Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Sep. 27, 2015 | Nov. 04, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | UNIFI INC | |
Trading Symbol | ufi | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --06-26 | |
Entity Common Stock, Shares Outstanding | 17,806,722 | |
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 | Sep. 27, 2015 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 |
Consolidated Consolidated Balan
Consolidated Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 27, 2015 | Jun. 28, 2015 |
ASSETS | ||
Cash and cash equivalents | $ 9,954 | $ 10,013 |
Receivables, net | 84,960 | 83,863 |
Inventories | 112,778 | 111,615 |
Income taxes receivable | 201 | 1,451 |
Deferred income taxes | 2,153 | 2,383 |
Other current assets | 3,597 | 6,022 |
Total current assets | 213,643 | 215,347 |
Property, plant and equipment, net | 149,275 | 136,222 |
Deferred income taxes | 914 | 1,539 |
Intangible assets, net | 4,963 | 5,388 |
Investments in unconsolidated affiliates | 114,448 | 113,901 |
Other non-current assets | 4,054 | 3,975 |
Total assets | 487,297 | 476,372 |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
Accounts payable | 42,398 | 45,023 |
Accrued expenses | 13,648 | 16,640 |
Income taxes payable | 1,437 | 676 |
Current portion of long-term debt | 14,515 | 12,385 |
Total current liabilities | 71,998 | 74,724 |
Long-term debt | 113,710 | 91,725 |
Other long-term liabilities | 10,443 | 10,740 |
Deferred income taxes | 89 | 90 |
Total liabilities | $ 196,240 | $ 177,279 |
Commitments and contingencies | ||
Common stock, $0.10 par value (500,000,000 shares authorized, 17,833,722 and 18,007,749 shares outstanding) | $ 1,783 | $ 1,801 |
Capital in excess of par value | 44,373 | 44,261 |
Retained earnings | 281,378 | 278,331 |
Accumulated other comprehensive loss | (38,317) | (26,899) |
Total Unifi, Inc. shareholders’ equity | 289,217 | 297,494 |
Non-controlling interest | 1,840 | 1,599 |
Total shareholders’ equity | 291,057 | 299,093 |
Total liabilities and shareholders’ equity | $ 487,297 | $ 476,372 |
Consolidated Consolidated Bala3
Consolidated Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares | Sep. 27, 2015 | Jun. 28, 2015 |
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 | 17,833,722 | 18,007,749 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 27, 2015 | Sep. 28, 2014 | |
Net sales | $ 162,165 | $ 175,561 |
Cost of sales | 141,181 | 155,111 |
Gross profit | 20,984 | 20,450 |
Selling, general and administrative expenses | 10,830 | 11,649 |
Provision for bad debts | 613 | 584 |
Other operating (income) expense, net | (146) | 600 |
Operating income | 9,687 | 7,617 |
Interest income | (163) | (317) |
Interest expense | 984 | 819 |
Equity in earnings of unconsolidated affiliates | (2,860) | (3,721) |
Income before income taxes | 11,726 | 10,836 |
Provision for income taxes | 3,940 | 4,161 |
Net income including non-controlling interest | 7,786 | 6,675 |
Less: net (loss) attributable to non-controlling interest | (239) | (402) |
Net income attributable to Unifi, Inc. | $ 8,025 | $ 7,077 |
Net income attributable to Unifi, Inc. per common share: | ||
Basic (in Dollars per share) | $ 0.45 | $ 0.39 |
Diluted (in Dollars per share) | $ 0.43 | $ 0.37 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 27, 2015 | Sep. 28, 2014 | |
Net income including non-controlling interest | $ 7,786 | $ 6,675 |
Other comprehensive (loss) income: | ||
Foreign currency translation adjustments | (11,038) | (7,041) |
Reclassification adjustments on interest rate swap | 19 | 104 |
Other comprehensive loss, net | (11,418) | (6,937) |
Comprehensive loss including non-controlling interest | (3,632) | (262) |
Less: comprehensive (loss) attributable to non-controlling interest | (239) | (402) |
Comprehensive (loss) income attributable to Unifi, Inc. | (3,393) | $ 140 |
Unconsolidated Affiliates [Member] | ||
Other comprehensive (loss) income: | ||
Foreign currency translation adjustments | $ (399) |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - 3 months ended Sep. 27, 2015 - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
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 | |||||
Options exercised | 60 | 60 | $ 60 | ||||
Options exercised (in Shares) | 5 | 5,000 | |||||
Stock-based compensation | 495 | 495 | $ 495 | ||||
Common stock repurchased and retired under publicly announced programs | $ (18) | (443) | (4,978) | (5,439) | $ (5,439) | ||
Common stock repurchased and retired under publicly announced programs (in Shares) | (179) | (179,000) | |||||
Other comprehensive loss, net | (11,418) | (11,418) | $ (11,418) | ||||
Contributions from non-controlling interest | 480 | 480 | |||||
Net income (loss) | 8,025 | 8,025 | (239) | 7,786 | |||
Balance at Sep. 27, 2015 | $ 1,783 | $ 44,373 | $ 281,378 | $ (38,317) | $ 289,217 | $ 1,840 | $ 291,057 |
Balance, shares (in Shares) at Sep. 27, 2015 | 17,833 | 17,833,722 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 27, 2015 | Sep. 28, 2014 | |
Cash and cash equivalents at beginning of year | $ 10,013 | $ 15,907 |
Operating activities: | ||
Net income including non-controlling interest | 7,786 | 6,675 |
Adjustments to reconcile net income including non-controlling interest to net cash provided by operating activities: | ||
Equity in earnings of unconsolidated affiliates | (2,860) | (3,721) |
Distributions received from unconsolidated affiliates | 1,947 | |
Depreciation and amortization expense | 4,383 | 4,492 |
Non-cash compensation expense | 284 | 625 |
Deferred income taxes | 498 | (912) |
Other, net | 170 | 134 |
Changes in assets and liabilities: | ||
Receivables, net | (4,276) | (667) |
Inventories | (6,298) | (3,209) |
Other current assets and income taxes receivable | 1,788 | 508 |
Accounts payable and accrued expenses | (3,474) | (5,346) |
Income taxes payable | 839 | 1,523 |
Net cash provided by operating activities | 787 | 102 |
Investing activities: | ||
Capital expenditures | (15,875) | (7,383) |
Proceeds from sale of assets | 2,088 | 22 |
Other, net | (347) | (16) |
Net cash used in investing activities | (14,134) | (7,377) |
Financing activities: | ||
Proceeds from revolving credit facilities | 53,200 | 45,600 |
Payments on revolving credit facilities | (30,200) | (55,300) |
Proceeds from term loan | 22,000 | |
Payment on term loan | (2,250) | |
Payments on capital lease obligations | (924) | (208) |
Common stock repurchased and retired under publicly announced programs | (5,439) | (4,160) |
Proceeds from stock option exercises | 60 | |
Contributions from non-controlling interest | 480 | 720 |
Other | (471) | (461) |
Net cash provided by financing activities | 14,456 | 8,191 |
Effect of exchange rate changes on cash and cash equivalents | (1,168) | (1,031) |
Net decrease in cash and cash equivalents | (59) | (115) |
Cash and cash equivalents at end of period | $ 9,954 | $ 15,792 |
Note 1 - Background
Note 1 - Background | 3 Months Ended |
Sep. 27, 2015 | |
Disclosure Text Block [Abstract] | |
Nature of Operations [Text Block] | 1. Background Unifi, Inc., a New York corporation formed in 1969 (together with its subsidiaries, “we”, the “Company” or “Unifi”), is a multi-national manufacturing company that processes and sells high-volume commodity yarns, specialized yarns designed to meet certain customer specifications, and premier value-added (“PVA”) yarns with enhanced performance characteristics. The Company sells yarns made from polyester and nylon to other yarn manufacturers and knitters and weavers that produce fabric for the apparel, hosiery, home furnishings, automotive upholstery, industrial and other end-use markets. The Company’s polyester products include polyester polymer beads (“Chip”), partially oriented yarn (“POY”), textured, solution and package dyed, twisted, beamed and draw wound yarns; each is available in virgin or recycled varieties (the latter made from both pre-consumer yarn waste and post-consumer waste, including plastic bottles). The Company’s nylon products include textured, solution dyed and 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. |
Note 2 - Basis of Presentation;
Note 2 - Basis of Presentation; Condensed Notes | 3 Months Ended |
Sep. 27, 2015 | |
Disclosure Text Block [Abstract] | |
Basis of Accounting [Text Block] | 2. Basis of Presentation ; Condensed Notes The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. As contemplated by the instructions of the Securities and Exchange Commission to Form 10-Q, the following notes have been condensed and, therefore, do not contain all disclosures required in connection with annual financial statements. Reference should be made to the Company’s year-end audited consolidated financial statements and notes thereto contained in its Annual Report on Form 10-K for the fiscal year ended June 28, 2015 (the “2015 Form 10-K”). The financial information included in this report has been prepared by the Company, without audit. In the opinion of management, all adjustments considered necessary for a fair statement of the results for interim periods have been included. Nevertheless, the results shown for interim periods are not necessarily indicative of results to be expected for the full year. The preparation of financial statements in conformity with GAAP requires management to make use of estimates and assumptions that affect the amounts reported and certain financial statement disclosures. Actual results may vary from these estimates. All dollar and other currency amounts and share amounts, except per share amounts, are presented in thousands (000s), except as otherwise noted. Fiscal Year The Company’s current fiscal quarter ended on September 27, 2015, the last Sunday in September. The Company’s Brazilian and Colombian subsidiaries’ fiscal quarter ended on September 30, 2015. There were no significant transactions or events that occurred between the Company’s fiscal quarter end and its subsidiaries’ fiscal quarter end. The three months ended September 27, 2015 and September 28, 2014 each consisted of thirteen fiscal weeks. Reclassifications Certain reclassifications of prior years’ data have been made to conform to the current year presentation. Net sales, cost of sales and other operating (income) expense, net for the three months ended September 28, 2014 have been revised herein, where applicable, to correspond to the presentation for the three months ended September 27, 2015, consistent with note 27 in the 2015 Form 10-K. |
Note 3 - Recent Accounting Pron
Note 3 - Recent Accounting Pronouncements | 3 Months Ended |
Sep. 27, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 3. Recent Accounting Pronouncements There have been no newly issued or newly applicable accounting pronouncements that have, or are expected to have, a significant impact on the Company's financial statements. |
Note 4 - Receivables, Net
Note 4 - Receivables, Net | 3 Months Ended |
Sep. 27, 2015 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 4 . Receivables, Net Receivables, net consists of the following: September 2 7 , 201 5 June 28 , 201 5 Customer receivables $ 87,285 $ 85,731 Allowance for uncollectible accounts (1,932 ) (1,596 ) Reserves for yarn quality claims (732 ) (581 ) Net customer receivables 84,621 83,554 Related party receivables 41 75 Other receivables 298 234 Total receivables, net $ 84,960 $ 83,863 Other receivables consist primarily of receivables for duty drawback and refunds from vendors. The changes in the Company’s allowance for uncollectible accounts and reserves for yarn quality claims were as follows: Allowance for Uncollectible Accounts Reserves for Yarn Quality Claims Balance at June 28, 2015 $ (1,596 ) $ (581 ) Charged to costs and expenses (613 ) (503 ) Charged to other accounts 175 30 Deductions 102 322 Balance at September 27, 2015 $ (1,932 ) $ (732 ) 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 5 - Inventories
Note 5 - Inventories | 3 Months Ended |
Sep. 27, 2015 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | 5 . Inventories Inventories consists of the following: September 2 7 , 201 5 June 28 , 201 5 Raw materials $ 42,345 $ 42,526 Supplies 4,850 5,404 Work in process 8,118 7,546 Finished goods 58,126 56,844 Gross inventories 113,439 112,320 Inventory reserves (661 ) (705 ) Total inventories $ 112,778 $ 111,615 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 $24,037 and $28,548 as of September 27, 2015 and June 28, 2015, respectively, were valued under the average cost method. |
Note 6 - Other Current Assets
Note 6 - Other Current Assets | 3 Months Ended |
Sep. 27, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Other Current Assets [Text Block] | 6 . Other Current Assets Other current assets consists of the following: September 2 7 , 201 5 June 28 , 201 5 Prepaid expenses $ 1,931 $ 1,647 Vendor deposits 1,040 1,743 Funds held by qualified intermediary — 1,390 Value added taxes receivable 613 1,220 Other 13 22 Total other current assets $ 3,597 $ 6,022 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 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”). Such funds were utilized during August 2015 to complete an exchange and purchase certain land and building assets for use in the Polyester Segment from an unrelated third party. |
Note 7 - Property, Plant and Eq
Note 7 - Property, Plant and Equipment, Net | 3 Months Ended |
Sep. 27, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | 7 . Property, Plant and Equipment, Net Property, plant and equipment, net (“PP&E”) consists of the following: September 2 7 , 201 5 June 28 , 201 5 Land $ 3,048 $ 2,413 Land improvements 11,687 11,709 Buildings and improvements 141,680 141,259 Assets under capital leases 21,525 17,371 Machinery and equipment 525,280 531,225 Computers, software and office equipment 16,578 16,782 Transportation equipment 4,558 4,736 Construction in progress 14,947 6,710 Gross property, plant and equipment 739,303 732,205 Less: accumulated depreciation (588,700 ) (595,094 ) Less: accumulated amortization – capital leases (1,328 ) (889 ) Total property, plant and equipment, net $ 149,275 $ 136,222 Assets under capital leases consists of the following: September 2 7 , 2015 June 28, 2015 Machinery and equipment $ 14,745 $ 12,804 Transportation equipment 5,927 3,714 Building improvements 853 853 Gross assets under capital leases $ 21,525 $ 17,371 During the first quarter of fiscal year 2016, the Company entered into three capital leases for machinery and transportation equipment with an aggregate present value of $4,154. Internal software development costs within PP&E consist of the following: September 2 7 , 2015 June 28, 2015 Internal software development costs $ 2,499 $ 2,473 Accumulated amortization (2,259 ) (2,221 ) Net internal software development costs $ 240 $ 252 Depreciation expense, including the amortization of assets under capital leases, internal software development costs amortization, repairs and maintenance expenses, and capitalized interest were as follows: For the Three Months Ended September 2 7 , 201 5 September 2 8 , 201 4 Depreciation expense $ 3,804 $ 3,828 Internal software development costs amortization 38 34 Repair and maintenance expenses 4,496 4,658 Capitalized interest 76 47 |
Note 8 - Intangible Assets, Net
Note 8 - Intangible Assets, Net | 3 Months Ended |
Sep. 27, 2015 | |
Disclosure Text Block [Abstract] | |
