Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jun. 26, 2016 | Aug. 18, 2016 | Dec. 24, 2015 | |
Document Information [Line Items] | |||
Entity Registrant Name | UNIFI INC | ||
Entity Central Index Key | 100,726 | ||
Trading Symbol | ufi | ||
Current Fiscal Year End Date | --06-26 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 17,975,945 | ||
Entity Public Float | $ 463,197,360 | ||
Document Type | 10-K | ||
Document Period End Date | Jun. 26, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 26, 2016 | Jun. 28, 2015 |
ASSETS | ||
Cash and cash equivalents | $ 16,646 | $ 10,013 |
Receivables, net | 83,422 | 83,863 |
Inventories | 103,532 | 111,615 |
Income taxes receivable | 3,502 | 1,451 |
Other current assets | 4,790 | 6,022 |
Total current assets | 211,892 | 212,964 |
Property, plant and equipment, net | 185,101 | 136,222 |
Deferred income taxes | 2,387 | 3,922 |
Intangible assets, net | 3,741 | 5,388 |
Investments in unconsolidated affiliates | 117,412 | 113,901 |
Other non-current assets | 6,330 | 3,975 |
Total assets | 526,863 | 476,372 |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
Accounts payable | 41,593 | 45,023 |
Accrued expenses | 18,474 | 16,640 |
Income taxes payable | 1,455 | 676 |
Current portion of long-term debt | 13,786 | 12,385 |
Total current liabilities | 75,308 | 74,724 |
Long-term debt | 109,226 | 91,725 |
Other long-term liabilities | 10,393 | 10,740 |
Deferred income taxes | 4,991 | 90 |
Total liabilities | 199,918 | 177,279 |
Common stock, $0.10 par (500,000,000 shares authorized, 17,847,416 and 18,007,749 shares outstanding) | 1,785 | 1,801 |
Capital in excess of par value | 45,932 | 44,261 |
Retained earnings | 307,065 | 278,331 |
Accumulated other comprehensive loss | (29,751) | (26,899) |
Total Unifi, Inc. shareholders’ equity | 325,031 | 297,494 |
Non-controlling interest | 1,914 | 1,599 |
Total shareholders’ equity | 326,945 | 299,093 |
Total liabilities and shareholders’ equity | $ 526,863 | $ 476,372 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Jun. 26, 2016 | Jun. 28, 2015 |
Common stock, par (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares outstanding (in shares) | 17,847,416 | 18,007,749 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Jun. 26, 2016 | Mar. 27, 2016 | Dec. 27, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 26, 2016 | Jun. 28, 2015 | Jun. 29, 2014 | |||||||||
Net sales | $ 163,858 | $ 161,278 | $ 156,336 | $ 162,165 | $ 174,951 | [1] | $ 172,187 | [1] | $ 164,422 | [1] | $ 175,561 | [1] | $ 643,637 | $ 687,121 | $ 687,902 | ||||
Cost of sales | 550,005 | 596,416 | 604,640 | ||||||||||||||||
Gross profit | 27,471 | 23,364 | 21,813 | 20,984 | 25,319 | [1] | 22,007 | [1] | 22,929 | [1] | 20,450 | [1] | 93,632 | 90,705 | 83,262 | ||||
Selling, general and administrative expenses | 47,502 | 49,672 | 46,203 | ||||||||||||||||
Provision for bad debts | 1,684 | 947 | 287 | ||||||||||||||||
Other operating expense, net | 2,248 | 1,600 | 5,289 | ||||||||||||||||
Operating income | 42,198 | 38,486 | 31,483 | ||||||||||||||||
Interest income | (610) | (916) | (1,790) | ||||||||||||||||
Interest expense | 3,528 | 4,025 | 4,329 | ||||||||||||||||
Loss on extinguishment of debt | 1,040 | ||||||||||||||||||
Other non-operating expense | 126 | ||||||||||||||||||
Equity in earnings of unconsolidated affiliates | (8,963) | (19,475) | (19,063) | ||||||||||||||||
Income before income taxes | 48,243 | 53,812 | 47,881 | ||||||||||||||||
Provision for income taxes | 15,073 | 13,346 | 20,161 | ||||||||||||||||
Net income including non-controlling interest | 9,915 | 9,275 | 6,194 | 7,786 | 14,910 | 9,759 | 9,122 | 6,675 | 33,170 | 40,466 | 27,720 | ||||||||
Less: net loss attributable to non-controlling interest | (322) | (414) | (270) | (239) | (730) | (257) | (296) | (402) | (1,245) | (1,685) | (1,103) | ||||||||
Net income attributable to Unifi, Inc. | $ 10,237 | [2] | $ 9,689 | [2] | $ 6,464 | [2] | $ 8,025 | [2] | $ 15,640 | [3] | $ 10,016 | [3] | $ 9,418 | [3] | $ 7,077 | [3] | $ 34,415 | $ 42,151 | $ 28,823 |
Net income attributable to Unifi, Inc. per common share: | |||||||||||||||||||
Basic (in dollars per share) | $ 0.57 | [4] | $ 0.54 | [4] | $ 0.36 | [4] | $ 0.45 | [4] | $ 0.86 | [4] | $ 0.55 | [4] | $ 0.52 | [4] | $ 0.39 | [4] | $ 1.93 | $ 2.32 | $ 1.52 |
Diluted (in dollars per share) | $ 0.56 | [4] | $ 0.53 | [4] | $ 0.35 | [4] | $ 0.43 | [4] | $ 0.83 | [4] | $ 0.53 | [4] | $ 0.50 | [4] | $ 0.37 | [4] | $ 1.87 | $ 2.24 | $ 1.47 |
[1] | Net sales and gross profit for the fiscal quarters ended September 28, 2014, December 28, 2014 and March 29, 2015 have been revised to reflect revenues presented for All Other (as described in more detail in Note 26). Such income had been previously recorded as an offset to cost of sales or other operating expense due to the insignificance of the underlying business activities to the consolidated financial statements. | ||||||||||||||||||
[2] | Includes the unfavorable impact of key employee transition costs of approximately $840, $270 and $400 for the quarters ended June 26, 2016, March 27, 2016 and December 27, 2015, respectively | ||||||||||||||||||
[3] | Net income attributable to Unifi, Inc. for the quarter ended September 28, 2014 includes a bargain purchase gain recorded by PAL (of which $1,506 was recognized by the Company). Net income attributable to Unifi, Inc. for the quarter ended December 28, 2014 includes a net change in deferred tax valuation allowances of $630 recorded as a benefit to the income tax provision. Net income attributable to Unifi, Inc. for the quarter ended March 29, 2015 includes the following: a. a net change in deferred tax valuation allowances of $924 recorded as a benefit to the income tax provision, b. renewable energy tax credits of $782 recorded as a benefit to the income tax provision and c. an after-tax loss on extinguishment of debt of approximately $676. Net income attributable to Unifi, Inc. for the quarter ended June 28, 2015 includes the following: a. a net change in deferred tax valuation allowances of $1,749 recorded as a benefit to the income tax provision, b. a $7,822 reversal of the deferred tax liability related to the Company's indefinite reinvestment assertion, c. the reversal of a $3,008 deferred tax asset related to certain intercompany foreign currency transactions which originated in prior years and were settled in the fourth quarter of fiscal 2015, d. a net change in uncertain tax positions of $3,046 recorded to provision for income taxes and e. a bargain purchase gain recorded by PAL (of which $3,190 is recognized by the Company). | ||||||||||||||||||
[4] | Income per share is computed independently for each of the periods presented. The sum of the income per share amounts for the quarters may not equal the total for the year. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 26, 2016 | Jun. 28, 2015 | Jun. 29, 2014 | |
Unconsolidated Affiliates [Member] | |||
Foreign currency translation adjustments, pre-tax | $ (794) | $ (933) | |
Net income including non-controlling interest | 33,170 | 40,466 | 27,720 |
Foreign currency translation adjustments, pre-tax | (2,135) | (21,578) | 327 |
Reclassification adjustments on interest rate swap | 77 | 231 | 554 |
Other comprehensive (loss) income, after-tax | (2,852) | (22,280) | 881 |
Comprehensive income including non-controlling interest | 30,318 | 18,186 | 28,601 |
Less: comprehensive loss attributable to non-controlling interest | (1,245) | (1,685) | (1,103) |
Comprehensive income attributable to Unifi, Inc. | $ 31,563 | $ 19,871 | $ 29,704 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - 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 (in shares) at Jun. 30, 2013 | 19,205,000 | ||||||
Balance at Jun. 30, 2013 | $ 1,921 | $ 36,375 | $ 252,112 | $ (5,500) | $ 284,908 | $ 1,572 | $ 286,480 |
Options exercised (in shares) | 798,000 | ||||||
Options exercised | $ 79 | 6,640 | 6,719 | 6,719 | |||
Stock-based compensation | 1,939 | 1,939 | $ 1,939 | ||||
Conversion of restricted stock units (in shares) | 31,000 | ||||||
Conversion of restricted stock units | $ 3 | (3) | |||||
Common stock repurchased and retired under publicly announced programs (in shares) | (1,524,000) | (1,524,000) | |||||
Common stock repurchased and retired under publicly announced programs | $ (152) | (2,814) | (33,585) | (36,551) | $ (36,551) | ||
Common stock tendered to the Company for the exercise of stock options and retired (in shares) | (134,000) | ||||||
Common stock tendered to the Company for the exercise of stock options and retired | $ (14) | (3,540) | (29) | (3,583) | (3,583) | ||
Common stock tendered to the Company for withholding tax obligations and retired (in shares) | (62,000) | ||||||
Common stock tendered to the Company for withholding tax obligations and retired | $ (6) | (1,648) | (1,654) | (1,654) | |||
Excess tax benefit on stock-based compensation plans | 3,533 | 3,533 | 3,533 | ||||
Other comprehensive income, net of tax | 881 | 881 | 881 | ||||
Contributions from non-controlling interest | 1,254 | 1,254 | |||||
Net income (loss) | 28,823 | 28,823 | (1,103) | 27,720 | |||
Balance (in shares) at Jun. 29, 2014 | 18,314,000 | ||||||
Balance at Jun. 29, 2014 | $ 1,831 | 42,130 | 245,673 | (4,619) | 285,015 | 1,723 | 286,738 |
Options exercised (in shares) | 11,000 | ||||||
Options exercised | $ 1 | 94 | 95 | 95 | |||
Stock-based compensation | 2,631 | 2,631 | $ 2,631 | ||||
Conversion of restricted stock units (in shares) | 31,000 | ||||||
Conversion of restricted stock units | $ 3 | (3) | |||||
Common stock repurchased and retired under publicly announced programs (in shares) | (349,000) | (349,000) | |||||
Common stock repurchased and retired under publicly announced programs | $ (34) | (833) | (9,493) | (10,360) | $ (10,360) | ||
Excess tax benefit on stock-based compensation plans | 242 | 242 | 242 | ||||
Other comprehensive income, net of tax | (22,280) | (22,280) | (22,280) | ||||
Contributions from non-controlling interest | 1,561 | 1,561 | |||||
Net income (loss) | 42,151 | 42,151 | (1,685) | $ 40,466 | |||
Balance (in shares) at Jun. 28, 2015 | 18,007,000 | 18,007,749 | |||||
Balance at Jun. 28, 2015 | $ 1,801 | 44,261 | 278,331 | (26,899) | 297,494 | 1,599 | $ 299,093 |
Options exercised (in shares) | 27,000 | 41,000 | |||||
Options exercised | $ 3 | 178 | 181 | $ 181 | |||
Stock-based compensation | 2,340 | 2,340 | $ 2,340 | ||||
Conversion of restricted stock units (in shares) | 19,000 | ||||||
Conversion of restricted stock units | $ 2 | (2) | |||||
Common stock repurchased and retired under publicly announced programs (in shares) | (206,000) | (206,000) | |||||
Common stock repurchased and retired under publicly announced programs | $ (21) | (509) | (5,681) | (6,211) | $ (6,211) | ||
Excess tax benefit on stock-based compensation plans | 120 | 120 | 120 | ||||
Other comprehensive income, net of tax | (2,852) | (2,852) | (2,852) | ||||
Contributions from non-controlling interest | 1,560 | 1,560 | |||||
Net income (loss) | 34,415 | 34,415 | (1,245) | $ 33,170 | |||
Balance (in shares) at Jun. 26, 2016 | 17,847,000 | 17,847,416 | |||||
Balance at Jun. 26, 2016 | $ 1,785 | 45,932 | $ 307,065 | $ (29,751) | 325,031 | $ 1,914 | $ 326,945 |
Tax deficiency from stock-based compensation plans | $ (456) | $ (456) | $ (456) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 26, 2016 | Jun. 28, 2015 | Jun. 29, 2014 | |
ABLTermLoanMember | |||
Financing activities: | |||
Proceeds from Issuance of Secured Debt | $ 17,375 | $ 22,000 | $ 25,200 |
Term Loan Supplement [Member] | |||
Financing activities: | |||
Proceeds from Issuance of Secured Debt | 4,000 | ||
Cash and cash equivalents at beginning of year | 10,013 | 15,907 | 8,755 |
Net income (loss) | 33,170 | 40,466 | 27,720 |
Equity in earnings of unconsolidated affiliates | (8,963) | (19,475) | (19,063) |
Distributions received from unconsolidated affiliates | 4,732 | 3,718 | 13,214 |
Depreciation and amortization expense | 17,528 | 18,043 | 17,896 |
Loss on extinguishment of debt | 1,040 | ||
Non-cash compensation expense | 2,501 | 3,148 | 2,690 |
Excess tax benefit on stock-based compensation plans | (120) | (242) | (3,533) |
Deferred income taxes | 5,983 | (3,796) | 726 |
Other, net | (302) | 1,441 | 1,649 |
Receivables, net | (88) | 4,491 | 4,514 |
Inventories | 6,843 | (6,171) | (2,677) |
Other current assets and income taxes receivable | (2,235) | (1,099) | 1,141 |
Accounts payable and accrued expenses | (5,710) | (3,612) | 1,157 |
Income taxes payable | 816 | (2,395) | 5,824 |
Other non-current assets | (108) | 76 | 5,173 |
Other non-current liabilities | 1,928 | 3,270 | (74) |
Net cash provided by operating activities | 55,975 | 38,903 | 56,357 |
Capital expenditures | (52,337) | (25,966) | (19,091) |
Investments in miscanthus grass | (2,610) | (830) | (714) |
Proceeds from sale of assets | 2,099 | 3,847 | 2,719 |
Other, net | (44) | 408 | 217 |
Net cash used in investing activities | (52,892) | (22,541) | (16,869) |
Proceeds from ABL Revolver | 153,200 | 149,100 | 149,300 |
Payments on ABL Revolver | (152,000) | (170,100) | (175,800) |
Payments on ABL Term Loan | (9,250) | (7,875) | |
Proceeds from construction financing | 790 | ||
Payment on term loan from equity affiliate | (1,250) | ||
Payments of debt financing fees | (217) | (1,063) | (400) |
Payments on capital lease obligations | (4,090) | (1,286) | (319) |
Common stock repurchased and retired under publicly announced programs | (6,211) | (10,360) | (36,551) |
Common stock tendered to the Company for withholding tax obligations and retired | (1,654) | ||
Proceeds from stock option exercises | 181 | 95 | 3,136 |
Excess tax benefit on stock-based compensation plans | 120 | 242 | 3,533 |
Contributions from non-controlling interest | 1,560 | 1,561 | 1,254 |
Other | (566) | (504) | (109) |
Net cash provided by (used in) financing activities | 3,642 | (18,190) | (32,410) |
Effect of exchange rate changes on cash and cash equivalents | (92) | (4,066) | 74 |
Net increase (decrease) in cash and cash equivalents | 6,633 | (5,894) | 7,152 |
Cash and cash equivalents at end of year | $ 10,013 | $ 15,907 | $ 8,755 |
Note 1 - Background
Note 1 - Background | 12 Months Ended |
Jun. 26, 2016 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. Background Overview Unifi, Inc., a New York corporation formed in 1969 (together with its subsidiaries, “we,” the “Company” or “Unifi”), is a multi-national manufacturing company that processes and sells high-volume commodity yarns, specialized yarns designed to meet certain customer specifications, and premium 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 polyester product is available in virgin or recycled varieties, where the recycled is 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 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 North America, Central America, South America and Asia. In addition to the Company’s operations described above, the Company’s investments include, but are not limited to, (i) a 60% controlling membership interest in Repreve Renewables, LLC (“Renewables”), an agricultural company focused on the development, production and commercialization of miscanthus grass for use in the animal bedding, bio-energy and other bio-based products markets; and (ii) a 34% non-controlling partnership interest in Parkdale America, LLC (“PAL”), a producer of cotton and synthetic yarns for sale to the textile industry and apparel market, both foreign and domestic. Fiscal Year The fiscal year end for the Company and its subsidiaries in El Salvador and China occurs on the last Sunday in June. The Company’s fiscal 2016, 2015 and 2014 ended on June 26, 2016, June 28, 2015 and June 29, 2014, respectively. The Company’s Brazilian and Colombian subsidiaries’ fiscal years end on June 30th. There were no significant transactions or events that occurred between the fiscal year ends of the Company and its subsidiaries. The Company’s fiscal 2016, 2015 and 2014 all consisted of 52 weeks. Reclassifications Certain reclassifications of prior years’ data have been made to conform to the current year presentation. All dollar and other currency amounts and share amounts, except per share amounts, are presented in thousands (000s), except as otherwise noted. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 26, 2016 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies The Company follows U.S. generally accepted accounting principles (“GAAP”). The significant accounting policies described below, together with the other notes that follow, are an integral part of the consolidated financial statements. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries in which it maintains a controlling financial interest. All account balances and transactions between the Company and the subsidiaries which it controls have been eliminated. Investments in entities where the Company is able to exercise significant influence, but not control, are accounted for by the equity method. For transactions with entities accounted for under the equity method, any intercompany profits on amounts still remaining are eliminated. Amounts originating from any deferral of intercompany profits are recorded within either the Company’s investment account or the account balance to which the transaction specifically relates (e.g., inventory). Only upon settlement of the intercompany transaction with a third party is the deferral of the intercompany profit recognized by the Company. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make use of estimates and assumptions that affect the reported amounts of assets and liabilities, certain financial statement disclosures at the date of the financial statements, and the reported amounts of revenues and expenses during the period. The Company’s consolidated financial statements include amounts that are based on management’s best estimates and judgments. Actual results may vary from these estimates. These estimates are reviewed periodically to determine if a change is required. Cash and Cash Equivalents Cash equivalents are defined as highly liquid, short-term investments having an original maturity of three months or less. Book overdrafts, for which the bank has not advanced cash, if any, are reclassified to accounts payable and reflected as an offset thereto within the consolidated statements of cash flows. Receivables Receivables are stated at their net realizable value. Allowances are provided for known and potential losses arising from yarn quality claims and for amounts owed by customers. Reserves for yarn quality claims are based on historical experience and known pending claims and are recorded as a reduction of net sales. The allowance for uncollectible accounts is shown as a reduction of operating income and reflects the Company’s best estimate of probable losses inherent in its accounts receivable portfolio determined on the basis of historical experience, aging of trade receivables, specific allowances for known troubled accounts and other currently available information. Customer accounts are written off against the allowance for uncollectible accounts when they are no longer deemed to be collectible. Inventories The Company’s inventories are valued at the lower of cost or market with the cost for the majority of its inventory determined using the first-in, first-out method. Certain foreign inventories and limited categories of supplies and agricultural inventories are valued using the average cost method. The Company’s estimates for inventory reserves for obsolete, slow-moving or excess inventories are based upon many factors including historical recovery rates, the aging of inventories on-hand, inventory movement and expected net realizable value of specific products, and current economic conditions. Debt Financing Fees The Company capitalizes costs associated with the financing of its debt obligations. These costs are amortized as additional interest expense following either the effective interest method or the straight-line method. In the event of any prepayment of its debt obligations, the Company accelerates the recognition of a pro-rata amount of issuance costs and records an extinguishment of debt. Property, Plant and Equipment Property, plant and equipment (“PP&E”) are stated at historical cost less accumulated depreciation. Plant and equipment under capital leases are stated at the present value of minimum lease payments less accumulated amortization. Additions or improvements that substantially extend the useful life of a particular asset are capitalized. Depreciation is calculated primarily utilizing the straight-line method over the following useful lives: Asset categories Useful lives in years Land improvements Ten to Twenty Buildings and improvements Fifteen to Forty Machinery and equipment Three to Twenty-five Computer, software and office equipment Three to Seven Internal software development costs Three Transportation equipment Three to Fifteen Leasehold improvements are depreciated over the lesser of their estimated useful lives or the remaining term of the lease. Assets under capital leases are amortized in a manner consistent with the Company’s normal depreciation policy if ownership is transferred by the end of the lease, or if there is a bargain purchase option. If such ownership criteria are not met, amortization occurs over the shorter of the lease term or the asset’s useful life. The Company capitalizes its costs of developing internal software when the software is used as an integral part of its manufacturing or business processes and the technological feasibility has been established. Internal software costs are amortized over a period of three years and, in accordance with the project type, charged to cost of sales or selling, general and administrative (“SG&A”) expenses. Fully depreciated assets are retained in cost and accumulated depreciation accounts until they are removed from service. In the case of disposals, asset costs and related accumulated depreciation amounts are removed from the accounts, and the net amounts, less proceeds from disposal, are included in the determination of net income and presented within other operating expense, net. Repair and maintenance costs related to PP&E which do not significantly increase the useful life of an existing asset or do not significantly alter, modify or change the capabilities or production capacity of an existing asset are expensed as incurred. Interest is capitalized for capital projects requiring a construction period. PP&E and other long-lived assets are tested for impairment whenever events or changes in circumstances indicate that the respective carrying amount may not be recoverable. Long-lived assets to be disposed of by sale within one year are classified as held for sale and are reported at the lower of carrying amount or fair value less cost to sell. Depreciation ceases for all assets classified as held for sale. Long-lived assets to be disposed of other than by sale are classified as held for use until they are disposed of and these assets are reported at the lower of their carrying amount or estimated fair value. Miscanthus Grass Miscanthus grass is stated at historical cost and subject to depreciation at the time that production in commercial quantities begins (which is expected to occur approximately twenty-four months after planting). Cost includes expenditures associated with land and planting bed preparation, biological materials and overhead. Cultural care costs are capitalized during the development period (up to twenty-four months) and are subsequently expensed as incurred. Depreciation is calculated utilizing the straight-line method over the shorter of the (i) land lease term including renewal periods or (ii) estimated productive life of the plantings, generally fifteen years. Intangible Assets Finite-lived intangible assets, such as customer lists, non-compete agreements, licenses, trademarks and patents are amortized over their estimated useful lives. The Company periodically evaluates the reasonableness of the useful lives of these assets. Once these assets are fully amortized, they are removed from the accounts. These assets are reviewed for impairment or obsolescence when events or changes in circumstances indicate that the carrying amount may not be recoverable. If impaired, intangible assets are written down to fair value based on discounted cash flows or other valuation techniques. The Company has no intangibles with indefinite lives. Investments in Unconsolidated Affiliates The Company evaluates its investments in unconsolidated affiliates for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Derivative Instruments All derivatives are carried on the balance sheet at fair value and are classified according to their asset or liability position and the expected timing of settlement. On the date the derivative contract is entered into, the Company may designate the derivative into one of the following categories: ● Fair value hedge – a hedge of the fair value of a recognized asset, liability or a firm commitment. Changes in the fair value of derivatives designated and qualifying as fair-value hedges, as well as the offsetting gains and losses on the hedged items, are reported in income in the same period. ● Cash flow hedge – a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability. The effective portion of gains and losses on cash flow hedges are recorded in accumulated other comprehensive loss, until the underlying transactions are recognized in income. When the hedged item is realized, gains or losses are reclassified from accumulated other comprehensive loss to current period earnings on the same line item as the underlying transaction. ● Net investment hedge – if a derivative is used as a foreign currency hedge of a net investment in a foreign operation, its changes in fair value, to the extent effective as a hedge, are recorded in foreign currency translation adjustments in accumulated other comprehensive loss. Any ineffective portion of a designated hedge is immediately recognized in current period earnings. Derivatives that are not designated for hedge accounting are marked to market at the end of each period with the changes in fair value recognized in current period earnings. Settlements of any fair value or cash flow derivative contracts are classified as cash flows from operating activities. Fair Value Measurements The accounting guidance for fair value measurements and disclosures establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market, or if none exists, the most advantageous market, for the specific asset or liability at the measurement date (the exit price). Fair value is based on assumptions that market participants would use when pricing the asset or liability. The hierarchy gives the highest priority to unadjusted quoted prices in active markets and the lowest priority to unobservable inputs. The Company uses the following to measure fair value for its assets and liabilities: ● Level 1 – Observable inputs that reflect quoted prices for identical assets or liabilities in active markets ● Level 2 – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability either indirectly or directly ● Level 3 – Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability The classification of assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement in its entirety. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recorded to recognize the expected future tax benefits or costs of events that have been, or will be, reported in different tax years for financial statement purposes than for tax purposes. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which these items are expected to reverse. The Company reviews deferred tax assets to determine if it is more-likely-than-not they will be realized. If the Company determines it is not more-likely-than-not that a deferred tax asset will be realized, it records a valuation allowance to reverse the previously recognized benefit. Provision is made for taxes on undistributed earnings of foreign subsidiaries and related companies to the extent that such earnings are not deemed to be permanently invested. The Company recognizes tax benefits related to uncertain tax positions if it believes it is more-likely-than-not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. The Company accrues for other tax contingencies when it is probable that a liability to a taxing authority has been incurred and the amount of the contingency can be reasonably estimated. Income tax expense related to penalties and interest, if incurred, is included in provision for income taxes. Stock-Based Compensation Compensation expense for stock awards is based on the grant date fair value and expensed over the applicable vesting period. The Company has a policy of issuing new shares to satisfy share option exercises. For awards with a service condition and a graded vesting schedule, the Company has elected an accounting policy of recognizing compensation cost on a straight-line basis over the requisite service period for each separate vesting portion of the award as if the award was, in-substance, multiple awards. Foreign Currency Translation Assets and liabilities of foreign subsidiaries whose functional currency is other than the U.S. Dollar are translated at exchange rates existing at the respective balance sheet dates. Translation gains and losses are not included in determining net income, but are presented in a separate component of accumulated other comprehensive loss. The Company translates the results of operations of its foreign operations at the average exchange rates during the respective periods. Transaction gains and losses are included within other operating expense, net. Revenue Recognition The Company recognizes revenue when (a) there is persuasive evidence of an arrangement, (b) the sales price is fixed or determinable, (c) title and the risks of ownership have been transferred to the customer, and (d) collection of the receivable is reasonably assured. For the sale of goods, revenue recognition occurs primarily upon shipment. For service arrangements, revenue is recognized when (i) transportation services have been completed in accordance with the bill of lading contract or (ii) in accordance with contractual agreements with customers utilizing the criteria above. Revenue includes amounts for duties and import taxes, interest billed to customers, and shipping and handling costs billed to customers. Revenue excludes value-added taxes or other sales taxes and includes any applicable deductions for returns and allowances, yarn claims, and discounts. Cost of Sales The major components of cost of sales are: (a) materials and supplies, (b) labor and fringe benefits, (c) utility and overhead costs associated with manufactured products, (d) cost of products purchased for resale, (e) shipping, handling and warehousing costs, (f) research and development costs, (g) depreciation expense, and (h) all other costs related to production or providing service activities. Shipping, Handling and Warehousing Costs Shipping, handling and warehousing costs include costs to store goods prior to shipment, prepare goods for shipment and physically move goods to customers. Research and Development Costs Research and development costs include employee costs, production costs related to customer samples, operating supplies, consulting fees and other miscellaneous costs. The cost of research and development is charged to expense as incurred. Research and development costs were as follows: For the Fiscal Year Ended June 26, 2016 June 28, 2015 June 29, 2014 Research and development costs $ 6,907 $ 8,113 $ 7,921 Selling, General and Administrative Expenses The major components of SG&A expenses are: (a) costs of the Company’s sales force, marketing and advertising efforts, as well as commissions and credit insurance, (b) costs of maintaining the Company’s general and administrative support functions including executive management, information technology, human resources, legal, and finance, (c) amortization of intangible assets, and (d) all other costs required to be classified as SG&A expenses. Advertising Costs Advertising costs are expensed as incurred and included in SG&A expenses. The Company’s advertising costs include spending for items such as consumer marketing and branding initiatives, promotional items, trade shows, sponsorships and other programs. Advertising costs were as follows: For the Fiscal Year Ended June 26, 2016 June 28, 2015 June 29, 2014 Advertising costs $ 4,844 $ 3,975 $ 2,953 Restructuring Charges Restructuring charges for the relocation of equipment, disposal costs, severance and other exit costs are expensed as incurred. Self Insurance The Company self-insures certain risks such as employee healthcare claims. Reserves for incurred but not reported healthcare claims are estimated using historical data, the timeliness of claims processing, medical trends, inflation and any changes, if applicable, in the nature or type of the plan. Contingencies At any point in time, the Company may be a party to various pending legal proceedings, claims or environmental actions. Accruals for estimated losses are recorded at the time information becomes available indicating that losses are probable and estimable. Any amounts accrued are not discounted. Legal costs such as outside counsel fees and expenses are charged to expense as incurred. |
Note 3 - Recent Accounting Pron
Note 3 - Recent Accounting Pronouncements | 12 Months Ended |
Jun. 26, 2016 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 3. Recent Accounting Pronouncements In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-05, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement In July 2015, the FASB issued ASU 2015-11, Inventory In August 2015, the FASB issued ASU 2015-15, Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements - Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) In March 2016, the FASB issued ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing The Company is evaluating the effect the new guidance will have on its consolidated financial statements and related disclosures. In July 2013, the FASB issued ASU 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists In April 2015, the FASB issued ASU 2015-03, Interest—Imputation of Interest In fiscal 2016, the Company early adopted ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes Retrospective application of June 28, 2015 balances reflect the revised presentation requirements of ASU 2015-17, as outlined in the table below. June 28, 2015 As Previously Reported Adjustments Due to Adoption of ASU 2015-17 June 28, 2015 As Adjusted Deferred income taxes (within total current assets) $ 2,383 $ (2,383 ) $ — Total current assets 215,347 (2,383 ) 212,964 Deferred income taxes (within non-current assets) 1,539 2,383 3,922 Total assets 476,372 — 476,372 Deferred income taxes (within non-current liabilities) 90 — 90 Total liabilities 177,279 — 177,279 There have been no other newly issued or newly applicable accounting pronouncements that have, or are expected to have, a significant impact on the Company's financial statements. |
Note 4 - Acquisition
Note 4 - Acquisition | 12 Months Ended |
Jun. 26, 2016 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 4. Acquisition Acquisition of Draw Winding Business On December 2, 2013, the Company acquired certain draw winding assets and the associated business, and recorded $2,500 for a contingent liability. The acquisition increased the Company’s polyester production capacity and allowed the Company to expand its product offerings to include mid-tenacity flat yarns. The contingent consideration liability represented the present value of the expected future payments due to the seller over the five-year period following the acquisition date. See Note 9 for further discussion of the customer list and non-compete agreement. See Note 18 for further discussion of the recurring measurement of the contingent consideration. |
Note 5 - Receivables, Net
Note 5 - Receivables, Net | 12 Months Ended |
Jun. 26, 2016 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 5. Receivables, Net Receivables, net consists of the following: June 26, 2016 June 28, 2015 Customer receivables $ 86,358 $ 85,731 Allowance for uncollectible accounts (2,839 ) (1,596 ) Reserves for yarn quality claims (795 ) (581 ) Net customer receivables 82,724 83,554 Related party receivables 10 75 Other receivables 688 234 Total receivables, net $ 83,422 $ 83,863 Other receivables consist primarily of receivables for duty drawback and refunds due from vendors. The changes in the Company’s allowance for uncollectible accounts and reserves for yarn quality claims were as follows: Allowance for Uncollectible Accounts Reserves for Yarn Quality Claims Balance at June 30, 2013 $ (972 ) $ (893 ) Charged to costs and expenses (287 ) (1,726 ) Charged to other accounts (20 ) 2 Deductions 244 1,999 Balance at June 29, 2014 $ (1,035 ) $ (618 ) Charged to costs and expenses (947 ) (1,336 ) Charged to other accounts 240 29 Deductions 146 1,344 Balance at June 28, 2015 $ (1,596 ) $ (581 ) Charged to costs and expenses (1,684 ) (1,886 ) Charged to other accounts (56 ) (4 ) Deductions 497 1,676 Balance at June 26, 2016 $ (2,839 ) $ (795 ) Amounts charged to costs and expenses for the allowance for uncollectible accounts are reflected in provision for bad debts and deductions represent amounts written off which were deemed to not be collectible, net of any recoveries. Amounts charged to costs and expenses for the reserves for yarn quality claims are primarily reflected as a reduction of net sales and deductions represent adjustments to either increase or decrease claims based on negotiated amounts or actual versus estimated claim differences. Amounts charged to other accounts primarily include the impact of translating the activity of the Company’s foreign affiliates from their respective local currencies to the U.S. Dollar. |
Note 6 - Inventories
Note 6 - Inventories | 12 Months Ended |
Jun. 26, 2016 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 6. Inventories Inventories consists of the following: June 26, 2016 June 28, 2015 Raw materials $ 37,162 $ 42,526 Supplies 5,387 5,404 Work in process 6,595 7,546 Finished goods 55,771 56,844 Gross inventories 104,915 112,320 Inventory reserves (1,383 ) (705 ) Total inventories $ 103,532 $ 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 $27,651 and $28,426 as of June 26, 2016 and June 28, 2015, respectively, were valued under the average cost method. |
Note 7 - Other Current Assets
Note 7 - Other Current Assets | 12 Months Ended |
Jun. 26, 2016 | |
Notes to Financial Statements | |
Other Current Assets [Text Block] | 7. Other Current Assets Other current assets consists of the following: June 26, 2016 June 28, 2015 Vendor deposits $ 2,036 $ 1,743 Prepaid expenses 1,496 1,647 Value added taxes receivable 1,225 1,220 Funds held by qualified intermediary — 1,390 Other 33 22 Total other current assets $ 4,790 $ 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 the sales and purchase activities of the Company’s foreign operations. Prepaid expenses consist of advance payments for insurance, professional fees, membership dues, subscriptions, non-income related tax payments, marketing and information technology services. In June 2015, the Company sold certain land and building assets historically utilized for warehousing in the Polyester Segment to an unrelated third party. Net proceeds from the sale of $1,390 were remitted directly to a qualified intermediary in anticipation of an exchange under section 1031 of the Internal Revenue Code of 1986, as amended (“Internal Revenue Code”). |
Note 8 - Property, Plant and Eq
Note 8 - Property, Plant and Equipment, Net | 12 Months Ended |
Jun. 26, 2016 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 8. Property, Plant and Equipment, Net Property, plant and equipment, net consists of the following: June 26, 2016 June 28, 2015 Land $ 3,154 $ 2,413 Land improvements 13,734 11,709 Buildings and improvements 145,633 141,259 Assets under capital leases 21,525 17,371 Machinery and equipment 544,369 531,225 Computers, software and office equipment 17,823 16,782 Transportation equipment 4,713 4,736 Construction in progress 39,695 6,710 Gross property, plant and equipment 790,646 732,205 Less: accumulated depreciation (602,839 ) (595,094 ) Less: accumulated amortization – capital leases (2,706 ) (889 ) Total property, plant and equipment, net $ 185,101 $ 136,222 Assets under capital leases consists of the following: June 26, 2016 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 fiscal 2016 and 2015, the Company entered into capital leases with aggregate present values of $4,154 and $12,784, respectively, for machinery and transportation equipment. Depreciation expense, including the amortization of assets under capital leases and internal software development costs amortization, repairs and maintenance expenses, and capitalized interest were as follows: For the Fiscal Year Ended June 26, 2016 June 28, 2015 June 29, 2014 Depreciation expense $ 15,269 $ 15,422 $ 15,174 Repair and maintenance expenses 16,819 17,741 18,319 Capitalized interest 724 191 172 |
Note 9 - Intangible Assets, Net
Note 9 - Intangible Assets, Net | 12 Months Ended |
Jun. 26, 2016 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 9. Intangible Assets, Net Intangible assets, net consists of the following: June 26, 2016 June 28, 2015 Customer lists $ 23,615 $ 23,615 Non-compete agreements 4,293 4,293 Licenses, trademarks and other 891 837 Total intangible assets, gross 28,799 28,745 Accumulated amortization - customer lists (20,665 ) (19,432 ) Accumulated amortization - non-compete agreements (3,860 ) (3,537 ) Accumulated amortization – licenses, trademarks and other (533 ) (388 ) Total accumulated amortization (25,058 ) (23,357 ) Total intangible assets, net $ 3,741 $ 5,388 In fiscal 2007, the Company purchased certain texturing operations, which are included in the Company’s Polyester Segment. The valuation of the customer list acquired was determined by estimating the discounted net earnings attributable to the customer relationships that were purchased after considering items such as possible customer attrition. Based on the length and trend of the projected cash flows, an estimated useful life of thirteen years was determined. The customer list is amortized through December 2019, in a manner which reflects the expected economic benefit that will be received over its thirteen-year life. The non-compete agreement is amortized through December 2017, using the straight-line method over the period currently covered by the agreement. A customer list and a non-compete agreement were recorded in connection with the business combination outlined in Note 4, utilizing similar valuation methods as described above for the fiscal 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 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 miscanthus grass for use in the animal bedding, bio energy and bio-based products markets. The non-compete agreement for Renewables is amortized using the straight-line method over the five-year term of the agreement. The FREEDOM ® The Company capitalizes costs incurred to register trademarks for REPREVE ® Amortization expense for intangible assets consists of the following: For the Fiscal Year Ended June 26, 2016 June 28, 2015 June 29, 2014 Customer lists $ 1,233 $ 1,594 $ 1,845 Non-compete agreements 323 323 319 Licenses, trademarks and other 145 163 134 Total amortization expense $ 1,701 $ 2,080 $ 2,298 The following table presents the expected intangible asset amortization for the next five fiscal years: 2017 2018 2019 2020 2021 Expected amortization $ 1,393 $ 1,054 $ 700 $ 351 $ 69 |
Note 10 - Other Non-current Ass
Note 10 - Other Non-current Assets | 12 Months Ended |
Jun. 26, 2016 | |
Notes to Financial Statements | |
Investments and Other Noncurrent Assets [Text Block] | 10. Other Non-Current Assets Other non-current assets consists of the following: June 26, 2016 June 28, 2015 Miscanthus grass, net $ 4,522 $ 2,151 Debt financing fees 1,421 1,611 Other 387 213 Total other non-current assets $ 6,330 $ 3,975 Miscanthus grass is currently being developed and propagated by Renewables for use in the animal bedding market and potentially for bioenergy industries and is reflected net of accumulated depreciation of $213 and $55 at June 26, 2016 and June 28, 2015, respectively. |
Note 11 - Accrued Expenses
Note 11 - Accrued Expenses | 12 Months Ended |
Jun. 26, 2016 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 11. Accrued Expenses Accrued expenses consists of the following: June 26, 2016 June 28, 2015 Payroll and fringe benefits $ 10,370 $ 11,258 Utilities 2,376 2,823 Current portion of supplemental post-employment plan 1,506 — Property taxes 831 790 Consulting and transition fees payable to former executive officers 1,045 — Other 2,346 1,769 Total accrued expenses $ 18,474 $ 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 12 - Long-term Debt
Note 12 - Long-term Debt | 12 Months Ended |
Jun. 26, 2016 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 12. Long-Term Debt Debt Obligations The following table presents the total balances outstanding for the Company’s debt obligations, their scheduled maturity dates and the weighted average interest rates for borrowings as well as the applicable current portion of long-term debt: Weighted Average Principal Amounts as of Scheduled Maturity Date Interest Rate as of June 26, 2016 (1) June 26, 2016 June 28, 2015 ABL Revolver March 2020 2.5% $ 6,200 $ 5,000 ABL Term Loan March 2020 2.3% 90,250 82,125 Capital lease obligations (2) (3) 15,798 15,735 Construction financing (4) (4) 6,629 — Renewables’ term loan August 2022 3.7% 4,000 — Renewables’ promissory note September 2020 3.0% 135 — Term loan from unconsolidated affiliate (5) (5) — 1,250 Total debt 123,012 104,110 Current portion of Renewables’ promissory note (25 ) — Current portion of capital lease obligations (4,261 ) (3,385 ) Current portion of long-term debt (9,500 ) (9,000 ) Total long-term debt $ 109,226 $ 91,725 (1) The weighted average interest rate as of June 26, 2016 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%. (4) Refer to the discussion below under the subheading “— Construction Financing (5) Refer to the discussion below under the subheading “— Term Loan from Unconsolidated Affiliate On March 26, 2015, the Company and its subsidiary, Unifi Manufacturing, Inc., entered into an Amended and Restated Credit Agreement (as subsequently amended, 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, once per fiscal year, if certain conditions are met (the “ABL Term Loan”). Such a principal increase occurred during the quarter ended December 27, 2015, as described below under the subheading “— Second Amendment. 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 June 26, 2016 was $23,781. In addition, the ABL Facility contains restrictions on particular payments and investments, including certain restrictions on the payment of dividends and share repurchases. Subject to specific 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%. As of June 26, 2016, the excess availability under the ABL Revolver was $68,612. At June 26, 2016, the fixed charge coverage ratio was 1.93 to 1.0 and the Company had $200 of standby letters of credit, none of which have been drawn upon. Second Amendment On November 19, 2015, the Company entered into the Second Amendment to Amended and Restated Credit Agreement (“Second Amendment”). The Second Amendment increased the percentage applied to real estate valuations, on a one-time basis, from 60% to 75%, for purposes of calculating the Term Loan collateral. Simultaneous to entering into the Second Amendment, the Company entered into the Fourth Amended and Restated Term Note, thereby resetting the ABL Term Loan balance to $95,000. Pursuant to the Second Amendment, the ABL Term Loan is subject to quarterly amortizing payments of $2,375. Capital Lease Obligations During fiscal 2016, 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. Construction Financing In December 2015, the Company entered into an agreement with a third party lender that provides for construction-period financing for certain build-to-suit assets. The Company will record project costs to construction in progress and the corresponding liability to construction financing (within long-term debt). The agreement provides for monthly, interest-only payments during the construction period, at a rate of 3.5%, and contains terms customary for a financing of this type. The agreement provides for 60 monthly payments, which will commence at the earlier of the completion of the construction period or July 1, 2017, with an interest rate of 3.2%. In connection with this construction financing arrangement, the Company has recorded (i) $210 of deferred financing fees and (ii) long-term debt of $6,629 (to reflect $790 of proceeds for construction financing and $5,839 for construction in progress paid by the third party lender). 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, having 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. Borrowings bear interest at LIBOR plus an applicable margin of 3.25%, payable monthly in arrears. Principal payments of $111 per month begin in September 2019 and are payable through July 2022, followed by a final payment equal to the remaining unpaid principal balance in August 2022. In connection with this arrangement, a subsidiary of the Company is subject to joint and several liability in the event of recourse by the lenders. 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. 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 an unconsolidated affiliate, U.N.F. Industries Ltd. The entire principal balance was repaid in April 2016. Scheduled Debt Maturities The following table presents the scheduled maturities of the Company’s outstanding debt obligations for the following five fiscal years and thereafter: Scheduled Maturities on a Fiscal Year Basis 2017 2018 2019 2020 2021 Thereafter ABL Revolver $ — $ — $ — $ 6,200 $ — $ — ABL Term Loan 9,500 9,500 9,500 61,750 — — Renewables’ promissory note 25 26 27 28 29 — Renewables’ term loan — — — 1,111 1,333 1,556 Capital lease obligations 4,261 4,128 4,058 2,542 171 638 Total (1) $ 13,786 $ 13,654 $ 13,585 $ 71,631 $ 1,533 $ 2,194 (1) Total reported here excludes $6,629 for construction financing, described above. Loss on Extinguishment of Debt Entering into the Amended Credit Agreement in fiscal 2015 generated substantially different terms for the ABL Term Loan and resulted in the replacement of an existing lender. Accordingly, in fiscal 2015, the Company recorded a loss on extinguishment of debt of $1,040 for the write-off of certain debt financing fees related to the previous credit agreement. |
Note 13 - Other Long-term Liabi
Note 13 - Other Long-term Liabilities | 12 Months Ended |
Jun. 26, 2016 | |
Notes to Financial Statements | |
Other Liabilities Disclosure [Text Block] | 13. Other Long-Term Liabilities Other long-term liabilities consists of the following: June 26, 2016 June 28, 2015 Uncertain tax positions $ 4,463 $ 3,980 Supplemental post-employment plan 2,262 3,690 Other 3,668 3,070 Total other long-term liabilities $ 10,393 $ 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. Other primarily includes certain retiree and post-employment medical and disability liabilities, deferred rent and deferred energy incentive credits. |
Note 14 - Income Taxes
Note 14 - Income Taxes | 12 Months Ended |
Jun. 26, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 14. Income Taxes Components of income before income taxes The components of income before income taxes consist of the following: For the Fiscal Year Ended June 26, 2016 June 28, 2015 June 29, 2014 United States $ 21,843 $ 38,341 $ 38,816 Foreign 26,400 15,471 9,065 Income before income taxes $ 48,243 $ 53,812 $ 47,881 Components of provision for income taxes Provision for income taxes consists of the following: For the Fiscal Year Ended June 26, 2016 June 28, 2015 June 29, 2014 Current: Federal $ 655 $ 7,985 $ 14,463 State 599 1,231 1,035 Foreign 7,836 7,926 4,092 Total current tax expense 9,090 17,142 19,590 Deferred: Federal 6,220 (4,006 ) 183 State 246 (112 ) 900 Foreign (483 ) 322 (512 ) Total deferred tax expense 5,983 (3,796 ) 571 Provision for income taxes $ 15,073 $ 13,346 $ 20,161 On December 18, 2015, the Protecting Americans from Tax Hikes Act (the “PATH Act”) was signed into law. The PATH Act did not significantly impact the Company’s effective tax rate in fiscal 2016. Utilization of Net Operating Loss Carryforwards State deferred tax expense includes the utilization of net operating loss (“NOL”) carryforwards of $42, $196 and $499 for fiscal 2016, 2015 and 2014, respectively. Foreign deferred tax expense includes the utilization of NOL carryforwards of $0, $147 and $216 for fiscal 2016, 2015 and 2014, respectively. Effective tax rate Reconciliation from the federal statutory tax rate to the effective tax rate is as follows: For the Fiscal Year Ended June 26, 2016 June 28, 2015 June 29, 2014 Federal statutory tax rate 35.0 % 35.0 % 35.0 % Foreign income taxed at different rates (7.7 ) (3.2 ) (1.2 ) Repatriation of foreign earnings and withholding taxes (1.0 ) (0.3 ) 0.4 Change in valuation allowance (3.7 ) (5.6 ) 4.0 Domestic production activities deduction (0.5 ) (1.3 ) (2.3 ) Research and other credits 4.8 (0.4 ) (0.3 ) State income taxes, net of federal tax benefit 1.5 1.8 2.8 Change in uncertain tax positions 1.2 5.4 (0.5 ) Settlement of certain intercompany foreign currency transactions — 5.6 — Indefinite reinvestment assertion — (14.2 ) 0.5 Renewable energy credits — (1.9 ) — Nondeductible expenses and other 1.6 3.9 3.7 Effective tax rate 31.2 % 24.8 % 42.1 % The effective tax rate for fiscal 2016 benefitted from, among other things, (i) 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); (ii) a decrease in the valuation allowance for the Company’s investment in PAL (for which the Company maintains a full valuation allowance) reflecting the recognition of lower taxable income versus book income, and a reduction in the valuation allowance related to foreign tax credits utilized in 2016. This was partially offset by (a) utilization of foreign tax credits, (b) increase in the valuation allowance for net operating losses, including Renewables, for which no tax benefit could be recognized (c) state and local taxes net of the assumed federal benefit and (d) a change in uncertain tax positions. The Company’s effective tax rate for fiscal 2015 benefitted from 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); the reversal of the indefinite reinvestment assertion which provided for indefinitely reinvested foreign earnings at June 28, 2015; a decrease in the valuation allowance related to PAL; benefits from federal and state credits, especially renewable energy credits in connection with the installation of a solar farm; and the domestic production activities deduction. These benefits were partially offset by the change in uncertain tax positions, an increase in the valuation allowance related to Renewables, certain nondeductible expenses and state income tax (net of federal benefit). The Company’s effective tax rate for fiscal 2014 was impacted by, among other things, an increase in the valuation allowance related to PAL and Renewables, state and local taxes net of the assumed federal benefit, and nondeductible expenses. The impact was partially offset by a lower overall effective tax rate for the Company’s foreign earnings and the domestic production activities deduction. Deferred income taxes The significant components of the Company’s deferred tax assets and liabilities consist of the following: June 26, 2016 June 28, 2015 Deferred tax assets: Investments, including unconsolidated affiliates $ 8,337 $ 9,675 State tax credits 361 461 Accrued liabilities and valuation reserves 3,660 2,620 Net operating loss carryforwards 3,952 2,904 Intangible assets, net 4,349 4,964 Incentive compensation plans 3,297 3,515 Foreign tax credits — 2,588 Other items 4,668 4,673 Total gross deferred tax assets 28,624 31,400 Valuation allowance (13,550 ) (15,606 ) Net deferred tax assets 15,074 15,794 Deferred tax liabilities: Property, plant and equipment (17,098 ) (11,432 ) Other (580 ) (530 ) Total deferred tax liabilities (17,678 ) (11,962 ) Net deferred tax asset (liability) $ (2,604 ) $ 3,832 Deferred income taxes - valuation allowance In assessing the realizability of deferred tax assets, the Company considers whether it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company considers the scheduled reversal of taxable temporary differences, taxable income in carryback years, projected future taxable income and tax planning strategies in making this assessment. Since the Company operates in multiple jurisdictions, the assessment is made on a jurisdiction-by-jurisdiction basis, taking