 - Other Long-term Lia47
Note 13 - Other Long-term Liabilities (Tables) | 12 Months Ended |
Jun. 28, 2015 | |
Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract] | |
Other Noncurrent Liabilities [Table Text Block] | June 28, 2015 June 29, 2014 Uncertain tax positions $ 3,980 $ 1,101 Supplemental post-employment plan 3,690 3,173 Contingent consideration 1,573 2,026 Interest rate swap 280 363 Other 1,217 886 Total other long-term liabilities $ 10,740 $ 7,549 |
Note 14 - Income Taxes (Tables)
Note 14 - Income Taxes (Tables) | 12 Months Ended |
Jun. 28, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | For the Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 United States $ 38,341 $ 38,816 $ 16,900 Foreign 15,471 9,065 12,114 Income before income taxes $ 53,812 $ 47,881 $ 29,014 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | For the Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 Current: Federal $ 7,985 $ 14,463 $ 2,399 State 1,231 1,035 119 Foreign 7,926 4,092 5,210 17,142 19,590 7,728 Deferred: Federal (4,006 ) 183 7,086 State (112 ) 900 542 Foreign 322 (512 ) (2,012 ) (3,796 ) 571 5,616 Provision for income taxes $ 13,346 $ 20,161 $ 13,344 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | For the Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 Federal statutory tax rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal tax benefit 1.8 2.8 2.1 Foreign income taxed at different rates (3.2 ) (1.2 ) (0.5 ) Settlement of certain intercompany foreign currency transactions 5.6 — — Repatriation of foreign earnings and withholding taxes (0.3 ) 0.4 1.1 Indefinite reinvestment assertion (14.2 ) 0.5 1.0 Change in valuation allowance (5.6 ) 4.0 11.2 Domestic production activities deduction (1.3 ) (2.3 ) (1.2 ) Change in uncertain tax positions 5.4 (0.5 ) (1.4 ) Renewable energy credits (1.9 ) — — Research and other credits (0.4 ) (0.3 ) (3.5 ) Nondeductible expenses and other 3.9 3.7 2.2 Effective tax rate 24.8 % 42.1 % 46.0 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | June 28, 2015 June 29, 2014 Deferred tax assets: Investments, including unconsolidated affiliates $ 9,675 $ 13,682 State tax credits 461 85 Accrued liabilities and valuation reserves 2,620 4,187 Net operating loss carryforwards 2,904 1,635 Intangible assets, net 4,964 5,259 Foreign tax credits 2,588 2,588 Incentive compensation plans 3,515 2,896 Other items 4,673 5,167 Total gross deferred tax assets 31,400 35,499 Valuation allowance (15,606 ) (18,615 ) Net deferred tax assets 15,794 16,884 Deferred tax liabilities: Property, plant and equipment (11,432 ) (6,709 ) Indefinite reinvestment assertion — (7,639 ) Other (530 ) (618 ) Total deferred tax liabilities (11,962 ) (14,966 ) Net deferred tax asset $ 3,832 $ 1,918 |
Deferred Tax Valuation Allowance Activities [Table Text Block] | For the Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 Balance at beginning of the year $ (18,615 ) $ (16,690 ) $ (13,911 ) Charged to provision for income taxes 3,009 (1,925 ) (3,243 ) Charged to other accounts — — 464 Balance at end of year $ (15,606 ) $ (18,615 ) $ (16,690 ) |
Summary of Valuation Allowance [Table Text Block] | For the Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 Investment in a former domestic unconsolidated affiliate $ (6,503 ) $ (6,493 ) $ (6,649 ) Equity-method investment in Parkdale America, LLC (3,261 ) (7,286 ) (5,762 ) Foreign tax credits (1,680 ) (1,680 ) (1,680 ) Book versus tax basis difference in Renewables (1,359 ) (2,035 ) (1,846 ) NOLs related to Renewables (2,803 ) (1,121 ) (753 ) Total deferred tax valuation allowance $ (15,606 ) $ (18,615 ) $ (16,690 ) |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | For the Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 Balance at beginning of the year $ 983 $ 964 $ 1,154 Gross increases related to current period tax positions 3,469 78 250 Gross increases related to tax positions in prior periods 18 68 — Gross decreases related to settlements with tax authorities (178 ) (2 ) — Gross decreases related to lapse of applicable statute of limitations (263 ) (125 ) (440 ) Balance at end of year $ 4,029 $ 983 $ 964 |
Note 15 - Shareholders' Equity
Note 15 - Shareholders' Equity (Tables) | 12 Months Ended |
Jun. 28, 2015 | |
Stockholders' Equity Note [Abstract] | |
Share Repurchases [Table Text Block] | Total Number of Shares Repurchased as Part of Publicly Announced Plans or Programs Average Price Paid per Share Maximum Approximate Dollar Value that May Yet Be Repurchased Under the 2014 SRP Fiscal year 2013 1,068 $ 18.08 Fiscal year 2014 1,524 $ 23.96 Fiscal year 2015 349 $ 29.72 Total 2,941 $ 22.51 $ 33,811 |
Note 16 - Stock-based Compens50
Note 16 - Stock-based Compensation (Tables) | 12 Months Ended |
Jun. 28, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | For the Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 Expected term (years) 7.3 7.4 7.5 Risk-free interest rate 2.2% 2.1% 1.0% Volatility 62.6% 65.9% 66.9% Dividend yield — — — |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding at June 29, 2014 800 $ 9.77 Granted 150 $ 27.38 Exercised (11 ) $ 8.48 Forfeited (5 ) $ 9.14 Expired — $ — Outstanding at June 28, 2015 934 $ 12.63 5.6 $ 19,507 Vested and expected to vest as of June 28, 2015 926 $ 12.53 5.6 $ 19,439 Exercisable at June 28, 2015 685 $ 8.61 4.5 $ 17,059 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Non-vested Weighted Average Grant Date Fair Value Vested Total Weighted Average Grant Date 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 — $ — (31 ) (31 ) $ 15.30 Forfeited — $ — — — $ — Outstanding at June 28, 2015 20 $ 18.35 167 187 $ 15.35 |
Schedule of Employee Service Share-based Compensation, Recognized Period Costs [Table Text Block] | For the Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 Stock options $ 1,955 $ 1,001 $ 847 RSUs 676 938 686 Total compensation cost $ 2,631 $ 1,939 $ 1,533 |
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 1 Less: Service condition options granted (155 ) Less: RSUs granted to non-employee directors (42 ) Available for issuance under the 2013 Plan 804 |
Note 17 - Defined Contributio51
Note 17 - Defined Contribution Plan (Tables) | 12 Months Ended |
Jun. 28, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Costs of Retirement Plans [Table Text Block] | For the Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 Matching contribution expense $ 2,201 $ 2,006 $ 2,015 |
Note 18 - Fair Value of Finan52
Note 18 - Fair Value of Financial Instruments and Non-financial Assets and Liabilities (Tables) | 12 Months Ended |
Jun. 28, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | Contingent consideration as of June 29, 2014 $ 2,563 Changes in fair value 148 Payments (504 ) Contingent consideration as of June 28, 2015 $ 2,207 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | As of June 28, 2015 Notional Amount USD Equivalent Balance Sheet Location Fair Value Hierarchy Fair Value Foreign currency contracts EUR — $ — — Level 2 $ — Interest rate swap USD $ 50,000 $ 50,000 Other long-term liabilities Level 2 $ (280 ) Contingent consideration — — Accrued expenses and other long-term liabilities Level 3 $ (2,207 ) As of June 29, 2014 Notional Amount USD Equivalent Balance Sheet Location Fair Value Hierarchy Fair 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 Fiscal Years Ended Derivatives not designated as hedges: Classification: June 28, 2015 June 29, 2014 June 30, 2013 Foreign currency contracts – EUR/USD Other operating expense, net $ 7 $ (10 ) $ — Foreign currency contracts – MXN/USD Other operating expense, net — (3 ) 46 Interest rate swap Interest expense (83 ) 39 (931 ) Total (gain) loss recognized in income $ (76 ) $ 26 $ (885 ) |
Note 19 - Accumulated Other C53
Note 19 - Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Jun. 28, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Derivative Financial Instruments Foreign Currency Translation Adjustments Unrealized (loss) gain on interest rate swaps Unrealized (loss) gain on cash flow hedges (1) Accumulated Other Comprehensive Income (Loss) Balance at June 24, 2012 $ 2,017 $ (775 ) $ (1,214 ) $ 28 Other comprehensive (loss) income, net of tax (6,585 ) (157 ) 1,214 (5,528 ) Balance at June 30, 2013 $ (4,568 ) $ (932 ) $ — $ (5,500 ) Other comprehensive income, net of tax 327 554 — 881 Balance at June 29, 2014 $ (4,241 ) $ (378 ) $ — $ (4,619 ) Other comprehensive (loss) income, net of tax (22,511 ) 231 — (22,280 ) Balance at June 28, 2015 $ (26,752 ) $ (147 ) $ — $ (26,899 ) |
Comprehensive Income (Loss) [Table Text Block] | Fiscal Year 2015 Fiscal Year 2014 Fiscal Year 2013 Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Other comprehensive (loss) income: Foreign currency translation adjustments $ (21,578 ) $ (21,578 ) $ 327 $ 327 $ (6,585 ) $ (6,585 ) Foreign currency translation adjustments for an unconsolidated affiliate (933 ) (933 ) — — — — Unrealized (loss) on interest rate swaps — — — — (240 ) (479 ) Unrealized gain on cash flow hedges for an unconsolidated affiliate — — — — 1,214 1,214 Reclassification adjustment for interest rate swap included in net income 231 231 554 554 322 322 Other comprehensive (loss) income $ (22,280 ) $ (22,280 ) $ 881 $ 881 $ (5,289 ) $ (5,528 ) |
Note 20 - Computation of Earn54
Note 20 - Computation of Earnings Per Share (Tables) | 12 Months Ended |
Jun. 28, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 Basic EPS Net income attributable to Unifi, Inc. $ 42,151 $ 28,823 $ 16,635 Weighted average common shares outstanding 18,207 18,919 19,909 Basic EPS $ 2.32 $ 1.52 $ 0.84 Diluted EPS Net income attributable to Unifi, Inc. $ 42,151 $ 28,823 $ 16,635 Weighted average common shares outstanding 18,207 18,919 19,909 Net potential common share equivalents – stock options and RSUs 629 702 796 Adjusted weighted average common shares outstanding 18,836 19,621 20,705 Diluted EPS $ 2.24 $ 1.47 $ 0.80 Excluded from the calculation of common share equivalents: Anti-dilutive common share equivalents 150 91 210 Excluded from the calculation of diluted shares: Unvested options that vest upon achievement of certain market conditions — 13 27 |
Note 21 - Other Operating Exp55
Note 21 - Other Operating Expense, Net (Tables) | 12 Months Ended |
Jun. 28, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Other Operating Expense or Income by Component [Table Text Block] | For the Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 Net loss on sale or disposal of assets $ 778 $ 475 $ 243 Foreign currency transaction losses (gains) 448 504 (132 ) Operating expenses for Renewables — 2,749 2,396 Restructuring charges, net — 1,273 813 Other, net 374 288 89 Other operating expense, net $ 1,600 $ 5,289 $ 3,409 |
Restructuring and Related Costs [Table Text Block] | For the Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 Severance $ — $ 941 $ 948 Equipment relocation and reinstallation costs — 356 — Other — (24 ) (135 ) Restructuring charges, net $ — $ 1,273 $ 813 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Balance June 29, 2014 Payments Adjustments Balance June 28, 2015 Accrued severance $ 374 (355 ) (19 ) $ — |
Note 23 - Investments in Unco56
Note 23 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Tables) | 12 Months Ended |
Jun. 28, 2015 | |
Note 23 - 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 June 28, 2015 $ 128,258 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 (248 ) Investment as of June 28, 2015 $ 109,919 |
Schedule of Unconsolidated Affiliate Transactions [Table Text Block] | For the Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 UNF $ 3,676 $ 9,582 $ 11,752 UNF America 29,922 24,223 22,601 Total $ 33,598 $ 33,805 $ 34,353 |
Balance Sheet Information [Member] | |
Note 23 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Tables) [Line Items] | |
Equity Method Investments [Table Text Block] | As of June 28, 2015 PAL Other Total Current assets $ 250,699 $ 9,273 $ 259,972 Noncurrent assets 216,708 3,676 220,384 Current liabilities 61,243 4,985 66,228 Noncurrent liabilities 28,935 — 28,935 Shareholders’ equity and capital accounts 377,229 7,964 385,193 The Company’s portion of undistributed earnings 40,138 1,661 41,799 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 23 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Tables) [Line Items] | |
Equity Method Investments [Table Text Block] | For the Fiscal Year Ended June 28, 2015 PAL Other Total Net sales $ 828,502 $ 33,496 $ 861,998 Gross profit 53,042 5,480 58,522 Income from operations 34,873 3,861 38,734 Net income 50,991 4,140 55,131 Depreciation and amortization 33,065 117 33,182 Cash received by PAL under EAP program 18,087 — 18,087 Earnings recognized by PAL for EAP program 17,398 — 17,398 Distributions received 2,468 1,250 3,718 For the Fiscal Year Ended June 29, 2014 PAL Other Total Net sales $ 841,542 $ 34,717 $ 876,259 Gross profit 63,645 3,921 67,566 Income from operations 48,857 2,259 51,116 Net income 52,283 2,529 54,812 Depreciation and amortization 26,222 101 26,323 Cash received by PAL under EAP program 16,909 — 16,909 Earnings recognized by PAL for EAP program 23,509 — 23,509 Distributions received 11,314 1,900 13,214 For the Fiscal Year Ended June 30, 2013 PAL Other Total Net sales $ 785,351 $ 35,190 $ 820,541 Gross profit 46,918 4,997 51,915 Income from operations 25,809 3,283 29,092 Net income 27,575 3,330 30,905 Depreciation and amortization 29,500 101 29,601 Cash received by PAL under EAP program 17,369 — 17,369 Earnings recognized by PAL for EAP program 8,744 — 8,744 Distributions received 13,440 1,500 14,940 |
Note 24 - Commitments and Con57
Note 24 - Commitments and Contingencies (Tables) | 12 Months Ended |
Jun. 28, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments for Capital Leases and Operating Leases [Table Text Block] | Capital leases Operating leases Fiscal year 2016 $ 3,935 $ 2,547 Fiscal year 2017 3,904 1,913 Fiscal year 2018 3,632 1,482 Fiscal year 2019 3,423 739 Fiscal year 2020 1,787 34 Fiscal years thereafter 1,422 12 Total minimum lease payments $ 18,103 $ 6,727 Less estimated executory costs (930 ) Less interest (1,438 ) Present value of net minimum capital lease payments 15,735 Less current portion of capital lease obligations (3,385 ) Long-term portion of capital lease obligations $ 12,350 |