Intangible Assets Disclosure [Text Block] | 8 . Intangible Assets, Net Intangible assets, net consists of the following: September 2 7 , 201 5 June 28 , 201 5 Customer lists $ 23,615 $ 23,615 Non-compete agreements 4,293 4,293 Licenses, trademarks and other 844 837 Total intangible assets, gross 28,752 28,745 Accumulated amortization - customer lists (19,740 ) (19,432 ) Accumulated amortization - non-compete agreements (3,618 ) (3,537 ) Accumulated amortization – licenses, trademarks and other (431 ) (388 ) Total accumulated amortization (23,789 ) (23,357 ) Total intangible assets, net $ 4,963 $ 5,388 In fiscal year 2007, the Company purchased the texturing operations of Dillon Yarn Corporation (“Dillon”), included in the Company’s Polyester Segment. The valuation of the customer list acquired ($22,000) 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 (with a gross basis of $4,000) is amortized through December 2017, using the straight-line method over the period currently covered by the agreement. On December 2, 2013, the Company acquired certain draw winding assets and the associated business from Dillon, included in the Company’s Polyester Segment. A customer list (with a gross basis of $1,615) and a non-compete agreement (with a gross basis of $50) 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. 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. A non-compete agreement (with a gross basis of $243) 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 Three Months Ended September 27, 2015 September 28, 2014 Customer lists $ 308 $ 399 Non-compete agreements 81 80 Licenses, trademarks and other 43 39 Total amortization expense $ 432 $ 518 |
Note 9 - Other Non-current Asse
Note 9 - Other Non-current Assets | 3 Months Ended |
Sep. 27, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Investments and Other Noncurrent Assets [Text Block] | 9 . Other Non-Current Assets Other non-current assets consists of the following: September 2 7 , 201 5 June 28 , 201 5 Biomass foundation and feedstock, net $ 2,318 $ 2,151 Debt financing fees 1,525 1,611 Other 211 213 Total other non-current assets $ 4,054 $ 3,975 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 $75 and $55 at September 27, 2015 and June 28, 2015, respectively. Other consists primarily of vendor deposits. |
Note 10 - Accrued Expenses
Note 10 - Accrued Expenses | 3 Months Ended |
Sep. 27, 2015 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 1 0 . Accrued Expenses Accrued expenses consists of the following: September 27 , 201 5 June 28 , 201 5 Payroll and fringe benefits $ 8,090 $ 11,258 Utilities 2,906 2,823 Property taxes 1,170 790 Contingent consideration 563 634 Other 919 1,135 Total accrued expenses $ 13,648 $ 16,640 Other consists primarily of employee-related claims and payments, interest, marketing expenses, freight expenses, rent, deferred incentives and other non-income related taxes. |
Note 11 - Long-term Debt
Note 11 - Long-term Debt | 3 Months Ended |
Sep. 27, 2015 | |
Disclosure Text Block [Abstract] | |
Long-term Debt [Text Block] | 1 1 . 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 Principal Amounts as of Scheduled Maturity Date Interest Rate as of September 2 7 , 201 5 (1) September 2 7 , 201 5 June 2 8 , 201 5 ABL Revolver March 2020 1.7% $ 28,000 $ 5,000 ABL Term Loan March 2020 2.2% 79,875 82,125 Renewables’ promissory note September 2020 3.0% 135 — Term loan from unconsolidated affiliate August 2016 3.0% 1,250 1,250 Capital lease obligations (2) (3) 18,965 15,735 Total debt 128,225 104,110 Current portion of capital lease obligations (4,240 ) (3,385 ) Current portion of long-term debt (10,275 ) (9,000 ) Total long-term debt $ 113,710 $ 91,725 (1) The weighted average interest rate as of September 27, 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) 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 a 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. 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 September 27, 2015 was $22,484. 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 September 27, 2015, the Company was in compliance with all financial covenants; the excess availability under the ABL Revolver was $57,089; the consolidated leverage ratio was 1.9 to 1.0; the fixed charge coverage ratio was 2.7 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. Renewables’ Promissory Note In September 2015, Renewables delivered a promissory note in the amount of $135, and cash, to an unrelated third party for the purchase of certain land, consisting of thirty-seven acres located in Seven Springs, North Carolina, valued at $191. Such promissory note bears fixed interest at 3.0%, with principal and interest payable annually over a five-year period. Renewables’ Term Loan In September 2015, Renewables entered into a secured debt financing arrangement consisting of a master loan agreement and corresponding term loan supplement, with unrelated parties, with a borrowing capacity of up to $4,000. In October 2015, Renewables borrowed $4,000. The agreements include representations and warranties made by Renewables, financial covenants, affirmative and negative covenants and events of default that are usual and customary for financings of this type. Lender recourse does not extend beyond the assets of Renewables. Borrowings will bear interest at LIBOR plus an applicable margin of 3.25%, payable monthly in arrears. 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 the three months ended September 27, 2015, the Company entered into capital leases with an aggregate present value of $4,154. Fixed interest rates for these capital leases range from 3.4% to 3.8%, with maturity dates in August 2020. Scheduled Debt Maturities The following table presents the scheduled maturities of the Company’s outstanding debt obligations for the remainder of fiscal year 2016 and the fiscal years thereafter: Scheduled Maturities on a Fiscal Year Basis 2016 201 7 201 8 20 19 202 0 Thereafter ABL Revolver $ — $ — $ — $ — $ 28,000 $ — ABL Term Loan 6,750 9,000 9,000 9,000 46,125 — Renewables’ promissory note — 25 26 27 28 29 Capital lease obligations 3,167 4,261 4,128 4,058 2,542 809 Term loan from unconsolidated affiliate — 1,250 — — — — Total $ 9,917 $ 14,536 $ 13,154 $ 13,085 $ 76,695 $ 838 Debt Financing Fees Debt financing fees are classified within other non-current assets and consist of the following: Balance at June 28, 2015 $ 1,611 Additions 14 Amortization charged to interest expense (100 ) Balance at September 27, 2015 $ 1,525 Interest Expense Interest expense consists of the following: For the Three Months Ended September 27, 2015 September 28, 2014 Interest on ABL Facility $ 613 $ 860 Other 212 48 Subtotal of interest on debt obligations 825 908 Reclassification adjustment for interest rate swap 19 104 Amortization of debt financing fees 100 112 Mark-to-market adjustment for interest rate swap 116 (258 ) Interest capitalized to property, plant and equipment, net (76 ) (47 ) Subtotal of other components of interest expense 159 (89 ) Total interest expense $ 984 $ 819 |
Note 12 - Other Long-term Liabi
Note 12 - Other Long-term Liabilities | 3 Months Ended |
Sep. 27, 2015 | |
Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract] | |
Other Liabilities Disclosure [Text Block] | 1 2 . Other Long-Term Liabilities Other long-term liabilities consists of the following: September 27, 2015 June 28 , 201 5 Uncertain tax positions $ 4,052 $ 3,980 Supplemental post-employment plan 3,479 3,690 Contingent consideration 1,219 1,573 Interest rate swap 396 280 Other 1,297 1,217 Total other long-term liabilities $ 10,443 $ 10,740 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. (Income) expenses recorded for this plan for the quarters ended September 27, 2015 and September 28, 2014 were $(211) and $99, 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 16. 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 13 - Income Taxes
Note 13 - Income Taxes | 3 Months Ended |
Sep. 27, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 13. Income Taxes The effective income tax rates for the three months ended September 27, 2015 and September 28, 2014 were based upon the estimated effective income tax rate applicable for the full year after giving effect to any significant items related specifically to interim periods. The effective income tax rate can be impacted over the course of the fiscal year by the mix and timing of actual earnings from our U.S. and foreign sources versus annual projections and changes in foreign currency exchange rates in relation to the U.S. Dollar. As a result, the Company’s effective tax rate may fluctuate significantly on a quarterly basis. The Company’s income tax provision for the three months ended September 27, 2015 and September 28, 2014 resulted in tax expense of $3,940 and $4,161 with an effective tax rate of 33.6% and 38.4%, respectively. The effective income tax rate for the current quarter is lower than the U.S. statutory rate due to (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) 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) and (iii) the domestic production activities deduction. These items were partially offset by (i) state and local taxes net of the assumed federal benefit and (ii) losses in tax jurisdictions for which no tax benefit could be recognized. The effective income tax rate for the prior year quarter is higher than the U.S. statutory rate due to the impact of state and local taxes, the timing of the Company’s recognition of higher taxable versus book income for Parkdale America, LLC and losses in tax jurisdictions for which no tax benefit could be recognized, partially offset by the domestic production activities deduction. Components of the Company’s deferred tax valuation allowance are as follows: September 27, 2015 June 28, 2015 Investment in a former domestic unconsolidated affiliate $ (6,400 ) $ (6,503 ) Equity-method investment in Parkdale America, LLC (3,009 ) (3,261 ) Foreign tax credits (1,680 ) (1,680 ) Book versus tax basis difference in Renewables (1,300 ) (1,359 ) NOLs related to Renewables (2,963 ) (2,803 ) Total deferred tax valuation allowance $ (15,352 ) $ (15,606 ) There have been no significant changes in the Company’s liability for uncertain tax positions since June 28, 2015. The Company’s estimate for the potential outcome for any uncertain tax issue is highly judgmental. Management believes that any reasonably foreseeable outcomes related to these matters have been adequately provided for. However, future results may include favorable or unfavorable adjustments to estimated tax liabilities in the period the assessments are made or resolved or when statutes of limitation on potential assessments expire. The Company and its domestic subsidiaries file a consolidated federal income tax return, as well as income tax returns in numerous state and foreign jurisdictions. The tax years subject to examination vary by jurisdiction. The Company regularly assesses the outcomes of both completed and ongoing examinations to ensure that the Company’s provision for income taxes is sufficient. Currently, the Company is subject to income tax examinations for U.S. federal income taxes for tax years 2011 through 2015, for foreign income taxes for tax years 2008 through 2015, and for state and local income taxes for tax years 2009 through 2015. The U.S. federal tax returns and state tax returns filed or to-be-filed for the 2011 through 2015 tax years have utilized carryforward tax attributes generated in prior tax years, including net operating losses, which could potentially be revised upon examination. |
Note 14 - Shareholders' Equity
Note 14 - Shareholders' Equity | 3 Months Ended |
Sep. 27, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 14. 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, if any, are expected to be financed through cash generated from operations and borrowings under the Company’s ABL Revolver, and are subject to applicable limitations and restrictions as set forth in the ABL Facility. The 2014 SRP has no stated expiration or termination date, and there is no time limit or specific time frame otherwise for repurchases. The Company may discontinue repurchases at any time that management determines additional purchases are not beneficial or advisable. The following table summarizes the Company’s repurchases and retirements of its common stock under the 2013 SRP and the 2014 SRP. Total Number of 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 Fiscal year 2016 (through September 27, 2015) 179 $ 30.36 Total 3,120 $ 22.96 $ 28,376 All repurchased shares have been retired and have the status of authorized and unissued shares. The cost of the repurchased shares is recorded as a reduction to common stock to the extent of the par value of the shares acquired and the remainder is allocated between capital in excess of par value and retained earnings. The portion of the remainder that is allocated to capital in excess of par value is limited to a pro rata portion of capital in excess of par value. No dividends were paid during the three months ended September 27, 2015 or in the two most recent fiscal years. |
Note 15 - Stock-based Compensat
Note 15 - Stock-based Compensation | 3 Months Ended |
Sep. 27, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 15. 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 the quarters ended September 27, 2015 and September 28, 2014, the Company granted stock options to purchase 82 and 150 shares of common stock, respectively, to certain key employees. The stock options vest ratably over the required three-year service period and have ten-year contractual terms. For the quarters ended September 27, 2015 and September 28, 2014, the weighted average exercise price of the options was $32.36 and $27.38 per share, respectively. The Company used the Black-Scholes model to estimate the weighted average grant date fair value of $20.27 and $17.31 per share, respectively. For options granted, the valuation models used the following assumptions: For the Three Months Ended September 2 7 , 201 5 September 28, 2014 Expected term (years) 7.6 7.3 Risk-free interest rate 2.1 % 2.2 % Volatility 60.5 % 62.6 % 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 quarter ended September 27, 2015 is as follows: Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding at June 28, 2015 934 $ 12.63 Granted 82 $ 32.36 Exercised (5 ) $ 12.02 Forfeited — $ — Expired — $ — Outstanding at September 27, 2015 1,011 $ 14.24 5.7 $ 15,547 Vested and expected to vest as of September 27, 2015 1,003 $ 14.13 5.7 $ 15,534 Exercisable at September 27, 2015 796 $ 10.38 4.8 $ 15,124 As of September 27, 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 September 27, 2015, the remaining unrecognized compensation cost related to unvested stock options was $2,397, which is expected to be recognized over a weighted average period of 2.4 years. For the quarter ended September 27, 2015, the total intrinsic value of options exercised was $107. The amount of cash received from the exercise of options was $60 and the tax benefit realized from stock options exercised was $15 for the quarter ended September 27, 2015. Restricted stock units The Company may issue, from time to time, restricted stock units (“RSUs”) to the Company’s non-employee directors or certain key employees. See “Note 16. Stock-Based Compensation” included in the 2015 Form 10-K for further information regarding the Company’s RSUs. No RSUs were granted during the three months ended September 27, 2015 and September 28, 2014. 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 quarter ended September 27, 2015 is as follows: Non-vested Weighted Average Grant Date Fair Value Vested Total Weighted Average Grant Date Fair Value Outstanding at June 28, 2015 20 $ 18.35 167 187 $ 15.35 Granted — $ — — — $ — Vested (14 ) $ 16.52 14 — $ 16.52 Converted — $ — — — $ — Forfeited — $ — — — $ — Outstanding at September 27, 2015 6 $ 22.08 181 187 $ 15.35 At September 27, 2015, the number of RSUs vested and expected to vest was 187 with an aggregate intrinsic value of $5,513. The aggregate intrinsic value of the 181 vested RSUs at September 27, 2015 was $5,312. Summary The total cost charged against income related to all stock-based compensation arrangements is as follows: For the Three Months Ended September 2 7 , 201 5 September 28, 2014 Stock options $ 475 $ 464 RSUs 20 62 Total compensation cost $ 495 $ 526 The total income tax benefit recognized for stock-based compensation was $93 and $101 for the quarters ended September 27, 2015 and September 28, 2014, respectively. As of September 27, 2015, total unrecognized compensation costs related to all unvested stock-based compensation arrangements was $2,438. The weighted average period over which these costs are expected to be recognized is 2.4 years. As of September 27, 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 (237 ) Less: RSUs granted to non-employee directors (42 ) Available for issuance under the 2013 Plan 722 |
