Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Sep. 25, 2016 | Oct. 27, 2016 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | UNIFI INC | |
Entity Central Index Key | 100,726 | |
Trading Symbol | ufi | |
Current Fiscal Year End Date | --06-25 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding (in shares) | 18,046,043 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 25, 2016 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 25, 2016 | Jun. 26, 2016 |
ASSETS | ||
Cash and cash equivalents | $ 20,921 | $ 16,646 |
Receivables, net | 82,912 | 83,422 |
Inventories | 110,002 | 103,532 |
Income taxes receivable | 6,312 | 3,502 |
Other current assets | 5,632 | 4,790 |
Total current assets | 225,779 | 211,892 |
Property, plant and equipment, net | 194,261 | 185,101 |
Deferred income taxes | 2,362 | 2,387 |
Intangible assets, net | 3,385 | 3,741 |
Investments in unconsolidated affiliates | 117,239 | 117,412 |
Other non-current assets | 4,947 | 4,909 |
Total assets | 547,973 | 525,442 |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
Accounts payable | 44,177 | 41,593 |
Accrued expenses | 17,250 | 18,474 |
Income taxes payable | 2,032 | 1,455 |
Current portion of long-term debt | 13,733 | 13,786 |
Total current liabilities | 77,192 | 75,308 |
Long-term debt | 115,821 | 107,805 |
Other long-term liabilities | 10,515 | 10,393 |
Deferred income taxes | 7,446 | 4,991 |
Total liabilities | 210,974 | 198,497 |
Commitments and contingencies | ||
Common stock, $0.10 par value (500,000,000 shares authorized, 18,018,445 and 17,847,416 shares outstanding) | 1,802 | 1,785 |
Capital in excess of par value | 47,630 | 45,932 |
Retained earnings | 316,468 | 307,065 |
Accumulated other comprehensive loss | (30,554) | (29,751) |
Total Unifi, Inc. shareholders’ equity | 335,346 | 325,031 |
Non-controlling interest | 1,653 | 1,914 |
Total shareholders’ equity | 336,999 | 326,945 |
Total liabilities and shareholders’ equity | $ 547,973 | $ 525,442 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares | Sep. 25, 2016 | Jun. 26, 2016 |
Statement Of Financial Position [Abstract] | ||
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) | 18,018,445 | 17,847,416 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 25, 2016 | Sep. 27, 2015 | |
Income Statement [Abstract] | ||
Net sales | $ 159,969 | $ 162,165 |
Cost of sales | 136,422 | 141,181 |
Gross profit | 23,547 | 20,984 |
Selling, general and administrative expenses | 11,410 | 10,830 |
(Benefit) provision for bad debts | (367) | 613 |
Other operating income, net | (70) | (146) |
Operating income | 12,574 | 9,687 |
Interest income | (146) | (163) |
Interest expense | 692 | 984 |
Equity in earnings of unconsolidated affiliates | (840) | (2,860) |
Income before income taxes | 12,868 | 11,726 |
Provision for income taxes | 3,726 | 3,940 |
Net income including non-controlling interest | 9,142 | 7,786 |
Less: net loss attributable to non-controlling interest | (261) | (239) |
Net income attributable to Unifi, Inc. | $ 9,403 | $ 8,025 |
Net income attributable to Unifi, Inc. per common share: | ||
Basic (in dollars per share) | $ 0.52 | $ 0.45 |
Diluted (in dollars per share) | $ 0.51 | $ 0.43 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 25, 2016 | Sep. 27, 2015 | |
Net income including non-controlling interest | $ 9,142 | $ 7,786 |
Foreign currency translation adjustments, pre-tax | (579) | (11,038) |
Reclassification adjustments on interest rate swap | 19 | 19 |
Other comprehensive loss, after tax | (803) | (11,418) |
Comprehensive income (loss) including non-controlling interest | 8,339 | (3,632) |
Less: comprehensive loss attributable to non-controlling interest | (261) | (239) |
Comprehensive income (loss) attributable to Unifi, Inc. | 8,600 | (3,393) |
Unconsolidated Affiliates [Member] | ||
Foreign currency translation adjustments, pre-tax | $ (243) | $ (399) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 25, 2016 | Sep. 27, 2015 | |
Statement Of Cash Flows [Abstract] | ||
Cash and cash equivalents at beginning of year | $ 16,646 | $ 10,013 |
Operating activities: | ||
Net income including non-controlling interest | 9,142 | 7,786 |
Adjustments to reconcile net income including non-controlling interest to net cash provided by operating activities: | ||
Equity in earnings of unconsolidated affiliates | (840) | (2,860) |
Distributions received from unconsolidated affiliates | 750 | 1,947 |
Depreciation and amortization expense | 4,737 | 4,383 |
Excess tax benefit on stock-based compensation plans | (447) | |
Deferred income taxes | 2,471 | 498 |
Other, net | 281 | 381 |
Changes in assets and liabilities: | ||
Receivables, net | 783 | (4,276) |
Inventories | (6,720) | (6,298) |
Other current assets and income taxes receivable | (3,267) | 1,788 |
Accounts payable and accrued expenses | 509 | (3,474) |
Income taxes payable | 588 | 839 |
Other, net | 162 | 73 |
Net cash provided by operating activities | 8,149 | 787 |
Investing activities: | ||
Capital expenditures | (10,135) | (15,875) |
Proceeds from sale of assets | 28 | 2,088 |
Other, net | (77) | (347) |
Net cash used in investing activities | (10,184) | (14,134) |
Financing activities: | ||
Proceeds from ABL Revolver | 40,200 | 53,200 |
Payments on ABL Revolver | (31,700) | (30,200) |
Payments on ABL Term Loan | (2,375) | (2,250) |
Payments on capital lease obligations | (1,073) | (924) |
Common stock repurchased and retired under publicly announced programs | (5,439) | |
Proceeds from stock option exercises | 1,200 | 60 |
Excess tax benefit on stock-based compensation plans | 447 | |
Contributions from non-controlling interest | 480 | |
Other | (341) | (471) |
Net cash provided by financing activities | 6,358 | 14,456 |
Effect of exchange rate changes on cash and cash equivalents | (48) | (1,168) |
Net increase (decrease) in cash and cash equivalents | 4,275 | (59) |
Cash and cash equivalents at end of period | $ 20,921 | $ 9,954 |
Background
Background | 3 Months Ended |
Sep. 25, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Background | 1. Background Unifi, Inc., a New York corporation formed in 1969 (together with its subsidiaries, “we,” the “Company” or “Unifi”), is a multi-national manufacturing company that processes and sells high-volume commodity yarns, specialized yarns designed to meet certain customer specifications, and 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 plastic bottle flake, polyester polymer beads (“Chip”), partially oriented yarn (“POY”), and textured, solution and package dyed, twisted, beamed and draw wound yarns. Each yarn 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. The Company’s principal geographic markets for its products are 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 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; and (ii) a 60% controlling membership interest in Repreve Renewables, LLC (“Renewables”), an agricultural company focused on the development, production and commercialization of dedicated miscanthus grass for use in the animal bedding, bio-energy and other bio-based product markets. |
Basis of Presentation; Condense
Basis of Presentation; Condensed Notes | 3 Months Ended |
Sep. 25, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation; Condensed Notes | 2. Basis of Presentation; Condensed Notes The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information. As contemplated by the instructions of the Securities and Exchange Commission (the “SEC”) to Form 10-Q, the following notes have been condensed and, therefore, do not contain all disclosures required in connection with annual financial statements. Reference should be made to the Company’s year-end audited consolidated financial statements and related notes thereto contained in its Annual Report on Form 10-K for the fiscal year ended June 26, 2016 (the “2016 Form 10-K”). The financial information included in this report has been prepared by the Company, without audit. In the opinion of management, all adjustments, which consist of normal, recurring adjustments, considered necessary for a fair statement of the results for interim periods have been included. Nevertheless, the results shown for interim periods are not necessarily indicative of results to be expected for the full year. The preparation of financial statements in conformity with GAAP requires management to make use of estimates and assumptions that affect the amounts reported and certain financial statement disclosures. Actual results may vary from these estimates. All dollar and other currency amounts and share amounts, except per share amounts, are presented in thousands (000s), except as otherwise noted. The fiscal quarter for the Company and its Chinese subsidiary ended on September 25, 2016, the last Sunday in September. The fiscal quarter for the Company’s Brazilian and Colombian subsidiaries ended on September 30, 2016. There were no significant transactions or events that occurred between the Company’s fiscal quarter end and its subsidiaries’ fiscal quarter end. The three months ended September 25, 2016 and September 27, 2015 each consisted of thirteen fiscal weeks. Reclassifications Certain reclassifications of prior years’ data have been made to conform to the current year presentation. As of the fourth quarter of fiscal 2016, the Company updated the composition of its Polyester and Nylon Segments, intending to better reflect downstream sales for the respective product lines. In connection with such update, for the three months ended September 27, 2015, the Company has reclassified net sales and cost of sales amounts for the respective segments, as reflected in Note 20, “Business Segment Information.” The Company adopted Accounting Standards Update (“ASU”) 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs , 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. As shown in the table below, unamortized debt issuance costs associated with outstanding debt have been reclassified to conform to the new presentation requirements as of September 25, 2016 as follows: June 26, 2016 As Previously Reported Adjustments to Adoption of ASU 2015-03 June 26, 2016 As Adjusted Debt issuance costs (within other non-current assets) $ 1,421 $ (1,421 ) $ — Total assets 526,863 (1,421 ) 525,442 Long-term debt 109,226 (1,421 ) 107,805 Total liabilities 199,918 (1,421 ) 198,497 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Sep. 25, 2016 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | 3. Recent Accounting Pronouncements In August 2016, the Financial Accounting Standards Board issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments The Company is evaluating the effect the new guidance will have on its consolidated financial statements and related disclosures. In the first quarter of fiscal 2017, the Company adopted ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments, 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. |
Receivables, Net
Receivables, Net | 3 Months Ended |
Sep. 25, 2016 | |
Receivables [Abstract] | |