Schedule of Rent Expense [Table Text Block] | For the Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 Rental expenses $ 4,214 $ 3,621 $ 3,412 |
Unrecorded Unconditional Purchase Obligations Disclosure [Table Text Block] | 2016 2017 2018 2019 2020 Thereafter Unconditional purchase obligations $ 7,352 $ 6,458 $ 4,294 $ 2,224 $ 1,212 $ — Unconditional service obligations 438 385 176 — — — Total unconditional obligations $ 7,790 $ 6,843 $ 4,470 $ 2,224 $ 1,212 $ — |
Costs Incurred Under Purchases and Services Obligations [Table Text Block] | For the Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 Costs for unconditional purchase obligations $ 28,971 $ 31,386 $ 31,953 Costs for unconditional service obligations 7,625 5,932 5,679 Total $ 36,596 $ 37,318 $ 37,632 |
Note 25 - Related Party Trans58
Note 25 - Related Party Transactions (Tables) | 12 Months Ended |
Jun. 28, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Receivables and Payables [Table Text Block] | June 28, 2015 June 29, 2014 Cupron, Inc. $ 72 $ 1 Salem Global Logistics, Inc. 3 12 Dillon Yarn Corporation — 4 Total related party receivables (included within receivables, net) $ 75 $ 17 June 28, 2015 June 29, 2014 Cupron, Inc. $ 506 $ 525 Salem Leasing Corporation 277 272 Dillon Yarn Corporation (1) 117 131 Total related party payables (included within accounts payable) $ 900 $ 928 |
Schedule of Related Party Transactions [Table Text Block] | For the Fiscal Years Ended Affiliated Entity Transaction Type June 28, 2015 June 29, 2014 June 30, 2013 Dillon Yarn Corporation Yarn purchases $ 2,000 $ 3,042 $ 2,523 Dillon Yarn Corporation Sales service agreement costs — — 349 Dillon Yarn Corporation Sales — 1,237 182 Dillon Yarn Corporation Reimbursement of equipment relocation costs — — 75 American Drawtech Company, Inc. Sales — — 884 American Drawtech Company, Inc. Yarn purchases — — 56 Salem Leasing Corporation Transportation equipment costs 3,633 3,607 3,077 Salem Global Logistics Freight services 179 25 — Cupron, Inc. Sales 925 486 236 Cupron, Inc. Yarn purchases 281 8 — Invemed Associates LLC Brokerage services 3 23 11 |
Note 26 - Business Segment In59
Note 26 - Business Segment Information (Tables) | 12 Months Ended |
Jun. 28, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | For the Fiscal Year Ended June 28, 2015 Polyester Nylon International All Other Total Net sales $ 377,281 $ 168,570 $ 134,992 $ 6,278 $ 687,121 Cost of sales 328,575 147,531 113,556 6,754 596,416 Gross profit (loss) 48,706 21,039 21,436 (476 ) 90,705 SG&A expenses 29,403 9,903 8,689 1,677 49,672 Other operating expense, net 84 16 111 19 230 Segment operating profit (loss) $ 19,219 $ 11,120 $ 12,636 $ (2,172 ) $ 40,803 For the Fiscal Year Ended June 29, 2014 Polyester Nylon International Total Net sales $ 389,172 $ 163,824 $ 134,906 $ 687,902 Cost of sales 342,393 143,649 118,598 604,640 Gross profit 46,779 20,175 16,308 83,262 SG&A expenses 28,422 9,531 8,250 46,203 Other operating expense, net 438 (24 ) — 414 Segment operating profit $ 17,919 $ 10,668 $ 8,058 $ 36,645 For the Fiscal Year Ended June 30, 2013 Polyester Nylon International Total Net sales $ 398,707 $ 164,085 $ 151,170 $ 713,962 Cost of sales 363,545 146,033 131,280 640,858 Gross profit 35,162 18,052 19,890 73,104 SG&A expenses 29,114 9,930 8,342 47,386 Other operating expense, net — (93 ) — (93 ) Segment operating profit $ 6,048 $ 8,215 $ 11,548 $ 25,811 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | For the Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 Polyester $ 19,219 $ 17,919 $ 6,048 Nylon 11,120 10,668 8,215 International 12,636 8,058 11,548 All Other (2,172 ) — — Segment operating profit 40,803 36,645 25,811 Provision (benefit) for bad debts 947 287 (154 ) Other operating expense, net 1,370 4,875 3,502 Operating income 38,486 31,483 22,463 Interest income (916 ) (1,790 ) (698 ) Interest expense 4,025 4,329 4,489 Loss on extinguishment of debt 1,040 — 1,102 Other non-operating expense — 126 — Equity in earnings of unconsolidated affiliates (19,475 ) (19,063 ) (11,444 ) Income before income taxes $ 53,812 $ 47,881 $ 29,014 |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block] | For the Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 Polyester $ 12,789 $ 11,702 $ 17,234 Nylon 2,080 2,276 3,070 International 2,101 3,151 3,418 Segment depreciation and amortization expense 16,970 17,129 23,722 Other depreciation and amortization expense 1,073 767 862 Depreciation and amortization expense $ 18,043 $ 17,896 $ 24,584 For the Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 Polyester $ 249 $ 637 $ 618 Nylon 110 (119 ) 245 International — 352 115 Segment other adjustments $ 359 $ 870 $ 978 For the Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 Polyester $ 32,341 $ 30,696 $ 23,900 Nylon 13,326 12,801 11,437 International 14,848 11,561 15,081 Segment Adjusted Profit $ 60,515 $ 55,058 $ 50,418 For the Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 Polyester $ 165 $ 651 $ 1,296 Nylon 133 295 773 International 254 1,474 772 Intersegment sales $ 552 $ 2,420 $ 2,841 For the Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 Polyester $ 21,267 $ 14,701 $ 5,730 Nylon 2,392 2,284 482 International 1,468 1,637 1,336 Segment capital expenditures 25,127 18,622 7,548 Other capital expenditures 839 469 1,261 Capital expenditures $ 25,966 $ 19,091 $ 8,809 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | June 28, 2015 June 29, 2014 June 30, 2013 Polyester $ 203,574 $ 192,697 $ 185,190 Nylon 71,332 75,397 72,599 International 63,031 81,604 84,151 Segment total assets 337,937 349,698 341,940 Other current assets 5,844 2,549 3,342 Other PP&E 13,544 12,250 11,983 Other non-current assets 5,146 5,341 4,940 Investments in unconsolidated affiliates 113,901 99,229 93,261 Total assets $ 476,372 $ 469,067 $ 455,466 |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | For the Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 U.S. $ 509,490 $ 512,496 $ 519,148 Brazil 101,912 113,448 124,455 Remaining Foreign 75,719 61,958 70,359 Total $ 687,121 $ 687,902 $ 713,962 Export sales from the Company’s U.S. operations to external customers $ 119,548 $ 100,546 $ 93,128 |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | June 28, 2015 June 29, 2014 June 30, 2013 U.S. $ 242,042 $ 215,910 $ 200,958 Brazil 8,207 12,188 16,150 Remaining Foreign 9,237 7,413 8,658 Total $ 259,486 $ 235,511 $ 225,766 |
Schedule Of Entity Wide Disclosure On Geographic Areas Total Assets In Individual Foreign Countries By Country [Table Text Block] | June 28, 2015 June 29, 2014 June 30, 2013 U.S. $ 388,766 $ 362,510 $ 346,651 Brazil 50,300 70,581 72,735 Remaining Foreign 37,306 35,976 36,080 Total $ 476,372 $ 469,067 $ 455,466 |
Note 27 - Quarterly Results (60
Note 27 - Quarterly Results (Unaudited) (Tables) | 12 Months Ended |
Jun. 28, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | For the Fiscal Quarters Ended September 28, 2014 December 28, 2014 March 29, 2015 June 28, 2015 Net sales (1) $ 175,561 $ 164,422 $ 172,187 $ 174,951 Gross profit (1) 20,450 22,929 22,007 25,319 Net income including non-controlling interest 6,675 9,122 9,759 14,910 Less: net (loss) attributable to non-controlling interest (402 ) (296 ) (257 ) (730 ) Net income attributable to Unifi, Inc (2). $ 7,077 $ 9,418 $ 10,016 $ 15,640 Net income attributable to Unifi, Inc. per common share: Basic (3) $ 0.39 $ 0.52 $ 0.55 $ 0.86 Diluted (3) $ 0.37 $ 0.50 $ 0.53 $ 0.83 For the Fiscal Quarters Ended September 29, 2013 December 29, 2013 March 30, 2014 June 29, 2014 Net sales $ 168,669 $ 160,617 $ 176,864 $ 181,752 Gross profit 19,985 18,497 19,759 25,021 Net income including non-controlling interest 8,619 6,211 4,454 8,436 Less: net (loss) attributable to non-controlling interest (251 ) (232 ) (289 ) (331 ) Net income attributable to Unifi, Inc. $ 8,870 $ 6,443 $ 4,743 $ 8,767 Net income attributable to Unifi, Inc. per common share: Basic (3) $ 0.46 $ 0.34 $ 0.25 $ 0.48 Diluted (3) $ 0.44 $ 0.32 $ 0.24 $ 0.46 |
Note 28 - Supplemental Cash F61
Note 28 - Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Jun. 28, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | For the Fiscal Years Ended June 28, 2015 June 29, 2014 June 30, 2013 Interest, net of capitalized interest $ 3,304 $ 3,313 $ 4,701 Income taxes, net of refunds 17,208 12,569 8,100 |
Note 1 - Background (Details)
Note 1 - Background (Details) | Jun. 28, 2015 |
Disclosure Text Block [Abstract] | |
Number of Manufacturing Operations | 10 |
Number of Countries in which Entity Operates | 4 |
Note 2 - Summary of Significa63
Note 2 - Summary of Significant Accounting Policies (Details) - Jun. 28, 2015 - USD ($) | Total |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |
Indefinite-Lived Intangible Assets (Excluding Goodwill) (in Dollars) | $ 0 |
Software Development [Member] | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Biomass Foundation and Feedstock [Member] | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | |
Property, Plant and Equipment, Useful Life | 15 years |
Note 2 - Summary of Significa64
Note 2 - Summary of Significant Accounting Policies (Details) - Useful Lives of Property, Plant and Equipment | 12 Months Ended |
Jun. 28, 2015 | |
Land Improvements [Member] | Minimum [Member] | |
Note 2 - Summary of Significant Accounting Policies (Details) - Useful Lives of Property, Plant and Equipment [Line Items] | |
Property, plant and equipment | 10 years |
Land Improvements [Member] | Maximum [Member] | |
Note 2 - Summary of Significant Accounting Policies (Details) - Useful Lives of Property, Plant and Equipment [Line Items] | |
Property, plant and equipment | 20 years |
Building and Building Improvements [Member] | Minimum [Member] | |
Note 2 - Summary of Significant Accounting Policies (Details) - Useful Lives of Property, Plant and Equipment [Line Items] | |
Property, plant and equipment | 15 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Note 2 - Summary of Significant Accounting Policies (Details) - Useful Lives of Property, Plant and Equipment [Line Items] | |
Property, plant and equipment | 40 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Note 2 - Summary of Significant Accounting Policies (Details) - Useful Lives of Property, Plant and Equipment [Line Items] | |
Property, plant and equipment | 3 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Note 2 - Summary of Significant Accounting Policies (Details) - Useful Lives of Property, Plant and Equipment [Line Items] | |
Property, plant and equipment | 25 years |
Computers, Software and Office Equipment [Member] | Minimum [Member] | |
Note 2 - Summary of Significant Accounting Policies (Details) - Useful Lives of Property, Plant and Equipment [Line Items] | |
Property, plant and equipment | 3 years |
Computers, Software and Office Equipment [Member] | Maximum [Member] | |
Note 2 - Summary of Significant Accounting Policies (Details) - Useful Lives of Property, Plant and Equipment [Line Items] | |
Property, plant and equipment | 7 years |
Software Development [Member] | |
Note 2 - Summary of Significant Accounting Policies (Details) - Useful Lives of Property, Plant and Equipment [Line Items] | |
Property, plant and equipment | 3 years |
Transportation Equipment [Member] | Minimum [Member] | |
Note 2 - Summary of Significant Accounting Policies (Details) - Useful Lives of Property, Plant and Equipment [Line Items] | |
Property, plant and equipment | 3 years |
Transportation Equipment [Member] | Maximum [Member] | |
Note 2 - Summary of Significant Accounting Policies (Details) - Useful Lives of Property, Plant and Equipment [Line Items] | |
Property, plant and equipment | 15 years |
Note 2 - Summary of Significa65
Note 2 - Summary of Significant Accounting Policies (Details) - Research and Development Costs - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 30, 2013 | |
Research and Development Costs [Abstract] | |||
Research and development costs | $ 8,113 | $ 7,921 | $ 6,938 |
Note 2 - Summary of Significa66
Note 2 - Summary of Significant Accounting Policies (Details) - Advertising Costs - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 30, 2013 | |
Advertising Costs [Abstract] | |||
Advertising costs | $ 3,975 | $ 2,953 | $ 3,777 |
Note 4 - Acquisition (Details)
Note 4 - Acquisition (Details) $ in Thousands | Dec. 02, 2013USD ($) |
Dillon Draw Winding [Member] | |
Note 4 - Acquisition (Details) [Line Items] | |
Business Combination, Consideration Transferred | $ 2,934 |
Note 4 - Acquisition (Details)
Note 4 - Acquisition (Details) - Fair Value of Assets Acquired and Liabilities Assumed $ in Thousands | Jun. 28, 2015USD ($) |
Assets: | |
Inventory | $ 434 |
Machinery and equipment | 835 |
Total assets | 2,934 |
Liabilities: | |
Accounts payable | 434 |
Contingent consideration | 2,500 |
Total liabilities | 2,934 |
Customer Lists [Member] | |
Assets: | |
Finite-lived intangible asset | 1,615 |
Noncompete Agreements [Member] | |
Assets: | |
Finite-lived intangible asset | $ 50 |
Note 5 - Receivables, Net (Deta
Note 5 - Receivables, Net (Details) - Receivables - USD ($) $ in Thousands | Jun. 28, 2015 | Jun. 29, 2014 |
Receivables [Abstract] | ||
Customer receivables | $ 85,731 | $ 95,270 |
Allowance for uncollectible accounts | (1,596) | (1,035) |
Reserves for yarn quality claims | (581) | (618) |
Net customer receivables | 83,554 | 93,617 |
Related party receivables | 75 | 17 |
Other receivables | 234 | 291 |
Total receivables, net | $ 83,863 | $ 93,925 |
Note 5 - Receivables, Net (De70
Note 5 - Receivables, Net (Details) - Allowance for Uncollectible Accounts and Reserve for Yarn Quality Claims - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 30, 2013 | |
Allowance for Doubtful Accounts [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at June 24, 2012 | $ (1,035) | $ (972) | $ (1,118) |
Charged to costs and expenses | (947) | (287) | 154 |
Charged to other accounts | 240 | (20) | 30 |
Deductions | 146 | 244 | (38) |
Balance | (1,596) | (1,035) | (972) |
Reserve for Yarn Quality Claims [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at June 24, 2012 | (618) | (893) | (939) |
Charged to costs and expenses | (1,336) | (1,726) | (1,881) |