into account the effects of local tax law. The balances and activity for the Company’s deferred tax valuation allowance are as follows: For the Fiscal Year Ended June 26, 2016 June 28, 2015 June 29, 2014 Balance at beginning of the year $ (15,606 ) $ (18,615 ) $ (16,690 ) Benefit to (charge to) provision for income taxes 2,056 3,009 (1,925 ) Balance at end of year $ (13,550 ) $ (15,606 ) $ (18,615 ) Components of the Company’s deferred tax valuation allowance are as follows: For the Fiscal Year Ended June 26, 2016 June 28, 2015 June 29, 2014 Investment in a former domestic unconsolidated affiliate $ (6,418 ) $ (6,503 ) $ (6,493 ) Equity-method investment in Parkdale America, LLC (2,102 ) (3,261 ) (7,286 ) Foreign tax credits — (1,680 ) (1,680 ) Other (1) (5,030 ) (4,162 ) (3,156 ) Total deferred tax valuation allowance $ (13,550 ) $ (15,606 ) $ (18,615 ) (1) Other relates primarily to Renewables. During fiscal 2016, the Company’s valuation allowance decreased by $2,056. This decrease consists primarily of $1,159 related to the Company’s investment in PAL due to the timing of PAL’s taxable income versus book income and the utilization of $1,680 of foreign tax credits. The decrease was partially offset by a net $858 increase related to the Company’s investment in Renewables and related NOLs as a result of its continued losses. During fiscal year 2015, the Company’s valuation allowance decreased by $3,009. This decrease relates to the timing of taxable income versus book income for PAL partially offset by a net increase in NOLs for Renewables which were deemed unrealizable, and the disposal of certain miscanthus grass. During fiscal year 2014, the Company’s valuation allowance increased by $1,925. This increase relates to (i) the timing of taxable income versus book income for PAL and (ii) the generation of additional NOLs for Renewables which were deemed unrealizable. Unrecognized tax benefits A reconciliation of beginning and ending gross amounts of unrecognized tax benefits is as follows: For the Fiscal Year Ended June 26, 2016 June 28, 2015 June 29, 2014 Balance at beginning of the year $ 4,029 $ 983 $ 964 Gross increases related to current period tax positions 110 3,469 78 Gross increases related to tax positions in prior periods 1,058 18 68 Gross decreases related to settlements with tax authorities (274 ) (178 ) (2 ) Gross decreases related to lapse of applicable statute of limitations (391 ) (263 ) (125 ) Balance at end of year $ 4,532 $ 4,029 $ 983 Unrecognized tax benefits would generate a favorable impact of $4,532 on the Company’s effective tax rate when recognized. The Company does not expect material changes in uncertain tax positions within the next twelve months. The reversal of interests and penalties recognized by the Company within the provision for income taxes were $(23), $(95) and $(193) for fiscal 2016, 2015 and 2014, respectively. The Company has $279, $23 and $118 accrued for interest and/or penalties related to uncertain tax positions as of June 26, 2016, June 28, 2015 and June 29, 2014, respectively. Expiration of net operating loss carryforwards and foreign tax credits As of June 26, 2016, the Company has $943 of state net operating loss carryforwards, for which no valuation allowance is established, that may be used to offset future taxable income. These carryforwards, if unused, will expire as follows: State net operating loss carryforwards 2017 through 2033 Tax years subject to examination The Company and its domestic subsidiaries file a consolidated federal income tax return, as well as income tax returns in multiple state and foreign jurisdictions. The tax years subject to examination vary by jurisdiction. The Company regularly assesses the outcomes of both completed and ongoing examinations to ensure that the Company’s provision for income taxes is sufficient. In fiscal 2016, the Internal Revenue Service examined the Company’s tax return for the year ending June 30, 2013. The examination closed with no material assessment. As such, the Company is no longer subject to examination for U.S. Federal income tax for years ending June 30, 2013 and prior. In fiscal 2016, the North Carolina Department of Revenue initiated an audit for tax periods ending June 24, 2012 to June 29, 2014. The audit was not concluded at the end of fiscal 2016. No material assessment is anticipated. The Company is currently under appeal in Colombia for tax years 2006 and 2007. The Company believes it is more likely than not to conclude the appeal with no material assessment. Statutes related to material foreign jurisdictions are open from January 1, 2012 and material state jurisdictions from June 24, 2012. Certain carry forward tax attributes generated in years prior remain subject to examination and could change subsequent tax years. Indefinite reinvestment assertion During the fourth quarter of fiscal 2015, the Company completed a reorganization of certain foreign subsidiaries that changed the historical ownership structure. The Company provides for U.S. income taxes on the earnings of foreign subsidiaries unless the subsidiaries’ earnings are considered indefinitely reinvested outside the United States. As of June 26, 2016, U.S. income taxes were not provided for on a cumulative total of approximately $78,300 of undistributed earnings and profits of the Company’s foreign subsidiaries as the Company currently intends to reinvest these earnings in these foreign operations indefinitely. If at a later date, these earnings were repatriated to the U.S., the Company would be required to pay taxes on these amounts. Nevertheless, in future periods, the Company will continue to assess the existing circumstances, including any changes in tax laws, and reevaluate the necessity for any deferred tax liability. Determination of the amount of any deferred tax liability on these undistributed earnings is not practicable. |
Note 15 - Shareholders' Equity
Note 15 - Shareholders' Equity | 12 Months Ended |
Jun. 26, 2016 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 15. Shareholders’ Equity During fiscal 2014, the Company completed its repurchase of shares under its $50,000 stock repurchase program that had been approved by the Board on January 22, 2013 (the “2013 SRP”). On April 23, 2014, the Board approved a new stock repurchase program (“2014 SRP”) to acquire up to an additional $50,000 of the Company’s common stock. Under the 2014 SRP (as was the case under the 2013 SRP), the Company has been authorized to repurchase shares at prevailing market prices, through open market purchases or privately negotiated transactions at such times and prices and in such manner as determined by management, subject to market conditions, applicable legal requirements, contractual obligations and other factors. Repurchases are expected to be financed through cash generated from operations and borrowings under the Company’s ABL Revolver, and are subject to applicable limitations and restrictions as set forth in the ABL Facility. The 2014 SRP has no stated expiration or termination date, and there is no time limit or specific time frame otherwise for repurchases. The Company may discontinue repurchases at any time that management determines additional purchases are not beneficial or advisable. The following table summarizes the Company’s repurchases and retirements of its common stock under the 2013 SRP and the 2014 SRP. Total Number of Shares Repurchased as Part of Publicly Announced Plans or Programs Average Price Paid per Share Maximum Approximate Dollar Value that May Yet Be Repurchased Under the 2014 SRP Fiscal 2013 1,068 $ 18.08 Fiscal 2014 1,524 $ 23.96 Fiscal 2015 349 $ 29.72 Fiscal 2016 206 $ 30.13 Total 3,147 $ 23.01 $ 27,603 All repurchased shares have been retired and have the status of authorized and unissued shares. The cost of the repurchased shares is recorded as a reduction to common stock to the extent of the par value of the shares acquired and the remainder is allocated between capital in excess of par value and retained earnings. The portion of the remainder that is allocated to capital in excess of par value is limited to a pro rata portion of capital in excess of par value. No dividends were paid in the three most recent fiscal years. |
Note 16 - Stock-based Compensat
Note 16 - Stock-based Compensation | 12 Months Ended |
Jun. 26, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 16. Stock-Based Compensation On October 23, 2013, the Company’s shareholders approved the Unifi, Inc. 2013 Incentive Compensation Plan (the “2013 Plan”). The 2013 Plan replaced the 2008 Unifi, Inc. Long-Term Incentive Plan (“2008 LTIP”). No additional awards will be granted under the 2008 LTIP; however, prior awards outstanding under the 2008 LTIP remain subject to that plan’s provisions. The 2013 Plan authorized the issuance of 1,000 shares of common stock, subject to certain increases in the event outstanding awards under the 2008 LTIP or 2013 Plan expire, are forfeited or otherwise terminate unexercised. As of June 26, 2016, 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 or 2013 Plan 290 Less: Awards granted to employees (258 ) Less: Awards granted to non-employee directors (70 ) Available for issuance under the 2013 Plan 962 Stock options During fiscal 2016, 2015 and 2014, the Company granted stock options to purchase 82, 150 and 97 shares of stock, respectively, to certain key employees. The stock options vest ratably over the required three-year service period and have ten-year contractual terms. For the fiscal 2016, 2015 and 2014, the weighted average exercise price of the options granted was $32.36, $27.38 and $22.31 per share, respectively. The Company used the Black-Scholes model to estimate the weighted average grant date fair value of $20.27, $17.31 and $14.66 per share, respectively. For options granted, the valuation models used the following assumptions: For the Fiscal Year Ended June 26, 2016 June 28, 2015 June 29, 2014 Expected term (years) 7.6 7.3 7.4 Risk-free interest rate 2.1% 2.2% 2.1% Volatility 60.5% 62.6% 65.9% Dividend yield — — — The Company uses historical data to estimate the expected term and volatility. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of the grant for periods corresponding with the expected term of the options. A summary of stock option activity for fiscal 2016 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 (41 ) $ 14.33 Cancelled or forfeited (255 ) $ 13.98 Expired — $ — Outstanding at June 26, 2016 720 $ 14.32 4.9 $ 9,109 Vested and expected to vest as of June 26, 2016 715 $ 14.23 4.9 $ 9,105 Exercisable at June 26, 2016 615 $ 11.80 4.3 $ 9,059 As of June 26, 2016, all options subject to a market condition were vested. At June 26, 2016, the remaining unrecognized compensation cost related to the unvested stock options was $607, which is expected to be recognized over a weighted average period of 1.8 years. For fiscal 2016, 2015 and 2014, the total intrinsic value of options exercised was $598, $190 and $12,963, respectively. The amount of cash received from the exercise of options was $181, $95 and $3,136 for fiscal 2016, 2015 and 2014, respectively. The tax benefit realized from stock options exercised was $155, $73 and $4,934 for fiscal 2016, 2015 and 2014, respectively. Restricted stock units During fiscal 2016 and 2014, the Company granted 20 and 22 restricted stock units (“RSUs”), respectively, to certain key employees. The employee RSUs are subject to a vesting restriction and convey no rights of ownership in shares of Company stock until such employee RSUs have vested and been distributed to the grantee in the form of Company stock. The employee RSUs vest over a three-year period, and will be converted into an equivalent number of shares of stock (for distribution to the grantee) on each vesting date, unless the grantee has elected to defer the receipt of the shares of stock until separation from service. If, after the first anniversary of the grant date and prior to the final vesting date, the grantee has a separation from service without cause for any reason other than the employee’s resignation, the remaining unvested employee RSUs will become fully vested and will be converted to an equivalent number of shares of stock and issued to the grantee. The Company estimated the fair value of the employee RSUs granted during fiscal 2016 and 2014 to be $27.46 and $22.08 per employee RSU, respectively. During fiscal 2016, 2015 and 2014, the Company granted 28, 17 and 25 RSUs, respectively, to the Company’s non-employee directors. The director RSUs became fully vested on the grant date. The director RSUs convey no rights of ownership in shares of Company stock until such director RSUs have been distributed to the grantee in the form of Company stock. The vested director RSUs will be converted into an equivalent number of shares of Company common stock and distributed to the grantee following the grantee’s termination of service as a member of the Board. The grantee may elect to defer receipt of the shares of stock in accordance with the deferral options provided under the Unifi, Inc. Director Deferred Compensation Plan. The Company estimated the fair value of the director RSUs granted during fiscal 2016, 2015 and 2014 to be $28.08, $28.58 and $23.23 per director RSU, respectively. The Company estimates the fair value of RSUs based on the market price of the Company’s common stock at the award grant date. A summary of the RSU activity for fiscal 2016 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 48 $ 27.82 — 48 $ 27.82 Vested (45 ) $ 24.06 45 — $ 24.06 Converted — $ — (19 ) (19 ) $ 16.37 Cancelled or forfeited (2 ) $ 22.08 (31 ) (33 ) $ 14.28 Outstanding at June 26, 2016 21 $ 27.20 162 183 $ 18.70 At June 26, 2016, the number of RSUs vested and expected to vest was 183, with an aggregate intrinsic value of $4,815. The aggregate intrinsic value of the 162 vested RSUs at June 26, 2016 was $4,263. The remaining unrecognized compensation cost related to the unvested RSUs at June 26, 2016 is $382, which is expected to be recognized over a weighted average period of 1.4 years. For fiscal 2016, 2015 and 2014, the total intrinsic value of RSUs converted was $553, $958 and $696, respectively. The tax benefit realized from the conversion of RSUs was $221, $373 and $275 for fiscal 2016, 2015 and 2014, respectively. Summary The total cost charged against income related to all stock-based compensation arrangements was as follows: For the Fiscal Year Ended June 26, 2016 June 28, 2015 June 29, 2014 Stock options $ 1,379 $ 1,955 $ 1,001 RSUs 961 676 938 Total compensation cost $ 2,340 $ 2,631 $ 1,939 The total income tax benefit recognized for stock-based compensation was $592, $623 and $513 for fiscal 2016, 2015 and 2014, respectively. As of June 26, 2016, total unrecognized compensation costs related to all unvested stock-based compensation arrangements was $989. The weighted average period over which these costs are expected to be recognized is 1.7 years. |
Note 17 - Defined Contribution
Note 17 - Defined Contribution Plan | 12 Months Ended |
Jun. 26, 2016 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 17. Defined Contribution Plan The Company matches employee contributions made to the Unifi, Inc. Retirement Savings Plan (the “DC Plan”), a 401(k) defined contribution plan, which covers eligible domestic salary and hourly employees. Under the terms of the DC Plan, the Company matches 100% of the first three percent of eligible employee contributions and 50% of the next two percent of eligible contributions. The following table presents the employer matching contribution expense related to the DC Plan: For the Fiscal Year Ended June 26, 2016 June 28, 2015 June 29, 2014 Matching contribution expense $ 2,331 $ 2,201 $ 2,006 |
Note 18 - Fair Value of Financi
Note 18 - Fair Value of Financial Instruments and Non-financial Assets and Liabilities | 12 Months Ended |
Jun. 26, 2016 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 18. Fair Value of Financial Instruments and Non-Financial Assets and Liabilities Financial Instruments The Company may use derivative financial instruments such as foreign currency forward contracts or interest rate swaps to reduce its ongoing business exposures to fluctuations in foreign currency exchange rates or interest rates. The Company does not enter into derivative contracts for speculative purposes. Foreign currency forward contracts The Company may enter into foreign currency forward contracts as economic hedges for exposures related to certain sales, inventory purchases and equipment purchases which are denominated in currencies that are not its functional currency. Foreign currency forward contracts are not designated as hedges by the Company and are marked to market each period and offset by the foreign exchange (gains) losses included in other operating expense (income), net resulting from the underlying exposures of the foreign currency denominated assets and liabilities. As of June 26, 2016 and June 28, 2015, there were no outstanding foreign currency forward contracts. Interest rate swap On May 18, 2012, the Company entered into a five year, $50,000 interest rate swap with Wells Fargo to provide a hedge against the variability of cash flows related to LIBOR-based variable rate borrowings under the Company’s ABL Facility. It increased to $85,000 in May 2013 (when certain other interest rate swaps terminated) and has decreased $5,000 per quarter since August 2013 to the current notional balance of $50,000, where it will remain through the life of the instrument. This interest rate swap allows the Company to fix LIBOR at 1.06% and terminates on May 24, 2017. On November 26, 2012, the Company de-designated the interest rate swap as a cash flow hedge. See Note 19 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 draw-winding assets in a business combination 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 expense (income), net. While adjustments have been made to reflect a decrease for draw-winding operations during fiscal 2016, there have been no significant changes to the other 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 (294 ) Payments (565 ) Contingent consideration as of June 26, 2016 $ 1,348 Based on the present value of the expected future payments, $493 is reflected in accrued expenses and $855 is reflected in other long-term liabilities. The Company’s financial assets and liabilities accounted for at fair value on a recurring basis and the level within the fair value hierarchy used to measure these items are as follows: As of June 26, 2016 Notional Amount USD Equivalent Balance Sheet Location Fair Value Hierarchy Fair Value Interest rate swap USD $ 50,000 $ 50,000 Accrued expenses Level 2 $ 260 Contingent consideration — — Accrued expenses and other long-term liabilities Level 3 $ 1,348 As of June 26, 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 Company’s foreign currency forward contracts and interest rate swaps are obtained from month-end market quotes for contracts with similar terms. The effects of marked to market hedging derivative instruments for fiscal 2016, 2015 and 2014 are insignificant. 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 fiscal 2016, 2015 and 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 19 - Accumulated Other Com
Note 19 - Accumulated Other Comprehensive Loss | 12 Months Ended |
Jun. 26, 2016 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 19. Accumulated Other Comprehensive Loss The components of and the changes in accumulated other comprehensive loss, net of tax, as applicable, consist of the following: Derivative Financial Instruments Foreign Currency Translation Adjustments Reclassification adjustments on interest rate swap Accumulated Other Comprehensive (Loss) Income Balance at June 30, 2013 $ (4,568 ) $ (932 ) $ (5,500 ) Other comprehensive income, net of tax 327 554 881 Balance at June 29, 2014 $ (4,241 ) $ (378 ) $ (4,619 ) Other comprehensive (loss) income, net of tax (22,511 ) 231 (22,280 ) Balance at June 28, 2015 $ (26,752 ) $ (147 ) $ (26,899 ) Other comprehensive (loss) income, net of tax (2,929 ) 77 (2,852 ) Balance at June 26, 2016 $ (29,681 ) $ (70 ) $ (29,751 ) A summary of the pre-tax and after-tax effects of the components of other comprehensive (loss) income for fiscal 2016, 2015 and 2014 is provided as follows, noting there is no tax impact for any of the stated fiscal years: Fiscal 2016 Fiscal 2015 Fiscal 2014 Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Other comprehensive (loss) income: Foreign currency translation adjustments $ (2,135 ) $ (2,135 ) $ (21,578 ) $ (21,578 ) $ 327 $ 327 Foreign currency translation adjustments for an unconsolidated affiliate (794 ) (794 ) (933 ) (933 ) — — Reclassification adjustments for interest rate swap 77 77 231 231 554 554 Other comprehensive (loss) income $ (2,852 ) $ (2,852 ) $ (22,280 ) $ (22,280 ) $ 881 $ 881 |
Note 20 - Computation of Earnin
Note 20 - Computation of Earnings Per Share | 12 Months Ended |
Jun. 26, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 20. Computation of Earnings Per Share The computation of basic and diluted earnings per share (“EPS”) is as follows: For the Fiscal Year Ended June 26, 2016 June 28, 2015 June 29, 2014 Basic EPS Net income attributable to Unifi, Inc. $ 34,415 $ 42,151 $ 28,823 Weighted average common shares outstanding 17,857 18,207 18,919 Basic EPS $ 1.93 $ 2.32 $ 1.52 Diluted EPS Net income attributable to Unifi, Inc. $ 34,415 $ 42,151 $ 28,823 Weighted average common shares outstanding 17,857 18,207 18,919 Net potential common share equivalents – stock options and RSUs 558 629 702 Adjusted weighted average common shares outstanding 18,415 18,836 19,621 Diluted EPS $ 1.87 $ 2.24 $ 1.47 Excluded from the calculation of common share equivalents: Anti-dilutive common share equivalents 193 150 91 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 21 - Other Operating Expen
Note 21 - Other Operating Expense, Net | 12 Months Ended |
Jun. 26, 2016 | |
Notes to Financial Statements | |
Other Operating Income and Expense [Text Block] | 21. Other Operating Expense, Net Other operating expense, net consists of the following: For the Fiscal Year Ended June 26, 2016 June 28, 2015 June 29, 2014 Consulting and transition fees for former executive officers $ 1,293 $ — $ — Foreign currency transaction losses 397 448 504 Net (gain) loss on sale or disposal of assets (13 ) 778 475 Operating expenses for Renewables — — 2,749 Restructuring charges, net — — 1,273 Other, net 571 374 288 Other operating expense, net $ 2,248 $ 1,600 $ 5,289 Net (Gain) Loss on Sale or Disposal of Assets During fiscal 2015, Renewables disposed of certain miscanthus grass (primarily established during, and maintained since, fiscal 2010) utilized to support certain historical business objectives, resulting in a loss on disposal of assets of $1,322 for fiscal 2015 (for which the non-controlling interest amount is $533). During fiscal 2015, the Company completed the sale of certain land and building assets historically utilized for warehousing in the Polyester segment. In connection with the sale, the Company recognized a gain on sale of assets of $630. Net proceeds from the sale were remitted directly to a qualified intermediary in anticipation of an exchange under section 1031 of the Internal Revenue Code. Operating Expenses for Renewables For fiscal 2014, operating expenses for Renewables (reported net of insignificant revenues of $144) included amounts incurred for employee costs, land and equipment rental costs, contract labor, freight costs, operating supplies, product testing and administrative costs, along with $343 of depreciation and amortization expense. For fiscal 2015 and 2016, such costs are included in cost of sales or SG&A expenses in the consolidated statements of income. Restructuring charges, net The components of restructuring charges, net consist of the following: For the Fiscal Year Ended June 26, 2016 June 28, 2015 June 29, 2014 Severance $ — $ — $ 941 Equipment relocation and reinstallation costs — — 356 Other — — (24 ) Restructuring charges, net $ — $ — $ 1,273 |
Note 22 - Other Non-Operating E
Note 22 - Other Non-Operating Expense | 12 Months Ended |
Jun. 26, 2016 | |
Notes to Financial Statements | |
Other Non-operating Income (Expense), Net [Text Block] | 22. Other Non-Operating Expense During fiscal 2014, the Company recorded an impairment charge of $126 relating to an investment in a former domestic unconsolidated affiliate. |
Note 23 - Investments in Uncons
Note 23 - Investments in Unconsolidated Affiliates and Variable Interest Entities | 12 Months Ended |