Receivables, Net | 4. Receivables, Net Receivables, net consists of the following: September 25, 2016 June 26, 2016 Customer receivables $ 84,757 $ 86,361 Allowance for uncollectible accounts (2,124 ) (2,839 ) Reserves for yarn quality claims (982 ) (795 ) Net customer receivables 81,651 82,727 Related party receivables 5 7 Other receivables 1,256 688 Total receivables, net $ 82,912 $ 83,422 The changes in the Company’s allowance for uncollectible accounts are as follows: Allowance for Uncollectible Accounts Balance at June 26, 2016 $ (2,839 ) Benefit to costs and expenses 367 Translation activity 11 Deductions 337 Balance at September 25, 2016 $ (2,124 ) |
Inventories
Inventories | 3 Months Ended |
Sep. 25, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | 5. Inventories Inventories consists of the following: September 25, 2016 June 26, 2016 Raw materials $ 39,538 $ 37,162 Supplies 6,004 5,387 Work in process 7,217 6,595 Finished goods 58,831 55,771 Gross inventories 111,590 104,915 Inventory reserves (1,588 ) (1,383 ) Total inventories $ 110,002 $ 103,532 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 3 Months Ended |
Sep. 25, 2016 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment, Net | 6. Property, Plant and Equipment, Net Property, plant and equipment, net (“PP&E”) consists of the following: September 25, 2016 June 26, 2016 Land $ 3,148 $ 3,154 Land improvements 14,679 13,734 Buildings and improvements 147,929 145,633 Assets under capital leases 21,495 21,525 Machinery and equipment 568,495 544,369 Computers, software and office equipment 17,915 17,823 Transportation equipment 4,742 4,713 Construction in progress 23,322 39,695 Gross property, plant and equipment 801,725 790,646 Less: accumulated depreciation (604,301 ) (602,839 ) Less: accumulated amortization – capital leases (3,163 ) (2,706 ) Total property, plant and equipment, net $ 194,261 $ 185,101 Assets under capital leases consists of the following: September 25, 2016 June 26, 2016 Machinery and equipment $ 14,745 $ 14,745 Transportation equipment 5,897 5,927 Building improvements 853 853 Gross assets under capital leases $ 21,495 $ 21,525 Depreciation expense and repairs and maintenance expenses were as follows: For the Three Months Ended September 25, 2016 September 27, 2015 Depreciation expense $ 4,214 $ 3,842 Repairs and maintenance expenses 4,240 4,496 |
Intangible Assets, Net
Intangible Assets, Net | 3 Months Ended |
Sep. 25, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets, Net | 7. Intangible Assets, Net Intangible assets, net consists of the following: September 25, 2016 June 26, 2016 Customer lists $ 23,615 $ 23,615 Non-compete agreements, license, trademarks and other 5,189 5,184 Total intangible assets, gross 28,804 28,799 Accumulated amortization – customer lists (20,920 ) (20,665 ) Accumulated amortization – non-compete agreements, license, trademarks and other (4,499 ) (4,393 ) Total accumulated amortization (25,419 ) (25,058 ) Total intangible assets, net $ 3,385 $ 3,741 Total amortization expense for intangible assets was as follows: For the Three Months Ended September 25, 2016 September 27, 2015 Total amortization expense $ 361 $ 432 |
Accrued Expenses
Accrued Expenses | 3 Months Ended |
Sep. 25, 2016 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | 8. Accrued Expenses Accrued expenses consists of the following: September 25, 2016 June 26, 2016 Payroll and fringe benefits $ 8,986 $ 10,370 Other 8,264 8,104 Total accrued expenses $ 17,250 $ 18,474 Other consists primarily of accruals for utilities, property taxes, employee-related claims and payments, interest, marketing expenses, freight expenses, rent, deferred incentives and other non-income related taxes. |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Sep. 25, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 9. 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 Scheduled Interest Rate as of Principal Amounts as of Maturity Date September September 25, 2016 June 26, 2016 ABL Revolver March 2020 2.4% $ 14,700 $ 6,200 ABL Term Loan March 2020 2.3% (1) 87,875 90,250 Capital lease obligations (2) (3) 14,725 15,798 Construction financing (4) (4) 9,464 6,629 Renewables’ term loan August 2022 3.8% 4,000 4,000 Renewables’ promissory note September 2020 3.0% 110 135 Total debt 130,874 123,012 Current portion of capital lease obligations (4,207 ) (4,261 ) Current portion of other long-term debt (9,526 ) (9,525 ) Unamortized debt issuance costs (1,320 ) (1,421 ) Total long-term debt $ 115,821 $ 107,805 (1) The weighted average interest rate as of September 25, 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 under the heading “—Construction Financing” below for further information. ABL Revolver and ABL Term Loan 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 in fiscal 2016. The ABL Facility has a maturity date of March 26, 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 principal balance of this construction financing arrangement reflects cash paid by the third-party lender for (i) construction in progress and (ii) advances to the Company. 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%. Scheduled Debt Maturities The following table presents the scheduled maturities of the Company’s outstanding debt obligations for the remainder of fiscal 2017 and the fiscal years thereafter: Scheduled Maturities on a Fiscal Year Basis 2017 2018 2019 2020 2021 Thereafter ABL Revolver $ — $ — $ — $ 14,700 $ — $ — ABL Term Loan 7,125 9,500 9,500 61,750 — — Renewables’ promissory note — 26 27 28 29 — Renewables’ term loan — — — 1,111 1,333 1,556 Capital lease obligations 3,188 4,128 4,058 2,542 171 638 Total (1) $ 10,313 $ 13,654 $ 13,585 $ 80,131 $ 1,533 $ 2,194 (1) Total excludes $9,464 for the construction financing described above. |
Other Long-Term Liabilities
Other Long-Term Liabilities | 3 Months Ended |
Sep. 25, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Other Long-Term Liabilities | 10. Other Long-Term Liabilities Other long-term liabilities consists of the following: September 25, 2016 June 26, 2016 Uncertain tax positions $ 4,603 $ 4,463 Other 5,912 5,930 Total other long-term liabilities $ 10,515 $ 10,393 Other primarily includes the Company’s unfunded supplemental post-employment plan, certain retiree and post-employment medical and disability liabilities, and deferred rent. |
Income Taxes
Income Taxes | 3 Months Ended |
Sep. 25, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes The provision for income taxes was as follows: For the Three Months Ended September 25, 2016 September 27, 2015 Provision for income taxes $ 3,726 $ 3,940 Effective tax rate 29.0 % 33.6 % The effective tax rates for the periods presented above are lower than the U.S. statutory rate of 35% primarily due to foreign income being taxed at lower rates and a decrease in the valuation allowance for the Company’s investment in PAL. These items were partially offset by losses in tax jurisdictions for which no tax benefit could be recognized and state and local income taxes net of federal benefits. The Company regularly assesses the outcomes of both completed and ongoing examinations to ensure that the Company’s provision for income taxes is sufficient. Certain returns that remain open to examination have utilized carryforward tax attributes generated in prior tax years, including net operating losses, which could potentially be revised upon examination. Components of the Company’s deferred tax valuation allowance are as follows: September 25, 2016 June 26, 2016 Investment in a former domestic unconsolidated affiliate $ (6,320 ) $ (6,418 ) Equity-method investment in PAL (1,650 ) (2,102 ) Other (1) (5,030 ) (5,030 ) Total deferred tax valuation allowance $ (13,000 ) $ (13,550 ) (1) Other relates primarily to Renewables. |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Sep. 25, 2016 | |
Stockholders Equity Note [Abstract] | |
Shareholders’ Equity | 12. Shareholders’ Equity There were no material changes to the composition of shareholders’ equity since June 26, 2016 that are not described in this report. The following table summarizes the Company’s repurchases and retirements of its common stock under Board-approved stock repurchase programs for the fiscal periods noted. Total Number of Shares Repurchased as Part of Publicly Announced Plans or Programs Average Price Paid per Share Maximum Approximate Value that May Yet Be Repurchased Under Publicly Announced Plans or Programs Fiscal 2013 1,068 $ 18.08 Fiscal 2014 1,524 $ 23.96 Fiscal 2015 349 $ 29.72 Fiscal 2016 206 $ 30.13 Fiscal 2017 (through September 25, 2016) — $ — Total 3,147 $ 27,603 No dividends were paid during the three months ended September 25, 2016 or in the two most recently completed fiscal years. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Sep. 25, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments Abstract | |
Stock-Based Compensation | 13. Stock-Based Compensation On October 23, 2013, the Company’s shareholders approved the Unifi, Inc. 2013 Incentive Compensation Plan (the “2013 Plan”). The 2013 Plan replaced the 2008 Unifi, Inc. Long-Term Incentive Plan (the “2008 LTIP”). No additional awards can be granted under the 2008 LTIP; however, prior awards outstanding under the 2008 LTIP remain subject to that plan’s provisions. The 2013 Plan authorized the issuance of 1,000 shares of common stock, subject to certain increases in the event outstanding awards under the 2008 LTIP expire, are forfeited or otherwise terminate unexercised. The following table provides information as of September 25, 2016 with respect to the number of securities remaining available for future issuance under the 2013 Plan: Authorized under the 2013 Plan 1,000 Plus: Awards expired, forfeited or otherwise terminated unexercised from the 2008 LTIP or the 2013 Plan 304 Less: Awards granted to employees (258 ) Less: Awards granted to non-employee directors (70 ) Available for issuance under the 2013 Plan 976 Stock options No stock options were granted by the Company during the three months ended September 25, 2016. During the three months ended September 27, 2015, the Company granted stock options to purchase 82 shares of common stock to certain key employees, utilizing terms, vesting provisions and valuation methods consistent with those described in Note 16, “Stock-Based Compensation,” to the consolidated financial statements in the 2016 Form 10-K. During the three months ended September 25, 2016, 171 stock options were exercised. Restricted stock units The Company may issue, from time to time, restricted stock units (“RSUs”) to the Company’s non-employee directors or certain key employees. No RSUs were granted by the Company during the three months ended September 25, 2016 and September 27, 2015. See Note 16, “Stock-Based Compensation,” to the consolidated financial statements in the 2016 Form 10-K for further information regarding the Company’s RSUs. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments and Non-financial Assets and Liabilities | 3 Months Ended |