Charged to other accounts | 29 | 2 | 8 |
Deductions | 1,344 | 1,999 | 1,919 |
Balance | $ (581) | $ (618) | $ (893) |
Note 6 - Inventories (Details)
Note 6 - Inventories (Details) - USD ($) $ in Thousands | Jun. 28, 2015 | Jun. 29, 2014 |
Inventory Disclosure [Abstract] | ||
Foreign Inventory Valued at Average Cost | $ 28,426 | $ 32,822 |
Note 6 - Inventories (Details)
Note 6 - Inventories (Details) - Inventories - USD ($) $ in Thousands | Jun. 28, 2015 | Jun. 29, 2014 |
Inventories [Abstract] | ||
Raw materials | $ 42,526 | $ 42,244 |
Supplies | 5,404 | 5,345 |
Work in process | 7,546 | 7,404 |
Finished goods | 56,844 | 59,716 |
Gross inventories | 112,320 | 114,709 |
Inventory reserves | (705) | (1,339) |
Total inventories | $ 111,615 | $ 113,370 |
Note 7 - Other Current Assets73
Note 7 - Other Current Assets (Details) $ in Thousands | 1 Months Ended |
Jun. 28, 2015USD ($) | |
Disclosure Text Block Supplement [Abstract] | |
Sale Proceeds Remitted to Qualified Intermediary | $ 1,390 |
Note 7 - Other Current Assets74
Note 7 - Other Current Assets (Details) - Other Current Assets - USD ($) $ in Thousands | Jun. 28, 2015 | Jun. 29, 2014 |
Other Current Assets [Abstract] | ||
Vendor deposits | $ 1,743 | $ 2,369 |
Prepaid expenses | 1,647 | $ 1,876 |
Funds held by qualified intermediary | 1,390 | |
Value added taxes receivable | 1,220 | $ 1,197 |
Other | 22 | 610 |
Total other current assets | $ 6,022 | $ 6,052 |
Note 8 - Property, Plant and 75
Note 8 - Property, Plant and Equipment, Net (Details) $ in Thousands | 12 Months Ended | |
Jun. 28, 2015USD ($) | Jun. 29, 2014USD ($) | |
Property, Plant and Equipment [Abstract] | ||
Number of Capital Leases | 6 | 4 |
Capital Lease Obligations Incurred | $ 12,784 | $ 3,353 |
Note 8 - Property, Plant and 76
Note 8 - Property, Plant and Equipment, Net (Details) - Property, Plant and Equipment, Net - USD ($) $ in Thousands | Jun. 28, 2015 | Jun. 29, 2014 |
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | $ 732,205 | $ 726,529 |
Less: accumulated depreciation | (595,094) | (602,436) |
Less: accumulated amortization – capital leases | (889) | (291) |
Total property, plant and equipment, net | 136,222 | 123,802 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 2,413 | 2,957 |
Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 11,709 | 11,676 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 141,259 | 145,458 |
Assets Held under Capital Leases [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 17,371 | 4,587 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 531,225 | 532,650 |
Computer Software And Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 16,782 | 17,404 |
Transportation Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 4,736 | 4,901 |
Asset under Construction [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | $ 6,710 | $ 6,896 |
Note 8 - Property, Plant and 77
Note 8 - Property, Plant and Equipment, Net (Details) - Capital Leased Assets - USD ($) $ in Thousands | Jun. 28, 2015 | Jun. 29, 2014 |
Capital Leased Assets [Line Items] | ||
Gross assets under capital leases | $ 17,371 | $ 4,587 |
Machinery and Equipment [Member] | ||
Capital Leased Assets [Line Items] | ||
Gross assets under capital leases | 12,804 | 1,649 |
Transportation Equipment [Member] | ||
Capital Leased Assets [Line Items] | ||
Gross assets under capital leases | 3,714 | 2,085 |
Building Improvements [Member] | ||
Capital Leased Assets [Line Items] | ||
Gross assets under capital leases | $ 853 | $ 853 |
Note 8 - Property, Plant and 78
Note 8 - Property, Plant and Equipment, Net (Details) - Internal Software Development Costs within PP&E - Software Development [Member] - USD ($) $ in Thousands | Jun. 28, 2015 | Jun. 29, 2014 |
Note 8 - Property, Plant and Equipment, Net (Details) - Internal Software Development Costs within PP&E [Line Items] | ||
Internal software development costs | $ 2,473 | $ 2,318 |
Accumulated amortization | (2,221) | (2,075) |
Net internal software development costs | $ 252 | $ 243 |
Note 8 - Property, Plant and 79
Note 8 - Property, Plant and Equipment, Net (Details) - Other Property, Plant and Equipment Costs and Expenses - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 30, 2013 | |
Other Property, Plant and Equipment Costs and Expenses [Abstract] | |||
Depreciation expense | $ 15,276 | $ 15,031 | $ 21,597 |
Internal software development costs amortization | 146 | 143 | 128 |
Repair and maintenance expenses | 17,741 | 18,319 | 18,649 |
Capitalized interest | $ 191 | $ 172 | $ 36 |
Note 9 - Intangible Assets, N80
Note 9 - Intangible Assets, Net (Details) | 12 Months Ended | ||
Jun. 28, 2015 | Jun. 24, 2012 | Jun. 24, 2007 | |
Repreve Renewables, LLC [Member] | |||
Note 9 - Intangible Assets, Net (Details) [Line Items] | |||
Majority Interest, Ownership Percentage by Parent | 60.00% | ||
Repreve Renewables, LLC [Member] | |||
Note 9 - Intangible Assets, Net (Details) [Line Items] | |||
Royalties Paid to MSU, Percentage | 25.00% | ||
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] | 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 | ||
Dillon Texturing Operations [Member] | Customer Lists [Member] | |||
Note 9 - Intangible Assets, Net (Details) [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 13 years |
Note 9 - Intangible Assets, N81
Note 9 - Intangible Assets, Net (Details) - Intangible Assets, Net - USD ($) $ in Thousands | Jun. 28, 2015 | Jun. 29, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 28,745 | $ 28,674 |
Intangible assets, accumulated amortization | (23,357) | (21,280) |
Total intangible assets, net | 5,388 | 7,394 |
Customer Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 23,615 | 23,615 |
Intangible assets, accumulated amortization | (19,432) | (17,838) |
Noncompete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 4,293 | 4,293 |
Intangible assets, accumulated amortization | (3,537) | (3,214) |
Licenses, Trademarks and Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 837 | 766 |
Intangible assets, accumulated amortization | $ (388) | $ (228) |
Note 9 - Intangible Assets, N82
Note 9 - Intangible Assets, Net (Details) - Amortization Expense for Intangible Assets - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 30, 2013 | |
Note 9 - Intangible Assets, Net (Details) - Amortization Expense for Intangible Assets [Line Items] | |||
Amortization expense | $ 2,080 | $ 2,298 | $ 2,227 |
Customer Lists [Member] | |||
Note 9 - Intangible Assets, Net (Details) - Amortization Expense for Intangible Assets [Line Items] | |||
Amortization expense | 1,594 | 1,845 | 1,837 |
Noncompete Agreements [Member] | |||
Note 9 - Intangible Assets, Net (Details) - Amortization Expense for Intangible Assets [Line Items] | |||
Amortization expense | 323 | 319 | 313 |
Licenses, Trademarks and Other [Member] | |||
Note 9 - Intangible Assets, Net (Details) - Amortization Expense for Intangible Assets [Line Items] | |||
Amortization expense | $ 163 | $ 134 | $ 77 |
Note 9 - Intangible Assets, N83
Note 9 - Intangible Assets, Net (Details) - Expected Intangible Asset Amortization $ in Thousands | Jun. 28, 2015USD ($) |
Expected Intangible Asset Amortization [Abstract] | |
Expected amortization | $ 1,694 |
Expected amortization | 1,380 |
Expected amortization | 1,041 |
Expected amortization | 693 |
Expected amortization | $ 350 |
Note 10 - Other Non-current A84
Note 10 - Other Non-current Assets (Details) - USD ($) $ in Thousands | Jun. 28, 2015 | Jun. 29, 2014 |
Disclosure Text Block Supplement [Abstract] | ||
Accumulated Depreciation, Biomass Foundation and Feedstock | $ 55 | $ 0 |
Note 10 - Other Non-current A85
Note 10 - Other Non-current Assets (Details) - Other Non-current Assets - USD ($) $ in Thousands | Jun. 28, 2015 | Jun. 29, 2014 |
Other Non-current Assets [Abstract] | ||
Biomass foundation and feedstock, net | $ 2,151 | $ 2,683 |
Debt financing fees | 1,611 | 2,093 |
Other | 213 | 310 |
Total other non-current assets | $ 3,975 | $ 5,086 |
Note 11 - Accrued Expenses (Det
Note 11 - Accrued Expenses (Details) - Accrued Expenses - USD ($) $ in Thousands | Jun. 28, 2015 | Jun. 29, 2014 |
Accrued Expenses [Abstract] | ||
Payroll and fringe benefits | $ 11,258 | $ 12,406 |
Utilities | 2,823 | 2,876 |
Property taxes | 790 | 821 |
Contingent consideration | 634 | 537 |
Other | 1,135 | 1,949 |
Total accrued expenses | $ 16,640 | $ 18,589 |
Note 12 - Long-term Debt (Detai
Note 12 - Long-term Debt (Details) $ in Thousands | Jan. 08, 2013USD ($) | Jun. 28, 2015USD ($) | Jun. 28, 2015USD ($) | Jun. 29, 2014USD ($) | Jun. 30, 2013USD ($) | Mar. 26, 2015USD ($) | Aug. 30, 2012USD ($) | May. 24, 2012USD ($) | |
Note 12 - Long-term Debt (Details) [Line Items] | |||||||||
Payments of Debt Issuance Costs | $ 1,063 | $ 400 | $ 309 | ||||||
Annual Interest Rate Added to Federal Funds Rate | 0.50% | 0.50% | |||||||
Annual Interest Rate Added to LIBOR Rate | 1.00% | 1.00% | |||||||
ABL Term Loan Reset, Maximum | $ 100,000 | $ 100,000 | |||||||
Number of Capital Leases | 6 | 4 | |||||||
Capital Lease Obligations Incurred | $ 12,784 | $ 3,353 | |||||||
Gains (Losses) on Extinguishment of Debt | $ (1,040) | $ (1,102) | |||||||
ABL Facility [Member] | |||||||||
Note 12 - Long-term Debt (Details) [Line Items] | |||||||||
Debt Agreement, Maximum Borrowing Capacity | $ 200,000 | ||||||||
Debt Instrument, Face Amount | 84,375 | ||||||||
Term Loan, Maximum Borrowing Capacity | 100,000 | ||||||||
Payments of Debt Issuance Costs | $ 750 | ||||||||
Foreign Capital Stock, Maximum Voting Stock of First-Tier Foreign Subsidiaries | 65.00% | 65.00% | |||||||
Minimum Monthly Fixed Charge Coverage Ratio Covenant | 1.05 | 1.05 | |||||||
Consolidated Leverage Ratio | 1.6 | 1.6 | |||||||
Fixed Charge Coverage Ratio | 3 | 3 | |||||||
Original ABL Facility [Member | |||||||||
Note 12 - Long-term Debt (Details) [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 90,000 | ||||||||
ABL Revolver [Member] | |||||||||
Note 12 - Long-term Debt (Details) [Line Items] | |||||||||
Debt Instrument, Interest Rate, Effective Percentage | [1] | 1.70% | 1.70% | ||||||
Quarterly Amortization Payments [Member] | |||||||||
Note 12 - Long-term Debt (Details) [Line Items] | |||||||||
Debt Instrument, Periodic Payment, Principal | $ 2,250 | ||||||||
Related Party Term Loan [Member] | |||||||||
Note 12 - Long-term Debt (Details) [Line Items] | |||||||||
Debt Instrument, Interest Rate, Effective Percentage | [1] | 3.00% | 3.00% | ||||||
Notes Payable, Related Parties | $ 1,250 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | ||||||||
Original ABL Term Loan [Member] | |||||||||
Note 12 - Long-term Debt (Details) [Line Items] | |||||||||
Gains (Losses) on Extinguishment of Debt | $ (1,040) | ||||||||
Term B Loan [Member] | |||||||||
Note 12 - Long-term Debt (Details) [Line Items] | |||||||||
Gains (Losses) on Extinguishment of Debt | $ (1,102) | ||||||||
Extinguishment of Debt, Amount | 30,000 | ||||||||
Prepayment Costs [Member] | Term B Loan [Member] | |||||||||
Note 12 - Long-term Debt (Details) [Line Items] | |||||||||
Gains (Losses) on Extinguishment of Debt | 671 | ||||||||
Write-off of Certain Debt Financing Fees [Member] | Term B Loan [Member] | |||||||||
Note 12 - Long-term Debt (Details) [Line Items] | |||||||||
Gains (Losses) on Extinguishment of Debt | $ 431 | ||||||||
Minimum [Member] | |||||||||
Note 12 - Long-term Debt (Details) [Line Items] | |||||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.30% | 2.30% | |||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | ||||||||
Minimum [Member] | ABL Revolver [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Note 12 - Long-term Debt (Details) [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||||||
Minimum [Member] | ABL Revolver [Member] | Base Rate [Member] | |||||||||
Note 12 - Long-term Debt (Details) [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||||||
Maximum [Member] | |||||||||
Note 12 - Long-term Debt (Details) [Line Items] | |||||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.60% | 4.60% | |||||||
Maximum [Member] | ABL Revolver [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Note 12 - Long-term Debt (Details) [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||||||||
Maximum [Member] | ABL Revolver [Member] | Base Rate [Member] | |||||||||
Note 12 - Long-term Debt (Details) [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||||||
Capital Lease Obligations [Member] | Minimum [Member] | |||||||||
Note 12 - Long-term Debt (Details) [Line Items] | |||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.10% | 3.10% | |||||||
Capital Lease Obligations [Member] | Maximum [Member] | |||||||||
Note 12 - Long-term Debt (Details) [Line Items] | |||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.80% | 3.80% | |||||||
Revolving Credit Facility [Member] | ABL Facility [Member] | |||||||||
Note 12 - Long-term Debt (Details) [Line Items] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000 | ||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 75,933 | $ 75,933 | |||||||
Revolving Credit Facility [Member] | Original ABL Facility [Member | |||||||||
Note 12 - Long-term Debt (Details) [Line Items] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000 | ||||||||
Revolving Credit Facility [Member] | Trigger Level [Member] | ABL Facility [Member] | |||||||||
Note 12 - Long-term Debt (Details) [Line Items] | |||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 22,766 | 22,766 | |||||||
Standby Letters of Credit [Member] | |||||||||
Note 12 - Long-term Debt (Details) [Line Items] | |||||||||
Line of Credit Facility, Current Borrowing Capacity | 235 | 235 | |||||||
Interest Rate Swap [Member] | |||||||||
Note 12 - Long-term Debt (Details) [Line Items] | |||||||||
Derivative, Notional Amount | $ 50,000 | $ 50,000 | |||||||
[1] | The weighted average interest rate as of June 28, 2015 for the ABL Term Loan includes the effects of the interest rate swap with a notional balance of $50,000. |
Note 12 - Long-term Debt (Det88
Note 12 - Long-term Debt (Details) - Long-term Debt - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | ||
Debt Instrument [Line Items] | |||
Capital lease obligations | [1] | ||
Capital lease obligations | [2],[3] | ||