Note 16 - Fair Value of Financi
Note 16 - Fair Value of Financial Instruments and Non-financial Assets and Liabilities | 3 Months Ended |
Sep. 27, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 16. Fair Value of Financial Instruments and Non-Financial Assets and Liabilities 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 (income) expense, net resulting from the underlying exposures of the foreign currency denominated assets and liabilities. As of September 27, 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 17. 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. 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 that 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 (income) 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 28, 2015 $ 2,207 Changes in fair value 32 Payments (457 ) Contingent consideration as of September 27, 2015 $ 1,782 Based on the present value of the expected future payments, $563 is reflected in accrued expenses and $1,219 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 September 27, 2015 Notional Amount USD Equivalent Balance Sheet Location Fair Value Hierarchy Fair Value Interest rate swap USD $ 50,000 $ 50,000 Other long-term liabilities Level 2 $ (396 ) Contingent consideration — — Accrued expenses and other long-term liabilities Level 3 $ (1,782 ) As of June 28, 2015 Notional Amount USD Equivalent Balance Sheet Location Fair Value Hierarchy Fair Value 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 ) Estimates for the fair value of the interest rate swap are obtained from month-end market quotes for contracts with similar terms. 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 three months ended September 27, 2015 and September 28, 2014. Non-Financial Assets and Liabilities The Company did not have any non-financial assets or liabilities that were required to be measured at fair value on a recurring basis. |
Note 17 - Accumulated Other Com
Note 17 - Accumulated Other Comprehensive Loss | 3 Months Ended |
Sep. 27, 2015 | |
Disclosure Text Block [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | 17. Accumulated Other Comprehensive Loss The components and the changes in accumulated other comprehensive loss, net of tax, as applicable, consist of the following: Foreign Currency Translation Adjustments Unrealized (Loss) Gain On Interest Rate Swap Accumulated Other Comprehensive Loss Balance at June 28, 2015 $ (26,752 ) $ (147 ) $ (26,899 ) Other comprehensive (loss) income, net of tax (11,437 ) 19 (11,418 ) Balance at September 27, 2015 $ (38,189 ) $ (128 ) $ (38,317 ) A summary of the pre-tax and after-tax effects of the components of other comprehensive loss for the three months ended September 27, 2015 and September 28, 2014 is provided as follows: For the Three Months Ended September 27, 2015 Pre-tax After-tax Other comprehensive (loss) income: Foreign currency translation adjustments $ (11,038 ) $ (11,038 ) Foreign currency translation adjustments for an unconsolidated affiliate (399 ) (399 ) Reclassification adjustment on interest rate swap 19 19 Other comprehensive loss, net $ (11,418 ) $ (11,418 ) For the Three Months Ended September 28, 2014 Pre-tax After-tax Other comprehensive (loss) income: Foreign currency translation adjustments $ (7,041 ) $ (7,041 ) Reclassification adjustment on interest rate swap 104 104 Other comprehensive loss, net $ (6,937 ) $ (6,937 ) |
Note 18 - Computation of Earnin
Note 18 - Computation of Earnings Per Share | 3 Months Ended |
Sep. 27, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 18. Computation of Earnings Per Share The computation of basic and diluted earnings per share (“EPS”) is as follows: For the Three Months Ended September 27, 2015 September 28, 2014 Basic EPS Net income attributable to Unifi, Inc. $ 8,025 $ 7,077 Weighted average common shares outstanding 17,921 18,289 Basic EPS $ 0.45 $ 0.39 Diluted EPS Net income attributable to Unifi, Inc. $ 8,025 $ 7,077 Weighted average common shares outstanding 17,921 18,289 Net potential common share equivalents – stock options and RSUs 629 601 Adjusted weighted average common shares outstanding 18,550 18,890 Diluted EPS $ 0.43 $ 0.37 Excluded from the calculation of common share equivalents: Anti-dilutive common share equivalents 155 177 Excluded from the calculation of diluted shares: Unvested options that vest upon achievement of certain market conditions — 13 The calculation of earnings per common share is based on the weighted average number of the Company’s common shares outstanding for the applicable period. The calculation of diluted earnings per common share presents the effect of all potential dilutive common shares that were outstanding during the respective period, unless the effect of doing so is anti-dilutive. |
Note 19 - Other Operating Expen
Note 19 - Other Operating Expense, Net | 3 Months Ended |
Sep. 27, 2015 | |
Disclosure Text Block [Abstract] | |
Other Operating Income and Expense [Text Block] | 19. Other Operating (Income) Expense, Net Other operating (income) expense, net consists of the following: For the Three Months Ended September 27, 2015 September 28, 2014 Foreign currency transaction (gains) losses $ (90 ) $ 313 Net (gain) loss on sale or disposal of assets (64 ) 141 Other, net 8 146 Other operating (income) expense, net $ (146 ) $ 600 |
Note 20 - Investments in Uncons
Note 20 - Investments in Unconsolidated Affiliates and Variable Interest Entities | 3 Months Ended |
Sep. 27, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 20. 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 Annual Report on 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 the 2015 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 September 2015, PAL had no futures contracts designated as cash flow hedges. As of September 27, 2015, the Company’s investment in PAL was $110,538 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 September 27, 2015 $ 128,859 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 (230 ) Investment as of September 27, 2015 $ 110,538 On August 28, 2014, PAL acquired the remaining 50% ownership interest in a yarn manufacturer and related entities based in Mexico (referred to as the Summit Entities). 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. Upon completion of purchase accounting, PAL recognized a bargain purchase gain of $4,430 and recorded acquired net assets of $23,644, as reflected in PAL’s audited financial statements for PAL’s fiscal year ended January 3, 2015. 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 that 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 September 27, 2015, the Company’s open purchase orders related to this agreement were $1,868. The Company’s raw material purchases under this supply agreement consist of the following: For the Three Months Ended S eptember 2 7, 201 5 S eptember 2 8 , 2014 UNF $ 1,021 $ 788 UNF America 7,142 6,768 Total $ 8,163 $ 7,556 As of September 27, 2015 and June 28, 2015, the Company had combined accounts payable due to UNF and UNF America of $3,193 and $4,038, 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 (when excluding reciprocal balances), 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 September 27, 2015, the Company’s combined investments in UNF and UNF America were $3,910 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 (including reciprocal balances) is presented in the following tables. As PAL is defined as significant, its information is separately disclosed. As of September 27, 2015 PAL Other Total Current assets $ 234,290 $ 13,250 $ 247,540 Noncurrent assets 219,738 1,139 220,877 Current liabilities 56,291 4,567 60,858 Noncurrent liabilities 18,739 — 18,739 Shareholders’ equity and capital accounts 378,998 9,822 388,820 The Company’s portion of undistributed earnings 41,138 1,574 42,712 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 For the Three Months Ended September 27, 2015 PAL Other Total Net sales $ 224,065 $ 9,349 $ 233,414 Gross profit 7,387 2,330 9,717 Income from operations 3,561 1,849 5,410 Net income 5,729 1,858 7,587 Depreciation and amortization 9,694 37 9,731 Cash received by PAL under EAP program 3,184 — 3,184 Earnings recognized by PAL for EAP program 4,354 — 4,354 Distributions received 947 1,000 1,947 As of the end of PAL’s fiscal September 2015 period, PAL’s amount of deferred revenues related to the EAP program was $0. For the Three Months Ended September 28, 2014 PAL Other Total Net sales $ 206,236 $ 7,360 $ 213,596 Gross profit 10,969 655 11,624 Income from operations 6,814 293 7,107 Net income 9,964 339 10,303 Depreciation and amortization 7,208 25 7,233 Cash received by PAL under EAP program 4,301 — 4,301 Earnings recognized by PAL for EAP program 4,901 — 4,901 Distributions received — — — As of the end of PAL’s fiscal September 2014 period, PAL’s amount of deferred revenues related to the EAP program was $0. |
Note 21 - Commitments and Conti
Note 21 - Commitments and Contingencies | 3 Months Ended |
Sep. 27, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 2 1 . 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 for use in growing giant miscanthus. Currently, the Company does not sub-lease any of its leased property. Other Commitments The Company has assumed various financial obligations and commitments in the normal course of its operations and financing activities. Financial obligations are considered to represent known future cash payments that the Company is required to make under existing contractual arrangements. During the current quarter, the Company entered into certain agreements to purchase assets in connection with the construction of a plastic bottle processing plant for the Polyester Segment. Unpaid amounts relating to these agreements total approximately $12,670, and relate to equipment not yet received by the Company. |
Note 22 - Related Party Transac
Note 22 - Related Party Transactions | 3 Months Ended |
Sep. 27, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 22. Related Party Transactions For details regarding the nature of certain related party relationships, see “Note 25. Related Party Transactions” included in the 2015 Form 10-K. There were no new related party transactions during the three months ended September 27, 2015. Related party receivables consist of the following: September 27, 2015 June 28, 2015 Cupron, Inc. $ 26 $ 72 Salem Global Logistics, Inc. 15 3 Total related party receivables (included within receivables, net) $ 41 $ 75 Related party payables consist of the following: September 27, 2015 June 28, 2015 Cupron, Inc. $ 574 $ 506 Salem Leasing Corporation 263 277 Total related party payables (included within accounts payable) $ 837 $ 783 Related party transactions consist of the following: For the Three Months Ended Affiliated Entity Transaction Type September 27, 2015 September 28, 2014 Salem Leasing Corporation Transportation equipment costs $ 945 $ 950 Salem Global Logistics, Inc. Freight service income 62 69 Cupron, Inc. Sales 105 341 Invemed Associates LLC Brokerage services 4 2 Through April 24, 2015, Mr. Mitchel Weinberger was a member of the Company’s Board and President and Chief Operating Officer of Dillon. Related party transaction amounts disclosed in prior periods are omitted from current disclosures as entities affiliated with Mr. Weinberger no longer constitute related parties of the Company. |
Note 23 - Business Segment Info
Note 23 - Business Segment Information | 3 Months Ended |
Sep. 27, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 23 . 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 that 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 bio-fuel through service agreements and (ii) delivering harvested miscanthus grass to poultry producers for animal bedding. For-hire transportation services 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 are excluded from reportable segments. The Company evaluates the operating performance of its segments based upon Segment Profit, which represents segment gross profit plus segment depreciation expense. This measurement of segment profit or loss best aligns segment reporting with the current assessments and evaluations performed by, and information provided to, the chief operating decision maker. In fiscal year 2015, the Company evaluated the operating performance of its segments based upon a different metric, referred to as Segment Adjusted Profit, which was defined as segment gross profit, plus segment depreciation and amortization, less segment SG&A expenses, plus segment other adjustments. SG&A expenses and other adjustments are no longer significant to the segment evaluations performed by the chief operating decision maker. The Company is providing current and comparative selected financial information below under the current method of evaluating segment profitability. The accounting policies for the segments are consistent with the Company’s accounting policies. Intersegment sales are omitted from the below financial information, as they are (i) insignificant to the Company’s segments and consolidated operations and (ii) excluded from segment evaluations performed by the chief operating decision maker. Selected financial information is presented below. As described in note 2, certain amounts previously reported, which comprise operating income for the three months ended September 28, 2014, have been revised to reflect reclassification into the All Other category. For the Three Months Ended September 27, 2015 Polyester Nylon International All Other Total Net sales $ 90,568 $ 40,676 $ 29,371 $ 1,550 $ 162,165 Cost of sales 81,279 34,494 23,780 1,628 141,181 Gross profit (loss) 9,289 6,182 5,591 (78 ) 20,984 Segment depreciation expense 2,811 518 221 152 3,702 Segment Profit $ 12,100 $ 6,700 $ 5,812 $ 74 $ 24,686 For the Three Months Ended September 28, 2014 Polyester Nylon International All Other Total Net sales $ 92,978 $ 44,710 $ 36,494 $ 1,379 $ 175,561 Cost of sales 82,702 39,561 31,181 1,667 155,111 Gross profit (loss) 10,276 5,149 5,313 (288 ) 20,450 Segment depreciation expense 2,414 462 727 110 3,713 Segment Profit (Loss) $ 12,690 $ 5,611 $ 6,040 $ (178 ) $ 24,163 The reconciliations of segment depreciation expense to consolidated depreciation expense are as follows: For the Three Months Ended September 27, 2015 September 28, 2014 Polyester $ 2,811 $ 2,414 Nylon 518 462 International 221 727 All Other category 152 110 Segment depreciation expense 3,702 3,713 Other depreciation expense 149 149 Consolidated depreciation expense $ 3,851 $ 3,862 The reconciliations of segment gross profit (loss) to consolidated income before income taxes are as follows: For the Three Months Ended September 27, 2015 September 28, 2014 Polyester $ 9,289 $ 10,276 Nylon 6,182 5,149 International 5,591 5,313 All Other category (78 ) (288 ) Segment gross profit 20,984 20,450 SG&A expenses 10,830 11,649 Provision for bad debts 613 584 Other operating (income) expense, net (146 ) 600 Operating income 9,687 7,617 Interest income (163 ) (317 ) Interest expense 984 819 Equity in earnings of unconsolidated affiliates (2,860 ) (3,721 ) Income before income taxes $ 11,726 $ 10,836 The reconciliations of segment capital expenditures to consolidated capital expenditures are as follows: For the Three Months Ended September 27, 2015 September 28, 2014 Polyester $ 13,973 $ 6,602 Nylon 563 194 International 512 506 All Other category 513 — Segment capital expenditures 15,561 7,302 Other capital expenditures 314 81 Capital expenditures $ 15,875 $ 7,383 The reconciliations of segment total assets to consolidated total assets are as follows: September 27, 2015 June 28, 2015 Polyester $ 219,680 $ 203,574 Nylon 75,138 71,332 International 53,238 63,031 Segment total assets 348,056 337,937 Other current assets 3,920 5,844 Other PP&E 16,164 13,544 Other non-current assets 4,709 5,146 Investments in unconsolidated affiliates 114,448 113,901 Total assets $ 487,297 $ 476,372 Geographic Data: Geographic information for net sales based on the operating locations from where the items were produced or distributed, is as follows: For the Three Months Ended September 27, 2015 September 28, 2014 U.S. $ 120,324 $ 128,382 Brazil 19,904 30,007 Remaining Foreign 21,937 17,172 Total $ 162,165 $ 175,561 Export sales from the Company’s U.S. operations to external customers $ 28,874 $ 27,173 Geographic information for long-lived assets is as follows: September 27, 2015 June 28, 2015 U.S. $ 257,235 $ 242,042 Brazil 6,420 8,207 Remaining Foreign 9,085 9,237 Total $ 272,740 $ 259,486 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: September 27, 2015 June 28, 2015 U.S. $ 409,297 $ 388,766 Brazil 40,444 50,300 Remaining Foreign 37,556 37,306 Total $ 487,297 $ 476,372 |