Sep. 25, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments and Non-financial Assets and Liabilities | 14. Fair Value of Financial Instruments and Non-Financial Assets and Liabilities The Company may use derivative financial instruments such as foreign currency forward contracts or interest rate swaps to reduce its ongoing business exposures to fluctuations in foreign currency exchange rates or interest rates. The Company does not enter into derivative contracts for speculative purposes. For the three months ended September 25, 2016 and September 27, 2015, there were no significant changes to the Company’s assets and liabilities measured at fair value, and there were no transfers into or out of the levels of the fair value hierarchy. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Sep. 25, 2016 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | 15. Accumulated Other Comprehensive Loss The components and the changes in accumulated other comprehensive loss, net of tax, as applicable, consist of the following: Foreign Currency Translation Adjustments Reclassification Adjustments on Interest Rate Swap Accumulated Other Comprehensive Loss Balance at June 26, 2016 $ (29,681 ) $ (70 ) $ (29,751 ) Other comprehensive (loss) income, net of tax (822 ) 19 (803 ) Balance at September 25, 2016 $ (30,503 ) $ (51 ) $ (30,554 ) A summary of the after-tax effects of the components of other comprehensive loss for the three months ended September 25, 2016 and September 27, 2015 is included in the accompanying condensed consolidated statements of comprehensive income (loss). The summary excludes pre-tax and tax amounts, as there are no tax components for the relevant activity. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Sep. 25, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 16. Earnings Per Share The components of the calculation of earnings per share (“EPS”) are as follows: For the Three Months Ended September 25, 2016 September 27, 2015 Net income attributable to Unifi, Inc. $ 9,403 $ 8,025 Basic weighted average shares 17,966 17,921 Net potential common share equivalents – stock options and RSUs 387 629 Diluted weighted average shares 18,353 18,550 Excluded from diluted weighted average shares: Anti-dilutive common share equivalents 155 155 The calculation of EPS 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. |
Investments in Unconsolidated A
Investments in Unconsolidated Affiliates and Variable Interest Entities | 3 Months Ended |
Sep. 25, 2016 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Investments in Unconsolidated Affiliates and Variable Interest Entities | 17. Investments in Unconsolidated Affiliates and Variable Interest Entities The Company currently maintains investments in three entities classified as unconsolidated affiliates: PAL; U.N.F. Industries Ltd. (“UNF”); and UNF America LLC (“UNFA”). As of September 25, 2016, the Company’s investment in PAL was $113,538 and the Company’s combined investments in UNF and UNFA were $3,701, each of which is reflected within investments in unconsolidated affiliates in the accompanying condensed consolidated balance sheets. Parkdale America, LLC PAL is a limited liability company treated as a partnership for income tax reporting purposes. The Company accounts for its investment in PAL using the equity method of accounting. 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. The derivative instruments used are listed and traded on an exchange and are thus valued using quoted prices classified within Level 1 of the fair value hierarchy. As of September 25, 2016, PAL had no futures contracts designated as cash flow hedges. The reconciliation between the Company’s share of the underlying equity of PAL and its investment is as follows: Underlying equity as of September 25, 2016 $ 131,794 Initial excess capital contributions 53,363 Impairment charge recorded by the Company in fiscal 2007 (74,106 ) Anti-trust lawsuit against PAL in which the Company did not participate 2,652 Cotton rebate program adjustments (165 ) Investment as of September 25, 2016 $ 113,538 U.N.F. Industries Ltd. Raw material and production services for UNF are provided by the Company’s 50% joint venture partner 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 Raw material and production services for UNFA are provided by the Company’s 50% joint venture partner 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 September 25, 2016, the Company’s open purchase orders related to this agreement were $2,248. The Company’s raw material purchases under this supply agreement consist of the following: For the Three Months Ended September 25, 2016 September 27, 2015 UNF $ 778 $ 1,021 UNFA 5,388 7,142 Total $ 6,166 $ 8,163 As of September 25, 2016 and June 26, 2016, the Company had combined accounts payable due to UNF and UNFA of $2,462 and $3,231, respectively. The Company has determined that UNF and UNFA are variable interest entities and 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 UNF and UNFA, the two entities’ balance sheets constitute 3% or less of the Company’s total assets and total liabilities (when excluding reciprocal balances), and because 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. 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 (including reciprocal balances) is presented in the following tables. PAL is defined as significant and its information is separately disclosed. PAL does not meet the criteria for segment reporting. As of September 25, 2016 PAL Other Total Current assets $ 253,137 $ 11,215 $ 264,352 Noncurrent assets 196,580 1,030 197,610 Current liabilities 59,138 3,346 62,484 Noncurrent liabilities 2,951 — 2,951 Shareholders’ equity and capital accounts 387,628 8,899 396,527 Unifi’s portion of undistributed earnings 44,711 1,433 46,144 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 For the Three Months Ended September 25, 2016 PAL Other Total Net sales $ 205,900 $ 6,002 $ 211,902 Gross profit 5,496 1,545 7,041 Income from operations 861 1,085 1,946 Net income 874 1,097 1,971 Depreciation and amortization 10,442 39 10,481 Cash received by PAL under cotton rebate program 4,127 — 4,127 Earnings recognized by PAL for cotton rebate program 3,889 — 3,889 Distributions received — 750 750 For the Three Months Ended September 27, 2015 PAL Other Total Net sales $ 224,065 $ 9,349 $ 233,414 Gross profit 7,387 2,330 9,717 Income from operations 3,561 1,849 5,410 Net income 5,729 1,858 7,587 Depreciation and amortization 9,694 37 9,731 Cash received by PAL under cotton rebate program 3,184 — 3,184 Earnings recognized by PAL for cotton rebate program 4,354 — 4,354 Distributions received 947 1,000 1,947 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Sep. 25, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure | 18. 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 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 clean up the AOCs 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 the Kinston site 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 2004 transaction with Invista that has contamination from DuPont’s operations and is monitored by DENR. This site has been remediated by DuPont, and DuPont has received authority from DENR to discontinue remediation, other than natural attenuation. DuPont’s duty to monitor and report to DENR will be transferred to the Company in the future, at which time DuPont must pay the Company for seven years of monitoring and reporting costs and the Company will assume responsibility for any future remediation and monitoring of the site. At this time, the Company has no basis to determine if or when it will have any responsibility or obligation with respect to the AOCs or the extent of any potential liability for the same. Operating Leases The Company routinely leases sales and administrative office space, warehousing and distribution centers, manufacturing space, transportation equipment, manufacturing equipment, and other information technology and office equipment from third parties. In addition, Renewables leases farm land for use in growing giant miscanthus. Other Commitments The Company has assumed various financial obligations and commitments in the normal course of its operating and financing activities. Financial obligations are considered to represent known future cash payments that the Company is required to make under existing contractual arrangements. In the course of facilitating the construction of assets (i) in connection with the construction financing arrangement described in Note 9, “Long-Term Debt” and (ii) related to the expansion of the REPREVE ® |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Sep. 25, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 19. Related Party Transactions For details regarding the nature of certain related party relationships, see Note 25, “Related Party Transactions,” to the consolidated financial statements in the 2016 Form 10-K. Related party receivables consists of the following: September 25, 2016 June 26, 2016 Salem Global Logistics, Inc. $ 5 $ 7 Total related party receivables (included within receivables, net) $ 5 $ 7 Related party payables consists of the following: September 25, 2016 June 26, 2016 Salem Leasing Corporation $ 262 $ 250 Total related party payables (included within accounts payable) $ 262 $ 250 Related party transactions in excess of $120 for the current or prior fiscal year consist of the matters below: For the Three Months Ended Affiliated Entity Transaction Type September 25, 2016 September 27, 2015 Salem Leasing Corporation Transportation equipment costs $ 978 $ 945 Salem Global Logistics, Inc. Freight service income 21 62 The balance of a capital lease obligation with Salem Leasing Corporation as of September 25, 2016 and June 26, 2016 was $999 and $1,015, respectively. Mr. William J. Armfield, IV, a member of the Board of Directors (the “Board”) of Unifi until his passing in July 2016, was a director and the Non-Executive Chairman of, and held an indirect minority equity interest in Cupron, Inc. (“Cupron”). There was no significant activity between Cupron and the Company in July 2016, and therefore, any such transactions or balances in the current and comparative prior periods are omitted from current disclosures. During the first quarter of fiscal 2017, the Company paid $126 to Mr. William L. Jasper, the Company’s former Chairman and Chief Executive Officer, for consulting fees. As of September 25, 2016, $500 of consulting fees were payable to Mr. Jasper subject to his continued compliance with his consulting agreement with the Company. |
Business Segment Information
Business Segment Information | 3 Months Ended |