Capital lease obligations | [2],[3] | $ 15,735 | $ 4,238 |
Total debt | 104,110 | 99,488 | |
Current portion of long-term debt | (12,385) | (7,215) | |
Total long-term debt | $ 91,725 | 92,273 | |
ABL Revolver [Member] | |||
Debt Instrument [Line Items] | |||
Weighted Average Interest Rate | [3] | 1.70% | |
Principal Amounts | $ 5,000 | 26,000 | |
ABL Term Loan | 5,000 | 26,000 | |
ABL Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Principal Amounts | $ 82,125 | 68,000 | |
ABL Term Loan | [3] | 2.20% | |
ABL Term Loan | $ 82,125 | 68,000 | |
Related Party Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Weighted Average Interest Rate | [3] | 3.00% | |
Principal Amounts | $ 1,250 | 1,250 | |
ABL Term Loan | $ 1,250 | $ 1,250 | |
[1] | Scheduled maturity dates for capital lease obligations range from January 2017 to November 2027. | ||
[2] | Fixed interest rates for capital lease obligations range from 2.3% to 4.6%. | ||
[3] | The weighted average interest rate as of June 28, 2015 for the ABL Term Loan includes the effects of the interest rate swap with a notional balance of $50,000. |
Note 12 - Long-term Debt (Det89
Note 12 - Long-term Debt (Details) - Scheduled Maturities of Outstanding Debt Obligations $ in Thousands | Jun. 28, 2015USD ($) |
Note 12 - Long-term Debt (Details) - Scheduled Maturities of Outstanding Debt Obligations [Line Items] | |
2,016 | $ 12,385 |
2,017 | 13,713 |
2,018 | 12,301 |
2,019 | 12,200 |
2,020 | 52,777 |
Thereafter | 734 |
ABL Revolver [Member] | |
Note 12 - Long-term Debt (Details) - Scheduled Maturities of Outstanding Debt Obligations [Line Items] | |
2,020 | 5,000 |
ABL Term Loan [Member] | |
Note 12 - Long-term Debt (Details) - Scheduled Maturities of Outstanding Debt Obligations [Line Items] | |
2,016 | 9,000 |
2,017 | 9,000 |
2,018 | 9,000 |
2,019 | 9,000 |
2,020 | $ 46,125 |
Thereafter | |
Related Party Term Loan [Member] | |
Note 12 - Long-term Debt (Details) - Scheduled Maturities of Outstanding Debt Obligations [Line Items] | |
2,017 | $ 1,250 |
Capital Lease Obligations [Member] | |
Note 12 - Long-term Debt (Details) - Scheduled Maturities of Outstanding Debt Obligations [Line Items] | |
2,016 | 3,385 |
2,017 | 3,463 |
2,018 | 3,301 |
2,019 | 3,200 |
2,020 | 1,652 |
Thereafter | $ 734 |
Note 12 - Long-term Debt (Det90
Note 12 - Long-term Debt (Details) - Debt Financing Fees - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 30, 2013 | |
Note 12 - Long-term Debt (Details) - Debt Financing Fees [Line Items] | |||
Balance at beginning of year | $ 2,093 | $ 2,117 | |
Amortization charged to interest expense | (505) | (424) | $ (632) |
Loss on extinguishment of debt | (1,040) | (1,102) | |
Balance at end of year | 1,611 | 2,093 | $ 2,117 |
Additions [Member] | |||
Note 12 - Long-term Debt (Details) - Debt Financing Fees [Line Items] | |||
Additions | $ 1,063 | $ 400 |
Note 12 - Long-term Debt (Det91
Note 12 - Long-term Debt (Details) - Interest Expense Components - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 30, 2013 | |
Note 12 - Long-term Debt (Details) - Interest Expense Components [Line Items] | |||
Interest, excluding amortization | $ 3,563 | $ 3,484 | $ 4,502 |
Reclassification adjustment for interest rate swap | 231 | 554 | 322 |
Amortization of debt financing fees | 505 | 424 | 632 |
Mark-to-market adjustment for interest rate swap | (83) | 39 | (931) |
Interest capitalized to property, plant and equipment, net | (191) | (172) | (36) |
Subtotal of other components of interest expense | 462 | 845 | (13) |
Total interest expense | 4,025 | 4,329 | 4,489 |
ABL Facility [Member] | |||
Note 12 - Long-term Debt (Details) - Interest Expense Components [Line Items] | |||
Interest, excluding amortization | 3,290 | 3,292 | 3,673 |
Term B Loan [Member] | |||
Note 12 - Long-term Debt (Details) - Interest Expense Components [Line Items] | |||
Interest, excluding amortization | 722 | ||
Other Interest Expense [Member] | |||
Note 12 - Long-term Debt (Details) - Interest Expense Components [Line Items] | |||
Interest, excluding amortization | $ 273 | $ 192 | $ 107 |
Note 13 - Other Long-term Lia92
Note 13 - Other Long-term Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 30, 2013 | |
Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract] | |||
Postemployment Benefits, Period Expense | $ 517 | $ 780 | $ 775 |
Note 13 - Other Long-term Lia93
Note 13 - Other Long-term Liabilities (Details) - Other Long-term Liabilities - USD ($) $ in Thousands | Jun. 28, 2015 | Jun. 29, 2014 |
Other Long-term Liabilities [Abstract] | ||
Uncertain tax positions | $ 3,980 | $ 1,101 |
Supplemental post-employment plan | 3,690 | 3,173 |
Contingent consideration | 1,573 | 2,026 |
Interest rate swap | 280 | 363 |
Other | 1,217 | 886 |
Total other long-term liabilities | $ 10,740 | $ 7,549 |
Note 14 - Income Taxes (Details
Note 14 - Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Jun. 28, 2015 | Mar. 29, 2015 | Dec. 28, 2014 | Jun. 28, 2015 | Jun. 29, 2014 | Jun. 30, 2013 | |
Note 14 - Income Taxes (Details) [Line Items] | ||||||
State Deferred Tax Expense Component, Utilization of Net Operating Loss Carryforwards | $ 196 | $ 499 | $ 825 | |||
Foreign Deferred Tax Expense Component, Utilization of Net Operating Loss Carryforwards | 147 | 216 | 258 | |||
Federal Deferred Tax Expense Component, Utilization of Net Operating Loss Carryforwards | 7,904 | |||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ (1,749) | $ (924) | $ (630) | (3,009) | 1,925 | 2,779 |
Deferred Other Tax Expense (Benefit) | (424) | |||||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 3,927 | 3,927 | ||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 308 | 308 | ||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | (95) | (193) | (250) | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 23 | 23 | 118 | 311 | ||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 2,588 | 2,588 | 2,588 | |||
Deferred Tax Assets, Valuation Allowance | 15,606 | 15,606 | 18,615 | 16,690 | ||
Undistributed Earnings of Foreign Subsidiaries | 57,531 | 57,531 | ||||
Deferred Tax Assets Related to NOLs of the Company's Colombian Subsidiary [Member] | ||||||
Note 14 - Income Taxes (Details) [Line Items] | ||||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (649) | |||||
State and Local Jurisdiction [Member] | ||||||
Note 14 - Income Taxes (Details) [Line Items] | ||||||
Operating Loss Carryforwards | 3,972 | 3,972 | ||||
Operating Loss Carryforwards, Valuation Allowance | 0 | $ 0 | ||||
State and Local Jurisdiction [Member] | Earliest Tax Year [Member] | ||||||
Note 14 - Income Taxes (Details) [Line Items] | ||||||
Open Tax Year | 2,009 | |||||
State and Local Jurisdiction [Member] | Latest Tax Year [Member] | ||||||
Note 14 - Income Taxes (Details) [Line Items] | ||||||
Open Tax Year | 2,014 | |||||
Foreign Tax Credit Carryforwards [Member] | ||||||
Note 14 - Income Taxes (Details) [Line Items] | ||||||
Deferred Tax Assets, Valuation Allowance | 1,680 | $ 1,680 | ||||
Domestic Tax Authority [Member] | Earliest Tax Year [Member] | ||||||
Note 14 - Income Taxes (Details) [Line Items] | ||||||
Open Tax Year | 2,011 | |||||
Domestic Tax Authority [Member] | Latest Tax Year [Member] | ||||||
Note 14 - Income Taxes (Details) [Line Items] | ||||||
Open Tax Year | 2,014 | |||||
Foreign Tax Authority [Member] | Earliest Tax Year [Member] | ||||||
Note 14 - Income Taxes (Details) [Line Items] | ||||||
Open Tax Year | 2,008 | |||||
Foreign Tax Authority [Member] | Latest Tax Year [Member] | ||||||
Note 14 - Income Taxes (Details) [Line Items] | ||||||
Open Tax Year | 2,014 | |||||
Equity-method Investment in Parkdale America, LLC [Member] | ||||||
Note 14 - Income Taxes (Details) [Line Items] | ||||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ (4,025) | |||||
Deferred Tax Assets, Valuation Allowance | $ 3,261 | 3,261 | $ 7,286 | $ 5,762 | ||
Deferred Tax Assets Related to Renewables [Member] | ||||||
Note 14 - Income Taxes (Details) [Line Items] | ||||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 1,006 |
Note 14 - Income Taxes (Detai95
Note 14 - Income Taxes (Details) - Income (Loss) from Continuing Operations before Income Taxes - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 30, 2013 | |
Income (Loss) from Continuing Operations before Income Taxes [Abstract] | |||
United States | $ 38,341 | $ 38,816 | $ 16,900 |
Foreign | 15,471 | 9,065 | 12,114 |
Income before income taxes | $ 53,812 | $ 47,881 | $ 29,014 |
Note 14 - Income Taxes (Detai96
Note 14 - Income Taxes (Details) - Components of (Benefit) Provision for Income Taxes - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 30, 2013 | |
Current: | |||
Federal | $ 7,985 | $ 14,463 | $ 2,399 |
State | 1,231 | 1,035 | 119 |
Foreign | 7,926 | 4,092 | 5,210 |
17,142 | 19,590 | 7,728 | |
Deferred: | |||
Federal | (4,006) | 183 | 7,086 |
State | (112) | 900 | 542 |
Foreign | 322 | (512) | (2,012) |
(3,796) | 571 | 5,616 | |
Provision for income taxes | $ 13,346 | $ 20,161 | $ 13,344 |
Note 14 - Income Taxes (Detai97
Note 14 - Income Taxes (Details) - Effective Income Tax Rate Reconciliation | 12 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 30, 2013 | |
Effective Income Tax Rate Reconciliation [Abstract] | |||
Federal statutory tax rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal tax benefit | 1.80% | 2.80% | 2.10% |
Foreign income taxed at different rates | (3.20%) | (1.20%) | (0.50%) |
Settlement of certain intercompany foreign currency transactions | 5.60% | ||
Repatriation of foreign earnings and withholding taxes | (0.30%) | 0.40% | 1.10% |
Indefinite reinvestment assertion | (14.20%) | 0.50% | 1.00% |
Change in valuation allowance | (5.60%) | 4.00% | 11.20% |
Domestic production activities deduction | (1.30%) | (2.30%) | (1.20%) |
Change in uncertain tax positions | 5.40% | (0.50%) | (1.40%) |
Renewable energy credits | (1.90%) | ||
Research and other credits | (0.40%) | (0.30%) | (3.50%) |
Nondeductible expenses and other | 3.90% | 3.70% | 2.20% |
Effective tax rate | 24.80% | 42.10% | 46.00% |
Note 14 - Income Taxes (Detai98
Note 14 - Income Taxes (Details) - Deferred Tax Assets and Liabilities - USD ($) $ in Thousands | Jun. 28, 2015 | Jun. 29, 2014 | Jun. 30, 2013 |
Deferred tax assets: | |||
Investments, including unconsolidated affiliates | $ 9,675 | $ 13,682 | |
State tax credits | 461 | 85 | |
Accrued liabilities and valuation reserves | 2,620 | 4,187 | |
Net operating loss carryforwards | 2,904 | 1,635 | |
Intangible assets, net | 4,964 | 5,259 | |
Foreign tax credits | 2,588 | 2,588 | |
Incentive compensation plans | 3,515 | 2,896 | |
Other items | 4,673 | 5,167 | |
Total gross deferred tax assets | 31,400 | 35,499 | |
Valuation allowance | (15,606) | (18,615) | $ (16,690) |
Net deferred tax assets | 15,794 | 16,884 | |
Deferred tax liabilities: | |||
Property, plant and equipment | (11,432) | (6,709) | |
Indefinite reinvestment assertion | (7,639) | ||
Other | (530) | (618) | |
Total deferred tax liabilities | (11,962) | (14,966) | |
Net deferred tax asset | $ 3,832 | $ 1,918 |
Note 14 - Income Taxes (Detai99
Note 14 - Income Taxes (Details) - Deferred Tax Valuation Allowance Activities - Valuation Allowance of Deferred Tax Assets [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 30, 2013 | |
Note 14 - Income Taxes (Details) - Deferred Tax Valuation Allowance Activities [Line Items] | |||
Balance at beginning of the year | $ (18,615) | $ (16,690) | $ (13,911) |
Charged to provision for income taxes | 3,009 | (1,925) | (3,243) |
Charged to other accounts | 464 | ||
Balance at end of year | $ (15,606) | $ (18,615) | $ (16,690) |
Note 14 - Income Taxes (Deta100
Note 14 - Income Taxes (Details) - Components of Deferred Tax Valuation Allowance - USD ($) $ in Thousands | Jun. 28, 2015 | Jun. 29, 2014 | Jun. 30, 2013 |
Valuation Allowance [Line Items] | |||
Deferred tax valuation allowance | $ (15,606) | $ (18,615) | $ (16,690) |
Investment in Former Domestic Unconsolidated Affiliate [Member] | |||
Valuation Allowance [Line Items] | |||
Deferred tax valuation allowance | (6,503) | (6,493) | (6,649) |
Equity-method Investment in Parkdale America, LLC [Member] | |||
Valuation Allowance [Line Items] | |||
Deferred tax valuation allowance | (3,261) | (7,286) | (5,762) |
Foreign Tax Credits [Member] | |||
Valuation Allowance [Line Items] | |||
Deferred tax valuation allowance | (1,680) | (1,680) | (1,680) |
Book Tax Basis Difference in Renewables [Member] | |||
Valuation Allowance [Line Items] | |||
Deferred tax valuation allowance | (1,359) | (2,035) | (1,846) |
NOLs Related to Renewables [Member] | |||
Valuation Allowance [Line Items] | |||
Deferred tax valuation allowance | $ (2,803) | $ (1,121) | $ (753) |
Note 14 - Income Taxes (Deta101
Note 14 - Income Taxes (Details) - Reconciliation of Beginning and Ending Gross Amounts of Unrecognized Tax Benefits - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 30, 2013 | |
Reconciliation of Beginning and Ending Gross Amounts of Unrecognized Tax Benefits [Abstract] | |||
Balance at beginning of the year | $ 983 | $ 964 | $ 1,154 |
Gross increases related to current period tax positions | 3,469 | 78 | 250 |
Gross increases related to tax positions in prior periods | 18 | 68 | |
Gross decreases related to settlements with tax authorities | (178) | (2) | |
Gross decreases related to lapse of applicable statute of limitations | (263) | (125) | (440) |
Balance at end of year | $ 4,029 | $ 983 | $ 964 |
Note 15 - Shareholders' Equi102
Note 15 - Shareholders' Equity (Details) - USD ($) $ in Thousands | 36 Months Ended | ||
Jun. 29, 2015 | Apr. 23, 2014 | Jan. 22, 2013 | |
Stockholders' Equity Note [Abstract] | |||
Stock Repurchase Program, Authorized Amount | $ 50,000 | $ 50,000 | |
Payments of Dividends | $ 0 |
Note 15 - Shareholders' Equi103
Note 15 - Shareholders' Equity (Details) - Repurchases and Retirements of Common Stock - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | 36 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 28, 2015 | |
Repurchases and Retirements of Common Stock [Abstract] | ||||
Shares repurchased | 349 | 1,524 | 1,068 | 2,941 |
Average price paid per share | $ 29.72 | $ 23.96 | $ 18.08 | $ 22.51 |
Maximum approximate dollar value | $ 33,811 | $ 33,811 |
Note 16 - Stock-based Compen104