Note 24 - Supplemental Cash Flo
Note 24 - Supplemental Cash Flow Information | 3 Months Ended |
Sep. 27, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow, Supplemental Disclosures [Text Block] | 24. Supplemental Cash Flow Information Cash payments for interest and taxes consist of the following: For the Three Months Ended September 27, 2015 September 28, 2014 Interest, net of capitalized interest $ 762 $ 870 Income taxes, net of refunds 1,250 3,508 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 September 27, 2015 and June 28, 2015, $895 and $1,726, respectively, were included in accounts payable for unpaid capital expenditures. As of September 28, 2014 and June 29, 2014, $1,395 and $5,023, respectively, were included in accounts payable for unpaid capital expenditures. During August 2015, the Company utilized $1,390 of funds held by a qualified intermediary to purchase certain land and building assets. During the three months ended September 27, 2015, the Company entered into capital leases with an aggregate present value of $4,154. During the three months ended September 27, 2015, Renewables acquired certain land valued at $191 utilizing a promissory note for $135 and cash. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Sep. 27, 2015 | |
Accounting Policies [Abstract] | |
Fiscal Period, Policy [Policy Text Block] | Fiscal Year The Company’s current fiscal quarter ended on September 27, 2015, the last Sunday in September. The Company’s Brazilian and Colombian subsidiaries’ fiscal quarter ended on September 30, 2015. There were no significant transactions or events that occurred between the Company’s fiscal quarter end and its subsidiaries’ fiscal quarter end. The three months ended September 27, 2015 and September 28, 2014 each consisted of thirteen fiscal weeks. |
Reclassification, Policy [Policy Text Block] | Reclassifications Certain reclassifications of prior years’ data have been made to conform to the current year presentation. Net sales, cost of sales and other operating (income) expense, net for the three months ended September 28, 2014 have been revised herein, where applicable, to correspond to the presentation for the three months ended September 27, 2015, consistent with note 27 in the 2015 Form 10-K. |
Note 4 - Receivables, Net (Tabl
Note 4 - Receivables, Net (Tables) | 3 Months Ended |
Sep. 27, 2015 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | September 2 7 , 201 5 June 28 , 201 5 Customer receivables $ 87,285 $ 85,731 Allowance for uncollectible accounts (1,932 ) (1,596 ) Reserves for yarn quality claims (732 ) (581 ) Net customer receivables 84,621 83,554 Related party receivables 41 75 Other receivables 298 234 Total receivables, net $ 84,960 $ 83,863 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Allowance for Uncollectible Accounts Reserves for Yarn Quality Claims Balance at June 28, 2015 $ (1,596 ) $ (581 ) Charged to costs and expenses (613 ) (503 ) Charged to other accounts 175 30 Deductions 102 322 Balance at September 27, 2015 $ (1,932 ) $ (732 ) |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 3 Months Ended |
Sep. 27, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | September 2 7 , 201 5 June 28 , 201 5 Raw materials $ 42,345 $ 42,526 Supplies 4,850 5,404 Work in process 8,118 7,546 Finished goods 58,126 56,844 Gross inventories 113,439 112,320 Inventory reserves (661 ) (705 ) Total inventories $ 112,778 $ 111,615 |
Note 6 - Other Current Assets (
Note 6 - Other Current Assets (Tables) | 3 Months Ended |
Sep. 27, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Other Current Assets [Table Text Block] | September 2 7 , 201 5 June 28 , 201 5 Prepaid expenses $ 1,931 $ 1,647 Vendor deposits 1,040 1,743 Funds held by qualified intermediary — 1,390 Value added taxes receivable 613 1,220 Other 13 22 Total other current assets $ 3,597 $ 6,022 |
Note 7 - Property, Plant and 36
Note 7 - Property, Plant and Equipment, Net (Tables) | 3 Months Ended |
Sep. 27, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | September 2 7 , 201 5 June 28 , 201 5 Land $ 3,048 $ 2,413 Land improvements 11,687 11,709 Buildings and improvements 141,680 141,259 Assets under capital leases 21,525 17,371 Machinery and equipment 525,280 531,225 Computers, software and office equipment 16,578 16,782 Transportation equipment 4,558 4,736 Construction in progress 14,947 6,710 Gross property, plant and equipment 739,303 732,205 Less: accumulated depreciation (588,700 ) (595,094 ) Less: accumulated amortization – capital leases (1,328 ) (889 ) Total property, plant and equipment, net $ 149,275 $ 136,222 |
Schedule of Capital Leased Assets [Table Text Block] | September 2 7 , 2015 June 28, 2015 Machinery and equipment $ 14,745 $ 12,804 Transportation equipment 5,927 3,714 Building improvements 853 853 Gross assets under capital leases $ 21,525 $ 17,371 |
Internal Software Development Costs [Table Text Block] | September 2 7 , 2015 June 28, 2015 Internal software development costs $ 2,499 $ 2,473 Accumulated amortization (2,259 ) (2,221 ) Net internal software development costs $ 240 $ 252 |
Other Property, Plant and Equipment Costs and Expenses [Table Text Block] | For the Three Months Ended September 2 7 , 201 5 September 2 8 , 201 4 Depreciation expense $ 3,804 $ 3,828 Internal software development costs amortization 38 34 Repair and maintenance expenses 4,496 4,658 Capitalized interest 76 47 |
Note 8 - Intangible Assets, N37
Note 8 - Intangible Assets, Net (Tables) | 3 Months Ended |
Sep. 27, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | September 2 7 , 201 5 June 28 , 201 5 Customer lists $ 23,615 $ 23,615 Non-compete agreements 4,293 4,293 Licenses, trademarks and other 844 837 Total intangible assets, gross 28,752 28,745 Accumulated amortization - customer lists (19,740 ) (19,432 ) Accumulated amortization - non-compete agreements (3,618 ) (3,537 ) Accumulated amortization – licenses, trademarks and other (431 ) (388 ) Total accumulated amortization (23,789 ) (23,357 ) Total intangible assets, net $ 4,963 $ 5,388 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | For the Three Months Ended September 27, 2015 September 28, 2014 Customer lists $ 308 $ 399 Non-compete agreements 81 80 Licenses, trademarks and other 43 39 Total amortization expense $ 432 $ 518 |
Note 9 - Other Non-current As38
Note 9 - Other Non-current Assets (Tables) | 3 Months Ended |
Sep. 27, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Other Assets, Noncurrent [Table Text Block] | September 2 7 , 201 5 June 28 , 201 5 Biomass foundation and feedstock, net $ 2,318 $ 2,151 Debt financing fees 1,525 1,611 Other 211 213 Total other non-current assets $ 4,054 $ 3,975 |
Note 10 - Accrued Expenses (Tab
Note 10 - Accrued Expenses (Tables) | 3 Months Ended |
Sep. 27, 2015 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | September 27 , 201 5 June 28 , 201 5 Payroll and fringe benefits $ 8,090 $ 11,258 Utilities 2,906 2,823 Property taxes 1,170 790 Contingent consideration 563 634 Other 919 1,135 Total accrued expenses $ 13,648 $ 16,640 |
Note 11 - Long-term Debt (Table
Note 11 - Long-term Debt (Tables) | 3 Months Ended |
Sep. 27, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Weighted Average Principal Amounts as of Scheduled Maturity Date Interest Rate as of September 2 7 , 201 5 (1) September 2 7 , 201 5 June 2 8 , 201 5 ABL Revolver March 2020 1.7% $ 28,000 $ 5,000 ABL Term Loan March 2020 2.2% 79,875 82,125 Renewables’ promissory note September 2020 3.0% 135 — Term loan from unconsolidated affiliate August 2016 3.0% 1,250 1,250 Capital lease obligations (2) (3) 18,965 15,735 Total debt 128,225 104,110 Current portion of capital lease obligations (4,240 ) (3,385 ) Current portion of long-term debt (10,275 ) (9,000 ) Total long-term debt $ 113,710 $ 91,725 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Scheduled Maturities on a Fiscal Year Basis 2016 201 7 201 8 20 19 202 0 Thereafter ABL Revolver $ — $ — $ — $ — $ 28,000 $ — ABL Term Loan 6,750 9,000 9,000 9,000 46,125 — Renewables’ promissory note — 25 26 27 28 29 Capital lease obligations 3,167 4,261 4,128 4,058 2,542 809 Term loan from unconsolidated affiliate — 1,250 — — — — Total $ 9,917 $ 14,536 $ 13,154 $ 13,085 $ 76,695 $ 838 |
Deferred Financing Costs, Capitalized, Non-current Disclosure [Table Text Block] | Balance at June 28, 2015 $ 1,611 Additions 14 Amortization charged to interest expense (100 ) Balance at September 27, 2015 $ 1,525 |
Interest Income and Interest Expense Disclosure [Table Text Block] | For the Three Months Ended September 27, 2015 September 28, 2014 Interest on ABL Facility $ 613 $ 860 Other 212 48 Subtotal of interest on debt obligations 825 908 Reclassification adjustment for interest rate swap 19 104 Amortization of debt financing fees 100 112 Mark-to-market adjustment for interest rate swap 116 (258 ) Interest capitalized to property, plant and equipment, net (76 ) (47 ) Subtotal of other components of interest expense 159 (89 ) Total interest expense $ 984 $ 819 |
Note 12 - Other Long-term Lia41
Note 12 - Other Long-term Liabilities (Tables) | 3 Months Ended |
Sep. 27, 2015 | |
Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract] | |
Other Noncurrent Liabilities [Table Text Block] | September 27, 2015 June 28 , 201 5 Uncertain tax positions $ 4,052 $ 3,980 Supplemental post-employment plan 3,479 3,690 Contingent consideration 1,219 1,573 Interest rate swap 396 280 Other 1,297 1,217 Total other long-term liabilities $ 10,443 $ 10,740 |
Note 13 - Income Taxes (Tables)
Note 13 - Income Taxes (Tables) | 3 Months Ended |
Sep. 27, 2015 | |
Income Tax Disclosure [Abstract] | |
Summary of Valuation Allowance [Table Text Block] | September 27, 2015 June 28, 2015 Investment in a former domestic unconsolidated affiliate $ (6,400 ) $ (6,503 ) Equity-method investment in Parkdale America, LLC (3,009 ) (3,261 ) Foreign tax credits (1,680 ) (1,680 ) Book versus tax basis difference in Renewables (1,300 ) (1,359 ) NOLs related to Renewables (2,963 ) (2,803 ) Total deferred tax valuation allowance $ (15,352 ) $ (15,606 ) |
Note 14 - Shareholders' Equity
Note 14 - Shareholders' Equity (Tables) | 3 Months Ended |
Sep. 27, 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 Fiscal year 2016 (through September 27, 2015) 179 $ 30.36 Total 3,120 $ 22.96 $ 28,376 |
Note 15 - Stock-based Compens44
Note 15 - Stock-based Compensation (Tables) | 3 Months Ended |
Sep. 27, 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 Three Months Ended September 2 7 , 201 5 September 28, 2014 Expected term (years) 7.6 7.3 Risk-free interest rate 2.1 % 2.2 % Volatility 60.5 % 62.6 % 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 28, 2015 934 $ 12.63 Granted 82 $ 32.36 Exercised (5 ) $ 12.02 Forfeited — $ — Expired — $ — Outstanding at September 27, 2015 1,011 $ 14.24 5.7 $ 15,547 Vested and expected to vest as of September 27, 2015 1,003 $ 14.13 5.7 $ 15,534 Exercisable at September 27, 2015 796 $ 10.38 4.8 $ 15,124 |
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 28, 2015 20 $ 18.35 167 187 $ 15.35 Granted — $ — — — $ — Vested (14 ) $ 16.52 14 — $ 16.52 Converted — $ — — — $ — Forfeited — $ — — — $ — Outstanding at September 27, 2015 6 $ 22.08 181 187 $ 15.35 |
Schedule of Employee Service Share-based Compensation, Recognized Period Costs [Table Text Block] | For the Three Months Ended September 2 7 , 201 5 September 28, 2014 Stock options $ 475 $ 464 RSUs 20 62 Total compensation cost $ 495 $ 526 |
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 (237 ) Less: RSUs granted to non-employee directors (42 ) Available for issuance under the 2013 Plan 722 |
Note 16 - Fair Value of Finan45
Note 16 - Fair Value of Financial Instruments and Non-financial Assets and Liabilities (Tables) | 3 Months Ended |
Sep. 27, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | Contingent consideration as of June 28, 2015 $ 2,207 Changes in fair value 32 Payments (457 ) Contingent consideration as of September 27, 2015 $ 1,782 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | As of September 27, 2015 Notional Amount USD Equivalent Balance Sheet Location Fair Value Hierarchy Fair Value Interest rate swap USD $ 50,000 $ 50,000 Other long-term liabilities Level 2 $ (396 ) Contingent consideration — — Accrued expenses and other long-term liabilities Level 3 $ (1,782 ) As of June 28, 2015 Notional Amount USD Equivalent Balance Sheet Location Fair Value Hierarchy Fair Value 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 ) |
Note 17 - Accumulated Other C46
Note 17 - Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Sep. 27, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Foreign Currency Translation Adjustments Unrealized (Loss) Gain On Interest Rate Swap Accumulated Other Comprehensive Loss Balance at June 28, 2015 $ (26,752 ) $ (147 ) $ (26,899 ) Other comprehensive (loss) income, net of tax (11,437 ) 19 (11,418 ) Balance at September 27, 2015 $ (38,189 ) $ (128 ) $ (38,317 ) |
Comprehensive Income (Loss) [Table Text Block] | For the Three Months Ended September 27, 2015 Pre-tax After-tax Other comprehensive (loss) income: Foreign currency translation adjustments $ (11,038 ) $ (11,038 ) Foreign currency translation adjustments for an unconsolidated affiliate (399 ) (399 ) Reclassification adjustment on interest rate swap 19 19 Other comprehensive loss, net $ (11,418 ) $ (11,418 ) For the Three Months Ended September 28, 2014 Pre-tax After-tax Other comprehensive (loss) income: Foreign currency translation adjustments $ (7,041 ) $ (7,041 ) Reclassification adjustment on interest rate swap 104 104 Other comprehensive loss, net $ (6,937 ) $ (6,937 ) |
Note 18 - Computation of Earn47
Note 18 - Computation of Earnings Per Share (Tables) | 3 Months Ended |
Sep. 27, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Three Months Ended September 27, 2015 September 28, 2014 Basic EPS Net income attributable to Unifi, Inc. $ 8,025 $ 7,077 Weighted average common shares outstanding 17,921 18,289 Basic EPS $ 0.45 $ 0.39 Diluted EPS Net income attributable to Unifi, Inc. $ 8,025 $ 7,077 Weighted average common shares outstanding 17,921 18,289 Net potential common share equivalents – stock options and RSUs 629 601 Adjusted weighted average common shares outstanding 18,550 18,890 Diluted EPS $ 0.43 $ 0.37 Excluded from the calculation of common share equivalents: Anti-dilutive common share equivalents 155 177 Excluded from the calculation of diluted shares: Unvested options that vest upon achievement of certain market conditions — 13 |
Note 19 - Other Operating Exp48
Note 19 - Other Operating Expense, Net (Tables) | 3 Months Ended |
Sep. 27, 2015 | |
Disclosure Text Block [Abstract] | |
Schedule of Other Operating Expense or Income by Component [Table Text Block] | For the Three Months Ended September 27, 2015 September 28, 2014 Foreign currency transaction (gains) losses $ (90 ) $ 313 Net (gain) loss on sale or disposal of assets (64 ) 141 Other, net 8 146 Other operating (income) expense, net $ (146 ) $ 600 |