Jun. 26, 2016 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 23. Investments in Unconsolidated Affiliates and Variable Interest Entities Parkdale America, LLC In June 1997, the Company and Parkdale Mills, Inc. (“Mills”) entered into a Contribution Agreement that set forth the terms and conditions by which the two companies contributed all of the assets of their spun cotton yarn operations utilizing open-end and air-jet spinning technologies to create Parkdale America, LLC (“PAL”). In exchange for its contribution, the Company received a 34% ownership interest in PAL, which is accounted for using the equity method of accounting. Effective January 1, 2012, Mills’ interest in PAL was assigned to Parkdale Incorporated. PAL is a limited liability company treated as a partnership for income tax reporting purposes. PAL is a producer of cotton and synthetic yarns for sale to the textile industry and apparel market, both foreign and domestic. PAL has 16 manufacturing facilities located primarily in the southeast region of the U.S. and in Mexico. PAL’s five largest customers accounted for approximately 77% of total revenues and 86% 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 2015 Annual Report on Form 10-K for the fiscal year ended June 28, 2015 on March 31, 2016 to provide PAL’s audited financial statements for PAL’s fiscal year ended January 2, 2016. The Company expects to file an amendment to this Annual Report on Form 10-K on or before March 31, 2017 to provide PAL’s audited financial statements for PAL’s fiscal year ended December 31, 2016. The federal government maintains a program providing economic adjustment assistance to domestic users of upland cotton (the “cotton rebate program”). The cotton rebate program offers a subsidy for cotton consumed in domestic production, and the subsidy is paid the month after the eligible cotton is consumed. To be completely earned, 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 program for five years. The cotton subsidy will remain at three cents per pound for the life of the program. PAL recognizes its share of income for the cotton subsidy when the cotton has been consumed and the qualifying assets have been acquired, with an appropriate allocation methodology considering the dual criteria of the subsidy. PAL is subject to price risk related to anticipated fixed-price yarn sales. To protect the gross margin of these sales, PAL may enter into cotton futures to manage changes in raw material prices in order to protect the gross margin of fixed-priced yarn sales. The derivative instruments used are listed and traded on an exchange and are thus valued using quoted prices classified within Level 1 of the fair value hierarchy. As of June 2016, PAL had no futures contracts designated as cash flow hedges. As of June 26, 2016, the Company’s investment in PAL was $113,468 and reflected within investments in unconsolidated affiliates in the consolidated balance sheets. The reconciliation between the Company’s share of the underlying equity of PAL and its investment is as follows: Underlying equity as of June 26, 2016 $ 131,742 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 Cotton rebate adjustments to PAL’s depreciation expense (183 ) Investment as of June 26, 2016 $ 113,468 On August 28, 2014, PAL acquired the remaining 50% ownership interest in a yarn manufacturer based in Mexico (“Summit”) in which PAL was historically a 50% member. The acquisition increases PAL’s regional manufacturing capacity and expands its product offerings and customer base. PAL accounted for the transaction as a business combination under the acquisition method, recognizing the assets acquired and liabilities assumed at their respective fair values as of the acquisition date. The Company and PAL concluded that the acquisition did not represent a material business combination. PAL recognized a bargain purchase gain of $4,430 and recorded acquired net assets of $23,644. On February 27, 2015, PAL purchased two manufacturing facilities, plus inventory, for approximately $13,000 cash, and entered into a yarn supply agreement with the seller. PAL has accounted for the transaction as a business combination under the acquisition method, recognizing the assets acquired and liabilities assumed at their respective fair values as of the acquisition date. The Company and PAL concluded that the acquisition did not represent a material business combination. PAL recognized a bargain purchase gain of $9,381. 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 (“UNFA”), for the purpose of operating a nylon extrusion facility which manufactures nylon POY. Raw material and production services for UNFA are provided by Nilit America under separate supply and services agreements. UNFA’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 UNFA, the Company entered into a supply agreement with UNF and UNFA whereby the Company agreed to purchase all of its first quality nylon POY requirements for texturing (subject to certain exceptions) from either UNF or UNFA. The agreement has no stated minimum purchase quantities and pricing is negotiated every six months, based on market rates. As of June 26, 2016, the Company’s open purchase orders related to this agreement were $3,086. The Company’s raw material purchases under this supply agreement consist of the following: For the Fiscal Year Ended June 26, 2016 June 28, 2015 June 29, 2014 UNF $ 2,828 $ 3,676 $ 9,582 UNFA 24,319 29,922 24,223 Total $ 27,147 $ 33,598 $ 33,805 As of June 26, 2016 and June 28, 2015, the Company had combined accounts payable due to UNF and UNFA of $3,231 and $4,038, respectively. The Company has determined that UNF and UNFA 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 total assets and total liabilities, and such balances are not expected to comprise a larger portion in the future, the Company has not included the accounts of UNF and UNFA in its consolidated financial statements. As of June 26, 2016, the Company’s combined investments in UNF and UNFA were $3,944 and are shown within investments in unconsolidated affiliates in the consolidated balance sheets. The financial results of UNF and UNFA 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 UNFA. Condensed balance sheet and income statement information for the Company’s unconsolidated affiliates is presented in the following tables. As PAL is defined as significant, its information is separately disclosed. For the Company’s fiscal 2016 and 2015, PAL’s corresponding fiscal periods consisted of 52 weeks and 53 weeks, respectively. As of June 26, 2016 PAL Other Total Current assets $ 244,197 $ 12,781 $ 256,978 Noncurrent assets 203,251 1,069 204,320 Current liabilities 56,921 4,048 60,969 Noncurrent liabilities 3,057 — 3,057 Shareholders’ equity and capital accounts 387,470 9,802 397,272 The Company’s portion of undistributed earnings 44,414 1,609 46,023 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 Fiscal Year Ended June 26, 2016 PAL Other Total Net sales $ 824,248 $ 29,463 $ 853,711 Gross profit 32,626 7,651 40,277 Income from operations 15,143 5,772 20,915 Net income 17,670 5,838 23,508 Depreciation and amortization 41,282 150 41,432 Cash received by PAL under cotton rebate program 17,057 — 17,057 Earnings recognized by PAL for cotton rebate program 16,080 — 16,080 Distributions received 1,732 3,000 4,732 For the Fiscal Year Ended June 28, 2015 PAL Other Total Net sales $ 828,502 $ 33,496 $ 861,998 Gross profit 53,042 5,480 58,522 Income from operations 34,873 3,861 38,734 Net income 50,991 4,140 55,131 Depreciation and amortization 33,065 117 33,182 Cash received by PAL under cotton rebate program 18,087 — 18,087 Earnings recognized by PAL for cotton rebate program 17,398 — 17,398 Distributions received 2,468 1,250 3,718 For the Fiscal Year Ended June 29, 2014 PAL Other Total Net sales $ 841,542 $ 34,717 $ 876,259 Gross profit 63,645 3,921 67,566 Income from operations 48,857 2,259 51,116 Net income 52,283 2,529 54,812 Depreciation and amortization 26,222 101 26,323 Cash received by PAL under cotton rebate program 16,909 — 16,909 Earnings recognized by PAL for cotton rebate program 23,509 — 23,509 Distributions received 11,314 1,900 13,214 As of the end of PAL’s fiscal June 2016, June 2015 and June 2014 periods, PAL’s amounts of deferred revenues related to the cotton rebate program were $0 for all periods. |
Note 24 - Commitments and Conti
Note 24 - Commitments and Contingencies | 12 Months Ended |
Jun. 26, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 24. Commitments and Contingencies Collective Bargaining Agreements While employees of the Company’s Brazilian operations are unionized, none of the labor force employed by the Company’s domestic or other foreign subsidiaries is currently covered by a collective bargaining agreement. Environmental On September 30, 2004, the Company completed its acquisition of the polyester filament manufacturing assets located in Kinston, North Carolina from INVISTA S.a.r.l (“Invista”). The land for the Kinston site was leased pursuant to a 99 year ground lease (“Ground Lease”) with E.I. DuPont de Nemours (“DuPont”). Since 1993, DuPont has been investigating and cleaning up the Kinston site under the supervision of the U.S. Environmental Protection Agency (“EPA”) and the North Carolina Department of Environment and Natural Resources (“DENR”) pursuant to the Resource Conservation and Recovery Act Corrective Action program. The Corrective Action program requires DuPont to identify all potential areas of environmental concern (“AOCs”), assess the extent of containment at the identified AOCs and to clean it up to comply with applicable regulatory standards. Effective March 20, 2008, the Company entered into a Lease Termination Agreement associated with conveyance of certain assets at Kinston to DuPont. This agreement terminated the Ground Lease and relieved the Company of any future responsibility for environmental remediation, other than participation with DuPont, if so called upon, with regard to the Company’s period of operation of the Kinston site which was from 2004 to 2008. However, the Company continues to own a satellite service facility acquired in the INVISTA transaction that has contamination from DuPont’s operations and is monitored by DENR. This site has been remediated by DuPont, and DuPont has received authority from DENR to discontinue remediation, other than natural attenuation. DuPont’s duty to monitor and report to DENR will be transferred to the Company in the future, at which time DuPont must pay the Company for seven years of monitoring and reporting costs and the Company will assume responsibility for any future remediation and monitoring of the site. At this time, the Company has no basis to determine if or when it will have any responsibility or obligation with respect to the AOCs or the extent of any potential liability for the same. Operating Leases The Company routinely leases sales and administrative office space, warehousing and distribution centers, manufacturing space, transportation equipment, manufacturing equipment, and other information technology and office equipment from third parties. In addition, Renewables leases farm land. Currently, the Company does not sub-lease any of its leased property. Future minimum capital lease payments and future minimum lease payments under non-cancelable operating leases (with initial or remaining lease terms in excess of one year) as of June 26, 2016 for the below fiscal years are: Capital leases Operating leases Fiscal 2017 $ 4,814 $ 3,784 Fiscal 2018 4,543 3,260 Fiscal 2019 4,333 2,331 Fiscal 2020 2,697 2,018 Fiscal 2021 288 1,722 Fiscal years thereafter 1,212 3,272 Total minimum lease payments $ 17,887 $ 16,387 Less estimated executory costs (858 ) Less interest (1,231 ) Present value of net minimum capital lease payments 15,798 Less current portion of capital lease obligations (4,261 ) Long-term portion of capital lease obligations $ 11,537 In December 2015, the Company entered into an agreement with a third party lender that provides for construction-period financing for certain build-to-suit assets. The Company has recorded project costs to construction in progress and the corresponding liability to construction financing (within long-term debt) of $6,629 as of June 26, 2016 and has existing future construction obligations of $4,471. The expected construction value of the build-to-suit assets is approximately $14,000. Rental expenses incurred under operating leases and included in operating income consist of the following: For the Fiscal Year Ended June 26, 2016 June 28, 2015 June 29, 2014 Rental expenses $ 4,867 $ 4,214 $ 3,621 Unconditional Obligations The Company is a party to unconditional obligations for certain utility and other purchase or service commitments. These commitments are non-cancelable, have remaining terms in excess of one year and qualify as normal purchases. On a fiscal year basis, the minimum payments expected to be made as part of such commitments are as follows: 2017 2018 2019 2020 2021 Thereafter Unconditional purchase obligations $ 7,480 $ 4,600 $ 2,648 $ 1,621 $ 196 $ — Unconditional service obligations 1,555 1,508 1,150 75 75 482 Total unconditional obligations $ 9,035 $ 6,108 $ 3,798 $ 1,696 $ 271 $ 482 For fiscal 2016, 2015 and 2014, total costs incurred under these commitments consisted of the following: For the Fiscal Year Ended June 26, 2016 June 28, 2015 June 29, 2014 Costs for unconditional purchase obligations $ 26,790 $ 28,971 $ 31,386 Costs for unconditional service obligations 641 7,625 5,932 Total $ 27,431 $ 36,596 $ 37,318 |
Note 25 - Related Party Transac
Note 25 - Related Party Transactions | 12 Months Ended |
Jun. 26, 2016 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 25. Related Party Transactions Related party receivables consist of the following: June 26, 2016 June 28, 2015 Cupron, Inc. $ 3 $ 72 Salem Global Logistics, Inc. 7 3 Total related party receivables (included within receivables, net) $ 10 $ 75 Related party payables consist of the following: June 26, 2016 June 28, 2015 Cupron, Inc. $ 619 $ 506 Salem Leasing Corporation 250 277 Total related party payables (included within accounts payable) $ 869 $ 783 Through April 24, 2015, Mr. Mitchel Weinberger was a member of the Company’s Board. Related party transaction amounts for entities affiliated with Mr. Weinberger are omitted from current disclosures as such entities no longer constitute related parties of the Company. Related party transactions in excess of $120 for the current or prior two fiscal years consist of the matters in the table below and the following paragraphs: For the Fiscal Year Ended Affiliated Entity Transaction Type June 26, 2016 June 28, 2015 June 29, 2014 Salem Leasing Corporation Transportation equipment costs $ 3,751 $ 3,633 $ 3,607 Salem Global Logistics, Inc. Freight service income 253 179 25 Cupron, Inc. Sales 477 925 486 Cupron, Inc. Raw material purchases 36 281 8 Mr. Kenneth G. Langone, a member of the Board, is a director, stockholder and non-executive Chairman of the Board of Salem Holding Company. The Company leases tractors and trailers from Salem Leasing Corporation, a wholly-owned subsidiary of Salem Holding Company. In addition to the monthly operating lease payments, the Company also incurs expenses for routine repair and maintenance, fuel and other expenses. These leases do not contain renewal, purchase options or escalation clauses with respect to the minimum lease charges. The balance of a capital lease obligation with Salem Leasing Corporation as of June 26, 2016 was $1,015. Salem Global Logistics, Inc. is also a wholly-owned subsidiary of Salem Holding Company. During fiscal 2016, 2015 and 2014, the Company earned income by providing for-hire freight services for Salem Global Logistics, Inc. Mr. William J. Armfield, IV, until his passing in July 2016, was a member of the Board, and held an indirect minority equity interest in (and was non-executive Chairman of the Board of) Cupron, Inc. (“Cupron”) and was also a director. On April 27, 2016, Mr. William L. Jasper retired from the Company while remaining on the Board, and during the fourth quarter of fiscal 2016, the Company paid $126 to Mr. Jasper for consulting fees. As of June 26, 2016, $625 of consulting fees were payable to Mr. Jasper subject to his continued compliance with the underlying agreement. On December 3, 2013, certain of the Company’s executive officers (at that time) exercised options to purchase shares of the Company’s common stock under previously granted option awards. Pursuant to authorization from the Company’s Board, and as part of the 2013 SRP, the Company repurchased 225 shares of common stock issued in those option exercises at a negotiated price of $25.59 per share (which was equal to the average of the closing trade prices of the Company’s common stock for the 30 days ending December 2, 2013 and represented a 7.1% discount to the $27.56 closing price of the common stock on December 2, 2013). |
Note 26 - Business Segment Info
Note 26 - Business Segment Information | 12 Months Ended |
Jun. 26, 2016 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 26. Business Segment Information The Company has three reportable segments. Operations and revenues for each segment are described below: ● The Polyester Segment manufactures Chip, POY, textured, dyed, twisted, beamed and draw wound yarns, both virgin and recycled, with sales primarily to other yarn manufacturers and knitters and weavers that produce yarn and/or fabric for the apparel, hosiery, automotive upholstery, home furnishings, industrial and other end-use markets. The Polyester Segment consists of sales and manufacturing operations in the U.S. and El Salvador. ● The Nylon Segment manufactures textured nylon yarns 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, both virgin and recycled. The International Segment sells its yarns and staple fiber 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. The International 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. Any comparative amounts relating to the All Other category in fiscal 2014 are insignificant. 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 2015 and 2014, 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. As of the fourth quarter of fiscal 2016, the Company updated the composition of its Polyester and Nylon Segments for both the current and comparative prior periods, intending to better reflect downstream sales for the respective product lines. Selected financial information is presented below: For the Fiscal Year Ended June 26, 2016 Polyester Nylon International All Other Total Net sales $ 383,167 $ 131,715 $ 122,554 $ 6,201 $ 643,637 Cost of sales 333,638 113,906 95,666 6,795 550,005 Gross profit (loss) 49,529 17,809 26,888 (594 ) 93,632 Depreciation expense 11,188 1,899 885 820 14,792 Segment Profit $ 60,717 $ 19,708 $ 27,773 $ 226 $ 108,424 For the Fiscal Year Ended June 28, 2015 Polyester Nylon International All Other Total Net sales $ 396,239 $ 149,612 $ 134,992 $ 6,278 $ 687,121 Cost of sales 345,462 130,644 113,556 6,754 596,416 Gross profit (loss) 50,777 18,968 21,436 (476 ) 90,705 Depreciation expense 10,579 1,798 1,997 473 14,847 Segment Profit (Loss) $ 61,356 $ 20,766 $ 23,433 $ (3 ) $ 105,552 For the Fiscal Year Ended June 29, 2014 Polyester Nylon International Total Net sales $ 403,699 $ 149,297 $ 134,906 $ 687,902 Cost of sales 356,076 129,966 118,598 604,640 Gross profit 47,623 19,331 16,308 83,262 Depreciation expense 9,247 2,022 3,032 14,301 Segment Profit $ 56,870 $ 21,353 $ 19,340 $ 97,563 The reconciliations of segment gross profit (loss) to consolidated income before income taxes are as follows: For the Fiscal Year Ended June 26, 2016 June 28, 2015 June 29, 2014 Polyester $ 49,529 $ 50,777 $ 47,623 Nylon 17,809 18,968 19,331 International 26,888 21,436 16,308 All Other (594 ) (476 ) — Total segment gross profit 93,632 90,705 83,262 SG&A expenses 47,502 49,672 46,203 Provision for bad debts 1,684 947 287 Other operating expense, net 2,248 1,600 5,289 Operating income 42,198 38,486 31,483 Interest income (610 ) (916 ) (1,790 ) Interest expense 3,528 4,025 4,329 Loss on extinguishment of debt — 1,040 — Other non-operating expense — — 126 Equity in earnings of unconsolidated affiliates (8,963 ) (19,475 ) (19,063 ) Income before income taxes $ 48,243 $ 53,812 $ 47,881 The reconciliations of segment depreciation and amortization expense to consolidated depreciation and amortization expense are as follows: For the Fiscal Year Ended June 26, 2016 June 28, 2015 June 29, 2014 Polyester $ 11,188 $ 10,579 $ 9,247 Nylon 1,899 1,798 2,022 International 885 1,997 3,032 Segment depreciation expense 13,972 14,374 14,301 All Other 820 473 — Other depreciation and amortization expense 2,736 3,196 3,595 Depreciation and amortization expense $ 17,528 $ 18,043 $ 17,896 The reconciliations of segment capital expenditures to consolidated capital expenditures are as follows: For the Fiscal Year Ended June 26, 2016 June 28, 2015 June 29, 2014 Polyester $ 44,517 $ 21,267 $ 14,701 Nylon 2,548 2,392 2,284 International 2,755 1,468 1,637 Segment capital expenditures 49,820 25,127 18,622 Other capital expenditures 2,517 839 469 Capital expenditures $ 52,337 $ 25,966 $ 19,091 The reconciliations of segment total assets to consolidated total assets are as follows: June 26, 2016 June 28, 2015 June 29, 2014 Polyester $ 243,295 $ 208,416 $ 197,242 Nylon 63,141 66,490 70,852 International 73,650 63,031 81,604 Segment total assets 380,086 337,937 349,698 Other current assets 6,674 4,687 2,164 Other PP&E 16,597 13,544 12,250 Other non-current assets 6,094 6,303 5,341 Investments in unconsolidated affiliates 117,412 113,901 99,229 Total assets $ 526,863 $ 476,372 $ 468,682 Geographic Data: Geographic information is set forth below, beginning with net sales. Brazil is reported separately from other foreign countries because its net sales exceeds 10% of consolidated net sales in fiscal 2016, 2015 and 2014, while its total assets exceeds 10% of consolidated total assets for fiscal 2015 and 2014. For the Fiscal Year Ended June 26, 2016 June 28, 2015 June 29, 2014 U.S. $ 472,287 $ 509,490 $ 512,496 Brazil 83,087 101,912 113,448 Remaining Foreign 88,263 75,719 61,958 Total $ 643,637 $ 687,121 $ 687,902 Export sales from the Company’s U.S. operations to external customers $ 113,725 $ 119,548 $ 100,546 The information for net sales is based on the operating locations from where the items were produced or distributed. Geographic information for long-lived assets is as follows: June 26, 2016 June 28, 2015 June 29, 2014 U.S. $ 294,275 $ 242,042 $ 215,910 Brazil 9,714 8,207 12,188 Remaining Foreign 8,595 9,237 7,413 Total $ 312,584 $ 259,486 $ 235,511 Long-lived assets are comprised of property, plant and equipment, net; intangible assets, net; investments in unconsolidated affiliates; and other non-current assets. Geographic information for total assets is as follows: June 26, 2016 June 28, 2015 June 29, 2014 U.S. $ 429,100 $ 388,766 $ 362,125 Brazil 53,993 50,300 70,581 Remaining Foreign 43,770 37,306 35,976 Total $ 526,863 $ 476,372 $ 468,682 |
Note 27 - Quarterly Results (Un
Note 27 - Quarterly Results (Unaudited) | 12 Months Ended |
Jun. 26, 2016 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 27. Quarterly Results (Unaudited) Quarterly financial data and selected highlights are as follows: For the Fiscal Quarters Ended September 27, 2015 December 27, 2015 March 27, 2016 June 26, 2016 Net sales $ 162,165 $ 156,336 $ 161,278 $ 163,858 Gross profit 20,984 21,813 23,364 27,471 Net income including non-controlling interest 7,786 6,194 9,275 9,915 Less: net loss attributable to non-controlling interest (239 ) (270 ) (414 ) (322 ) Net income attributable to Unifi, Inc. (1) $ 8,025 $ 6,464 $ 9,689 $ 10,237 Net income attributable to Unifi, Inc. per common share: Basic (2) $ 0.45 $ 0.36 $ 0.54 $ 0.57 Diluted (2) $ 0.43 $ 0.35 $ 0.53 $ 0.56 For the Fiscal Quarters Ended September 28, 2014 December 28, 2014 March 29, 2015 June 28, 2015 Net sales (3) $ 175,561 $ 164,422 $ 172,187 $ 174,951 Gross profit (3) 20,450 22,929 22,007 25,319 Net income including non-controlling interest 6,675 9,122 9,759 14,910 Less: net loss attributable to non-controlling interest (402 ) (296 ) (257 ) (730 ) Net income attributable to Unifi, Inc. (4) $ 7,077 $ 9,418 $ 10,016 $ 15,640 Net income attributable to Unifi, Inc. per common share: Basic (2) $ 0.39 $ 0.52 $ 0.55 $ 0.86 Diluted (2) $ 0.37 $ 0.50 $ 0.53 $ 0.83 (1) Includes the unfavorable impact of key employee transition costs of approximately $840, $270 and $400 for the quarters ended June 26, 2016, March 27, 2016 and December 27, 2015, respectively. (2) Income per share is computed independently for each of the periods presented. The sum of the income per share amounts for the quarters may not equal the total for the year. (3) Net sales and gross profit for the fiscal quarters ended September 28, 2014, December 28, 2014 and March 29, 2015 have been revised to reflect revenues presented for All Other (as described in more detail in Note 26). Such income had been previously recorded as an offset to cost of sales or other operating expense due to the insignificance of the underlying business activities to the consolidated financial statements. (4) Net income attributable to Unifi, Inc. for the quarter ended September 28, 2014 includes a bargain purchase gain recorded by PAL (of which $1,506 was recognized by the Company). Net income attributable to Unifi, Inc. for the quarter ended December 28, 2014 includes a net change in deferred tax valuation allowances of $630 recorded as a benefit to the income tax provision. Net income attributable to Unifi, Inc. for the quarter ended March 29, 2015 includes the following: a. a net change in deferred tax valuation allowances of $924 recorded as a benefit to the income tax provision, b. renewable energy tax credits of $782 recorded as a benefit to the income tax provision and c. an after-tax loss on extinguishment of debt of approximately $676. Net income attributable to Unifi, Inc. for the quarter ended June 28, 2015 includes the following: a. a net change in deferred tax valuation allowances of $1,749 recorded as a benefit to the income tax provision, b. a $7,822 reversal of the deferred tax liability related to the Company’s indefinite reinvestment assertion, c. the reversal of a $3,008 deferred tax asset related to certain intercompany foreign currency transactions which originated in prior years and were settled in the fourth quarter of fiscal 2015, d. a net change in uncertain tax positions of $3,046 recorded to provision for income taxes and e. a bargain purchase gain recorded by PAL (of which $3,190 is recognized by the Company). |
Note 28 - Supplemental Cash Flo
Note 28 - Supplemental Cash Flow Information | 12 Months Ended |
Jun. 26, 2016 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | 28. Supplemental Cash Flow Information Cash payments for interest and taxes consist of the following: For the Fiscal Year Ended June 26, 2016 June 28, 2015 June 29, 2014 Interest, net of capitalized interest $ 3,066 $ 3,304 $ 3,313 Income taxes, net of refunds 9,923 17,208 12,569 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. Notes to Consolidated Financial Statements Non-Cash Investing and Financing Activities As of June 26, 2016, June 28, 2015 and June 29, 2014, $4,197, $1,726 and $5,023, respectively, were included in accounts payable for unpaid capital expenditures. In June 2015, the Company sold certain land and building assets. Net proceeds from the sale of $1,390 were remitted directly to a qualified intermediary. During fiscal 2016, 2015 and 2014, the Company entered into capital leases with aggregate present values of $4,154, $12,784 and $3,353, respectively. During fiscal 2016 Renewables acquired certain land valued at $191 utilizing a promissory note for $135 and cash. During fiscal 2016, the Company recorded $5,839 to construction in progress and long-term debt, in connection with the financing arrangement described under the subheading “— Construction Financing The total fair value of the long-lived assets acquired in the December 2013 purchase of a draw winding business was $2,500, and the contingent consideration liability established at the acquisition date was $2,500. On December 3, 2013, the Company received and retired 134 shares of its common stock, with a fair value of $3,583, tendered in lieu of cash for the exercise of 421 employee stock options. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 26, 2016 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries in which it maintains a controlling financial interest. All account balances and transactions between the Company and the subsidiaries which it controls have been eliminated. Investments in entities where the Company is able to exercise significant influence, but not control, are accounted for by the equity method. For transactions with entities accounted for under the equity method, any intercompany profits on amounts still remaining are eliminated. Amounts originating from any deferral of intercompany profits are recorded within either the Company’s investment account or the account balance to which the transaction specifically relates (e.g., inventory). Only upon settlement of the intercompany transaction with a third party is the deferral of the intercompany profit recognized by the Company. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make use of estimates and assumptions that affect the reported amounts of assets and liabilities, certain financial statement disclosures at the date of the financial statements, and the reported amounts of revenues and expenses during the period. The Company’s consolidated financial statements include amounts that are based on management’s best estimates and judgments. Actual results may vary from these estimates. These estimates are reviewed periodically to determine if a change is required. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash equivalents are defined as highly liquid, short-term investments having an original maturity of three months or less. Book overdrafts, for which the bank has not advanced cash, if any, are reclassified to accounts payable and reflected as an offset thereto within the consolidated statements of cash flows. |
Receivables, Policy [Policy Text Block] | Receivables Receivables are stated at their net realizable value. Allowances are provided for known and potential losses arising from yarn quality claims and for amounts owed by customers. Reserves for yarn quality claims are based on historical experience and known pending claims and are recorded as a reduction of net sales. The allowance for uncollectible accounts is shown as a reduction of operating income and reflects the Company’s best estimate of probable losses inherent in its accounts receivable portfolio determined on the basis of historical experience, aging of trade receivables, specific allowances for known troubled accounts and other currently available information. Customer accounts are written off against the allowance for uncollectible accounts when they are no longer deemed to be collectible. |
Inventory, Policy [Policy Text Block] | Inventories The Company’s inventories are valued at the lower of cost or market with the cost for the majority of its inventory determined using the first-in, first-out method. Certain foreign inventories and limited categories of supplies and agricultural inventories are valued using the average cost method. The Company’s estimates for inventory reserves for obsolete, slow-moving or excess inventories are based upon many factors including historical recovery rates, the aging of inventories on-hand, inventory movement and expected net realizable value of specific products, and current economic conditions. |