Note 16 - Stock-based Compensation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | 20 Months Ended | 24 Months Ended | |||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 28, 2015 | 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 | 138 | |||
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 | $ 11.15 | |||
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 | $ 7.28 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 1,327 | $ 1,327 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 292 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 190 | $ 12,963 | $ 1,937 | |||
Proceeds from Stock Options Exercised | 95 | 3,136 | 1,298 | |||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 623 | 513 | 381 | |||
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 | |||||
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 | $ 1,266 | 1,266 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 328 days | |||||
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | $ 73 | $ 4,934 | $ 680 | |||
RSUs Issued To Key Employees [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) | 22 | 32 | ||||
Restricted Stock Units (RSUs) [Member] | ||||||
Note 16 - Stock-based Compensation (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 61 | $ 61 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year | |||||
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | $ 373 | $ 275 | $ 45 | |||
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 | $ 11.23 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested and Expected to Vest, Number (in Shares) | 187 | 187 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 6,292 | $ 6,292 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested, Number (in Shares) | 167 | 167 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 5,593 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Converted in Period, Aggregate Intrinsic Value | $ 958 | $ 696 | $ 114 | |||
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 | 30 | 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 | $ 13.57 | |||
Market Price Vesting Condition 1 [Member] | ||||||
Note 16 - Stock-based Compensation (Details) [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares (in Shares) | 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 |
Note 16 - Stock-based Compen105
Note 16 - Stock-based Compensation (Details) - Stock Option Valuation Assumptions | 12 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 30, 2013 | |
Stock Option Valuation Assumptions [Abstract] | |||
Expected term (years) | 7 years 109 days | 7 years 146 days | 7 years 6 months |
Risk-free interest rate | 2.20% | 2.10% | 1.00% |
Volatility | 62.60% | 65.90% | 66.90% |
Dividend yield | 0.00% | 0.00% |
Note 16 - Stock-based Compen106
Note 16 - Stock-based Compensation (Details) - Summary of Stock Option Activity - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Dec. 03, 2013 | Jun. 28, 2015 | Jun. 29, 2014 | Jun. 30, 2013 |
Summary of Stock Option Activity [Abstract] | ||||
Stock options | 934 | 800 | ||
Weighted average exercise price | $ 12.63 | $ 9.77 | ||
Weighted average remaining contractual life | 5 years 219 days | |||
Aggregate intrinsic value | $ 19,507 | |||
Vested and expected to vest as of June 28, 2015 | 926 | |||
Vested and expected to vest as of June 28, 2015 | $ 12.53 | |||
Vested and expected to vest as of June 28, 2015 | 5 years 219 days | |||
Vested and expected to vest as of June 28, 2015 | $ 19,439 | |||
Exercisable at June 28, 2015 | 685 | |||
Exercisable at June 28, 2015 | $ 8.61 | |||
Exercisable at June 28, 2015 | 4 years 6 months | |||
Exercisable at June 28, 2015 | $ 17,059 | |||
Granted | 150 | 97 | 138 | |
Granted | $ 27.38 | $ 22.31 | $ 11.15 | |
Exercised | (421) | (11) | ||
Exercised | $ 8.48 | |||
Forfeited | (5) | |||
Forfeited | $ 9.14 |
Note 16 - Stock-based Compen107
Note 16 - Stock-based Compensation (Details) - Summary of RSU Activity - Restricted Stock Units (RSUs) [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 30, 2013 | |
Note 16 - Stock-based Compensation (Details) - Summary of RSU Activity [Line Items] | |||
Granted (in Dollars per share) | $ 22.08 | $ 11.23 | |
Non-vested [Member] | |||
Note 16 - Stock-based Compensation (Details) - Summary of RSU Activity [Line Items] | |||
Outstanding | 49 | ||
Outstanding, weighted average grant date fair value (in Dollars per share) | $ 16.11 | ||
Granted | 17 | ||
Granted (in Dollars per share) | $ 28.58 | ||
Vested | (46) | ||
Vested (in Dollars per share) | $ 19.86 | ||
Outstanding | 20 | 49 | |
Outstanding, weighted average grant date fair value (in Dollars per share) | $ 18.35 | $ 16.11 | |
Vested [Member] | |||
Note 16 - Stock-based Compensation (Details) - Summary of RSU Activity [Line Items] | |||
Outstanding | 152 | ||
Vested | 46 | ||
Converted | (31) | ||
Outstanding | 167 | 152 | |
Total Non-vested and Vested [Member] | |||
Note 16 - Stock-based Compensation (Details) - Summary of RSU Activity [Line Items] | |||
Outstanding | 201 | ||
Outstanding, weighted average grant date fair value (in Dollars per share) | $ 14.19 | ||
Granted | 17 | ||
Granted (in Dollars per share) | $ 28.58 | ||
Vested (in Dollars per share) | $ 19.86 | ||
Converted | (31) | ||
Converted (in Dollars per share) | $ 15.30 | ||
Outstanding | 187 | 201 | |
Outstanding, weighted average grant date fair value (in Dollars per share) | $ 15.35 | $ 14.19 |
Note 16 - Stock-based Compen108
Note 16 - Stock-based Compensation (Details) - Stock Based Compensation Total Cost Charged Against Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 30, 2013 | |
Note 16 - Stock-based Compensation (Details) - Stock Based Compensation Total Cost Charged Against Income [Line Items] | |||
Compensation cost | $ 2,631 | $ 1,939 | $ 1,533 |
Employee Stock Option [Member] | |||
Note 16 - Stock-based Compensation (Details) - Stock Based Compensation Total Cost Charged Against Income [Line Items] | |||
Compensation cost | 1,955 | 1,001 | 847 |
Restricted Stock Units (RSUs) [Member] | |||
Note 16 - Stock-based Compensation (Details) - Stock Based Compensation Total Cost Charged Against Income [Line Items] | |||
Compensation cost | $ 676 | $ 938 | $ 686 |
Note 16 - Stock-based Compen109
Note 16 - Stock-based Compensation (Details) - Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans - shares shares in Thousands | 12 Months Ended | 20 Months Ended | |||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 28, 2015 | 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) | (138) | ||
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 | 1 | ||||
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) | (30) | (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 | 804 | 804 |
Note 17 - Defined Contributi110
Note 17 - Defined Contribution Plan (Details) - Retirement Savings Plan [Member] | 12 Months Ended |
Jun. 28, 2015 | |
Contribution for the First Three Percent [Member] | |
Note 17 - Defined Contribution Plan (Details) [Line Items] | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% |
Contribution for the Next Two Percent [Member] | |
Note 17 - Defined Contribution Plan (Details) [Line Items] | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 2.00% |
Note 17 - Defined Contributi111
Note 17 - Defined Contribution Plan (Details) - Contribution Expenses - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 30, 2013 | |
Contribution Expenses [Abstract] | |||
Matching contribution expense | $ 2,201 | $ 2,006 | $ 2,015 |
Note 18 - Fair Value of Fina112
Note 18 - Fair Value of Financial Instruments and Non-financial Assets and Liabilities (Details) $ in Thousands | May. 18, 2012USD ($) | Jun. 28, 2015USD ($) | Jun. 29, 2014USD ($) | May. 31, 2013USD ($) |
Note 18 - 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 | |||
Quarterly Decrease in Notional Amount of Interest Rate Cash Flow Hedge Derivatives | $ 5,000 | |||
Derivative, Swaption Interest Rate | 1.06% | |||
Business Combination, Contingent Consideration, Liability | $ 1,573 | $ 2,026 | ||
Forward Contracts [Member] | ||||
Note 18 - Fair Value of Financial Instruments and Non-financial Assets and Liabilities (Details) [Line Items] | ||||
Number of Foreign Currency Derivatives Held | 0 | |||
Interest Rate Swap [Member] | ||||
Note 18 - 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 18 - Fair Value of Financial Instruments and Non-financial Assets and Liabilities (Details) [Line Items] | ||||
Derivative, Notional Amount | $ 50,000 | 50,000 | $ 85,000 | |
Dillon [Member] | ||||
Note 18 - Fair Value of Financial Instruments and Non-financial Assets and Liabilities (Details) [Line Items] | ||||
Business Combination, Contingent Consideration, Liability | 2,207 | $ 2,563 | ||
Dillon [Member] | Accrued Expenses [Member] | ||||
Note 18 - Fair Value of Financial Instruments and Non-financial Assets and Liabilities (Details) [Line Items] | ||||
Business Combination, Contingent Consideration, Liability | 634 | |||
Dillon [Member] | Other Noncurrent Liabilities [Member] | ||||
Note 18 - Fair Value of Financial Instruments and Non-financial Assets and Liabilities (Details) [Line Items] | ||||
Business Combination, Contingent Consideration, Liability | $ 1,573 |
Note 18 - Fair Value of Fina113
Note 18 - Fair Value of Financial Instruments and Non-financial Assets and Liabilities (Details) - Changes in Fair Value of Contingent Consideration $ in Thousands | 12 Months Ended |
Jun. 28, 2015USD ($) | |
Business Acquisition, Contingent Consideration [Line Items] | |
Contingent consideration as of June 29, 2014 | $ 2,026 |
Contingent consideration as of June 28, 2015 | 1,573 |
Dillon [Member] | |
Business Acquisition, Contingent Consideration [Line Items] | |
Contingent consideration as of June 29, 2014 | 2,563 |
Payments | (504) |
Contingent consideration as of June 28, 2015 | 2,207 |
Dillon [Member] | Changes Measurement [Member] | |
Business Acquisition, Contingent Consideration [Line Items] | |
Changes in fair value | $ 148 |
Note 18 - Fair Value of Fina114
Note 18 - Fair Value of Financial Instruments and Non-financial Assets and Liabilities (Details) - Fair Values of Derivative Financial Instruments € in Thousands, $ in Thousands | Jun. 28, 2015USD ($) | Jun. 28, 2015EUR (€) | Jun. 29, 2014USD ($) | Jun. 29, 2014EUR (€) |
Derivatives, Fair Value [Line Items] | ||||
Contingent consideration | $ 1,573 | $ 2,026 | ||
Fair Value, Inputs, Level 3 [Member] | Accrued Expenses and Other Long-term Liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Contingent consideration | (2,207) | (2,563) | ||
Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 2 [Member] | Other Current Assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | 668 | € 495 | ||
Fair value | 7 | |||
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | Other Noncurrent Liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | 50,000 | € 50,000 | 65,000 | € 65,000 |
Fair value | $ (280) | $ (363) |
Note 18 - Fair Value of Fina115
Note 18 - Fair Value of Financial Instruments and Non-financial Assets and Liabilities (Details) - Effect of Marked-to-Market Hedging Derivative Instruments - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 30, 2013 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest rate swap | $ 83 | $ (39) | $ 931 |
Total (gain) loss recognized in income | (76) | 26 | (885) |
Foreign Exchange Contracts EUUSD [Member] | Other Operating Expenses, Net [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Foreign currency contracts | 7 | (10) | |
Foreign Exchange Contracts – MXN/USD [Member] | Other Operating Expenses, Net [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Foreign currency contracts | (3) | 46 | |
Interest Rate Swap [Member] | Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest rate swap | $ (83) | $ 39 | $ (931) |
Note 19 - Accumulated Other 116
Note 19 - Accumulated Other Comprehensive Loss (Details) - Accumulated Other Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 30, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at June 24, 2012 | $ (4,619) | ||
Other comprehensive (loss) income, net of tax | (22,280) | $ 881 | $ (5,528) |
Balance | (26,899) | (4,619) | |
Accumulated Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at June 24, 2012 | (4,241) | (4,568) | 2,017 |
Other comprehensive (loss) income, net of tax | (22,511) | 327 | (6,585) |
Balance | $ (26,752) | $ (4,241) | (4,568) |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Interest Rate Swap [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance at June 24, 2012 | (1,214) | ||
Other comprehensive (loss) income, net of tax | $ 1,214 |
Note 19 - Accumulated Other 117
Note 19 - Accumulated Other Comprehensive Loss (Details) - Pre-Tax, Tax, and After-Tax Effects of Components of Other Comprehensive Income (Loss) - USD ($) | 12 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 30, 2013 | |
Other comprehensive (loss) income: | |||
Foreign currency translation adjustments, pre-tax | $ (21,578,000) | $ 327,000 | $ (6,585,000) |
Foreign currency translation adjustments, After-tax | (21,578) | 327 | (6,585) |
Reclassification adjustment for interest rate swap included in net income | 231,000 | 554,000 | 322,000 |
Reclassification adjustment for interest rate swap included in net income | 231,000 | 554,000 | 322,000 |
Other comprehensive (loss) income | (22,280,000) | 881,000 | (5,289,000) |
Other comprehensive (loss) income | (22,280,000) | $ 881,000 | (5,528,000) |
Interest Rate Swap [Member] | |||
Other comprehensive (loss) income: | |||
Unrealized (loss) gain on derivatives, pre-tax | (240,000) | ||
Unrealized (loss) gain on derivatives, After-tax | (479,000) | ||
Parkdale America, LLC [Member] | |||
Other comprehensive (loss) income: | |||
Foreign currency translation adjustments, pre-tax | (933,000) | ||
Foreign currency translation adjustments, After-tax | $ (933) | ||
Unrealized (loss) gain on derivatives, pre-tax | 1,214,000 | ||
Unrealized (loss) gain on derivatives, After-tax | $ 1,214,000 |
Note 20 - Computation of Ear118
Note 20 - Computation of Earnings Per Share (Details) - Computation of Basic and Diluted Earnings Per Share - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Jun. 28, 2015 | Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 28, 2015 | Jun. 29, 2014 | Jun. 30, 2013 | |||||||||