Sep. 25, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | 20. Business Segment Information The Company has three reportable segments. Operations and revenues for each segment are described below: • The Polyester Segment manufactures plastic bottle flake, Chip and POY, along with textured, solution and package 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 United States 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 United States 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 the Company’s reportable segments, the selected financial information presented below includes an All Other category. All Other consists primarily of Renewables (an operating segment that does not meet quantitative thresholds for reporting) and for-hire transportation 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 revenue is derived from performing common carrier services utilizing the Company’s fleet of transportation equipment. The operations within All Other (i) are not subject to review by the chief operating decision maker at a level consistent with the Company’s other operations, (ii) are not regularly evaluated using the same metrics applied to the Company’s other operations and (iii) do not qualify for aggregation with an existing reportable segment. Therefore, such operations are excluded from reportable segments. The Company evaluates the operating performance of its segments based upon Segment Profit (Loss), which represents segment gross profit (loss) plus segment depreciation expense. This measurement of Segment Profit or Loss best aligns segment reporting with the current assessments and evaluations performed by, and information provided to, the chief operating decision maker. The accounting policies for the segments are consistent with the Company’s accounting policies. Intersegment sales are omitted from the below financial information, as they are (i) insignificant to the Company’s segments and consolidated operations and (ii) excluded from segment evaluations performed by the chief operating decision maker. Selected financial information is presented below. As described in Note 2, “Basis of Presentation; Condensed Notes,” certain amounts previously reported for the Polyester and Nylon Segments for the three months ended September 27, 2015 have been revised to match the current presentation. For the Three Months Ended September 25, 2016 Polyester Nylon International All Other Total Net sales $ 84,685 $ 28,495 $ 45,344 $ 1,445 $ 159,969 Cost of sales 76,235 25,358 33,074 1,755 136,422 Gross profit (loss) 8,450 3,137 12,270 (310 ) 23,547 Segment depreciation expense 3,108 510 246 252 4,116 Segment Profit (Loss) $ 11,558 $ 3,647 $ 12,516 $ (58 ) $ 27,663 For the Three Months Ended September 27, 2015 Polyester Nylon International All Other Total Net sales $ 94,606 $ 36,638 $ 29,371 $ 1,550 $ 162,165 Cost of sales 85,008 30,765 23,780 1,628 141,181 Gross profit (loss) 9,598 5,873 5,591 (78 ) 20,984 Segment depreciation expense 2,851 478 221 152 3,702 Segment Profit $ 12,449 $ 6,351 $ 5,812 $ 74 $ 24,686 The reconciliations of segment gross profit to consolidated income before income taxes are as follows: For the Three Months Ended September 25, 2016 September 27, 2015 Polyester $ 8,450 $ 9,598 Nylon 3,137 5,873 International 12,270 5,591 All Other (310 ) (78 ) Segment gross profit 23,547 20,984 Selling, general and administrative expenses 11,410 10,830 (Benefit) provision for bad debts (367 ) 613 Other operating income, net (70 ) (146 ) Operating income 12,574 9,687 Interest income (146 ) (163 ) Interest expense 692 984 Equity in earnings of unconsolidated affiliates (840 ) (2,860 ) Income before income taxes $ 12,868 $ 11,726 The reconciliations of segment capital expenditures to consolidated capital expenditures are as follows: For the Three Months Ended September 25, 2016 September 27, 2015 Polyester $ 7,875 $ 13,973 Nylon 242 563 International 1,937 512 Segment capital expenditures 10,054 15,048 Other capital expenditures 81 827 Capital expenditures $ 10,135 $ 15,875 The reconciliations of segment total assets to consolidated total assets are as follows: September 25, 2016 June 26, 2016 Polyester $ 256,130 $ 243,105 Nylon 62,358 63,141 International 81,309 73,650 Segment total assets 399,797 379,896 Other current assets 9,874 6,674 Other PP&E 16,245 16,597 Other non-current assets 4,818 4,863 Investments in unconsolidated affiliates 117,239 117,412 Total assets $ 547,973 $ 525,442 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 3 Months Ended |
Sep. 25, 2016 | |
Additional Cash Flow Elements And Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | 21. Supplemental Cash Flow Information Cash payments for interest and taxes consist of the following: For the Three Months Ended September 25, 2016 September 27, 2015 Interest, net of capitalized interest of $223 and $76, respectively $ 641 $ 762 Income taxes, net of refunds 2,909 1,250 Cash payments for taxes shown above consist primarily of income and withholding tax payments made by the Company in both U.S. and foreign jurisdictions. Non-Cash Investing and Financing Activities As of September 25, 2016 and June 26, 2016, $4,841 and $4,197, respectively, were included in accounts payable for unpaid capital expenditures. As of September 27, 2015 and June 28, 2015, $895 and $1,726, respectively, were included in accounts payable for unpaid capital expenditures. During the three months ended September 25, 2016, the Company recorded $2,835 to construction in progress and long-term debt, in connection with the construction financing arrangement described under the heading “—Construction Financing” in Note 9, “Long-Term Debt.” During August 2015, the Company utilized $1,390 of funds held by a qualified intermediary to purchase certain land and building assets. During the three months ended September 27, 2015, the Company entered into capital leases with an aggregate present value of $4,154. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Sep. 25, 2016 | |
Accounting Policies [Abstract] | |
Fiscal Period | The fiscal quarter for the Company and its Chinese subsidiary ended on September 25, 2016, the last Sunday in September. The fiscal quarter for the Company’s Brazilian and Colombian subsidiaries ended on September 30, 2016. There were no significant transactions or events that occurred between the Company’s fiscal quarter end and its subsidiaries’ fiscal quarter end. The three months ended September 25, 2016 and September 27, 2015 each consisted of thirteen fiscal weeks. |
Reclassification | Reclassifications Certain reclassifications of prior years’ data have been made to conform to the current year presentation. As of the fourth quarter of fiscal 2016, the Company updated the composition of its Polyester and Nylon Segments, intending to better reflect downstream sales for the respective product lines. In connection with such update, for the three months ended September 27, 2015, the Company has reclassified net sales and cost of sales amounts for the respective segments, as reflected in Note 20, “Business Segment Information.” The Company adopted Accounting Standards Update (“ASU”) 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs , 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. As shown in the table below, unamortized debt issuance costs associated with outstanding debt have been reclassified to conform to the new presentation requirements as of September 25, 2016 as follows: June 26, 2016 As Previously Reported Adjustments to Adoption of ASU 2015-03 June 26, 2016 As Adjusted Debt issuance costs (within other non-current assets) $ 1,421 $ (1,421 ) $ — Total assets 526,863 (1,421 ) 525,442 Long-term debt 109,226 (1,421 ) 107,805 Total liabilities 199,918 (1,421 ) 198,497 |
Basis of Presentation; Conden29
Basis of Presentation; Condensed Notes (Tables) | 3 Months Ended |
Sep. 25, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Schedule of Unamortized Debt Issuance Costs with Outstanding Debt | As shown in the table below, unamortized debt issuance costs associated with outstanding debt have been reclassified to conform to the new presentation requirements as of September 25, 2016 as follows: June 26, 2016 As Previously Reported Adjustments to Adoption of ASU 2015-03 June 26, 2016 As Adjusted Debt issuance costs (within other non-current assets) $ 1,421 $ (1,421 ) $ — Total assets 526,863 (1,421 ) 525,442 Long-term debt 109,226 (1,421 ) 107,805 Total liabilities 199,918 (1,421 ) 198,497 |
Receivables, Net (Tables)
Receivables, Net (Tables) | 3 Months Ended |
Sep. 25, 2016 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | Receivables, net consists of the following: September 25, 2016 June 26, 2016 Customer receivables $ 84,757 $ 86,361 Allowance for uncollectible accounts (2,124 ) (2,839 ) Reserves for yarn quality claims (982 ) (795 ) Net customer receivables 81,651 82,727 Related party receivables 5 7 Other receivables 1,256 688 Total receivables, net $ 82,912 $ 83,422 |
Allowance for Credit Losses on Financing Receivables | Allowance for Uncollectible Accounts Balance at June 26, 2016 $ (2,839 ) Benefit to costs and expenses 367 Translation activity 11 Deductions 337 Balance at September 25, 2016 $ (2,124 ) |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Sep. 25, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories Components | Inventories consists of the following: September 25, 2016 June 26, 2016 Raw materials $ 39,538 $ 37,162 Supplies 6,004 5,387 Work in process 7,217 6,595 Finished goods 58,831 55,771 Gross inventories 111,590 104,915 Inventory reserves (1,588 ) (1,383 ) Total inventories $ 110,002 $ 103,532 |
Property, Plant and Equipment32
Property, Plant and Equipment, Net (Tables) | 3 Months Ended |
Sep. 25, 2016 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment Components | Property, plant and equipment, net (“PP&E”) consists of the following: September 25, 2016 June 26, 2016 Land $ 3,148 $ 3,154 Land improvements 14,679 13,734 Buildings and improvements 147,929 145,633 Assets under capital leases 21,495 21,525 Machinery and equipment 568,495 544,369 Computers, software and office equipment 17,915 17,823 Transportation equipment 4,742 4,713 Construction in progress 23,322 39,695 Gross property, plant and equipment 801,725 790,646 Less: accumulated depreciation (604,301 ) (602,839 ) Less: accumulated amortization – capital leases (3,163 ) (2,706 ) Total property, plant and equipment, net $ 194,261 $ 185,101 |
Schedule of Capital Leased Assets | Assets under capital leases consists of the following: September 25, 2016 June 26, 2016 Machinery and equipment $ 14,745 $ 14,745 Transportation equipment 5,897 5,927 Building improvements 853 853 Gross assets under capital leases $ 21,495 $ 21,525 |
Schedule of Depreciation Expense and Repairs and Maintenance Expense | Depreciation expense and repairs and maintenance expenses were as follows: For the Three Months Ended September 25, 2016 September 27, 2015 Depreciation expense $ 4,214 $ 3,842 Repairs and maintenance expenses 4,240 4,496 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 3 Months Ended |
Sep. 25, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Components of Intangible Assets, Net | Intangible assets, net consists of the following: September 25, 2016 June 26, 2016 Customer lists $ 23,615 $ 23,615 Non-compete agreements, license, trademarks and other 5,189 5,184 Total intangible assets, gross 28,804 28,799 Accumulated amortization – customer lists (20,920 ) (20,665 ) Accumulated amortization – non-compete agreements, license, trademarks and other (4,499 ) (4,393 ) Total accumulated amortization (25,419 ) (25,058 ) Total intangible assets, net $ 3,385 $ 3,741 |