Note 20 - Investments in Unco49
Note 20 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Tables) | 3 Months Ended |
Sep. 27, 2015 | |
Note 20 - 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 September 27, 2015 $ 128,859 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 (230 ) Investment as of September 27, 2015 $ 110,538 |
Schedule of Unconsolidated Affiliate Transactions [Table Text Block] | For the Three Months Ended S eptember 2 7, 201 5 S eptember 2 8 , 2014 UNF $ 1,021 $ 788 UNF America 7,142 6,768 Total $ 8,163 $ 7,556 |
Balance Sheet Information [Member] | |
Note 20 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Tables) [Line Items] | |
Equity Method Investments [Table Text Block] | As of September 27, 2015 PAL Other Total Current assets $ 234,290 $ 13,250 $ 247,540 Noncurrent assets 219,738 1,139 220,877 Current liabilities 56,291 4,567 60,858 Noncurrent liabilities 18,739 — 18,739 Shareholders’ equity and capital accounts 378,998 9,822 388,820 The Company’s portion of undistributed earnings 41,138 1,574 42,712 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 |
Income Statement Information [Member] | |
Note 20 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Tables) [Line Items] | |
Equity Method Investments [Table Text Block] | For the Three Months Ended September 27, 2015 PAL Other Total Net sales $ 224,065 $ 9,349 $ 233,414 Gross profit 7,387 2,330 9,717 Income from operations 3,561 1,849 5,410 Net income 5,729 1,858 7,587 Depreciation and amortization 9,694 37 9,731 Cash received by PAL under EAP program 3,184 — 3,184 Earnings recognized by PAL for EAP program 4,354 — 4,354 Distributions received 947 1,000 1,947 For the Three Months Ended September 28, 2014 PAL Other Total Net sales $ 206,236 $ 7,360 $ 213,596 Gross profit 10,969 655 11,624 Income from operations 6,814 293 7,107 Net income 9,964 339 10,303 Depreciation and amortization 7,208 25 7,233 Cash received by PAL under EAP program 4,301 — 4,301 Earnings recognized by PAL for EAP program 4,901 — 4,901 Distributions received — — — |
Note 22 - Related Party Trans50
Note 22 - Related Party Transactions (Tables) | 3 Months Ended |
Sep. 27, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Receivables and Payables [Table Text Block] | September 27, 2015 June 28, 2015 Cupron, Inc. $ 26 $ 72 Salem Global Logistics, Inc. 15 3 Total related party receivables (included within receivables, net) $ 41 $ 75 September 27, 2015 June 28, 2015 Cupron, Inc. $ 574 $ 506 Salem Leasing Corporation 263 277 Total related party payables (included within accounts payable) $ 837 $ 783 |
Schedule of Related Party Transactions [Table Text Block] | For the Three Months Ended Affiliated Entity Transaction Type September 27, 2015 September 28, 2014 Salem Leasing Corporation Transportation equipment costs $ 945 $ 950 Salem Global Logistics, Inc. Freight service income 62 69 Cupron, Inc. Sales 105 341 Invemed Associates LLC Brokerage services 4 2 |
Note 23 - Business Segment In51
Note 23 - Business Segment Information (Tables) | 3 Months Ended |
Sep. 27, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | For the Three Months Ended September 27, 2015 Polyester Nylon International All Other Total Net sales $ 90,568 $ 40,676 $ 29,371 $ 1,550 $ 162,165 Cost of sales 81,279 34,494 23,780 1,628 141,181 Gross profit (loss) 9,289 6,182 5,591 (78 ) 20,984 Segment depreciation expense 2,811 518 221 152 3,702 Segment Profit $ 12,100 $ 6,700 $ 5,812 $ 74 $ 24,686 For the Three Months Ended September 28, 2014 Polyester Nylon International All Other Total Net sales $ 92,978 $ 44,710 $ 36,494 $ 1,379 $ 175,561 Cost of sales 82,702 39,561 31,181 1,667 155,111 Gross profit (loss) 10,276 5,149 5,313 (288 ) 20,450 Segment depreciation expense 2,414 462 727 110 3,713 Segment Profit (Loss) $ 12,690 $ 5,611 $ 6,040 $ (178 ) $ 24,163 |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block] | For the Three Months Ended September 27, 2015 September 28, 2014 Polyester $ 2,811 $ 2,414 Nylon 518 462 International 221 727 All Other category 152 110 Segment depreciation expense 3,702 3,713 Other depreciation expense 149 149 Consolidated depreciation expense $ 3,851 $ 3,862 For the Three Months Ended September 27, 2015 September 28, 2014 Polyester $ 13,973 $ 6,602 Nylon 563 194 International 512 506 All Other category 513 — Segment capital expenditures 15,561 7,302 Other capital expenditures 314 81 Capital expenditures $ 15,875 $ 7,383 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | For the Three Months Ended September 27, 2015 September 28, 2014 Polyester $ 9,289 $ 10,276 Nylon 6,182 5,149 International 5,591 5,313 All Other category (78 ) (288 ) Segment gross profit 20,984 20,450 SG&A expenses 10,830 11,649 Provision for bad debts 613 584 Other operating (income) expense, net (146 ) 600 Operating income 9,687 7,617 Interest income (163 ) (317 ) Interest expense 984 819 Equity in earnings of unconsolidated affiliates (2,860 ) (3,721 ) Income before income taxes $ 11,726 $ 10,836 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | September 27, 2015 June 28, 2015 Polyester $ 219,680 $ 203,574 Nylon 75,138 71,332 International 53,238 63,031 Segment total assets 348,056 337,937 Other current assets 3,920 5,844 Other PP&E 16,164 13,544 Other non-current assets 4,709 5,146 Investments in unconsolidated affiliates 114,448 113,901 Total assets $ 487,297 $ 476,372 |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | For the Three Months Ended September 27, 2015 September 28, 2014 U.S. $ 120,324 $ 128,382 Brazil 19,904 30,007 Remaining Foreign 21,937 17,172 Total $ 162,165 $ 175,561 Export sales from the Company’s U.S. operations to external customers $ 28,874 $ 27,173 |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | September 27, 2015 June 28, 2015 U.S. $ 257,235 $ 242,042 Brazil 6,420 8,207 Remaining Foreign 9,085 9,237 Total $ 272,740 $ 259,486 |
Schedule Of Entity Wide Disclosure On Geographic Areas Total Assets In Individual Foreign Countries By Country [Table Text Block] | September 27, 2015 June 28, 2015 U.S. $ 409,297 $ 388,766 Brazil 40,444 50,300 Remaining Foreign 37,556 37,306 Total $ 487,297 $ 476,372 |
Note 24 - Supplemental Cash F52
Note 24 - Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Sep. 27, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | For the Three Months Ended September 27, 2015 September 28, 2014 Interest, net of capitalized interest $ 762 $ 870 Income taxes, net of refunds 1,250 3,508 |
Note 1 - Background (Details)
Note 1 - Background (Details) | Sep. 27, 2015 |
Disclosure Text Block [Abstract] | |
Number of Manufacturing Operations | 10 |
Number of Countries in which Entity Operates | 4 |
Note 4 - Receivables, Net (Deta
Note 4 - Receivables, Net (Details) - Receivables - USD ($) $ in Thousands | Sep. 27, 2015 | Jun. 28, 2015 |
Receivables [Abstract] | ||
Customer receivables | $ 87,285 | $ 85,731 |
Allowance for uncollectible accounts | (1,932) | (1,596) |
Reserves for yarn quality claims | (732) | (581) |
Net customer receivables | 84,621 | 83,554 |
Related party receivables | 41 | 75 |
Other receivables | 298 | 234 |
Total receivables, net | $ 84,960 | $ 83,863 |
Note 4 - Receivables, Net (De55
Note 4 - Receivables, Net (Details) - Allowance for Uncollectible Accounts and Reserve for Yarn Quality Claims $ in Thousands | 3 Months Ended |
Sep. 27, 2015USD ($) | |
Allowance for Doubtful Accounts [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Balance at June 28, 2015 | $ (1,596) |
Charged to costs and expenses | (613) |
Charged to other accounts | 175 |
Deductions | 102 |
Balance at September 27, 2015 | (1,932) |
Reserve for Yarn Quality Claims [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Balance at June 28, 2015 | (581) |
Charged to costs and expenses | (503) |
Charged to other accounts | 30 |
Deductions | 322 |
Balance at September 27, 2015 | $ (732) |
Note 5 - Inventories (Details)
Note 5 - Inventories (Details) - USD ($) | Sep. 27, 2015 | Jun. 28, 2015 |
Inventory Disclosure [Abstract] | ||
Foreign Inventory Valued at Average Cost | $ 24,037 | $ 28,548,000 |
Note 5 - Inventories (Details)
Note 5 - Inventories (Details) - Inventories - USD ($) $ in Thousands | Sep. 27, 2015 | Jun. 28, 2015 |
Inventories [Abstract] | ||
Raw materials | $ 42,345 | $ 42,526 |
Supplies | 4,850 | 5,404 |
Work in process | 8,118 | 7,546 |
Finished goods | 58,126 | 56,844 |
Gross inventories | 113,439 | 112,320 |
Inventory reserves | (661) | (705) |
Total inventories | $ 112,778 | $ 111,615 |
Note 6 - Other Current Assets58
Note 6 - 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 6 - Other Current Assets59
Note 6 - Other Current Assets (Details) - Other Current Assets - USD ($) $ in Thousands | Sep. 27, 2015 | Jun. 28, 2015 |
Other Current Assets [Abstract] | ||
Prepaid expenses | $ 1,931 | $ 1,647 |
Vendor deposits | 1,040 | 1,743 |
Funds held by qualified intermediary | 1,390 | |
Value added taxes receivable | 613 | 1,220 |
Other | 13 | 22 |
Total other current assets | $ 3,597 | $ 6,022 |
Note 7 - Property, Plant and 60
Note 7 - Property, Plant and Equipment, Net (Details) $ in Thousands | 3 Months Ended |
Sep. 27, 2015USD ($) | |
Property, Plant and Equipment [Abstract] | |
Number of Capital Leases | 3 |
Capital Lease Obligations Incurred | $ 4,154 |
Note 7 - Property, Plant and 61
Note 7 - Property, Plant and Equipment, Net (Details) - Property, Plant and Equipment, Net - USD ($) $ in Thousands | Sep. 27, 2015 | Jun. 28, 2015 |
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | $ 739,303 | $ 732,205 |
Less: accumulated depreciation | (588,700) | (595,094) |
Less: accumulated amortization – capital leases | (1,328) | (889) |
Total property, plant and equipment, net | 149,275 | 136,222 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 3,048 | 2,413 |
Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 11,687 | 11,709 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 141,680 | 141,259 |
Assets Held under Capital Leases [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 21,525 | 17,371 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 525,280 | 531,225 |
Computer Software And Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 16,578 | 16,782 |
Transportation Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 4,558 | 4,736 |
Asset under Construction [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | $ 14,947 | $ 6,710 |
Note 7 - Property, Plant and 62
Note 7 - Property, Plant and Equipment, Net (Details) - Capital Leased Assets - USD ($) $ in Thousands | Sep. 27, 2015 | Jun. 28, 2015 |
Capital Leased Assets [Line Items] | ||
Gross assets under capital leases | $ 21,525 | $ 17,371 |
Machinery and Equipment [Member] | ||
Capital Leased Assets [Line Items] | ||
Gross assets under capital leases | 14,745 | 12,804 |
Transportation Equipment [Member] | ||
Capital Leased Assets [Line Items] | ||
Gross assets under capital leases | 5,927 | 3,714 |
Building Improvements [Member] | ||
Capital Leased Assets [Line Items] | ||
Gross assets under capital leases | $ 853 | $ 853 |
Note 7 - Property, Plant and 63
Note 7 - Property, Plant and Equipment, Net (Details) - Internal Software Development Costs within PP&E - Software Development [Member] - USD ($) $ in Thousands | Sep. 27, 2015 | Jun. 28, 2015 |
Note 7 - Property, Plant and Equipment, Net (Details) - Internal Software Development Costs within PP&E [Line Items] | ||
Internal software development costs | $ 2,499 | $ 2,473 |
Accumulated amortization | (2,259) | (2,221) |
Net internal software development costs | $ 240 | $ 252 |
Note 7 - Property, Plant and 64
Note 7 - Property, Plant and Equipment, Net (Details) - Other Property, Plant and Equipment Costs and Expenses - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Sep. 27, 2015 | Jun. 28, 2015 | |
Other Property, Plant and Equipment Costs and Expenses [Abstract] | ||
Depreciation expense | $ 3,804 | $ 3,828 |
Internal software development costs amortization | 38 | 34 |
Repair and maintenance expenses | 4,496 | 4,658 |
Capitalized interest | $ 76 | $ 47 |
Note 8 - Intangible Assets, N65
Note 8 - Intangible Assets, Net (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Sep. 27, 2015 | Jun. 24, 2012 | Jun. 24, 2007 | Jun. 28, 2015 | Dec. 02, 2013 | |
Note 8 - Intangible Assets, Net (Details) [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | $ 28,752,000 | $ 28,745,000 | |||
Repreve Renewables, LLC [Member] | |||||
Note 8 - Intangible Assets, Net (Details) [Line Items] | |||||
Majority Interest, Ownership Percentage by Parent | 60.00% | ||||
Repreve Renewables, LLC [Member] | |||||
Note 8 - Intangible Assets, Net (Details) [Line Items] | |||||
Royalties Paid to MSU, Percentage | 25.00% | ||||
Customer Lists [Member] | |||||
Note 8 - Intangible Assets, Net (Details) [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 23,615,000 | 23,615,000 | |||
Customer Lists [Member] | Dillon Texturing Operations [Member] | |||||
Note 8 - Intangible Assets, Net (Details) [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | $ (22,000) | $ 1,615 | |||
Finite-Lived Intangible Asset, Useful Life | 13 years | ||||
Noncompete Agreements [Member] | |||||
Note 8 - Intangible Assets, Net (Details) [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | $ 4,293,000 | $ 4,293,000 | |||
Noncompete Agreements [Member] | Repreve Renewables, LLC [Member] | |||||
Note 8 - Intangible Assets, Net (Details) [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | $ 243 | ||||
Noncompete Agreements [Member] | Repreve Renewables, LLC [Member] | |||||
Note 8 - Intangible Assets, Net (Details) [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||||
Noncompete Agreements [Member] | Dillon Texturing Operations [Member] | |||||
Note 8 - Intangible Assets, Net (Details) [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | $ 4,000 | $ 50 | |||
Licensing Agreements [Member] | Repreve Renewables, LLC [Member] | |||||
Note 8 - Intangible Assets, Net (Details) [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 8 years | ||||
Trademarks [Member] | Maximum [Member] | |||||
Note 8 - Intangible Assets, Net (Details) [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 3 years |
Note 8 - Intangible Assets, N66
Note 8 - Intangible Assets, Net (Details) - Intangible Assets, Net - USD ($) $ in Thousands | Sep. 27, 2015 | Jun. 28, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 28,752 | $ 28,745 |
Intangible assets, accumulated amortization | (23,789) | (23,357) |
Total intangible assets, net | 4,963 | 5,388 |
Customer Lists [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 23,615 | 23,615 |
Intangible assets, accumulated amortization | (19,740) | (19,432) |
Noncompete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 4,293 | 4,293 |
Intangible assets, accumulated amortization | (3,618) | (3,537) |
Licenses, Trademarks and Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 844 | 837 |
Intangible assets, accumulated amortization | $ (431) | $ (388) |
Note 8 - Intangible Assets, N67
Note 8 - Intangible Assets, Net (Details) - Amortization Expense for Intangible Assets - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 27, 2015 | Sep. 28, 2014 | |
Note 8 - Intangible Assets, Net (Details) - Amortization Expense for Intangible Assets [Line Items] | ||
Amortization expense | $ 432 | $ 518 |
Customer Lists [Member] | ||
Note 8 - Intangible Assets, Net (Details) - Amortization Expense for Intangible Assets [Line Items] | ||
Amortization expense | 308 | 399 |
Noncompete Agreements [Member] | ||
Note 8 - Intangible Assets, Net (Details) - Amortization Expense for Intangible Assets [Line Items] | ||
Amortization expense | 81 | 80 |
Licenses, Trademarks and Other [Member] | ||
Note 8 - Intangible Assets, Net (Details) - Amortization Expense for Intangible Assets [Line Items] | ||
Amortization expense | $ 43 | $ 39 |
Note 9 - Other Non-current As68
Note 9 - Other Non-current Assets (Details) - USD ($) $ in Thousands | Sep. 27, 2015 | Jun. 28, 2015 |
Disclosure Text Block Supplement [Abstract] | ||