Basic EPS | |||||||||||||||||||
Net income attributable to Unifi, Inc. (in Dollars) | $ 15,640 | [1] | $ 10,016 | [1] | $ 9,418 | [1] | $ 7,077 | [1] | $ 8,767 | $ 4,743 | $ 6,443 | $ 8,870 | $ 42,151 | $ 28,823 | $ 16,635 | ||||
Weighted average common shares outstanding | 18,207 | 18,919 | 19,909 | ||||||||||||||||
Basic EPS (in Dollars per share) | $ 0.86 | [2] | $ 0.55 | [2] | $ 0.52 | [2] | $ 0.39 | [2] | $ 0.48 | [2] | $ 0.25 | [2] | $ 0.34 | [2] | $ 0.46 | [2] | $ 2.32 | $ 1.52 | $ 0.84 |
Diluted EPS | |||||||||||||||||||
Net income attributable to Unifi, Inc. (in Dollars) | $ 15,640 | [1] | $ 10,016 | [1] | $ 9,418 | [1] | $ 7,077 | [1] | $ 8,767 | $ 4,743 | $ 6,443 | $ 8,870 | $ 42,151 | $ 28,823 | $ 16,635 | ||||
Weighted average common shares outstanding | 18,207 | 18,919 | 19,909 | ||||||||||||||||
Net potential common share equivalents – stock options and RSUs | 629 | 702 | 796 | ||||||||||||||||
Adjusted weighted average common shares outstanding | 18,836 | 19,621 | 20,705 | ||||||||||||||||
Diluted EPS (in Dollars per share) | $ 0.83 | [2] | $ 0.53 | [2] | $ 0.50 | [2] | $ 0.37 | [2] | $ 0.46 | [2] | $ 0.24 | [2] | $ 0.32 | [2] | $ 0.44 | [2] | $ 2.24 | $ 1.47 | $ 0.80 |
Excluded from the calculation of common share equivalents: | |||||||||||||||||||
Anti-dilutive common share equivalents | 150 | 91 | 210 | ||||||||||||||||
Excluded from the calculation of diluted shares: | |||||||||||||||||||
Unvested options that vest upon achievement of certain market conditions | 13 | 13 | 27 | ||||||||||||||||
[1] | Net income attributable to Unifi, Inc. for the quarter ended September 28, 2014 includes a bargain purchase gain recorded by PAL (of which $729 is recognized by the Company). Net income attributable to Unifi, Inc. for the quarter ended December 28, 2014 includes a net change in deferred tax valuation allowances of $630 recorded as a benefit to the income tax provision. Net income attributable to Unifi, Inc. for the quarter ended March 29, 2015 includes the following: a.a net change in deferred tax valuation allowances of $924 recorded as a benefit to the income tax provision, b.renewable energy tax credits of $782 recorded as a benefit to the income tax provision and c.an after-tax loss on extinguishment of debt of approximately $676. Net income attributable to Unifi, Inc. for the quarter ended June 28, 2015 includes the following: a.a net change in deferred tax valuation allowances of $1,749 recorded as a benefit to the income tax provision, b.a change of $7,822 in the deferred tax liability related to the Company's indefinite reinvestment assertion, c.the reversal of a $3,008 deferred tax asset related to certain intercompany foreign currency transactions which originated in prior years and were settled in the fourth quarter of fiscal year 2015, d.a net change in uncertain tax positions of $3,046 recorded to provision for income taxes and e.a bargain purchase gain recorded by PAL (of which $1,962 is recognized by the Company). | ||||||||||||||||||
[2] | Income per share is computed independently for each of the periods presented. The sum of the income per share amounts for the quarters may not equal the total for the year. |
Note 21 - Other Operating Ex119
Note 21 - Other Operating Expense, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 30, 2013 | |
Note 21 - Other Operating Expense, Net (Details) [Line Items] | |||
Depreciation, Depletion and Amortization | $ 18,043 | $ 17,896 | $ 24,584 |
Repreve Renewables, LLC [Member] | |||
Note 21 - Other Operating Expense, Net (Details) [Line Items] | |||
Gain (Loss) on Disposition of Assets, Attributable to Noncontrolling Interest | 533 | ||
Repreve Renewables, LLC [Member] | |||
Note 21 - Other Operating Expense, Net (Details) [Line Items] | |||
Gain (Loss) on Disposition of Assets | (1,322) | ||
Revenues | 144 | 79 | |
Depreciation, Depletion and Amortization | $ 343 | $ 230 | |
Property, Plant and Equipment [Member] | |||
Note 21 - Other Operating Expense, Net (Details) [Line Items] | |||
Gain (Loss) on Disposition of Assets | $ 630 |
Note 21 - Other Operating Ex120
Note 21 - Other Operating Expense, Net (Details) - Components of Other Operating Expense, Net - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 30, 2013 | |
Note 21 - Other Operating Expense, Net (Details) - Components of Other Operating Expense, Net [Line Items] | |||
Net loss on sale or disposal of assets | $ 778 | $ 475 | $ 243 |
Foreign currency transaction losses (gains) | 448 | 504 | (132) |
Other operating expense, net | 1,600 | 5,289 | 3,409 |
Restructuring charges, net | 0 | 1,273 | 813 |
Other, net | $ 374 | 288 | 89 |
Repreve Renewables, LLC [Member] | |||
Note 21 - Other Operating Expense, Net (Details) - Components of Other Operating Expense, Net [Line Items] | |||
Other operating expense, net | $ 2,749 | $ 2,396 |
Note 21 - Other Operating Ex121
Note 21 - Other Operating Expense, Net (Details) - Components of Restructuring Charges, Net - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 30, 2013 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges, net | $ 0 | $ 1,273 | $ 813 |
Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges, net | 0 | 941 | 948 |
Equipment Relocation Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges, net | $ 0 | 356 | 0 |
Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges, net | $ (24) | $ (135) |
Note 21 - Other Operating Ex122
Note 21 - Other Operating Expense, Net (Details) - Changes to Severance Reserves - Employee Severance [Member] $ in Thousands | 12 Months Ended |
Jun. 28, 2015USD ($) | |
Note 21 - Other Operating Expense, Net (Details) - Changes to Severance Reserves [Line Items] | |
Accrued severance | $ 374 |
Accrued severance | (355) |
Accrued severance | $ (19) |
Accrued severance |
Note 22 - Other Non-Operatin123
Note 22 - Other Non-Operating Expense (Details) $ in Thousands | 12 Months Ended |
Jun. 29, 2014USD ($) | |
Other Non Operating Income Expense Net [Abstract] | |
Cost-method Investments, Other than Temporary Impairment | $ 126 |
Note 23 - Investments in Unc124
Note 23 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) $ in Thousands | Feb. 27, 2015USD ($) | Aug. 28, 2014USD ($) | Jun. 28, 2015USD ($) | Jun. 28, 2015USD ($) | Jun. 28, 2015USD ($) | Aug. 27, 2014 | Jun. 29, 2014USD ($) | Jun. 30, 2013USD ($) | Jun. 30, 1997 |
Note 23 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) [Line Items] | |||||||||
Time Following the Marketing Year that the Government Subsidy Was Earned by PAL | 18 months | ||||||||
Equity Method Investments | $ 113,901 | $ 113,901 | $ 113,901 | $ 99,229 | |||||
Accounts Payable, Related Parties | $ 900 | $ 900 | $ 900 | 928 | |||||
Parkdale America, LLC [Member] | |||||||||
Note 23 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) [Line Items] | |||||||||
Number of Manufacturing Facilities | 16 | 16 | 16 | ||||||
Parkdale America, LLC [Member] | EAP Program [Member] | |||||||||
Note 23 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) [Line Items] | |||||||||
Deferred Revenue | $ 0 | $ 0 | $ 0 | 0 | $ 8,791 | ||||
Parkdale America, LLC [Member] | Sales Revenue, Goods, Net [Member] | Customer Concentration Risk [Member] | |||||||||
Note 23 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) [Line Items] | |||||||||
Number of Major Customers | 5 | ||||||||
Parkdale America, LLC [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||||||||
Note 23 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) [Line Items] | |||||||||
Number of Major Customers | 5 | ||||||||
UNF and UNF America [Member] | |||||||||
Note 23 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) [Line Items] | |||||||||
Equity Method Investments | 3,982 | $ 3,982 | 3,982 | ||||||
Purchase Commitment, Remaining Minimum Amount Committed | 2,584 | 2,584 | 2,584 | ||||||
Accounts Payable, Related Parties | $ 4,038 | $ 4,038 | $ 4,038 | $ 3,966 | |||||
Percentage of Current and Total Assets and Total Liabilities Accounted for by Equity Method Investments | 3.00% | 3.00% | 3.00% | ||||||
Parkdale America, LLC [Member] | |||||||||
Note 23 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) [Line Items] | |||||||||
Equity Method Investment, Ownership Percentage | 34.00% | ||||||||
Equity Method Investments | $ 109,919 | $ 109,919 | $ 109,919 | ||||||
A Yarn Manufacturer [Member] | Parkdale America, LLC [Member] | |||||||||
Note 23 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) [Line Items] | |||||||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||||||
Equity Method Investment, Additional Acquired Ownership Percentage | 50.00% | ||||||||
A Yarn Manufacturer [Member] | Parkdale America, LLC [Member] | |||||||||
Note 23 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) [Line Items] | |||||||||
Business Combination, Bargain Purchase, Gain Recognized, Amount | $ 4,430 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 23,644 | ||||||||
Two Manufacturing Facilities [Member] | Parkdale America, LLC [Member] | |||||||||
Note 23 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) [Line Items] | |||||||||
Business Combination, Bargain Purchase, Gain Recognized, Amount | $ 9,381 | $ 1,962 | |||||||
Payments to Acquire Businesses, Gross | $ 13,000 | ||||||||
Five Largest Customers [Member] | Parkdale America, LLC [Member] | Sales Revenue, Goods, Net [Member] | Customer Concentration Risk [Member] | |||||||||
Note 23 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) [Line Items] | |||||||||
Concentration Risk, Percentage | 76.00% | ||||||||
Five Largest Customers [Member] | Parkdale America, LLC [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||||||||
Note 23 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) [Line Items] | |||||||||
Concentration Risk, Percentage | 78.00% |
Note 23 - Investments in Unc125
Note 23 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) - Reconciliation Between Share of Underlying Equity in PAL and Investment - USD ($) $ in Thousands | Jun. 28, 2015 | Jun. 29, 2014 |
Note 23 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) - Reconciliation Between Share of Underlying Equity in PAL and Investment [Line Items] | ||
Investment as of June 28, 2015 | $ 113,901 | $ 99,229 |
Parkdale America, LLC [Member] | ||
Note 23 - 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 June 28, 2015 | 128,258 | |
Investment as of June 28, 2015 | 109,919 | |
Initial Excess Capital Contributions [Member] | Parkdale America, LLC [Member] | ||
Note 23 - 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 | |
Impairment Charge Recorded In 2007 [Member] | Parkdale America, LLC [Member] | ||
Note 23 - 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) | |
Anti-trust Lawsuit Against PAL [Member] | Parkdale America, LLC [Member] | ||
Note 23 - 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 | |
EAP Adjustments [Member] | Parkdale America, LLC [Member] | ||
Note 23 - 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 | $ (248) |
Note 23 - Investments in Unc126
Note 23 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) - Raw Material Purchases under Supply Agreement - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 30, 2013 | |
UNF [Member] | |||
Note 23 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) - Raw Material Purchases under Supply Agreement [Line Items] | |||
Raw Material Purchases Under Supply Agreement | $ 3,676 | $ 9,582 | $ 11,752 |
UNF America [Member] | |||
Note 23 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) - Raw Material Purchases under Supply Agreement [Line Items] | |||
Raw Material Purchases Under Supply Agreement | 29,922 | 24,223 | 22,601 |
UNF and UNF America [Member] | |||
Note 23 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) - Raw Material Purchases under Supply Agreement [Line Items] | |||
Raw Material Purchases Under Supply Agreement | $ 33,598 | $ 33,805 | $ 34,353 |
Note 23 - Investments in Unc127
Note 23 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) - Unaudited, Condensed Balance Sheet Information for Unconsolidated Affiliates - USD ($) $ in Thousands | Jun. 28, 2015 | Jun. 29, 2014 |
Schedule of Equity Method Investments [Line Items] | ||
Current assets | $ 259,972 | $ 257,838 |
Noncurrent assets | 220,384 | 146,785 |
Current liabilities | 66,228 | 56,133 |
Noncurrent liabilities | 28,935 | 5,432 |
Shareholders’ equity and capital accounts | 385,193 | 343,058 |
The Company’s portion of undistributed earnings | 41,799 | |
Parkdale America, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Current assets | 250,699 | 248,651 |
Noncurrent assets | 216,708 | 143,720 |
Current liabilities | 61,243 | 50,696 |
Noncurrent liabilities | 28,935 | 5,432 |
Shareholders’ equity and capital accounts | 377,229 | 336,243 |
The Company’s portion of undistributed earnings | 40,138 | |
Other Unconsolidated Affiliates [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Current assets | 9,273 | 9,187 |
Noncurrent assets | 3,676 | 3,065 |
Current liabilities | 4,985 | 5,437 |
Shareholders’ equity and capital accounts | 7,964 | $ 6,815 |
The Company’s portion of undistributed earnings | $ 1,661 |
Note 23 - Investments in Unc128
Note 23 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) - Unaudited, Condensed Income Statement Information for Unconsolidated Affiliates - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 30, 2013 | |
Schedule of Equity Method Investments [Line Items] | |||
Net sales | $ 861,998 | $ 876,259 | $ 820,541 |
Gross profit | 58,522 | 67,566 | 51,915 |
Income from operations | 38,734 | 51,116 | 29,092 |
Net income | 55,131 | 54,812 | 30,905 |
Depreciation and amortization | 33,182 | 26,323 | 29,601 |
Cash received by PAL under EAP program | 18,087 | 16,909 | 17,369 |
Earnings recognized by PAL for EAP program | 17,398 | 23,509 | 8,744 |
Distributions received | 3,718 | 13,214 | 14,940 |
Parkdale America, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Net sales | 828,502 | 841,542 | 785,351 |
Gross profit | 53,042 | 63,645 | 46,918 |
Income from operations | 34,873 | 48,857 | 25,809 |
Net income | 50,991 | 52,283 | 27,575 |
Depreciation and amortization | 33,065 | 26,222 | 29,500 |