Amortization Expense for Intangible Assets | Total amortization expense for intangible assets was as follows: For the Three Months Ended September 25, 2016 September 27, 2015 Total amortization expense $ 361 $ 432 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 3 Months Ended |
Sep. 25, 2016 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Liabilities | Accrued expenses consists of the following: September 25, 2016 June 26, 2016 Payroll and fringe benefits $ 8,986 $ 10,370 Other 8,264 8,104 Total accrued expenses $ 17,250 $ 18,474 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Sep. 25, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt Components | 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 Scheduled Interest Rate as of Principal Amounts as of Maturity Date September September 25, 2016 June 26, 2016 ABL Revolver March 2020 2.4% $ 14,700 $ 6,200 ABL Term Loan March 2020 2.3% (1) 87,875 90,250 Capital lease obligations (2) (3) 14,725 15,798 Construction financing (4) (4) 9,464 6,629 Renewables’ term loan August 2022 3.8% 4,000 4,000 Renewables’ promissory note September 2020 3.0% 110 135 Total debt 130,874 123,012 Current portion of capital lease obligations (4,207 ) (4,261 ) Current portion of other long-term debt (9,526 ) (9,525 ) Unamortized debt issuance costs (1,320 ) (1,421 ) Total long-term debt $ 115,821 $ 107,805 (1) The weighted average interest rate as of September 25, 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 under the heading “—Construction Financing” below for further information. |
Scheduled Maturities of Outstanding Debt Obligations | The following table presents the scheduled maturities of the Company’s outstanding debt obligations for the remainder of fiscal 2017 and the fiscal years thereafter: Scheduled Maturities on a Fiscal Year Basis 2017 2018 2019 2020 2021 Thereafter ABL Revolver $ — $ — $ — $ 14,700 $ — $ — ABL Term Loan 7,125 9,500 9,500 61,750 — — Renewables’ promissory note — 26 27 28 29 — Renewables’ term loan — — — 1,111 1,333 1,556 Capital lease obligations 3,188 4,128 4,058 2,542 171 638 Total (1) $ 10,313 $ 13,654 $ 13,585 $ 80,131 $ 1,533 $ 2,194 (1) Total excludes $9,464 for the construction financing described above. |
Other Long-Term Liabilities (Ta
Other Long-Term Liabilities (Tables) | 3 Months Ended |
Sep. 25, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Other Long-Term Liabilities Components | Other long-term liabilities consists of the following: September 25, 2016 June 26, 2016 Uncertain tax positions $ 4,603 $ 4,463 Other 5,912 5,930 Total other long-term liabilities $ 10,515 $ 10,393 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Sep. 25, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision for Income Taxes | The provision for income taxes was as follows: For the Three Months Ended September 25, 2016 September 27, 2015 Provision for income taxes $ 3,726 $ 3,940 Effective tax rate 29.0 % 33.6 % |
Schedule of Components of the Company's Deferred Tax Valuation Allowance | Components of the Company’s deferred tax valuation allowance are as follows: September 25, 2016 June 26, 2016 Investment in a former domestic unconsolidated affiliate $ (6,320 ) $ (6,418 ) Equity-method investment in PAL (1,650 ) (2,102 ) Other (1) (5,030 ) (5,030 ) Total deferred tax valuation allowance $ (13,000 ) $ (13,550 ) (1) Other relates primarily to Renewables. |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended |
Sep. 25, 2016 | |
Stockholders Equity Note [Abstract] | |
Repurchases and Retirements of Common Stock | The following table summarizes the Company’s repurchases and retirements of its common stock under Board-approved stock repurchase programs for the fiscal periods noted. Total Number of Shares Repurchased as Part of Publicly Announced Plans or Programs Average Price Paid per Share Maximum Approximate Value that May Yet Be Repurchased Under Publicly Announced Plans or Programs Fiscal 2013 1,068 $ 18.08 Fiscal 2014 1,524 $ 23.96 Fiscal 2015 349 $ 29.72 Fiscal 2016 206 $ 30.13 Fiscal 2017 (through September 25, 2016) — $ — Total 3,147 $ 27,603 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Sep. 25, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments Abstract | |
Summary of Number of Securities Remaining Available for Future Issuance | The following table provides information as of September 25, 2016 with respect to the number of securities remaining available for future issuance under the 2013 Plan: Authorized under the 2013 Plan 1,000 Plus: Awards expired, forfeited or otherwise terminated unexercised from the 2008 LTIP or the 2013 Plan 304 Less: Awards granted to employees (258 ) Less: Awards granted to non-employee directors (70 ) Available for issuance under the 2013 Plan 976 |
Accumulated Other Comprehensi40
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Sep. 25, 2016 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Loss, Net of Tax | The components and the changes in accumulated other comprehensive loss, net of tax, as applicable, consist of the following: Foreign Currency Translation Adjustments Reclassification Adjustments on Interest Rate Swap Accumulated Other Comprehensive Loss Balance at June 26, 2016 $ (29,681 ) $ (70 ) $ (29,751 ) Other comprehensive (loss) income, net of tax (822 ) 19 (803 ) Balance at September 25, 2016 $ (30,503 ) $ (51 ) $ (30,554 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Sep. 25, 2016 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The components of the calculation of earnings per share (“EPS”) are as follows: For the Three Months Ended September 25, 2016 September 27, 2015 Net income attributable to Unifi, Inc. $ 9,403 $ 8,025 Basic weighted average shares 17,966 17,921 Net potential common share equivalents – stock options and RSUs 387 629 Diluted weighted average shares 18,353 18,550 Excluded from diluted weighted average shares: Anti-dilutive common share equivalents 155 155 |
Investments in Unconsolidated42
Investments in Unconsolidated Affiliates and Variable Interest Entities (Tables) | 3 Months Ended |
Sep. 25, 2016 | |
Schedule Of Equity Method Investments [Line Items] | |
Schedule of Unaudited, Condensed Balance Sheet Information for Unconsolidated Affiliates | Condensed balance sheet and income statement information for the Company’s unconsolidated affiliates (including reciprocal balances) is presented in the following tables. PAL is defined as significant and its information is separately disclosed. PAL does not meet the criteria for segment reporting. As of September 25, 2016 PAL Other Total Current assets $ 253,137 $ 11,215 $ 264,352 Noncurrent assets 196,580 1,030 197,610 Current liabilities 59,138 3,346 62,484 Noncurrent liabilities 2,951 — 2,951 Shareholders’ equity and capital accounts 387,628 8,899 396,527 Unifi’s portion of undistributed earnings 44,711 1,433 46,144 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 |
Income Statement Information [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Schedule of Unaudited, Condensed Income Statement Information for Unconsolidated Affiliates | Condensed balance sheet and income statement information for the Company’s unconsolidated affiliates (including reciprocal balances) is presented in the following tables. PAL is defined as significant and its information is separately disclosed. PAL does not meet the criteria for segment reporting. For the Three Months Ended September 25, 2016 PAL Other Total Net sales $ 205,900 $ 6,002 $ 211,902 Gross profit 5,496 1,545 7,041 Income from operations 861 1,085 1,946 Net income 874 1,097 1,971 Depreciation and amortization 10,442 39 10,481 Cash received by PAL under cotton rebate program 4,127 — 4,127 Earnings recognized by PAL for cotton rebate program 3,889 — 3,889 Distributions received — 750 750 For the Three Months Ended September 27, 2015 PAL Other Total Net sales $ 224,065 $ 9,349 $ 233,414 Gross profit 7,387 2,330 9,717 Income from operations 3,561 1,849 5,410 Net income 5,729 1,858 7,587 Depreciation and amortization 9,694 37 9,731 Cash received by PAL under cotton rebate program 3,184 — 3,184 Earnings recognized by PAL for cotton rebate program 4,354 — 4,354 Distributions received 947 1,000 1,947 |
Balance Sheet Information | |
Schedule Of Equity Method Investments [Line Items] | |
Schedule of Raw Material Purchases under Supply Agreement | The Company’s raw material purchases under this supply agreement consist of the following: For the Three Months Ended September 25, 2016 September 27, 2015 UNF $ 778 $ 1,021 UNFA 5,388 7,142 Total $ 6,166 $ 8,163 |
Parkdale America LLC [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Schedule of Reconciliation Between Share of Underlying Equity | The reconciliation between the Company’s share of the underlying equity of PAL and its investment is as follows: Underlying equity as of September 25, 2016 $ 131,794 Initial excess capital contributions 53,363 Impairment charge recorded by the Company in fiscal 2007 (74,106 ) Anti-trust lawsuit against PAL in which the Company did not participate 2,652 Cotton rebate program adjustments (165 ) Investment as of September 25, 2016 $ 113,538 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Sep. 25, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Receivables and Payables | Related party receivables consists of the following: September 25, 2016 June 26, 2016 Salem Global Logistics, Inc. $ 5 $ 7 Total related party receivables (included within receivables, net) $ 5 $ 7 Related party payables consists of the following: September 25, 2016 June 26, 2016 Salem Leasing Corporation $ 262 $ 250 Total related party payables (included within accounts payable) $ 262 $ 250 |
Schedule of Related Party Transactions | Related party transactions in excess of $120 for the current or prior fiscal year consist of the matters below: For the Three Months Ended Affiliated Entity Transaction Type September 25, 2016 September 27, 2015 Salem Leasing Corporation Transportation equipment costs $ 978 $ 945 Salem Global Logistics, Inc. Freight service income 21 62 |
Business Segment Information (T
Business Segment Information (Tables) | 3 Months Ended |
Sep. 25, 2016 | |
Segment Reporting [Abstract] | |
Selected Financial Information for Polyester, Nylon, International and Other Segments | Selected financial information is presented below. As described in Note 2, “Basis of Presentation; Condensed Notes,” certain amounts previously reported for the Polyester and Nylon Segments for the three months ended September 27, 2015 have been revised to match the current presentation. For the Three Months Ended September 25, 2016 Polyester Nylon International All Other Total Net sales $ 84,685 $ 28,495 $ 45,344 $ 1,445 $ 159,969 Cost of sales 76,235 25,358 33,074 1,755 136,422 Gross profit (loss) 8,450 3,137 12,270 (310 ) 23,547 Segment depreciation expense 3,108 510 246 252 4,116 Segment Profit (Loss) $ 11,558 $ 3,647 $ 12,516 $ (58 ) $ 27,663 For the Three Months Ended September 27, 2015 Polyester Nylon International All Other Total Net sales $ 94,606 $ 36,638 $ 29,371 $ 1,550 $ 162,165 Cost of sales 85,008 30,765 23,780 1,628 141,181 Gross profit (loss) 9,598 5,873 5,591 (78 ) 20,984 Segment depreciation expense 2,851 478 221 152 3,702 Segment Profit $ 12,449 $ 6,351 $ 5,812 $ 74 $ 24,686 |