Deferred Charges, Policy [Policy Text Block] | Debt Financing Fees The Company capitalizes costs associated with the financing of its debt obligations. These costs are amortized as additional interest expense following either the effective interest method or the straight-line method. In the event of any prepayment of its debt obligations, the Company accelerates the recognition of a pro-rata amount of issuance costs and records an extinguishment of debt. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment Property, plant and equipment (“PP&E”) are stated at historical cost less accumulated depreciation. Plant and equipment under capital leases are stated at the present value of minimum lease payments less accumulated amortization. Additions or improvements that substantially extend the useful life of a particular asset are capitalized. Depreciation is calculated primarily utilizing the straight-line method over the following useful lives: Asset categories Useful lives in years Land improvements Ten to Twenty Buildings and improvements Fifteen to Forty Machinery and equipment Three to Twenty-five Computer, software and office equipment Three to Seven Internal software development costs Three Transportation equipment Three to Fifteen Leasehold improvements are depreciated over the lesser of their estimated useful lives or the remaining term of the lease. Assets under capital leases are amortized in a manner consistent with the Company’s normal depreciation policy if ownership is transferred by the end of the lease, or if there is a bargain purchase option. If such ownership criteria are not met, amortization occurs over the shorter of the lease term or the asset’s useful life. The Company capitalizes its costs of developing internal software when the software is used as an integral part of its manufacturing or business processes and the technological feasibility has been established. Internal software costs are amortized over a period of three years and, in accordance with the project type, charged to cost of sales or selling, general and administrative (“SG&A”) expenses. Fully depreciated assets are retained in cost and accumulated depreciation accounts until they are removed from service. In the case of disposals, asset costs and related accumulated depreciation amounts are removed from the accounts, and the net amounts, less proceeds from disposal, are included in the determination of net income and presented within other operating expense, net. Repair and maintenance costs related to PP&E which do not significantly increase the useful life of an existing asset or do not significantly alter, modify or change the capabilities or production capacity of an existing asset are expensed as incurred. Interest is capitalized for capital projects requiring a construction period. PP&E and other long-lived assets are tested for impairment whenever events or changes in circumstances indicate that the respective carrying amount may not be recoverable. Long-lived assets to be disposed of by sale within one year are classified as held for sale and are reported at the lower of carrying amount or fair value less cost to sell. Depreciation ceases for all assets classified as held for sale. Long-lived assets to be disposed of other than by sale are classified as held for use until they are disposed of and these assets are reported at the lower of their carrying amount or estimated fair value. |
Biomass Foundation and Feedstock, Policy [Policy Text Block] | Miscanthus Grass Miscanthus grass is stated at historical cost and subject to depreciation at the time that production in commercial quantities begins (which is expected to occur approximately twenty-four months after planting). Cost includes expenditures associated with land and planting bed preparation, biological materials and overhead. Cultural care costs are capitalized during the development period (up to twenty-four months) and are subsequently expensed as incurred. Depreciation is calculated utilizing the straight-line method over the shorter of the (i) land lease term including renewal periods or (ii) estimated productive life of the plantings, generally fifteen years. |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Intangible Assets Finite-lived intangible assets, such as customer lists, non-compete agreements, licenses, trademarks and patents are amortized over their estimated useful lives. The Company periodically evaluates the reasonableness of the useful lives of these assets. Once these assets are fully amortized, they are removed from the accounts. These assets are reviewed for impairment or obsolescence when events or changes in circumstances indicate that the carrying amount may not be recoverable. If impaired, intangible assets are written down to fair value based on discounted cash flows or other valuation techniques. The Company has no intangibles with indefinite lives. |
Equity Method Investments, Policy [Policy Text Block] | Investments in Unconsolidated Affiliates The Company evaluates its investments in unconsolidated affiliates for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. |
Derivatives, Policy [Policy Text Block] | Derivative Instruments All derivatives are carried on the balance sheet at fair value and are classified according to their asset or liability position and the expected timing of settlement. On the date the derivative contract is entered into, the Company may designate the derivative into one of the following categories: ● Fair value hedge – a hedge of the fair value of a recognized asset, liability or a firm commitment. Changes in the fair value of derivatives designated and qualifying as fair-value hedges, as well as the offsetting gains and losses on the hedged items, are reported in income in the same period. ● Cash flow hedge – a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability. The effective portion of gains and losses on cash flow hedges are recorded in accumulated other comprehensive loss, until the underlying transactions are recognized in income. When the hedged item is realized, gains or losses are reclassified from accumulated other comprehensive loss to current period earnings on the same line item as the underlying transaction. ● Net investment hedge – if a derivative is used as a foreign currency hedge of a net investment in a foreign operation, its changes in fair value, to the extent effective as a hedge, are recorded in foreign currency translation adjustments in accumulated other comprehensive loss. Any ineffective portion of a designated hedge is immediately recognized in current period earnings. Derivatives that are not designated for hedge accounting are marked to market at the end of each period with the changes in fair value recognized in current period earnings. Settlements of any fair value or cash flow derivative contracts are classified as cash flows from operating activities. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value Measurements The accounting guidance for fair value measurements and disclosures establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market, or if none exists, the most advantageous market, for the specific asset or liability at the measurement date (the exit price). Fair value is based on assumptions that market participants would use when pricing the asset or liability. The hierarchy gives the highest priority to unadjusted quoted prices in active markets and the lowest priority to unobservable inputs. The Company uses the following to measure fair value for its assets and liabilities: ● Level 1 – Observable inputs that reflect quoted prices for identical assets or liabilities in active markets ● Level 2 – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability either indirectly or directly ● Level 3 – Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability The classification of assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement in its entirety. |
Income Tax, Policy [Policy Text Block] | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recorded to recognize the expected future tax benefits or costs of events that have been, or will be, reported in different tax years for financial statement purposes than for tax purposes. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which these items are expected to reverse. The Company reviews deferred tax assets to determine if it is more-likely-than-not they will be realized. If the Company determines it is not more-likely-than-not that a deferred tax asset will be realized, it records a valuation allowance to reverse the previously recognized benefit. Provision is made for taxes on undistributed earnings of foreign subsidiaries and related companies to the extent that such earnings are not deemed to be permanently invested. The Company recognizes tax benefits related to uncertain tax positions if it believes it is more-likely-than-not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. The Company accrues for other tax contingencies when it is probable that a liability to a taxing authority has been incurred and the amount of the contingency can be reasonably estimated. Income tax expense related to penalties and interest, if incurred, is included in provision for income taxes. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation Compensation expense for stock awards is based on the grant date fair value and expensed over the applicable vesting period. The Company has a policy of issuing new shares to satisfy share option exercises. For awards with a service condition and a graded vesting schedule, the Company has elected an accounting policy of recognizing compensation cost on a straight-line basis over the requisite service period for each separate vesting portion of the award as if the award was, in-substance, multiple awards. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation Assets and liabilities of foreign subsidiaries whose functional currency is other than the U.S. Dollar are translated at exchange rates existing at the respective balance sheet dates. Translation gains and losses are not included in determining net income, but are presented in a separate component of accumulated other comprehensive loss. The Company translates the results of operations of its foreign operations at the average exchange rates during the respective periods. Transaction gains and losses are included within other operating expense, net. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition The Company recognizes revenue when (a) there is persuasive evidence of an arrangement, (b) the sales price is fixed or determinable, (c) title and the risks of ownership have been transferred to the customer, and (d) collection of the receivable is reasonably assured. For the sale of goods, revenue recognition occurs primarily upon shipment. For service arrangements, revenue is recognized when (i) transportation services have been completed in accordance with the bill of lading contract or (ii) in accordance with contractual agreements with customers utilizing the criteria above. Revenue includes amounts for duties and import taxes, interest billed to customers, and shipping and handling costs billed to customers. Revenue excludes value-added taxes or other sales taxes and includes any applicable deductions for returns and allowances, yarn claims, and discounts. |
Cost of Sales, Policy [Policy Text Block] | Cost of Sales The major components of cost of sales are: (a) materials and supplies, (b) labor and fringe benefits, (c) utility and overhead costs associated with manufactured products, (d) cost of products purchased for resale, (e) shipping, handling and warehousing costs, (f) research and development costs, (g) depreciation expense, and (h) all other costs related to production or providing service activities. |
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping, Handling and Warehousing Costs Shipping, handling and warehousing costs include costs to store goods prior to shipment, prepare goods for shipment and physically move goods to customers. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Costs Research and development costs include employee costs, production costs related to customer samples, operating supplies, consulting fees and other miscellaneous costs. The cost of research and development is charged to expense as incurred. Research and development costs were as follows: For the Fiscal Year Ended June 26, 2016 June 28, 2015 June 29, 2014 Research and development costs $ 6,907 $ 8,113 $ 7,921 |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | Selling, General and Administrative Expenses The major components of SG&A expenses are: (a) costs of the Company’s sales force, marketing and advertising efforts, as well as commissions and credit insurance, (b) costs of maintaining the Company’s general and administrative support functions including executive management, information technology, human resources, legal, and finance, (c) amortization of intangible assets, and (d) all other costs required to be classified as SG&A expenses. |
Advertising Costs, Policy [Policy Text Block] | Advertising Costs Advertising costs are expensed as incurred and included in SG&A expenses. The Company’s advertising costs include spending for items such as consumer marketing and branding initiatives, promotional items, trade shows, sponsorships and other programs. Advertising costs were as follows: For the Fiscal Year Ended June 26, 2016 June 28, 2015 June 29, 2014 Advertising costs $ 4,844 $ 3,975 $ 2,953 |
Costs Associated with Exit or Disposal Activities or Restructurings, Policy [Policy Text Block] | Restructuring Charges Restructuring charges for the relocation of equipment, disposal costs, severance and other exit costs are expensed as incurred. |
Liability Reserve Estimate, Policy [Policy Text Block] | Self Insurance The Company self-insures certain risks such as employee healthcare claims. Reserves for incurred but not reported healthcare claims are estimated using historical data, the timeliness of claims processing, medical trends, inflation and any changes, if applicable, in the nature or type of the plan. |
Commitments and Contingencies, Policy [Policy Text Block] | Contingencies At any point in time, the Company may be a party to various pending legal proceedings, claims or environmental actions. Accruals for estimated losses are recorded at the time information becomes available indicating that losses are probable and estimable. Any amounts accrued are not discounted. Legal costs such as outside counsel fees and expenses are charged to expense as incurred. |
Note 2 - Summary of Significa37
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 26, 2016 | |
Notes Tables | |
Useful Lives of Property Plant and Equipment [Table Text Block] | Asset categories Useful lives in years Land improvements Ten to Twenty Buildings and improvements Fifteen to Forty Machinery and equipment Three to Twenty-five Computer, software and office equipment Three to Seven Internal software development costs Three Transportation equipment Three to Fifteen |
Schedule of Research and Development Costs [Table Text Block] | For the Fiscal Year Ended June 26, 2016 June 28, 2015 June 29, 2014 Research and development costs $ 6,907 $ 8,113 $ 7,921 |
Schedule of Advertising Costs [Table Text Block] | For the Fiscal Year Ended June 26, 2016 June 28, 2015 June 29, 2014 Advertising costs $ 4,844 $ 3,975 $ 2,953 |
Note 3 - Recent Accounting Pr38
Note 3 - Recent Accounting Pronouncements (Tables) | 12 Months Ended |
Jun. 26, 2016 | |
Notes Tables | |
New Accounting Pronouncement, Early Adoption [Table Text Block] | June 28, 2015 As Previously Reported Adjustments Due to Adoption of ASU 2015-17 June 28, 2015 As Adjusted Deferred income taxes (within total current assets) $ 2,383 $ (2,383 ) $ — Total current assets 215,347 (2,383 ) 212,964 Deferred income taxes (within non-current assets) 1,539 2,383 3,922 Total assets 476,372 — 476,372 Deferred income taxes (within non-current liabilities) 90 — 90 Total liabilities 177,279 — 177,279 |
Note 5 - Receivables, Net (Tabl
Note 5 - Receivables, Net (Tables) | 12 Months Ended |
Jun. 26, 2016 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | June 26, 2016 June 28, 2015 Customer receivables $ 86,358 $ 85,731 Allowance for uncollectible accounts (2,839 ) (1,596 ) Reserves for yarn quality claims (795 ) (581 ) Net customer receivables 82,724 83,554 Related party receivables 10 75 Other receivables 688 234 Total receivables, net $ 83,422 $ 83,863 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Allowance for Uncollectible Accounts Reserves for Yarn Quality Claims Balance at June 30, 2013 $ (972 ) $ (893 ) Charged to costs and expenses (287 ) (1,726 ) Charged to other accounts (20 ) 2 Deductions 244 1,999 Balance at June 29, 2014 $ (1,035 ) $ (618 ) Charged to costs and expenses (947 ) (1,336 ) Charged to other accounts 240 29 Deductions 146 1,344 Balance at June 28, 2015 $ (1,596 ) $ (581 ) Charged to costs and expenses (1,684 ) (1,886 ) Charged to other accounts (56 ) (4 ) Deductions 497 1,676 Balance at June 26, 2016 $ (2,839 ) $ (795 ) |
Note 6 - Inventories (Tables)
Note 6 - Inventories (Tables) | 12 Months Ended |
Jun. 26, 2016 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 26, 2016 June 28, 2015 Raw materials $ 37,162 $ 42,526 Supplies 5,387 5,404 Work in process 6,595 7,546 Finished goods 55,771 56,844 Gross inventories 104,915 112,320 Inventory reserves (1,383 ) (705 ) Total inventories $ 103,532 $ 111,615 |
Note 7 - Other Current Assets (
Note 7 - Other Current Assets (Tables) | 12 Months Ended |
Jun. 26, 2016 | |
Notes Tables | |
Schedule of Other Current Assets [Table Text Block] | June 26, 2016 June 28, 2015 Vendor deposits $ 2,036 $ 1,743 Prepaid expenses 1,496 1,647 Value added taxes receivable 1,225 1,220 Funds held by qualified intermediary — 1,390 Other 33 22 Total other current assets $ 4,790 $ 6,022 |
Note 8 - Property, Plant and 42
Note 8 - Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Jun. 26, 2016 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | June 26, 2016 June 28, 2015 Land $ 3,154 $ 2,413 Land improvements 13,734 11,709 Buildings and improvements 145,633 141,259 Assets under capital leases 21,525 17,371 Machinery and equipment 544,369 531,225 Computers, software and office equipment 17,823 16,782 Transportation equipment 4,713 4,736 Construction in progress 39,695 6,710 Gross property, plant and equipment 790,646 732,205 Less: accumulated depreciation (602,839 ) (595,094 ) Less: accumulated amortization – capital leases (2,706 ) (889 ) Total property, plant and equipment, net $ 185,101 $ 136,222 |
Schedule of Capital Leased Assets [Table Text Block] | June 26, 2016 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 |
Other Property, Plant and Equipment Costs and Expenses [Table Text Block] | For the Fiscal Year Ended June 26, 2016 June 28, 2015 June 29, 2014 Depreciation expense $ 15,269 $ 15,422 $ 15,174 Repair and maintenance expenses 16,819 17,741 18,319 Capitalized interest 724 191 172 |
Note 9 - Intangible Assets, N43
Note 9 - Intangible Assets, Net (Tables) | 12 Months Ended |
Jun. 26, 2016 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | June 26, 2016 June 28, 2015 Customer lists $ 23,615 $ 23,615 Non-compete agreements 4,293 4,293 Licenses, trademarks and other 891 837 Total intangible assets, gross 28,799 28,745 Accumulated amortization - customer lists (20,665 ) (19,432 ) Accumulated amortization - non-compete agreements (3,860 ) (3,537 ) Accumulated amortization – licenses, trademarks and other (533 ) (388 ) Total accumulated amortization (25,058 ) (23,357 ) Total intangible assets, net $ 3,741 $ 5,388 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | For the Fiscal Year Ended June 26, 2016 June 28, 2015 June 29, 2014 Customer lists $ 1,233 $ 1,594 $ 1,845 Non-compete agreements 323 323 319 Licenses, trademarks and other 145 163 134 Total amortization expense $ 1,701 $ 2,080 $ 2,298 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2017 2018 2019 2020 2021 Expected amortization $ 1,393 $ 1,054 $ 700 $ 351 $ 69 |
Note 10 - Other Non-current A44
Note 10 - Other Non-current Assets (Tables) | 12 Months Ended |
Jun. 26, 2016 | |
Notes Tables | |
Schedule of Other Assets, Noncurrent [Table Text Block] | June 26, 2016 June 28, 2015 Miscanthus grass, net $ 4,522 $ 2,151 Debt financing fees 1,421 1,611 Other 387 213 Total other non-current assets $ 6,330 $ 3,975 |
Note 11 - Accrued Expenses (Tab
Note 11 - Accrued Expenses (Tables) | 12 Months Ended |
Jun. 26, 2016 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | June 26, 2016 June 28, 2015 Payroll and fringe benefits $ 10,370 $ 11,258 Utilities 2,376 2,823 Current portion of supplemental post-employment plan 1,506 — Property taxes 831 790 Consulting and transition fees payable to former executive officers 1,045 — Other 2,346 1,769 Total accrued expenses $ 18,474 $ 16,640 |
Note 12 - Long-term Debt (Table
Note 12 - Long-term Debt (Tables) | 12 Months Ended |
Jun. 26, 2016 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | Weighted Average Principal Amounts as of Scheduled Maturity Date Interest Rate as of June 26, 2016 (1) June 26, 2016 June 28, 2015 ABL Revolver March 2020 2.5% $ 6,200 $ 5,000 ABL Term Loan March 2020 2.3% 90,250 82,125 Capital lease obligations (2) (3) 15,798 15,735 Construction financing (4) (4) 6,629 — Renewables’ term loan August 2022 3.7% 4,000 — Renewables’ promissory note September 2020 3.0% 135 — Term loan from unconsolidated affiliate (5) (5) — 1,250 Total debt 123,012 104,110 Current portion of Renewables’ promissory note (25 ) — Current portion of capital lease obligations (4,261 ) (3,385 ) Current portion of long-term debt (9,500 ) (9,000 ) Total long-term debt $ 109,226 $ 91,725 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Scheduled Maturities on a Fiscal Year Basis 2017 2018 2019 2020 2021 Thereafter ABL Revolver $ — $ — $ — $ 6,200 $ — $ — ABL Term Loan 9,500 9,500 9,500 61,750 — — Renewables’ promissory note 25 26 27 28 29 — Renewables’ term loan — — — 1,111 1,333 1,556 Capital lease obligations 4,261 4,128 4,058 2,542 171 638 Total (1) $ 13,786 $ 13,654 $ 13,585 $ 71,631 $ 1,533 $ 2,194 |
Note 13 - Other Long-term Lia47
Note 13 - Other Long-term Liabilities (Tables) | 12 Months Ended |
Jun. 26, 2016 | |
Notes Tables | |
Other Noncurrent Liabilities [Table Text Block] | June 26, 2016 June 28, 2015 Uncertain tax positions $ 4,463 $ 3,980 Supplemental post-employment plan 2,262 3,690 Other 3,668 3,070 Total other long-term liabilities $ 10,393 $ 10,740 |
Note 14 - Income Taxes (Tables)
Note 14 - Income Taxes (Tables) | 12 Months Ended |
Jun. 26, 2016 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | For the Fiscal Year Ended June 26, 2016 June 28, 2015 June 29, 2014 United States $ 21,843 $ 38,341 $ 38,816 Foreign 26,400 15,471 9,065 Income before income taxes $ 48,243 $ 53,812 $ 47,881 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | For the Fiscal Year Ended June 26, 2016 June 28, 2015 June 29, 2014 Current: Federal $ 655 $ 7,985 $ 14,463 State 599 1,231 1,035 Foreign 7,836 7,926 4,092 Total current tax expense 9,090 17,142 19,590 Deferred: Federal 6,220 (4,006 ) 183 State 246 (112 ) 900 Foreign (483 ) 322 (512 ) Total deferred tax expense 5,983 (3,796 ) 571 Provision for income taxes $ 15,073 $ 13,346 $ 20,161 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | For the Fiscal Year Ended June 26, 2016 June 28, 2015 June 29, 2014 Federal statutory tax rate 35.0 % 35.0 % 35.0 % Foreign income taxed at different rates (7.7 ) (3.2 ) (1.2 ) Repatriation of foreign earnings and withholding taxes (1.0 ) (0.3 ) 0.4 Change in valuation allowance (3.7 ) (5.6 ) 4.0 Domestic production activities deduction (0.5 ) (1.3 ) (2.3 ) Research and other credits 4.8 (0.4 ) (0.3 ) State income taxes, net of federal tax benefit 1.5 1.8 2.8 Change in uncertain tax positions 1.2 5.4 (0.5 ) Settlement of certain intercompany foreign currency transactions — 5.6 — Indefinite reinvestment assertion — (14.2 ) 0.5 Renewable energy credits — (1.9 ) — Nondeductible expenses and other 1.6 3.9 3.7 Effective tax rate 31.2 % 24.8 % 42.1 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | June 26, 2016 June 28, 2015 Deferred tax assets: Investments, including unconsolidated affiliates $ 8,337 $ 9,675 State tax credits 361 461 Accrued liabilities and valuation reserves 3,660 2,620 Net operating loss carryforwards 3,952 2,904 Intangible assets, net 4,349 4,964 Incentive compensation plans 3,297 3,515 Foreign tax credits — 2,588 Other items 4,668 4,673 Total gross deferred tax assets 28,624 31,400 Valuation allowance (13,550 ) (15,606 ) Net deferred tax assets 15,074 15,794 Deferred tax liabilities: Property, plant and equipment (17,098 ) (11,432 ) Other (580 ) (530 ) Total deferred tax liabilities (17,678 ) (11,962 ) Net deferred tax asset (liability) $ (2,604 ) $ 3,832 |
Deferred Tax Valuation Allowance Activities [Table Text Block] | For the Fiscal Year Ended June 26, 2016 June 28, 2015 June 29, 2014 Balance at beginning of the year $ (15,606 ) $ (18,615 ) $ (16,690 ) Benefit to (charge to) provision for income taxes 2,056 3,009 (1,925 ) Balance at end of year $ (13,550 ) $ (15,606 ) $ (18,615 ) |
Summary of Valuation Allowance [Table Text Block] | For the Fiscal Year Ended June 26, 2016 June 28, 2015 June 29, 2014 Investment in a former domestic unconsolidated affiliate $ (6,418 ) $ (6,503 ) $ (6,493 ) Equity-method investment in Parkdale America, LLC (2,102 ) (3,261 ) (7,286 ) Foreign tax credits — (1,680 ) (1,680 ) Other (1) (5,030 ) (4,162 ) (3,156 ) Total deferred tax valuation allowance $ (13,550 ) $ (15,606 ) $ (18,615 ) |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | For the Fiscal Year Ended June 26, 2016 June 28, 2015 June 29, 2014 Balance at beginning of the year $ 4,029 $ 983 $ 964 Gross increases related to current period tax positions 110 3,469 78 Gross increases related to tax positions in prior periods 1,058 18 68 Gross decreases related to settlements with tax authorities (274 ) (178 ) (2 ) Gross decreases related to lapse of applicable statute of limitations (391 ) (263 ) (125 ) Balance at end of year $ 4,532 $ 4,029 $ 983 |
Summary of Operating Loss Carryforwards [Table Text Block] | State net operating loss carryforwards 2017 through 2033 |
Note 15 - Shareholders' Equity
Note 15 - Shareholders' Equity (Tables) | 12 Months Ended |
Jun. 26, 2016 | |
Notes Tables | |
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 2013 1,068 $ 18.08 Fiscal 2014 1,524 $ 23.96 Fiscal 2015 349 $ 29.72 Fiscal 2016 206 $ 30.13 Total 3,147 $ 23.01 $ 27,603 |
Note 16 - Stock-based Compens50
Note 16 - Stock-based Compensation (Tables) | 12 Months Ended |
Jun. 26, 2016 | |
Notes Tables | |
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 or 2013 Plan 290 Less: Awards granted to employees (258 ) Less: Awards granted to non-employee directors (70 ) Available for issuance under the 2013 Plan 962 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | For the Fiscal Year Ended June 26, 2016 June 28, 2015 June 29, 2014 Expected term (years) 7.6 7.3 7.4 Risk-free interest rate 2.1% 2.2% 2.1% Volatility 60.5% 62.6% 65.9% Dividend yield — — — |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding at June 28, 2015 934 $ 12.63 Granted 82 $ 32.36 Exercised (41 ) $ 14.33 Cancelled or forfeited (255 ) $ 13.98 Expired — $ — Outstanding at June 26, 2016 720 $ 14.32 4.9 $ 9,109 Vested and expected to vest as of June 26, 2016 715 $ 14.23 4.9 $ 9,105 Exercisable at June 26, 2016 615 $ 11.80 4.3 $ 9,059 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Non-vested Weighted Average Grant Date Fair Value Vested Total Weighted Average Grant Date Fair Value Outstanding at June 28, 2015 20 $ 18.35 167 187 $ 15.35 Granted 48 $ 27.82 — 48 $ 27.82 Vested (45 ) $ 24.06 45 — $ 24.06 Converted — $ — (19 ) (19 ) $ 16.37 Cancelled or forfeited (2 ) $ 22.08 (31 ) (33 ) $ 14.28 Outstanding at June 26, 2016 21 $ 27.20 162 183 $ 18.70 |
Schedule of Employee Service Share-Based Compensation, Recognized Period Costs [Table Text Block] | For the Fiscal Year Ended June 26, 2016 June 28, 2015 June 29, 2014 Stock options $ 1,379 $ 1,955 $ 1,001 RSUs 961 676 938 Total compensation cost $ 2,340 $ 2,631 $ 1,939 |
Note 17 - Defined Contributio51
Note 17 - Defined Contribution Plan (Tables) | 12 Months Ended |
Jun. 26, 2016 | |
Notes Tables | |
Schedule of Costs of Retirement Plans [Table Text Block] | For the Fiscal Year Ended June 26, 2016 June 28, 2015 June 29, 2014 Matching contribution expense $ 2,331 $ 2,201 $ 2,006 |
Note 18 - Fair Value of Finan52
Note 18 - Fair Value of Financial Instruments and Non-financial Assets and Liabilities (Tables) | 12 Months Ended |
Jun. 26, 2016 | |
Notes Tables | |
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | Contingent consideration as of June 28, 2015 $ 2,207 Changes in fair value (294 ) Payments (565 ) Contingent consideration as of June 26, 2016 $ 1,348 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | As of June 26, 2016 Notional Amount USD Equivalent Balance Sheet Location Fair Value Hierarchy Fair Value Interest rate swap USD $ 50,000 $ 50,000 Accrued expenses Level 2 $ 260 Contingent consideration — — Accrued expenses and other long-term liabilities Level 3 $ 1,348 As of June 26, 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 19 - Accumulated Other C53