Cash received by PAL under EAP program | 18,087 | 16,909 | 17,369 |
Earnings recognized by PAL for EAP program | 17,398 | 23,509 | 8,744 |
Distributions received | 2,468 | 11,314 | 13,440 |
Other Unconsolidated Affiliates [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Net sales | 33,496 | 34,717 | 35,190 |
Gross profit | 5,480 | 3,921 | 4,997 |
Income from operations | 3,861 | 2,259 | 3,283 |
Net income | 4,140 | 2,529 | 3,330 |
Depreciation and amortization | 117 | 101 | 101 |
Distributions received | $ 1,250 | $ 1,900 | $ 1,500 |
Note 24 - Commitments and Co129
Note 24 - Commitments and Contingencies (Details) | Sep. 30, 2004 | Jun. 28, 2015 |
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 24 - Commitments and Co130
Note 24 - Commitments and Contingencies (Details) - Future Minimum Lease Payments for Capital Leases and Non-cancelable Operating Leases - USD ($) $ in Thousands | Jun. 28, 2015 | Jun. 29, 2014 | |
Future Minimum Lease Payments for Capital Leases and Non-cancelable Operating Leases [Abstract] | |||
Fiscal year 2016 | $ 3,935 | ||
Fiscal year 2016 | 2,547 | ||
Fiscal year 2017 | 3,904 | ||
Fiscal year 2017 | 1,913 | ||
Fiscal year 2018 | 3,632 | ||
Fiscal year 2018 | 1,482 | ||
Fiscal year 2019 | 3,423 | ||
Fiscal year 2019 | 739 | ||
Fiscal year 2020 | 1,787 | ||
Fiscal year 2020 | 34 | ||
Fiscal years thereafter | 1,422 | ||
Fiscal years thereafter | 12 | ||
Total minimum lease payments | 18,103 | ||
Total minimum lease payments | 6,727 | ||
Less estimated executory costs | (930) | ||
Less interest | (1,438) | ||
Present value of net minimum capital lease payments | [1],[2] | 15,735 | $ 4,238 |
Less current portion of capital lease obligations | (3,385) | ||
Long-term portion of capital lease obligations | $ 12,350 | ||
[1] | Fixed interest rates for capital lease obligations range from 2.3% to 4.6%. | ||
[2] | The weighted average interest rate as of June 28, 2015 for the ABL Term Loan includes the effects of the interest rate swap with a notional balance of $50,000. |
Note 24 - Commitments and Co131
Note 24 - Commitments and Contingencies (Details) - Rental Expenses Incurred under Operating Leases - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 30, 2013 | |
Rental Expenses Incurred under Operating Leases [Abstract] | |||
Rental expenses | $ 4,214 | $ 3,621 | $ 3,412 |
Note 24 - Commitments and Co132
Note 24 - Commitments and Contingencies (Details) - Unconditional Purchase Obligations $ in Thousands | Jun. 28, 2015USD ($) |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
2,016 | $ 7,790 |
2,017 | 6,843 |
2,018 | 4,470 |
2,019 | 2,224 |
2,020 | $ 1,212 |
Thereafter | |
Purchase Obligations [Member] | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
2,016 | $ 7,352 |
2,017 | 6,458 |
2,018 | 4,294 |
2,019 | 2,224 |
2,020 | $ 1,212 |
Thereafter | |
Service Obligations [Member] | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
2,016 | $ 438 |
2,017 | 385 |
2,018 | $ 176 |
2,019 | |
2,020 | |
Thereafter |
Note 24 - Commitments and Co133
Note 24 - Commitments and Contingencies (Details) - Utility Costs for Unconditional Purchase Obligations - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 30, 2013 | |
Utility Costs for Unconditional Purchase Obligations [Abstract] | |||
Costs for unconditional purchase obligations | $ 28,971 | $ 31,386 | $ 31,953 |
Costs for unconditional service obligations | 7,625 | 5,932 | 5,679 |
Total | $ 36,596 | $ 37,318 | $ 37,632 |
Note 25 - Related Party Tran134
Note 25 - Related Party Transactions (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Jun. 18, 2015 | Dec. 03, 2013 | Nov. 01, 2013 | Mar. 22, 2013 | Nov. 19, 2012 | Jun. 28, 2015 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 28, 2015 | |
Note 25 - Related Party Transactions (Details) [Line Items] | ||||||||||
Stock Repurchased and Retired During Period, Shares | 349 | 1,524 | 1,068 | 2,941 | ||||||
Payments for Repurchase of Common Stock (in Dollars) | $ 10,360 | $ 36,551 | $ 19,315 | |||||||
Capital Lease Obligations Incurred (in Dollars) | 12,784 | 3,353 | ||||||||
Capital Lease Obligations (in Dollars) | [1],[2] | 15,735 | $ 4,238 | $ 15,735 | ||||||
Share Price (in Dollars per share) | $ 27.56 | |||||||||
Dillon Yarn Corporation [Member] | ||||||||||
Note 25 - Related Party Transactions (Details) [Line Items] | ||||||||||
Stock Repurchased and Retired During Period, Shares | 200 | 150 | 500 | |||||||
Payments for Repurchase of Common Stock (in Dollars) | $ 6,200 | $ 3,450 | $ 8,500 | |||||||
Stock Repurchased During Period, Price Per Share (in Dollars per share) | $ 31 | $ 23 | $ 17 | |||||||
Stock Repurchased During Period, Discount to Closing Price of the Stock | 3.00% | 6.00% | 10.00% | |||||||
Salem Leasing Corporation [Member] | ||||||||||
Note 25 - Related Party Transactions (Details) [Line Items] | ||||||||||
Related Party Transaction, Lease Term | 15 years | |||||||||
Capital Lease Obligations Incurred (in Dollars) | $ 1,234 | |||||||||
Related Party Transaction, Implicit Annual Interest Rate Under Lease | 4.60% | |||||||||
Capital Lease Obligations (in Dollars) | $ 1,081 | $ 1,081 | ||||||||
Invemed Associates LLC [Member] | ||||||||||
Note 25 - Related Party Transactions (Details) [Line Items] | ||||||||||
Stock Repurchased and Retired During Period, Shares | 149 | 1,149 | 568 | |||||||
Certain Executive Officers [Member] | ||||||||||
Note 25 - Related Party Transactions (Details) [Line Items] | ||||||||||
Stock Repurchased and Retired During Period, Shares | 225 | |||||||||
Stock Repurchased During Period, Price Per Share (in Dollars per share) | $ 25.59 | |||||||||
Stock Repurchased During Period, Discount to Closing Price of the Stock | 7.10% | |||||||||
Number of Days to Value Common Stock Average Closing Share Price | 30 days | |||||||||
[1] | Fixed interest rates for capital lease obligations range from 2.3% to 4.6%. | |||||||||
[2] | The weighted average interest rate as of June 28, 2015 for the ABL Term Loan includes the effects of the interest rate swap with a notional balance of $50,000. |
Note 25 - Related Party Tran135
Note 25 - Related Party Transactions (Details) - Related Party Receivables and Payables - USD ($) $ in Thousands | Jun. 28, 2015 | Jun. 29, 2014 |
Note 25 - Related Party Transactions (Details) - Related Party Receivables and Payables [Line Items] | ||
Related party receivables | $ 75 | $ 17 |
Related party payables | 900 | 928 |
Cupron, Inc. [Member] | ||
Note 25 - Related Party Transactions (Details) - Related Party Receivables and Payables [Line Items] | ||
Related party receivables | 72 | 1 |
Related party payables | 506 | 525 |
Salem Global Logistics, Inc [Member] | ||
Note 25 - Related Party Transactions (Details) - Related Party Receivables and Payables [Line Items] | ||
Related party receivables | 3 | 12 |
Dillon Yarn Corporation [Member] | ||
Note 25 - Related Party Transactions (Details) - Related Party Receivables and Payables [Line Items] | ||
Related party receivables | 4 | |
Related party payables | 117 | 131 |
Salem Leasing Corporation [Member] | ||
Note 25 - Related Party Transactions (Details) - Related Party Receivables and Payables [Line Items] | ||
Related party payables | $ 277 | $ 272 |
Note 25 - Related Party Tran136
Note 25 - Related Party Transactions (Details) - Related Party Transactions - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 30, 2013 | |
Dillon Yarn Corporation [Member] | |||
Related Party Transaction [Line Items] | |||
Purchases | $ 2,000 | $ 3,042 | $ 2,523 |
Expenses | 349 | ||
Sales | 1,237 | 182 | |
Dillon Yarn Corporation | 75 | ||
American Drawtech Company, Inc. [Member] | |||
Related Party Transaction [Line Items] | |||
Purchases | 56 | ||
Sales | 884 | ||
Salem Leasing Corporation [Member] | |||
Related Party Transaction [Line Items] | |||
Expenses | $ 3,633 | 3,607 | 3,077 |
Salem Global Logistics, Inc [Member] | |||
Related Party Transaction [Line Items] | |||
Expenses | 179 | 25 | |
Cupron, Inc. [Member] | |||
Related Party Transaction [Line Items] | |||
Purchases | 281 | 8 | |
Sales | 925 | 486 | 236 |
Invemed Associates LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Expenses | $ 3 | $ 23 | $ 11 |
Note 26 - Business Segment I137
Note 26 - Business Segment Information (Details) | 12 Months Ended |
Jun. 28, 2015 | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 3 |
Note 26 - Business Segment I138
Note 26 - Business Segment Information (Details) - Selected Financial Information for Polyester, Nylon and International Segments - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Jun. 28, 2015 | [1] | Mar. 29, 2015 | [1] | Dec. 28, 2014 | [1] | Sep. 28, 2014 | [1] | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 28, 2015 | Jun. 29, 2014 | Jun. 30, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | $ 174,951 | $ 172,187 | $ 164,422 | $ 175,561 | $ 181,752 | $ 176,864 | $ 160,617 | $ 168,669 | $ 687,121 | $ 687,902 | $ 713,962 | ||||
Cost of sales | 596,416 | 604,640 | 640,858 | ||||||||||||
Gross profit | $ 25,319 | $ 22,007 | $ 22,929 | $ 20,450 | $ 25,021 | $ 19,759 | $ 18,497 | $ 19,985 | 90,705 | 83,262 | 73,104 | ||||
Selling, general and administrative expenses | 49,672 | 46,203 | 47,386 | ||||||||||||
Other operating expense, net | 1,600 | 5,289 | 3,409 | ||||||||||||
Segment operating profit | 38,486 | 31,483 | 22,463 | ||||||||||||
Polyester [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | 377,281 | 389,172 | 398,707 | ||||||||||||
Cost of sales | 328,575 | 342,393 | 363,545 | ||||||||||||
Gross profit | 48,706 | 46,779 | 35,162 | ||||||||||||
Selling, general and administrative expenses | 29,403 | 28,422 | 29,114 | ||||||||||||
Segment operating profit | 19,219 | 17,919 | 6,048 | ||||||||||||
Nylon [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | 168,570 | 163,824 | 164,085 | ||||||||||||
Cost of sales | 147,531 | 143,649 | 146,033 | ||||||||||||
Gross profit | 21,039 | 20,175 | 18,052 | ||||||||||||
Selling, general and administrative expenses | 9,903 | 9,531 | 9,930 | ||||||||||||
Segment operating profit | 11,120 | 10,668 | 8,215 | ||||||||||||
International [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | 134,992 | 134,906 | 151,170 | ||||||||||||
Cost of sales | 113,556 | 118,598 | 131,280 | ||||||||||||
Gross profit | 21,436 | 16,308 | 19,890 | ||||||||||||
Selling, general and administrative expenses | 8,689 | 8,250 | 8,342 | ||||||||||||
Segment operating profit | 12,636 | 8,058 | 11,548 | ||||||||||||
Other Segments [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | 6,278 | ||||||||||||||
Cost of sales | 6,754 | ||||||||||||||
Gross profit | (476) | ||||||||||||||
Selling, general and administrative expenses | 1,677 | ||||||||||||||
Segment operating profit | (2,172) | ||||||||||||||
Operating Segments [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Other operating expense, net | 230 | 414 | (93) | ||||||||||||
Segment operating profit | 40,803 | 36,645 | 25,811 | ||||||||||||
Operating Segments [Member] | Polyester [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Other operating expense, net | 84 | 438 | |||||||||||||
Segment operating profit | 19,219 | 17,919 | 6,048 | ||||||||||||
Operating Segments [Member] | Nylon [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Other operating expense, net | 16 | (24) | (93) | ||||||||||||
Segment operating profit | 11,120 | 10,668 | 8,215 | ||||||||||||
Operating Segments [Member] | International [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Other operating expense, net | 111 | ||||||||||||||
Segment operating profit | 12,636 | $ 8,058 | $ 11,548 | ||||||||||||
Operating Segments [Member] | Other Segments [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Other operating expense, net | 19 | ||||||||||||||
Segment operating profit | $ (2,172) | ||||||||||||||
[1] | Net sales and gross profit for the fiscal quarters ended September 28, 2014, December 28, 2014 and March 29, 2015 have been revised to reflect revenues presented for All Other (as described in more detail in "Note 26. Business Segment Information"). Such income had been previously recorded as an offset to cost of sales or other operating expense due to the insignificance of the underlying business activities to the consolidated financial statements. |
Note 26 - Business Segment I139
Note 26 - Business Segment Information (Details) - Reconciliations from Segment Operating Profit to Consolidated Income Before Income Taxes - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 30, 2013 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Operating income (loss) | $ 38,486 | $ 31,483 | $ 22,463 |
Interest income | (916) | (1,790) | (698) |
Interest expense | 4,025 | 4,329 | 4,489 |
Loss on extinguishment of debt | 1,040 | 1,102 | |
Other non-operating expense | 126 | ||
Equity in earnings of unconsolidated affiliates | (19,475) | (19,063) | (11,444) |
Income before income taxes | 53,812 | 47,881 | 29,014 |
Provision (benefit) for bad debts | 947 | 287 | (154) |
Other operating expense, net | 1,370 | 4,875 | 3,502 |
Polyester [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Operating income (loss) | 19,219 | 17,919 | 6,048 |
Nylon [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Operating income (loss) | 11,120 | 10,668 | 8,215 |
International [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Operating income (loss) | 12,636 | 8,058 | 11,548 |
Other Segments [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Operating income (loss) | (2,172) | ||
Operating Segments [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Operating income (loss) | 40,803 | 36,645 | 25,811 |
Operating Segments [Member] | Polyester [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Operating income (loss) | 19,219 | 17,919 | 6,048 |
Operating Segments [Member] | Nylon [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Operating income (loss) | 11,120 | 10,668 | 8,215 |
Operating Segments [Member] | International [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Operating income (loss) | 12,636 | $ 8,058 | $ 11,548 |
Operating Segments [Member] | Other Segments [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Operating income (loss) | $ (2,172) |
Note 26 - Business Segment I140