Accumulated Depreciation, Biomass Foundation and Feedstock | $ 75 | $ 55 |
Note 9 - Other Non-current As69
Note 9 - Other Non-current Assets (Details) - Other Non-current Assets - USD ($) $ in Thousands | Sep. 27, 2015 | Jun. 28, 2015 |
Other Non-current Assets [Abstract] | ||
Biomass foundation and feedstock, net | $ 2,318 | $ 2,151 |
Debt financing fees | 1,525 | 1,611 |
Other | 211 | 213 |
Total other non-current assets | $ 4,054 | $ 3,975 |
Note 10 - Accrued Expenses (Det
Note 10 - Accrued Expenses (Details) - Accrued Expenses - USD ($) $ in Thousands | Sep. 27, 2015 | Jun. 28, 2015 |
Accrued Expenses [Abstract] | ||
Payroll and fringe benefits | $ 8,090 | $ 11,258 |
Utilities | 2,906 | 2,823 |
Property taxes | 1,170 | 790 |
Contingent consideration | 563 | 634 |
Other | 919 | 1,135 |
Total accrued expenses | $ 13,648 | $ 16,640 |
Note 11 - Long-term Debt (Detai
Note 11 - Long-term Debt (Details) $ in Thousands | Sep. 27, 2015USD ($) | Sep. 27, 2015USD ($) | Jun. 28, 2015USD ($) | Oct. 31, 2015USD ($) | Oct. 01, 2015USD ($) | Sep. 18, 2015USD ($)a | Sep. 16, 2015USD ($) | Mar. 26, 2015USD ($) | Aug. 30, 2012USD ($) | May. 24, 2012USD ($) | ||
Note 11 - Long-term Debt (Details) [Line Items] | ||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 128225.00% | 128225.00% | 104110.00% | |||||||||
Annual Interest Rate Added to Federal Funds Rate | 0.50% | 0.50% | ||||||||||
Annual Interest Rate Added to LIBOR Rate | 1.00% | 1.00% | ||||||||||
Consolidated Leverage Ratio | 1.9 | |||||||||||
Capital Lease Obligations Incurred | $ 4,154 | |||||||||||
Subsequent Event [Member] | ||||||||||||
Note 11 - Long-term Debt (Details) [Line Items] | ||||||||||||
ABL Term Loan Reset, Maximum | $ 100,000 | |||||||||||
Standby Letters of Credit [Member] | ||||||||||||
Note 11 - Long-term Debt (Details) [Line Items] | ||||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 235 | 235 | ||||||||||
Interest Rate Swap [Member] | ||||||||||||
Note 11 - Long-term Debt (Details) [Line Items] | ||||||||||||
Derivative, Notional Amount | $ 50,000 | $ 50,000 | ||||||||||
Seven Springs, North Carolina [Member] | ||||||||||||
Note 11 - Long-term Debt (Details) [Line Items] | ||||||||||||
Area of Land | a | 37 | |||||||||||
Value of Land Purchased | $ 191 | |||||||||||
ABL Facility [Member] | ||||||||||||
Note 11 - Long-term Debt (Details) [Line Items] | ||||||||||||
Debt Agreement, Maximum Borrowing Capacity | $ 200,000 | |||||||||||
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% | |||||||||||
Minimum Monthly Fixed Charge Coverage Ratio Covenant | 1.05 | |||||||||||
Fixed Charge Coverage Ratio | 2.7 | 2.7 | ||||||||||
ABL Facility [Member] | Revolving Credit Facility [Member] | ||||||||||||
Note 11 - Long-term Debt (Details) [Line Items] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000 | |||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 57,089 | |||||||||||
ABL Facility [Member] | Revolving Credit Facility [Member] | Trigger Level [Member] | ||||||||||||
Note 11 - Long-term Debt (Details) [Line Items] | ||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 22,484 | $ 22,484 | ||||||||||
Original ABL Facility [Member | Revolving Credit Facility [Member] | ||||||||||||
Note 11 - Long-term Debt (Details) [Line Items] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000 | |||||||||||
Original ABL Term Loan [Member] | ||||||||||||
Note 11 - Long-term Debt (Details) [Line Items] | ||||||||||||
Debt Instrument, Face Amount | $ 90,000 | |||||||||||
Quarterly Amortization Payments [Member] | ||||||||||||
Note 11 - Long-term Debt (Details) [Line Items] | ||||||||||||
Debt Instrument, Periodic Payment, Principal | 2,250 | |||||||||||
Renewables' Promissory Note [Member] | ||||||||||||
Note 11 - Long-term Debt (Details) [Line Items] | ||||||||||||
Long-term Debt | $ 135 | $ 135 | $ 135 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | [1] | 3.00% | [1] | 3.00% | |||||||
Renewables' Term Loan [Member] | ||||||||||||
Note 11 - Long-term Debt (Details) [Line Items] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 4,000 | |||||||||||
Renewables' Term Loan [Member] | Subsequent Event [Member] | ||||||||||||
Note 11 - Long-term Debt (Details) [Line Items] | ||||||||||||
Long-term Line of Credit | $ 4,000 | |||||||||||
Renewables' Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||
Note 11 - Long-term Debt (Details) [Line Items] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | |||||||||||
Related Party Term Loan [Member] | ||||||||||||
Note 11 - Long-term Debt (Details) [Line Items] | ||||||||||||
Long-term Debt | $ 1,250 | $ 1,250 | $ 1,250 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | [1] | 3.00% | [1] | 3.00% | |||||||
Notes Payable, Related Parties | $ 1,250 | |||||||||||
Minimum [Member] | ||||||||||||
Note 11 - Long-term Debt (Details) [Line Items] | ||||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | |||||||||||
Minimum [Member] | Capital Lease Obligations [Member] | ||||||||||||
Note 11 - Long-term Debt (Details) [Line Items] | ||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.30% | 2.30% | ||||||||||
Minimum [Member] | Capital Lease Obligations Entered Into During Current Fiscal Year [Member] | ||||||||||||
Note 11 - Long-term Debt (Details) [Line Items] | ||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.40% | 3.40% | ||||||||||
Minimum [Member] | ABL Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||
Note 11 - Long-term Debt (Details) [Line Items] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||||||||||
Minimum [Member] | ABL Facility [Member] | Base Rate [Member] | ||||||||||||
Note 11 - Long-term Debt (Details) [Line Items] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||||||||
Maximum [Member] | Capital Lease Obligations [Member] | ||||||||||||
Note 11 - Long-term Debt (Details) [Line Items] | ||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.60% | 4.60% | ||||||||||
Maximum [Member] | Capital Lease Obligations Entered Into During Current Fiscal Year [Member] | ||||||||||||
Note 11 - Long-term Debt (Details) [Line Items] | ||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.80% | 3.80% | ||||||||||
Maximum [Member] | ABL Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||
Note 11 - Long-term Debt (Details) [Line Items] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||||||||||
Maximum [Member] | ABL Facility [Member] | Base Rate [Member] | ||||||||||||
Note 11 - Long-term Debt (Details) [Line Items] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||||||||
[1] | The weighted average interest rate as of September 27, 2015 for the ABL Term Loan includes the effects of the interest rate swap with a notional balance of $50,000. |
Note 11 - Long-term Debt (Det72
Note 11 - Long-term Debt (Details) - Long-term Debt - USD ($) $ in Thousands | Sep. 27, 2015 | Sep. 18, 2015 | Jun. 28, 2015 | Aug. 30, 2012 | ||
Debt Instrument [Line Items] | ||||||
ABL Revolver | 128225.00% | 104110.00% | ||||
Capital lease obligations | [1],[2] | 18965.00% | 15735.00% | |||
Total debt | 128225.00% | 104110.00% | ||||
Current portion of capital lease obligations | $ (4,240) | $ (3,385) | ||||
Current portion of long-term debt | (10,275) | (9,000) | ||||
Total long-term debt | $ 113,710 | 91,725 | ||||
ABL Revolver [Member] | ||||||
Debt Instrument [Line Items] | ||||||
ABL Revolver | [3] | 1.70% | ||||
ABL Revolver | $ 28,000 | 5,000 | ||||
ABL Term Loan | 28,000 | 5,000 | ||||
Renewables’ promissory note | 28,000 | 5,000 | ||||
Term loan from unconsolidated affiliate | $ 28,000 | 5,000 | ||||
Total debt | [3] | 1.70% | ||||
ABL Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
ABL Revolver | $ 79,875 | 82,125 | ||||
ABL Term Loan | [3] | 2.20% | ||||
ABL Term Loan | $ 79,875 | 82,125 | ||||
Renewables’ promissory note | 79,875 | 82,125 | ||||
Term loan from unconsolidated affiliate | 79,875 | 82,125 | ||||
Renewables' Promissory Note [Member] | ||||||
Debt Instrument [Line Items] | ||||||
ABL Revolver | 135 | $ 135 | ||||
ABL Term Loan | $ 135 | $ 135 | ||||
Renewables’ promissory note | 3.00% | [3] | 3.00% | |||
Renewables’ promissory note | $ 135 | $ 135 | ||||
Term loan from unconsolidated affiliate | 3.00% | [3] | 3.00% | |||
Term loan from unconsolidated affiliate | $ 135 | $ 135 | ||||
Related Party Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
ABL Revolver | 1,250 | 1,250 | ||||
ABL Term Loan | $ 1,250 | 1,250 | ||||
Renewables’ promissory note | 3.00% | [3] | 3.00% | |||
Renewables’ promissory note | $ 1,250 | 1,250 | ||||
Term loan from unconsolidated affiliate | 3.00% | [3] | 3.00% | |||
Term loan from unconsolidated affiliate | $ 1,250 | $ 1,250 | ||||
[1] | Interest rates for capital lease obligations range from 2.3% to 4.6%. | |||||
[2] | Scheduled maturity dates for capital lease obligations range from January 2017 to November 2027. | |||||
[3] | The weighted average interest rate as of September 27, 2015 for the ABL Term Loan includes the effects of the interest rate swap with a notional balance of $50,000. |
Note 11 - Long-term Debt (Det73
Note 11 - Long-term Debt (Details) - Scheduled Maturities of Outstanding Debt Obligations $ in Thousands | Sep. 27, 2015USD ($) |
Note 11 - Long-term Debt (Details) - Scheduled Maturities of Outstanding Debt Obligations [Line Items] | |
2,016 | $ 9,917 |
2,017 | 14,536 |
2,018 | 13,154 |
2,019 | 13,085 |
2,020 | 76,695 |
Thereafter | 838 |
Capital Lease Obligations [Member] | |
Note 11 - Long-term Debt (Details) - Scheduled Maturities of Outstanding Debt Obligations [Line Items] | |
2,016 | 3,167 |
2,017 | 4,261 |
2,018 | 4,128 |
2,019 | 4,058 |
2,020 | 2,542 |
Thereafter | 809 |
ABL Revolver [Member] | |
Note 11 - Long-term Debt (Details) - Scheduled Maturities of Outstanding Debt Obligations [Line Items] | |
2,020 | 28,000 |
ABL Term Loan [Member] | |
Note 11 - Long-term Debt (Details) - Scheduled Maturities of Outstanding Debt Obligations [Line Items] | |
2,016 | 6,750 |
2,017 | 9,000 |
2,018 | 9,000 |
2,019 | 9,000 |
2,020 | $ 46,125 |
Thereafter | |
Renewables' Promissory Note [Member] | |
Note 11 - Long-term Debt (Details) - Scheduled Maturities of Outstanding Debt Obligations [Line Items] | |
2,017 | $ 25 |
2,018 | 26 |
2,019 | 27 |
2,020 | 28 |
Thereafter | 29 |
Related Party Term Loan [Member] | |
Note 11 - Long-term Debt (Details) - Scheduled Maturities of Outstanding Debt Obligations [Line Items] | |
2,017 | $ 1,250 |
Note 11 - Long-term Debt (Det74
Note 11 - Long-term Debt (Details) - Debt Financing Fees - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 27, 2015 | Sep. 28, 2014 | |
Note 11 - Long-term Debt (Details) - Debt Financing Fees [Line Items] | ||
Balance at June 28, 2015 | $ 1,611 | |
Amortization charged to interest expense | (100) | $ (112) |
Balance at September 27, 2015 | 1,525 | |
Additions [Member] | ||
Note 11 - Long-term Debt (Details) - Debt Financing Fees [Line Items] | ||
Additions | $ 14 |
Note 11 - Long-term Debt (Det75
Note 11 - Long-term Debt (Details) - Interest Expense Components - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 27, 2015 | Sep. 28, 2014 | |
Note 11 - Long-term Debt (Details) - Interest Expense Components [Line Items] | ||
Interest, excluding amortization | $ 825 | $ 908 |
Reclassification adjustment for interest rate swap | 19 | 104 |
Amortization of debt financing fees | 100 | 112 |
Mark-to-market adjustment for interest rate swap | 116 | (258) |
Interest capitalized to property, plant and equipment, net | (76) | (47) |
Subtotal of other components of interest expense | 159 | (89) |
Total interest expense | 984 | 819 |
ABL Facility [Member] | ||
Note 11 - Long-term Debt (Details) - Interest Expense Components [Line Items] | ||
Interest, excluding amortization | 613 | 860 |
Other Interest Expense [Member] | ||
Note 11 - Long-term Debt (Details) - Interest Expense Components [Line Items] | ||
Interest, excluding amortization | $ 212 | $ 48 |
Note 12 - Other Long-term Lia76
Note 12 - Other Long-term Liabilities (Details) - USD ($) | 3 Months Ended | |
Sep. 27, 2015 | Sep. 28, 2014 | |
Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract] | ||
Postemployment Benefits, Period Expense | $ (211) | $ 99,000 |
Note 12 - Other Long-term Lia77
Note 12 - Other Long-term Liabilities (Details) - Other Long-term Liabilities - USD ($) $ in Thousands | Sep. 27, 2015 | Jun. 28, 2015 |
Other Long-term Liabilities [Abstract] | ||
Uncertain tax positions | $ 4,052 | $ 3,980 |
Supplemental post-employment plan | 3,479 | 3,690 |
Contingent consideration | 1,219 | 1,573 |
Interest rate swap | 396 | 280 |
Other | 1,297 | 1,217 |
Total other long-term liabilities | $ 10,443 | $ 10,740 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 27, 2015 | Sep. 28, 2014 | |
Note 13 - Income Taxes (Details) [Line Items] | ||
Income Tax Expense (Benefit) | $ 3,940 | $ 4,161 |
Effective Income Tax Rate Reconciliation, Percent | 33.60% | 38.40% |
Earliest Tax Year [Member] | Domestic Tax Authority [Member] | ||
Note 13 - Income Taxes (Details) [Line Items] | ||
Open Tax Year | 2,011 | |
Earliest Tax Year [Member] | Foreign Tax Authority [Member] | ||
Note 13 - Income Taxes (Details) [Line Items] | ||
Open Tax Year | 2,008 | |
Earliest Tax Year [Member] | State and Local Jurisdiction [Member] | ||
Note 13 - Income Taxes (Details) [Line Items] | ||
Open Tax Year | 2,009 | |
Latest Tax Year [Member] | Domestic Tax Authority [Member] | ||
Note 13 - Income Taxes (Details) [Line Items] | ||
Open Tax Year | 2,015 | |
Latest Tax Year [Member] | Foreign Tax Authority [Member] | ||
Note 13 - Income Taxes (Details) [Line Items] | ||
Open Tax Year | 2,015 | |
Latest Tax Year [Member] | State and Local Jurisdiction [Member] | ||
Note 13 - Income Taxes (Details) [Line Items] | ||
Open Tax Year | 2,015 |
Note 13 - Income Taxes (Detai79
Note 13 - Income Taxes (Details) - Components of Deferred Tax Valuation Allowance - USD ($) $ in Thousands | Sep. 27, 2015 | Jun. 28, 2015 |
Valuation Allowance [Line Items] | ||
Deferred tax valuation allowance | $ (15,352) | $ (15,606) |
Investment in Former Domestic Unconsolidated Affiliate [Member] | ||
Valuation Allowance [Line Items] | ||
Deferred tax valuation allowance | (6,400) | (6,503) |
Equity-method Investment in Parkdale America, LLC [Member] | ||
Valuation Allowance [Line Items] | ||
Deferred tax valuation allowance | (3,009) | (3,261) |
Foreign Tax Credits [Member] | ||
Valuation Allowance [Line Items] | ||
Deferred tax valuation allowance | (1,680) | (1,680) |
Book Tax Basis Difference in Renewables [Member] | ||
Valuation Allowance [Line Items] | ||
Deferred tax valuation allowance | (1,300) | (1,359) |
NOLs Related to Renewables [Member] | ||
Valuation Allowance [Line Items] | ||
Deferred tax valuation allowance | $ (2,963) | $ (2,803) |
Note 14 - Shareholders' Equit80
Note 14 - Shareholders' Equity (Details) - USD ($) $ in Thousands | 36 Months Ended | ||
Jun. 28, 2015 | Apr. 23, 2014 | Jan. 22, 2013 | |
Stockholders' Equity Note [Abstract] | |||
Stock Repurchase Program, Authorized Amount | $ 50,000 | $ 50,000 | |
Payments of Dividends | $ 3 |
Note 14 - Shareholders' Equit81
Note 14 - Shareholders' Equity (Details) - Repurchases and Retirements of Common Stock - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | 39 Months Ended | ||
Sep. 27, 2015 | Jun. 28, 2015 | Jun. 29, 2014 | Jun. 30, 2013 | Sep. 27, 2015 | |
Repurchases and Retirements of Common Stock [Abstract] | |||||
Shares repurchased | 179 | 349 | 1,524 | 1,068 | 3,120 |
Average price paid per share | $ 30.36 | $ 29.72 | $ 23.96 | $ 18.08 | $ 22.96 |
Maximum approximate dollar value | $ 28,376 | $ 28,376 |
Note 15 - Stock-based Compens82
Note 15 - Stock-based Compensation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 27, 2015 | Sep. 28, 2014 | Jun. 28, 2015 | Oct. 23, 2013 | |
Note 15 - Stock-based Compensation (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 82 | 150 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | $ 32.36 | $ 27.38 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $ 20.27 | $ 17.31 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 2,438 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 146 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 107 | |||