Note 19 - Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Jun. 26, 2016 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Derivative Financial Instruments Foreign Currency Translation Adjustments Reclassification adjustments on interest rate swap Accumulated Other Comprehensive (Loss) Income Balance at June 30, 2013 $ (4,568 ) $ (932 ) $ (5,500 ) Other comprehensive income, net of tax 327 554 881 Balance at June 29, 2014 $ (4,241 ) $ (378 ) $ (4,619 ) Other comprehensive (loss) income, net of tax (22,511 ) 231 (22,280 ) Balance at June 28, 2015 $ (26,752 ) $ (147 ) $ (26,899 ) Other comprehensive (loss) income, net of tax (2,929 ) 77 (2,852 ) Balance at June 26, 2016 $ (29,681 ) $ (70 ) $ (29,751 ) |
Comprehensive Income (Loss) [Table Text Block] | Fiscal 2016 Fiscal 2015 Fiscal 2014 Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Other comprehensive (loss) income: Foreign currency translation adjustments $ (2,135 ) $ (2,135 ) $ (21,578 ) $ (21,578 ) $ 327 $ 327 Foreign currency translation adjustments for an unconsolidated affiliate (794 ) (794 ) (933 ) (933 ) — — Reclassification adjustments for interest rate swap 77 77 231 231 554 554 Other comprehensive (loss) income $ (2,852 ) $ (2,852 ) $ (22,280 ) $ (22,280 ) $ 881 $ 881 |
Note 20 - Computation of Earn54
Note 20 - Computation of Earnings Per Share (Tables) | 12 Months Ended |
Jun. 26, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Fiscal Year Ended June 26, 2016 June 28, 2015 June 29, 2014 Basic EPS Net income attributable to Unifi, Inc. $ 34,415 $ 42,151 $ 28,823 Weighted average common shares outstanding 17,857 18,207 18,919 Basic EPS $ 1.93 $ 2.32 $ 1.52 Diluted EPS Net income attributable to Unifi, Inc. $ 34,415 $ 42,151 $ 28,823 Weighted average common shares outstanding 17,857 18,207 18,919 Net potential common share equivalents – stock options and RSUs 558 629 702 Adjusted weighted average common shares outstanding 18,415 18,836 19,621 Diluted EPS $ 1.87 $ 2.24 $ 1.47 Excluded from the calculation of common share equivalents: Anti-dilutive common share equivalents 193 150 91 Excluded from the calculation of diluted shares: Unvested options that vest upon achievement of certain market conditions — — 13 |
Note 21 - Other Operating Exp55
Note 21 - Other Operating Expense, Net (Tables) | 12 Months Ended |
Jun. 26, 2016 | |
Notes Tables | |
Schedule of Other Operating Expense or Income by Component [Table Text Block] | For the Fiscal Year Ended June 26, 2016 June 28, 2015 June 29, 2014 Consulting and transition fees for former executive officers $ 1,293 $ — $ — Foreign currency transaction losses 397 448 504 Net (gain) loss on sale or disposal of assets (13 ) 778 475 Operating expenses for Renewables — — 2,749 Restructuring charges, net — — 1,273 Other, net 571 374 288 Other operating expense, net $ 2,248 $ 1,600 $ 5,289 |
Restructuring and Related Costs [Table Text Block] | For the Fiscal Year Ended June 26, 2016 June 28, 2015 June 29, 2014 Severance $ — $ — $ 941 Equipment relocation and reinstallation costs — — 356 Other — — (24 ) Restructuring charges, net $ — $ — $ 1,273 |
Note 23 - Investments in Unco56
Note 23 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Tables) | 12 Months Ended |
Jun. 26, 2016 | |
Income Statement Information [Member] | |
Notes Tables | |
Equity Method Investments [Table Text Block] | For the Fiscal Year Ended June 26, 2016 PAL Other Total Net sales $ 824,248 $ 29,463 $ 853,711 Gross profit 32,626 7,651 40,277 Income from operations 15,143 5,772 20,915 Net income 17,670 5,838 23,508 Depreciation and amortization 41,282 150 41,432 Cash received by PAL under cotton rebate program 17,057 — 17,057 Earnings recognized by PAL for cotton rebate program 16,080 — 16,080 Distributions received 1,732 3,000 4,732 For the Fiscal Year Ended June 28, 2015 PAL Other Total Net sales $ 828,502 $ 33,496 $ 861,998 Gross profit 53,042 5,480 58,522 Income from operations 34,873 3,861 38,734 Net income 50,991 4,140 55,131 Depreciation and amortization 33,065 117 33,182 Cash received by PAL under cotton rebate program 18,087 — 18,087 Earnings recognized by PAL for cotton rebate program 17,398 — 17,398 Distributions received 2,468 1,250 3,718 For the Fiscal Year Ended June 29, 2014 PAL Other Total Net sales $ 841,542 $ 34,717 $ 876,259 Gross profit 63,645 3,921 67,566 Income from operations 48,857 2,259 51,116 Net income 52,283 2,529 54,812 Depreciation and amortization 26,222 101 26,323 Cash received by PAL under cotton rebate program 16,909 — 16,909 Earnings recognized by PAL for cotton rebate program 23,509 — 23,509 Distributions received 11,314 1,900 13,214 |
Balance Sheet Information [Member] | |
Notes Tables | |
Equity Method Investments [Table Text Block] | As of June 26, 2016 PAL Other Total Current assets $ 244,197 $ 12,781 $ 256,978 Noncurrent assets 203,251 1,069 204,320 Current liabilities 56,921 4,048 60,969 Noncurrent liabilities 3,057 — 3,057 Shareholders’ equity and capital accounts 387,470 9,802 397,272 The Company’s portion of undistributed earnings 44,414 1,609 46,023 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 |
Equity Method Investment Reconciliation of Underlying Equity in Net Assets to Investment Carrying Amount [Table Text Block] | Underlying equity as of June 26, 2016 $ 131,742 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 Cotton rebate adjustments to PAL’s depreciation expense (183 ) Investment as of June 26, 2016 $ 113,468 |
Schedule of Unconsolidated Affiliate Transactions [Table Text Block] | For the Fiscal Year Ended June 26, 2016 June 28, 2015 June 29, 2014 UNF $ 2,828 $ 3,676 $ 9,582 UNFA 24,319 29,922 24,223 Total $ 27,147 $ 33,598 $ 33,805 |
Note 24 - Commitments and Con57
Note 24 - Commitments and Contingencies (Tables) | 12 Months Ended |
Jun. 26, 2016 | |
Notes Tables | |
Schedule of Future Minimum Lease Payments for Capital Leases and Operating Leases [Table Text Block] | Capital leases Operating leases Fiscal 2017 $ 4,814 $ 3,784 Fiscal 2018 4,543 3,260 Fiscal 2019 4,333 2,331 Fiscal 2020 2,697 2,018 Fiscal 2021 288 1,722 Fiscal years thereafter 1,212 3,272 Total minimum lease payments $ 17,887 $ 16,387 Less estimated executory costs (858 ) Less interest (1,231 ) Present value of net minimum capital lease payments 15,798 Less current portion of capital lease obligations (4,261 ) Long-term portion of capital lease obligations $ 11,537 |
Schedule of Rent Expense [Table Text Block] | For the Fiscal Year Ended June 26, 2016 June 28, 2015 June 29, 2014 Rental expenses $ 4,867 $ 4,214 $ 3,621 |
Unrecorded Unconditional Purchase Obligations Disclosure [Table Text Block] | 2017 2018 2019 2020 2021 Thereafter Unconditional purchase obligations $ 7,480 $ 4,600 $ 2,648 $ 1,621 $ 196 $ — Unconditional service obligations 1,555 1,508 1,150 75 75 482 Total unconditional obligations $ 9,035 $ 6,108 $ 3,798 $ 1,696 $ 271 $ 482 |
Costs Incurred under Purchases and Services Obligations [Table Text Block] | For the Fiscal Year Ended June 26, 2016 June 28, 2015 June 29, 2014 Costs for unconditional purchase obligations $ 26,790 $ 28,971 $ 31,386 Costs for unconditional service obligations 641 7,625 5,932 Total $ 27,431 $ 36,596 $ 37,318 |
Note 25 - Related Party Trans58
Note 25 - Related Party Transactions (Tables) | 12 Months Ended |
Jun. 26, 2016 | |
Notes Tables | |
Related Party Receivables and Payables [Table Text Block] | June 26, 2016 June 28, 2015 Cupron, Inc. $ 3 $ 72 Salem Global Logistics, Inc. 7 3 Total related party receivables (included within receivables, net) $ 10 $ 75 June 26, 2016 June 28, 2015 Cupron, Inc. $ 619 $ 506 Salem Leasing Corporation 250 277 Total related party payables (included within accounts payable) $ 869 $ 783 |
Schedule of Related Party Transactions [Table Text Block] | For the Fiscal Year Ended Affiliated Entity Transaction Type June 26, 2016 June 28, 2015 June 29, 2014 Salem Leasing Corporation Transportation equipment costs $ 3,751 $ 3,633 $ 3,607 Salem Global Logistics, Inc. Freight service income 253 179 25 Cupron, Inc. Sales 477 925 486 Cupron, Inc. Raw material purchases 36 281 8 |
Note 26 - Business Segment In59
Note 26 - Business Segment Information (Tables) | 12 Months Ended |
Jun. 26, 2016 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | For the Fiscal Year Ended June 26, 2016 Polyester Nylon International All Other Total Net sales $ 383,167 $ 131,715 $ 122,554 $ 6,201 $ 643,637 Cost of sales 333,638 113,906 95,666 6,795 550,005 Gross profit (loss) 49,529 17,809 26,888 (594 ) 93,632 Depreciation expense 11,188 1,899 885 820 14,792 Segment Profit $ 60,717 $ 19,708 $ 27,773 $ 226 $ 108,424 For the Fiscal Year Ended June 28, 2015 Polyester Nylon International All Other Total Net sales $ 396,239 $ 149,612 $ 134,992 $ 6,278 $ 687,121 Cost of sales 345,462 130,644 113,556 6,754 596,416 Gross profit (loss) 50,777 18,968 21,436 (476 ) 90,705 Depreciation expense 10,579 1,798 1,997 473 14,847 Segment Profit (Loss) $ 61,356 $ 20,766 $ 23,433 $ (3 ) $ 105,552 For the Fiscal Year Ended June 29, 2014 Polyester Nylon International Total Net sales $ 403,699 $ 149,297 $ 134,906 $ 687,902 Cost of sales 356,076 129,966 118,598 604,640 Gross profit 47,623 19,331 16,308 83,262 Depreciation expense 9,247 2,022 3,032 14,301 Segment Profit $ 56,870 $ 21,353 $ 19,340 $ 97,563 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | For the Fiscal Year Ended June 26, 2016 June 28, 2015 June 29, 2014 Polyester $ 49,529 $ 50,777 $ 47,623 Nylon 17,809 18,968 19,331 International 26,888 21,436 16,308 All Other (594 ) (476 ) — Total segment gross profit 93,632 90,705 83,262 SG&A expenses 47,502 49,672 46,203 Provision for bad debts 1,684 947 287 Other operating expense, net 2,248 1,600 5,289 Operating income 42,198 38,486 31,483 Interest income (610 ) (916 ) (1,790 ) Interest expense 3,528 4,025 4,329 Loss on extinguishment of debt — 1,040 — Other non-operating expense — — 126 Equity in earnings of unconsolidated affiliates (8,963 ) (19,475 ) (19,063 ) Income before income taxes $ 48,243 $ 53,812 $ 47,881 |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block] | For the Fiscal Year Ended June 26, 2016 June 28, 2015 June 29, 2014 Polyester $ 11,188 $ 10,579 $ 9,247 Nylon 1,899 1,798 2,022 International 885 1,997 3,032 Segment depreciation expense 13,972 14,374 14,301 All Other 820 473 — Other depreciation and amortization expense 2,736 3,196 3,595 Depreciation and amortization expense $ 17,528 $ 18,043 $ 17,896 For the Fiscal Year Ended June 26, 2016 June 28, 2015 June 29, 2014 Polyester $ 44,517 $ 21,267 $ 14,701 Nylon 2,548 2,392 2,284 International 2,755 1,468 1,637 Segment capital expenditures 49,820 25,127 18,622 Other capital expenditures 2,517 839 469 Capital expenditures $ 52,337 $ 25,966 $ 19,091 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | June 26, 2016 June 28, 2015 June 29, 2014 Polyester $ 243,295 $ 208,416 $ 197,242 Nylon 63,141 66,490 70,852 International 73,650 63,031 81,604 Segment total assets 380,086 337,937 349,698 Other current assets 6,674 4,687 2,164 Other PP&E 16,597 13,544 12,250 Other non-current assets 6,094 6,303 5,341 Investments in unconsolidated affiliates 117,412 113,901 99,229 Total assets $ 526,863 $ 476,372 $ 468,682 |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | For the Fiscal Year Ended June 26, 2016 June 28, 2015 June 29, 2014 U.S. $ 472,287 $ 509,490 $ 512,496 Brazil 83,087 101,912 113,448 Remaining Foreign 88,263 75,719 61,958 Total $ 643,637 $ 687,121 $ 687,902 Export sales from the Company’s U.S. operations to external customers $ 113,725 $ 119,548 $ 100,546 |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | June 26, 2016 June 28, 2015 June 29, 2014 U.S. $ 294,275 $ 242,042 $ 215,910 Brazil 9,714 8,207 12,188 Remaining Foreign 8,595 9,237 7,413 Total $ 312,584 $ 259,486 $ 235,511 |
Schedule of Entity Wide Disclosure on Geographic Areas, Total Assets in Individual Foreign Countries by Country [Table Text Block] | June 26, 2016 June 28, 2015 June 29, 2014 U.S. $ 429,100 $ 388,766 $ 362,125 Brazil 53,993 50,300 70,581 Remaining Foreign 43,770 37,306 35,976 Total $ 526,863 $ 476,372 $ 468,682 |
Note 27 - Quarterly Results (60
Note 27 - Quarterly Results (Unaudited) (Tables) | 12 Months Ended |
Jun. 26, 2016 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | For the Fiscal Quarters Ended September 27, 2015 December 27, 2015 March 27, 2016 June 26, 2016 Net sales $ 162,165 $ 156,336 $ 161,278 $ 163,858 Gross profit 20,984 21,813 23,364 27,471 Net income including non-controlling interest 7,786 6,194 9,275 9,915 Less: net loss attributable to non-controlling interest (239 ) (270 ) (414 ) (322 ) Net income attributable to Unifi, Inc. (1) $ 8,025 $ 6,464 $ 9,689 $ 10,237 Net income attributable to Unifi, Inc. per common share: Basic (2) $ 0.45 $ 0.36 $ 0.54 $ 0.57 Diluted (2) $ 0.43 $ 0.35 $ 0.53 $ 0.56 For the Fiscal Quarters Ended September 28, 2014 December 28, 2014 March 29, 2015 June 28, 2015 Net sales (3) $ 175,561 $ 164,422 $ 172,187 $ 174,951 Gross profit (3) 20,450 22,929 22,007 25,319 Net income including non-controlling interest 6,675 9,122 9,759 14,910 Less: net loss attributable to non-controlling interest (402 ) (296 ) (257 ) (730 ) Net income attributable to Unifi, Inc. (4) $ 7,077 $ 9,418 $ 10,016 $ 15,640 Net income attributable to Unifi, Inc. per common share: Basic (2) $ 0.39 $ 0.52 $ 0.55 $ 0.86 Diluted (2) $ 0.37 $ 0.50 $ 0.53 $ 0.83 |
Note 28 - Supplemental Cash F61
Note 28 - Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Jun. 26, 2016 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | For the Fiscal Year Ended June 26, 2016 June 28, 2015 June 29, 2014 Interest, net of capitalized interest $ 3,066 $ 3,304 $ 3,313 Income taxes, net of refunds 9,923 17,208 12,569 |
Note 1 - Background (Details Te
Note 1 - Background (Details Textual) | Jun. 26, 2016 |
Repreve Renewables LLC [Member] | |
Majority Interest Ownership Percentage by Parent | 60.00% |
Parkdale America LLC [Member] | |
Equity Method Investment, Ownership Percentage | 34.00% |
Number of Countries in which Entity Operates | 4 |
Note 2 - Summary of Significa63
Note 2 - Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended |
Jun. 26, 2016USD ($) | |
Software Development [Member] | |
Property, Plant and Equipment, Useful Life | 3 years |
Miscanthus Grass [Member] | |
Property, Plant and Equipment, Useful Life | 15 years |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $ 0 |
Note 2 - Useful Lives of Proper
Note 2 - Useful Lives of Property, Plant and Equipment (Details) | 12 Months Ended |
Jun. 26, 2016 | |
Land Improvements [Member] | Minimum [Member] | |
Property, plant and equipment | 10 years |
Land Improvements [Member] | Maximum [Member] | |
Property, plant and equipment | 20 years |
Building and Building Improvements [Member] | Minimum [Member] | |
Property, plant and equipment | 15 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Property, plant and equipment | 40 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property, plant and equipment | 3 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property, plant and equipment | 25 years |
Computers, Software and Office Equipment [Member] | Minimum [Member] | |
Property, plant and equipment | 3 years |
Computers, Software and Office Equipment [Member] | Maximum [Member] | |
Property, plant and equipment | 7 years |
Software Development [Member] | |
Property, plant and equipment | 3 years |
Transportation Equipment [Member] | Minimum [Member] | |
Property, plant and equipment | 3 years |
Transportation Equipment [Member] | Maximum [Member] | |
Property, plant and equipment | 15 years |
Note 2 - Research and Developme
Note 2 - Research and Development Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 26, 2016 | Jun. 28, 2015 | Jun. 29, 2014 | |
Research and development costs | $ 6,907 | $ 8,113 | $ 7,921 |
Note 2 - Advertising Costs (Det
Note 2 - Advertising Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 26, 2016 | Jun. 28, 2015 | Jun. 29, 2014 | |
Advertising costs | $ 4,844 | $ 3,975 | $ 2,953 |
Note 3 - Recent Accounting Pr67
Note 3 - Recent Accounting Pronouncements (Details Textual) - Reclassification from Non-current Assets to Direct Deduction from Carrying Amount of Debt Liability [Member] - Pro Forma [Member] | 12 Months Ended |
Jun. 26, 2016USD ($) | |
At June 26, 2016 [Member] | |
Prior Period Reclassification Adjustment | $ 1,421 |
At June 28, 2015 [Member] | |
Prior Period Reclassification Adjustment | $ 1,611 |
Note 3 - Reclassification of De
Note 3 - Reclassification of Deferred Income Taxes (Details) - USD ($) $ in Thousands | Jun. 26, 2016 | Jun. 28, 2015 | Jun. 29, 2014 |
Scenario, Previously Reported [Member] | |||
Deferred income taxes (within total current assets) | $ 2,383 | ||
Total current assets | 215,347 | ||
Deferred income taxes (within non-current assets) | 1,539 | ||
Total assets | 476,372 | ||
Deferred income taxes (within non-current liabilities) | 90 | ||
Total liabilities | 177,279 | ||
Restatement Adjustment [Member] | |||
Deferred income taxes (within total current assets) | (2,383) | ||
Total current assets | (2,383) | ||
Deferred income taxes (within non-current assets) | 2,383 | ||
Total assets | |||
Deferred income taxes (within non-current liabilities) | |||
Total liabilities | |||
Deferred income taxes (within total current assets) | |||
Total current assets | $ 211,892 | 212,964 | |
Deferred income taxes (within non-current assets) | 2,387 | 3,922 | |
Total assets | 526,863 | 476,372 | $ 468,682 |
Deferred income taxes (within non-current liabilities) | 4,991 | 90 | |
Total liabilities | $ 199,918 | $ 177,279 |
Note 4 - Acquisition (Details T
Note 4 - Acquisition (Details Textual) $ in Millions | Dec. 02, 2013USD ($) |
Dillion Draw Winding [Member ] | |
Business Combination, Consideration Transferred | $ 2.5 |
Note 5 - Receivables (Details)
Note 5 - Receivables (Details) - USD ($) $ in Thousands | Jun. 26, 2016 | Jun. 28, 2015 |
Customer receivables | $ 86,358 | $ 85,731 |
Allowance for uncollectible accounts | (2,839) | (1,596) |
Reserves for yarn quality claims | (795) | (581) |
Net customer receivables | 82,724 | 83,554 |
Related party receivables | 10 | 75 |
Other receivables | 688 | 234 |
Total receivables, net | $ 83,422 | $ 83,863 |
Note 5 - Allowance for Uncollec
Note 5 - Allowance for Uncollectible Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 26, 2016 | Jun. 28, 2015 | Jun. 29, 2014 | |
Allowance for Doubtful Accounts [Member] | |||
Balance | $ (1,596) | $ (1,035) | $ (972) |
Charged to costs and expenses | (1,684) | (947) | (287) |
Charged to other accounts | (56) | 240 | (20) |
Deductions | 497 | 146 | 244 |
Balance | (2,839) | (1,596) | (1,035) |
ReserveForYarnQualityClaimsMember | |||
Balance | (581) | (618) | (893) |
Charged to costs and expenses | (1,886) | (1,336) | (1,726) |
Charged to other accounts | (4) | 29 | 2 |
Deductions | 1,676 | 1,344 | 1,999 |
Balance | $ (795) | $ (581) | $ (618) |
Note 6 - Inventories (Details T
Note 6 - Inventories (Details Textual) - USD ($) $ in Thousands | Jun. 26, 2016 | Jun. 28, 2015 |
Foreign Inventory Valued at Average Cost | $ 27,651 | $ 28,426 |
Note 6 - Inventories Components
Note 6 - Inventories Components (Details) - USD ($) $ in Thousands | Jun. 26, 2016 | Jun. 28, 2015 |
Raw materials | $ 37,162 | $ 42,526 |
Supplies | 5,387 | 5,404 |
Work in process | 6,595 | 7,546 |
Finished goods | 55,771 | 56,844 |
Gross inventories | 104,915 | 112,320 |
Inventory reserves | (1,383) | (705) |
Total inventories | $ 103,532 | $ 111,615 |
Note 7 - Other Current Assets74
Note 7 - Other Current Assets (Details Textual) $ in Thousands | 1 Months Ended |
Jun. 28, 2015USD ($) | |
Sale Proceeds Remitted to Qualified Intermediary | $ 1,390 |
Note 7 - Other Current Assets75
Note 7 - Other Current Assets (Details) - USD ($) $ in Thousands | Jun. 26, 2016 | Jun. 28, 2015 |
Vendor deposits | $ 2,036 | $ 1,743 |
Prepaid expenses | 1,496 | 1,647 |
Value added taxes receivable | 1,225 | 1,220 |
Funds held by qualified intermediary | 1,390 | |
Other | 33 | 22 |
Total other current assets | $ 4,790 | $ 6,022 |
Note 8 - Property, Plant and 76
Note 8 - Property, Plant and Equipment, Net (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 26, 2016 | Jun. 28, 2015 | Jun. 29, 2014 | |
Capital Lease Obligations Incurred | $ 4,154 | $ 12,784 | $ 3,353 |
Note 8 - Property, Plant and 77
Note 8 - Property, Plant and Equipment Components (Details) - USD ($) $ in Thousands | Jun. 26, 2016 | Jun. 28, 2015 |
Land [Member] | ||
Gross property, plant and equipment | $ 3,154 | $ 2,413 |
Land Improvements [Member] | ||
Gross property, plant and equipment | 13,734 | 11,709 |
Building and Building Improvements [Member] | ||
Gross property, plant and equipment | 145,633 | 141,259 |
Assets Held under Capital Leases [Member] | ||
Gross property, plant and equipment | 21,525 | 17,371 |
Machinery and Equipment [Member] | ||
Gross property, plant and equipment | 544,369 | 531,225 |
Computers, Software and Office Equipment [Member] | ||
Gross property, plant and equipment | 17,823 | 16,782 |
Transportation Equipment [Member] | ||
Gross property, plant and equipment | 4,713 | 4,736 |
Asset under Construction [Member] | ||
Gross property, plant and equipment | 39,695 | 6,710 |
Gross property, plant and equipment | 790,646 | 732,205 |
Less: accumulated depreciation | (602,839) | (595,094) |
Less: accumulated amortization – capital leases | (2,706) | (889) |
Total property, plant and equipment, net | $ 185,101 | $ 136,222 |
Note 8 - Capital Leased Assets
Note 8 - Capital Leased Assets (Details) - USD ($) $ in Thousands | Jun. 26, 2016 | Jun. 28, 2015 |
Machinery and Equipment [Member] | ||
Gross assets under capital leases | $ 14,745 | $ 12,804 |
Transportation Equipment [Member] | ||
Gross assets under capital leases | 5,927 | 3,714 |
Building Improvements [Member] | ||
Gross assets under capital leases | 853 | 853 |
Gross assets under capital leases | $ 21,525 | $ 17,371 |
Note 8 - Other Property, Plant
Note 8 - Other Property, Plant and Equipment Costs and Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 26, 2016 | Jun. 28, 2015 | Jun. 29, 2014 | |
Depreciation expense | $ 15,269 | $ 15,422 | $ 15,174 |
Repair and maintenance expenses | 16,819 | 17,741 | 18,319 |
Capitalized interest | $ 724 | $ 191 | $ 172 |
Note 9 - Intangible Assets, N80
Note 9 - Intangible Assets, Net (Details Textual) | Dec. 02, 2013 | Jun. 26, 2016 | Jun. 24, 2012 | Jun. 24, 2007 |
Dillon Texturing Operations [Member] | Customer Lists [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 13 years | |||
Dillion Draw Winding [Member ] | Customer Lists [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 9 years | |||
Dillion Draw Winding [Member ] | Noncompete Agreements [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 5 years | |||
Noncompete Agreements [Member] | Repreve Renewables LLC [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 5 years | |||
Licensing Agreements [Member] | Repreve Renewables LLC [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 8 years | |||
Trademarks [Member] | Maximum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 3 years | |||
Repreve Renewables LLC [Member] | ||||
Majority Interest Ownership Percentage by Parent | 60.00% |
Note 9 - Intangible Assets Comp
Note 9 - Intangible Assets Components (Details) - USD ($) $ in Thousands | Jun. 26, 2016 | Jun. 28, 2015 |
Customer Lists [Member] | ||
Intangible assets, gross | $ 23,615 | $ 23,615 |
Intangible assets, accumulated amortization | (20,665) | (19,432) |
Noncompete Agreements [Member] | ||
Intangible assets, gross | 4,293 | 4,293 |
Intangible assets, accumulated amortization | (3,860) | (3,537) |
Licenses Trademarks and Other [Member] | ||
Intangible assets, gross | 891 | 837 |
Intangible assets, accumulated amortization | (533) | (388) |
Intangible assets, gross | 28,799 | 28,745 |
Intangible assets, accumulated amortization | (25,058) | (23,357) |
Total intangible assets, net | $ 3,741 | $ 5,388 |
Note 9 - Amortization Expense f
Note 9 - Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 26, 2016 | Jun. 28, 2015 | Jun. 29, 2014 | |
Customer Lists [Member] | |||
Amortization expense | $ 1,233 | $ 1,594 | $ 1,845 |
Noncompete Agreements [Member] | |||
Amortization expense | 323 | 323 | 319 |
Licenses Trademarks and Other [Member] | |||
Amortization expense | 145 | 163 | 134 |
Amortization expense | $ 1,701 | $ 2,080 | $ 2,298 |
Note 9 - Expected Intangible As
Note 9 - Expected Intangible Asset Amortization (Details) $ in Thousands | Jun. 26, 2016USD ($) |
Expected amortization, year one | $ 1,393 |
Expected amortization, year two | 1,054 |
Expected amortization, year three | 700 |
Expected amortization, year four | 351 |
Expected amortization, year five | $ 69 |
Note 10 - Other Non-current A84
Note 10 - Other Non-current Assets (Details Textual) - USD ($) $ in Thousands | Jun. 26, 2016 | Jun. 28, 2015 |
Accumulated Depreciation Miscanthus Grass | $ 213 | $ 55 |
Note 10 - Other Non-current A85
Note 10 - Other Non-current Assets (Details) - USD ($) $ in Thousands | Jun. 26, 2016 | Jun. 28, 2015 |
Miscanthus grass, net | $ 4,522 | $ 2,151 |
Debt financing fees | 1,421 | 1,611 |
Other | 387 | 213 |
Total other non-current assets | $ 6,330 | $ 3,975 |
Note 11 - Accrued Expenses Comp
Note 11 - Accrued Expenses Components (Details) - USD ($) $ in Thousands | Jun. 26, 2016 | Jun. 28, 2015 |
Payroll and fringe benefits | $ 10,370 | $ 11,258 |
Utilities | 2,376 | 2,823 |
Current portion of supplemental post-employment plan | 1,506 | |
Property taxes | 831 | 790 |
Accrual for Consulting and Transition Fees | 1,045 | |
Other | 2,346 | 1,769 |
Total accrued expenses | $ 18,474 | $ 16,640 |
Note 12 - Long-term Debt (Detai
Note 12 - Long-term Debt (Details Textual) $ in Thousands | 1 Months Ended | 3 Months Ended | 7 Months Ended | 12 Months Ended | ||||||||
Oct. 31, 2015USD ($)Rate | Sep. 30, 2015USD ($)aRate | Jun. 26, 2016USD ($)Rate | Jun. 26, 2016USD ($)Rate | Jun. 26, 2016USD ($)Rate | Jun. 28, 2015USD ($) | Jun. 29, 2014USD ($) | Nov. 19, 2015USD ($)Rate | Nov. 18, 2015Rate | Mar. 26, 2015USD ($) | Aug. 30, 2012USD ($) | May 24, 2012USD ($) | |
Interest Rate Swap [Member] | ||||||||||||
Derivative, Notional Amount | $ 50,000 | $ 50,000 | $ 50,000 | |||||||||
Capital Lease Obligations [Member] | Minimum [Member] | ||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | Rate | 2.30% | 2.30% | 2.30% | |||||||||
Capital Lease Obligations [Member] | Maximum [Member] | ||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | Rate | 4.60% | 4.60% | 4.60% | |||||||||
Capital Lease Obligations Entered into During Current Fiscal Year [Member] | Minimum [Member] | ||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | Rate | 3.40% | 3.40% | 3.40% | |||||||||
Capital Lease Obligations Entered into During Current Fiscal Year [Member] | Maximum [Member] | ||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | Rate | 3.80% | 3.80% | 3.80% | |||||||||
Construction Loans [Member] | During the Construction Period [Member] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | Rate | 3.50% | 3.50% | 3.50% | |||||||||
Construction Loans [Member] | After the Construction Period [Member] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | Rate | 3.20% | 3.20% | 3.20% | |||||||||
Construction Loans [Member] | ||||||||||||
Debt Instrument, Monthly Payments, Number | 60 | |||||||||||
Debt Issuance Costs, Gross | $ 210 | $ 210 | $ 210 | |||||||||
Minimum [Member] | ABL Revolver [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | Rate | 1.50% | |||||||||||
Minimum [Member] | ABL Revolver [Member] | Base Rate [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | Rate | 0.50% | |||||||||||
Minimum [Member] | ||||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | Rate | 0.25% | |||||||||||
Maximum [Member] | ABL Revolver [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | Rate | 2.00% | |||||||||||
Maximum [Member] | ABL Revolver [Member] | Base Rate [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | Rate | 1.00% | |||||||||||
ABL Facility [Member] | Revolving Credit Facility [Member] | Trigger Level [Member] | ||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 23,781 | 23,781 | $ 23,781 | |||||||||