Reconciliations of Segment Gross Profit (Loss) to Consolidated Income Before Income Taxes | The reconciliations of segment gross profit to consolidated income before income taxes are as follows: For the Three Months Ended September 25, 2016 September 27, 2015 Polyester $ 8,450 $ 9,598 Nylon 3,137 5,873 International 12,270 5,591 All Other (310 ) (78 ) Segment gross profit 23,547 20,984 Selling, general and administrative expenses 11,410 10,830 (Benefit) provision for bad debts (367 ) 613 Other operating income, net (70 ) (146 ) Operating income 12,574 9,687 Interest income (146 ) (163 ) Interest expense 692 984 Equity in earnings of unconsolidated affiliates (840 ) (2,860 ) Income before income taxes $ 12,868 $ 11,726 |
Reconciliation of Segment Capital Expenditures to Consolidated Capital Expenditures | The reconciliations of segment capital expenditures to consolidated capital expenditures are as follows: For the Three Months Ended September 25, 2016 September 27, 2015 Polyester $ 7,875 $ 13,973 Nylon 242 563 International 1,937 512 Segment capital expenditures 10,054 15,048 Other capital expenditures 81 827 Capital expenditures $ 10,135 $ 15,875 |
Reconciliation of Segment Total Assets to Consolidated Total Assets | The reconciliations of segment total assets to consolidated total assets are as follows: September 25, 2016 June 26, 2016 Polyester $ 256,130 $ 243,105 Nylon 62,358 63,141 International 81,309 73,650 Segment total assets 399,797 379,896 Other current assets 9,874 6,674 Other PP&E 16,245 16,597 Other non-current assets 4,818 4,863 Investments in unconsolidated affiliates 117,239 117,412 Total assets $ 547,973 $ 525,442 |
Supplemental Cash Flow Inform45
Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Sep. 25, 2016 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Payments for Interest and Taxes | Cash payments for interest and taxes consist of the following: For the Three Months Ended September 25, 2016 September 27, 2015 Interest, net of capitalized interest of $223 and $76, respectively $ 641 $ 762 Income taxes, net of refunds 2,909 1,250 |
Background - Additional Informa
Background - Additional Information (Details) | Sep. 25, 2016Entity |
Parkdale America LLC [Member] | |
Organization, Consolidation and Presentation of Financial Statements [Line Items} | |
Number of Countries in which Entity Operates | 4 |
Equity Method Investment, Ownership Percentage | 34.00% |
Repreve Renewables LLC [Member] | |
Organization, Consolidation and Presentation of Financial Statements [Line Items} | |
Majority Interest Ownership Percentage by Parent | 60.00% |
Basis of Presentation; Conden47
Basis of Presentation; Condensed Notes - Schedule of Unamortized Debt Issuance Costs with Outstanding Debt (Details) - USD ($) $ in Thousands | Sep. 25, 2016 | Jun. 26, 2016 | Sep. 25, 2015 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Debt issuance costs (within other non-current assets) | $ 1,320 | $ 1,421 | |
Total assets | 547,973 | 525,442 | |
Long-term debt | 115,821 | 107,805 | |
Total liabilities | $ 210,974 | 198,497 | |
Adjustments Due to Adoption of ASU 2015-03 [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Debt issuance costs (within other non-current assets) | $ (1,421) | ||
Total assets | (1,421) | ||
Long-term debt | (1,421) | ||
Total liabilities | $ (1,421) | ||
As Previously Reported [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Debt issuance costs (within other non-current assets) | 1,421 | ||
Total assets | 526,863 | ||
Long-term debt | 109,226 | ||
Total liabilities | $ 199,918 |
Receivables, Net - Schedule of
Receivables, Net - Schedule of Accounts, Notes, Loans and Financing Receivable (Details) - USD ($) $ in Thousands | Sep. 25, 2016 | Jun. 26, 2016 |
Receivables [Abstract] | ||
Customer receivables | $ 84,757 | $ 86,361 |
Allowance for uncollectible accounts | (2,124) | (2,839) |
Reserves for yarn quality claims | (982) | (795) |
Net customer receivables | 81,651 | 82,727 |
Related party receivables | 5 | 7 |
Other receivables | 1,256 | 688 |
Total receivables, net | $ 82,912 | $ 83,422 |
Receivables, Net - Allowance fo
Receivables, Net - Allowance for Credit Losses on Financing Receivables (Details) - Allowance for Doubtful Accounts [Member] $ in Thousands | 3 Months Ended |
Sep. 25, 2016USD ($) | |
Valuation And Qualifying Accounts Disclosure [Line Items] | |
Balance at June 26, 2016 | $ (2,839) |
Benefit to costs and expenses | 367 |
Translation activity | 11 |
Deductions | 337 |
Balance at September 25, 2016 | $ (2,124) |
Inventories - Inventories Compo
Inventories - Inventories Components (Details) - USD ($) $ in Thousands | Sep. 25, 2016 | Jun. 26, 2016 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 39,538 | $ 37,162 |
Supplies | 6,004 | 5,387 |
Work in process | 7,217 | 6,595 |
Finished goods | 58,831 | 55,771 |
Gross inventories | 111,590 | 104,915 |
Inventory reserves | (1,588) | (1,383) |
Total inventories | $ 110,002 | $ 103,532 |
Property, Plant and Equipment51
Property, Plant and Equipment, Net - Property, Plant and Equipment Components (Details) - USD ($) $ in Thousands | Sep. 25, 2016 | Jun. 26, 2016 |
Property Plant And Equipment [Line Items] | ||
Gross property, plant and equipment | $ 801,725 | $ 790,646 |
Less: accumulated depreciation | (604,301) | (602,839) |
Less: accumulated amortization – capital leases | (3,163) | (2,706) |
Total property, plant and equipment, net | 194,261 | 185,101 |
Land [Member] | ||
Property Plant And Equipment [Line Items] | ||
Gross property, plant and equipment | 3,148 | 3,154 |
Land Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Gross property, plant and equipment | 14,679 | 13,734 |
Building and Building Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Gross property, plant and equipment | 147,929 | 145,633 |
Assets Held under Capital Leases [Member] | ||
Property Plant And Equipment [Line Items] | ||
Gross property, plant and equipment | 21,495 | 21,525 |
Machinery and Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Gross property, plant and equipment | 568,495 | 544,369 |
Computers, Software and Office Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Gross property, plant and equipment | 17,915 | 17,823 |
Transportation Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Gross property, plant and equipment | 4,742 | 4,713 |
Asset under Construction [Member] | ||
Property Plant And Equipment [Line Items] | ||
Gross property, plant and equipment | $ 23,322 | $ 39,695 |
Property, Plant and Equipment52
Property, Plant and Equipment, Net - Schedule of Capital Leased Assets (Details) - USD ($) $ in Thousands | Sep. 25, 2016 | Jun. 26, 2016 |
Property Plant And Equipment [Line Items] | ||
Gross assets under capital leases | $ 21,495 | $ 21,525 |
Machinery and Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Gross assets under capital leases | 14,745 | 14,745 |
Transportation Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Gross assets under capital leases | 5,897 | 5,927 |
Building Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Gross assets under capital leases | $ 853 | $ 853 |
Property, Plant and Equipment53
Property, Plant and Equipment, Net - Schedule of Depreciation Expense and Repairs and Maintenance Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 25, 2016 | Sep. 27, 2015 | |
Property Plant And Equipment [Abstract] | ||
Depreciation expense | $ 4,214 | $ 3,842 |
Repairs and maintenance expenses | $ 4,240 | $ 4,496 |
Intangible Assets, Net - Compon
Intangible Assets, Net - Components of Intangible Assets, Net (Details) - USD ($) $ in Thousands | Sep. 25, 2016 | Jun. 26, 2016 |
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 28,804 | $ 28,799 |
Intangible assets, accumulated amortization | (25,419) | (25,058) |
Total intangible assets, net | 3,385 | 3,741 |
Customer Lists [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 23,615 | 23,615 |
Intangible assets, accumulated amortization | (20,920) | (20,665) |
Non-Compete Agreements, License, Trademarks and Other [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 5,189 | 5,184 |
Intangible assets, accumulated amortization | $ (4,499) | $ (4,393) |
Intangible Assets, Net - Amorti
Intangible Assets, Net - Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 25, 2016 | Sep. 27, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 361 | $ 432 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands | Sep. 25, 2016 | Jun. 26, 2016 |
Payables And Accruals [Abstract] | ||
Payroll and fringe benefits | $ 8,986 | $ 10,370 |
Other | 8,264 | 8,104 |
Total accrued expenses | $ 17,250 | $ 18,474 |
Long-Term Debt - Long-Term Debt
Long-Term Debt - Long-Term Debt Components (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 25, 2016 | Jun. 26, 2016 | ||
Debt Instrument [Line Items] | |||
Capital lease obligations | $ 14,725 | $ 15,798 | |
Total debt | 130,874 | 123,012 | |
Current portion of capital lease obligations | (4,207) | (4,261) | |
Current portion of other long-term debt | (9,526) | (9,525) | |
Unamortized debt issuance costs | (1,320) | (1,421) | |
Long-term debt | $ 115,821 | 107,805 | |
ABL Revolver [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Maturity Date | 2020-03 | ||
Debt Instrument, Interest Rate, Effective Percentage | 2.40% | ||
Long-term Debt | $ 14,700 | 6,200 | |
ABL Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Maturity Date | 2020-03 | ||
Weighted average interest rate | [1] | 2.30% | |
Outstanding balances of term loan | $ 87,875 | 90,250 | |
Renewables Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Maturity Date | 2022-08 | ||
Long-term Debt | $ 4,000 | 4,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.80% | ||
Renewables Promissory Note [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Maturity Date | 2020-09 | ||
Long-term Debt | $ 110 | 135 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | ||
Construction Financing [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 9,464 | $ 6,629 | |
[1] | The weighted average interest rate as of September 25, 2016 for the ABL Term Loan includes the effects of the interest rate swap with a notional balance of $50,000. |
Long-Term Debt - Long-Term De58
Long-Term Debt - Long-Term Debt Components (Details) (Parenthetical) $ in Thousands | 3 Months Ended |
Sep. 25, 2016USD ($) | |
Debt Instrument [Line Items] | |
Capital lease obligations, scheduled maturity start date | 2017-01 |
Capital lease obligations, scheduled maturity end date | 2027-11 |
Interest Rate Swap [Member] | |
Debt Instrument [Line Items] | |
Derivative, Notional Amount | $ 50,000 |
Capital Lease Obligations [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Effective Percentage | 2.30% |