Proceeds from Stock Options Exercised | 60 | |||
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | 15 | |||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 93 | $ 101 | ||
The 2013 Incentive Compensation Plan [Member] | ||||
Note 15 - Stock-based Compensation (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 1,000 | |||
Market Price Vesting Condition 1 [Member] | ||||
Note 15 - 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 | |||
Market Price Vesting Condition, Days | 30 days | |||
Employee Stock Option [Member] | ||||
Note 15 - Stock-based Compensation (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 2,397 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 146 days | |||
Restricted Stock Units (RSUs) [Member] | ||||
Note 15 - Stock-based Compensation (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested and Expected to Vest, Number (in Shares) | 187 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 5,513 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested, Number (in Shares) | 181 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 5,312 |
Note 15 - Stock-based Compens83
Note 15 - Stock-based Compensation (Details) - Stock Option Valuation Assumptions | 3 Months Ended | |
Sep. 27, 2015 | Sep. 28, 2014 | |
Stock Option Valuation Assumptions [Abstract] | ||
Expected term (years) | 7 years 219 days | 7 years 109 days |
Risk-free interest rate | 2.10% | 2.20% |
Volatility | 60.50% | 62.60% |
Dividend yield | 0.00% | 0.00% |
Note 15 - Stock-based Compens84
Note 15 - Stock-based Compensation (Details) - Summary of Stock Option Activity $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Sep. 27, 2015USD ($)$ / sharesshares | Sep. 28, 2014$ / sharesshares | |
Summary of Stock Option Activity [Abstract] | ||
Stock options | shares | 934 | |
Weighted average exercise price | $ 12.63 | |
Weighted average remaining contractual life | 5 years 255 days | |
Vested and expected to vest as of September 27, 2015 | shares | 1,003 | |
Vested and expected to vest as of September 27, 2015 | $ 14.13 | |
Vested and expected to vest as of September 27, 2015 | 5 years 255 days | |
Vested and expected to vest as of September 27, 2015 | $ | $ 15,534 | |
Exercisable at September 27, 2015 | shares | 796 | |
Exercisable at September 27, 2015 | $ 10.38 | |
Exercisable at September 27, 2015 | 4 years 292 days | |
Exercisable at September 27, 2015 | $ | $ 15,124 | |
Granted | shares | 82 | 150 |
Granted | $ 32.36 | $ 27.38 |
Exercised | shares | (5) | |
Exercised | $ 12.02 | |
Stock options | shares | 1,011 | |
Weighted average exercise price | $ 14.24 | |
Aggregate intrinsic value | $ | $ 15,547 |
Note 15 - Stock-based Compens85
Note 15 - Stock-based Compensation (Details) - Summary of RSU Activity - Restricted Stock Units (RSUs) [Member] shares in Thousands | 3 Months Ended |
Sep. 27, 2015$ / sharesshares | |
Non-vested [Member] | |
Note 15 - Stock-based Compensation (Details) - Summary of RSU Activity [Line Items] | |
Outstanding | 20 |
Outstanding, weighted average grant date fair value (in Dollars per share) | $ / shares | $ 18.35 |
Vested | (14) |
Vested (in Dollars per share) | $ / shares | $ 16.52 |
Outstanding | 6 |
Outstanding, weighted average grant date fair value (in Dollars per share) | $ / shares | $ 22.08 |
Vested [Member] | |
Note 15 - Stock-based Compensation (Details) - Summary of RSU Activity [Line Items] | |
Outstanding | 167 |
Vested | 14 |
Outstanding | 181 |
Total Non-vested and Vested [Member] | |
Note 15 - Stock-based Compensation (Details) - Summary of RSU Activity [Line Items] | |
Outstanding | 187 |
Outstanding, weighted average grant date fair value (in Dollars per share) | $ / shares | $ 15.35 |
Vested (in Dollars per share) | $ / shares | $ 16.52 |
Outstanding | 187 |
Outstanding, weighted average grant date fair value (in Dollars per share) | $ / shares | $ 15.35 |
Note 15 - Stock-based Compens86
Note 15 - Stock-based Compensation (Details) - Stock Based Compensation Total Cost Charged Against Income - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 27, 2015 | Sep. 28, 2014 | |
Note 15 - Stock-based Compensation (Details) - Stock Based Compensation Total Cost Charged Against Income [Line Items] | ||
Compensation cost | $ 495 | $ 526 |
Employee Stock Option [Member] | ||
Note 15 - Stock-based Compensation (Details) - Stock Based Compensation Total Cost Charged Against Income [Line Items] | ||
Compensation cost | 475 | 464 |
Restricted Stock Units (RSUs) [Member] | ||
Note 15 - Stock-based Compensation (Details) - Stock Based Compensation Total Cost Charged Against Income [Line Items] | ||
Compensation cost | $ 20 | $ 62 |
Note 15 - Stock-based Compens87
Note 15 - Stock-based Compensation (Details) - Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans - shares shares in Thousands | 3 Months Ended | 23 Months Ended | ||
Sep. 27, 2015 | Sep. 28, 2014 | Sep. 27, 2015 | Oct. 23, 2013 | |
Note 15 - Stock-based Compensation (Details) - Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans [Line Items] | ||||
Less: Service-condition options granted | (82) | (150) | ||
The 2013 Incentive Compensation Plan [Member] | ||||
Note 15 - 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 | 722 | 722 | ||
Awards Expired or Forfeited From 2008 LTIP [Member] | ||||
Note 15 - 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 15 - Stock-based Compensation (Details) - Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans [Line Items] | ||||
Less: Service-condition options granted | (237) | |||
RSUs Issued to Non-Employee Directors [Member] | ||||
Note 15 - 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 | (42) |
Note 16 - Fair Value of Finan88
Note 16 - Fair Value of Financial Instruments and Non-financial Assets and Liabilities (Details) $ in Thousands | May. 18, 2012USD ($) | Sep. 30, 2015USD ($) | Sep. 27, 2015USD ($) | Jun. 28, 2015USD ($) | May. 31, 2013USD ($) |
Note 16 - 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 | $ 1,219 | $ 1,573 | |||
Forward Contracts [Member] | |||||
Note 16 - 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 16 - 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 16 - 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 16 - Fair Value of Financial Instruments and Non-financial Assets and Liabilities (Details) [Line Items] | |||||
Business Combination, Contingent Consideration, Liability | $ 1,782 | $ 2,207 | |||
Dillon [Member] | Accrued Expenses [Member] | |||||
Note 16 - Fair Value of Financial Instruments and Non-financial Assets and Liabilities (Details) [Line Items] | |||||
Business Combination, Contingent Consideration, Liability | 563 | ||||
Dillon [Member] | Other Noncurrent Liabilities [Member] | |||||
Note 16 - Fair Value of Financial Instruments and Non-financial Assets and Liabilities (Details) [Line Items] | |||||
Business Combination, Contingent Consideration, Liability | $ 1,219 |
Note 16 - Fair Value of Finan89
Note 16 - Fair Value of Financial Instruments and Non-financial Assets and Liabilities (Details) - Changes in Fair Value of Contingent Consideration $ in Thousands | 3 Months Ended |
Sep. 27, 2015USD ($) | |
Business Acquisition, Contingent Consideration [Line Items] | |
Contingent consideration as of June 28, 2015 | $ 1,573 |
Contingent consideration as of September 27, 2015 | 1,219 |
Dillon [Member] | |
Business Acquisition, Contingent Consideration [Line Items] | |
Contingent consideration as of June 28, 2015 | 2,207 |
Payments | (457) |
Contingent consideration as of September 27, 2015 | 1,782 |
Dillon [Member] | Changes Measurement [Member] | |
Business Acquisition, Contingent Consideration [Line Items] | |
Changes in fair value | $ 32 |
Note 16 - Fair Value of Finan90
Note 16 - Fair Value of Financial Instruments and Non-financial Assets and Liabilities (Details) - Fair Values of Derivative Financial Instruments € in Thousands, $ in Thousands | Sep. 27, 2015USD ($) | Sep. 27, 2015EUR (€) | Jun. 28, 2015USD ($) | Jun. 28, 2015EUR (€) |
Derivatives, Fair Value [Line Items] | ||||
Contingent consideration | $ 1,219 | $ 1,573 | ||
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | Other Noncurrent Liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Interest rate swap | 50,000 | € 50,000 | 50,000 | € 50,000 |
Interest rate swap | (396) | (280) | ||
Fair Value, Inputs, Level 3 [Member] | Accrued Expenses and Other Long-term Liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Contingent consideration | $ (1,782) | $ (2,207) |
Note 17 - Accumulated Other C91
Note 17 - Accumulated Other Comprehensive Loss (Details) - Accumulated Other Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 27, 2015 | Sep. 28, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at June 28, 2015 | $ (26,899) | |
Other comprehensive (loss) income, net of tax | (11,418) | $ (6,937) |
Balance at September 27, 2015 | (38,317) | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at June 28, 2015 | (26,752) | |
Other comprehensive (loss) income, net of tax | (11,437) | |
Balance at September 27, 2015 | (38,189) | |
Interest Rate Swap [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at June 28, 2015 | (147) | |
Other comprehensive (loss) income, net of tax | 19 | |
Balance at September 27, 2015 | $ (128) |
Note 17 - Accumulated Other C92
Note 17 - Accumulated Other Comprehensive Loss (Details) - Pre-Tax, Tax, and After-Tax Effects of Components of Other Comprehensive Income (Loss) - USD ($) | 3 Months Ended | |
Sep. 27, 2015 | Sep. 28, 2014 | |
Other comprehensive (loss) income: | ||
Foreign currency translation adjustments, pre-tax | $ (11,038,000) | $ (7,041,000) |
Foreign currency translation adjustments, After-tax | (11,038) | (7,041) |
Reclassification adjustment on interest rate swap included in net income, pre-tax | 19,000 | 104,000 |
Other comprehensive loss, pre-tax | (11,418,000) | (6,937,000) |
Other comprehensive loss, After-tax | (11,418,000) | (6,937,000) |
Interest Rate Swap [Member] | ||
Other comprehensive (loss) income: | ||
Reclassification adjustment on interest rate swap included in net income, pre-tax | 19,000 | 104,000 |
Reclassification adjustment on interest rate swap included in net income, After-tax | 19,000 | $ 104,000 |
Parkdale America, LLC [Member] | ||
Other comprehensive (loss) income: | ||
Foreign currency translation adjustments, pre-tax | (399,000) | |
Foreign currency translation adjustments, After-tax | $ (399) |
Note 18 - Computation of Earn93
Note 18 - 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 | |
Sep. 27, 2015 | Sep. 28, 2014 | |
Basic EPS | ||
Net income attributable to Unifi, Inc. (in Dollars) | $ 8,025 | $ 7,077 |
Weighted average common shares outstanding | 17,921 | 18,289 |
Basic EPS (in Dollars per share) | $ 0.45 | $ 0.39 |
Diluted EPS | ||
Net income attributable to Unifi, Inc. (in Dollars) | $ 8,025 | $ 7,077 |
Weighted average common shares outstanding | 17,921 | 18,289 |
Net potential common share equivalents – stock options and RSUs | 629 | 601 |
Adjusted weighted average common shares outstanding | 18,550 | 18,890 |
Diluted EPS (in Dollars per share) | $ 0.43 | $ 0.37 |
Excluded from the calculation of common share equivalents: | ||
Anti-dilutive common share equivalents | 155 | 177 |
Excluded from the calculation of diluted shares: | ||
Unvested options that vest upon achievement of certain market conditions | 13 |
Note 19 - Other Operating Exp94
Note 19 - Other Operating Expense, Net (Details) - Components of Other Operating Expense, Net - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 27, 2015 | Sep. 28, 2014 | |
Components of Other Operating Expense, Net [Abstract] | ||
Foreign currency transaction (gains) losses | $ (90) | $ 313 |
Net (gain) loss on sale or disposal of assets | (64) | 141 |
Other, net | 8 | 146 |
Other operating (income) expense, net | $ (146) | $ 600 |
Note 20 - Investments in Unco95
Note 20 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) $ in Thousands | Feb. 27, 2015USD ($) | Aug. 28, 2014USD ($) | Sep. 27, 2015USD ($) | Sep. 27, 2015USD ($) | Jun. 28, 2015USD ($) | Sep. 28, 2014USD ($) | Aug. 27, 2014 | Jun. 30, 1997 |
Note 20 - 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 | $ 114,448 | $ 114,448 | $ 113,901 | |||||
Accounts Payable, Related Parties | 837 | 837 | 783 | |||||
Parkdale America, LLC [Member] | ||||||||
Note 20 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) [Line Items] | ||||||||
Equity Method Investment, Ownership Percentage | 34.00% | |||||||
Equity Method Investments | $ 110,538 | $ 110,538 | ||||||
Parkdale America, LLC [Member] | ||||||||
Note 20 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) [Line Items] | ||||||||
Number of Manufacturing Facilities | 16 | 16 | ||||||
Parkdale America, LLC [Member] | A Yarn Manufacturer [Member] | ||||||||
Note 20 - 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% | |||||||
Parkdale America, LLC [Member] | A Yarn Manufacturer [Member] | ||||||||
Note 20 - 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 | |||||||
Parkdale America, LLC [Member] | Two Manufacturing Facilities [Member] | ||||||||
Note 20 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) [Line Items] | ||||||||
Business Combination, Bargain Purchase, Gain Recognized, Amount | $ 9,381 | |||||||
Payments to Acquire Businesses, Gross | $ 13,000 | |||||||
UNF and UNF America [Member] | ||||||||
Note 20 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) [Line Items] | ||||||||
Equity Method Investments | $ 3,910 | $ 3,910 | ||||||
Purchase Commitment, Remaining Minimum Amount Committed | 1,868 | 1,868 | ||||||
Accounts Payable, Related Parties | $ 3,193 | $ 3,193 | $ 4,038 | |||||
Percentage of Current and Total Assets and Total Liabilities Accounted for by Equity Method Investments | 3.00% | 3.00% | ||||||
EAP Program [Member] | Parkdale America, LLC [Member] | ||||||||
Note 20 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) [Line Items] | ||||||||
Deferred Revenue | $ 0 | $ 0 | $ 0 | |||||
Sales Revenue, Goods, Net [Member] | Customer Concentration Risk [Member] | Parkdale America, LLC [Member] | ||||||||
Note 20 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) [Line Items] | ||||||||
Number of Major Customers | 5 | |||||||
Sales Revenue, Goods, Net [Member] | Customer Concentration Risk [Member] | Parkdale America, LLC [Member] | Five Largest Customers [Member] | ||||||||
Note 20 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) [Line Items] | ||||||||
Concentration Risk, Percentage | 76.00% | |||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Parkdale America, LLC [Member] | ||||||||
Note 20 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) [Line Items] | ||||||||
Number of Major Customers | 5 | |||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Parkdale America, LLC [Member] | Five Largest Customers [Member] | ||||||||
Note 20 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) [Line Items] | ||||||||
Concentration Risk, Percentage | 78.00% |
Note 20 - Investments in Unco96
Note 20 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) - Reconciliation Between Share of Underlying Equity in PAL and Investment - USD ($) $ in Thousands | Sep. 27, 2015 | Jun. 28, 2015 |
Note 20 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) - Reconciliation Between Share of Underlying Equity in PAL and Investment [Line Items] | ||
Investment as of September 27, 2015 | $ 114,448 | $ 113,901 |
Parkdale America, LLC [Member] | ||
Note 20 - 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 September 27, 2015 | 128,859 | |
Investment as of September 27, 2015 | 110,538 | |
Initial Excess Capital Contributions [Member] | Parkdale America, LLC [Member] | ||
Note 20 - 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 20 - 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 20 - 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 20 - 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 | $ (230) |