ABL Facility [Member] | Revolving Credit Facility [Member] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000 | |||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 68,612 | $ 68,612 | $ 68,612 | |||||||||
ABL Facility [Member] | ||||||||||||
Debt Agreement Maximum Borrowing Capacity | 200,000 | |||||||||||
Term Loan Maximum Borrowing Capacity | $ 100,000 | |||||||||||
Foreign Capital Stock, Maximum Voting Stock of First Tier Foreign Subsidiaries | Rate | 65.00% | 65.00% | 65.00% | |||||||||
Minimum Monthly Fixed Charge Coverage Ratio Covenant | 1.05 | 1.05 | 1.05 | |||||||||
Fixed Charge Coverage Ratio | 1.93 | 1.93 | 1.93 | |||||||||
Original ABL Facility [Member] | Revolving Credit Facility [Member] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000 | |||||||||||
Original ABL Facility [Member] | ||||||||||||
Debt Instrument, Face Amount | $ 90,000 | |||||||||||
Gain (Loss) on Extinguishment of Debt | $ 1,040 | |||||||||||
ABL Revolver [Member] | ||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.50% | 2.50% | 2.50% | |||||||||
Long-term Debt | $ 6,200 | $ 6,200 | $ 6,200 | 5,000 | ||||||||
Second Amendment [Member] | ||||||||||||
Real Estate Valuation, Term Loan Collateral Calculating Percentage | Rate | 75.00% | 60.00% | ||||||||||
Long-term Debt | $ 95,000 | |||||||||||
Quarterly Amortization Payments [Member] | ||||||||||||
Debt Instrument, Periodic Payment, Principal | 2,375 | |||||||||||
Renewables Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | Rate | 3.25% | |||||||||||
Renewables Term Loan [Member] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 4,000 | |||||||||||
Long-term Debt | $ 4,000 | $ 4,000 | $ 4,000 | |||||||||
Debt Instrument, Periodic Payment, Principal | $ 111 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.70% | 3.70% | 3.70% | |||||||||
Long-term Line of Credit | $ 4,000 | |||||||||||
Renewables Promissory Note [Member] | ||||||||||||
Long-term Debt | $ 135 | $ 135 | $ 135 | $ 135 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | 3.00% | 3.00% | 3.00% | ||||||||
Debt Instrument, Term | 5 years | |||||||||||
Related Party Term Loan [Member] | ||||||||||||
Long-term Debt | 1,250 | |||||||||||
Notes Payable, Related Parties | $ 1,250 | |||||||||||
Standby Letters of Credit [Member] | ||||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 200 | $ 200 | 200 | |||||||||
Construction in Progress [Member] | ||||||||||||
Construction in Progress, Paid by Third Party Lender | $ 5,839 | |||||||||||
Seven Springs North Carolina [Member] | ||||||||||||
Area of Land | a | 37 | |||||||||||
Value of Land Purchased | $ 191 | |||||||||||
Annual Interest Rate Added to Federal Funds Rate | Rate | 0.50% | 0.50% | 0.50% | |||||||||
Annual Interest Rate Added to LIBOR Rate | Rate | 1.00% | 1.00% | 1.00% | |||||||||
Capital Lease Obligations Incurred | $ 4,154 | 12,784 | $ 3,353 | |||||||||
Long-term Construction Loan | $ 6,629 | $ 6,629 | 6,629 | |||||||||
Proceeds from Construction Loans Payable | 790 | |||||||||||
Gain (Loss) on Extinguishment of Debt | $ (1,040) |
Note 12 - Long-term Debt Compon
Note 12 - Long-term Debt Components (Details) - USD ($) $ in Thousands | Jun. 26, 2016 | Sep. 30, 2015 | Jun. 28, 2015 | |
ABL Revolver [Member] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 2.50% | |||
Long-term Debt | $ 6,200 | $ 5,000 | ||
ABLTermLoanMember | ||||
Long-term Debt | $ 90,250 | 82,125 | ||
Weighted average interest rate | [1] | 2.30% | ||
Construction Financing [Member] | ||||
Long-term Debt | $ 6,629 | |||
Renewables Term Loan [Member] | ||||
Long-term Debt | $ 4,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.70% | |||
Renewables Promissory Note [Member] | ||||
Long-term Debt | $ 135 | $ 135 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | 3.00% | ||
Current portion of long-term debt | $ (25) | |||
Related Party Term Loan [Member] | ||||
Long-term Debt | 1,250 | |||
Capital Lease Obligations | 15,798 | 15,735 | ||
Total debt | 123,012 | 104,110 | ||
Current portion of long-term debt | (9,500) | (9,000) | ||
Current portion of capital lease obligations | (4,261) | (3,385) | ||
Long-term debt | $ 109,226 | $ 91,725 | ||
[1] | The weighted average interest rate as of June 26, 2016 for the ABL Term Loan includes the effects of the interest rate swap with a notional balance of $50,000. |
Note 12 - Scheduled Maturities
Note 12 - Scheduled Maturities of Outstanding Debt Obligations (Details) $ in Thousands | Jun. 26, 2016USD ($) | |
ABL Revolver [Member] | ||
2,017 | ||
2,018 | ||
2,019 | ||
2,020 | 6,200 | |
2,021 | ||
Thereafter | ||
ABLTermLoanMember | ||
2,017 | 9,500 | |
2,018 | 9,500 | |
2,019 | 9,500 | |
2,020 | 61,750 | |
2,021 | ||
Thereafter | ||
Renewables Promissory Note [Member] | ||
2,017 | 25 | |
2,018 | 26 | |
2,019 | 27 | |
2,020 | 28 | |
2,021 | 29 | |
Thereafter | ||
Renewables Term Loan [Member] | ||
2,017 | ||
2,018 | ||
2,019 | ||
2,020 | 1,111 | |
2,021 | 1,333 | |
Thereafter | 1,556 | |
Capital Lease Obligations [Member] | ||
2,017 | 4,261 | |
2,018 | 4,128 | |
2,019 | 4,058 | |
2,020 | 2,542 | |
2,021 | 171 | |
Thereafter | 638 | |
2,017 | 13,786 | [1] |
2,018 | 13,654 | [1] |
2,019 | 13,585 | [1] |
2,020 | 71,631 | [1] |
2,021 | 1,533 | [1] |
Thereafter | $ 2,194 | [1] |
[1] | Total reported here excludes $6,629 for construction financing, described above. |
Note 13 - Other Long-term Lia90
Note 13 - Other Long-term Liabilities Components (Details) - USD ($) $ in Thousands | Jun. 26, 2016 | Jun. 28, 2015 |
Uncertain tax positions | $ 4,463 | $ 3,980 |
Supplemental post-employment plan | 2,262 | 3,690 |
Other | 3,668 | 3,070 |
Total other long-term liabilities | $ 10,393 | $ 10,740 |
Note 14 - Income Taxes (Details
Note 14 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Jun. 28, 2015 | Mar. 29, 2015 | Dec. 28, 2014 | Jun. 26, 2016 | Jun. 28, 2015 | Jun. 29, 2014 | |
Equity method Investment in Parkdale America LLC [Member] | ||||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ (1,159,000) | |||||
Foreign Tax Credits [Member] | ||||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (1,680,000) | |||||
Deferred Tax Assets Related to Renewables [Member] | ||||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 858,000 | |||||
State and Local Jurisdiction [Member] | Earliest Tax Year [Member] | North Carolina Department of Revenue [Member] | ||||||
Open Tax Year | 2,012 | |||||
State and Local Jurisdiction [Member] | Latest Tax Year [Member] | North Carolina Department of Revenue [Member] | ||||||
Open Tax Year | 2,014 | |||||
State and Local Jurisdiction [Member] | ||||||
Operating Loss Carryforwards | $ 943,000 | |||||
Operating Loss Carryforwards, Valuation Allowance | $ 0 | |||||
Earliest Tax Year [Member] | ||||||
Open Tax Year | 2,013 | |||||
State Deferred Tax Expense Component, Utilization of Net Operating Loss Carryforwards | $ 42,000 | $ 196,000 | $ 499,000 | |||
Foreign Deferred Tax Expense Component, Utilization of Net Operating Loss Carryforwards | 0 | 147,000 | 216,000 | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ (1,749,000) | $ (924,000) | $ (630,000) | (2,056,000) | (3,009,000) | 1,925,000 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 4,532,000 | |||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | (23,000) | (95,000) | (193,000) | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 23,000 | 279,000 | $ 23,000 | $ 118,000 | ||
Undistributed Earnings of Foreign Subsidiaries | $ 78,300,000 |
Note 14 - Income (Loss) from Co
Note 14 - Income (Loss) from Continuing Operations before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 26, 2016 | Jun. 28, 2015 | Jun. 29, 2014 | |
United States | $ 21,843 | $ 38,341 | $ 38,816 |
Foreign | 26,400 | 15,471 | 9,065 |
Income before income taxes | $ 48,243 | $ 53,812 | $ 47,881 |
Note 14 - Components of (Benefi
Note 14 - Components of (Benefit) Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 26, 2016 | Jun. 28, 2015 | Jun. 29, 2014 | |
Federal | $ 655 | $ 7,985 | $ 14,463 |
State | 599 | 1,231 | 1,035 |
Foreign | 7,836 | 7,926 | 4,092 |
Total current tax expense | 9,090 | 17,142 | 19,590 |
Federal | 6,220 | (4,006) | 183 |
State | 246 | (112) | 900 |
Foreign | (483) | 322 | (512) |
Total deferred tax expense | 5,983 | (3,796) | 571 |
Provision for income taxes | $ 15,073 | $ 13,346 | $ 20,161 |
Note 14 - Effective Income Tax
Note 14 - Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Jun. 26, 2016 | Jun. 28, 2015 | Jun. 29, 2014 | |
Federal statutory tax rate | 35.00% | 35.00% | 35.00% |
Foreign income taxed at different rates | (7.70%) | (3.20%) | (1.20%) |
Repatriation of foreign earnings and withholding taxes | (1.00%) | (0.30%) | 0.40% |
Change in valuation allowance | (3.70%) | (5.60%) | 4.00% |
Domestic production activities deduction | (0.50%) | (1.30%) | (2.30%) |
Research and other credits | 4.80% | (0.40%) | (0.30%) |
State income taxes, net of federal tax benefit | 1.50% | 1.80% | 2.80% |
Change in uncertain tax positions | 1.20% | 5.40% | (0.50%) |
Settlement of certain intercompany foreign currency transactions | 5.60% | ||
Indefinite reinvestment assertion | (14.20%) | 0.50% | |
Renewable energy credits | (1.90%) | ||
Nondeductible expenses and other | 1.60% | 3.90% | 3.70% |
Effective tax rate | 31.20% | 24.80% | 42.10% |
Note 14 - Deferred Tax Assets a
Note 14 - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 26, 2016 | Jun. 28, 2015 | Jun. 29, 2014 |
Investments, including unconsolidated affiliates | $ 8,337 | $ 9,675 | |
State tax credits | 361 | 461 | |
Accrued liabilities and valuation reserves | 3,660 | 2,620 | |
Net operating loss carryforwards | 3,952 | 2,904 | |
Intangible assets, net | 4,349 | 4,964 | |
Incentive compensation plans | 3,297 | 3,515 | |
Foreign tax credits | 2,588 | ||
Other items | 4,668 | 4,673 | |
Total gross deferred tax assets | 28,624 | 31,400 | |
Valuation allowance | (13,550) | (15,606) | $ (18,615) |
Net deferred tax assets | 15,074 | 15,794 | |
Property, plant and equipment | (17,098) | (11,432) | |
Other | (580) | (530) | |
Total deferred tax liabilities | (17,678) | (11,962) | |
Net deferred tax asset (liability) | $ (2,604) | $ 3,832 |
Note 14 - Deferred Tax Valuatio
Note 14 - Deferred Tax Valuation Allowance Activities (Details) - Valuation Allowance of Deferred Tax Assets [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 26, 2016 | Jun. 28, 2015 | Jun. 29, 2014 | |
Balance | $ (15,606) | $ (18,615) | $ (16,690) |
Benefit to (charge to) provision for income taxes | 2,056 | 3,009 | (1,925) |
Balance | $ (13,550) | $ (15,606) | $ (18,615) |
Note 14 - Components of Deferre
Note 14 - Components of Deferred Tax Valuation Allowance (Details) - USD ($) $ in Thousands | Jun. 26, 2016 | Jun. 28, 2015 | Jun. 29, 2014 | |
Investment in Former Domestic Unconsolidated Affiliate [Member] | ||||
Valuation allowance | $ (6,418) | $ (6,503) | $ (6,493) | |
Equity method Investment in Parkdale America LLC [Member] | ||||
Valuation allowance | (2,102) | (3,261) | (7,286) | |
Foreign Tax Credits [Member] | ||||
Valuation allowance | (1,680) | (1,680) | ||
Other Tax Valuation Allowance Components [Member] | ||||
Valuation allowance | [1] | (5,030) | (4,162) | (3,156) |
Valuation allowance | $ (13,550) | $ (15,606) | $ (18,615) | |
[1] | Other relates primarily to Renewables. |
Note 14 - Reconciliation of Beg
Note 14 - Reconciliation of Beginning and Ending Gross Amounts of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 26, 2016 | Jun. 28, 2015 | Jun. 29, 2014 | |
Balance at beginning of the year | $ 4,029 | $ 983 | $ 964 |
Gross increases related to current period tax positions | 110 | 3,469 | 78 |
Gross increases related to tax positions in prior periods | 1,058 | 18 | 68 |
Gross decreases related to settlements with tax authorities | (274) | (178) | (2) |
Gross decreases related to lapse of applicable statute of limitations | (391) | (263) | (125) |
Balance at end of year | $ 4,532 | $ 4,029 | $ 983 |
Note 14 - Expiration of Net Ope
Note 14 - Expiration of Net Operating Loss Carryforwards (Details) | 12 Months Ended |
Jun. 26, 2016 | |
Earliest Tax Year [Member] | |
State net operating loss carryforwards | 2,017 |
Latest Tax Year [Member] | |
State net operating loss carryforwards | 2,033 |
Note 15 - Shareholders' Equi100
Note 15 - Shareholders' Equity (Details Textual) - USD ($) | 12 Months Ended | ||||
Jun. 30, 2016 | Jun. 28, 2015 | Jun. 29, 2014 | Apr. 23, 2014 | Jan. 22, 2013 | |
Payments of Dividends | $ 0 | $ 0 | $ 0 | ||
Stock Repurchase Program, Authorized Amount | $ 50,000,000 | $ 50,000,000 |
Note 15 - Repurchases and Retir
Note 15 - Repurchases and Retirements of Common Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | 48 Months Ended | |||
Jun. 26, 2016 | Jun. 28, 2015 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 26, 2016 | |
Stock Repurchased and Retired During Period, Shares | 206 | 349 | 1,524 | 1,068 | 3,147 |
Average price paid per share (in dollars per share) | $ 30.13 | $ 29.72 | $ 23.96 | $ 18.08 | $ 23.01 |
Maximum approximate dollar value | $ 27,603 |
Note 16 - Stock-based Compen102
Note 16 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Jun. 26, 2016 | Jun. 28, 2015 | Jun. 29, 2014 | Oct. 23, 2013 | |
The 2013 Incentive Compensation Plan [Member] | Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 258 | |||
The 2013 Incentive Compensation Plan [Member] | RSUs Issued to Non-Employee Directors [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 70 | |||
The 2013 Incentive Compensation Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,000 | 1,000 | ||
Employee Stock Option [Member] | ||||
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 | $ 607 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 292 days | |||
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | $ 155 | $ 73 | $ 4,934 | |
RSUs Issued to Key Employees [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 20 | 22 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 382 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 146 days | |||
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | $ 221 | 373 | $ 275 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 27.46 | $ 22.08 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other Than Options, Vested and Expected to Vest, Number | 183 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 4,815 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other Than Options, Vested, Number | 162 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | $ 4,263 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other Than Options, Converted in Period, Aggregate Intrinsic Value | $ 553 | $ 958 | $ 696 | |
RSUs Issued to Non-Employee Directors [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 28 | 17 | 25 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 28.08 | $ 28.58 | $ 23.23 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 82 | 150 | 97 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 32.36 | $ 27.38 | $ 22.31 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 20.27 | $ 17.31 | $ 14.66 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 989 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 255 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 598 | $ 190 | $ 12,963 | |
Proceeds from Stock Options Exercised | 181 | 95 | 3,136 | |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 592 | $ 623 | $ 513 |
Note 16 - Number of Securities
Note 16 - Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Details) - shares shares in Thousands | 12 Months Ended | |||
Jun. 26, 2016 | Jun. 28, 2015 | Jun. 29, 2014 | Oct. 23, 2013 | |
The 2013 Incentive Compensation Plan [Member] | Awards Expired, Forfeited or Otherwise Terminated Unexercised From the 2008 LTIP or 2013 Plan [Member] | ||||
Plus: Awards expired, forfeited or otherwise terminated unexercised from the 2008 LTIP or 2013 Plan (in shares) | 290 | |||
The 2013 Incentive Compensation Plan [Member] | Employee Stock Option [Member] | ||||
Less: Awards granted to employees (in shares) | (258) | |||
The 2013 Incentive Compensation Plan [Member] | RSUs Issued to Non-Employee Directors [Member] | ||||
Less: Awards granted to non-employee directors (in shares) | (70) | |||
The 2013 Incentive Compensation Plan [Member] | ||||
Authorized under the 2013 Plan (in shares) | 1,000 | 1,000 | ||
Available for issuance under the 2013 Plan (in shares) | 962 | |||
RSUs Issued to Non-Employee Directors [Member] | ||||
Less: Awards granted to non-employee directors (in shares) | (28) | (17) | (25) | |
Less: Awards granted to employees (in shares) | (82) | (150) | (97) |
Note 16 - Stock Option Valuatio
Note 16 - Stock Option Valuation Assumptions (Details) | 12 Months Ended | ||
Jun. 26, 2016 | Jun. 28, 2015 | Jun. 29, 2014 | |
Expected term (years) | 7 years 219 days | 7 years 109 days | 7 years 146 days |
Risk-free interest rate | 2.10% | 2.20% | 2.10% |
Volatility | 60.50% | 62.60% | 65.90% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Note 16 - Summary of Stock Opti
Note 16 - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Dec. 03, 2013 | Jun. 26, 2016 | Jun. 28, 2015 | Jun. 29, 2014 |
Stock options outstanding (in shares) | 934 | |||
Weighted average exercise price, shares outstanding (in dollars per share) | $ 12.63 | |||
Stock options granted (in shares) | 82 | 150 | 97 | |
Weighted average exercise price, shares granted (in dollars per share) | $ 32.36 | $ 27.38 | $ 22.31 | |
Stock options exercised (in shares) | (421) | (41) | ||
Weighted average exercise price, shares exercised (in dollars per share) | $ 14.33 | |||
Stock options cancelled or forfeited (in shares) | (255) | |||
Weighted average exercise price, shares cancelled or forfeited (in dollars per share) | $ 13.98 | |||
Outstanding at June 26, 2016 (in shares) | 720 | 934 | ||
Outstanding at June 26, 2016 (in dollars per share) | $ 14.32 | $ 12.63 | ||
Outstanding at June 26, 2016 | 4 years 328 days | |||
Outstanding at June 26, 2016 | $ 9,109 | |||
Vested and expected to vest (in shares) | 715 | |||
Weighted average exercise price, vested and expected to vest (in dollars per share) | $ 14.23 | |||
Weighted average remaining contractual life, vested and expected to vest | 4 years 328 days | |||
Aggregate intrinsic value, vested and expected to vest | $ 9,105 | |||
Exercisable (in shares) | 615 | |||
Weighted average exercise price, shares exercisable (in dollars per share) | $ 11.80 | |||
Weighted average remaining contractual life, shares exercisable | 4 years 109 days | |||
Aggregate intrinsic value, shares exercisable | $ 9,059 |
Note 16 - Summary of RSU Activi
Note 16 - Summary of RSU Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares shares in Thousands | 12 Months Ended | |
Jun. 26, 2016 | Jun. 29, 2014 | |
Nonvested [Member] | ||
Outstanding (in shares) | 20 | |
Outstanding (in dollars per share) | $ 18.35 | |
Granted (in shares) | 48 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 27.82 | |
Vested (in shares) | (45) | |
Vested (in dollars per share) | $ 24.06 | |
Converted (in shares) | ||
Converted (in dollars per share) | ||
Cancelled or forfeited (in shares) | (2) | |
Cancelled or forfeited (in dollars per share) | $ 22.08 | |
Outstanding (in shares) | 21 | |
Outstanding (in dollars per share) | $ 27.20 | |
Vested [Member] | ||
Outstanding (in shares) | 167 | |
Granted (in shares) | ||
Vested (in shares) | (45) | |
Converted (in shares) | (19) | |
Cancelled or forfeited (in shares) | (31) | |
Outstanding (in shares) | 162 | |
Total Nonvested and Vested [Member] | ||
Outstanding (in shares) | 187 | |
Outstanding (in dollars per share) | $ 15.35 | |
Granted (in shares) | 48 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 27.82 | |
Vested (in shares) | ||
Vested (in dollars per share) | $ 24.06 | |
Converted (in shares) | (19) | |
Converted (in dollars per share) | $ 16.37 | |
Cancelled or forfeited (in shares) | (33) | |
Cancelled or forfeited (in dollars per share) | $ 14.28 | |
Outstanding (in shares) | 183 | |
Outstanding (in dollars per share) | $ 18.70 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 27.46 | $ 22.08 |
Note 16 - Stock Based Compensat
Note 16 - Stock Based Compensation Total Cost Charged Against Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 26, 2016 | Jun. 28, 2015 | Jun. 29, 2014 | |
Employee Stock Option [Member] | |||
Compensation cost | $ 1,379 | $ 1,955 | $ 1,001 |
Restricted Stock Units (RSUs) [Member] | |||
Compensation cost | 961 | 676 | 938 |
Compensation cost | $ 2,340 | $ 2,631 | $ 1,939 |
Note 17 - Defined Contributi108
Note 17 - Defined Contribution Plan (Details Textual) - Retirement Savings Plan [Member] | 12 Months Ended |
Jun. 26, 2016 | |
Contribution for the First Three Percent [Member] | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% |
Contribution for the Next Two Percent [Member] | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 2.00% |
Note 17 - Contribution Expenses
Note 17 - Contribution Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 26, 2016 | Jun. 28, 2015 | Jun. 29, 2014 | |
Matching contribution expense | $ 2,331 | $ 2,201 | $ 2,006 |
Note 18 - Fair Value of Fina110
Note 18 - Fair Value of Financial Instruments and Non-financial Assets and Liabilities (Details Textual) $ in Thousands | May 18, 2012USD ($) | Jun. 26, 2016USD ($) | Jun. 28, 2015USD ($) | May 31, 2013USD ($) |
Foreign Exchange Forward [Member] | ||||
Number of Foreign Currency Derivatives Held | 0 | 0 | ||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||||
Derivative, Notional Amount | $ 50,000 | $ 50,000 | $ 85,000 | |
Interest Rate Swap [Member] | ||||
Derivative, Notional Amount | 50,000 | |||
Accrued Expenses [Member] | Dilion [Member] | ||||
Business Combination, Contingent Consideration, Liability | 493 | |||
Other Noncurrent Liabilities [Member] | Dilion [Member] | ||||
Business Combination, Contingent Consideration, Liability | 855 | |||
Dilion [Member] | ||||
Business Combination, Contingent Consideration, Liability | 1,348 | $ 2,207 | ||
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% |
Note 18 - Changes in Fair Value
Note 18 - Changes in Fair Value of Contingent Consideration (Details) - Dilion [Member] $ in Thousands | 12 Months Ended |
Jun. 26, 2016USD ($) | |
Changes Measurement [Member] | |
Changes in fair value | $ (294) |
Contingent consideration at beginning of period | 2,207 |
Payments | (565) |
Contingent consideration at end of period | $ 1,348 |
Note 18 - Fair Values of Deriva
Note 18 - Fair Values of Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 26, 2016 | Jun. 28, 2015 |
Other Noncurrent Liabilities [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative, Notional Amount | $ 50,000 | $ 50,000 |
Interest rate swap | 260 | 280 |
Accrued Expenses and Other Long-term Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Contingent consideration | 1,348 | $ 2,207 |
Interest Rate Swap [Member] | ||
Derivative, Notional Amount | $ 50,000 |
Note 19 - Accumulated Other 113
Note 19 - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 26, 2016 | Jun. 28, 2015 | Jun. 29, 2014 | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||
Beginning balance | $ (26,752) | $ (4,241) | $ (4,568) |
Other comprehensive (loss) income, net of tax | (2,929) | (22,511) | 327 |
Ending balance | (29,681) | (26,752) | (4,241) |
Interest Rate Swap [Member] | |||
Beginning balance | (147) | (378) | (932) |
Other comprehensive (loss) income, net of tax | 77 | 231 | 554 |
Ending balance | (70) | (147) | (378) |
Beginning balance | (26,899) | (4,619) | (5,500) |
Other comprehensive (loss) income, net of tax | (2,852) | (22,280) | 881 |
Ending balance | $ (29,751) | $ (26,899) | $ (4,619) |
Note 19 - After-tax Effects of
Note 19 - After-tax Effects of Components of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 26, 2016 | Jun. 28, 2015 | Jun. 29, 2014 | |
Parkdale America LLC [Member] | |||
Other comprehensive (loss) income: | |||
Foreign currency translation adjustments, pre-tax | $ (794) | $ (933) | |
Foreign currency translation adjustments, after-tax | (794) | (933) | |
Foreign currency translation adjustments, pre-tax | (2,135) | (21,578) | 327 |
Foreign currency translation adjustments, after-tax | (2,135) | (21,578) | 327 |
Reclassification adjustments for interest rate swap, pre-tax | 77 | 231 | 554 |
Reclassification adjustments for interest rate swap, after-tax | 77 | 231 | 554 |
Other comprehensive (loss) income, pre-tax | (2,852) | (22,280) | 881 |
Other comprehensive (loss) income, after-tax | $ (2,852) | $ (22,280) | $ 881 |
Note 20 - Computation of Basic
Note 20 - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Jun. 26, 2016 | Mar. 27, 2016 | Dec. 27, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 26, 2016 | Jun. 28, 2015 | Jun. 29, 2014 | |||||||||
Net income attributable to Unifi, Inc. | $ 10,237 | [1] | $ 9,689 | [1] | $ 6,464 | [1] | $ 8,025 | [1] | $ 15,640 | [2] | $ 10,016 | [2] | $ 9,418 | [2] | $ 7,077 | [2] | $ 34,415 | $ 42,151 | $ 28,823 |
Weighted average common shares outstanding (in shares) | 17,857 | 18,207 | 18,919 | ||||||||||||||||
Basic EPS (in dollars per share) | $ 0.57 | [3] | $ 0.54 | [3] | $ 0.36 | [3] | $ 0.45 | [3] | $ 0.86 | [3] | $ 0.55 | [3] | $ 0.52 | [3] | $ 0.39 | [3] | $ 1.93 | $ 2.32 | $ 1.52 |
Net potential common share equivalents – stock options and RSUs (in shares) | 558 | 629 | 702 | ||||||||||||||||
Adjusted weighted average common shares outstanding (in shares) | 18,415 | 18,836 | 19,621 | ||||||||||||||||
Diluted EPS (in dollars per share) | $ 0.56 | [3] | $ 0.53 | [3] | $ 0.35 | [3] | $ 0.43 | [3] | $ 0.83 | [3] | $ 0.53 | [3] | $ 0.50 | [3] | $ 0.37 | [3] | $ 1.87 | $ 2.24 | $ 1.47 |
Anti-dilutive common share equivalents (in shares) | 193 | 150 | 91 | ||||||||||||||||
Unvested options that vest upon achievement of certain market conditions (in shares) | 13 | ||||||||||||||||||
[1] | Includes the unfavorable impact of key employee transition costs of approximately $840, $270 and $400 for the quarters ended June 26, 2016, March 27, 2016 and December 27, 2015, respectively | ||||||||||||||||||
[2] | Net income attributable to Unifi, Inc. for the quarter ended September 28, 2014 includes a bargain purchase gain recorded by PAL (of which $1,506 was recognized by the Company). Net income attributable to Unifi, Inc. for the quarter ended December 28, 2014 includes a net change in deferred tax valuation allowances of $630 recorded as a benefit to the income tax provision. Net income attributable to Unifi, Inc. for the quarter ended March 29, 2015 includes the following: a. a net change in deferred tax valuation allowances of $924 recorded as a benefit to the income tax provision, b. renewable energy tax credits of $782 recorded as a benefit to the income tax provision and c. an after-tax loss on extinguishment of debt of approximately $676. Net income attributable to Unifi, Inc. for the quarter ended June 28, 2015 includes the following: a. a net change in deferred tax valuation allowances of $1,749 recorded as a benefit to the income tax provision, b. a $7,822 reversal of the deferred tax liability related to the Company's indefinite reinvestment assertion, c. the reversal of a $3,008 deferred tax asset related to certain intercompany foreign currency transactions which originated in prior years and were settled in the fourth quarter of fiscal 2015, d. a net change in uncertain tax positions of $3,046 recorded to provision for income taxes and e. a bargain purchase gain recorded by PAL (of which $3,190 is recognized by the Company). | ||||||||||||||||||
[3] | Income per share is computed independently for each of the periods presented. The sum of the income per share amounts for the quarters may not equal the total for the year. |
Note 21 - Other Operating Ex116
Note 21 - Other Operating Expense, Net (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 26, 2016 | Jun. 28, 2015 | Jun. 29, 2014 | |
Repreve Renewables LLC [Member] | |||
Gain (Loss) on Disposition of Assets | $ (1,322) | ||
Gain (Loss) on Disposition of Assets Attributable to Noncontrolling Interest | 533 | ||
Revenues | $ 144 | ||
Depreciation, Depletion and Amortization | 343 | ||
Property, Plant and Equipment [Member] | |||
Gain (Loss) on Disposition of Assets | 630 | ||
Depreciation, Depletion and Amortization | $ 17,528 | $ 18,043 | $ 17,896 |
Note 21 - Components of Other O
Note 21 - Components of Other Operating Expense, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 26, 2016 | Jun. 28, 2015 | Jun. 29, 2014 | |
Repreve Renewables LLC [Member] | |||
Other operating expense, net | $ 2,749 | ||
Consulting and transition fees for former executive officers | 1,293 | ||