Note 26 - Business Segment Information (Details) - Reconciliation of Other Significant Reconciling Items from Segments to Consolidated Depreciation and Amortization Expense - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 30, 2013 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Depreciation and amortization expense | $ 18,043 | $ 17,896 | $ 24,584 |
Segment other adjustments | 359 | 870 | 978 |
Segment Adjusted Profit | 60,515 | 55,058 | 50,418 |
Capital expenditures | 25,966 | 19,091 | 8,809 |
Polyester [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Depreciation and amortization expense | 12,789 | 11,702 | 17,234 |
Segment other adjustments | 249 | 637 | 618 |
Segment Adjusted Profit | 32,341 | 30,696 | 23,900 |
Capital expenditures | 21,267 | 14,701 | 5,730 |
Nylon [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Depreciation and amortization expense | 2,080 | 2,276 | 3,070 |
Segment other adjustments | 110 | (119) | 245 |
Segment Adjusted Profit | 13,326 | 12,801 | 11,437 |
Capital expenditures | 2,392 | 2,284 | 482 |
International [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Depreciation and amortization expense | 2,101 | 3,151 | 3,418 |
Segment other adjustments | 352 | 115 | |
Segment Adjusted Profit | 14,848 | 11,561 | 15,081 |
Capital expenditures | 1,468 | 1,637 | 1,336 |
Other Operating Expenses, Net [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Depreciation and amortization expense | 1,073 | 767 | 862 |
Operating Segments [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Depreciation and amortization expense | 16,970 | 17,129 | 23,722 |
Capital expenditures | 25,127 | 18,622 | 7,548 |
Intersegment Eliminations [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Intersegment sales | 552 | 2,420 | 2,841 |
Intersegment Eliminations [Member] | Polyester [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Intersegment sales | 165 | 651 | 1,296 |
Intersegment Eliminations [Member] | Nylon [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Intersegment sales | 133 | 295 | 773 |
Intersegment Eliminations [Member] | International [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Intersegment sales | 254 | 1,474 | 772 |
Corporate, Non-Segment [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Capital expenditures | $ 839 | $ 469 | $ 1,261 |
Note 26 - Business Segment I141
Note 26 - Business Segment Information (Details) - Reconciliation of Segment Total Assets to Consolidated Total Assets - USD ($) $ in Thousands | Jun. 28, 2015 | Jun. 29, 2014 | Jun. 30, 2013 |
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Consolidated assets | $ 476,372 | $ 469,067 | $ 455,466 |
Other current assets | 6,022 | 6,052 | |
Other PP&E | 136,222 | 123,802 | |
Other non-current assets | 3,975 | 5,086 | |
Investments in unconsolidated affiliates | 113,901 | 99,229 | |
Polyester [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Consolidated assets | 203,574 | 192,697 | 185,190 |
Nylon [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Consolidated assets | 71,332 | 75,397 | 72,599 |
International [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Consolidated assets | 63,031 | 81,604 | 84,151 |
Operating Segments [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Consolidated assets | 337,937 | 349,698 | 341,940 |
Corporate, Non-Segment [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Other current assets | 5,844 | 2,549 | 3,342 |
Other PP&E | 13,544 | 12,250 | 11,983 |
Other non-current assets | 5,146 | 5,341 | 4,940 |
Investments in unconsolidated affiliates | $ 113,901 | $ 99,229 | $ 93,261 |
Note 26 - Business Segment I142
Note 26 - Business Segment Information (Details) - Geographic Information for Net Sales - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Jun. 28, 2015 | [1] | Mar. 29, 2015 | [1] | Dec. 28, 2014 | [1] | Sep. 28, 2014 | [1] | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 28, 2015 | Jun. 29, 2014 | Jun. 30, 2013 | |
Note 26 - Business Segment Information (Details) - Geographic Information for Net Sales [Line Items] | |||||||||||||||
Geographic net sales | $ 174,951 | $ 172,187 | $ 164,422 | $ 175,561 | $ 181,752 | $ 176,864 | $ 160,617 | $ 168,669 | $ 687,121 | $ 687,902 | $ 713,962 | ||||
UNITED STATES | |||||||||||||||
Note 26 - Business Segment Information (Details) - Geographic Information for Net Sales [Line Items] | |||||||||||||||
Geographic net sales | 509,490 | 512,496 | 519,148 | ||||||||||||
BRAZIL | |||||||||||||||
Note 26 - Business Segment Information (Details) - Geographic Information for Net Sales [Line Items] | |||||||||||||||
Geographic net sales | 101,912 | 113,448 | 124,455 | ||||||||||||
All Other Foreign [Member] | |||||||||||||||
Note 26 - Business Segment Information (Details) - Geographic Information for Net Sales [Line Items] | |||||||||||||||
Geographic net sales | 75,719 | 61,958 | 70,359 | ||||||||||||
Export Sales from U.S. Operations [Member] | |||||||||||||||
Note 26 - Business Segment Information (Details) - Geographic Information for Net Sales [Line Items] | |||||||||||||||
Export sales from the Company’s U.S. operations to external customers | $ 119,548 | $ 100,546 | $ 93,128 | ||||||||||||
[1] | Net sales and gross profit for the fiscal quarters ended September 28, 2014, December 28, 2014 and March 29, 2015 have been revised to reflect revenues presented for All Other (as described in more detail in "Note 26. Business Segment Information"). Such income had been previously recorded as an offset to cost of sales or other operating expense due to the insignificance of the underlying business activities to the consolidated financial statements. |
Note 26 - Business Segment I143
Note 26 - Business Segment Information (Details) - Geographic Information for Long-lived Assets - USD ($) $ in Thousands | Jun. 28, 2015 | Jun. 29, 2014 | Jun. 30, 2013 |
Note 26 - Business Segment Information (Details) - Geographic Information for Long-lived Assets [Line Items] | |||
Long-lived assets | $ 259,486 | $ 235,511 | $ 225,766 |
UNITED STATES | |||
Note 26 - Business Segment Information (Details) - Geographic Information for Long-lived Assets [Line Items] | |||
Long-lived assets | 242,042 | 215,910 | 200,958 |
BRAZIL | |||
Note 26 - Business Segment Information (Details) - Geographic Information for Long-lived Assets [Line Items] | |||
Long-lived assets | 8,207 | 12,188 | 16,150 |
All Other Foreign [Member] | |||
Note 26 - Business Segment Information (Details) - Geographic Information for Long-lived Assets [Line Items] | |||
Long-lived assets | $ 9,237 | $ 7,413 | $ 8,658 |
Note 26 - Business Segment I144
Note 26 - Business Segment Information (Details) - Geographic Information for Total Assets - USD ($) $ in Thousands | Jun. 28, 2015 | Jun. 29, 2014 | Jun. 30, 2013 |
Note 26 - Business Segment Information (Details) - Geographic Information for Total Assets [Line Items] | |||
Assets | $ 476,372 | $ 469,067 | $ 455,466 |
UNITED STATES | |||
Note 26 - Business Segment Information (Details) - Geographic Information for Total Assets [Line Items] | |||
Assets | 388,766 | 362,510 | 346,651 |
BRAZIL | |||
Note 26 - Business Segment Information (Details) - Geographic Information for Total Assets [Line Items] | |||
Assets | 50,300 | 70,581 | 72,735 |
All Other Foreign [Member] | |||
Note 26 - Business Segment Information (Details) - Geographic Information for Total Assets [Line Items] | |||
Assets | $ 37,306 | $ 35,976 | $ 36,080 |
Note 27 - Quarterly Results 145
Note 27 - Quarterly Results (Unaudited) (Details) - USD ($) $ in Thousands | Feb. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 28, 2015 | Jun. 29, 2014 | Jun. 30, 2013 |
Note 27 - Quarterly Results (Unaudited) (Details) [Line Items] | ||||||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ (1,749) | $ (924) | $ (630) | $ (3,009) | $ 1,925 | $ 2,779 | ||
Effective Income Tax Rate Reconciliation, Tax Credit, Amount | 782 | |||||||
Gains (Losses) on Extinguishment of Debt, After Tax | $ (676) | |||||||
Increase (Decrease), Deferred Income Tax Liabilities | 7,822 | |||||||
Increase (Decrease), Deferred Income Tax Assets | (3,008) | |||||||
Uncertain Tax Positions Adjustment | 3,046 | |||||||
Parkdale America, LLC [Member] | Mexican Manufacturer [Member] | ||||||||
Note 27 - Quarterly Results (Unaudited) (Details) [Line Items] | ||||||||
Business Combination, Bargain Purchase, Gain Recognized, Amount | $ 729 | |||||||
Parkdale America, LLC [Member] | Two Manufacturing Facilities [Member] | ||||||||
Note 27 - Quarterly Results (Unaudited) (Details) [Line Items] | ||||||||
Business Combination, Bargain Purchase, Gain Recognized, Amount | $ 9,381 | $ 1,962 |
Note 27 - Quarterly Results 146
Note 27 - Quarterly Results (Unaudited) (Details) - Quarterly Financial Data - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Jun. 28, 2015 | Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 28, 2015 | Jun. 29, 2014 | Jun. 30, 2013 | |||||||||
Quarterly Financial Data [Abstract] | |||||||||||||||||||
Net sales (1) | $ 174,951 | [1] | $ 172,187 | [1] | $ 164,422 | [1] | $ 175,561 | [1] | $ 181,752 | $ 176,864 | $ 160,617 | $ 168,669 | $ 687,121 | $ 687,902 | $ 713,962 | ||||
Gross profit (1) | 25,319 | [1] | 22,007 | [1] | 22,929 | [1] | 20,450 | [1] | 25,021 | 19,759 | 18,497 | 19,985 | 90,705 | 83,262 | 73,104 | ||||
Net income including non-controlling interest | 14,910 | 9,759 | 9,122 | 6,675 | 8,436 | 4,454 | 6,211 | 8,619 | 40,466 | 27,720 | 15,670 | ||||||||
Less: net (loss) attributable to non-controlling interest | (730) | (257) | (296) | (402) | (331) | (289) | (232) | (251) | (1,685) | (1,103) | (965) | ||||||||
Net income attributable to Unifi, Inc (2). | $ 15,640 | [2] | $ 10,016 | [2] | $ 9,418 | [2] | $ 7,077 | [2] | $ 8,767 | $ 4,743 | $ 6,443 | $ 8,870 | $ 42,151 | $ 28,823 | $ 16,635 | ||||
Net income attributable to Unifi, Inc. per common share: | |||||||||||||||||||
Basic (3) (in Dollars per share) | $ 0.86 | [3] | $ 0.55 | [3] | $ 0.52 | [3] | $ 0.39 | [3] | $ 0.48 | [3] | $ 0.25 | [3] | $ 0.34 | [3] | $ 0.46 | [3] | $ 2.32 | $ 1.52 | $ 0.84 |
Diluted (3) (in Dollars per share) | $ 0.83 | [3] | $ 0.53 | [3] | $ 0.50 | [3] | $ 0.37 | [3] | $ 0.46 | [3] | $ 0.24 | [3] | $ 0.32 | [3] | $ 0.44 | [3] | $ 2.24 | $ 1.47 | $ 0.80 |
[1] | Net sales and gross profit for the fiscal quarters ended September 28, 2014, December 28, 2014 and March 29, 2015 have been revised to reflect revenues presented for All Other (as described in more detail in "Note 26. Business Segment Information"). Such income had been previously recorded as an offset to cost of sales or other operating expense due to the insignificance of the underlying business activities to the consolidated financial statements. | ||||||||||||||||||
[2] | Net income attributable to Unifi, Inc. for the quarter ended September 28, 2014 includes a bargain purchase gain recorded by PAL (of which $729 is recognized by the Company). Net income attributable to Unifi, Inc. for the quarter ended December 28, 2014 includes a net change in deferred tax valuation allowances of $630 recorded as a benefit to the income tax provision. Net income attributable to Unifi, Inc. for the quarter ended March 29, 2015 includes the following: a.a net change in deferred tax valuation allowances of $924 recorded as a benefit to the income tax provision, b.renewable energy tax credits of $782 recorded as a benefit to the income tax provision and c.an after-tax loss on extinguishment of debt of approximately $676. Net income attributable to Unifi, Inc. for the quarter ended June 28, 2015 includes the following: a.a net change in deferred tax valuation allowances of $1,749 recorded as a benefit to the income tax provision, b.a change of $7,822 in the deferred tax liability related to the Company's indefinite reinvestment assertion, c.the reversal of a $3,008 deferred tax asset related to certain intercompany foreign currency transactions which originated in prior years and were settled in the fourth quarter of fiscal year 2015, d.a net change in uncertain tax positions of $3,046 recorded to provision for income taxes and e.a bargain purchase gain recorded by PAL (of which $1,962 is recognized by the Company). | ||||||||||||||||||
[3] | Income per share is computed independently for each of the periods presented. The sum of the income per share amounts for the quarters may not equal the total for the year. |
Note 28 - Supplemental Cash 147
Note 28 - Supplemental Cash Flow Information (Details) shares in Thousands, $ in Thousands | Dec. 03, 2013USD ($)shares | Jun. 28, 2015USD ($) | Dec. 31, 2013USD ($) | Jun. 28, 2015USD ($)shares | Jun. 29, 2014USD ($) | Jun. 30, 2013USD ($) |
Note 28 - Supplemental Cash Flow Information (Details) [Line Items] | ||||||
Sale Proceeds Remitted to Qualified Intermediary | $ 1,390 | |||||
Number of Capital Leases | 6 | 4 | ||||
Capital Lease Obligations Incurred | $ 12,784 | $ 3,353 | ||||
Common Stock Tendered to Company for Exercise of Stock Options and Retired Shares (in Shares) | shares | 134 | |||||
Value of Common Stock Tendered for Exercise of Stock Options and Retired | $ 3,583 | 3,583 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in Shares) | shares | 421 | 11 | ||||
Accounts Payable and Accrued Liabilities [Member] | ||||||
Note 28 - Supplemental Cash Flow Information (Details) [Line Items] | ||||||
Capital Expenditures Incurred but Not yet Paid | $ 1,726 | $ 5,023 | $ 1,586 | |||
Transportation Equipment [Member] | ||||||
Note 28 - Supplemental Cash Flow Information (Details) [Line Items] | ||||||
Capital Lease Obligations Incurred | $ 1,234 | |||||
Dillon Draw Winding [Member] | ||||||
Note 28 - Supplemental Cash Flow Information (Details) [Line Items] | ||||||
Noncash or Part Noncash Acquisition, Other Assets Acquired | $ 2,500 | |||||
Noncash or Part Noncash Acquisition, Value of Liabilities Assumed | $ 2,500 |
Note 28 - Supplemental Cash 148
Note 28 - Supplemental Cash Flow Information (Details) - Cash Payments for Interest and Taxes - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 30, 2013 | |
Cash Payments for Interest and Taxes [Abstract] | |||
Interest, net of capitalized interest | $ 3,304 | $ 3,313 | $ 4,701 |
Income taxes, net of refunds | $ 17,208 | $ 12,569 | $ 8,100 |