Note 20 - Investments in Unco97
Note 20 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) - Raw Material Purchases under Supply Agreement - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 27, 2015 | Sep. 28, 2014 | |
UNF [Member] | ||
Note 20 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) - Raw Material Purchases under Supply Agreement [Line Items] | ||
Raw Material Purchases Under Supply Agreement | $ 1,021 | $ 788 |
UNF America [Member] | ||
Note 20 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) - Raw Material Purchases under Supply Agreement [Line Items] | ||
Raw Material Purchases Under Supply Agreement | 7,142 | 6,768 |
UNF and UNF America [Member] | ||
Note 20 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) - Raw Material Purchases under Supply Agreement [Line Items] | ||
Raw Material Purchases Under Supply Agreement | $ 8,163 | $ 7,556 |
Note 20 - Investments in Unco98
Note 20 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) - Unaudited, Condensed Balance Sheet Information for Unconsolidated Affiliates - USD ($) $ in Thousands | Sep. 27, 2015 | Jun. 28, 2015 |
Schedule of Equity Method Investments [Line Items] | ||
Current assets | $ 247,540 | $ 259,972 |
Noncurrent assets | 220,877 | 220,384 |
Current liabilities | 60,858 | 66,228 |
Noncurrent liabilities | 18,739 | 28,935 |
Shareholders’ equity and capital accounts | 388,820 | 385,193 |
The Company’s portion of undistributed earnings | 42,712 | |
Parkdale America, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Current assets | 234,290 | 250,699 |
Noncurrent assets | 219,738 | 216,708 |
Current liabilities | 56,291 | 61,243 |
Noncurrent liabilities | 18,739 | 28,935 |
Shareholders’ equity and capital accounts | 378,998 | 377,229 |
The Company’s portion of undistributed earnings | 41,138 | |
Other Unconsolidated Affiliates [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Current assets | 13,250 | 9,273 |
Noncurrent assets | 1,139 | 3,676 |
Current liabilities | 4,567 | 4,985 |
Shareholders’ equity and capital accounts | $ 9,822 | 7,964 |
The Company’s portion of undistributed earnings | $ 1,574 |
Note 20 - Investments in Unco99
Note 20 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details) - Unaudited, Condensed Income Statement Information for Unconsolidated Affiliates - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 27, 2015 | Sep. 28, 2014 | |
Schedule of Equity Method Investments [Line Items] | ||
Net sales | $ 233,414 | $ 213,596 |
Gross profit | 9,717 | 11,624 |
Income from operations | 5,410 | 7,107 |
Net income | 7,587 | 10,303 |
Depreciation and amortization | 9,731 | 7,233 |
Cash received by PAL under EAP program | 3,184 | 4,301 |
Earnings recognized by PAL for EAP program | 4,354 | 4,901 |
Distributions received | 1,947 | |
Parkdale America, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Net sales | 224,065 | 206,236 |
Gross profit | 7,387 | 10,969 |
Income from operations | 3,561 | 6,814 |
Net income | 5,729 | 9,964 |
Depreciation and amortization | 9,694 | 7,208 |
Cash received by PAL under EAP program | 3,184 | 4,301 |
Earnings recognized by PAL for EAP program | 4,354 | 4,901 |
Distributions received | 947 | |
Other Unconsolidated Affiliates [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Net sales | 9,349 | 7,360 |
Gross profit | 2,330 | 655 |
Income from operations | 1,849 | 293 |
Net income | 1,858 | 339 |
Depreciation and amortization | 37 | $ 25 |
Distributions received | $ 1,000 |
Note 21 - Commitments and Co100
Note 21 - Commitments and Contingencies (Details) - USD ($) $ in Thousands | Sep. 30, 2004 | Sep. 27, 2015 |
Note 21 - Commitments and Contingencies (Details) [Line Items] | ||
The Term of A Former Ground Lease | 99 years | |
Number of Years of Monitoring and Reporting Costs of an Individual Site | 7 years | |
Polyester [Member] | ||
Note 21 - Commitments and Contingencies (Details) [Line Items] | ||
Contractual Obligation (in Dollars) | $ 12,670 |
Note 22 - Related Party Tran101
Note 22 - Related Party Transactions (Details) - Related Party Receivables and Payables - USD ($) $ in Thousands | Sep. 27, 2015 | Jun. 28, 2015 |
Note 22 - Related Party Transactions (Details) - Related Party Receivables and Payables [Line Items] | ||
Related party receivables | $ 41 | $ 75 |
Related party payables | 837 | 783 |
Cupron, Inc. [Member] | ||
Note 22 - Related Party Transactions (Details) - Related Party Receivables and Payables [Line Items] | ||
Related party receivables | 26 | 72 |
Related party payables | 574 | 506 |
Salem Global Logistics, Inc [Member] | ||
Note 22 - Related Party Transactions (Details) - Related Party Receivables and Payables [Line Items] | ||
Related party receivables | 15 | 3 |
Related party payables | $ 263 | $ 277 |
Note 22 - Related Party Tran102
Note 22 - Related Party Transactions (Details) - Related Party Transactions - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 27, 2015 | Sep. 28, 2014 | |
Salem Leasing Corporation [Member] | ||
Related Party Transaction [Line Items] | ||
Expenses with related party | $ 945 | $ 950 |
Salem Global Logistics, Inc [Member] | ||
Related Party Transaction [Line Items] | ||
Revenue from related party | 62 | 69 |
Cupron, Inc. [Member] | ||
Related Party Transaction [Line Items] | ||
Revenue from related party | 105 | 341 |
Invemed Associates LLC [Member] | ||
Related Party Transaction [Line Items] | ||
Expenses with related party | $ 4 | $ 2 |
Note 23 - Business Segment I103
Note 23 - Business Segment Information (Details) | 3 Months Ended |
Sep. 27, 2015 | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 3 |
Note 23 - Business Segment I104
Note 23 - Business Segment Information (Details) - Selected Financial Information for Polyester, Nylon and International Segments - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 27, 2015 | Sep. 28, 2014 | |
Segment Reporting Information [Line Items] | ||
Net sales | $ 162,165 | $ 175,561 |
Cost of sales | 141,181 | 155,111 |
Gross profit (loss) | 20,984 | 20,450 |
Segment depreciation expense | 3,851 | 3,862 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Segment depreciation expense | 3,702 | 3,713 |
Segment Profit (Loss) | 24,686 | 24,163 |
Polyester [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 90,568 | 92,978 |
Cost of sales | 81,279 | 82,702 |
Gross profit (loss) | 9,289 | 10,276 |
Segment depreciation expense | 2,811 | 2,414 |
Polyester [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Segment depreciation expense | 2,811 | 2,414 |
Segment Profit (Loss) | 12,100 | 12,690 |
Nylon [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 40,676 | 44,710 |
Cost of sales | 34,494 | 39,561 |
Gross profit (loss) | 6,182 | 5,149 |
Segment depreciation expense | 518 | 462 |
Nylon [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Segment depreciation expense | 518 | 462 |
Segment Profit (Loss) | 6,700 | 5,611 |
International [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 29,371 | 36,494 |
Cost of sales | 23,780 | 31,181 |
Gross profit (loss) | 5,591 | 5,313 |
Segment depreciation expense | 221 | 727 |
International [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Segment depreciation expense | 221 | 727 |
Segment Profit (Loss) | 5,812 | 6,040 |
Other Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 1,550 | 1,379 |
Cost of sales | 1,628 | 1,667 |
Gross profit (loss) | (78) | (288) |
Segment depreciation expense | 152 | 110 |
Other Segments [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Segment depreciation expense | 152 | 110 |
Segment Profit (Loss) | $ 74 | $ (178) |
Note 23 - Business Segment I105
Note 23 - Business Segment Information (Details) - Reconciliation of Other Significant Reconciling Items from Segments to Consolidated Depreciation and Amortization Expense - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 27, 2015 | Sep. 28, 2014 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Depreciation expense | $ 3,851 | $ 3,862 |
Capital expenditures | 15,875 | 7,383 |
Polyester [Member] | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Depreciation expense | 2,811 | 2,414 |
Capital expenditures | 13,973 | 6,602 |
Nylon [Member] | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Depreciation expense | 518 | 462 |
Capital expenditures | 563 | 194 |
International [Member] | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Depreciation expense | 221 | 727 |
Capital expenditures | 512 | 506 |
Other Segments [Member] | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Depreciation expense | 152 | 110 |
Capital expenditures | 513 | |
Operating Segments [Member] | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Depreciation expense | 3,702 | 3,713 |
Capital expenditures | 15,561 | 7,302 |
Operating Segments [Member] | Polyester [Member] | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Depreciation expense | 2,811 | 2,414 |
Operating Segments [Member] | Nylon [Member] | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Depreciation expense | 518 | 462 |
Operating Segments [Member] | International [Member] | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Depreciation expense | 221 | 727 |
Operating Segments [Member] | Other Segments [Member] | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Depreciation expense | 152 | 110 |
Corporate, Non-Segment [Member] | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Capital expenditures | 314 | 81 |
Other Operating Expenses, Net [Member] | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Depreciation expense | $ 149 | $ 149 |
Note 23 - Business Segment I106
Note 23 - Business Segment Information (Details) - Reconciliations from Segment Operating Profit to Consolidated Income Before Income Taxes - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 27, 2015 | Sep. 28, 2014 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Operating income (loss) | $ 9,687 | $ 7,617 |
Interest income | (163) | (317) |
Interest expense | 984 | 819 |
Equity in earnings of unconsolidated affiliates | (2,860) | (3,721) |
Income before income taxes | 11,726 | 10,836 |
SG&A expenses | 10,830 | 11,649 |
Provision for bad debts | 613 | 584 |
Other operating (income) expense, net | (146) | 600 |
Operating Segments [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Operating income (loss) | 20,984 | 20,450 |
Polyester [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Operating income (loss) | 9,289 | 10,276 |
Nylon [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Operating income (loss) | 6,182 | 5,149 |
International [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Operating income (loss) | 5,591 | 5,313 |
Other Segments [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Operating income (loss) | $ (78) | $ (288) |
Note 23 - Business Segment I107
Note 23 - Business Segment Information (Details) - Reconciliation of Segment Total Assets to Consolidated Total Assets - USD ($) $ in Thousands | Sep. 27, 2015 | Jun. 28, 2015 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated assets | $ 487,297 | $ 476,372 |
Other current assets | 3,597 | 6,022 |
Other PP&E | 149,275 | 136,222 |
Other non-current assets | 4,054 | 3,975 |
Investments in unconsolidated affiliates | 114,448 | 113,901 |
Operating Segments [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated assets | 348,056 | 337,937 |
Corporate, Non-Segment [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Other current assets | 3,920 | 5,844 |
Other PP&E | 16,164 | 13,544 |
Other non-current assets | 4,709 | 5,146 |
Investments in unconsolidated affiliates | 114,448 | 113,901 |
Polyester [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated assets | 219,680 | 203,574 |
Nylon [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated assets | 75,138 | 71,332 |
International [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Consolidated assets | $ 53,238 | $ 63,031 |
Note 23 - Business Segment I108
Note 23 - Business Segment Information (Details) - Geographic Information for Net Sales - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 27, 2015 | Sep. 28, 2014 | |
Note 23 - Business Segment Information (Details) - Geographic Information for Net Sales [Line Items] | ||
Geographic net sales | $ 162,165 | $ 175,561 |
UNITED STATES | ||
Note 23 - Business Segment Information (Details) - Geographic Information for Net Sales [Line Items] | ||
Geographic net sales | 120,324 | 128,382 |
BRAZIL | ||
Note 23 - Business Segment Information (Details) - Geographic Information for Net Sales [Line Items] | ||
Geographic net sales | 19,904 | 30,007 |
All Other Foreign [Member] | ||
Note 23 - Business Segment Information (Details) - Geographic Information for Net Sales [Line Items] | ||
Geographic net sales | 21,937 | 17,172 |
Export Sales from U.S. Operations [Member] | ||
Note 23 - Business Segment Information (Details) - Geographic Information for Net Sales [Line Items] | ||
Export sales from the Company’s U.S. operations to external customers | $ 28,874 | $ 27,173 |
Note 23 - Business Segment I109
Note 23 - Business Segment Information (Details) - Geographic Information for Long-lived Assets - USD ($) $ in Thousands | Sep. 27, 2015 | Jun. 28, 2015 |
Note 23 - Business Segment Information (Details) - Geographic Information for Long-lived Assets [Line Items] | ||
Long-lived assets | $ 272,740 | $ 259,486 |
UNITED STATES | ||
Note 23 - Business Segment Information (Details) - Geographic Information for Long-lived Assets [Line Items] | ||
Long-lived assets | 257,235 | 242,042 |
BRAZIL | ||
Note 23 - Business Segment Information (Details) - Geographic Information for Long-lived Assets [Line Items] | ||
Long-lived assets | 6,420 | 8,207 |
All Other Foreign [Member] | ||
Note 23 - Business Segment Information (Details) - Geographic Information for Long-lived Assets [Line Items] | ||
Long-lived assets | $ 9,085 | $ 9,237 |
Note 23 - Business Segment I110
Note 23 - Business Segment Information (Details) - Geographic Information for Total Assets - USD ($) $ in Thousands | Sep. 27, 2015 | Jun. 28, 2015 |
Note 23 - Business Segment Information (Details) - Geographic Information for Total Assets [Line Items] | ||
Assets | $ 487,297 | $ 476,372 |
UNITED STATES | ||
Note 23 - Business Segment Information (Details) - Geographic Information for Total Assets [Line Items] | ||
Assets | 409,297 | 388,766 |
BRAZIL | ||
Note 23 - Business Segment Information (Details) - Geographic Information for Total Assets [Line Items] | ||
Assets | 40,444 | 50,300 |
All Other Foreign [Member] | ||
Note 23 - Business Segment Information (Details) - Geographic Information for Total Assets [Line Items] | ||
Assets | $ 37,556 | $ 37,306 |
Note 24 - Supplemental Cash 111
Note 24 - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Aug. 31, 2015 | Dec. 31, 2013 | Sep. 27, 2015 | Sep. 28, 2014 | Jun. 28, 2015 | Jun. 29, 2014 | |
Note 24 - Supplemental Cash Flow Information (Details) [Line Items] | ||||||
Noncash or Part Noncash Acquisition, Other Assets Acquired | $ 1,390 | |||||
Capital Lease Obligations Incurred | $ 4,154 | |||||
Accounts Payable and Accrued Liabilities [Member] | ||||||
Note 24 - Supplemental Cash Flow Information (Details) [Line Items] | ||||||
Capital Expenditures Incurred but Not yet Paid | 895 | $ 1,395 | $ 1,726 | $ 5,023 | ||
Land [Member] | ||||||
Note 24 - Supplemental Cash Flow Information (Details) [Line Items] | ||||||
Noncash or Part Noncash Acquisition, Fixed Assets Acquired | 191 | |||||
Notes Issued | $ 135 | |||||
Dillon Draw Winding [Member] | ||||||
Note 24 - Supplemental Cash Flow Information (Details) [Line Items] | ||||||
Noncash or Part Noncash Acquisition, Value of Liabilities Assumed | $ 3 |
Note 24 - Supplemental Cash 112
Note 24 - Supplemental Cash Flow Information (Details) - Cash Payments for Interest and Taxes - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 27, 2015 | Sep. 28, 2014 | |
Cash Payments for Interest and Taxes [Abstract] | ||
Interest, net of capitalized interest | $ 762 | $ 870 |
Income taxes, net of refunds | $ 1,250 | $ 3,508 |