Foreign currency transaction losses | 397 | 448 | 504 |
Net (gain) loss on sale or disposal of assets | (13) | 778 | 475 |
Other operating expense, net | 2,248 | 1,600 | 5,289 |
Restructuring charges, net | 1,273 | ||
Other, net | $ 571 | $ 374 | $ 288 |
Note 21 - Components of Restruc
Note 21 - Components of Restructuring Charges, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 26, 2016 | Jun. 28, 2015 | Jun. 29, 2014 | |
Employee Severance [Member] | |||
Restructuring charges, net | $ 941 | ||
Equipment Relocation Costs [Member] | |||
Restructuring charges, net | 356 | ||
Other Restructuring [Member] | |||
Restructuring charges, net | (24) | ||
Restructuring charges, net | $ 1,273 |
Note 22 - Other Non-Operatin119
Note 22 - Other Non-Operating Expense (Details Textual) $ in Thousands | 12 Months Ended |
Jun. 29, 2014USD ($) | |
Cost-method Investments, Other than Temporary Impairment | $ 126 |
Note 23 - Investments in Unc120
Note 23 - Investments in Unconsolidated Affiliates and Variable Interest Entities (Details Textual) | Feb. 27, 2015USD ($) | Aug. 28, 2014USD ($) | Jun. 28, 2015USD ($) | Jun. 26, 2016USD ($) | Aug. 27, 2014 | Jun. 29, 2014USD ($) |
EAP Program [Member] | Parkdale America LLC [Member] | ||||||
Deferred Revenue | $ 0 | $ 0 | $ 0 | |||
Parkdale America LLC [Member] | A Yarn Manufacturer [Member] | ||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||
Equity Method Investment Additional Acquired Ownership Percentage | 50.00% | |||||
Parkdale America LLC [Member] | Sales Revenue, Goods, Net [Member] | Customer Concentration Risk [Member] | Five Largest Customers [Member] | ||||||
Concentration Risk, Percentage | 77.00% | |||||
Parkdale America LLC [Member] | Sales Revenue, Goods, Net [Member] | Customer Concentration Risk [Member] | ||||||
Number of Major Customers | 5 | |||||
Parkdale America LLC [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | Five Largest Customers [Member] | ||||||
Concentration Risk, Percentage | 86.00% | |||||
Parkdale America LLC [Member] | A Yarn Manufacturer [Member] | ||||||
Business Combination, Bargain Purchase, Gain Recognized, Amount | $ 4,430,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 23,644,000 | |||||
Parkdale America LLC [Member] | Two Manufacturing Facilities [Member] | ||||||
Business Combination, Bargain Purchase, Gain Recognized, Amount | 3,190,000 | |||||
Parkdale America LLC [Member] | ||||||
Number of Manufacturing Facilities | 16 | |||||
UNF and UNF America [Member] | ||||||
Equity Method Investments | $ 3,944,000 | |||||
Percentage of Current and Total Assets and Total Liabilities Accounted for by Equity Method Investments | 3.00% | |||||
Parkdale America LLC [Member] | Two Manufacturing Facilities [Member] | ||||||
Business Combination, Bargain Purchase, Gain Recognized, Amount | $ 9,381,000 | |||||
Payments to Acquire Businesses, Gross | $ 13,000,000 | |||||
Parkdale America LLC [Member] | ||||||
Equity Method Investment, Ownership Percentage | 34.00% | |||||
Equity Method Investments | $ 113,468,000 | |||||
UNF and UNF America [Member] | ||||||
Purchase Commitment, Remaining Minimum Amount Committed | 3,086,000 | |||||
Accounts Payable, Related Parties | 4,038,000 | $ 3,231,000 | ||||
Number of Months Following the Marketing Year that the Government Subsidy was Earned by PAL | 1 year 180 days | |||||
Equity Method Investments | 113,901,000 | $ 117,412,000 | ||||
Accounts Payable, Related Parties | $ 783,000 | $ 869,000 |
Note 23 - Reconciliation Betwee
Note 23 - Reconciliation Between Share of Underlying Equity in PAL and Investment (Details) - USD ($) | Jun. 26, 2016 | Jun. 28, 2015 |
Parkdale America LLC [Member] | Initial Excess Capital Contributions [Member] | ||
Equity method investment difference between carrying amount and underlying equity | $ 53,363,000 | |
Parkdale America LLC [Member] | Impairment Charge Recorded in 2007 [Member] | ||
Equity method investment difference between carrying amount and underlying equity | (74,106,000) | |
Parkdale America LLC [Member] | Antitrust Lawsuit Against PAL [Member] | ||
Equity method investment difference between carrying amount and underlying equity | 2,652,000 | |
Parkdale America LLC [Member] | Cotton Rebate Adjustments [Member] | ||
Equity method investment difference between carrying amount and underlying equity | (183,000) | |
Parkdale America LLC [Member] | ||
Underlying equity as of June 26, 2016 | 131,742,000 | |
Equity Method Investments | 113,468,000 | |
Equity Method Investments | $ 117,412,000 | $ 113,901,000 |
Note 23 - Raw Material Purchase
Note 23 - Raw Material Purchases under Supply Agreement (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 26, 2016 | Jun. 28, 2015 | Jun. 29, 2014 | |
UNF [Member] | |||
Raw material purchases under supply agreement | $ 2,828 | $ 3,676 | $ 9,582 |
UNF America [Member] | |||
Raw material purchases under supply agreement | 24,319 | 29,922 | 24,223 |
UNF and UNF America [Member] | |||
Raw material purchases under supply agreement | $ 27,147 | $ 33,598 | $ 33,805 |
Note 23 - Unaudited, Condensed
Note 23 - Unaudited, Condensed Balance Sheet Information for Unconsolidated Affiliates (Details) - USD ($) $ in Thousands | Jun. 26, 2016 | Jun. 28, 2015 |
Parkdale America LLC [Member] | ||
Current assets | $ 244,197 | $ 250,699 |
Noncurrent assets | 203,251 | 216,708 |
Current liabilities | 56,921 | 61,243 |
Noncurrent liabilities | 3,057 | 28,935 |
Shareholders’ equity and capital accounts | 387,470 | 377,229 |
The Company’s portion of undistributed earnings | 44,414 | |
Other Unconsolidated Affiliates [Member] | ||
Current assets | 12,781 | 9,273 |
Noncurrent assets | 1,069 | 3,676 |
Current liabilities | 4,048 | 4,985 |
Noncurrent liabilities | ||
Shareholders’ equity and capital accounts | 9,802 | 7,964 |
The Company’s portion of undistributed earnings | 1,609 | |
Current assets | 256,978 | 259,972 |
Noncurrent assets | 204,320 | 220,384 |
Current liabilities | 60,969 | 66,228 |
Noncurrent liabilities | 3,057 | 28,935 |
Shareholders’ equity and capital accounts | 397,272 | $ 385,193 |
The Company’s portion of undistributed earnings | $ 46,023 |
Note 23 - Unaudited, Condens124
Note 23 - Unaudited, Condensed Income Statement Information for Unconsolidated Affiliates (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 26, 2016 | Jun. 28, 2015 | Jun. 29, 2014 | |
Parkdale America LLC [Member] | |||
Net sales | $ 824,248 | $ 828,502 | $ 841,542 |
Gross profit | 32,626 | 53,042 | 63,645 |
Income from operations | 15,143 | 34,873 | 48,857 |
Net income | 17,670 | 50,991 | 52,283 |
Depreciation and amortization | 41,282 | 33,065 | 26,222 |
Cash received by PAL under cotton rebate program | 17,057 | 18,087 | 16,909 |
Earnings recognized by PAL for cotton rebate program | 16,080 | 17,398 | 23,509 |
Distributions received | 1,732 | 2,468 | 11,314 |
Other Unconsolidated Affiliates [Member] | |||
Net sales | 29,463 | 33,496 | 34,717 |
Gross profit | 7,651 | 5,480 | 3,921 |
Income from operations | 5,772 | 3,861 | 2,259 |
Net income | 5,838 | 4,140 | 2,529 |
Depreciation and amortization | 150 | 117 | 101 |
Cash received by PAL under cotton rebate program | |||
Earnings recognized by PAL for cotton rebate program | |||
Distributions received | 3,000 | 1,250 | 1,900 |
Net sales | 853,711 | 861,998 | 876,259 |
Gross profit | 40,277 | 58,522 | 67,566 |
Income from operations | 20,915 | 38,734 | 51,116 |
Net income | 23,508 | 55,131 | 54,812 |
Depreciation and amortization | 41,432 | 33,182 | 26,323 |
Cash received by PAL under cotton rebate program | 17,057 | 18,087 | 16,909 |
Earnings recognized by PAL for cotton rebate program | 16,080 | 17,398 | 23,509 |
Distributions received | $ 4,732 | $ 3,718 | $ 13,214 |
Note 24 - Commitments and Co125
Note 24 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2004 | Jun. 26, 2016 |
The Term of a Former Ground Lease | 99 years | |
Number of Years of Monitoring and Reporting Costs of an Individual Site | 7 years | |
Long-term Construction Loan | $ 6,629 | |
Existing Future Consturction Obligations | 4,471 | |
Expected Construction Value | $ 14,000 |
Note 24 - Future Minimum Lease
Note 24 - Future Minimum Lease Payments for Capital Leases and Non-cancelable Operating Leases (Details) - USD ($) $ in Thousands | Jun. 26, 2016 | Jun. 28, 2015 |
Fiscal 2,017 | $ 4,814 | |
Fiscal 2,017 | 3,784 | |
Fiscal 2,018 | 4,543 | |
Fiscal 2,018 | 3,260 | |
Fiscal 2,019 | 4,333 | |
Fiscal 2,019 | 2,331 | |
Fiscal 2,020 | 2,697 | |
Fiscal 2,020 | 2,018 | |
Fiscal 2,021 | 288 | |
Fiscal 2,021 | 1,722 | |
Fiscal years thereafter | 1,212 | |
Fiscal years thereafter | 3,272 | |
Total minimum lease payments | 17,887 | |
Total minimum lease payments | 16,387 | |
Less estimated executory costs | (858) | |
Less interest | (1,231) | |
Capital Lease Obligations | 15,798 | $ 15,735 |
Less current portion of capital lease obligations | (4,261) | $ (3,385) |
Long-term portion of capital lease obligations | $ 11,537 |
Note 24 - Rental Expenses Incur
Note 24 - Rental Expenses Incurred under Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 26, 2016 | Jun. 28, 2015 | Jun. 29, 2014 | |
Rental expenses | $ 4,867 | $ 4,214 | $ 3,621 |
Note 24 - Unconditional Purchas
Note 24 - Unconditional Purchase Obligations (Details) $ in Thousands | Jun. 26, 2016USD ($) |
Purchase Obligations [Member] | |
2,017 | $ 7,480 |
2,018 | 4,600 |
2,019 | 2,648 |
2,020 | 1,621 |
2,021 | 196 |
Thereafter | |
Service Obligations [Member] | |
2,017 | 1,555 |
2,018 | 1,508 |
2,019 | 1,150 |
2,020 | 75 |
2,021 | 75 |
Thereafter | 482 |
2,017 | 9,035 |
2,018 | 6,108 |
2,019 | 3,798 |
2,020 | 1,696 |
2,021 | 271 |
Thereafter | $ 482 |
Note 24 - Utility Costs for Unc
Note 24 - Utility Costs for Unconditional Purchase Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 26, 2016 | Jun. 28, 2015 | Jun. 29, 2014 | |
Costs for unconditional purchase obligations | $ 26,790 | $ 28,971 | $ 31,386 |
Costs for unconditional service obligations | 641 | 7,625 | 5,932 |
Total | $ 27,431 | $ 36,596 | $ 37,318 |
Note 25 - Related Party Tran130
Note 25 - Related Party Transactions (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Dec. 03, 2013 | Jun. 26, 2016 | Jun. 26, 2016 | Jun. 28, 2015 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 26, 2016 |
Salem Leasing Corporation [Member] | |||||||
Capital Lease Obligations | $ 1,015 | $ 1,015 | $ 1,015 | ||||
Related Party Transaction, Expenses from Transactions with Related Party | 3,751 | $ 3,633 | $ 3,607 | ||||
Mr. William L. Jasper [Member] | |||||||
Accrual for Consulting and Transition Fees | 625 | 625 | 625 | ||||
Certain Executive Officers [Member] | |||||||
Stock Repurchased and Retired During Period, Shares | 225 | ||||||
Stock Repurchased During Period Price per Share | $ 25.59 | ||||||
Number of Days to Value Common Stock Average Closing Share Price | 30 days | ||||||
Stock Repurchased During Period, Discount to Closing Price of the Stock | 7.10% | ||||||
Related Party Transaction, Threshold for Individual Disclosure | 120 | ||||||
Capital Lease Obligations | 15,798 | 15,798 | 15,735 | 15,798 | |||
Related Party Transaction, Expenses from Transactions with Related Party | 126 | ||||||
Accrual for Consulting and Transition Fees | $ 1,045 | $ 1,045 | $ 1,045 | ||||
Stock Repurchased and Retired During Period, Shares | 206 | 349 | 1,524 | 1,068 | 3,147 | ||
Share Price | $ 27.56 |
Note 25 - Related Party Receiva
Note 25 - Related Party Receivables and Payables (Details) - USD ($) $ in Thousands | Jun. 26, 2016 | Jun. 28, 2015 |
Cupron, Inc [Member] | ||
Related party receivables | $ 3 | $ 72 |
Related party payables | 619 | 506 |
Salem Global Logistics Inc [Member] | ||
Related party receivables | 7 | 3 |
Salem Leasing Corporation [Member] | ||
Related party payables | 250 | 277 |
Related party receivables | 10 | 75 |
Related party payables | $ 869 | $ 783 |
Note 25 - Related Party Tran132
Note 25 - Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 26, 2016 | Jun. 26, 2016 | Jun. 28, 2015 | Jun. 29, 2014 | |
Salem Leasing Corporation [Member] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 3,751 | $ 3,633 | $ 3,607 | |
Salem Global Logistics Inc [Member] | ||||
Revenues from related parties | 253 | 179 | 25 | |
Cupron, Inc [Member] | ||||
Revenues from related parties | 477 | 925 | 486 | |
Raw material purchases under supply agreement | $ 36 | $ 281 | $ 8 | |
Related Party Transaction, Expenses from Transactions with Related Party | $ 126 |
Note 26 - Business Segment I133
Note 26 - Business Segment Information (Details Textual) | 12 Months Ended |
Jun. 26, 2016 | |
Number of Reportable Segments | 3 |
Note 26 - Selected Financial In
Note 26 - Selected Financial Information for Polyester, Nylon and International Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Jun. 26, 2016 | Mar. 27, 2016 | Dec. 27, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | [1] | Mar. 29, 2015 | [1] | Dec. 28, 2014 | [1] | Sep. 28, 2014 | [1] | Jun. 26, 2016 | Jun. 28, 2015 | Jun. 29, 2014 | |
Polyester [Member] | Operating Segments [Member] | |||||||||||||||
Segment profit | $ 60,717 | $ 61,356 | $ 56,870 | ||||||||||||
Polyester [Member] | |||||||||||||||
Net sales | 383,167 | 396,239 | 403,699 | ||||||||||||
Cost of sales | 333,638 | 345,462 | 356,076 | ||||||||||||
Gross profit (loss) | 49,529 | 50,777 | 47,623 | ||||||||||||
Depreciation and amortization expense | 11,188 | 10,579 | 9,247 | ||||||||||||
Nylon [Member] | Operating Segments [Member] | |||||||||||||||
Segment profit | 19,708 | 20,766 | 21,353 | ||||||||||||
Nylon [Member] | |||||||||||||||
Net sales | 131,715 | 149,612 | 149,297 | ||||||||||||
Cost of sales | 113,906 | 130,644 | 129,966 | ||||||||||||
Gross profit (loss) | 17,809 | 18,968 | 19,331 | ||||||||||||
Depreciation and amortization expense | 1,899 | 1,798 | 2,022 | ||||||||||||
International [Member] | Operating Segments [Member] | |||||||||||||||
Segment profit | 27,773 | 23,433 | 19,340 | ||||||||||||
International [Member] | |||||||||||||||
Net sales | 122,554 | 134,992 | 134,906 | ||||||||||||
Cost of sales | 95,666 | 113,556 | 118,598 | ||||||||||||
Gross profit (loss) | 26,888 | 21,436 | 16,308 | ||||||||||||
Depreciation and amortization expense | 885 | 1,997 | 3,032 | ||||||||||||
Other Segments [Member] | Operating Segments [Member] | |||||||||||||||
Segment profit | 226 | (3) | |||||||||||||
Other Segments [Member] | |||||||||||||||
Net sales | 6,201 | 6,278 | |||||||||||||
Cost of sales | 6,795 | 6,754 | |||||||||||||
Gross profit (loss) | (594) | (476) | |||||||||||||
Depreciation and amortization expense | 820 | 473 | |||||||||||||
Operating Segments [Member] | |||||||||||||||
Gross profit (loss) | 93,632 | 90,705 | 83,262 | ||||||||||||
Depreciation and amortization expense | 13,972 | 14,374 | 14,301 | ||||||||||||
Segment profit | 108,424 | 105,552 | 97,563 | ||||||||||||
Net sales | $ 163,858 | $ 161,278 | $ 156,336 | $ 162,165 | $ 174,951 | $ 172,187 | $ 164,422 | $ 175,561 | 643,637 | 687,121 | 687,902 | ||||
Cost of sales | 550,005 | 596,416 | 604,640 | ||||||||||||
Gross profit (loss) | $ 27,471 | $ 23,364 | $ 21,813 | $ 20,984 | $ 25,319 | $ 22,007 | $ 22,929 | $ 20,450 | 93,632 | 90,705 | 83,262 | ||||
Depreciation and amortization expense | $ 17,528 | $ 18,043 | $ 17,896 | ||||||||||||
[1] | Net sales and gross profit for the fiscal quarters ended September 28, 2014, December 28, 2014 and March 29, 2015 have been revised to reflect revenues presented for All Other (as described in more detail in Note 26). Such income had been previously recorded as an offset to cost of sales or other operating expense due to the insignificance of the underlying business activities to the consolidated financial statements. |
Note 26 - Reconciliations from
Note 26 - Reconciliations from Segment Operating Profit to Consolidated Income Before Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Jun. 26, 2016 | Mar. 27, 2016 | Dec. 27, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | [1] | Mar. 29, 2015 | [1] | Dec. 28, 2014 | [1] | Sep. 28, 2014 | [1] | Jun. 26, 2016 | Jun. 28, 2015 | Jun. 29, 2014 | |
Polyester [Member] | |||||||||||||||
Gross profit (loss) | $ 49,529 | $ 50,777 | $ 47,623 | ||||||||||||
Nylon [Member] | |||||||||||||||
Gross profit (loss) | 17,809 | 18,968 | 19,331 | ||||||||||||
International [Member] | |||||||||||||||
Gross profit (loss) | 26,888 | 21,436 | 16,308 | ||||||||||||
Other Segments [Member] | |||||||||||||||
Gross profit (loss) | (594) | (476) | |||||||||||||
Operating Segments [Member] | |||||||||||||||
Gross profit (loss) | 93,632 | 90,705 | 83,262 | ||||||||||||
Gross profit (loss) | $ 27,471 | $ 23,364 | $ 21,813 | $ 20,984 | $ 25,319 | $ 22,007 | $ 22,929 | $ 20,450 | 93,632 | 90,705 | 83,262 | ||||
SG&A expenses | 47,502 | 49,672 | 46,203 | ||||||||||||
Provision for bad debts | 1,684 | 947 | 287 | ||||||||||||
Other operating expense, net | 2,248 | 1,600 | 5,289 | ||||||||||||
Operating income | 42,198 | 38,486 | 31,483 | ||||||||||||
Interest income | (610) | (916) | (1,790) | ||||||||||||
Interest expense | 3,528 | 4,025 | 4,329 | ||||||||||||
Loss on extinguishment of debt | 1,040 | ||||||||||||||
Other non-operating expense | 126 | ||||||||||||||
Equity in earnings of unconsolidated affiliates | (8,963) | (19,475) | (19,063) | ||||||||||||
Income before income taxes | $ 48,243 | $ 53,812 | $ 47,881 | ||||||||||||
[1] | Net sales and gross profit for the fiscal quarters ended September 28, 2014, December 28, 2014 and March 29, 2015 have been revised to reflect revenues presented for All Other (as described in more detail in Note 26). Such income had been previously recorded as an offset to cost of sales or other operating expense due to the insignificance of the underlying business activities to the consolidated financial statements. |
Note 26 - Reconciliation of Oth
Note 26 - Reconciliation of Other Significant Reconciling Items from Segments to Consolidated Depreciation and Amortization Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 26, 2016 | Jun. 28, 2015 | Jun. 29, 2014 | |
Polyester [Member] | |||
Depreciation and amortization expense | $ 11,188 | $ 10,579 | $ 9,247 |
Capital expenditures | 44,517 | 21,267 | 14,701 |
Nylon [Member] | |||
Depreciation and amortization expense | 1,899 | 1,798 | 2,022 |
Capital expenditures | 2,548 | 2,392 | 2,284 |
International [Member] | |||
Depreciation and amortization expense | 885 | 1,997 | 3,032 |
Capital expenditures | 2,755 | 1,468 | 1,637 |
Operating Segments [Member] | |||
Depreciation and amortization expense | 13,972 | 14,374 | 14,301 |
Capital expenditures | 49,820 | 25,127 | 18,622 |
Corporate, Non-Segment [Member] | |||
Depreciation and amortization expense | 820 | 473 | |
Capital expenditures | 2,517 | 839 | 469 |
Other Operating Expenses, Net [Member] | |||
Depreciation and amortization expense | 2,736 | 3,196 | 3,595 |
Depreciation and amortization expense | 17,528 | 18,043 | 17,896 |
Capital expenditures | $ 52,337 | $ 25,966 | $ 19,091 |
Note 26 - Reconciliation of Seg
Note 26 - Reconciliation of Segment Total Assets to Consolidated Total Assets (Details) - USD ($) $ in Thousands | Jun. 26, 2016 | Jun. 28, 2015 | Jun. 29, 2014 |
Polyester [Member] | |||
Assets | $ 243,295 | $ 208,416 | $ 197,242 |
Nylon [Member] | |||
Assets | 63,141 | 66,490 | 70,852 |
International [Member] | |||
Assets | 73,650 | 63,031 | 81,604 |
Operating Segments [Member] | |||
Assets | 380,086 | 337,937 | 349,698 |
Corporate, Non-Segment [Member] | |||
Other current assets | 6,674 | 4,687 | 2,164 |
Property, plant and equipment, net | 16,597 | 13,544 | 12,250 |
Other non-current assets | 6,094 | 6,303 | 5,341 |
Investments in unconsolidated affiliates | 117,412 | 113,901 | 99,229 |
Assets | 526,863 | 476,372 | $ 468,682 |
Other current assets | 4,790 | 6,022 | |
Property, plant and equipment, net | 185,101 | 136,222 | |
Other non-current assets | 6,330 | 3,975 | |
Investments in unconsolidated affiliates | $ 117,412 | $ 113,901 |
Note 26 - Geographic Informatio
Note 26 - Geographic Information for Net Sales (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Jun. 26, 2016 | Mar. 27, 2016 | Dec. 27, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | [1] | Mar. 29, 2015 | [1] | Dec. 28, 2014 | [1] | Sep. 28, 2014 | [1] | Jun. 26, 2016 | Jun. 28, 2015 | Jun. 29, 2014 | |
UNITED STATES | Export Sales from US Operations [Member] | |||||||||||||||
Export sales from the Company’s U.S. operations to external customers | $ 113,725 | $ 119,548 | $ 100,546 | ||||||||||||
UNITED STATES | |||||||||||||||
Geographic net sales | 472,287 | 509,490 | 512,496 | ||||||||||||
BRAZIL | |||||||||||||||
Geographic net sales | 83,087 | 101,912 | 113,448 | ||||||||||||
All Other Foreign [Member] | |||||||||||||||
Geographic net sales | 88,263 | 75,719 | 61,958 | ||||||||||||
Geographic net sales | $ 163,858 | $ 161,278 | $ 156,336 | $ 162,165 | $ 174,951 | $ 172,187 | $ 164,422 | $ 175,561 | $ 643,637 | $ 687,121 | $ 687,902 | ||||
[1] | Net sales and gross profit for the fiscal quarters ended September 28, 2014, December 28, 2014 and March 29, 2015 have been revised to reflect revenues presented for All Other (as described in more detail in Note 26). Such income had been previously recorded as an offset to cost of sales or other operating expense due to the insignificance of the underlying business activities to the consolidated financial statements. |
Note 26 - Geographic Informa139
Note 26 - Geographic Information for Long-lived Assets (Details) - USD ($) $ in Thousands | Jun. 26, 2016 | Jun. 28, 2015 | Jun. 29, 2014 |
UNITED STATES | |||
Long-lived assets | $ 294,275 | $ 242,042 | $ 215,910 |
BRAZIL | |||
Long-lived assets | 9,714 | 8,207 | 12,188 |
All Other Foreign [Member] | |||
Long-lived assets | 8,595 | 9,237 | 7,413 |
Long-lived assets | $ 312,584 | $ 259,486 | $ 235,511 |
Note 26 - Geographic Informa140
Note 26 - Geographic Information for Total Assets (Details) - USD ($) $ in Thousands | Jun. 26, 2016 | Jun. 28, 2015 | Jun. 29, 2014 |
UNITED STATES | |||
Total assets | $ 429,100 | $ 388,766 | $ 362,125 |
BRAZIL | |||
Total assets | 53,993 | 50,300 | 70,581 |
All Other Foreign [Member] | |||
Total assets | 43,770 | 37,306 | 35,976 |
Total assets | $ 526,863 | $ 476,372 | $ 468,682 |
Note 27 - Quarterly Results 141
Note 27 - Quarterly Results (Unaudited) (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Jun. 26, 2016 | Mar. 27, 2016 | Dec. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 26, 2016 | Jun. 28, 2015 | Jun. 29, 2014 | |
Mexican Manufacturer [Member] | Parkdale America LLC [Member] | ||||||||||
Business Combination, Bargain Purchase, Gain Recognized, Amount | $ 1,506,000 | |||||||||
Two Manufacturing Facilities [Member] | Parkdale America LLC [Member] | ||||||||||
Business Combination, Bargain Purchase, Gain Recognized, Amount | $ 3,190,000 | |||||||||
Employee Transition Costs | $ 840,000 | $ 270,000 | $ 400,000 | |||||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (1,749,000) | $ (924,000) | $ (630,000) | $ (2,056,000) | $ (3,009,000) | $ 1,925,000 | ||||
Effective Income Tax Rate Reconciliation, Tax Credit, Amount | 782,000 | |||||||||
Gains (Losses) on Extinguishment of Debt after Tax | $ (676,000) | |||||||||
Increase (Decrease) Deferred Income Tax Liabilities | (7,822,000) | |||||||||
Increase (Decrease) Deferred Income Tax Assets | (3,008,000) | |||||||||
Uncertain Tax Positions, Adjustment | $ 3,046,000 |
Note 27 - Quarterly Financial D
Note 27 - Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Jun. 26, 2016 | Mar. 27, 2016 | Dec. 27, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 26, 2016 | Jun. 28, 2015 | Jun. 29, 2014 | |||||||||
Net sales | $ 163,858 | $ 161,278 | $ 156,336 | $ 162,165 | $ 174,951 | [1] | $ 172,187 | [1] | $ 164,422 | [1] | $ 175,561 | [1] | $ 643,637 | $ 687,121 | $ 687,902 | ||||
Gross profit | 27,471 | 23,364 | 21,813 | 20,984 | 25,319 | [1] | 22,007 | [1] | 22,929 | [1] | 20,450 | [1] | 93,632 | 90,705 | 83,262 | ||||
Net income (loss) | 9,915 | 9,275 | 6,194 | 7,786 | 14,910 | 9,759 | 9,122 | 6,675 | 33,170 | 40,466 | 27,720 | ||||||||
Less: net loss attributable to non-controlling interest | (322) | (414) | (270) | (239) | (730) | (257) | (296) | (402) | (1,245) | (1,685) | (1,103) | ||||||||
Net income attributable to Unifi, Inc. | $ 10,237 | [2] | $ 9,689 | [2] | $ 6,464 | [2] | $ 8,025 | [2] | $ 15,640 | [3] | $ 10,016 | [3] | $ 9,418 | [3] | $ 7,077 | [3] | $ 34,415 | $ 42,151 | $ 28,823 |
Basic (in dollars per share) | $ 0.57 | [4] | $ 0.54 | [4] | $ 0.36 | [4] | $ 0.45 | [4] | $ 0.86 | [4] | $ 0.55 | [4] | $ 0.52 | [4] | $ 0.39 | [4] | $ 1.93 | $ 2.32 | $ 1.52 |
Diluted (in dollars per share) | $ 0.56 | [4] | $ 0.53 | [4] | $ 0.35 | [4] | $ 0.43 | [4] | $ 0.83 | [4] | $ 0.53 | [4] | $ 0.50 | [4] | $ 0.37 | [4] | $ 1.87 | $ 2.24 | $ 1.47 |
[1] | Net sales and gross profit for the fiscal quarters ended September 28, 2014, December 28, 2014 and March 29, 2015 have been revised to reflect revenues presented for All Other (as described in more detail in Note 26). Such income had been previously recorded as an offset to cost of sales or other operating expense due to the insignificance of the underlying business activities to the consolidated financial statements. | ||||||||||||||||||
[2] | Includes the unfavorable impact of key employee transition costs of approximately $840, $270 and $400 for the quarters ended June 26, 2016, March 27, 2016 and December 27, 2015, respectively | ||||||||||||||||||
[3] | Net income attributable to Unifi, Inc. for the quarter ended September 28, 2014 includes a bargain purchase gain recorded by PAL (of which $1,506 was recognized by the Company). Net income attributable to Unifi, Inc. for the quarter ended December 28, 2014 includes a net change in deferred tax valuation allowances of $630 recorded as a benefit to the income tax provision. Net income attributable to Unifi, Inc. for the quarter ended March 29, 2015 includes the following: a. a net change in deferred tax valuation allowances of $924 recorded as a benefit to the income tax provision, b. renewable energy tax credits of $782 recorded as a benefit to the income tax provision and c. an after-tax loss on extinguishment of debt of approximately $676. Net income attributable to Unifi, Inc. for the quarter ended June 28, 2015 includes the following: a. a net change in deferred tax valuation allowances of $1,749 recorded as a benefit to the income tax provision, b. a $7,822 reversal of the deferred tax liability related to the Company's indefinite reinvestment assertion, c. the reversal of a $3,008 deferred tax asset related to certain intercompany foreign currency transactions which originated in prior years and were settled in the fourth quarter of fiscal 2015, d. a net change in uncertain tax positions of $3,046 recorded to provision for income taxes and e. a bargain purchase gain recorded by PAL (of which $3,190 is recognized by the Company). | ||||||||||||||||||
[4] | Income per share is computed independently for each of the periods presented. The sum of the income per share amounts for the quarters may not equal the total for the year. |
Note 28 - Supplemental Cash 143
Note 28 - Supplemental Cash Flow Information (Details Textual) - USD ($) shares in Thousands, $ in Thousands | Dec. 03, 2013 | Jun. 30, 2015 | Dec. 31, 2013 | Jun. 26, 2016 | Jun. 28, 2015 | Jun. 29, 2014 |
Accounts Payable and Accrued Liabilities [Member] | ||||||
Capital Expenditures Incurred but Not yet Paid | $ 4,197 | $ 1,726 | $ 5,023 | |||
Land [Member] | ||||||
Noncash or Part Noncash Acquisition, Fixed Assets Acquired | 191 | |||||
Notes Issued | 135 | |||||
Dillion Draw Winding [Member ] | ||||||
Noncash or Part Noncash Acquisition, Value of Assets Acquired | $ 2,500 | |||||
Business Combination, Contingent Consideration, Liability | $ 2,500 | |||||
Other Significant Noncash Transaction, Value of Consideration Received | $ 1,390 | |||||
Capital Lease Obligations Incurred | 4,154 | $ 12,784 | 3,353 | |||
Construction in Progress Expenditures Incurred but Not yet Paid | $ 5,839 | |||||
Common Stock Tendered to Company for Exercise of Stock Options and Retired Shares | 134 | |||||
Value of Common Stock Tendered for Exercise of Stock Options and Retired | $ 3,583 | $ 3,583 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 421 | 41 |
Note 28 - Cash Payments for Int
Note 28 - Cash Payments for Interest and Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 26, 2016 | Jun. 28, 2015 | Jun. 29, 2014 | |
Interest, net of capitalized interest | $ 3,066 | $ 3,304 | $ 3,313 |
Income taxes, net of refunds | $ 9,923 | $ 17,208 | $ 12,569 |