Capital Lease Obligations [Member] | Maximum [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Effective Percentage | 4.60% |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Details) $ in Thousands | 3 Months Ended | |
Sep. 25, 2016 | Mar. 26, 2015USD ($) | |
Construction Loans [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Monthly Payments, Number | 60 | |
Construction Loans [Member] | During the Construction Period [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | |
Construction Loans [Member] | After the Construction Period [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.20% | |
ABL Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt Agreement Maximum Borrowing Capacity | $ 200,000 | |
Term Loan Maximum Borrowing Capacity | 100,000 | |
Debt instrument maturity date | Mar. 26, 2020 | |
ABL Facility [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000 |
Long-Term Debt - Scheduled Matu
Long-Term Debt - Scheduled Maturities of Outstanding Debt Obligations (Details) $ in Thousands | Sep. 25, 2016USD ($) | |
Debt Instrument Redemption [Line Items] | ||
2,017 | $ 10,313 | [1] |
2,018 | 13,654 | [1] |
2,019 | 13,585 | [1] |
2,020 | 80,131 | [1] |
2,021 | 1,533 | [1] |
Thereafter | 2,194 | [1] |
ABL Revolver [Member] | ||
Debt Instrument Redemption [Line Items] | ||
2,020 | 14,700 | |
ABL Term Loan [Member] | ||
Debt Instrument Redemption [Line Items] | ||
2,017 | 7,125 | |
2,018 | 9,500 | |
2,019 | 9,500 | |
2,020 | 61,750 | |
Renewables Promissory Note [Member] | ||
Debt Instrument Redemption [Line Items] | ||
2,018 | 26 | |
2,019 | 27 | |
2,020 | 28 | |
2,021 | 29 | |
Renewables Term Loan [Member] | ||
Debt Instrument Redemption [Line Items] | ||
2,020 | 1,111 | |
2,021 | 1,333 | |
Thereafter | 1,556 | |
Capital Lease Obligations [Member] | ||
Debt Instrument Redemption [Line Items] | ||
2,017 | 3,188 | |
2,018 | 4,128 | |
2,019 | 4,058 | |
2,020 | 2,542 | |
2,021 | 171 | |
Thereafter | $ 638 | |
[1] | Total excludes $9,464 for the construction financing described above. |
Long-Term Debt - Scheduled Ma61
Long-Term Debt - Scheduled Maturities of Outstanding Debt Obligations (Details) (Parenthetical) $ in Thousands | Sep. 25, 2016USD ($) |
Debt Disclosure [Abstract] | |
Long-term Construction Loan | $ 9,464 |
Other Long-Term Liabilities - O
Other Long-Term Liabilities - Other Long-Term Liabilities Components (Details) - USD ($) $ in Thousands | Sep. 25, 2016 | Jun. 26, 2016 |
Other Liabilities Disclosure [Abstract] | ||
Uncertain tax positions | $ 4,603 | $ 4,463 |
Other | 5,912 | 5,930 |
Total other long-term liabilities | $ 10,515 | $ 10,393 |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 25, 2016 | Sep. 27, 2015 | |
Income Tax Disclosure [Abstract] | ||
Provision for income taxes | $ 3,726 | $ 3,940 |
Effective tax rate | 29.00% | 33.60% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) | 3 Months Ended |
Sep. 25, 2016 | |
Income Tax Disclosure [Abstract] | |
Federal statutory tax rate | 35.00% |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of the Company's Deferred Tax Valuation Allowance (Details) - USD ($) $ in Thousands | Sep. 25, 2016 | Jun. 26, 2016 | |
Valuation Allowance [Line Items] | |||
Deferred tax valuation allowance | $ (13,000) | $ (13,550) | |
Investment in Former Domestic Unconsolidated Affiliate [Member] | |||
Valuation Allowance [Line Items] | |||
Deferred tax valuation allowance | (6,320) | (6,418) | |
Equity-method Investment in Parkdale America LLC [Member] | |||
Valuation Allowance [Line Items] | |||
Deferred tax valuation allowance | (1,650) | (2,102) | |
Other [Member] | |||
Valuation Allowance [Line Items] | |||
Deferred tax valuation allowance | [1] | $ (5,030) | $ (5,030) |
[1] | Other relates primarily to Renewables. |
Shareholders' Equity - Repurcha
Shareholders' Equity - Repurchases and Retirements of Common Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | 51 Months Ended | |||
Jun. 26, 2016 | Jun. 28, 2015 | Jun. 29, 2014 | Jun. 30, 2013 | Sep. 25, 2016 | |
Stockholders Equity Note [Abstract] | |||||
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 | |
Maximum approximate dollar value | $ 27,603 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Sep. 25, 2016 | Jun. 26, 2016 | Jun. 28, 2015 | |
Stockholders Equity Note [Abstract] | |||
Payments of Dividends | $ 0 | $ 0 | $ 0 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - shares | 3 Months Ended | ||
Sep. 25, 2016 | Sep. 27, 2015 | Oct. 23, 2013 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 171,000 | ||
RSUs Issued to Non-Employee Directors [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 82,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | 0 | |
The 2013 Incentive Compensation Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,000,000 | 1,000,000 | |
The 2013 Incentive Compensation Plan [Member] | RSUs Issued to Non-Employee Directors [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 70,000 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Number of Securities Remaining Available for Future Issuance (Details) - shares | 3 Months Ended | ||
Sep. 25, 2016 | Sep. 27, 2015 | Oct. 23, 2013 | |
RSUs Issued to Non-Employee Directors [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Less: Awards granted to employees | 0 | (82,000) | |
Less: Awards granted to non-employee directors | 0 | 0 | |
The 2013 Incentive Compensation Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Authorized under the 2013 Plan | 1,000,000 | 1,000,000 | |
Available for issuance under the 2013 Plan | 976,000 | ||
The 2013 Incentive Compensation Plan [Member] | Awards Expired, Forfeited or Otherwise Terminated Unexercised From the 2008 LTIP or 2013 Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Plus: Awards expired, forfeited or otherwise terminated unexercised from the 2008 LTIP or 2013 Plan | 304,000 | ||
The 2013 Incentive Compensation Plan [Member] | Employee Stock Option [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Less: Awards granted to employees | (258,000) | ||
The 2013 Incentive Compensation Plan [Member] | RSUs Issued to Non-Employee Directors [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Less: Awards granted to non-employee directors | (70,000) |
Accumulated Other Comprehensi70
Accumulated Other Comprehensive Loss - Schedule of Changes in Accumulated Other Comprehensive Loss, Net of Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 25, 2016 | Sep. 27, 2015 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance at June 26, 2016 | $ (29,751) | |
Other comprehensive (loss) income, net of tax | (803) | $ (11,418) |
Balance at September 25, 2016 | (30,554) | |
Foreign Currency Translation Adjustments [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance at June 26, 2016 | (29,681) | |
Other comprehensive (loss) income, net of tax | (822) | |
Balance at September 25, 2016 | (30,503) | |
Reclassification Adjustments on Interest Rate Swap [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance at June 26, 2016 | (70) | |
Other comprehensive (loss) income, net of tax | 19 | |
Balance at September 25, 2016 | $ (51) |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Sep. 25, 2016 | Sep. 27, 2015 | |
Earnings Per Share [Abstract] | ||
Net income attributable to Unifi, Inc. | $ 9,403 | $ 8,025 |
Basic weighted average shares (in shares) | 17,966 | 17,921 |
Net potential common share equivalents – stock options and RSUs (in shares) | 387 | 629 |
Diluted weighted average shares (in shares) | 18,353 | 18,550 |
Excluded from diluted weighted average shares: | ||
Anti-dilutive common share equivalents (in shares) | 155 | 155 |
Investments in Unconsolidated72
Investments in Unconsolidated Affiliates and Variable Interest Entities - Additional Information (Details) $ in Thousands | 3 Months Ended | |
Sep. 25, 2016USD ($)EntityFuturesContract | Jun. 26, 2016USD ($) | |
Schedule Of Equity Method Investments [Line Items] | ||
Unconsolidated Entities, Number | Entity | 3 | |
Equity Method Investments | $ 117,239 | $ 117,412 |
Accounts Payable, Related Parties | 262 | 250 |
UNF and UNF America [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Accounts Payable, Related Parties | $ 2,462 | $ 3,231 |
Percentage of Current and Total Assets and Total Liabilities Accounted for by Equity Method Investments | 3.00% | |
Parkdale America LLC [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Equity Method Investments | $ 113,538 | |
Number of Futures Contracts Designated as Cash Flow Hedges | FuturesContract | 0 | |
Equity Method Investment, Ownership Percentage | 34.00% | |
UNF and UNF America [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Equity Method Investments | $ 3,701 | |
Purchase Commitment, Remaining Minimum Amount Committed | $ 2,248 | |
UNF [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 50.00% | |
UNF America [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 50.00% |
Investments in Unconsolidated73
Investments in Unconsolidated Affiliates and Variable Interest Entities - Schedule of Reconciliation Between Share of Underlying Equity (Details) - USD ($) $ in Thousands | Sep. 25, 2016 | Jun. 26, 2016 |
Schedule Of Equity Method Investments [Line Items] | ||
Equity Method Investments | $ 117,239 | $ 117,412 |
Parkdale America LLC [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Underlying equity as of September 25, 2016 | 131,794 | |
Equity Method Investments | 113,538 | |
Parkdale America LLC [Member] | Initial Excess Capital Contributions [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Equity method investment difference between carrying amount and underlying equity | 53,363 | |
Parkdale America LLC [Member] | Impairment Charge Recorded in 2007 [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Equity method investment difference between carrying amount and underlying equity | (74,106) | |
Parkdale America LLC [Member] | Antitrust Lawsuit Against PAL [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Equity method investment difference between carrying amount and underlying equity | 2,652 | |
Parkdale America LLC [Member] | EAP Adjustments [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Equity method investment difference between carrying amount and underlying equity | $ (165) |
Investments in Unconsolidated74
Investments in Unconsolidated Affiliates and Variable Interest Entities - Schedule of Raw Material Purchases under Supply Agreement (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 25, 2016 | Sep. 27, 2015 | |
UNF [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Raw material purchases under supply agreement | $ 778 | $ 1,021 |
UNF America [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Raw material purchases under supply agreement | 5,388 | 7,142 |
UNF and UNF America [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Raw material purchases under supply agreement | $ 6,166 | $ 8,163 |
Investments in Unconsolidated75
Investments in Unconsolidated Affiliates and Variable Interest Entities - Schedule of Unaudited, Condensed Balance Sheet Information for Unconsolidated Affiliates (Details) - USD ($) $ in Thousands | Sep. 25, 2016 | Jun. 26, 2016 |
Schedule Of Equity Method Investments [Line Items] | ||
Current assets | $ 264,352 | $ 256,978 |
Noncurrent assets | 197,610 | 204,320 |
Current liabilities | 62,484 | 60,969 |
Noncurrent liabilities | 2,951 | 3,057 |
Shareholders’ equity and capital accounts | 396,527 | 397,272 |
Unifi’s portion of undistributed earnings | 46,144 | |
Parkdale America LLC [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Current assets | 253,137 | 244,197 |
Noncurrent assets | 196,580 | 203,251 |
Current liabilities | 59,138 | 56,921 |
Noncurrent liabilities | 2,951 | 3,057 |
Shareholders’ equity and capital accounts | 387,628 | 387,470 |
Unifi’s portion of undistributed earnings | 44,711 | |
UNF and UNF America [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Current assets | 11,215 | 12,781 |
Noncurrent assets | 1,030 | 1,069 |
Current liabilities | 3,346 | 4,048 |
Shareholders’ equity and capital accounts | 8,899 | $ 9,802 |
Unifi’s portion of undistributed earnings | $ 1,433 |
Investments in Unconsolidated76
Investments in Unconsolidated Affiliates and Variable Interest Entities - Schedule of Unaudited, Condensed Income Statement Information for Unconsolidated Affiliates (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 25, 2016 | Sep. 27, 2015 | |
Schedule Of Equity Method Investments [Line Items] | ||
Net sales | $ 211,902 | $ 233,414 |
Gross profit | 7,041 | 9,717 |
Income from operations | 1,946 | 5,410 |
Net income | 1,971 | 7,587 |
Depreciation and amortization | 10,481 | 9,731 |
Cash received by PAL under cotton rebate program | 4,127 | 3,184 |
Earnings recognized by PAL for cotton rebate program | 3,889 | 4,354 |
Distributions received | 750 | 1,947 |
Parkdale America LLC [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Net sales | 205,900 | 224,065 |
Gross profit | 5,496 | 7,387 |
Income from operations | 861 | 3,561 |
Net income | 874 | 5,729 |
Depreciation and amortization | 10,442 | 9,694 |
Cash received by PAL under cotton rebate program | 4,127 | 3,184 |
Earnings recognized by PAL for cotton rebate program | 3,889 | 4,354 |
Distributions received | 947 | |
UNF and UNF America [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Net sales | 6,002 | 9,349 |
Gross profit | 1,545 | 2,330 |
Income from operations | 1,085 | 1,849 |
Net income | 1,097 | 1,858 |
Depreciation and amortization | 39 | 37 |
Distributions received | $ 750 | $ 1,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands | Sep. 30, 2004 | Sep. 25, 2016 |
Commitments And Contingencies Disclosure [Abstract] | ||
The Term of a Former Ground Lease | 99 years | |
Number of Years of Monitoring and Reporting Costs of an Individual Site | 7 years | |
Expansion of Recycling Center [Member] | ||
Long Term Purchase Commitment [Line Items] | ||
Purchase Obligation | $ 5,600 |
Related Party Transactions - Re
Related Party Transactions - Related Party Receivables and Payables (Details) - USD ($) $ in Thousands | Sep. 25, 2016 | Jun. 26, 2016 |
Related Party Transaction [Line Items] | ||
Related party receivables | $ 5 | $ 7 |
Related party payables | 262 | 250 |
Salem Global Logistics Inc [Member] | ||
Related Party Transaction [Line Items] | ||
Related party receivables | 5 | 7 |
Salem Leasing Corporation [Member] | ||
Related Party Transaction [Line Items] | ||
Related party payables | $ 262 | $ 250 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 25, 2016 | Sep. 27, 2015 | Jun. 26, 2016 | |
Certain Executive Officers [Member] | |||
Related Party Transaction, Threshold for Individual Disclosure | $ 120 | ||
Salem Leasing Corporation [Member] | |||
Capital Lease Obligations | 999 | $ 1,015 | |
Related Party Transaction, Expenses from Transactions with Related Party | 978 | $ 945 | |
Mr. William L. Jasper [Member] | |||
Related Party Transaction, Expenses from Transactions with Related Party | 126 | ||
Accrual for Consulting and Transition Fees | $ 500 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 25, 2016 | Sep. 27, 2015 | |
Salem Leasing Corporation [Member] | ||
Related Party Transaction [Line Items] | ||
Expenses with related party | $ 978 | $ 945 |
Salem Global Logistics Inc [Member] | ||
Related Party Transaction [Line Items] | ||
Revenues from related parties | $ 21 | $ 62 |
Business Segment Information -
Business Segment Information - Additional Information (Details) | 3 Months Ended |
Sep. 25, 2016Segment | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 3 |
Business Segment Information 82
Business Segment Information - Selected Financial Information for Polyester, Nylon, International and Other Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 25, 2016 | Sep. 27, 2015 | |
Segment Reporting Information [Line Items] | ||
Net sales | $ 159,969 | $ 162,165 |
Cost of sales | 136,422 | 141,181 |
Gross profit | 23,547 | 20,984 |
Segment depreciation expense | 4,116 | 3,702 |
Segment Profit (Loss) | 27,663 | 24,686 |
Polyester [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 84,685 | 94,606 |
Cost of sales | 76,235 | 85,008 |
Gross profit | 8,450 | 9,598 |
Segment depreciation expense | 3,108 | 2,851 |
Segment Profit (Loss) | 11,558 | 12,449 |
Nylon [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 28,495 | 36,638 |
Cost of sales | 25,358 | 30,765 |
Gross profit | 3,137 | 5,873 |
Segment depreciation expense | 510 | 478 |
Segment Profit (Loss) | 3,647 | 6,351 |
International [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 45,344 | 29,371 |
Cost of sales | 33,074 | 23,780 |
Gross profit | 12,270 | 5,591 |
Segment depreciation expense | 246 | 221 |
Segment Profit (Loss) | 12,516 | 5,812 |
Other Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 1,445 | 1,550 |
Cost of sales | 1,755 | 1,628 |
Gross profit | (310) | (78) |
Segment depreciation expense | 252 | 152 |
Segment Profit (Loss) | $ (58) | $ 74 |
Business Segment Information 83
Business Segment Information - Reconciliations of Segment Gross Profit (Loss) to Consolidated Income Before Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 25, 2016 | Sep. 27, 2015 | |
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ||
Gross profit (loss) | $ 23,547 | $ 20,984 |
Selling, general and administrative expenses | 11,410 | 10,830 |
(Benefit) provision for bad debts | (367) | 613 |
Other operating income, net | (70) | (146) |
Operating income | 12,574 | 9,687 |
Interest income | (146) | (163) |
Interest expense | 692 | 984 |
Equity in earnings of unconsolidated affiliates | (840) | (2,860) |
Income before income taxes | 12,868 | 11,726 |
Polyester [Member] | ||
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ||
Gross profit (loss) | 8,450 | 9,598 |
Nylon [Member] | ||
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ||
Gross profit (loss) | 3,137 | 5,873 |
International [Member] | ||
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ||
Gross profit (loss) | 12,270 | 5,591 |
Other Segments [Member] | ||
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items] | ||
Gross profit (loss) | $ (310) | $ (78) |
Business Segment Information 84
Business Segment Information - Reconciliation of Segment Capital Expenditures to Consolidated Capital Expenditures (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 25, 2016 | Sep. 27, 2015 | |
Segment Reporting Other Significant Reconciling Item [Line Items] | ||
Capital expenditures | $ 10,135 | $ 15,875 |
Operating Segments [Member] | ||
Segment Reporting Other Significant Reconciling Item [Line Items] | ||
Capital expenditures | 10,054 | 15,048 |
Operating Segments [Member] | Polyester [Member] | ||
Segment Reporting Other Significant Reconciling Item [Line Items] | ||
Capital expenditures | 7,875 | 13,973 |
Operating Segments [Member] | Nylon [Member] | ||
Segment Reporting Other Significant Reconciling Item [Line Items] | ||
Capital expenditures | 242 | 563 |
Operating Segments [Member] | International [Member] | ||
Segment Reporting Other Significant Reconciling Item [Line Items] | ||
Capital expenditures | 1,937 | 512 |
Corporate, Non-Segment [Member] | ||
Segment Reporting Other Significant Reconciling Item [Line Items] | ||
Capital expenditures | $ 81 | $ 827 |
Business Segment Information 85
Business Segment Information - Reconciliation of Segment Total Assets to Consolidated Total Assets (Details) - USD ($) $ in Thousands | Sep. 25, 2016 | Jun. 26, 2016 |
Segment Reporting Asset Reconciling Item [Line Items] | ||
Total assets | $ 547,973 | $ 525,442 |
Other current assets | 5,632 | 4,790 |
Property, plant and equipment, net | 194,261 | 185,101 |
Other non-current assets | 4,947 | 4,909 |
Investments in unconsolidated affiliates | 117,239 | 117,412 |
Operating Segments [Member] | ||
Segment Reporting Asset Reconciling Item [Line Items] | ||
Total assets | 399,797 | 379,896 |
Operating Segments [Member] | Polyester [Member] | ||
Segment Reporting Asset Reconciling Item [Line Items] | ||
Total assets | 256,130 | 243,105 |
Operating Segments [Member] | Nylon [Member] | ||
Segment Reporting Asset Reconciling Item [Line Items] | ||
Total assets | 62,358 | 63,141 |
Operating Segments [Member] | International [Member] | ||
Segment Reporting Asset Reconciling Item [Line Items] | ||
Total assets | 81,309 | 73,650 |
Corporate, Non-Segment [Member] | ||
Segment Reporting Asset Reconciling Item [Line Items] | ||
Other current assets | 9,874 | 6,674 |
Property, plant and equipment, net | 16,245 | 16,597 |
Other non-current assets | 4,818 | 4,863 |
Investments in unconsolidated affiliates | $ 117,239 | $ 117,412 |
Supplemental Cash Flow Inform86
Supplemental Cash Flow Information - Schedule of Cash Payments for Interest and Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 25, 2016 | Sep. 27, 2015 | |
Supplemental Cash Flow Elements [Abstract] | ||
Interest, net of capitalized interest of $223 and $76, respectively | $ 641 | $ 762 |
Income taxes, net of refunds | $ 2,909 | $ 1,250 |
Supplemental Cash Flow Inform87
Supplemental Cash Flow Information - Schedule of Cash Payments for Interest and Taxes (Details) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 25, 2016 | Sep. 27, 2015 | |
Supplemental Cash Flow Elements [Abstract] | ||
Interest capitalized | $ 223 | $ 76 |
Supplemental Cash Flow Inform88
Supplemental Cash Flow Information - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Aug. 31, 2015 | Sep. 25, 2016 | Sep. 27, 2015 | Jun. 26, 2016 | Jun. 28, 2015 | |
Building and Machinery [Member] | Construction Loans [Member] | |||||
Supplemental Cash Flow Information [Line Items] | |||||
Construction in Progress Expenditures Incurred but Not yet Paid | $ 2,835 | ||||
Machinery and Equipment [Member] | |||||
Supplemental Cash Flow Information [Line Items] | |||||
Noncash or Part Noncash Acquisition, Other Assets Acquired | $ 1,390 | ||||
Capital Lease Obligations Incurred | $ 4,154 | ||||
Accounts Payable and Accrued Liabilities [Member] | |||||
Supplemental Cash Flow Information [Line Items] | |||||
Capital Expenditures Incurred but Not yet Paid | $ 4,841 | $ 895 | $ 4,197 | $ 1,726 |